Sime Darby Property provides RM34m shareholders' advances to Battersea Project Holding Company

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

KUALA LUMPUR (Oct 7): Sime Darby Property Bhd (KL:SIMEPROP), 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 (RM34.1 million) to Battersea Project Holding Company Ltd (BPHCL).

In a filing with Bursa Malaysia on Monday, Sime Darby Property said: “The first provision of financial assistance under the loan agreement is £6 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 rate plus 1.5% 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% equity interest in joint venture company BPHCL, the filing said.

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

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