KUALA LUMPUR – Danajamin Nasional Berhad (“Danajamin”), the country’s first Financial Guarantee Insurer, announced that it is guaranteeing the Class C Islamic medium-term notes (“Class C Sukuk Ijarah”) of up to RM170 milllion under a first issuance of the Sukuk Ijarah of up to RM800 miliion (“First Tranche”) pursuant to a 20-year asset-backed Islamic medium term notes programme of up to RM3 billlion (“Sukuk Ijarah Programme”) by AC First Genesis Berhad (“AFGB”).
Proceeds from AFGB’s issuance will be used for the acquisition of Aman Central Mall from Great Realty Sdn Bhd (“Great Realty”). The purchase will be funded by the issuance of the First Tranche where the Sukuk holders shall acquire beneficial ownership of the mall.
Commenting on the issuance, Mohamed Nazri Omar, Chief Executive Officer of Danajamin said, “The COVID-19 pandemic has caused major disruptions to the nation’s economy and left a lasting impact to the Malaysia retail industry. Despite the challenging market, we believe that Aman Central mall will continue to be a catalyst to the Northern economy and Danajamin will put its trust again in what has turned out to be one of the more remarkable commercial development in Alor Setar.”
“Our relationship with Aman Central has been a long one. We supported the issuance back in 2014 when Belleview Sdn Bhd through their SPV Great Realty Sdn Bhd redeveloped an abandoned commercial property on prime land in the heart of Alor Setar. Aman Central is now the largest and most prestigious shopping mall in Kedah. Today, as a result of their successful track record over the last 7 years, and together with our Financial Guarantee, we are confident that the Belleview Group can mitigate the impact of Covid 19 on its business and revitalise the retail industry in Alor Setar. I would also like to congratulate Hong Leong and MIDF for joining us on this journey. ” said Mohamed Nazri Omar.
Dato Sonny Ho, the Managing Director of Great Realty said at the signing ceremony which took place on 28 May 2021, “With the support of Danajamin’s first issuance of MTN programme in 2014 in addition to this new ABS Sukuk Ijarah programme, we are able to transform and revitalise Aman Central from a 30 year old abandoned project into the most successful and largest lifestyle shopping mall in the state of Kedah. It has certainly been a very fruitful experience working with Danajamin together with Hong Leong Investment Bank and MIDF Investment Bank on this journey”.
Following the issuance, Great Realty will free up its capital and simultaneously manage the asset as a servicer to AFGB. Additionally, the Sukuk Ijarah Programme will support AFGB for future injection/sales of assets if required.
The Joint Principal Advisors, Joint Lead Arrangers of the Sukuk Ijarah Programme are Hong Leong Investment Bank Berhad and MIDF Investment Bank Berhad.
Situated on 7.03 acres (3 hectares) of real estate, Aman Central Mall is the largest mall in the state of Kedah. It has a total built-up area of 2,000,000 square feet and a net lettable area of almost 800,000 square feet (793,905 sq ft.) spread over 6 levels. The 8-storey retail mall has two basement levels and a multilevel carpark with 1,626 parking bays with approximately 330 retail lots.
To date, Danajamin’s financial guarantees have assisted 42 issuances, with a total guarantee size of RM10.7 billion. Through risk-sharing collaboration with partner banks, the total market impact of these deals stands at RM22.7 billion. To know more about Danajamin’s facts and figures, please visit https://www.danajamin.com/investor/clients-issuances/snapshot/
For more information on Danajamin and its financial guarantee products, please visit https://www.danajamin.com/business/
Danajamin Nasional Berhad 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, be an enabler to further develop the domestic bond and sukuk market.
To date, Danajamin’s guarantee have assisted 42 issuances across various sectors; and brought about a market impact of approximately RM22.7 billion through its risk sharing collaboration with partner banks.
Danajamin is ‘AAA’ rated by both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad. 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.
Danajamin’s total asset and total shareholder’s equity stands at RM2.79 billion and RM1.8 billion respectively (as at 31 December 2019). For further information, please visit www.danajamin.com
About Belleview Sdn Bhd
Established in 1984, Belleview Group is a leading property developer in Malaysia with a proven track record of over 50 completed developments portfolio to date. Our core business encompasses the development of residential properties, townships, offices, and retail properties for sale and investment in the Northern Region of Malaysia.
Since our early beginnings in 1984, Belleview Group has proudly completed over 30 award-winning residential developments delivering more than 10,000 units of quality homes to customers, and completed 15 retail and commercial developments in Penang and Kedah. We are proud that every one of its projects is built not just for today, but with the future in mind.
Belleview Group’s developments are diverse environments that connect and engage people through great experiences. Whether in retail, offices or mixed-use developments, they are spaces where communities come together.
The Group’s commitment and strategy for success continues with the aim to create better living environments and thriving communities through innovative and inspired property designs of superior quality with timely completion.