MARC has received a copy of a formal notice from Pacific Trustees Berhad dated 22 August 2005 notifying that an event of default has occurred with regards to ABI Malaysia Sdn Bhd’s (ABIM) RM80 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). Pursuant to Clause 9(c) of the Trust Deed of the BaIDS, the outstanding bonds have thus become due and payable. As such, MARC has placed the co...

MARC has lowered its rating on ABI Malaysia Sdn Bhd’s (ABIM) RM80 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) to A- ID from A ID and concurrently places the BaIDS facility on MARC Watch with a Negative Outlook. The rating actions reflect the negative impact arising from its holding company, Polymate Holdings Berhad being placed under Practice Note 1/2001 of Bursa Securities of ...

The affirmation of ABI Malaysia Sdn Bhd’s (ABI) rating reflects its leading position in the manufacture of automotive batteries in Malaysia; existing and new manufacturing contracts which ensure sustainable demand for its batteries; and the company’s improving financial profile. The rating, however, is moderated by the company’s tight cash flow position. ABI is involved in the production and...

MARC has assigned the rating of AID (Single A flat, Islamic Debt) to ABI Malaysia Sdn Bhd’s (ABI) RM80.0 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects ABI’s leading position in the manufacture of automotive batteries in Malaysia; existing manufacturing contracts that ensure sustainable demand for its batteries; positive outlook for vehicle sales in Malays...