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MARC Ratings has extended its MARCWatch Developing on UMW Holdings Berhad’s (UMW) sukuk programmes, where the ratings have been placed since August 25, 2023. The rating action was based on the then proposed changes to UMW’s shareholding structure. This relates to the proposed sale of Permodalan Nasional Berhad’s (PNB) 61.18% equity stake in UMW to Sime Darby Enterprise Sdn Bhd (SDESB), a who...
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MARC Ratings has affirmed its rating of AA-IS with a stable outlook on MY E.G. Services Berhad’s (MYEG) Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion in nominal value. The current outstanding under the programme stands at RM575 million.The rating affirmation incorporates MYEG’s well-established position as a concessionaire for e-government services, and the growth of its co...
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MARC Ratings has revised its ratings outlook on DRB-HICOM Berhad’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion to positive from stable. Meanwhile, the ratings have been affirmed at A+IS and A-IS with the two-notch rating differential between the programmes reflecting the subordination of the perpetual sukuk to the senior sukuk. The outst...
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MARC Ratings has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme. The rating incorporates BDB’s strength in undertaking construction and property projects, improving leverage position, and adequate liquidity to meet short-term operational and financial commitments. The rating also considers the group’s...
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MARC Ratings has placed its ratings on UMW Holdings Berhad’s (UMW) sukuk programmes on MARCWatch Developing. The rating action has been triggered by the proposed sale of Permodalan Nasional Berhad’s (PNB) 61.18% equity stake in UMW to Sime Darby Enterprise Sdn Bhd (SDESB) for a total cash consideration of about RM3.57 billion. The rating agency notes that a mandatory general offer will be made...
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MARC Ratings has affirmed its AA+IS rating on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) and its AA-IS rating on UMW’s RM2.0 billion Perpetual Sukuk Programme. The two-notch rating differential between the two programmes is in line with MARC Ratings’ methodology on notching principles of subordinated and hybrid instruments. The out...
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MARC Ratings highlights that Alpha Circle Sdn Bhd has not made the principal payment on the outstanding Senior Sukuk Musharakah of RM60 million and Junior Sukuk Musharakah of RM55 million due on May 31, 2023. This is due to insufficient funds in the designated account.We understand that sukukholders are likely to provide further indulgence on the repayments, failing which the sukuk ratings will be...
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MARC Ratings is providing this update on MY E.G. Services Berhad (MYEG) following a news report that immigration-related services and processes will be directly undertaken in-house by Jabatan Imigresen Malaysia from 2025 onwards. Furthermore, changes to road tax and driving license requirements under the digitalisation process of Jabatan Pengangkutan Jalan have now been announced. As MYEG is a lon...
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MARC Ratings wishes to highlight that Alpha Circle Sdn Bhd has now deferred its Senior Sukuk payment of RM11 million due on January 18, 2023 to March 1, 2023 after sukukholders approved the deferment. With this, the outstanding Senior Sukuk Musharakah stands at RM71 million and Junior Sukuk Musharakah at RM55 million as of January 18, 2023.The rating agency notes that Alpha Circle has continued to...
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MARC Ratings has affirmed its rating of AA- on STM Lottery Sdn Bhd’s (formerly known as Sports Toto Malaysia Sdn Bhd) RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook.STM Lottery’s entrenched domestic market position as a number forecast operator (NFO), its lengthy operating track record and strong cash flow generating ability relative to debt obligations remain ...
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