Business Times : frontpage
Monday, September 06, 2010, 04.54 PM



RM500m potential assets for AHP (Sep 5)
AHP now has a total of RM142.3 million worth of assets, including Plaza VADS and Bangunan AHP in Taman Tun Dr Ismail in Kuala Lumpur. More assets are coming to AHP because PNB Commercial Sdn Bhd, the asset management subsidiary of Permodalan Nasional Bhd, has set its objective of turning around the commercial properties within PNB Commercial's stable, which will later be offered for injection into the REIT. PNB Commercial owns and manages 11 properties as well as manages nine other assets for PNB. The total value of the assets is RM1 billion. The 11 properties that PNB Commercial owns and manages are valued at around RM460 million and are scheduled to undergo a RM70 million makeover in 2010 and 2011. PNB Commercial chief executive officer Datuk Mohamed Marzuk Basir said PNB Commercial has given itself five years to flip the properties so that they gives better yields. "We have three-and-a-half years remaining to work on our assets, efficiently manage and refurbish...


Cagamas set to issue another landmark sukuk (Sep 5)
National mortgage company Cagamas Bhd is expected to issue another landmark sukuk, after the launch of the benchmark Sukuk Al-Amanah Li Al-Istithmar (Sukuk ALIm) in mid-July. Like Sukuk ALIm, Cagamas' latest sukuk is also an innovative issuance that does not incorporate "doubtful" principles. Sources said the new sukuk will be ringgit-denominated. However, they declined to reveal the amount. "The sukuk is now ready and will probably be launched this month after it receives approval from the authorities," the source told Business Times in Kuala Lumpur. While Sukuk ALIm was designed to meet the requirements of broader investors, especially from the Middle East, the new sukuk is anticipated to attract local institutional investors. Sukuk ALIm, which was developed in collaboration with Al Rajhi Bank Malaysia, marks the first of its kind in the country's Islamic bond market and sets a benchmark for future sukuk issuance in the global Islamic debt capital market. Cagamas...