Malaysian Bio-Xcell Sdn Bhd (Bio-XCell) and Malayan Banking Bhd (Maybank) have signed an agreement for a RM250mil Commodity Murabahah Term Financing - Islamic Facility (CMTF-i).
In a statement yesterday, Bio-XCell said the Islamic funding would part fund the completion of phase one development of Bio-XCell biotechnology ecosystem and park. Bio-XCell is being developed in Iskandar Johor by Malaysian Bio-XCell Sdn Bhd, a joint venture between Malaysian Biotechnology Corp and UEM Land Bhd.
Bio-XCell chairman Datuk Iskandar Mizal Mahmood said the phase one development entailed an investment cost of RM950mil, funded by foreign direct investments, Islamic debts and shareholders’ equity.
“This reflects a strong market acceptance and confidence in the project including its value propositions. This is the first dedicated biotechnology park for Malaysia and possibly, the region,” he said in the statement.
According to Maybank president and CEO Datuk Seri Abdul Wahid the funding was structured as a 12-year RM250mil Islamic Term facility with drawdown based on the long term leases of Bio-XCell’s tenants.
Bio-Xcell is being developed in three phases in a period of six years. Phase one of the development consists of a central hub, the central utility facility and eight manufacturing facilities - four standard shells with a built up area of 20,000 sq ft each and four customised facilities which are tailored to the respective tenant’s needs.
