MAYBULK - OTHERS Term Loan Facility of RM320 million
| Company Name | MALAYSIAN BULK CARRIERS BERHAD |
| Stock Name | MAYBULK |
| Date Announced | 17 Jul 2014 |
| Category | General Announcement |
| Reference No | MB-140717-61437 |
| Type | Announcement |
| Subject | OTHERS |
| Description | Term Loan Facility of RM320 million |
1. Introduction Pursuant to Part C of Chapter 9, Paragraph 9.04 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, Malaysian Bulk Carriers Berhad (“MBC or “the Company”) wishes to announce that the Company has accepted a 5-year term loan facility of RM320 million offered by RHB Bank Berhad, Kuala Lumpur Main Branch (“the Facility”). 2. Information on the Facility The Facility will be used to refinance a bridging loan maturing in early 2015, as well as for capital expenditure and working capital requirements. 3. Financial Effects 3.1 Issued and paid-up share capital and shareholdings of substantial shareholders The Facility is not expected to have any effect on the issued and paid-up share capital of MBC nor the shareholdings of MBC’s substantial shareholders. 3.2 Earnings The Facility would result in MBC incurring interest expense. Nevertheless, the Facility would be utilised to fund income generating investments/activities, and such investments and activities are expected to contribute positively to MBC Group’s earnings. 3.3 Net assets and gearing The Facility is not expected to have any material effect on the net assets and gearing of MBC Group. For illustrative purposes, the proforma effect of the Facility on the gearing of MBC Group based on the latest audited financial statement of financial position as at 31 December 2013, is that the gearing will increase from 0.04 times to 0.21 times.
None of the Directors and/or major shareholders of MBC or persons connected with them have any interest, direct or indirect, in the above Facility. This announcement is dated 17 July 2014.
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