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Bina Puri’s unit completes drawdown of RM73m credit financing facility from MBSB
Bina Puri’s unit completes drawdown of RM73m credit financing facility from MBSB
The credit financing facility from MBSB bolsters Sumbangan Lagenda’s financial position, enabling it to not only meet its working capital requirements, but also improve its offerings, Bina Puri said in a statement.
KUALA LUMPUR (Oct 29): Civil and building construction firm Bina Puri Holdings Bhd (KL:BPURI) announced on Tuesday that its subsidiary Sumbangan Lagenda Sdn Bhd has completed the drawdown of its RM73 million credit financing facility from Islamic banking group MBSB Bhd (KL:MBSB).
The credit financing facility from MBSB bolsters Sumbangan Lagenda’s financial position, enabling it to not only meet its working capital requirements, but also improve its offerings, Bina Puri said in a statement.
Sumbangan Lagenda operates The Main Place Mall @ USJ 21, a shopping centre in Subang Jaya. The development was originally an old and rundown property that was abandoned and left idle for about 16 years.
Bina Puri, via Sumbangan Lagenda, managed to revive the building through a major redevelopment project that was completed in 2014.
“Since then, The Main Place Mall has managed to achieve a tenancy rate of more than 90%. Its tenants include well-known businesses such as Jaya Grocer, Uniqlo, Starbucks, and McDonald’s,” it added.
Spectrum International University College, one of The Main Place Mall’s tenants, recently expanded its space by nearly 20,000 square feet as well. The family-focused shopping complex also added new tenants, including Kids Nation and Bungkus Kaw Kaw.
“We are confident that this positive momentum will continue to drive the sustainable growth of The Main Place Mall,” it said.
Bina Puri is involved in utilities, hospitality, property development, highway concessions, quarry operations, and civil and building construction.
Shares of Bina Puri have declined 22% year-to-date, and closed at 33.5 sen on Tuesday, giving it a market capitalisation of RM226 million.
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Source: EdgeProp.my
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