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BUSINESS

Swift Haulage secures financing facilities totalling RM531 mln

03/09/2020 09:07 PM

KUALA LUMPUR, Sept 3 -- Fully integrated logistics services provider Swift Haulage Sdn Bhd has secured financing facilities amounting to RM531 million.

It obtained RM300 million first tranche of Sukuk and RM231 million working capital facilities from AmBank Islamic Bhd, OCBC Al-Amin Bank Bhd and United Overseas Bank (Malaysia) Bhd (UOB Malaysia), it said in a statement today.

Proceeds from the Unrated Sukuk Programme, based on the Islamic principle of Murabahah via Tawarruq, will be used to refinance Swift Group’s existing facilities and future capital expansion purposes.

The working capital facilities will be used to finance Swift Group’s working capital requirements, the statement added.

Swift Group executive director Loo Yong Hui said the Unrated Sukuk Programme totalling RM500 million would offer greater flexibility for financing of the Group’s future capital expenditure and ensure its feasibility.

“In addition, it will also diversify the Group’s source of funding to finance acquisitions related to its nature of business,” he said.

AmInvestment Bank Bhd, OCBC Al-Amin and UOB Malaysia acted as joint principal advisers, joint lead arrangers and joint lead managers for the Unrated Sukuk Programme, as well as mandated lead arrangers and bookrunners for the working capital facilities.

-- BERNAMA


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