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MARC has obtained confirmation from Mayban Trustees Berhad (Trustee) on 30th September 2005 that Pesaka Astana (M) Sdn Bhd did not meet the first primary notes and secondary notes repayment amounting to RM34.2 million in total, under its Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA) facility on 30th September 2005. Under Clause 9.1(a) of the Trust Deed, any non-payment under the ABBA facilit...
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MARC has affirmed the ratings of Pesaka Astana (M) Sdn Bhd’s (PASB) RM140 million Al-Bai Bithaman Ajil Islamic Bonds (BaIDS) at A+ID and the RM200 million Commercial Paper/Medium Term Notes facility at MARC-1/A+ reflecting PASB’s competitive position as the leading assembler and provider of customized heavy-duty and specialized vehicles for agencies like the Ministry of Defence (MINDEF) and Fi...
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The ratings assigned are underpinned by Pesaka Astana (M) Sdn Bhd’s (PASB) competitive position as the leading assembler and provider of customized heavy-duty and specialized vehicles for the Ministry of Defence (MINDEF) and Fire and Rescue Department (BOMBA); the tight issue structure; and the company’s continued improvement in its profitability measures. These factors are however somewhat of...
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