K UCHING: Sarawak Plantation Bhd (SPB) has secured a RM40 million Islamic banking facility to finance the development cost of its oil palm plantation and related projects.
Wholly-owned subsidiary Sarawak Plantation Agriculture Development Sdn Bhd (SPAD) had entered into a masters agency agreement and memorandum of charge with AmBank Islamic Bhd (AmBI) for the Murabahah Tawarruq Term Financing.
The purpose of the facility is to part finance up to RM40 million or 75 per cent, whichever is lower, of SPAD’s capital expenditure and replanting costs as follows: (a) Development cost of oil palm plantations and replanting cost on land located in Sarikei, Mukah, Sibu, Naiah and Miri Sarawak; (b) Upgrading/modernisation of Niah palm oil mill and Mukah palm oil mill, and (c) Construction of estate building(s) and infrastructure in the oil palm plantations,” SPB said in a filing with Bursa Malaysia. As at Dec 31, 2022, SPB group owned 13 oil palm estates in Sarawak with total land bank of 42,185 hectares, out of which 35,656 hectares are plantable.
The group has another estate with the size of 412 hectares (planted 405 hectares) under a joint venture with of a state agency.
The Islamic banking facility is available for utilisation up to June 30, 2025. On the tenure of the banking facility, SPB said it is up to eight years from the date of the first disbursement, inclusive of three years of grace period from the date of the first disbursement or Oct 1, 2026, whichever is earlier, followed by a five year monthly principal instalments. The banking facility has an effective profit rate of AmBI’s cost of funds + 0.75 per cent per annum.
According to SPB, the said Islamic banking facility is not expected to have any material effect on the earnings per share, net assets per share and gearing of the company for financial year ending Dec 31, 2023.
Meanwhile, Equisar Assets Sdn Bhd has acquired 9.2 million shares in Bintulu Ports Holdings Bhd (BPHB) via direct business deal on Oct 20, 2023.
The identity of the seller has not been disclosed. With the acquisition, this has raised Equisar Assets’ equity interest in BPHB to 69.2 million shares (15.043 per cent). Equisar Assets is a whollyowned subsidiary of Equisar Sdn Bhd, which is 100 per cent-owned by State Financial Secretary Sarawak.
The State Financial Secretary Sarawak is BPHB’s second largest shareholder, with stake of 122.7 million shares (26.074 per cent).
The single largest shareholder is Petroliam Nasional Bhd (Petronas) with shareholdings of 131.17 million shares (28.515 per cent).
Meanwhile, BPHB’s filings with Bursa Malaysia have revealed that another substantial shareholder, Employee Provident Fund Boar (EPF) has been a regular seller of the company’s shares in recent weeks, with the latest disposal of 450,400 shares on Oct 20, 2023.
This has reduced EPF’s shareholdings in BPHB to about 23.56 million shares (5.122 per cent).
