UEM Land to raise RM850m

UEM Land Holdings Bhd Chairman, Tan Sri Dr Ahmad Tajuddin Ali(left)strikes the gong during the company's listing. Looking on are Managing Director, Wan Abdullah Wan Ibrahim (right)and Director, Md Ali Md Dewal(far left).-AZMAN GHANI / The Star

KUALA LUMPUR: UEM Land Bhd plans to raise RM850mil in bank loans and this would be finalised by March next year.

UEM Land Managing director Wan Abdullah Wan Ibrahim said on Tuesday the RM850mil would be which would be used as working capital to develop Nusajaya.

Speaking to reporters after the listing of the company on the Main Board, he said the company was also looking to undertake a corporate exercise to raise RM400mil.

He expected the borrowings to increase its total debt over equity ratio from 30% now to 60%, which was at par with the industry.

Wan Abdullah added UEM Land was also looking for strategic partners to develop Nusajaya.

UEM Land is the largest landowner in Iskandar Malaysia and it owns 9,564 acres of land in Nusajaya. UEM Land took over the listing status of UEM World Bhd.

By The Star (by KC Lau)