Sunview secures RM170mil banking facility

PETALING JAYA: Sunview Group Bhd’s indirect wholly-owned subsidiary, SAM 2 Sdn Bhd, has accepted banking facilities of RM170mil from Bank Kerjasama Rakyat Malaysia Bhd.

In a filing with Bursa Malaysia, the company said the financing facility consists of three parts, namely Term Financing-i 1 (TF-1), Term Financing-i 2 (TF-2) and Bank Guarantee-i (BG-i) amounting to RM63mil, RM62mil and RM45mil respectively.

Sunview said TF-1 will be utilised to part finance up to RM63mil or 90% (whichever is lower) of SAM 2’s tender price for the acquisition of 50 megawatts (MW) solar photovoltaic plant in Pahang, from PKNP Reneuco Suria Sdn Bhd.

Meanwhile, TF-2 will be utilised to part finance up to RM62mil or 85.57% (whichever is lower) of the construction costs to fully complete the solar plant.

BG-i will be for the issuance of performance guarantee in favour of Tenaga Nasional Bhd.

“The facilities are expected to contribute positively to the earnings of the company once the facilities are utilised to generate future income to the company and its subsidiaries.”