1MDB repays RM2bil credit facility

BKUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has repaid, in full and in advance of the repayment date, a RM2bil facility from Marstan Investments N.V.

This facility was entered into in February 2015 and proceeds were used to repay RM2bil of debt owing to a syndicate of domestic banks.

It said the facility was arranged for 1MDB by Tanjong, as an alternative to a commitment by Tanjong, to invest RM2bil of equity in 1MDB subsidiary, Powertek Investment Holdings Sdn. Bhd.
 
“This repayment marks another major milestone in the 1MDB rationalisation plan and further reduces 1MDB’s short term debt obligations,” it said in a statement.