Ireka gets extra RM60mil loan

  • Business
  • Wednesday, 29 Jan 2003

Ireka Corp Bhd has been granted a RM60mil syndicated term loan (TL) 3 facility to part finance the completion of The Westin Kuala Lumpur. 

An agreement on the TL3 facility was signed in Kuala Lumpur yesterday between Ireka and lead manager Affin Merchant Bank Bhd, which is also the security agent. Other lenders are Affin Bank Bhd, AmBank Bhd, Alliance Bank Bhd and Hong Leong Bank Bhd

The TL3 is an additional facility granted to Ireka on top of the syndicated TL1 and TL2 facilities of RM80mil and RM57mil respectively. 

“We are at the final phase of The Westin project and we expect to open our doors in May. We have come a long way and this would not be possible if not for the support we have received from the lenders of the syndicated TL3 facility,” Ireka managing director Lai Siew Wah said in a statement. 

The Westin Kuala Lumpur, a five-star hotel in Jalan Bukit Bintang, is being developed by Ireka subsidiary Ireka Hotel Sdn Bhd and will be operated by the Westin Hotels and Resorts Group. 

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