KUALA LUMPUR: United Malacca Bhd
has obtained Bank Negara’s (BNM) approval to use its foreign currency borrowing from a licensed onshore bank to buy a stake in an Indonesian planter.
“The conditional sale and purchase agreement is now pending fulfilment of other conditions,” the 106-year-old plantation company said in a filing with Bursa Malaysia on Tuesday.
On Dec 15, 2015, United Malacca announced that it was venturing into Indonesia by acquiring a 83% stake in PT Lifere Agro Kapuas for US$66.4mil (RM291.3mil).
“We have secured a term loan of up to US$50mil from OCBC Bank (M) Bhd to part finance the deal and the remaining balance is expected to be funded from internal funds,” it said. - Bernama
United Malacca shares added 1 sen to close at RM6.13 on Tuesday.
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