UOB, OCBC lend $105M to Yinson Securities

Yinson Holdings has signed agreements with UOB Group and Oversea-Chinese Banking Corp Ltd for a US$105 million or RM334.2 million loan.

Yinson executive director, Lim Chern Yuan, said the loan showed the banks' confidence in the prospects of the company's offshore services business in the region.

"This should further strengthen the business development of the company in this particular industry," he told reporters after the signing of the loan facility here Tuesday.

The banks will provide the loan to the joint venture between Yinson and PetroVietnam Technical Services Corp, with a payment term of seven years.

The loan is to fund the floating storage and off-loading facility of the joint venture company, PTSC South-East Asia Pte Ltd, that was set up in Singapore.

The JV company is 49 per cent owned by Yinson and 51 per cent by PTSC.

The full story is available at Bernama.