Kuala Lumpur, 17 January 2012 - Malaysia Building Society Berhad (MBSB) today signed an agreement for banking facilities of up to RM51 million with Labuan Shipyard and Engineering Sdn Bhd (LSESB).
In a press conference, Dato' Ahmad Zaini Othman, CEO of MBSB said, "The deal is for trade facilities of Murabahah Tawarruq Financing Facility of up to RM41 million and Kafalah Bank Guarantee of up to RM10 million for the purpose of the engineering, construction, testing and delivery of 77 meters Dynamic Positioning 2 (DP2) Diesel Electric Propulsion Platform Supply Vessel (PSV)."
He added, the Company believes that such financial assistance will greatly benefit its corporate customers which will ease their cash flow and allowing them to focus on business at hand while the bank attends to their capital needs.
MBSB's Wholesale Banking team and its in-house Project Management and Monitoring Department (PMMD) which is ISO 9001:2008 certified will oversee the progress of the project.
Dato' Ahmad Zaini also stressed that the deal marks further importance of MBSB's role in financing projects related to oil and gas sector and its foray into contract financing which began in 2010 and was part of the Company's mission to diversify its loan portfolio.
This also reflects MBSB's increased business concentration in East Malaysia, a region that the company has begun to give greater focus on a year ago.
MBSB also have diversified its corporate loan portfolio to include various corporate business products, including contract financing, project and bridging financing, SME Cash Express, structured financing and 'private finance initiative' project financing. MBSB had significantly carved a new horizon in financial lending landscape with its Group's revenue generated at RM1.0 billion and its profit before tax of RM327.1 million for nine months ended 30 September 2011.
Dato' Ahmad Zaini Othman, CEO of MBSB and En. Mohd Azman Nasir, CEO LSESB signed the agreement and were witnessed by Dato' Zakri Afandi Ismail, Executive Director of LSESB and Encik Jasmy Ismail, Director of MBSB
For more information or enquiries, please contact:
Azlina Mohd Rashad
Head, Coporate Planning & Communication Division
Malaysia Building Society Berhad
Tel: 03- 2096 3003/012-3852240
Fax: 03-2096 4268