Saturday 02 Dec 2023
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KUALA LUMPUR (July 11): AmBank Group has granted a RM130 million green financing facility to Persada Mentari Sdn Bhd (PMSB) to facilitate the development of the Arica @ Andaman Island and future projects on the island.

The facilities allow PMSB — a special purpose vehicle formed by Tanjung Pinang Development, which is a wholly owned subsidiary of Eastern & Oriental Bhd (E&O), and KWEST Sdn Bhd, which is a wholly owned subsidiary of Kumpulan Wang Persaraan (Diperbadankan), or KWAP — to focus on the green aspects of the project.

The bank will also provide a total limit of RM77 million worth of end financing for the residential units, said AmBank in a statement on Tuesday (July 11).

The Andaman Island project in Penang was recently awarded the provisional GreenRE Platinum Certification.

“This effort will further demonstrate our commitment in promoting and optimising sustainable financing and we are proud to be a part of the growing movement with PMSB in their initiatives towards a sustainable and resilient economy, ” said group chief executive officer Datuk Sulaiman Mohd Tahir.

“Many investors and businesses are now aware of the benefits of sustainable financing and through this Arica project, we can expect an increase in investment and sustainable initiatives, while contributing to the growth of the national economy in Malaysia,” added Christopher Yap, managing director of business banking at AmBank Group.

Meanwhile, Datuk Tee Eng Ho, executive chairman of E&O, said that Arica is E&O’s second serviced residence project, which was developed after its first residential development, namely The Meg.

“Designed to meet Green Building Certification standards, the development is in line with our sustainability principles and has recently received the GreenRE Platinum Provisional Certification under the residential category from Malaysia’s Real Estate and Housing Developers Association (Rehda).

“With that said, 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 to achieve construction quality and environmental sustainability.

“This facility came at an opportune time and we are confident that Arica will be on track for completion by end of 2026,” the statement said.

Arica features two- and three-bedroom units, ranging from 947 square feet (sq ft) to 1,259 sq ft.

AMMB Holdings Bhd’s share price closed lower to two sen or 0.56% at RM3.58 on Tuesday. Its market capitalisation stood at RM11.86 billion. Meanwhile, E&O’s share price closed half a sen or 1.54% lower to 32 sen, giving it a market capitalisation of RM488.46 million.

Edited ByLam Jian Wyn
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