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Sunway obtains RM107.6m loan for Johor project
by hlk Tue 03 Dec 2013, 19:53
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Tuesday, 03 December 2013 18:53
A + A - Reset
KUALA LUMPUR (Dec 3): Sunway Bhd announced it had via its wholly-owned
subsidiary secured banking facilities totalling RM107.6 million from OCBC Bank
(M) Bhd for its proposed housing development project located at Bukit Lenang,
Johor.
In a filing to the stock exchange, the diversified group said it has via its
wholly-owned unit Sunway Treasury Sdn Bhd obtained a bridging loan facility
worth RM51.9 million and a revolving credit facility worth RM55.7 million from
OCBC.
Sunway said the bridging loan facility is to part finance and/or reimburse the
infrastructure/development cost of the said project, which is to be undertaken
by Sunway City (JB) Sdn Bhd (SunCity JB).
The group said the revolving credit facility is to be advanced to SunCity JB for
repayment of advances granted to SunCity JB by Sunway City Sdn Bhd and/or
part finance the infrastructure and/or development expenses of the said project.
Additionally, Sunway said the remainder RM161 million (US$50 million) is
secured from a bilateral term loan facility issued by The Bank of Tokyo-
Mitsubishi UFJ Ltd, Labuan Branch (BTMU).
The loan will be utilised for general corporate funding purposes to meet the
group’s requirements.
Written by Jeffrey Tan of theedgemalaysia.com
Tuesday, 03 December 2013 18:53
A + A - Reset
KUALA LUMPUR (Dec 3): Sunway Bhd announced it had via its wholly-owned
subsidiary secured banking facilities totalling RM107.6 million from OCBC Bank
(M) Bhd for its proposed housing development project located at Bukit Lenang,
Johor.
In a filing to the stock exchange, the diversified group said it has via its
wholly-owned unit Sunway Treasury Sdn Bhd obtained a bridging loan facility
worth RM51.9 million and a revolving credit facility worth RM55.7 million from
OCBC.
Sunway said the bridging loan facility is to part finance and/or reimburse the
infrastructure/development cost of the said project, which is to be undertaken
by Sunway City (JB) Sdn Bhd (SunCity JB).
The group said the revolving credit facility is to be advanced to SunCity JB for
repayment of advances granted to SunCity JB by Sunway City Sdn Bhd and/or
part finance the infrastructure and/or development expenses of the said project.
Additionally, Sunway said the remainder RM161 million (US$50 million) is
secured from a bilateral term loan facility issued by The Bank of Tokyo-
Mitsubishi UFJ Ltd, Labuan Branch (BTMU).
The loan will be utilised for general corporate funding purposes to meet the
group’s requirements.
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