Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 01 Apr 2016
Category: General Announcement for PLC
Reference Number: GA1-01042016-00081
Type: Announcement
Subject: OTHERS
Description: Banking Facilities accepted by Kobay Group
Pursuant to Chapter 9.04(e) of Listing Requirements, the Board of Directors of Kobay Technology Bhd. (“Kobay” or “the Company”) wishes to announce that on 1 April 2016, its wholly owned subsidiary company, LD Global Sdn. Bhd. (518757-T)(“LD”), has accepted the following banking facilities offered by Messrs. Malayan Banking Berhad to facilitate its working capital for the ongoing project development of “Lavanya Residence” project at Langkawi, Kedah.
| Type | Amount (RM) | Interest Rate | Repayment Term |
| Term Loan 1 (TL1) | RM3,000,000 | BLR+1.00% per annum on monthly rest. | Subject to 24 monthly repayment of RM135,478.00 each until full settlement and to commence 6 months after 1st drawdown via standing instruction, or by way of redemption sum at 30% of the selling price for each unit as per Sales &Purchase Agreement, whichever is earlier. |
| Term Loan 2 (TL2/BF) | RM15,000,000 | BLR+1.00% per annum on monthly rest. | Subject to 24 monthly installment of RM677,384.00 each until full settlement and to commence 6 months after 1st drawdown via standing instruction, or by way of redemption sum at 30% of the selling price for each unit as per Sales & Purchase Agreement, whichever is earlier. |
| TOTAL | RM18,000,000 |
TL1 : To part finance the preliminaries cost.
TL2/BF : To part finance the construction cost for Lavanya Residence.
The bank facilities are to be secured by fresh Corporate Guarantee by Kobay Technology Bhd. for RM18,000,000 and a registered charge over LD’s land held under H.S. (M) 802, PT334, Bandar Padang Mat Sirat, Pantai Tengah, Langkawi, Kedah.
This announcement is dated 1 April 2016.