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8 December 2017

Danajamin Guarantees Liquidity Support for SkyWorld

Danajamin announced that it is guaranteeing a credit enhancement facility for Tranche 1 of the 12-year RM600 million Sukuk Musharakah Islamic Medium Term Note (IMTN) Programme to be issued by SkyWorld Capital Berhad .

KUALA LUMPUR, 8 DECEMBER 2017 – Danajamin Nasional Berhad (Danajamin), the country’s first Financial Guarantee Insurer, today announced that it is guaranteeing a credit enhancement facility for Tranche 1 of the 12-year RM600 million Sukuk Musharakah Islamic Medium Term Note (IMTN) Programme to be issued by SkyWorld Capital Berhad (Issuer), a sole-purpose vehicle wholly-owned by SkyWorld Development Sdn Bhd (SkyWorld). The credit enhancement facility is required in order for Tranche 1 of the IMTN to be accorded a AA3/Stable rating by RAM Rating Services Berhad in the Sukuk market.

This first issuance is made against the progress billings of the SkyAwani 1 development project in Sentul, which is the group’s first affordable housing project under the Rumah Mampu Milik Wilayah Persekutuan (RUMAWIP) programme. The award-winning SkyAwani series has cemented its position as the mustowned starter homes for first-time home buyers – given its affordable price, practical layout and fullfledged condominium facilities. SkyAwani 1 Residences is also the first RUMAWIP affordable home that is in compliance with QLASSIC standards set by the Construction Industry Development Board Malaysia (“CIDB”).

Commenting on the SUKUK programme, Mohamed Nazri Omar, Chief Executive Officer of Danajamin said, “This guarantee is the first structured transaction in Malaysia to monetise progress billings of a property development project. We are pleased to play a role in helping property developers such as Skyworld Capital Berhad by providing partial or full guarantee for affordable housing projects.”

Datuk Ng Thien Phing, Founder & Group MD of SkyWorld opined that this is the first of its kind SUKUK programme in Malaysia and this transaction with Danajamin signalled a positive start for SkyWorld Development Group. “We have been growing from strength to strength. All our SkyAwani 1 and 2 recorded 100% take-up. All our current and future developments are location-centric – within Kuala Lumpur region. With over 130 acres of quality land banks totalling more than RM13 billion in gross development value, we are on the right track of transforming the city and unlocking our land value.”

The Financial Adviser for this transaction is NewParadigm Capital Markets Sdn Bhd, whilst the Lead Arranger and Lead Manager is United Overseas Bank (Malaysia) Bhd.

For the past 8 years Danajamin has brought a total of 19 first-time bond/sukuk issuers into the market and has provided its guarantee for bond/sukuk programmes issued by a total of 34 viable Malaysian corporations across various sectors. To date Danajamin has brought about a market impact of approximately RM20 billion.

For more information about Danajamin, its services as well as its leadership, kindly 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 34 companies across various sectors; and brought about a market impact of approximately RM20 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 RM2.1 billion and RM1.6 billion respectively (as at 30 June 2017).

About SkyWorld

Established in 2008, SkyWorld Development Group was founded by Datuk Ng Thien Phing. Datuk Ng, a savvy entrepreneur with diversified business interests in training & education, IT rental & solutions and property development founded the Group with one vision in mind – to be the best city developer that provides the ultimate sky living experience in a sustainable environment.

In 2014, SkyWorld introduced its first master development, the 28-acre SkyArena at Setapak. Ascenda Residences, the first phase of SkyArena was launched amidst positive respond, recording an impressive 100% take-up. Following the successful launch, SkyWorld unveiled SkyAwani 1 and SkyAwani 2, the affordable home series at Sentul and Off Jalan Ipoh. Both developments recorded an impressive 100% take-up on the first day. SkyWorld continues its upward trend by unveiling SkyLuxe On The Park and Bennington Residences recording over 94% take-up, doubling its revenue within a year and acquiring quality land banks as the Company prepares to embark on its mission to transform the city skyline to a vibrant community.

SkyWorld’s latest quality pledge with the completion of SkyWorld Quality Centre also signalled another milestone for the growing company. For more information, please log on to www.skyworld.com.my .

Media Contact

Roselaini Faiz
Director, Human Capital & Communications
Tel (03) 2265 0840
Email: roselaini@danajamin.com

Emilia Azyyati Abdul Rahman
Head, Communications
Tel (03) 2265 0847
Email: emilia@danajamin.com

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