HRSB Holdings receives RM132mil in financing

HRSB Holdings group president Datuk Mohd Faizal Mohd Hassim said in a statement: “Through the funding and guidance provided by SME Bank, the company has succeeded in becoming the contractor of choice in the O&G industry in Malaysia, among others by Petroliam Nasional Bhd (Petronas).

HRSB Holdings Sdn Bhd, an oil and gas (O&G) contractor, has received total financing amounting RM132mil from SME Bank Malaysia Bhd for its working capital and assets purchase purposes.

This will enable the company to deliver the awarded contracts on schedule.

HRSB Holdings group president Datuk Mohd Faizal Mohd Hassim said in a statement: “Through the funding and guidance provided by SME Bank, the company has succeeded in becoming the contractor of choice in the O&G industry in Malaysia, among others by Petroliam Nasional Bhd (Petronas).

“With an efficient workforce and complete facilities, HRSB Holdings is able to undertake three turnaround projects simultaneously.”SME Bank Group president and CEO Aria Putera Ismail said the business relationship between SME Bank and HRSB Holdings started with the bank’s young graduate scheme financing project in 2007.

“Looking at the results and positive performance shown by HRSB Holdings, the bank continues to channel additional financing assistance through the SME Bank contract financing facility to support their business to grow to a higher level.

“As an added value for our selected customers, the company has also been chosen to participate in a high-level entrepreneur development programme known as SME Bank Titan Programme.

“The programme participants will be guided to achieve the valuation of RM1bil or equivalent to 500% compounded annual growth rate within five years,” Aria said.Faizal said: “Looking at the long-term business objectives, apart from the O&G industry, HRSB Holdings has also diversified its services to include telecommunications, information and communication technology, consumer product manufacturing, infrastructure and construction sectors.

“This is in line with the company’s goal to be registered as a public listed company on Bursa Malaysia by 2024 and to achieve the group annual sales revenue of RM1bil which is in line with the Titan SME Bank programme goals.”

Among the large-scale and high-value contracts that HRSB Holdings has executed are the master services agreement for integrated main mechanical turnaround and static mechanical maintenance for Petronas and the engineering, procurement, construction and commissioning contract for the effluent management project at source project for Malaysian Refining Company Sdn Bhd.

HRSB Holdings has obtained the integrated management system certifications – ISO 9001, ISO 14001 and ISO 45001.

The company is in the midst of digitalising the daily tasks and project operations management by adopting the use of various softwares with the objective of becoming more efficient.