Exsim Ventures fully redeems Tranche 1 IMTN ahead of maturity

RAM Ratings has received confirmation that Exsim Ventures Berhad has fully redeemed the outstanding RM68 mil Tranche 1 IMTN under its RM2 bil Sukuk Musharakah Programme on 4 June 2021, ahead of the expected maturity date of 28 February 2023. Accordingly, we have withdrawn the AA3/Stable rating of the Tranche 1 IMTN and no longer have any rating obligation in respect of it. Obligations under the accompanying RM35 mil unrated Tranche 1 ICP facility – structured to meet liquidity and cost overrun needs and guaranteed by Danajamin Nasional Berhad – have also been fully met and the facility cancelled upon full redemption of the Tranche 1 IMTN.

The early redemption follows the underlying project’s strong cashflow on account of its fully sold status. While construction progress stood at about 81% as at 22 May 2021, the project is on track to meet the targeted date of 15 November 2021 for the issuance of Certificate of Practical Completion. This provides a time buffer of about six months to the developer’s targeted Certificate of Completion and Compliance and Vacant Possession date in May 2022.

The Tranche 1 IMTN is backed by sale and purchase agreements signed with buyers for a high-rise commercial development – Scarletz Suites – located on Lorong Yap Kwan Seng, Kuala Lumpur. Exsim Ventures is a wholly owned subsidiary and special-purpose vehicle of Exsim Development Sdn Bhd. 

Published on 4 June 2021

Analytical contact
Liew Kar Ling
(603) 3385 2586
karling@ram.com.my

Media contact
Padthma Subbiah
(603) 3385 2577
padthma@ram.com.my

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