PR1MA signs agreement to raise RM5bil working capital


KUALA LUMPUR, 6 Mei -- Orang ramai tidak melepaskan peluang mengunjungi program pembelian rumah kediaman Perbadanan Projek Perumahan Rakyat 1Malaysia (PR1MA) di Oasis, Ara Damansara hari ini. Hari terbuka PR1MA itu berlangsung selama dua hari sehingga esok. -- fotoBERNAMA (2017) HAK CIPTA TERPELIHARA

PUTRAJAYA: Perbadanan PR1MA Malaysia has signed an agreement with four banks to raise RM5bil through a combination of a sukuk programme and revolving credit facility, to be used as a medium-term credit facility to support its commitment to 89 PR1MA projects.

The agreement was signed by Maybank Group president and chief executive officer Datuk Abdul Farid Alias, CIMB Group chief executive Tengku Datuk Seri Zafrul Aziz, AmBank Group chief executive officer Datuk Sulaiman Mohd Tahir and RHB Banking Group managing director Datuk Khairussaleh Ramli, witnessed by Prime Minister Datuk Seri Najib Tun Razak in Putrajaya on Wednesday.

Also present were Second Finance Minister Datuk Seri Johari Abdul Ghani, Minister in the Prime Minister’s Department, Datuk Seri Shahidan Kassim and PR1MA chief executive officer Datuk Abdul Mutalib Alias.

Under the agreement, Maybank Investment Bank Bhd will act as the coordinating bank and facility agent to drive the fund-raising effort.

The bank will also act as joint lead arrangers/ joint lead manager, together with AmInvestment Bank, CIMB Investment Bank and RHB Investment Bank.

Abdul Mutalib said the fund would be used as working capital for the 89 PR1MA projects, involving 89,499 houses currently being constructed nationwide, with a gross development value of more than RM23bil.

“The mandate to build 500,000 homes for the country’s middle-income group is not an easy task, and requires a huge working capital.

“We cannot solely depend on government grants. For this programme to be sustainable, it is important that we look at external options to raise capital for nationwide projects,” he told reporters after the signing ceremony.

To date, the Government has allocated RM3.9bil in grants, which have been disbursed since the launch of the PR1MA programme in 2013.

Abdul Mutalib said the PR1MA projects were running according to schedule, and to date, 8,475 residential units had been completed.

“We’re confident of meeting the target to complete 17,000 residential units by year-end,” he added.

He said to date, Perbadanan PR1MA had approved the development of 267,902 PR1MA housing units nationwide, of which 139,393 units were currently being constructed.

“At present, 9,791 PR1MA residential units had been sold, involving sales totalling RM2.36bil,” he added.

Irwan says the MoF will set new criteria and conditions for companies to participate in the project.

More than 1.42 million Malaysians had registered with PR1MA nationwide, of which 166,972 had applied for PR1MA houses.

Perbadanan PR1MA was incorporated under the PR1MA Act 2012 to implement a comprehensive and extensive affordable housing programme for Malaysians earning between RM2,500 and RM15,000 a month. - Bernama

Limited time offer:
Just RM5 per month.

Monthly Plan

RM13.90/month
RM5/month

Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Business News

Nasdaq, S&P set to open higher on tech boost, earnings glee
Sasbadi reports highest ever quarterly revenue
Aneka Jaringan leverages order book for growth
Chin Hin Group to develop two lands with combined GDV of RM1.08bil
CLMT 1Q net profit rises to RM33.49mil on higher occupancies, positive rental reversions
Ringgit ends marginally lower on firmer US dollar index
MoF: Govt to establish high-level facilitation platform to oversee potential, approved strategic investments
Meta Bright signs RM24mil leasing contract with Australia company
OCR Group to develop RM313mil residential project in Rawang
Legacy Credit emerges as substantial shareholder in VCI Global

Others Also Read