Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 23 Feb 2016
Category: General Announcement for PLC
Reference Number: GA1-23022016-00074
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 23 February 2016, its wholly owned subsidiary company, Kobay Land Sdn. Bhd. (251883-K), has accepted the following banking facilities offered by Messrs. Malayan Banking Berhad to facilitate its working capital for the ongoing project development of The Palm Residence at Lumut.
| Type | Amount (RM) | Interest Rate | Repayment Term |
| Term Loan 1 (TL1) | RM4,000,000 | BLR+1.00% per annum | To be fully settled within 24 months from 1st drawn down date |
| Term Loan 2 (TL2) | RM10,000,000 | BLR+1.00% per annum | To be fully settled within 24 months from 1st drawn down date |
| Bank Guarantee (BG) | RM3,500,000 | 0.125% per mensem | |
| TOTAL | RM17,500,000 |
TL1 : for working capital of The Palms Residence (Phase 1)
TL2 : to part finance for construction cost of The Palms Residence (Phase 1)
BG : performance bond to relevant authorities related to The Palms Residence’s project (Phase 1)
The bank facilities are to be secured by fresh Corporate Guarantee by Kobay Technology Bhd. For RM17,500,000 and registered 3rd party legal charge over the Master Title HS (D) 36701 Lot 15964 Mukim Lumut, Daerah Manjung, Negeri Perak.
This announcement is dated 23 February 2016.