RAM Ratings has affirmed the AAA(bg)/Stable rating of EKVE Sdn Bhd's (EKVESB or the Company) Guaranteed Sukuk Murabahah Facility of up to RM1 bil in Nominal Value (the Sukuk). The rating reflects irrevocable and unconditional kafalah guarantees extended by Maybank Islamic Berhad and Bank Pembangunan Malaysia Berhad for tranche 1 and 2 issued under the programme respectively (both rated AAA/Stable/P1). The guarantees enhance the Sukuk's credit profile beyond its standalone position.
Under a 50-year concession agreement with the Government of Malaysia, EKVESB holds the concession for the East Klang Valley Expressway (EKVE or the Expressway), a 36.16 km closed-toll system which starts from Sungai Long in Kajang and ends at Ukay Perdana in Ampang. The Expressway's construction progress remained delayed, standing at 91.82% as of 25 March 2023 (scheduled: 98.56%).
The Project had earlier missed the original September 2019 completion deadline owing to land acquisition issues, which were exacerbated by pandemic-induced lockdowns. The most recent delay stemmed from a lack of funding. EKVESB is awaiting the outcome of its application to the Malaysian Highway Authority for another extension of time. Funding and liquidity concerns will be resolved via additional debt funding procured by both EKVESB and its parent company, Ahmad Zaki Resources Berhad, which can support the Company's construction cost and debt obligations up to December 2024.
Probably .. hope it will be positive.. last QR , was positive due to exchange gain , resume of hotel biz and improve in O&G sector and only downside is construction and engineering . And now Last three month USD was good , travel biz are returning , O&G sector are too recovering, plus some new tenders on construction such as the cameron highland road upgrade in June and some few days ago (although will not be reported in coming QR)
Plantation unit in Indonesia is loss making due to lack of skilled harvester. Where did they go? - Malaysia ke.. something is fishy.. indonesia have ample labour for a country of 200million. I think AZRB indo unit is fleecing/scamming the peeps in KL and they can’t do anything about it.
The Disposal will result in an estimated gain on disposal of RM192.0 million for the financial year ending 30 June 2024, after taking into consideration the net liabilities of PTIGP.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
wongcheehui83
602 posts
Posted by wongcheehui83 > 2023-08-03 12:31 | Report Abuse
nice........