PETALING JAYA: The Board of Directors of TMC Life Sciences Berhad (TMCLS) has announced that its wholly owned subsidiary, Thomson Hospitals Sdn Bhd, has entered and executed a Term Loan Facility of up to RM300 million with Malayan Banking Berhad.
Purpose of the facility is to part finance the construction of hospital related expansions undertaken by the Thomson Hospitals Sdn Bhd (formerly known as Tropicana Medical Centre (M) Sdn Bhd) at Thomson Hospital, Kota Damansara, Petaling Jaya with development cost of the project totaling approximately RM450 million.
The project is expected to have a positive effect on the future earnings of TMCLS Group. However, the facility (when fully drawn) is expected to increase the gearing of the Group. For illustrative purposes, based on the audited consolidated financial statements of the Company for the financial year ended 31 August 2018, the facility is expected to increase the gearing of the Group from 0.002 times to 0.408 times.
The Board of Directors of the Company does not envisage any specific risk associated with the acceptance of the Facility, apart from the financing costs.[the_ad id=”31605″]