Thriven Global accepts banking facilities from UOB worth RM45m

• The banking facilities comprising Term Loan 1 amounted to RM7.2 million, Term Loan 2 (RM3.8 million), Bridging Loan (RM26 million), Revolving Credit (RM4 million) and Performance Guarantee (RM4 million).

KUALA LUMPUR (Jan 16): Thriven Global Bhd announced its subsidiary, Bukit Punchor Development Sdn Bhd, has drawn down partially on its banking facilities granted by United Overseas Bank (Malaysia) Bhd worth RM45 million.

In a bourse filing on Friday (Jan 13), the banking facilities — a form of financial assistance by the bank — was to finance the proposed development of a block of 293 service apartments known as Penang East Service Suite in Bagan Jermal, Butterworth Penang.

Thriven has executed the corporate guarantee in favour of the bank as security in regards to the banking facilities.

The banking facilities comprising Term Loan 1 amounted to RM7.2 million, Term Loan 2 (RM3.8 million), Bridging Loan (RM26 million), Revolving Credit (RM4 million) and Performance Guarantee (RM4 million).

“The facilities are not expected to have any material effect on the earnings per share, gearing and net assets per share of the company for the financial year ending December 31, 2022,” said the group.

“The facilities will not have any effect on the share capital and substantial shareholders’ shareholding of the company.”