1MDB Subsidiary Repays RM950 Million Credit Facility To Malaysian Govt

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KUALA LUMPUR, April 8 – 1Malaysia Development Bhd’s (1MDB) subsidiary, Plenitude Mentari Sdn Bhd, has repaid, in full, all the principal and interest for the RM950 million standby credit facility provided by the Malaysian government. The facility was entered into on Feb 27, 2015, further to the strategic review announced on Feb 18,2015 as a direct response to the cash-flow mismatch faced by the company.

1MDB in a statement said that the standby credit facility helped to stabilise the company, at a time when it was under severe attack from multiple parties and had no other financing options. It added that with the stability, 1MDB and Ministry of Finance Incorporated (MoF Inc) were then able to develop and implement the rationalisation plan, the success of which has resulted in the facility being repaid in full.

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