KUALA LUMPUR: PPB Group Bhd is providing up to RM300 million standby revolving shareholder’s loan to its 80%-owned flour unit, FFM Bhd to meet its short-term working capital requirements.
In a filing with Bursa Malaysia on March 8, PPB said the tenure of the proposed loan is for a period of up to six months and repayable on demand.
“The board and the audit committee of PPB are of the opinion that the proposed loan is in the best interest of PPB and the terms of the proposed loan are fair and reasonable, and would not be detrimental to the interest of the minority shareholders,“ it noted.
Leading Asian agribusiness group Wilmar International Ltd’s unit, PGEO Group Sdn Bhd is a major shareholder of FFM with a 20% direct equity interest. - Bernama