Boustead to use RM200mil EPF package for projects


  • Business
  • Friday, 27 Aug 2004

BY HONG BOON HOW IN PUTRAJAYA

BOUSTEAD HOLDINGS BHD will use the RM200mil financing package from the Employees Provident Fund (EPF) to support its existing and future projects. 

Its managing director Tan Sri Lodin Wok Kamaruddin, who declined to disclose details of the projects to be financed, said the one-year financing package was secured at an attractive rate. 

“If our projects require additional financing, we may have to raise more funds,” he told reporters after the signing of RM200mil fixed-rate loan facility agreement with the EPF as lender and Singapore's largest bank DBS Bank Ltd as guarantor yesterday. 

The financing package was arranged by Affin Bank Bhd. 

The signing was held at the Prime Minister's Department in Putrajaya and witnessed by Prime Minister Datuk Seri Abdullah Ahmad Badawi. 

Also present were EPF chief executive officer Datuk Azlan Mohd Zainol, Affin chief executive officer Datuk Abdul Hamidy Hafiz and Affin chairman Tan Sri Ismail Omar.  

Tan Sri Lodin Wok Kamaruddin (left) shaking hands with Datuk Abdul Hamidy Hafiz after the signing of the agreement. Witnessing the event are Datuk Seri Abdullah Ahmad Badawi and Tan Sri Ismail Omar.

Boustead is involved in the plantation, property, manufacturing and trading, finance and investment, and services businesses. 

Lodin said the financing package would enable the diversified group to meet its strategic investment objectives which were aimed at maximising its shareholders' value. 

“In our more than 175-year history, we have exercised prudence in managing our finances, with a clear focus on delivering value to our shareholders while strengthening our corporate brand,” he said. 

Lodin said Boustead's property division was ranked among the top 10 property developers in Malaysia. 

He said the signing also marked the strengthening co-operation between Malaysia and Singapore. 

DBS Bank chief executive officer Jackson Tai said the bank was committed to continue and enhance its business in Malaysia. 

Boustead posted pre-tax profit of RM132mil for the six months ended June 30, representing a 63% jump from RM81mil recorded in the corresponding period of last year. 

 BSTEAD :  [Stock Watch]  [News]

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