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Bio-xcell gets RM250mil Islamic funding

Published on: Tuesday, April 19, 2011

Kuala Lumpur: Malaysian Bio-XCell Sdn Bhd has secured RM250 million in Islamic funding from Maybank to fund the first phase development of the Bio-XCell biotechnology ecosystem and park in Iskandar Malaysia.

Malaysian Biotechnology Bhd (BiotechCorp) chief executive officer Datuk Iskandar Mizal Mahmood said the first phase development entail an investment cost of RM950 million, funded by foreign direct investments (FDIs), Islamic debts and shareholders' equity.

The company has already secured about RM500 million FDIs for the first phase development, he told reporters following a signing ceremony here Monday for the financing from Maybank.

Iskandar said Bio-Xcell will be developed in three phases in a span of six years.

The first phase, which is to be fully completed by 2013, will see the completion of the central hub, the central utility facility, and eight manufacturing facilities.

The early entrants into the Bio-XCell ecosystem are Biocon of India, Metabollic Explorer from France and Glycos Biotechnologies of the USA.

Iskandar said another three international biotech companies will be also operating in the park but declined to give details. - Bernama