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| We wish to inform the Exchange that on 24 August 2004, Pac Lease Sdn Bhd, a wholly-owned subsidiary of PacifcMas Berhad, has accepted the offers of Malayan Banking Berhad and EON Bank Berhad for the following banking facilities: |
| (i) |
Malayan Banking Berhad |
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Restructuring of the existing banking facilities and an additional banking facility of RM5 million, bringing the total banking facilities granted to Pac Lease Sdn Bhd by Malayan Banking Berhad to RM106 million. A total of RM96 million of the banking facilities is under the conventional loan package and the balance of RM10 million under the Islamic loan package. |
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The RM96 million conventional loan package is to be secured by a corporate guarantee of PacificMas Berhad for the same amount to replace the existing Deed of Assignment and Supplemental Deed of Assignment on Pac Lease Sdn Bhd's receivables. |
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The RM10 million Islamic loan package is also to be secured by a corporate guarantee of PacificMas Berhad for the same amount. |
| (ii) |
EON Bank Berhad |
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Additional revolving credit facility of RM10 million, bringing the total banking facilities granted to Pac Lease Sdn Bhd by EON Bank Berhad to RM15.5 million. |
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This additional banking facility is to be secured by a corporate guarantee of PacificMas Berhad for RM10 million. |
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The principal activities of Pac Lease Sdn Bhd are provision of leasing, hire purchase finance and other related financing services. |
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| This announcement is dated 24 August 2004. |
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