OCK Group secures RM212mil loan from OCBC

PETALING JAYA: Telecommunication network methods provider, OCK Team Bhd has secured US$48.4mil (RM212.2mil) syndicated personal loan from OCBC Lender (M) Bhd (OCBC Malaysia).

OCBC Malaysia is the sole bookrunner and joint mandated direct arranger alongside one another with United Abroad Lender (M) Bhd (UOB Malaysia).

In a assertion yesterday, OCK Group said the syndicated bank loan would be consolidated from OCK Yangon Pte Ltd in Myanmar back again to the business in Malaysia.

The proceeds from the refinancing will be used to partly repay the outstanding harmony of the original syndicated bank loan of US$30.4mil (RM133.3mil), which will reward OCK Group by means of the optimisation of the financing composition.

The remaining US$18mil (RM79mil) will be dedicated to completing the design of 150 telecommunication towers in Myanmar, which are at present in the order book.

The financing arrangement was signed on March 28, 2022.

“Our choice to undertake this refinancing exercise is in line with our ongoing initiative to proceed to critique and increase our monetary management to assure we optimise our cash framework and economic metrics,” said OCK Team managing director Sam Ooi Chin Khoon.

“The help been given from OCBC Malaysia and UOB Malaysia reaffirms their self-assurance and outlook in OCK Group’s tower company (towerco) property.

“Our enterprise in Myanmar has been comparatively smooth with no key hiccups to our functions,” Ooi included.

“We keep on being self-confident about the towerco small business outlook in Myanmar as we expect to see an raise stream of extensive-time period recurring profits with additional upsides from co-sharing opportunities for our telecommunication towers,” he additional.

Shifting forward, Ooi mentioned, the group expected the prospects for advancement in the telecommunications area to continue being sturdy.

OCBC Malaysia main government officer Datuk Ong Eng Bin mentioned the bank’s strategic partnership with OCK Team has spanned above a decade.

“As an founded regional banking group, we have supported the corporation in its overseas and local investments.

“We look ahead to playing our function as an crucial strategic financial associate to the business in its development journey,” he claimed.

Meanwhile, UOB Malaysia main executive officer Ng Wei Wei explained the lender experienced leveraged its recognized Asean franchise to guidance OCK Group’s funding necessities and cross-border small business enlargement in Myanmar.

“Coupled with our special mixture of in-market place presence, community expertise and powerful lover ecosystems, UOB Malaysia has been supporting our purchasers these kinds of as OCK Group to progress its firms and hook up it to opportunities that the region’s financial likely and favourable demographics existing,” she said.