KUALA LUMPUR: Harn Len Corp Bhd
has accepted term loan facilities of up to RM94mil from Affin Bank Bhd for refinancing, working capital and project financing purposes.
In a filing with Bursa Malaysia, the plantation company said the facilities comprise three tranches with tenures ranging from four to 168 months.
The RM60mil term loan will be used mainly to refinance an existing facility secured against 10 leasehold oil palm land parcels in Mukim Keratong, Rompin, Pahang, while the balance will be used for working capital.
The facility is secured via an all-monies first legal charge over the properties and a corporate guarantee from Pahang Coconut Valley Corporation Sdn Bhd.
A RM30mil term loan will finance oil palm and pineapple planting, estate upkeep and infrastructure works across nine agricultural land parcels under a subsidiary, while a RM4mil facility will fund insurance premiums for joint directors and shareholders under credit or mortgage reducing term assurance with money back protector.
“Assuming the banking facilities are fully drawdown, it will increase the gearing ratio from 0.26 times to 0.35 times based on the audited consolidated financial statements of Harn Len for the financial year ended May 31, 2025,” Harn Len said.
