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MARC has withdrawn its B rating on Land & General Berhad’s RM320,962,637 million Redeemable Convertible Secured Loan Stocks (RCSLS) with immediate effect following the full redemption of the RCSLS on June 30, 2009 as confirmed by the facility agent, CIMB Investment Bank Berhad. Contacts: Elea Nor Zainal, 03-2090 2263/ elea@marc.com.my; Katherine Hee, 03-2090 2273/ hcmay@marc.com.my...
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MARC has affirmed the rating of Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B. The rating carries a stable outlook. The affirmed rating reflects the satisfactory progress made in its ongoing Asset Disposal Programme (ADP), a critical component of a debt restructuring scheme agreed upon in 2003. The ADP is principally prov...
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MARC has upgraded Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 to B from B-. The outlook for the rating is Developing. The upgrade reflects the Group’s improved credit profile and liquidity position which is mainly attributed to significant debt reduction during the past year. Using proceeds from asset sales under its o...
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LAND & GENERAL BERHAD’S REDEEMABLE CONVERTIBLE SECURED LOAN STOCKS HOLDERS APPROVE PREPAYMENT SCHEME
The Redeemable Convertible Secured Loan Stocks (RCSLS) holders of Land & General Berhad (L&G) had, at an Extraordinary Meeting held on 15 February 2007, approved a prepayment of 14,785,526 RCSLS with a nominal value of RM1 each. The prepayment represents 7% of the current outstanding of 214,728,955 RCSLS. The prepayment is by a cash settlement of RM10,649,851 and waiver of the ...
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MARC has affirmed the rating for Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B- with negative outlook. The rating reflects the Group’s weak competitive position, lack of financial flexibility and high debt burden owing to its current involvement in the debt restructuring scheme. The negative outlook is p...
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MARC has reaffirmed the rating of Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B- (B minus). The rating reflects the Group’s weak competitive position following the on-going corporate restructuring and de-gearing exercise, weak financial performance, impaired cash generation ability and high debt burden. Following L&G’s restructur...
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MARC has affirmed Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 rating at B- (B minus). The rating reflects the Group’s weak competitive position following the on-going corporate restructuring and de-gearing exercise, weak financial performance, impaired cash generation ability and high debt burden. However, the RCSLS is backed by an as...
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MARC has assigned a B- (B minus) rating to Land & General Berhad’s (L&G) redeemable convertible secured loan stocks (RCSLS) of RM320,962,637. The rating reflects the secured nature of the RCSLS and the relatively sustaining demand for L&G’s property development in Bandar Sri Damansara. These factors are offset by the weak composite competitiveness of L&G’s diverse business activities, its un...
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