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30 January 2019

Danajamin Guarantees Liquidity Support for a Structured Transaction in Malaysia that Securitises Progress Billings of Multiple Development Projects

Danajamin announced that it is guaranteeing RM130 million Tranche 1 Sukuk Murabahah Islamic Commercial Paper Programme issued by EXSIM Capital Resources Berhad, a wholly owned subsidiary of EXSIM Development Sdn Bhd.

KUALA LUMPUR – Danajamin Nasional Berhad (“Danajamin”), the country’s first Financial Guarantee Insurer, today announced that it is guaranteeing RM130 million Tranche 1 Sukuk Murabahah Islamic Commercial Paper (“Tranche 1 ICP”) Programme issued by EXSIM Capital Resources Berhad (“ECRB”), a wholly owned subsidiary of EXSIM Development Sdn Bhd (“EXSIM Group”).

The RM130 million Tranche 1 ICP of RM1 billion (“Tranche 1 ICP”) is the credit enhancement to EXSIM Group’s RM290 million Tranche 1 Sukuk Musharakah Islamic Medium Term Notes Programme of RM2.0 billion (“Tranche 1 IMTN”).

The AA3-rated Tranche 1 IMTN marks EXSIM Group’s first successful issuance and Danajamin’s second transaction involving the securitisation of progress billings of property development projects in Malaysia.

This transaction provides an avenue for EXSIM Group, through ECRB, to free up the capital invested in the underlying property development projects, namely D’Nuri and Nidoz, both located in Desa Petaling, Kuala Lumpur. The funds made available from this issuance will allow EXSIM Group to pursue other quality property developments.

Mohamed Nazri Omar, Chief Executive Officer of Danajamin shared, “Today, we are very proud to be supporting another corporate in the mid-market sector to raise financing. Since its establishment in 2008, EXSIM Group has a sound track record, delivering close to 3,000 units of residential projects with a gross development value of RM2.59 billion. We also recognized that EXSIM Group is one of the property developers in the market that focuses on eco-friendly and sustainable projects. As a catalyst, it is essential that we (Danajamin) continue to encourage the growth of socially responsible companies.”

“We look forward to facilitating the EXSIM Group to realize their first corporate social responsibility involving the development of an affordable housing project (D’Nuri). Despite the challenging property market, both D’Nuri and Nidoz appealed to house buyers through the combination of quality, affordability and strategic location. The projects have seen a solid takeup with close to 100% as of 4Q 2018. We hope our participation in this transaction will propel EXSIM Group further and bolster the Government’s initiative towards affordable housing scheme.”

The Sukuk structure is developed, arranged and advised by NewParadigm Capital Markets Sdn Bhd, a corporate finance advisory firm licensed by the Securities Commission Malaysia, whilst the Lead Arranger and Lead Manager is United Overseas Bank (Malaysia) Bhd.

To date, Danajamin’s guarantees have assisted 38 issuances, with a total guarantee size of RM10.7 billion. The total market impact of these deals, through risk-sharing collaboration with partner banks, stands at RM21.2 billion.

For more information on Danajamin and its services, please visit www.danajamin.com

About Danajamin

Danajamin Nasional Berhad (Danajamin) is Malaysia’s first and only Financial Guarantee Insurer. Established in May 2009, Danajamin’s objective is to ensure that financially viable corporates continue to be able to access the bond market for their long term financing needs and at the same time, be an enabler to further develop the domestic bond and sukuk market.

To date, Danajamin has provided its guarantee for bond/sukuk programmes issued by 38 companies across various sectors; and brought about a market impact of approximately RM21.2 billion through its risk sharing collaboration with partner banks.

Danajamin has been accorded the highest rating ‘AAA’ by both RAM Rating Services Berhad (RAM) and Malaysia Rating Corporation Berhad (MARC). It is regulated and supervised by Bank Negara Malaysia under the Financial Services Act 2013. Danajamin is equally owned by Minister of Finance Incorporated and Credit Guarantee Corporation Malaysia Berhad.

Today, Danajamin is well positioned to further enable the development of Malaysia’s capital market. Growing from strength to strength, Danajamin’s total assets and shareholders’ equity stands at RM2.7 billion and RM1.7 billion respectively (as at 30 June 2018).

Media Contact

Rizwil Ismail
Deputy Director,
Corporate Strategy & Communications

Tel (03) 2265 0882
Email: rizwil@danajamin.com

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