Malaysia MARC Affirms Mithril Loan Stk Rtg
Following is a press release from Malaysian Rating Corp.
MARC has affirmed the rating for Mithril Berhad's (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) at BBB, reflecting the recent completion of the corporate exercise with the injection of new businesses and a tight underlying issue structure.
The rating is, however, constrained by Mithril's exposure to the manufacturing industry, in particular the brick manufacturing business.
Mithril was incorporated as a shell company in April 2002 to facilitate the proposed restructuring exercise of Tajo, which is an affected listed issuer pursuant to the KLSE's Practice Note 4/2001 (PN4/2001).
The restructuring exercise involved capital reconstruction and cancellation of share premium account of Tajo; scheme of arrangement; fund raising exercise (including the issuance of the RCSLS); acquisition of Saferay (M) Sdn Bhd (Saferay) & Menara MAA in Kota Kinabalu and Kuching; and debt settlement of Tajos secured and unsecured creditors.
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Following is a press release from Malaysian Rating Corp.
MARC has affirmed the rating for Mithril Berhad's (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) at BBB, reflecting the recent completion of the corporate exercise with the injection of new businesses and a tight underlying issue structure.
The rating is, however, constrained by Mithril's exposure to the manufacturing industry, in particular the brick manufacturing business.
Mithril was incorporated as a shell company in April 2002 to facilitate the proposed restructuring exercise of Tajo, which is an affected listed issuer pursuant to the KLSE's Practice Note 4/2001 (PN4/2001).
The restructuring exercise involved capital reconstruction and cancellation of share premium account of Tajo; scheme of arrangement; fund raising exercise (including the issuance of the RCSLS); acquisition of Saferay (M) Sdn Bhd (Saferay) & Menara MAA in Kota Kinabalu and Kuching; and debt settlement of Tajos secured and unsecured creditors.
Read More...
posted by Mohd Amin | 9:31 PM
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