TWL Holdings Berhad's (TWL) wholly-owned subsidiary, Tinta Kaca Development Sdn Bhd (Tinta Kaca) had accepted a bridging/term loan facility of up to RM38,651,000.00 from Alliance Bank Malaysia Berhad on 19 July 2024.
Bridging loan facility is made up of RM38 Million comprising Tranche 1 of RM20,000,000.00 and Tranche 2 of RM18,000,000.00, TWL said in a Bursa Malaysia filing today.
The loan facility, which carries a term of up to 36 to 120 months, was availed to part finance the preliminary works and the building construction works of 715 units of affordable homes known as Pangsapuri Harmoni TWL and to finance the Business Loan Level Assurance (BLLTA) premium for Dato' William Tan Wei Lian.
The facility is backed by a corporate guarantee from TWL Holdings Berhad for RM38,651,000.00; a personal guarantee from Dato' William Tan Wei Lian for RM38,651,000.00; and a Deed of Assignment and Power of Attorney over a land in Petaling Jaya, Selangor.
The Board of Directors of the Company is of the opinion that the Loan Facility is in the best interest of the Company.