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Ho Hup refinances loan from CIMB Bank

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Ho Hup refinances loan from CIMB Bank

Post by hlk Wed 27 Jul 2011, 19:49

Ho Hup Construction Co Bhd has accepted a term loan facility of RM75 million from Insas Credit & Leasing Sdn Bhd to repay its loan from CIMB Bank Bhd.

The loan from CIMB, which has been in default for the last three years, was secured on a 24.28-hectare land held by its unit, Bukit Jalil Development Sdn Bhd.

The refinancing of the loan from CIMB marks a significant step forward for Ho Hup in efforts to regularise its operations and financial conditions under the proposed restructuring exercise to move out of PN17 status, the company said in a statement today. -- Bernama

hlk: Moderator; Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
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