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Friday, January 25, 2008

KFH in talks to finance two Sabah projects

PENANG: Kuwait Finance House (M) Bhd (KFH) is negotiating to finance two projects in the Sabah Development Corridor.

Managing director and chief executive officer Datuk K. Salman Younis said the projects were related to the infrastructure and real estate sectors.

“We will sign one deal on Jan 29. The other should be ready for signing soon,” he told reporters after the launch of the Islamic Banking Briefing & Roadshow in Penang.

Salman (left) shaking hands with Penang State Speaker Datuk Yahaya Hamid after the roadshow launch

“We are also making plans to finance projects in the East Coast Economic Corridor. We recently met the state authorities and the government-linked companies in Terengganu,” he said.

Salman said KFH would set up five branches in the country this year, including two in Penang. The others will be in Johor Baru, Kuching and Sabah.

“These branches will help promote our financing products for the retail sector,” he said.

Currently, KFH has one commercial banking centre and three branches in Kuala Lumpur.

Salman said KFHMB recently secured two financing deals for property projects in Penang.

“Last November, we underwrote The Sanctuary, a project within the Batu Uban growth triangle.

“And recently we provided financing to Ideal Capital Intelligence for The One, Penang Cyber City on a 13.5-acre site in Bayan Baru,” he said.

By The Star (by David Tan)

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