Eastern & Oriental Bhd secures RM1.084 billion for Seri Tanjung Pinang Phase 2 reclamation project


 Eastern & Oriental Bhd secures RM1.084 billion for Seri Tanjung Pinang Phase 2 reclamation project

PETALING JAYA, Dec 8: Eastern & Oriental Bhd’s (E&O) subsidiary Tanjung Pinang Development Sdn Bhd (TPD) has secured up to RM1.084 billion in syndicated banking facilities for its Seri Tanjung Pinang Phase 2 (STP2) reclamation project.

The company said in a statement yesterday that TPD has executed a facility agreement with Maybank Islamic Bank Bhd and RHB Islamic Bank Bhd in relation to the syndicated banking facilities.

The syndicated banking facilities will be used to part-finance the reclamation and infrastructure works of the STP2 project in Penang.

E&O managing director Datuk Seri Terry Tham Ka Hon said all relevant requirements and authorities’ approvals for STP2 are in hand, including approval of the project’s detailed environmental impact assessment (DEIA) study by the Federal Department of Environment following a public dialogue that was attended by members of the public.

E&O has also obtained endorsement of the STP2 masterplan and planning permission for STP2 reclamation works from the Penang state authorities.

The joint principal advisers, mandated lead arranger, underwriters and bookrunners for the syndicated banking facilities are Maybank Investment Bank Bhd and RHB Bank Bhd.

“RHB has been a key financing partner to E&O. The signing ceremony marks a significant milestone for both financiers and E&O.
This syndicated banking facilities of up to RM1.084 billion will certainly add to the depth of the Malaysian ringgit syndicated loan market for 2015,” said RHB Banking group managing director Datuk Khairussaleh Ramli.

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