Media statement by 1MDB President and Group Executive Director Arul Kanda. Issued on 12 March 2015
Credit Facility for 1MDB
Having completed a strategic review of the business, 1MDB had announced on 17 February 2015 specific plans for each of its key assets.
The Ministry of Finance is fully supportive of these plans and, in its capacity as the 100% shareholder of 1MDB, has provided the company with a standby credit facility to help ensure that it is able to realise maximum value from these plans.
The facility, of up to RM950 million, is being provided as a loan on commercial terms. Any funds drawn would be used for clearly defined purposes as agreed with the Ministry of Finance.
We are confident that with this facility from the shareholder, the company is well positioned to effect its previously announced plans, and we are now focused on implementation to achieve our stated aim of maximising value for all stakeholders.-MYNEWSHUB.CC