Highest loan given in KL

Highest loan given in KL

KUALA LUMPUR (AFP): Malaysian entrepreneur Tajudin Ramli yesterday secured Malaysia's biggest loan of 1.79 billion ringgit (US$720 million) by an individual to finance his helicopter firm's takeover of national carrier Malaysia Airlines (MAS).

Tajudin signed with five financial institutions for the credit to fund the purchase of a 32 percent stake in the national carrier by his listed vehicle Malaysian Helicopter Services Bhd. (MHS).

Both companies are listed on the Kuala Lumpur Stock Exchange.

Tajudin's 99.99 percent-owned RZ Equities Sdn. Bhd. will use the 1.79 billion ringgit he borrowed to buy the stake in MAS and resell the equity to MAS.

The loan, acquired yesterday, was arranged by D and C Sakura Merchant Bankers Bhd. and managed by Bank Bumiputra Malaysia Bhd with United Malayan Banking Corp., Development and Commercial Bank and Arab-Malaysian Merchant Bank.