Nam Cheong Dockyard secures financing from three banks

Nam Cheong Dockyard has secured a revolving credit/general banking facilities from three banks, Seatrade Asia online reports.  The Singapore-listed Malaysian shipbuilder tied up a total of over MYR 300m on the condition that chief executive Datuk Tiong and his immediate family, holding 64.1% shares of the company, remain the controlling shareholders. ??An Islamic financing facility will constitute MYR 125m of the loan while the other MYR 171.1m is a general banking facility, which also has a revolving credit facility of $21.8m. Both of them are unrevealed.