Published on 03 Mar 2020.
RAM Ratings has withdrawn the respective preliminary AAA and AA2 ratings of the proposed RM175 mil Senior Class A and RM50 mil Senior Class B Medium Term Notes (MTNs) (collectively, the Senior Class MTNs) under AC Millennium Berhad’s (Issuer) up to RM400 mil Nominal Value MTN Programme. This follows the Issuer’s confirmation to look at alternative funding options. Consequently, we no longer have any rating obligation in respect of the Senior Class MTNs. However, we will maintain surveillance of Great Realty Sdn Bhd’s (Great Realty) RM170 million Guaranteed MTN Programme.
The Issuer is a wholly-owned subsidiary of Great Realty, specifically incorporated to raise up to RM400 mil to be secured by Aman Central Mall (the Mall), an eight-storey retail mall in Alor Setar, Kedah. Great Realty, in turn, was set up by Belleview Sdn Bhd to develop the Mall. Privately owned by Dato’ Ho Kiong Chan, Belleview is a Penang-based developer presently embarking on the largest shopping mall in the northern region upon completion in 2022 i.e. GEM Megamall, with 1.2 mil sq ft. Belleview’s other notable completed projects include 1st Avenue, All Seasons Place and Vantage Point in Penang.
Lim Chern Yit
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Ratings on AC Millennium Berhad