PROPERTY developer Gema Padu Sdn Bhd will soon issue its first bonds after securing a multi-million ringgit financial guarantee from Danajamin Nasional Bhd- Gema Padu yesterday sealed a deal with Danajamin to guarantee up to RM170 million of the former's planned seven-year Islamic bonds to part finance its mixed development projects in Sepang, Selangor- This makes it the first non-listed company to receive financial guarantee from Danajamin- "Gema Padu is our first non-listed company to be awarded such facility because their projects are located in an area where there is supporting infrastructure such as the Kuala Lumpur International Airport," Danajamin chief executive officer Ahmad Zulqarnain Onn said- He spoke at a press conference after the signing ceremony at Gema Padu's project site in Kota Warisan, Sepang, yesterday- Ahmad Zulqarnain said Danajamin had approved some RM2 billion loans to 21 companies so far to finance their projects both in conventional and Islamic terms- "We have a total of RM3 billion (to guarantee) this year and so far we still have RM1 billion to go- The companies that have received financing so far have a good spread in various industries, including oil and gas, property and construction, plantation and infrastructure," he added- Gema Padu director Lee Kuan Yong said the company will fully develop its five projects in Sepang, which will be affordably priced by 2017 and have a combined gross development value of RM1-5 billion- "We have five projects that we will develop in this area, which include the Kota Warisan township- Even with this development, we still have two thirds of our land bank that is not touched yet- We have land in Selangor, Negri Sembilan and Pahang," said Lee- ...

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