The following is a press release from SkyWorld.
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 must-owned starter homes for first-time home buyers – given its affordable price, practical layout and full-fledged 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.”