BGSM Management’s MYR 10 Billion (2013/2043) AA3/Stable Sukuk Rating Reaffirmed by RAM Ratings

BGSM Management (BGSMM)’s Islamic Medium-Term Notes (IMTN) Programme of up to MYR 10 billion (2013/2043), has been reaffirmed at AA3/Stable by RAM Ratings (RAM). BGSMM’s ultimate subsidiary, Maxis Berhad (Maxis), is extremely well-positioned in Malaysia’s mobile service industry; leading to this rating reaffirmation. Maxis’ considerable priority debts and BGSMM’s structural subordination of them are also factored in by RAM.

As one of the first mobile communications providers in Malaysia, Maxis held about 28% of the mobile subscription market in Malaysia in 2019. Maxis’ core mobile business demonstrated a subscriber base of 11 million as at September 2020.

Maxis’ revenue edged up 1.3% to MYR 9.3 billion in FY December 2019, supp...