Cypark Secures Islamic Financing Facilities Of Up To RM1.3 Bln From MBSB Bank
KUALA LUMPUR, Aug 19 (Bernama) -- Cypark Resources Bhd (Cypark) and its wholly-owned subsidiary Cypark Smart Technology Sdn Bhd have secured Islamic financing facilities worth up to RM1.3 billion from MBSB Bank Bhd.
The renewable energy solutions provider said that securing the facilities forms part of the group’s capital management strategy to enhance liquidity, manage financing cost and support its future strategic growth initiatives.
The facilities comprise a combination of term loans and revolving credit facilities, which will be made available by MBSB Bank subject to the terms and conditions of the facility agreements.
“The proceeds from the facilities will be utilised primarily to refinance the existing debt facilities of the company and its group of companies on more competitive terms and to finance the group’s general working capital requirements,” it said in a Bursa Malaysia filing today.
The financing tenure of the term loans under the facilities range from eight to 17 years, structured to align with and optimise the company’s projected cash flow profile under long-term power purchase agreements for its renewable energy assets, Cypark said.
In a separate statement, Cypark chairman Tan Sri Abdul Wahid Omar said the company values MBSB Bank not only as a financier but as a strategic partner which shares the vision for a low-carbon economy for Malaysia.
“Their confidence in our capabilities and commitment to the nation’s energy transition have been instrumental in achieving this milestone. We look forward to working closely with MBSB Bank to deliver robust solutions for firm renewable energy supply to the grid,” he said.
Meanwhile, MBSB group chairman Datuk Wan Kamaruzaman Wan Ahmad said the facility is a milestone in its transformation, aligning with national energy goals.
“By matching capital to long-term renewable assets, we are also shaping Malaysia’s clean energy future,” he said.
Cypark is recognised for its pioneering projects in solar, biogas, and waste-to-energy (WTE), including the country’s first SMART WTE facility.
It said that with an installed renewable energy capacity of 400 megawatts, Cypark plays a major role in Malaysia’s decarbonisation pathway and in reducing national carbon emissions.
“Through this financing, MBSB Bank will refinance Cypark’s established renewable energy assets in solar and WTE initiatives,” it said.
-- BERNAMA