BUSINESS

HEXTAR GLOBAL EXCUTES RM89 MLN ISLAMIC FINANCING FACILITY

14/06/2021 08:15 PM

KUALA LUMPUR, June 14 -- Hextar Global Bhd has accepted and executed an Islamic Financing Facility from OCBC Al-Amin Bank Bhd totalling RM89 million.

Hextar said the facility in the form of a Term Financing-i (Term-i) Commodity Murabahah shall be utilised for the purpose of part financing or reimbursing up to 89.9 per cent of the cash portion of the purchase price for 100 per cent equity interest in Alpha Aim (M) Sdn Bhd and 100 per cent equity interest in Chempro Technology (M) Sdn Bhd, respectively.

It said the financing under Term-i will be based on a floating rate and the tenure of the Term-i shall be for a period of five years to be repaid via 20 quarterly principal instalments with the first quarter instalment to commence three months from the date of the first disbursement.

“The facility shall be secured by way of corporate guarantee by Hextar Global’s wholly-owned subsidiary, Hextar Chemicals Sdn Bhd,” the group said in a filing with Bursa Malaysia today.

The facility is expected to increase the consolidated gearing of the group to 0.79 times from 0.29 times.

-- BERNAMA


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