ID :
44177
Wed, 02/04/2009 - 20:49
Auther :
Shortlink :
https://oananews.org//node/44177
The shortlink copeid
ASIAN FINANCE BANK TO DOUBLE LOAN SIZE
PETALING JAYA, Feb 4 (Bernama) -- The Asian Finance Bank Bhd (AFB) aims to
double the loan size this year from the current RM250 million (US$1=RM3.61) amid
the gloomy economic climate.
Chief executive officer, Mohamed Azahari Kamil, said the bank was not
slowing down on lending and it still held credit meetings every week.
"We are building up a good loan portfolio for infrastructures, oil and gas
and development in the Middle East, especially in Abu Dhabi and Qatar," he told
a media briefing after signing an agreement to provide RM8.8 million financing
facility to Nexaldes Sdn Bhd, a 51 percent unit of AWC Facility Solutions Bhd.
Nexaldes' wholly-owned subsidiary, Stream FZE, has been awarded a RM48
million contract by Tamouh Investments to design, supply and install an
automated vacuum waste collection system on Al-Reem Island in Abu Dhabi.
The 633-hectare Al-Reem Island, a residential, commercial and business
development plot, is being developed by three developers including Tamouh
Investments, which owns 60 percent.
The bank was set up in 2007 and its shareholders comprise a consortium
backed by Middle Eastern financial institutions, namely, Qatar Islamic Bank and
Associates, RUSD Investment Bank Inc of Saudi Arabia and Financial Asset of
Bahrain WLL.
Mohamed Azahari said AFB was looking at credible counter-parties with strong
leadership in terms of risk management to weather the economic crisis.
He said the bank was in talks with five Malaysian-listed companies who were
moving aggressively into the oil and gas, infrastructure and development in
Middle East.
Moving forward, Mohamed Azahari said the bank would further capitalise on
its shareholders' strength.
"We are now able to do syndication. We would like to invite Malaysian
Islamic investment banks to join us in the club deal if ever there is a need for
us to capitalise on the size of the funding," he said.
He said AFB would play an active role in advising clients to ride through
these turbulent times.
In this environment, Mohamed Azahari advised its clients to be careful in
terms of expansion and to make sure the counter-parties were respectable in
terms of payments.
-- BERNAMA
double the loan size this year from the current RM250 million (US$1=RM3.61) amid
the gloomy economic climate.
Chief executive officer, Mohamed Azahari Kamil, said the bank was not
slowing down on lending and it still held credit meetings every week.
"We are building up a good loan portfolio for infrastructures, oil and gas
and development in the Middle East, especially in Abu Dhabi and Qatar," he told
a media briefing after signing an agreement to provide RM8.8 million financing
facility to Nexaldes Sdn Bhd, a 51 percent unit of AWC Facility Solutions Bhd.
Nexaldes' wholly-owned subsidiary, Stream FZE, has been awarded a RM48
million contract by Tamouh Investments to design, supply and install an
automated vacuum waste collection system on Al-Reem Island in Abu Dhabi.
The 633-hectare Al-Reem Island, a residential, commercial and business
development plot, is being developed by three developers including Tamouh
Investments, which owns 60 percent.
The bank was set up in 2007 and its shareholders comprise a consortium
backed by Middle Eastern financial institutions, namely, Qatar Islamic Bank and
Associates, RUSD Investment Bank Inc of Saudi Arabia and Financial Asset of
Bahrain WLL.
Mohamed Azahari said AFB was looking at credible counter-parties with strong
leadership in terms of risk management to weather the economic crisis.
He said the bank was in talks with five Malaysian-listed companies who were
moving aggressively into the oil and gas, infrastructure and development in
Middle East.
Moving forward, Mohamed Azahari said the bank would further capitalise on
its shareholders' strength.
"We are now able to do syndication. We would like to invite Malaysian
Islamic investment banks to join us in the club deal if ever there is a need for
us to capitalise on the size of the funding," he said.
He said AFB would play an active role in advising clients to ride through
these turbulent times.
In this environment, Mohamed Azahari advised its clients to be careful in
terms of expansion and to make sure the counter-parties were respectable in
terms of payments.
-- BERNAMA
