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Wednesday, November 11, 2009

MBSB aims to give out RM2b new loans

Malaysia Building Society Bhd (MBSB), a mortgage provider, is expecting to disburse a total of RM2 billion new loans this year, double the money it lent last year, said its top official.

Chief executive officer Ahmad Zaini Othman said personal financing, which is expected to make up half of the lending, would drive the new loans target this year.

"We target personal financing to hit RM1.3 billion by the end of this year," he told pressmen after the signing ceremony for MBSB's second tranche of the RM1 billion recourse securitisation of mortgages in Kuala Lumpur yesterday.

Ahmad Zaini said so far, lending to individuals namely civil servants was RM150 million short of the RM1 billion mark.
Last year MBSB disbursed RM1.3 billion loans, of which RM188 million came from personal financing.

For 2010, MBSB will focus on building its corporate business, primarily in providing bridging and term financing for the property sector, he said.

MBSB also wants to build up its contract financing segment especially in government contract financing. Home mortgage makes up about RM5 billion of its total portfolio.

It hopes to grow its corporate financing segment to about another RM700 million-RM800 million new receivables next year, or 30 per cent of the corporate banking assets.

Currently, the retail business makes up 70 per cent of MBSB's total assets of RM8 billion.

He said the plans for 2010 would be more aggressive with some "very big numbers" and a well-balanced portfolio compared with this year.

Ahmad Zaini said RM500 million from the second tranche would give MBSB the liquidity needed to expand its business.

MBSB signed the agreement with issuer Cagamas Bhd and three local banks on the securitisation of mortgage assets for the RM500 million facility.

By Business Times (by Rupinder Singh)

Crest Builder unit wins RM145m job

PETALING JAYA: Crest Builder Holdings Bhd unit Crest Builder Sdn Bhd has been awarded a contract worth RM145.3mil by Khor Joo Saik Sdn Bhd for the construction of a 35-storey office tower.

In a filing with Bursa Malaysia yesterday, Crest Builder said the contract was expected to be completed by Nov 11, 2011.

“The contract is expected to contribute positively to the earnings of the group for the financial years ending Dec 31 2009 and onwards,” it said.

By The Star