Sime Darby Property Provides RM34 Mln Shareholders Advances To Battersea Project Holding Company

KUALA LUMPUR, Oct 6 (Bernama) -- Sime Darby Property Bhd, through its wholly-owned subsidiary Sime Darby Property (Hong Kong) Ltd (SDPHK), has entered into an interest-bearing loan agreement to provide shareholders’ advances of £6 million to Battersea Project Holding Company Ltd (BPHCL).

In a filing with Bursa Malaysia today, Sime Darby said: “The first provision of financial assistance under the loan agreement is £6 million (approximately RM34 million).”

Under the loan agreement, the shareholders’ advances will have a tenure of five years with interest charged based on the Sterling Overnight Index Average (SONIA) rate plus 1.5 per cent per annum.

“The shareholders’ advances will be used to fund BPHCL’s future phases of the Battersea Power Station development and working capital,” it said.

The filing also said the total quantum of the shareholders’ advances cannot be determined at this juncture.

“The amount would depend on, among others, the amount of external financing,” it said.

SDPHK holds a 40 per cent equity interest in joint venture company BPHCL, the filing said.

BPHCL is the holding company for the iconic Battersea Power Station development in London, United Kingdom.

-- BERNAMA