Sagtec announces project funding participation in 84-unit residential township

Sagtec (SAGT) Global announces that it has entered into a project funding agreement with a local property developer in relation to a residential township development comprising 84 townhouse units. Under the terms of the agreement, Sagtec has committed project funding of approximately RM7.6 million, subject to agreed drawdown conditions, to support a defined phase of the development. Repayment of the funding is structured through the transfer of specified completed residential units and/or cash settlement, calculated by reference to the realised or assessed sale value of comparable units within the project. The agreement includes customary security arrangements, including charges over shares in the project developer, to secure Sagtec’s interests. The arrangement does not involve Sagtec assuming development or construction responsibilities and does not constitute a joint venture or partnership.