Hextar secures RM30mil financing from Al Rajhi Bank

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KUALA LUMPUR (Sept 24): Hextar Global Bhd has secured an RM30 million Islamic financing facility from Al Rajhi Banking & Investment Corp (Malaysia) Bhd for working capital.

In a bourse filing, Hextar said the facility — in the form of structured commodity financing (SCF-i) — would be used by its subsidiaries Hextar Chemicals Sdn Bhd, Halex (M) Sdn Bhd and Halex Woolton (M) Sdn Bhd.

The SCF-i will be on a floating rate, and has a tenure of four months from the initial disbursement. It will be secured by a corporate guarantee made by Hextar Chemicals.

Hextar said that as a result of securing the facility, its gearing is expected to rise to 0.83 times, from 0.67 times currently.

Hextar’s share price rose 1.5 sen or 2.27% to 67.5 sen, giving the group a market capitalisation of RM554 million. The counter saw 1.6 million shares transacted.