Friday , February 21 2020
Home / malaysia / A subsidiary of Maju Bright Focus redeem the sukuk – Business News

A subsidiary of Maju Bright Focus redeem the sukuk – Business News


PETALING JAYA: Bright Focus Bhd, the owner of the concession expression Maju Express (MEX), proposed to restructure its paper on Islamic debt in an effort to increase the rating to investment.

Bright Focus on Sunday offered to buy the current good suyuk of $ 1.225 billion. Yen at full nominal or par value. He plans to replace the proposed Sukuk issue new Sukuk.

"Bright Focus Berhad has attracted a number of international banks to implement the proposed restructuring scheme for the next 90 days, subject to the necessary rigor of banks", – said in a statement.

sukuk exchange proposal came after RAM Ratings in June panizhyli Sukuk Bright Focus up with BB1 A1.

The fall was due to a decrease in reduction of cash reserves due to unexpected advances in Maju Holdings.

Bright Focus with & # 39 is a subsidiary of Maju Holdings, in which the acting head of Tan Sri Abu Sahid Mohamed.

Earlier this month, StarBiz reported that the trustee on behalf of the Sukuk holders sukukav holds legal case to recover RM97.02 million in advances made in Bright Focus Maju Holdings in 2018.

"The current decrease to BB1 does not reflect the very road, and the weak structure of the terms of the Sukuk", – said Bright Focus.

On a standalone basis the highway MEX – is a real highway in terms of the ability to timely fulfill all of its obligations under the current Sukuk.

The latest report substantiate the rating agency, Rating Agency Malaysia stressed that the projected cash flows are exposed to stress assumptions, and the lowest point of the debt coverage of 1.20 times.

Any measure above at once indicates the possibility of timely repayment.

"Bright Focus Bhd and thus Maju Holdings Sdn Bhd are in a solid financial position to undertake this restructuring program, which will solve the weakness in the current environment Sukuk" – said yesterday the company.

"The group is committed to sound corporate governance practices and to protect the interests of shareholders and timely repayment of all obligations", – he added.

After completion of the proposed restructuring group to expect improvement in the rating sukuk.

Source link