PETALING JAYA: ECM Libra Group Bhd
has secured a term loan of up to RM120mil and revolving credit facilities of up to RM10mil from RHB Bank Bhd to part-finance the development of a proposed beachfront hotel in Johor.
In a filing with Bursa Malaysia, ECM Libra said the banking facilities were secured by its indirect wholly-owned subsidiary, Desaru Beachfront 2 Sdn Bhd (DB2SB).
“The banking facilities are to part-finance the development of the project and to meet the general working capital requirements of DB2SB.
“The banking facilities enable ECM Libra and its subsidiaries to fund the project with an appropriate mix of debt and internal funds, and are in line with the group’s strategy of expanding its hospitality portfolio.”
ECM Libra said the banking facilities are expected to increase the gearing ratio of the company for the financial year ending Dec 31, 2026.
“The banking facilities are not expected to have any material effect on the consolidated earnings and earnings per share of the group for the financial year ending Dec 31, 2026, as the drawdown is expected to be progressive in tandem with the construction of the project, with the first drawdown expected in the fourth quarter of 2026.”
