CJSB - What does CJSB stand for? The Free Dictionary
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Under the Deed of Hibah, CJSB had given and assigned the Deed of Annuity to CJ Capital, thus effectively protecting the Sukuk holders in the event CJSB faces liquidation or insolvency.
CJSB is a 60:40 joint venture between UEM Land Berhad and the State via State Secretary Johore (Incorporation).
JSSI is required to pay the annuity instalments to CJ Capital without any offset or deduction, even in the event that CJSB
is unable to meet its obligations.
In return, CJSB is entitled to receive annuity payments of MYR 15 million ($4.
JSG's obligation to pay the Annuity (via JSSI) is outlined in the Deed of Annuity and a Supplemental Agreement to the Deed of Annuity, which states that JSSI irrevocably and unconditionally covenants and undertakes to pay to CJSB an annual sum of MYR 15 million, commencing on a date that must be no later than 30 days after the issuance of the proposed Sukuk, and thereafter payable on 28 February from 2011 to 2019.