MoU set to spur local contractors’ financial capacity

Sarawak Energy group chief executive officer Datuk Sharbini Suhaili said the strategic collaboration, which is open to all of its eligible vendors, would assist eligible vendors mitigate financial constraints when participating in Sarawak Energy’s projects.

KUALA LUMPUR: Sarawak Energy Bhd has inked a memorandum of understanding (MoU) with RHB Islamic Bank Bhd, Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank) and Ikhtiar Factoring Sdn Bhd to provide financing solutions for local contractors under the energy developer and power utility’s vendor financing programme.

In a statement issued yesterday, the group said that the collaboration with the three financial institutions focuses on boosting local contractors’ financial capacity by providing better access to financing facilities as well as strengthening the vendor ecosystem and accelerating vendor transformation.