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Friday, May 31, 2019

RAM projects Malaysia’s GDP to grow 4.6%

KUALA LUMPUR: RAM Holdings Bhd expects Malaysia’s gross domestic product (GDP) to grow 4.6% this year, supported by resilient private consumption.
In a statement today, it said, however, lingering global and local economic uncertainties would keep exerting an impact on the capital markets and business sentiment.
Chairman Amirsham A Aziz said the corporate bond market remained healthy and as of April 2019, gross corporate bond issuance amounted to RM37.5 billion, mainly constituting sizeable issues from both the private and quasi-government sectors.
“Taking into account the better-than-expected momentum at the start of the year, and the anticipated steady issuance pipeline for the rest of the year, we have revised upwards our projected gross corporate bond issuance to between RM90 billion and RM100 billion for 2019, from RM70 billion and RM80 billion in 2018,” he said in conjunction with the company’s 28th annual general meeting today.
Meanwhile, he said RAM would remain robust and market-ready to face keener competition from the un-rated market and technology disruption in the financial services industry.
RAM noted that its core subsidiary, RAM Rating Services Bhd (RAM Ratings), has maintained its leadership in the domestic bond market, having secured 73% of the total rated new issues in 2018 while RAM Consultancy Services Sdn Bhd (RAMC) gained traction in driving sustainability services and environment, social and governance analytics.
RAMC is the first Asean-based provider of sustainability ratings and is the first registered observer of the International Capital Market Association’s Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines in this region.
Another subsidiary, RAM Solutions Sdn Bhd, issued credit opinions to three ventures under the Investment Account Platform which raised RM46 million of financing in 2018.
At the AGM, RAM approved a first and final single-tier dividend of 35 sen per share for the financial year ended Dec 31, 2018, on the back of RM44.32 million of revenue. - FMT

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