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Gamuda Berhad (29579-T) • Annual Report 2012
34. Long term borrowings (cont’d.)
(a)
Murabahah medium term notes (“MTN”) (cont’d.)
The MTN and Commercial Papers of hhDSB as disclosed in Note 34(a) and Note 35(a) are secured by
an unconditional and irrevocable undertaking from the Company to provide equity contributions (in the
form of redeemable preference shares and/or ordinary shares) substantially in the form and substance
acceptable to the Lead Arranger and the Security Trustee to meet:
1.
any financial obligation of hhDSB under the Programme and the Kafalah Facility (inclusive of
principal and profit payments and fees and expenses) of up to RM280 million in the event that
hhDSB does not have sufficient funds to meet such obligations; and/or
2.
any cash flow deficit of the Project and the Financial Covenants of up to RM30 million in a manner
proportionate to the Company’s shareholding percentage in hhDSB.
(b)
Term loans - secured
The term loans are drawndown by the following entities:
Group
2012
2011
RM’000
RM’000
Syarikat Mengurus Air Banjir & Terowong Sdn. Bhd. (“SMARTSB”)
(i)
158,270
160,693
Jade homes Sdn. Bhd.
(ii)
111,754
158,644
Tan Thang Company
(iii)
190,578
154,630
460,602
473,967
(i)
The term loan was drawndown by a jointly controlled entity, Syarikat Mengurus Air Banjir & Terowong Sdn.
Bhd. (“SMARTSB”) in relation to the motorway development of the Stormwater Channel and Motorway
Works (“Project”).
The term loan shall be repaid over 28 semi-annual instalments commencing from 2011 over 14 years
with yields ranging from 5.55% to 5.76% at issuance dates.
The loan is secured by the following:
1.
debentures to create a fixed and floating charge over all present and future assets of SMARTSB
and Projek Smart holdings Sdn. Bhd. (“PShSB”);
2.
assignment of Principal Contracts whereby SMARTSB has awarded Gamuda Berhad to undertake
a specified scope of work in respect of the Project;
NoTES To ThE FINANCIAL STATEMENTS
31 July 2012