KUALA LUMPUR – Danajamin Nasional Berhad, the country’s Financial Guarantee Insurer, today announced its collaboration with Maybank Islamic Berhad to co-guarantee NUR Power Sdn Bhd’s RM650 million 15 year Sukuk Mudharabah Facility.
Under the RM650 million co-guarantee arrangement, Danajamin guarantees the tranche with the longer maturities of 8 to 15 years amounting to RM500 million. The other tranche of RM150 million, with maturities of 1 to 8 years, is guaranteed by Maybank Islamic. Both tranches, rated at AAAIS(fg) and AAA(bg) respectively, were issued today and fully subscribed.
NUR Power is an investment holding company with subsidiaries involved in the generation, distribution and sale of electricity to tenants of Kulim Hi Tech Park, Malaysia’s first and fully integrated high technology industrial park.
The Sukuk Mudharabah Facility was arranged by Maybank Investment Bank Berhad.
To date, Danajamin has provided guarantees for RM4.9 billion sukuk and bond programmes.
Danajamin, the country’s first and only Financial Guarantee Insurer, was established by the Government to be a catalyst to stimulate and further develop the domestic bond and sukuk market. Danajamin’s objective is to provide financial guarantee, a credit enhancement, to bond/sukuk issuances to help viable companies raise long-term fixed rate financing from the bond/sukuk market. The bond/sukuk market is an important alternative source of financing, as it complements the banking sector. Its continuous development is critical in ensuring that Malaysian companies have several funding sources to finance their business expansion and investments.
A AAA-rated company, Danajamin is jointly owned by Minister of Finance Incorporated (50%) and Credit Guarantee Corporation Malaysia Berhad (50%). It has a paid-up capital of RM1 billion with another RM1 billion callable capital. Danajamin is licensed under the Insurance Act 1996, and is regulated and supervised by Bank Negara Malaysia.
For more information about Danajamin, its services as well as its leadership, kindly visit our website www.danajamin.com
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