Tan Chong Motor terminates RM1.5 bil financing programme

TheEdge Wed, Dec 01, 2021 06:25pm - 2 years View Original


KUALA LUMPUR (Dec 1): Tan Chong Motor Holdings Bhd said it has terminated its commercial papers (CP) and medium term notes (MTN) programmes worth a combined nominal value of RM1.5 billion.

This came after the full redemption of the notes which were outstanding under the MTN programme with a nominal value of RM500 million on Nov 24.

The group had announced the establishment of the two programmes in October 2014, with the money to be used for its capital expenditure, refinancing of bank borrowings, working capital and general corporate purposes.

The CP and the MTN programmes had tenures of up to seven years and up to 20 years respectively from the date of the first issuance.

For the third quarter ended Sept 30, 2021, Tan Chong's net loss widened to RM44.2 million from RM7.33 million a year earlier, with revenue dropping to RM439.27 million from RM964.54 million, as the group's operations were impacted by the Movement Control Order.

In contrast, the group’s cumulative nine-month net loss narrowed to RM58.68 million from against RM95.95 million a year ago, despite cumulative nine-month revenue declining to RM1.67 billion from RM2.21 billion.

Tan Chong’s shares slipped one sen or 0.89% to close at RM1.11 on Wednesday (Dec 1), giving the group a market value of RM745.95 million.

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