We refer to the press announcement on 27 January 2006 on Europlus Corporation Sdn Bhd’s (“ECSB”) RM350.0 million Murabahah Underwritten Notes Issuance Facility (“Munif”), wherein it was announced that the said Munif was downgraded to MARC-4ID.Arising from the downgrading of the Munif to non-investment grade, a Cancellation Event has occurred and Abrar Discount Bhd, the Facility Agent, ...

The rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) has been downgraded from MARC-3ID to MARC-4ID and placed on MARCWatch with negative implications. The downgrade reflects substantial deterioration in ECSB’s internal cash flow generation, making it unlikely, in MARC’s opinion, that ECSB will be able to meet its financial...

This press announcement is made to clarify MARC’s press announcement dated 21 October 2005 entitled “MARC PLACES THE RATING OF EUROPLUS CORPORATION SDN BHD’S RM350 MILLION MURABAHAH UNDERWRITTEN NOTES ISSUANCE FACILITY (MUNIF) ON MARCWATCH WITH NEGATIVE OUTLOOK”. MARC seeks to clarify that the abovementioned MARCWatch with negative outlook is premised upon ECSB’s:- current weak cash flow...

MARC places Europlus Sdn Bhd (Europlus) on MARCWatch with negative outlook premised upon its current weak cash flow position resulting from the delays in development projects and its reliance on the disposal of 25% equity interest in Kumpulan Europlus Berhad (KEB) shares to IJM Corporation, with which the related Share Purchase Agreement has been extended to 30 November 2005.Europlus has not been ...

MARC has reaffirmed the rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) at MARC-3ID. The reaffirmation reflects the substantial locked-in sales from developments secured under the MUNIF which essentially acts to mitigate market risk, normalization in construction works in the last nine months and ECSB’s timeliness in remitt...

MARC has received confirmation from the Lead Arranger and Trustee that a portion of Europlus Corporation Sdn Bhd’s RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) amounting to RM19.0 million has been fully redeemed on 25 January 2005. Hence, effective 25 January 2005, the facility limit has been reduced to RM196.0 million, taking into consideration the abovementioned redempt...

MARC has lifted the negative outlook placed on Europlus Corporation Sdn Bhd’s (ECSB) RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) following the normalization of ECSB’s construction work in the last four months. With the stabilization of raw material supplies and the continued efforts by ECSB to complete construction work on a timely basis, the cash flow emanating from t...

MARC has received confirmation from the Lead Arranger and Trustee that a portion of Europlus Corporation Sdn Bhd’s RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) amounting to RM37.0 million has been fully redeemed on 22 March 2004. Hence, effective 22 March 2004, the facility limit has been reduced to RM233.0 million, taking into consideration the abovementioned redemption ...

MARC has reaffirmed the rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) at MARC-3ID. The reaffirmation reflects the substantial locked-in sales from developments secured under the MUNIF which essentially acts to mitigate market risk. The rating is, however, moderated by delays in construction work and ultimately progress billi...

MARC has received confirmation from the Lead Arranger and Trustee that Europlus Corporation Sdn Bhd’s RM250 million Al-Bai Bithaman Ajil Islamic Debt Securities (2000-2003) have been fully redeemed on 29 September 2003. Hence, MARC no longer has any rating obligation on the debt securities and the A-ID rating is hereby withdrawn....