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15 May 2009

Establishment of Danajamin Nasional Berhad

Danajamin today announced the appointment of its Board of Directors, financial strength rating and the commencement of its operations.

Danajamin Nasional Berhad (“Danajamin”) today announced the appointment of its Board of Directors, financial strength rating and the commencement of its operations. The following statement was issued by Danajamin today:

“The Board of Directors is pleased to announce the establishment and commencement of business of Danajamin Nasional Berhad. Danajamin was included as part of the Second Stimulus Package as announced by YAB Dato’ Sri Najib Tun Razak on 10th March 2009.

Danajamin is owned by the Government with an initial paid-up capital of Ringgit Malaysia One Billion (RM1,000,000,000) and has been rated AAA by RAM Rating Services Berhad and Malaysian Rating Corporation Berhad.

As part of the on-going effort by the Malaysian government to ensure the continued flow of credit in the financial system to businesses, Danajamin will provide financial guarantee insurance to issues of private debt and Islamic securities. The insurance (or “wrap”) will be available for securities issued by investment grade companies (defined as rated BBB or higher by a Malaysian rating agency).

Issuers will pay a premium to Danajamin in return for the wrap and premiums will be priced based on the standalone credit rating and risk of each respective issue. An issuer with a higher standalone credit rating will enjoy a lower premium, and vice versa. It is intended that the premium offered by Danajamin will be competitive against the prevailing credit spreads available in the market and will facilitate the availability of long-term capital for the issuer.

An issue insured by Danajamin will enjoy a AAA-rating. At the onset, Danajamin has the capacity to insure up to RM15 billion of investment-grade private debt and Islamic securities. In line with the Government’s efforts to stimulate the economy, priority will be given to new issues that will fund new investments or projects that have strong multiplier effects. Danajamin aims to support issuers that have demonstrated a strong track record of good corporate governance and risk management. Issues eligible for a Danajamin wrap must be issued by a resident of Malaysia, denominated in Malaysian Ringgit and utilized primarily for investments within Malaysia.

Danajamin is licensed under the Insurance Act 1996, is regulated and supervised by Bank Negara Malaysia and is subject to prudential requirements governing its risk-taking activities and management of risks.”

Danajamin also today announced the appointment of its Board of Directors:

Board of Directors

  1. Dato’ Sri Abdul Hamidy Abdul Hafiz (Chairman)
  2. Dato’ Mohammed Hussein
  3. Dato’ Mohd Hanif bin Sher Mohamed
  4. Dato’ Albert Yeoh Beow Tit
  5. Encik George Ratilal
  6. Encik Philip Tan Puay Koon
  7. Encik Nik Mohd Hasyudeen Yusoff
  8. Encik Abdul Kadir Md Kassim

The CEO of Danajamin has been identified and will be announced within the next month.

For further information on obtaining a Danajamin wrap, interested issuers can refer to Danajamin’s website at www.danajamin.com. Issuers can also contact Danajamin at 03-2035 9669 by phone or 03-2035 9767 by fax or by email at danajamin@danajamin.com

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