Sep 12 2012
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Binariang GSM partially redeems senior sukuk; corporate exercise still under RAM Ratings' radar
BGSM's Senior Sukuk consists of a RM19 billion Islamic Medium-Term Notes Programme (rated AA3, with a negative outlook) and a RM2 billion Islamic Commercial Papers Programme (rated P1), of which only RM7.2 billion Senior Sukuk remains outstanding post the above mentioned redemption. There is no outstanding amount under the Commercial Papers Programme. In addition, the Group has a USD900 million Cumulative Non-Convertible Islamic Junior Sukuk (rated A2, with a negative outlook).
BGSM is an investment-holding company with subsidiaries and affiliates that are involved in the Malaysian, Indian and Indonesian cellular telecommunication markets, via Maxis, Aircel Limited ("Aircel") and PT Axis Telekom Indonesia, respectively.
RAM Ratings understands that the corporate exercise, which was initially slated for completion by September 2012, is now targeted to be completed within the next few months once there is further clarity on the New Telecom Policy and other regulatory/policy changes in India that could impact the transaction.
Lee Chai Len
(603) 7628 1192
© Press Release 2012
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