Mulpha International secures A$67.2m loan facility for an Australian project

TheEdge Fri, Feb 11, 2022 07:01pm - 2 years View Original


KUALA LUMPUR (Feb 11): Mulpha International Bhd (MIB) said its indirect wholly-owned subsidiary Circa 1 Pty Ltd has accepted an A$67.2 million (RM201.5 million) loan facility from the National Australia Bank Ltd for a property development project in New South Wales, Australia.

In a bourse filing on Friday, MIB said that the loan facility is to fund the development of a seven-storey strata office and healthcare building owned by the JMJ Trust. The loan facility is obtained jointly with JMJ Properties Australia Pty Ltd, the trustee of JMJ Trust.

The project, named “The Bond” is located at 8, Elizabeth Macarthur Drive, Bella Vista, New South Wales, Australia. JMJ has appointed Circa 1 to provide project management and development management services for the development of the project.

The development management agreement stipulates that Circa will receive a development management fee from the profits generated from the sale of the property upon providing project management and development management services.

At Friday’s market close, MIB shares were one sen or 0.41% lower at RM2.41, giving the property developer a market capitalisation of RM749.94 million based on 311.18 million outstanding shares.

Based on Bloomberg data, MIB is trading at 0.22 times its price-to-book value with a net tangible asset value of RM11.01 per share.

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