KUALA LUMPUR: UDA Holdings Bhd has signed financing agreements with financial institutions for a syndicated Islamic financing facility of up to RM500mil to finance its eight projects with an estimated gross development value (GDV) of RM1.62bil.
The financiers are Affin Islamic Bank Bhd, AmBank Islamic Bhd, RHB Islamic Bank Bhd, Bank Pembangunan Malaysia Bhd and Kuwait Finance House (M) Bhd.
Affin Hwang Investment Bank Bhd, AmInvestment Bank Bhd and RHB Islamic Bank are joint mandated lead arrangers while Bank Pembangunan Malaysia and Kuwait Finance House are co-arrangers for the syndicated facility.
UDA managing director Datuk Ahmad Abu Bakar said the finance facility would be use to partly fund the construction of the projects nationwide and the rest would be funded by sales. “This is the first time UDA has taken such financing facility even though our balance sheet is strong. Our cash reserves will be used instead for our capital expenditure moving forward,” he said.
The eight projects comprise commercial and residential developments. — Bernama
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