EVERGREEN FIBREBOARD BERHAD ("EFB" or "the Company") ACCEPTANCE OF TERM LOAN FACILITY BY SUBSIDIARY
| General Announcement Reference No CI-061218-2D6A3 |
| Company Name | : | EVERGREEN FIBREBOARD BERHAD |
| Stock Name | : | EVERGRN |
| Date Announced | : | 18/12/2006 |
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| Type | : | Announcement |
| Subject | : | EVERGREEN FIBREBOARD BERHAD ("EFB" or "the Company") ~ ACCEPTANCE OF TERM LOAN FACILITY BY SUBSIDIARY |
Contents :
On behalf of the Board of EFB, we are pleased to announce that Evergreen Fibreboard (JB) Sdn. Bhd. ("EJB"), a wholly-owned subsidiary has accepted the Term Loan Facility of Ringgit Malaysia One Hundred Million (RM100 Million) granted by Citibank Berhad ("Citibank") to finance the acquisition of land and buildings, plant and equipment, contracts, vehicles and inventories of Takeuchi MDF Sdn Bhd ("TMDF") as stated in the Sale & Purchase Agreement ("SPA") and Sale of Assets Agreement ("SAA"), both dated 31 October 2006.
The Term Loan Facility shall be secured by the Corporate Guarantee provided by EFB.
None of the Directors or major shareholders of EFB and/or person connected to them have any interest, direct or indirect in the abovesaid transaction.
Having considered all aspects of financing facility offered by Citibank, the Board of Directors is of the opinion that the facility is necessary to facilitate the ordinary business of the Group.