KUCHING: Sarawak Plantation Bhd (Sarawak Plantation) has requested for general banking facilities from AmIslamic Bank Bhd (AmIslamic Bank) totalling RM180 million.
The company in a filing to Bursa Malaysia yesterday said its wholly-owned subsidiary Sarawak Plantation Agriculture Development Sdn Bhd (SPAD) had executed a facility agreement and memorandum of charge with AmIslamic Bank for the general banking facilities.
The amount of the banking facilities is to partly finance development costs of oil palm plantations and replanting costs on land in Sarikei, Mukah, Sibu, Niah and Miri.
The plantation company added that the funds will also be utilised for upgrading or modernisation of Niah Palm Oil Mill and Mukah Palm Oil Mill .
Additionally, the funds will also be used for the construction of estate buildings and infrastructure on oil palm plantations located in Sarikei, Mukah, Sibu, Niah and Miri.
The money will be channeled for the acquisition of plantation land and other investment related to the core business of Sarawak Plantation group by SPAD and its subsidiaries.
It pointed out that the funds is to be made available to finance SPAD’s working capital’s requirement.