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AmBank grants RM130mil green financing for E&O-KWAP Penang property venture

AmBank Group offering project financing, and up to RM77 million end financing for residential units in the Arica project.

AmBank Group will provide a green financing facility worth RM130 million to Persada Mentari Sdn Bhd to support its property projects in Penang.

PETALING JAYA: AmBank Group (AmBank) has provided a green financing facility worth RM130 million to Persada Mentari Sdn Bhd (PMSB) to support the development of Arica @ Andaman Island and upcoming ventures in Penang.

PMSB – a subsidiary of Eastern & Oriental Bhd (E&O) and KWEST Sdn Bhd, a wholly-owned subsidiary of Kumpulan Wang Persaraan (Diperbadankan) or KWAP – is a special purpose vehicle established by E&O’s wholly owned Tanjung Pinang Development Sdn Bhd (TPD) and KWEST.

AmBank group CEO Sulaiman Mohd Tahir said the venture would not only impact the environment positively but it is also expected to forge a bright future for the next generation.

“This effort further demonstrates our commitment in promoting sustainable financing and we are proud to be part of a growing movement with PMSB towards a sustainable and resilient economy,” he said in a statement today.

AmBank Business Banking MD Christopher Yap said a growing number of investors and enterprises are recognising the advantages of sustainable financing, exemplified by their involvement in the Arica project.

“We can expect an increase in investment and sustainable initiatives while contributing to the growth of the Malaysian economy,” he said.

Arica is E&O’s second serviced residence project. It features two- and three-bedroom units, with sizes ranging from 947 square feet (sq ft) to 1,259 sq ft.

E&O executive chairman Tee Eng Ho said the development meets green building certification standards and has obtained the GreenRE platinum provisional certification for residential projects from Malaysia’s Real Estate and Housing Developers Association (Rehda).

“The green financing facility offered by AmBank is a testament to our commitment towards sustainable developments, as well as doing our part in embracing green building technology initiatives.

“We are confident that Arica will be on track for completion by end of 2026. AmBank will not only fund the project but also extend a total end financing limit of RM77 million for the residential units,” Tee said.

AMMB Holdings Bhd’s share price closed 2 sen or 0.56% lower at RM3.58 today, valuing the group at RM11.86 billion.

E&O’s share price fell half-a-sen or 1.54% to 32 sen, giving it a market capitalisation of RM488.46 million.

Source: FMT News

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