Malaysian Rating Corporation Berhad (MARC) is embarking on a corporate realignment exercise as it seeks to lay the groundwork for further group-wide transformation by transferring its regulatory license as a credit rating agency with the Securities Commission Malaysia and the Bank Negara Malaysia-accredited External Credit Assessment Institution status to its wholly-owned subsidiary MARC Ratings Berhad effective January 1, 2022. MARC Ratings will also be fully operational on the same day.
MARC Ratings was incorporated on December 15, 2020, as a public limited company to assume the business of providing credit rating services, as well as economics and bond market research publications, on behalf of the group.
Dr. Veerinderjeet Singh has been appointed as Chairman of MARC Ratings' Board of Directors. He is the current President of the Malaysian Institute of Accountants (MIA) and the Malaysian Institute of Certified Public Accountants (MICPA). Mr Toi See Jong (Chief Executive Officer of Tokio Marine Life Insurance Malaysia Bhd), Ms Wendy Cheong (Managing Director-Regional Head of Asia Pacific for Moody's Investors Service), and MARC Group Chief Executive Officer Datuk Jamaludin Nasir will serve as board members for MARC Ratings.
MARC, as the parent company, will be the sole shareholder of the group's subsidiaries, which also include MARC Learning Sdn Bhd, MARC Solutions Sdn Bhd and MARC Data Sdn Bhd, each providing distinct product offerings.
The status transfer is part of MARC's ongoing corporate transformation process to set the foundation for more sustainable growth in the future by focusing on strengthening existing businesses and widening product offerings.
Notwithstanding the transformation, MARC stands firm as an independent institution with over 25 years of experience across its offerings encompassing ratings, economic and fixed income research, learning, solutions, data and analytics.