Petra Energy Bhd has obtained an Islamic financing facility worth RM35mil from OCBC Al Amin Bank Bhd to part finance advances from Petra Perdana Bhd.
“The balance of the owings, amounting to RM9mil, will be settled via internally-generated funds over a fixed tenure,” Petra Energy said in a release yesterday.
Petra Perdana has a 29.6% stake in Petra Energy.
“As we are not a subsidiary company, we have to honour our obligations to settle loans with Petra Perdana,” executive director and Petra Energy’s chief executive officer, Kamarul Baharin Albakri, said in the statement.
“At the same time we would be enjoying cost savings on interest payments and, more importantly, it demonstrates the confidence of the bankers and finacial institutions in Petra Energy,” he added.
The loan, he said, would have no material impact on Petra Energy’s operational activities, or net asset positions.
The group’s gearing ratios were expected to remain the same, Kamarul said, assuming that the facility was fully drawdown based on the group’s audited shareholders’ fund as as Dec 31, 2009.
- by thestar.com.my
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