Mulpha International secures A$67.2m loan facility for Australian project


KUALA LUMPUR (February 11): Mulpha International Bhd (MIB) said its indirect wholly-owned subsidiary Circa 1 Pty Ltd has accepted a A$67.2 million (RM201.5 million) loan facility from the National Australia Bank Ltd for a property development project in New South Wales, Australia.

In a stock exchange filing on Friday, the MIB said the loan facility was to finance the development of a seven-story office and healthcare building owned by the JMJ Trust. The loan facility is arranged jointly with JMJ Properties Australia Pty Ltd, the trustee of JMJ Trust.

The project, named “The Bond”, is located at 8, Elizabeth Macarthur Drive, Bella Vista, New South Wales, Australia. JMJ has appointed Circa 1 to provide project management and development management services for the development of the project.

The development management agreement stipulates that Circa will receive development management fees from the profits generated from the sale of the property by providing project management and development management services.

As of Friday’s market close, MIB shares were one sen or 0.41% lower at RM2.41, giving the property developer a market capitalization of RM749.94 million based on 311, 18 million shares outstanding.

Based on Bloomberg data, MIB is trading at 0.22 times its price to book value with a net tangible asset value of RM11.01 per share.


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