KUALA LUMPUR: Malayan United Industries Bhd’s (MUIB) subsidiary, Plaza On Hyde Park Ltd has received a total of RM539.3million loan facility from United Overseas Bank Ltd, London Branch.
In an exchange filing today, the company said it has renewed its term-loan facility of £79.625 million (RM429.42 million) and accepted a new term-loan facility of £20.375 million (RM109.882 million)
It added both loan facilities would be used for refinance its existing term-loan facility and to finance the refurbishment and renovation of Corus Hotel Hyde Park, London.
“As part of the securities for the term-loan facilities, we are required to provide a corporate guarantee for principal repayment and interest servicing throughout the tenor of the term-loan facilities,” it said.
MUIB said the gearing ratio is expected to increase from 1.36 to 1.54, based on the audited total equity of the group of about RM604.236 million as at June 30, 2019.