PETALING JAYA: Sum Technology Bhd's wholly owned subsidiary, Sum Technic Sdn Bhd (STS), has accepted RM30mil in Islamic banking facilities from Maybank Islamic Bhd.
In a filing with Bursa Malaysia, the company said the facilities comprise a RM4mil cash line against contracts and RM26mil in trade financing facilities.
The facilities will be used to finance ongoing and future contracts, including the importation and local purchase of goods and materials, as well as the issuance of performance bonds, tender bonds and other guarantees.
"The facilities are expected to provide the group with additional financing flexibility and working capital support for its ongoing and future projects and contracts, as well as facilitate the issuance of trade-related instruments and guarantees required in the ordinary course of business," it said.
The group said the facilities are not expected to have an immediate material impact on its earnings or net assets per share for the financial year ending Dec 31, 2026.
Based on the group's unaudited financial statements as at June 30, 2026, its gearing ratio stood at 0.24 times. This would increase to approximately 0.74 times if the facilities were fully utilised.
