KUALA LUMPUR (March 1): TMC Life Sciences Bhd has secured a RM300 million loan to part finance the construction of hospital-related expansions undertaken by its wholly-owned subsidiary Thomson Hospitals Sdn Bhd at Thomson Hospital, Kota Damansara, Petaling Jaya.

The development cost of the project totals RM450 million.

In a filing with Bursa Malaysia today, TMC Life said the financing facility was secured from Malayan Banking Bhd.

Based on the audited consolidated financial statements of the group for the financial year ended Aug 31, 2018, the facility, when fully drawn, is expected to increase the group's gearing to 0.408 times from 0.002 times.

"However, the (hospital expansion) project is expected to have a positive effect on the future earnings of TMC Life Group," said TMC Life.

TMC Life shares closed unchanged at 72.5 sen today, with 329,900 shares done, bringing a market capitalisation of RM1.26 billion.