[RAM] RAM Ratings assigns final AAA(s) rating to Kami Builders' RM90 million Tranche 1 SRI Sukuk Murabahah

RAM Ratings has assigned a final rating of AAA(s)/Stable to Kami Builders Sdn Bhd’s (KBSB or the Company) RM90 mil Tranche 1 SRI Sukuk Murabahah (Tranche 1) under its RM300 million ASEAN Sustainability SRI Sukuk Programme. Tranche 1 is fully secured by a standby letter of credit (SBLC) from UBS Switzerland AG (UBS). Accordingly, the rating reflects UBS’s credit strength, which RAM has assessed as AAA/Stable(pi).

Kami Builders is a wholly owned subsidiary of Wawasan QI Properties Sdn Bhd (WQIP), serving as the latter’s property investment and development arm. Proceeds from Tranche 1 will be applied partly toward construction of a new university campus in Ipoh, Perak, with total project costs estimated at RM165 mil.

The final rating is assigned after satisfactory review of all relevant final transaction documents and related legal opinion, which remain consistent with our expectations when the preliminary rating was assigned (13 March 2026; click here).  

RAM will continue to monitor the rating for as long as Tranche 1 remains outstanding.


Analytical contacts
Amira Shamsul
(603) 2708 8242
syahira@ram.com.my 

Thong Mun Wai 
(603) 2708 8255
munwai@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my