KUALA LUMPUR (June 20): Uzma Bhd said its indirect wholly-owned subsidiary Uzma Kuala Muda Sdn Bhd has secured syndicated Islamic financing facilities of up to RM225 million to facilitate the construction and maintenance of a 50MWac large-scale solar photovoltaic plant in Sungai Petani, Kedah.

The facilities are provided by Affin Islamic Bank Bhd and Export-Import Bank of Malaysia Bhd, Uzma said in a bourse filing on Tuesday (June 20).

The oil and gas service and equipment provider said the facilities are expected to contribute positively towards its earnings for the financial year ending June 30, 2023 (FY2023) and onwards until the completion of the project.

Assuming a full drawdown of the facilities, the group's gearing ratio will increase from 0.91 times to 1.27 times based on the shareholders' fund in the audited consolidated results for FY2022, said Uzma.

Uzma's share price closed 1.5 sen or 2.36% lower at 62 sen on Tuesday, giving the group a market value of RM216.55 million.