Uzma Berhad, a leading energy services company, has announced that its subsidiary, Uzma Kuala Muda Sdn. Bhd. (UKMSB), has successfully obtained Syndicated Islamic Financing Facilities totalling RM225 million. These facilities were granted by Affin Islamic Bank Berhad and Export-Import Bank of Malaysia Berhad.
The purpose of these financing facilities is to support the construction, development, operation, and maintenance of a 50MWac Large Scale Solar Photovoltaic Plant. The plant will be located at Lot 4, Bukit Selambau, Mukim Kuala Muda, Sungai Petani, Kedah Darul Aman.
The implementation of these facilities is expected to have several effects on Uzma Berhad. Firstly, there will be no impact on the company’s share capital and shareholding structure, as no-issuance of ordinary shares is involved. Secondly, the facilities are anticipated to contribute positively to the group’s earnings for the financial year ending on June 30, 2023, and subsequent years until the completion of the solar project.
Furthermore, the net assets of the group are not expected to be materially affected by the financing facilities. However, assuming the facilities are fully drawn down, the gearing ratio will increase from 0.91 times to 1.27 times, based on the shareholders’ fund of the audited consolidated results as of June 30, 2022.
The secured funding will enable Uzma to progress with the solar power project and further strengthen its position in the renewable energy sector.
