KUALA LUMPUR: Shares of VASTALUX ENERGY BHD [] were marginally higher in active trade on Wednesday, Sept 29 as traders ignored the recent downgrading of the debt notes issued by its unit Vastalux Capital Sdn Bhd.
At 9.51am, it was up one sen to 14 sen with 2.9 million shares done.
Malaysian Rating Corp Bhd had on Sept 24 downgraded its rating on Vastalux Capital's RM100 million Sukuk Musyarakah facility to BB+IS from A+IS and placed the rating on MARCWatch Negative.
Vastalux Capital is a special purpose company incorporated for the purpose of issuing the Sukuk Musyarakah, largely to fund Vastalux's working capital in relation to oil and gas service contracts awarded by the Petronas group.
MARC said the downgrade was triggered by a shortfall in Vastalux Capital's sinking fund account as of Sept 23, 2010.
'The MARCWatch Negative incorporates an increased likelihood of default in relation to the facility's final redemption which will be due in three months. As at Sept 23, 2010, the facility's sinking fund account balance stood at RM21.0 million, with a shortfall of RM4.0 million,' the ratings agency said.
At 9.51am, it was up one sen to 14 sen with 2.9 million shares done.
Malaysian Rating Corp Bhd had on Sept 24 downgraded its rating on Vastalux Capital's RM100 million Sukuk Musyarakah facility to BB+IS from A+IS and placed the rating on MARCWatch Negative.
Vastalux Capital is a special purpose company incorporated for the purpose of issuing the Sukuk Musyarakah, largely to fund Vastalux's working capital in relation to oil and gas service contracts awarded by the Petronas group.
MARC said the downgrade was triggered by a shortfall in Vastalux Capital's sinking fund account as of Sept 23, 2010.
'The MARCWatch Negative incorporates an increased likelihood of default in relation to the facility's final redemption which will be due in three months. As at Sept 23, 2010, the facility's sinking fund account balance stood at RM21.0 million, with a shortfall of RM4.0 million,' the ratings agency said.
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