KUALA LUMPUR: Maxim Global Bhd's 70 per cent owned subsidiary, Maxim Icon Sdn Bhd, has executed a banking facility agreement with Maybank Islamic Bhd worth RM76 million.

In a Bursa Malaysia filing today, the property developer said the loan will partially fund the acquisition of two freehold land parcels with a combined hectarage of 2.35 hectares (5.81 acres) in Mukim Damansara, Selangor.

"This facility will result in the group incurring interest expenses, which will impact earnings as it will be charged to profit or loss. However, these costs are expected to be offset by the revenue generated from the development of the land," it noted.

The management anticipates that the development will contribute positively to Maxim Group's future earnings, it added.