MARC has removed its AID /MARC-2ID  ratings on Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) from MARCWatch Developing, placed since December 2007. This rating action follows EKIB’s announcement to Bursa Malaysia on 2 June 2008 that EKIB and vendors of Carimin Sdn Bhd (Carimin) had mutually terminated the sale and purchase agreement (SPA) entered into by the parties back on 27 November 2007.

EKIB had previously entered the SPA to acquire 51% in Carimin in exchange for the issuance of new EKIB shares to Carimin’s vendors.

EKIB is the leading geosynthetic manufacturer and solution provider in Malaysia and exports to Australia, South East Asia, the Middle East and Africa. Carimin is principally involved in manpower supply, structural fabrication and construction work in the oil, gas and petrochemical industry.

MARC will announce our rating action on the EKIB’s corporate debt ratings upon completion of our on-going rating review.