KUALA LUMPUR: Danajamin Nasional Bhd has sealed an agreement with property developer Riverson Corp Sdn Bhd to guarantee the latter's RM200 million five-year private debt securities programme to finance the construction of a mixed integrated commercial development in Kota Kinabalu, Sabah.

The bond programme, rated AAA (fg) by Malaysian Rating Corp Bhd (MARC), was created to fund the proposed development consisting of an international standard medical centre that will be operated by Parkway Group under the name of Gleneagles Medical Centre, Kota Kinabalu, said Danajamin in a statement on Wednesday, Aug 3.

Riverson managing director Ben Kong said the uniqueness of the development allows boutique businesses to flourish and grow by providing reasonable sized retail, office space and SoHo (small office home office) units and other facilities to support the Gleneagles Medical Centre.

"This gives a whole new direction to future property developments in Sabah," he said in the statement. Hong Leong Investment Bank was the lead arranger of the bond programme.

According to the statement, the Sabah government is also participating in the medical centre's development through its investment arm Warisan Harta Sabah Sdn Bhd, mainly as co-owner of the hospital building.

Sabah Chief Minister Datuk Seri Panglima Musa Aman, Danajamin chairman Datuk Seri Abdul Hamidy Hafiz and Hong Leong Financial Group Bhd president and CEO Raymond Choong were present at the signing ceremony.

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