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1MDB : RM950 million standby credit settled

Mimi Sabreena 2:26:00 PM #mukahpages, Free Malaysia Today

KUALA LUMPUR: 1MDB’s RM950 million standby credit has been settled by the state investment arm’s subsidiary, 1MDB said today.

The subsidiary, Plenitude Mentari Sdn. Bhd., has repaid all the principal and interest in full to the Malaysian Government, said 1MDB in a statement today.

The standby credit was signed on Feb 27, 2015, as a response to the cash-flow mismatch faced by the company.

“The Standby Credit Facility helped to stabilise the company, at a time when it was under severe attack from multiple parties and had no other financing options.”

“With the stability, 1MDB and MoF Inc. were then able to develop and implement the rationalisation plan, the success of which has resulted in the Standby Credit Facility being repaid in full,” said the statement.

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