Published on 08 April 2014
RAM Ratings has received
confirmation that Sabah Ports Sdn Bhd (Sabah Ports or the Company) has
cancelled its RM70 million IMTN Facility/Murabahah Underwritten Notes Issuance
Facility (2007/2014) on 2 April 2014. As such, we have withdrawn the
AA3/Stable/P1 rating of the said instrument and no longer have any rating
obligation in respect of the facility. Meanwhile, the rating of the Company’s
RM80 million Bai’ Bithaman Ajil Debt Securities (2007/2017) is maintained at
AA3/Stable/-, which was last reaffirmed on 27 September 2013.
Sabah Ports, a wholly-owned
subsidiary of Suria Capital Holdings Berhad (Suria Capital), was incorporated
to undertake the privatisation of ports in Sabah. Pursuant to a Privatisation
Agreement between the Sabah Government, Sabah Port Authority (SPA), Suria
Capital and Sabah Ports dated 23 September 2003, the Company took over from the
SPA, the operation, maintenance, management and provision of facilities and
services of the state’s ports under a 30-year concession, effective 1 September
2004.
Media contact
Asif M Noh
(603) 7628 1175
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