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1MDB Subsidiary Powertek Settles RM3bil Loan

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PETALING JAYA – 1Malaysia Development Bhd (1MBD) said its subsidiary Powertek Investment Holdings Sdn Bhd has fully settled its RM3bil loan ahead of its maturity date.

In a statement Friday, the state investment arm said this was made possible with the help of the 1MDB rationalisation plan initiated by the Government.

“1MDB is pleased to announce that its subsidiary, Powertek Investment Holdings Sdn Bhd, has fully settled the remaining RM3bil balance of a RM3.5bil syndicated term loan facility,” it said.

The loan, it said, was entered into in May 2014 with a syndicate of domestic banks led by Maybank.

“It has now been fully prepaid in advance of the original maturity date of May 2024, as part of the successful 1MDB rationalisation plan,” it said. – The Star Online

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