KUALA LUMPUR: Sime Darby Property Bhd
, through its wholly-owned subsidiary Sime Darby Property (Hong Kong) Ltd (SDPHK), has entered into an interest-bearing loan agreement to provide shareholders’ advances of £6mil (RM34mil) to Battersea Project Holding Co Ltd (BPHCL).
Under the loan agreement, the shareholders’ advances will have a tenure of five years with interest charged based on the Sterling Overnight Index Average rate plus 1.5% per annum, it said in a filing with Bursa Malaysia.
“The shareholders’ advances will be used to fund BPHCL’s future phases of the Battersea Power Station development and working capital,” it said. The total quantum of the shareholders’ advances could not be determined at this juncture.
“The amount would depend on, among others, the amount of external financing,” it said. SDPHK holds a 40% equity interest in joint-venture company BPHCL, the filing said. — Bernama
