Mega First Corp gets RM634.88 million financing for hydropower project in Laos

PETALING JAYA: Mega First Corp Bhd has received US$150 million (RM634.88 million) financing to partly fund its RM2 billion Don Sahong Hydropower Project in Laos.
The group told Bursa Malaysia that its wholly-owned subsidiary Mega First Investments (L) Ltd had on October 9 entered into facility agreements with various financial institutions for club deal facilities totalling US$150 million, comprising term loan facilitiesof US$85 million and an Islamic financing facility of up to US$65 million.
The financing facilities will be used to finance the construction of the Don Sahong Hydropower Project undertaken by Don Sahong Power Company Ltd. It is expected to be completed by the end of 2019 and to start operation in early 2020.
Both conventional and Islamic facilities will have a tenure of up to six years. The principal repayment for the conventional facilities will commence after December 31, 2019, while the repayment will start three months after the first disbursement/utilisation date for the Islamic facility.
At 12.30pm, Mega First shares rose two sen to RM3.58 on some 74,500 shares done.