KUALA LUMPUR (May 9): Thriven Global Bhd’s subsidiary Mayfair Ventures Sdn Bhd has accepted an RM23 million Islamic financing credit facility from Kenanga Investment Bank to finance a syariah compliant property development.

In a bourse filing, the group said that Mayfair Ventures has accepted the investment bank’s Commodity Murabahah Revolving Credit-I to finance the costs and expenses associated with the first phase of the Lumi Tropicana development.

To secure the credit facility, Thriven has to provide a corporate guarantee and a cash deposit equivalent to three months of profit payments under the facility.

In addition, the group will also sign over certain pre-identified units of the first phase of the Lumi Tropicana development as collateral.

The Lumi Tropicana development located in Petaling Jaya sits on 6.41 acres of land with a gross development value of RM843.51 million — with expected completion in 2020.

“The board, after having considered all aspects of the facility, is of the opinion the facility is in the best interest of the Thriven Group of companies,” said the group.

Thriven Global’s share price closed unchanged at 22.5 sen — with 41,900 shares traded — giving the group a market capitalisation of RM123.06 million.