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- The facilities, secured by wholly owned unit Mizumi Maxim Sdn Bhd, are to partly finance the development on a 3.24-acre leasehold plot in Petaling District, Kuala Lumpur.
KUALA LUMPUR (Aug 18): Maxim Global Bhd (KL:MAXIM) has secured RM126 million in banking facilities from Alliance Bank Malaysia Bhd (KL:ABMB) to fund a property development project in Kuala Lumpur.
The facilities, secured by wholly owned unit Mizumi Maxim Sdn Bhd, are to partly finance the development on a 3.24-acre leasehold plot in Petaling District, Kuala Lumpur, the company said in a bourse filing on Monday.
“The facilities would result in Maxim incurring interest expense, which will be charged out to profit or loss, henceforth impacting directly on the group’s earnings, but will be fully covered by the earnings to be earned from the development of the land.
“The management envisages that the development of the land will contribute positively to Maxim’s future earnings,” the property developer said.
According to Maxim’s 2024 annual report, the land was acquired in November 2020 and has a carrying value of RM40.96 million.
Shares in Maxim were untraded on Monday. The counter last traded on Aug 15, when it closed at 36 sen, valuing the company at RM264.7 million.
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