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OTHERS TWL RESOURCES SDN BHD (FORMERLY KNOWN AS TWL KBI RESOURCES SDN BHD) ACCEPTANCE OF RM14,350,000.00 TERM LOAN BANKING FACILITY(IES) FROM RHB BANK BERHAD
TWL HOLDINGS BERHAD
Type
Announcement
Subject
OTHERS
Description
TWL RESOURCES SDN BHD (FORMERLY KNOWN AS TWL KBI RESOURCES SDN BHD) ACCEPTANCE OF RM14,350,000.00 TERM LOAN BANKING FACILITY(IES) FROM RHB BANK BERHAD
INTRODUCTION
Pursuant to Part C of Paragraph 9.04 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to announce that its wholly subsidiary, TWL Resources Sdn Bhd (formerly known as TWL KBI Resources Sdn Bhd), has accepted a banking facility up to RM14,350,000.00 from RHB Bank Berhad ('the Banking Facility').
DETAILS AND SALIENT TERMS OF THE BANKING FACILITIES
Type of Facility
Limit (RM)
Tenure
Purpose
Term Loan 1
10,000,000.00
up to one hundred and twenty (120) months from the date of first drawdown of the Banking Facility
To part finance up to 69.5% of the Sale and Purchase Agreement ("SPA") price of RM14.4 million for the acquisition of 6 units of the frehold double-storey shoplots held under Geran 36543 Lot No. 411, Geran 36544 Lot 412, Geran 36545 Lot No. 413, Geran 36546 Lot No. 414, Geran 36547 Lot 415, and Geran 36548 Lot No. 416, Seksyen 46, Bandar Kuala Lumpur, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.
Term Loan 2
3,850,000.00
up to one hundred and twenty (120) months from the date of first drawdown of the Banking Facility
To part finance up to 70% of the Sale and Purchase Agreement ("SPA") price of RM5.5 million for the acquisition of freehold three-storey shoplots held under Geran 36549 Lot No. 427, Seksyen 46, Bandar Kuala Lumpur, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.
Term Loan 3
500,000.00
up to one hundred and twenty (120) months from the date of first drawdown of the Banking Facility
To finance the life insurance policy premiums of key person/director(s).
FINANCIAL EFFECTS OF THE BORROWING FUNDS
Share Capital and Substantial
The Banking Facilities will not have any effects on the net assets and earnings per share of the Company's shareholders.
Net Assets and Earnings per Share
The Banking Facilities are not expected to have any effects on the net assets and earnings per share of the Company.
Gearing
Assuming the Banking Facilities are fully drawn down, it will increase the gearing ratio to 0:16:1 from 0:14:1.
INTEREST OF THE DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND PERSON CONNECTED TO SUCH DIRECTORS AND/OR SUBSTANTIAL SHAREHOLDERS
None of the Directors, Substantial Shareholders of the Company or its subsidiaries, and/or persons connected with them has any direct or indirect interest in the Banking Facilities.
APPROVAL FOR THE BORROWING OF FUNDS
The Banking Facilities are not subject to the shareholders' approval in a general meeting of the Company.
STATEMENTS BY THE DIRECTORS
Having considered the rationale, the Board of Directors of the Company is of the opinion that the Banking Facilities are in the best interest of the Company.
DOCUMENTS FOR INSPECTION
A copy of the Letter of Offer of the Banking Facilities is available for inspection at the registered office of the Company at 4th Floor, Wisma TWL, 19, Jalan Melaka, 50100 Kuala Lumpur, Wilayah Persekutuan, Kuala Lumpur.