Duopharma Biotech Bhd has entered and executed two Tawarruq Facility Agreements from Bank Islam Malaysia Bhd (BIMB) totalling RM150 million.
In a filing with Bursa Malaysia today, Duopharma said the facilities comprised of an RM67 million Business Financing-i 1 (BF-i 1) and an RM83 million Business Financing-i 2 (BF-i 2).
“The tenure of each of the facilities is nine years,” it said.
Duopharma said the purpose of BF-i 1 is to redeem outstanding Commodity Murabahah Term Financing-i facility granted by RHB Islamic Bank Bhd while BF-i 2 is to redeem outstanding Revolving Credit-i granted by Oversea-Chinese Banking Corporation Limited, Labuan Branch.
It added that any excess from the facilities would be credited into the company’s current account.
Duopharma Biotech is principally engaged in investment holding activities, whilst principal activities of its subsidiaries include manufacturing, distribution, sales, importing, exporting, research and development of pharmaceutical products and medicines.
Source The Edge Markets