Resintech subsidiary secures RM41mil financing from Alliance Islamic Bank

PETALING JAYA: Resintech Bhd's 55%-owned subsidiary, Johan Panglima (M) Sdn Bhd, has accepted commodity murabahah term financing facilities worth RM41mil from Alliance Islamic Bank Bhd. 

In a filing with Bursa Malaysia, Resintech stated the financing will be used to redeem four parcels of land in Telok Panglima Garang, Selangor, and to part-finance 80% of the construction cost for a proposed development comprising three blocks of hostels (158 units), four retail shops, a canteen, and supporting facilities.

The facilities are secured through multiple instruments, including legal charges over the land and development, assignment of rental proceeds, a Finance Service Reserve Account, and corporate guarantees from Resintech and CNH Group Sdn Bhd, which holds the remaining 45% stake in Johan Panglima.

The facilities will increase Resintech’s gearing ratio from 0.28 to 0.34 based on audited figures as of March 31, 2026, assuming full drawdown.