Friday, December 16, 2011

L&G unit secures RM90m loan from OCBC Bank

KUALA LUMPUR (Dec 19): Land & General Bhd's unit Sri Damansara Sdn Bhd (SDSB) has secured a RM90 million loan from OCBC Bank (Malaysia) Bhd.

L&G said on Friday the credit facilities were to enable SDSB to undertake a condominium project, Damansara Foresta, in Bandar Sri Damansara, Selangor and to provide general working capital.

SDSB is a property development company with an authorised and issued and paid-up of RM100 million and RM69 million, respectively.

The first party first legal charge would be created over three parcels of land for Damansara Foresta project;'' debenture by way of fixed and floating charge over all of SDSB's present and future assets relating to the development of Damansara Foresta project.

L&G would also execute a corporate guarantee for RM90 million and it would also provide a letter of undertaking'' to finance the CONSTRUCTION [] cost and any other costs; associated with the development of Damansara Foresta project to complete the project.

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