MARC notes MEX II Sdn Bhd received sukukholders' approval on August 24, 2021 for the deferment of payments of RM68.7 million and RM38.2 million due on August 27, 2021 and October 29, 2021, both to December 31, 2021. The rating agency understands that discussions are ongoing on the company's debt restructuring. 

MEX II has an outstanding RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds, proceeds of which has been utilised for the 16.8-km Lebuhraya Putrajaya-KLIA highway project (MEX Extension). The construction remains stalled. We view the payment deferment as a short-term relief to MEX II and does not resolve the company's significant fiscal stress. The ratings on the company's aforementioned programs remain at CIS/C. 

Contacts:
Ati Affira Kholid, +603-2717 2941/ [email protected];
Hafiza Abdul Rashid, +603-2717 2955/ [email protected].

August 26, 2021

[This announcement is available on MARC's corporate website at www.marc.com.my]
--- DISCLAIMER ---
This communication is provided by Malaysian Rating Corporation Berhad (MARC) based on information believed by MARC to be accurate and reliable as derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified such information and makes no representation as to the accuracy or completeness of such information. Any assignment of a credit rating by MARC is solely to be construed as a statement of its opinion and not a statement of fact. A credit rating is not a recommendation to buy, sell, or hold any security.


? 2021 Malaysian Rating Corporation Berhad
199501035601 (364803-V)

*** DISCLAIMER ***
THIS COMPUTER SYSTEMS AND APPLICATIONS ARE OWNED AND OPERATED BY BURSA MALAYSIA.