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Serba Dinamik gets RM1.2b Islamic syndicated financing

KUALA LUMPUR (Feb 24): Serba Dinamik Holdings Bhd said today the engineering services provider has entered into the completion stage for the underwriting of a RM1.2 billion Islamic syndicated financing with Malaysian and foreign banks to refinance Serba Dinamik’s existing loans and fund its working capital requirement.

The banks are HSBC Amanah Malaysia Bhd, AmInvestment Bank Bhd, Bank Islam Malaysia Bhd, MIDF Amanah Investment Bank Bhd, Standard Chartered Saadiq Bhd and United Overseas Bank, according to Serba Dinamik’s statement today.

“The five-year syndication was oversubscribed by 67.0%, which enabled the company to increase the facility amount to RM1.2 billion to accommodate part of the oversubscription.

“Throughout this syndication, HSBC Amanah Malaysia is the mandated lead arranger and bookrunner and underwriter for the RM1.2 billion syndicated commodity Murabahah term facility for the company. On top of this, HSBC Amanah Malaysia took the lead in structuring the financing package by pre-funding and fully underwriting the initial RM900 million of this facility prior to being upsized to the final RM1.2 billion,” Serba Dinamik said.

Serba Dinamik group managing director/chief executive officer
Datuk Dr Mohd Abdul Karim Abdullah said in the statement that the RM1.2 billion financing will help the company grow vertically and horizontally.

“We will be partially utilising RM1.2 billion to refinance our company’s existing loans and borrowings and on top of that fulfil our working capital requirement and we are always ready to grow vertically and horizontally within the company, as it enables us to expand our business and coverage to create greater benefits for our loyal shareholders,” Mohd Abdul Karim said.

At Bursa’s 12:30pm afternoon break today, Serba Dinamik’s share price was down six sen or 2.47% at RM2.37, valuing the company at RM7.31 billion. The stock saw 5.58 million shares traded.