MARC has removed its MARC-2ID/AID ratings on Emas Kiara Industries Berhad’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) from MARCWatch Developing and concurrently has withdrawn the ratings. EKIB’s ratings had been placed on MARCWatch since November 16, 2010 following its announced intention to divest its geosynthetic manufacturing activities to TenCate Geosynthetics Asia Sdn Bhd and to retire the rated facilities with part of the cash proceeds from the divestment.

The rating actions follow the completion of the proposed disposal on March 18, 2011 and full redemption of outstanding MUNIF of RM10 million which matured on May 11, 2011. Facility agent MIDF Amanah Investment Bank Berhad confirmed the cancellation of the facility as of the same date. MARC will accordingly cease to provide analytical coverage on EKIB.

Contacts:
Taufiq Kamal, +603 2082 2251/ taufiq@marc.com.my,
Rajan Paramesran, +603 2082 2233/ rajan@marc.com.my.