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Sunview Group Berhad, a prominent player in renewable energy, has announced the acceptance of banking facilities offered by Export-Import Bank of Malaysia Berhad to its subsidiary, Fabulous Sunview Sdn. Bhd. The facilities, totalling USD 5.5 million, aim to support the importation of solar photovoltaic modules and related equipment for ongoing and future contracts.
The Islamic Financing Facility under Import Financing-i (IF-i) will finance general working capital requirements for importing solar PV modules and other equipment necessary for fulfilling contracts related to Fabulous Sunview’s business activities. The Forward Foreign Exchange-i (FX-i) facility is intended to hedge against foreign exchange rate fluctuations.
To secure the facilities, various measures have been put in place, including cash collateral agreements, guarantees from government schemes, corporate guarantees by Sunview, and other security arrangements as advised by solicitors.
The facilities are not expected to affect Sunview’s issued share capital or the shareholdings of its substantial shareholders. However, they are anticipated to have a positive contribution to the company’s earnings once utilized to generate income for the Group. The debt-to-equity ratio of Sunview is expected to be 2.03 times after the acceptance and utilization of the facilities. |
