AME Elite to provide up to RM100m financial assistance for Penang industrial park project

• Suling Hill Development is a special purpose vehicle incorporated to develop an industrial park, also known as Northern TechValley (BKE), with ancillary facilities including necessary infrastructure, amenities and public utilities on the freehold vacant land in Seberang Perai Tengah, Penang.

KUALA LUMPUR (May 22): AME Elite Consortium Bhd (KL:AME) has proposed to provide up to RM100 million in financial assistance to Suling Hill Development Sdn Bhd, a 50%-owned jointly controlled entity of its wholly owned subsidiary Northern Industrial Park Sdn Bhd.

Suling Hill Development is a special purpose vehicle incorporated to develop an industrial park, also known as Northern TechValley (BKE), with ancillary facilities including necessary infrastructure, amenities and public utilities on the freehold vacant land in Seberang Perai Tengah, Penang.

The company said in a filing with Bursa Malaysia that the financial assistance, in the form of shareholder loans, is expected to be funded by the group via internally generated funds.

“As at Dec 31, 2024 (being the latest financial quarter), the cash and bank balances of the group amounted to approximately RM355.5 million,” it said.

It said that the BKE development project involves the development of a 175.6-acre industrial park, which is planned to comprise primarily industrial plots with some commercial plots, affordable homes and workers’ accommodation together with necessary infrastructure, amenities and public utilities.

“The proposed provision of financial assistance will provide Suling Hill Development with an avenue to obtain funds to part finance the land costs, development costs and the working capital of the project.

“The shareholders’ loans would avoid unnecessary delays and allow timely completion,” it said.

Accordingly, it said that the BKE is anticipated to contribute positively to the future earnings of the group through the company’s share of future profits earned by Suling Hill Development.

“Barring unforeseen circumstances, the assistance is expected to be in place for up to six years, subject to full repayment of the loans,” it added.

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