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FUNDING FOR NEW VESSELS IN THE FLEET

SILK HOLDINGS BERHAD

TypeAnnouncement
SubjectFUNDING FOR NEW VESSELS IN THE FLEET
Contents1. INTRODUCTION

The Board of Directors (“Board”) of Silk Holdings Bhd (“SILK”) wishes to announce that JM Global 3 (Labuan) Plc (“JMG3”) and JM Global 4 (Labuan) Plc (“JMG4”) member Companies of SILK Group had on 3 August 2010 entered into borrowing arrangements with Bank Pembangunan Malaysia Berhad (“Bank Pembangunan”) for facilities under Syariah financing, Bai’ Istisna’ totaling RM220.0 Million.

JMG3 and JMG4 are 51% Subsidiaries of Jasa Merin (Malaysia) Sdn Bhd, which in turn is 70% owned by SILK held through AQL Aman Sdn Bhd.

2. DETAILS OF THE BORROWINGS

Borrower: JMG3
Loan Amount: RM110.0 Million
Purpose: to part finance the construction of a new vessel
Tenure: 12 years

Borrower: JMG4
Loan Amount: RM110.0 Million
Purpose: to part finance the construction of a new vessel
Tenure: 12 years

3. SECURITY

A proportionate Corporate Guarantee by the Shareholders of JMG3 and JMG4 to be provided in favour of Bank Pembangunan.

Further announcement will be made upon execution of the Corporate Guarantee Agreements in accordance with the Listing Requirements of Main Market.

4. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the facilities provided.

5. DIRECTORS’ STATEMENT

The Board of SILK is of the opinion the borrowing arrangements are in the best interest of SILK Group.

This announcement is dated 3 August 2010.


Announcement Info

Company NameSILK HOLDINGS BERHAD  
Stock Name SILKHLD    
Date Announced3 Aug 2010  
CategoryGeneral Announcement
Reference NoCA-100803-44050


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