- INTRODUCTION
The Board of Directors of SILK Holdings Berhad (“SHB”) would like to announce that JasaMerin (Malaysia) SdnBhd ("JasaMerin"), a 70%-owned subsidiary of AQL AmanSdn. Bhd. (“AQL”) which in turn a wholly-owned subsidiary of SHB had on 13 July 2015 entered into a financing arrangement withMaybank Islamic Bhd (“Maybank Islamic”) forfinancingfacilitytotaling RM93,177,000.
2. DETAILS OF THE BANKING FACILITY
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Borrower
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JasaMerin (Malaysia) Sdn. Bhd.
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Loan Amount
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RM93,177,000.00
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Purpose
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To part finance the construction of one 72.8M/Dynamic Positioning (DP2) AHTSV.
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Tenure
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13 years.
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3. SECURITY
i. SHB and AQL had on 13 July 2015entered into separate Corporate Guarantee agreement favouring Maybak Islamicfor a total of RM93,177,000 as security for the facility granted to JasaMerin.
ii. The aforesaid Corporate Guarantee is provided by AQL as the direct corporate shareholder of JasaMerin
iii. A Corporate Guarantee is also being provided by SHB as the ultimate corporate shareholder of JasaMerin.
The provision of the Corporate Guarantee by both SHB and AQLwas upon the request of Maybank Islamic for the granting of facility to JasaMerin. As such, the Corporate Guarantee is necessary to facilitate the ordinary course of business of JasaMerin.
4. FINANCIAL IMPACT OF THE BORROWING
The acceptance of the facility will not have any material effect on the net assets, earnings per share and has no effect on the share capital and Major Shareholders’ shareholding of the Group for the financial period ending 31 December 2015.
5. 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 facility.
6. DIRECTORS’ STATEMENT
The Board of SHB is of the opinion the provision of the Corporate Guarantee is in the best interest of SHB Group.
This announcement is dated 14 July 2015.