Business

KWAP describes SRC International as responsible borrower

The company's loan from KWAP is guaranteed by the government.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — April 12, 2016: SRC International Sdn. Bhd. has been servicing its interest without fail on a loan from the Retirement
Fund Incorporated (KWAP).

It has also fulfilled all conditions attached to the loan which has to repaid in 10 years.

According to KWAP chief executive officer Datuk Wan Kamaruzaman Wan Ahmad, currently SRC International is paying the interest on the loan that was given in two tranches of RM2 billion each, due in 2021 and 2022.

reporters on the sidelines of the Invest Malaysia 2016 here today.
According to the terms of the loan, the company is required to service interest in the first five years and interest and principal in the remaining five years.

Wan Kamaruzaman said the loan was guaranteed by the government to safeguard the interest of KWAP stakeholders. He spoke to reporters on the sidelines of the Invest Malaysia 2016 event here today.

SRC International had stated that the entire amount, lent by KWAP on normal commercial terms, was fully accounted for in its balance sheet, in accordance with standard accounting and governance practices. — Bernama

 

Comments

comments

About the author

Syndicated News

Syndicated News

News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.