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ACCEPTANCE OF BANK FACILITIES

COUNTRY VIEW BERHAD

Type

Announcement
SubjectACCEPTANCE OF BANK FACILITIES

Contents :

Country View Berhad (CVB) wishes to announce that the Company, in its ordinary course of business, has on 3 June 2005 accepted a RM17.0 million joint Bridging Loan/Bank Guarantee Facility ("the BL4/BG4 Facility) and a RM4.6 million joint Bridging Loan/Bank Guarantee Facility ("the BL5/BG5 Facility) (collectively known as “the facilities") granted by AmMerchant Bank Berhad (“AMMB”).


Purpose

The purpose of the facilities are as follows:-

Type of FacilityPurpose
Bridging Loan (BL4)as bridging finance, in part pursuant to the conversion of the BG4 Facility, and related expenses of 565 units of double storey terrace houses within Taman Nusa Indah, Bandar Nusajaya, Johor to be undertaken by the Company and/or its subsidiaries.
Bank Guarantee (BG4)for issuance of guarantees on behalf of the company and/or its subsidiaries to statutory authorities and/or parties acceptable to the bank, for, inter alia, purposes related to the construction and related expenses of 565 units double storey terrace houses within Taman Nusa Indah, Bandar Nusajaya, Johor to be undertaken by the Company and/or its subsidiaries.
Bridging Loan (BL5)as bridging finance, in part pursuant to the conversion of the BG5 facility, and related expenses of 92 units of double storey shop office within Taman Nusa Indah, Bandar Nusajaya, Johor to be undertaken by the Company and/or its subsidiaries.
Bank Guarantee (BG5) for issuance of guarantees on behalf of the company and/or its subsidiaries to statutory authorities and/or parties acceptable to the bank, for, inter alia, purposes related to the construction and related expenses of 92 units of double storey shop office within Taman Nusa Indah, Bandar Nusajaya, Johor to be undertake by the Company and/or its subsidiaries

Securities

The facilities will be secured by the following:

a. Additional charge in favour of AMMB over certain properties of the Company and it's certain subsidiaries; and

b. Additional debenture in favour of AMMB incorporating fixed and floating charges over the present and future assets of the Company and it's certain subsidiaries save and except for lands already charged to other lenders.
    Interest of major shareholder/director

    None of the Directors or major shareholders of the Company and/or persons connected to them have any interest, direct or indirect in the abovesaid transaction.

    Statement By Directors

    Having considered all aspects of the financing facilities offered by AMMB, the Board of Directors is of the opinion that the facilities is necessary to facilitate the ordinary business of the Group and that the terms and conditions are fair and reasonable to CVB.


    Announcement Info

    Company NameCOUNTRY VIEW BERHAD  
    Stock Name CVIEW    
    Date Announced3 Jun 2005  
    CategoryGeneral Announcement
    Reference NoCV-050602-41729


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