Nextgreen Global Bhd (NGGB) has accepted a RM50 million working capital financing-i (WCF-i) facility from Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat), the company said in a filing with Bursa Malaysia.
The financing, based on the Shariah Tawarruq principle, will be used to support the group’s general working capital needs related to its business operations.
Each disbursement under the facility carries a 12-month revolving tenure, with an overall facility term of up to five years from the date it is made available or the first disbursement, subject to the bank’s discretion and periodic review.
NGGB said the loan will not affect the company’s issued and paid-up capital or the shareholdings of substantial shareholders. It is also not expected to have any immediate impact on the company’s net assets or earnings per share.
