CERAHCentre for Education and Research on Aging and Health (Canada)
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It's nice to come in prepared, but either way you're really gonna enjoy it,' Cerah added.
Consequently, Cerah Sama's toll revenue for 9M2014 decreased by 5.2 per cent y-o-y to MYR 34.9 million (9M2013: MYR 36.8 million).
The revised base case projections reveal that Cerah Sama is able to comfortably meet its finance service payments as well as distribute dividends to its shareholders with average and minimum post-distribution finance service cover ratios (FSCR) of 4.59 times and 1.75 times respectively.
30 December 2010 - RAM Ratings reiterated on Thursday the long-term AA3 rating with a "stable" outlook assigned to the MYR380m (USD123.3m/EUR93m) Islamic securities of Malaysian toll management services provider Cerah Sama Sdn Bhd.
Cerah Sama is an investment-holding company that wholly owns Grand Saga Sdn Bhd, the operator of the Cheras-Kajang Highway, and Trupadu Sdn Bhd, its provider of operation and maintenance services.
Cerah Sama is the investment holding company of Grand Saga Sdn Bhd (Grand Saga), the concession holder of the 11.5-kilometre Cheras-Kajang Highway.
The rating reflects Cerah Sama's adequate cash flow coverage supported by the discretionary cash flow, in the form of upstreamed dividends from Grand Saga.
The rating on the Sukuk derives from MARC's assessment of the underlying economic strength of the Cheras-Kajang Expressway operated by Cerah Sama's key and only material operating subsidiary, Grand Saga Sdn Bhd (Grand Saga).
In MARC's analysis of the priority of claims to Grand Saga's cash flows, the rating agency notes that there is no other debt at the consolidated level other than Cerah Sama's outstanding senior debt which will be refinanced by the Sukuk issuance.
Cerah Sama is an investment-holding company that wholly owns Grand Saga (Grand Saga) - operator of the Cheras-Kajang Highway (the Highway).
Furthermore, Cerah Sama had also issued a letter to the Trustee to formally commit to cease distributions to its shareholders until a refinancing exercise, which is currently being undertaken, is completed by end January 2013.
Cerah Sama's net operating cashflow is ultimately derived from Grand Saga's toll revenue; on an annualised basis, this should provide 0.14 times coverage over its debts in FY Dec 2009.