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Tuesday, May 4, 2010

Danajamin guarantees Asian Pac unit’s PDS

PETALING JAYA: Danajamin Nasional Bhd has guaranteed the RM200mil private debt securities programme of Asian Pac Holdings Bhd’s subsidiary, property development company Syarikat Kapasi Sdn Bhd.

In statement, Danajamin said Syarikat Kapasi would be utilising the funds raised to finance the construction of a real estate development project in Kota Kinabalu known as KK Times Square II, which would comprise a retail shopping mall, serviced apartments and shoplots.

Ahmad Zulqarnain Onn says guarantee enables companies to access the bond market for funding

Danajamin chief executive officer Ahmad Zulqarnain Onn said Danajamin’s financial guarantee enabled a wide spectrum of companies to access the bond market for funding.

“The increased accessibility allows more companies to raise long-term borrowings to finance their businesses at a reasonable cost of financing,” he said.

Danajamin is the nation’s first financial guarantee insurer, which was established to provide financial guarantee insurance for bond/sukuk issuances to enable viable Malaysian companies to access the bond/sukuk market for capital-raising.

It has approved a total of RM1.7bil guarantees as for to-date for companies in various industries including oil and gas, property and construction, plantation and infrastructure.

By The Star

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