KUALA LUMPUR: Habour-Link Group Bhd has proposed to extend financial assistance to an indirect subsidiary, Sarawak Edible Oil Sdn Bhd (SEO), while making a move into property development.
SEO had on Dec 24 last year drew down credit facilities of RM39.8 million extended by Maybank to part finance the purchase of a plot of industrial land and its related infrastructure cost in Bintulu. SEO is wholly-owned by Arcadia Properties Sdn Bhd, a 51% unit of Harbour-Link.
With the drawdown by SEO, Harbour-Link is required to provide a corporate guarantee of RM20.3 million, representing 51% of the credit facilities, which is to be fulfilled post drawdown, subject to the company complying with all the requirements of the respective regulatory authorities.
On its proposal for diversification, Harbour-Link plans to develop the land in Bintulu for mixed developments.
SEO had on Dec 24 last year drew down credit facilities of RM39.8 million extended by Maybank to part finance the purchase of a plot of industrial land and its related infrastructure cost in Bintulu. SEO is wholly-owned by Arcadia Properties Sdn Bhd, a 51% unit of Harbour-Link.
With the drawdown by SEO, Harbour-Link is required to provide a corporate guarantee of RM20.3 million, representing 51% of the credit facilities, which is to be fulfilled post drawdown, subject to the company complying with all the requirements of the respective regulatory authorities.
On its proposal for diversification, Harbour-Link plans to develop the land in Bintulu for mixed developments.
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