MARC Ratings has extended its MARCWatch Negative on ANIH Berhad’s outstanding Senior Sukuk Musharakah programme of RM1.48 billion, where it has been placed since May 25, 2023.

The rating agency notes that the change in ANIH’s shareholding structure is still pending the government’s approval, which the company expects to receive by end-2023. We understand that only upon obtaining the approval can ANIH move forward with its refinancing plan, which is slated to be completed by end-3Q2024.

ANIH’s upcoming debt maturity under the programme of RM180 million sukuk is due on November 29, 2023, for which there is sufficient liquidity. Its cash and cash equivalents stood at RM342 million as at end-September 2023. The rating agency will continue to closely monitor the progress of ANIH’s refinancing plan and provide updates accordingly.