03/08/2011 (The Star) - Danajamin Nasional Bhd has guaranteed Senari Synergy Sdn Bhd’s RM380mil 20-year Islamic medium-term notes programme.

It was the long tenure guaranteed by the country’s financial guarantee insurer to-date.

Rated AAA, the RM380mil sukuk programme was fully issued and subscribed yesterday.

Danajamin chief executive officer Ahmad Zulqarnain Onn said in a statement that Senari was the first company in Sarawak to be given its financial guarantee.

Senari is an investment holding company with core group activities focusing on the development, operation, management and maintenance of port facilities mainly for oil and gas, petrochemical and oleo chemicals-related services.

“The transaction is of great significance to Danajamin, as it is the first issuance with a 20-year programme that we are guaranteeing.

“This transaction further reinforces the important role that Danajamin plays in providing companies access to the longer-end of the sukuk market, which is less liquid as well as facilitating the development of Malaysia as a leading Islamic financial centre,” Ahmad said.

To date, Danajamin has provided guarantees for RM2.69bil bond programmes from various sectors including property, plantation, utilities and manufacturing.

The issuance of Senari’s sukuk followed the signing of an Al-Kafalah guarantee facility agreement with Danajamin.

Senari chief executive officer Mohammad Aris Yusop said Danajamin’s guarantee was a strong endorsement of the group and its two vital development projects – Assar Senari Industrial Complex I at Senari and Assar Senari Industrial Complex II at Tanjung Manis (ASIC 2).

“Upon completion of ASIC 2, Senari is poised to become Sarawak’s flagship entity that is focused on strategically important activities in the oil and gas and palm oil industries,” he said.