KUALA LUMPUR, Aug 10 — RAM Ratings has upgraded the rating of Widad Capital Sdn Bhd’s Sukuk Murabahah Programme of up to RM110 million in nominal value to AA1 from AA2.
Widad Capital said its rating outlook has also been revised to stable from positive premised on the company’s strong debt-servicing ability and healthy operating performance, underpinned by timely monthly contractual payments from the Public Works Department under the facilities maintenance contract for the National Palace.
“The upgrade is further supported by the company’s commendable operating track record in delivering its services under the contract over the past four years,” it said in a statement today.
Widad Capital is a wholly-owned subsidiary of Widad Builders Sdn Bhd, which in turn is a wholly-owned subsidiary of Widad Group Bhd.
Currently, Widad Group has an outstanding order book of RM744 million generated from its integrated facility management and construction business.
Upon completion of its recent acquisitions — UiTM Jasin and UiTM Seremban 3 campuses, the new total order book will increase to about RM2.5 billion by year-end. — Bernama
