Mudajaya secures RM90m Islamic financing facilities

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KUALA LUMPUR (March 20): Mudajaya Group Bhd has obtained Islamic financing facilities of RM90 million from Kuwait Finance House (Malaysia) Bhd.

In a filing with Bursa Malaysia, the builder said its wholly-owned subsidiary Mudajaya Corporation Bhd (MCB) inked the agreement for the facilities to part finance infrastructure contracts to be secured by MCB from the government, statutory bodies, government agencies or government linked companies (GLCs).

The facilities will also be used for tender, performance bond and advance payment guarantee favouring the government or GLCs.

MCB has an issued share capital of RM284 million and its principal activity is civil and building construction.

Mudajaya Group’s share price closed one sen or 1.34% lower at 73.5 sen, valuing the group at RM430.61 million. Over the past 12-months, the counter has fallen 20.54%.