MARC embarks on new corporate adjustment

by NURUL SUHAIDI / graphic by MZUKRI MOHAMAD

MALAYSIAN Rating Corp Bhd (MARC) has embarked on a corporate realignment exercise to widen its group transformation which will take effect from early 2022.

Effective Jan 1, 2022, MARC is transferring its regulatory license as a credit rating agency with the Securities Commission Malaysia and Bank Negara Malaysia, turning its accredited External Credit Assessment Institution status to wholly owned subsidiary MARC Ratings Bhd.

Incorporated on Dec 15, 2020, as a public limited company, MARC Ratings will assume the business of providing credit rating services, as well as economics and bond market research publications, on behalf of the group.

The new entity has appointed Dr Veerinderjeet Singh as new chairman and appointed new board members such as Toi See Jong (Tokio Marine Life Insurance Malaysia Bhd CEO), Wendy Cheong (Asia Pacific for Mood Investors Service regional head, MD) and MARC group CEO Datuk Jamaludin Nasir.

Veerinderjeet is the current Malaysian Institute of Accountants president and The Malaysian Institute of Certified Public Accountants.

The corporate structure rejig will see MARC become the sole shareholder of its subsidiaries including MARC Learning Sdn Bhd, MARC Solutions Sdn Bhd and MARC Data Sdn Bhd, the company noted in a release yesterday.

With this new alignment, MARC now stands firm as an independent institution with over 25 years of experience across its offerings encompassing ratings, economic and fixed income research, learning, solutions, data and analytics.

It said the status transfer is part of MARC’s ongoing corporate transformation process to set the foundation for more sustainable growth.

“The company will continue to focus on strengthening its existing companies and expanding its product offerings in the future,” it said in the statement.

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