Habour-Link eyes property development

KUALA LUMPUR: Habour-Link Group Bhd has proposed to extend financial assistance to an indirect subsidiary, Sarawak Edible Oil Sdn Bhd (SEO), while making a move into property development.

SEO had on Dec 24 last year drew down credit facilities of RM39.8 million extended by Maybank to part finance the purchase of a plot of industrial land and its related infrastructure cost in Bintulu. SEO is wholly-owned by Arcadia Properties Sdn Bhd, a 51% unit of Harbour-Link.

With the drawdown by SEO, Harbour-Link is required to provide a corporate guarantee of RM20.3 million, representing 51% of the credit facilities, which is to be fulfilled post drawdown, subject to the company complying with all the requirements of the respective regulatory authorities.

On its proposal for diversification, Harbour-Link plans to develop the land in Bintulu for mixed developments.