KUALA LUMPUR: Maybank Islamic Bhd. (“Maybank Islamic”), HSBC Amanah Malaysia Bhd. and RHB Islamic Bhd. had successfully concluded the 7-year, RM610 million Syndicated Commodity Murabahah Term Financing-i Facility (“Islamic Facility”) for Columbia Asia Sdn. Bhd. (“CASB”)

Maybank Islamic was also appointed as the Shariah Adviser while Maybank Investment Bank Berhad was appointed as the Facility Agent and Security Agent for the Islamic Facility.

The Islamic Facility will be utilised by CASB to refinance the company’s existing indebtedness and to part-finance its new hospital developments in Klang (Selangor), Batu Kawan (Penang), Tebrau (Johor) along with related expansion works for the existing hospital in Nusajaya (Johor).

The Columbia Asia Group started its operations in 1996 in Malaysia and is one of the leading healthcare providers in the region. The Group has 30 medical facilities across Asia and Africa namely 12 in Malaysia, 11 in India, 3 in Vietnam, 3 in Indonesia and 1 in Kenya.

According to Dilip Kadambi, Group Chief Financial Officer of the Columbia Asia Group, “We believe this transaction is a landmark fundraise for the Group. The financing would facilitate our organic growth plans in Malaysia to fulfil our mission to deliver the best clinical outcomes in the most effective, efficient and caring environment. Columbia Asia Group is committed to expand our operations to meet the growing demand of healthcare needs across Asia.”

Dato’ Rafique Merican, CEO of Maybank Islamic, meanwhile added, “We are pleased to be part of this collaboration with CASB and to continue our support to its long-term expansion plans. This latest syndicated Islamic financing deal is another testament of our commitment to provide Islamic financing in the market. On behalf of the syndicated financiers, we would like to express our gratitude to CASB and its shareholders for this opportunity and their trust in our capabilities in establishing the Islamic Facility.”

Commenting on the announcement, Arsalaan (Oz) Ahmed, Chief Executive Officer of HSBC Amanah Malaysia Berhad said, “We are proud to support and be part of CASB’s expanding hospital network. By working closely with the CASB team and understanding their needs, we were able to develop a solution that supported their long-term growth plans. As a leading international bank with a strong regional presence that matches CASB’s growth footprint, we look forward to continuing our strategic partnership with CASB.”

The construction of CASB’s new hospitals is expected to be completed by 2019.