Malaysia’s 1MDB subsidiary settles US$769mn loan

Kuala Lumpur / DPA

1Malaysia Development Bhd (1MBD) said its subsidiary Powertek Investment Holdings Sdn Bhd has fully settled its 3 billion ringgit (US$769.8 million) loan ahead of its maturity date. In a statement, the state investment arm said this was made possible with the help of the 1MDB rationalisation plan initiated by the government.
“1MDB is pleased to announce that its subsidiary, Powertek Investment Holdings Sdn Bhd, has fully settled the remaining 3 billion ringgit balance of a 3.5 billion ringgit syndicated term loan facility,” it said.
The loan, it said, was entered into in May 2014 with a syndicate of domestic banks led by Maybank.
“It has now been fully prepaid in advance of the original maturity date of May 2024, as part of the successful 1MDB rationalisation plan,” it said.

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