KUALA LUMPUR: PETRA PERDANA BHD [] on Wednesday, Dec 16 was placed on ratings watch "developing" by the Malaysian Rating Corp Bhd (MARC).
Local rating agency MARC said in a statement that it has placed its A+ rating on Petra Perdana Berhad's (Petra Perdana) RM800 million Dual Currency Revolving Facility on MARCWatch Developing following the company's announcement that it had divested a 25.03% stake in Petra Energy Berhad (Petra Energy).
It said the divestment will reduce Petra Perdana's shareholdings in Petra Energy to 29.59% and will result in deconsolidation of Petra Energy from Petra Perdana's accounts. It added that Petra Energy had contributed 59.3% of the group's profit before tax for the nine-month period ended Sept 30, 2009.
"Petra Perdana has indicated that the net proceeds will be used to pare down bank borrowings and other financial obligations.
"The rating will remain on MARCWatch pending an evaluation of the impact of the divestment of Petra Energy shares on Petra Perdana's credit profile which had not been taken into consideration in MARC's affirmation of Petra's rating on Nov 26, 2009," the rating house said.
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- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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