MNC Wireless, SPNB Dana extend deadline for joint venture

PETALING JAYA: MNC Wireless Bhd and SPNB Dana Sdn Bhd have agreed to take another three months to set up a business to provide short-term loans for down payments and differential sums for SPNB Dana affordable housing projects.

In October 2017, MNC Wireless and SPNB signed a subscription and shareholder agreement (SSA) to form a 30:70 equity JV company for the venture.

They have until Jan 23, 2019 to move forward.

Previously, MNC Wireless said it plans to undertake a cash call exercise via a with free warrants to raise up to RM20 million to subscribe to redeemable preference shares of the JV company.

This will allow SPNB Dana to provide short-term financing of downpayments and/or differential sums for eligible homebuyers of housing developments developed by SPNB and its group of companies.

Source: The Sun Daily

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