SPNB Dana in JV with MNC Wireless to offer financing

  • Business
  • Wednesday, 25 Oct 2017

PETALING JAYA: The financing arm of Syarikat Perumahan Negara Bhd (SPNB), SPNB Dana Sdn Bhd, has inked a subscription and shareholder agreement (SSA) with digital technology solution specialist MNC Wireless Bhd, forming an equity joint-venture (JV) company.

Under the terms of the SSA, SPNB Dana will hold a 70% stake in the JV company, while the remaining 30% will be held by MNC Wireless.

MNC Wireless plans to undertake a cash call exercise via a rights issue with free warrants to raise up to RM20mil to subscribe to redeemable preference shares of the JV company. This will allow SPNB Dana to provide short-term financing of downpayments and/or differential sums for eligible homebuyers of housing developments developed by SPNB and its group of companies.

The redeemable preference share subscription will earn MNC Wireless a coupon rate of 5% per annum, in addition to the 30% profit from its shareholding in the JV company.

“Our aim is to help the rakyat to own a place to call home. This partnership will enable us to further support our home buyers, digitalise our business processes, as well as enhance customer and business partner engagement management,” said SPNB chairman Datuk Dr Abdul Latiff Ahmad.

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