Bina Darulaman secures RM100m banking facilities for affordable township project

• The financial facilities will support the development of Darulaman Saujana, an affordable housing project spanning 204.41 acres in Kubang Pasu, said the property developer in a bourse filing on Monday.

KUALA LUMPUR (May 19): Bina Darulaman Bhd (KL:BDB), the Kedah government’s investment holding company, has secured RM100 million in banking facilities from Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) to fund a township project in the state.

The financial facilities will support the development of Darulaman Saujana, an affordable housing project spanning 204.41 acres in Kubang Pasu, said the property developer in a bourse filing on Monday.

The package includes a RM3 million open cash line, RM5 million in bank guarantees and four bridging financing tranches totalling RM92 million.

“The facilities are expected to contribute positively to the earnings of Bina Darulaman once the facilities are utilised to generate future income for the company and its subsidiaries,” the company said.

Shares in Bina Darulaman settled up half a sen or 1.92% to 26.5 sen on Monday, valuing the company at RM80.52 million.

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