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Trinity Asia Ventures redeems Tranche 1 IMTN ahead of maturity

Published on 23 Nov 2021.

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RAM Ratings has received notification from Alliance Investment Bank Berhad, as the Facility Agent, that Trinity Asia Ventures Berhad (the Issuer) fully redeemed the RM52.0 mil Tranche 1 IMTN under its RM1.5 bil Sukuk Musharakah Programme on 22 November 2021, ahead of the sukuk’s expected maturity date of 23 March 2022. We have accordingly withdrawn the AA3/Stable rating of the Tranche 1 IMTN and no longer have any rating obligation in respect of it. There were no outstanding obligations under the accompanying RM5 mil Tranche 1 ICP facility. Guaranteed by Danajamin Nasional Berhad (rated AAA/Stable), the ICP facility is cancelled upon full redemption of the Tranche 1 IMTN. Trinity Asia Ventures is a special-purpose funding vehicle of Trinity Group Sdn Bhd (the Sponsor).

The Tranche 1 IMTN was backed by sale and purchase agreements (SPAs) signed with buyers of a high-rise residential development – Trinity Lemanja – in Kepong, Kuala Lumpur. Following the issuance of Certificate of Practical Completion (CCC) on 23 September 2021, the delivery of vacant possession (VP) started at the end of October 2021, well ahead of the legal CCC and VP dates in February 2022. From monthly monitoring reports, we note that the developer and the Issuer have duly complied with the terms of the transaction. 

 

Analytical contacts
Joel Thum
(603) 3385 2517
joel@ram.com.my

Tan Han Nee
(603) 3385 2529
hannee@ram.com.my

 

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Published by RAM Rating Services Berhad
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