KUALA LUMPUR: TWL Holdings Bhd
's wholly-owned subsidiary, TWL USJ Heights Sdn Bhd, has accepted a banking facility of up to RM42.5 million from United Overseas Bank(UOB) (Malaysia) Bhd.
In a filing with Bursa Malaysia, TWL Holdings said the banking facility includes Term Loan 1 of RM7 million, Term Loan 2 of RM5 million, a bridging loan of RM30 million (comprising Tranche 1 of RM15 million and Tranche 2 of RM15 million) and a performance and financial guarantee of RM500,000.
It said Term Loan 1 is to be used to part finance project land acquisition in Mukim Damansara, Daerah Petaling, Selangor, and the bridging loan is intended to be used to part finance the project's construction cost.
In addition, Term Loan 2 is to finance the purchase of the keyman insurance, while the performance and financial guarantee is to guarantee developer licence, utilities, and other requirements related to the project.
The Bursa filing did not provide any additional details on the project.
"The banking facility is not expected to have any effect on the net assets and earnings per share of the company," TWL Holdings added. - Bernama
