Zecon and its subsidiary, Zecon Medicare Sdn Bhd and its sub-subsidiary, ServeCo Sdn Bhd had accepted the Tawarruq Asset Financing Facilities from BPMB for a total amount of RM815 million
Of the amount Zecon Medicare received RM616.9 million of which RM482 million will be used to the settlement of existing Structured Islamic Term Financing Facility granted by MBSB Bank Berhad while the balance is for payment to the contractors for escalation costs incurred for Hospital Pakar Kanak-Kanak Project and for working capital.
ServeCo on the other hand received RM215 million which the group said will be utilised to fully settle its existing facilities with the respective financial institutions and for working capital.
Zecon adds the banking facilities will result in marginal increase in the Group’s gearing ratio, but has positive impact on the Group’s current ratio.
