E&O secures RM1.084bil facility to fund STP2 reclamation works

A total of 384 acres will be reclaimed on the Gurney Drive foreshore under Phase 2A.

Eastern & Oriental Bhd’s (E&O) subsidiary Tanjung Pinang Development Sdn Bhd, has on Friday secured a syndicated banking facility of up to RM1.084bil to finance reclamation works and infrastructure works for Seri Tanjung Pinang Phase 2.

The property developer told Bursa Malaysia that two local financial institutions, which it did not name, offered the facilities.

“Having considered all aspects of the terms and conditions relating to the banking facility, the acceptance of the banking facility would defray the funding requirement for Phase 2A of Seri Tanjung Pinang Phase 2,” it said.

E&O had on Wednesday awarded RM2.32bil worth of land reclamation works to Chinese contractor China Communications Construction Co Ltd, which included RM1.035bil for reclamation of 384 acres under Phase 2A of the Seri Tanjung Pinang Phase 2 project. - By The Star

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