MARC has removed its A+ID and MARC-1ID ratings on KNM Group Berhad’s (KNM Group) RM1.1 billion Islamic Medium Term Notes (IMTN) programme and RM400 million Islamic Commercial Papers (ICP) programme (collectively referred to as the Sukuk programme) from MARCWatch Negative and withdrawn the ratings. This action follows the lapse of the Securities Commission’s approval to extend the proposed implementation of the Sukuk programme on April 20, 2013 as no issuance had taken place and cancellation of the facility as confirmed by the trustee. As such, MARC will no longer provide analytical coverage on the aforesaid sukuk programme upon withdrawal of the aforementioned ratings. MARC rating surveillance is now limited to KNM Capital Sdn Bhd’s RM300.0 million Islamic Commercial Papers/ Islamic Medium Term Notes (ICP/IMTN) programme which continues to be maintained on MARCWatch Negative.

Contact:
Sharidan Salleh, +603-2082 2254/ sharidan@marc.com.my;
Se Tho Mun Yi, +603-2082 2263/ munyi@marc.com.my