KUALA LUMPUR (Dec 19): Land & General Bhd’s unit Sri Damansara Sdn Bhd (SDSB) has secured a RM90 million loan from OCBC Bank (Malaysia) Bhd.
L&G said on Friday the credit facilities were to enable SDSB to undertake a condominium project, Damansara Foresta, in Bandar Sri Damansara, Selangor and to provide general working capital.
SDSB is a property development company with an authorised and issued and paid-up of RM100 million and RM69 million, respectively.
The first party first legal charge would be created over three parcels of land for Damansara Foresta project; debenture by way of fixed and floating charge over all of SDSB’s present and future assets relating to the development of Damansara Foresta project.
L&G would also execute a corporate guarantee for RM90 million and it would also provide a letter of undertaking to finance the CONSTRUCTION [] cost and any other costs; associated with the development of Damansara Foresta project to complete the project.
L&G said on Friday the credit facilities were to enable SDSB to undertake a condominium project, Damansara Foresta, in Bandar Sri Damansara, Selangor and to provide general working capital.
SDSB is a property development company with an authorised and issued and paid-up of RM100 million and RM69 million, respectively.
The first party first legal charge would be created over three parcels of land for Damansara Foresta project; debenture by way of fixed and floating charge over all of SDSB’s present and future assets relating to the development of Damansara Foresta project.
L&G would also execute a corporate guarantee for RM90 million and it would also provide a letter of undertaking to finance the CONSTRUCTION [] cost and any other costs; associated with the development of Damansara Foresta project to complete the project.
