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Tuesday, December 8, 2009

Emkay secures RM120mil Islamic term financing

CYBERJAYA: The Emkay Group, via a joint venture called Joyful Gateway Sdn Bhd, has secured Islamic term financing worth RM120mil from RHB Islamic Bank Bhd to pay for the construction of an office building in Cyberjaya.

The construction cost was estimated at RM151.4mil, according to a joint statement issued yesterday by RHB and Emkay Group.

The building, when completed, would be leased to Shell Shared Service Centre for 10 years, with an option to extend for another five years.

Project developer Joyful Gateway is a joint venture between Emkay’s MKN Embassy Development Sdn Bhd and Lucky Cottage Sdn Bhd.

“With Joyful Gateway’s support from its parent company Emkay Group, and the global presence of the Shell Group, we are optimistic that this project will be a success,” RHB Banking Group manging director Datuk Tajuddin Atan said in the statement.

The 323,00 sq ft “built-to-suite facility” will upon completion be the first building to be accredited with the internationally recognised LEED Gold certification and be the first Green Building in Cyberjaya.

By The Star

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