News

Advance Synergy Berhad ("ASB") Subordinated Term Loan Amounting To RM15 Million Granted By United Merchant Group Berhad ("UMG"), A 50.75%-Owned Subsidiary Of ASB, To Perdana Merchant Bankers Berhad

BackFeb 03, 2000
General Announcement
Reference No CU-000203-705A3
Submitting Merchant Bank : Not Applicable
Company Name : ADVANCE SYNERGY BERHAD 
Stock Name : ASB
Date Announced : 03/02/2000

Type : Announcement
Subject : Advance Synergy Berhad ("ASB")
Subordinated Term Loan amounting to RM15 million granted by United Merchant Group Berhad ("UMG"), a 50.75%-owned subsidiary of ASB, to Perdana Merchant Bankers Berhad

Contents :

The Board of Directors of ASB wishes to inform that UMG, a 50.75%-owned subsidiary of ASB, has on 3 February 2000 granted a subordinated term loan of RM15 million ("Loan") to Perdana Merchant Bankers Berhad ("Perdana Bankers"), a 70.1%-owned subsidiary of UMG. The tenure of the Loan is for seven (7) years with an allowable time extension of an additional three (3) years and carries a fixed interest rate of 7% per annum. The Loan is repayable by five (5) equal instalments of RM3 million each whereby the first instalment shall commence at the end of the third anniversary date. The Loan, which will be financed from UMG's internally generated funds, is intended to be used by Perdana Bankers as qualifying Tier-2 capital. Accordingly, Perdana Bankers has on 3 February 2000 fully repaid the Exchangeable Subordinated Capital Loan of RM50 million owing to Danamodal Nasional Berhad.

Dato' Nik Ibrahim Kamil bin Tan Sri Nik Ahmad Kamil is a Director of both ASB and Perdana Bankers.

Save as disclosed above, ASB is not aware of any other of its directors or any substantial stockholders having an interest, direct or indirect, in the granting of the Loan.

The granting of the Loan has been approved by Bank Negara Malaysia on 2 February 2000. Apart from the above, the Loan is not subject to the approval of the stockholders or any other governmental authorities.