This article first appeared in The Edge Financial Daily on October 24, 2017

KUALA LUMPUR: Danajamin Nasional Bhd has teamed up with Bank Pembangunan Malaysia Bhd to co-guarantee the issuance of RM639 million worth of Islamic debt notes by TRIplc Medical Sdn Bhd (TMSB), a wholly-owned unit of TRIplc Bhd.

The guarantee of the 18-year senior sukuk murabahah marks Danajamin’s second guarantee facility extended to TRIplc Group after the latter’s previous sukuk issuance to build Universiti Teknologi Mara (UiTM) in Puncak Alam, Selangor.

The notes, successfully issued and subscribed yesterday, are to raise funds to part finance the development of a new teaching hospital and medical academic centre at UiTM’s Puncak Alam campus, said Danajamin in a statement.

TMSB inked a 25-year concession agreement with the Malaysian government in February last year, for TMSB to undertake the project.

The sukuk is rated AA1/stable by RAM Rating Services Bhd premised on the support from the co-guarantors’ irrevocable and unconditional financial guarantee during the construction period.