KUALA LUMPUR (Oct 16): Federal International Holdings Bhd's wholly-owned subsidiary has accepted Islamic Revolving Contract Financing facilities of RM20 million from OCBC Al-Amin Bank Bhd.

According to the filing with Bursa Malaysia, the furniture and interior fit-out company — formerly known as Federal Furniture Holdings (M) Bhd — said the facilities will be secured by a Master Security Agreement and a corporate guarantee issued by the group.

The group also said OCBC has agreed for the facilities to be used to finance the contract for Package 1 of the Verancdo Residence project, which amounted to RM77.4 million.

Shares of Federal International did not trade today; it last closed at 33 sen on Friday, valuing the group at RM36.69 million.