Overview

Bank of China provides a RM16,000,000 loan facility to Ace Empire to finance land purchase

Commitments (Constant USD, 2023)$5,013,716

Commitment Year•2014Country of Activity•MalaysiaDirect Recipient Country of Incorporation•MalaysiaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 29, 2014

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

Ace Empire Development Sdn Bhd

Guarantors

Private Sector

Kingsland Malaysia

Loan description

Bank of China provides a RM16,000,000 loan facility to Ace Empire to finance land purchase

Interest type•Unknown

Narrative

Full Description

Project narrative

On May 29, 2014, Bank of China (Malyasia) Berhad (BOC) entered into a facility agreement with Ace Empire Resources Sdn Bhd (Ace Empire) to provide a facility of RM16,000,000 to finance the purchase of four plots of land in Johor, Malaysia. The entire loan amount was drawn down by Ace Empire on July 15, 2014. Kingsland Malaysia issued a corporate guarantee worth RM16,000,000 MYR for the loan.