PETALING JAYA: A local lubricant manufacturer has secured RM2.5mil in financing from SME Bank under a facility aimed at supporting women entrepreneurs.
Glide Technology Sdn Bhd said financing under the MySMELady 2.0 programme, provided under the Dana Ekonomi Usahawan Wanita (Dewi) initiative, will be to acquire laboratory equipment and expand production machinery.
It will also be used to upgrade the company’s electrical infrastructure at its Shah Alam facility.
Glide Group of Companies chief financial officer Datin Zarita Azlin Ibrahim said the facility would enable the group to deploy capital “with discipline” towards clearly identified priorities and strengthen its financial governance as it grows.
“Our role is to ensure every ringgit is channelled into productive capacity, with financial governance and reporting standards that support our long-term growth,” she said during a mock cheque presentation ceremony by Entrepreneur Development and Cooperatives Minister Steven Sim (pic) at the company’s headquarters in Shah Alam yesterday.
Following a stint in banking, Zarita Azlin joined the industrial sector to help manage the company founded by her husband Datuk Muhazli Muhamad, who is the Glide Group president.
The company produces industrial lubricants and engine oils, including for the government and government-linked company sectors.
Sim said Glide was an example of high-value business the ministry wanted to support through Dewi.
“Glide represents the kind of model we want to support, one that builds strong brands, invests in technology, develops talent and moves up the value chain.
“This shows Malaysia’s business ecosystem can move beyond the ‘buy cheap, sell cheap’ trap,” he said.
Sim said Glide proved its capabilities through collaborations with PETRONAS and the Malaysian Palm Oil Board, producing premium insulating oils and palm-based transformer oils for industrial use, and manufacturing locally-branded automotive lubricants at competitive prices.
Muhazli said he appreciated the support of the ministry and SME Bank, adding that the financing would strengthen the foundation the company has built over nearly two decades.
“It strengthens the foundation we have been building at Glide for nearly two decades with Malaysian-made products, Malaysian institutional partnerships and Malaysian industrial ambition.
“We are committed to deploying every ringgit responsibly and delivering on the trust placed in us,” he said.
