,WGB group managing director Datuk (Dr) Mohd Rizal Mohd Jaafar, “The AA1 stable rating assigned by RAM reinforces WGB’s confidence in its vision to continue building a robust business that emphasizes growth, productivity and financial strength."
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KUALA LUMPUR: RAM Ratings has assigned a preliminary AA1/Stable rating to Widad Concession Sdn Bhd’s proposed RM310mil Sukuk Wakalah facility.
It said on Friday Widad Concession, a unit of Widad Group Berhad (WGB), was set up to finance the acquisition cost of the private public partnership (PPP) or project finance initiative (PFI) project held by YBK Usahasama Sdn Bhd (YBKU).
YBKU has a 23-year concession for the development and maintenance of the Universiti Teknologi MARA (UiTM) campus in Jasin, Melaka (the Project), which expires on Fe 2, 2034.
WGB completed the acquisition of YBKU’s immediate holding company, Serendah Heights Sdn Bhd, in end-March 2021. Serendah Heights’ business activity is only limited to YBKU.
RAM Ratings said that from a cashflow perspective, Widad Concession will be entirely dependent on YBKU and Serendah Heights to service its obligations under the proposed Sukuk.
Semi-annual murabahah stock repayments and dividends from the two entities will support these obligations. YBKU has also received prompt payments from UiTM since the completion of the campus on Jan 30, 2014.
Performance-related deductions have been minimal at less than 1% per annum.
WGB group managing director Datuk (Dr) Mohd Rizal Mohd Jaafar, “The AA1 stable rating assigned by RAM reinforces WGB’s confidence in its vision to continue building a robust business that emphasizes growth, productivity and financial strength.
“Indeed, the outlook for 2021 is difficult to predict, but with the completion of our acquisitions of concessionaires, and strong expected cash flow, we feel positive about spearheading the integrated facility management (IFM) industry as a formidable player going ahead.
“We are also optimistic about achieving our key-performance outcome and sustain financial performance this year.”
WGB is involved in construction, integrated facilities management and concession. Currently, Widad has an outstanding order book of RM1.5bil generated from its IFM and construction business.