Encorp Systembilt fully redeems ABBA Notes

Published on 22 May 2012

RAM Ratings has received confirmation that Encorp Systembilt Sdn Bhd has fully redeemed its RM1,321.60 million Al-Bai Bithaman Ajil Notes Issuance Facility (“ABBA Notes”) (2000/2018) (or Tranche 1), RM510 million ABBA Notes (2000/2018) (“Tranche 2”), RM250 million ABBA Notes (2002/2028) (“Tranche 3”) and RM667 million ABBA Notes (2004/2026) (“Tranche 4”). As such, RAM Ratings has withdrawn the AA2(s) ratings and no longer has any rating obligation on the ABBA Notes.



Meanwhile, the outstanding ABBA Notes were refinanced through the issuance of up to RM1.575 billion (2012/2028) of Sukuk Murabahah on 18 May 2012. RAM Ratings had earlier assigned an AA2 rating to the Sukuk Murabahah; the long-term rating has a stable outlook.

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