CCM gets US$20m financing facility

PETALING JAYA: CCM Duopharma Biotech Bhd has secured US$20 million (RM79.4 million) financing from Oversea-Chinese Banking Corporation (Labuan Branch).
It told Bursa Malaysia that the revolving credit-i Murabahah will be used to fund the RM59.16 million acquisition of an 8.39% stake in PanGen Biotech Inc from Chemical Company of Malaysia Bhd.
“Apart from that, the facility will be utilised for general working capital requirement and other investments.”
CCM said its gearing ratio will increase from 0.27 times to 0.39 times for the financial year ending Dec 31 should the loan be fully drawdown by Dec 31.
CCM shares gained 2 sen or 0.6% to close at RM3.40 today on some 307,100 shares done.