KUALA LUMPUR (Oct 23): Sapura Resources Bhd has accepted financial assistance amounting to RM286.5 million from its holding company Sapura Holdings Sdn Bhd (SHSB). The former will part-finance its acquisition of a 50% stake in Impian Bebas Sdn Bhd purchased from KLCC (Holdings) Sdn Bhd, its joint-venture investment company and will develop a prime parcel of land along Jalan Kia Peng, Kuala Lumpur.
In a filing with Bursa Malaysia today, Sapura Resources said the financial aid is in the form of a Murabahah or murabahah-Tawarruq facility from SHSB for a sum of up to RM108.5 million, and an issuance of a letter of undertaking by SHSB to Maybank Islamic Bhd for facilities amounting to RM181 million to Sapura Resources.
“The purpose of the financial assistance is for Sapura Resources’ joint venture investment company to develop Lot 91, Kuala Lumpur City Centre, by part financing the acquisition of a 50% equity interest in Impian Bebas for a cash consideration of RM108.51 million, and to part finance the remaining equity requirement.
“The security guarantee for the financial assistance is a Memorandum of Deposit with SHSB in respect of the deposit of 11.47 million ordinary shares in Impian Bebas, representing a 50% shareholding of Impian Bebas,” the filing read.
Sapura Resources added that the financial aid will not have any impact on its issued and paid-up share capital, nor that of its substantial shareholders.
Sapura Resources said the financial assistance is expected to increase the borrowings of the group and is expected to contribute positively to the group’s earnings when the development project is completed and commences operations.
Impian Bebas plans to develop commercial buildings on the 81,863 sq ft land including a 46-storey office tower, a three-storey convention centre, a retail podium, and a seven-storey basement car park.