RAM Ratings has downgraded its outlook on Malakoff Corporation Bhd’s 5.6 billion ringgit and 600 million ringgit Islamic bond programmes to negative from stable, citing the company’s dwindling cash levels and highly leveraged balance sheet.
The two programmes were initiated in 2007 to delist Malakoff from the local bourse. Malakoff has indicated plans to return with an initial public offering (IPO) next year, an effort which could go towards addressing the company’s debt. It had consolidated borrowings of 10.5 billion ringgit ($3.37 billion) at end 2011, according to RAM………………………………………..Full Article: Source