KUALA LUMPUR: Maxim Icon Sdn Bhd, a 70% subsidiary of Maxim Global Bhd
, has carried out a borrowing agreement with Maybank Islamic Bhd worth RM76mil.
In a filing with Bursa Malaysia yesterday, the property developer said the loan will partially fund the acquisition of two freehold land parcels with a combined size of 2.35ha or 5.8 acres, in Mukim Damansara, Selangor.
Acknowledging that the loan will result in the group incurring interest expenses, which will impact earnings as it will be charged to profit or loss, Maxim Global said these costs however, are expected to be offset by the revenue generated from the development of the land.
The group said its management team envisages that the development will contribute positively to its future earnings, while noting that the loan facility will not have any effect on the issued share capital of Maxim Global.
