NEWS

Published: 4 August 2010
Source: Business Times

Silk gets RM220m facility for vessel jobs
Silk Holdings Bhd has secured a RM220 million Islamic Bai' Istisna' facility with Bank Pembangunan Malaysia Bhd to part finance the construction of two anchor handling tug supply vessels.

SILK, which also holds a concession for the Kajang Traffic Dispersal Ring Road, said the vessels are expected to be ready and operational by end 2012.

The funding agreement with the bank was signed by JM Global 3 (labuan) plc and JM Global 4 (labuan) plc.

The two are ship-operating companies jointly-owned by Jasa Merin (51 per cent), a member of SILK, and GMV-Jasa Sdn Bhd (49 per cent), a unit of Global Maritime Venture Bhd, which is a venture capital firm of Bank Pembangunan Group.

In a statement issued yesterday, SILK executive chairman, Datuk Mohd Azlan Hashim, said the loan will enable Jasa Merin to upgrade its fleet of operating vessels.

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