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Singapore IT provider gets loan to expand business

Veronica C. Silva | Oct. 5, 2012
ECS plans to expand cloud solution in Asia.

Singapore-listed ECS Holdings has recently signed a US$90 million loan term facility from three banks to grow its business in the region.

ECS Holdings said its good relationship with the three banks -- Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation, and United Overseas Bank - has allowed it to finance the growth of its business, which is focused on three business areas: enterprise systems, IT services, and distribution.

The new three-year term loan was intended to refinance an earlier syndicated term loan facility and revolving credit facility valued at US$89 million and signed last 2010.

ECS said the funds will allow the company to expand its cloud solution offering aimed at small- and medium-sized enterprises. ECS said the opportunities offered by the cloud services and solutions provide high margins and will be a source of recurring income for the company.

"ECS has always enjoyed good relationship with the banks who have been supporting our growth. The latest term loan facility will refinance, at more attractive terms, an earlier syndicated and revolving credit facility while still providing the flexibility needed for our growth in our business and geographic expansion," said Narong Intanate, Group CEO, ECS.

ECS Holdings is listed in the Singapore Exchange Mainboard. It has 67 offices in six countries, namely China, Thailand, Malaysia, Singapore, Indonesia and the Philippines.

 

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