Swift Group secures financing from 3 banks

September 4, 2020 @ 6:22am

From left: AmBank Islamic CEO Eqhwan Mokhzanee, AmBank Group managing director, wholesale banking Raja Teh Maimunah Raja Abdul Aziz, AmBank Group group CEO Datuk Sulaiman Mohd Tahir Swift Group advisor Loo Hooi Keat, UOB Malaysia CEO Wong Kim Choong, Swift Group group executive director Loo Yong Hui, OCBC Malaysia CEO Datuk Ong Eng Bin, managing director and country head of wholesale banking Ng Wei Wei and OCBC Al-Amin Bank Bhd CEO Tuan Syed Abdull Aziz Syed Kechik. NSTP/EMAIL

NST Business

KUALA LUMPUR: Swift Haulage Sdn Bhd (Swift Group), an integrated logistics services provider, secured RM531 million financing facilities from three (3) banks namely AmBank Islamic Bhd, OCBC Al-Amin Bank Bhd (OCBC Al-Amin) and United Overseas Bank (Malaysia) Bhd (UOB Malaysia).

The financing comprises RM300 Million first tranche of sukuk and RM231 million working capital facilities.

Further, Swift Group has also establishes a RM500 million unrated sukuk programme and secured a RM231 million working capital facilities.

Proceeds from the unrated sukuk programme will be used for refinancing Swift Group's existing facilities and future capital expansion while the working capital facilities will be used to finance the company's working capital requirements.

AmInvestment Bank Bhd, OCBC Al-Amin and UOB Malaysia acted as joint principal advisers, joint lead arrangers and joint lead managers for the unrated sukuk programme as well as mandated lead arrangers and bookrunners for the working capital facilities.

Swift Group group executive director Loo Yong Hui said the RM500 million unrated sukuk programme would offer greater flexibility for financing the company's future capital expenditure and ensure its feasibility.

In addition, it will also diversify the group's source of funding to finance acquisitions related to its nature of business.

Swift Group is a leading logistics services provider with a presence across the country.

The group, among the top three biggest logistics services providers in Malaysia, provides a full spectrum of logistics services including freight forwarding and shipping, haulage, warehousing, cross border transportation, inland distribution, project logistics, sales, services and spare parts and container depot services.