Malaysia's Kumpulan Hartanah Selangor sets up RM 252 million bank facility

By Reshmi Basu

New York, May 31 - Kumpulan Hartanah Selangor Bhd. said it has agreed to a RM 252 million bank facility.

The facility is divided into a RM 250 million tranche and a RM 2 million tranche. The RM 250 million tranche is at the base rate the base lending rate - currently 6% - plus 100 basis points. The RM 2 million bank guarantee line is at 1.5% per annum.

Funds from the loan will be used to refinance part of the company's existing borrowings, finance to future development projects and to supplement its working capital.

Bumiputra Commerce Bank Bhd. is the arranger of the loan.

Kumpulan Hartanah, based in Kuala Lumpur, is a property developer.

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