BUSINESS

MAYBANK SINGAPORE EXTENDS US$100 MLN SUSTAINABILITY-LINKED RCF-I TO AET

01/12/2023 04:07 PM

KUALA LUMPUR, Dec 1 (Bernama) -- Maybank Singapore has extended a US$100 million (US$1=RM4.66) sustainability-linked Islamic revolving credit facility (RCF-i) to AET, a global owner and operator of maritime transportation assets and specialised services.

This landmark transaction marks the first of such facility in the shipping industry in Southeast Asia, demonstrating both Maybank and AET’s commitments to net-zero greenhouse gas (GHG) emissions, Maybank said.

In a joint statement today, both parties said the maiden RCF-i will support AET’s strategic initiatives to reduce its fleet’s GHG emissions intensity by 40 per cent by 2030, against the 2008 baseline, and achieve its long-term commitment to net-zero GHG emissions by 2050.

Maybank’s role as sole financier of the RCF-i, with Maybank Investment Bank as the sustainability structuring adviser, attests to Maybank group’s position as a sustainability leader in Southeast Asia and a global leader in Islamic finance, they said.

This transaction contributes to Maybank Group’s expanding sustainable financing portfolio and reduction in Scope 3 emissions.

Maybank Group to mobilise RM80 billion in sustainable financing by 2025 and has achieved close to RM53 billion between January 2021 and the third quarter of this year, according to the statement.

Maybank Islamic Group chief executive officer (CEO) Datuk Mohamed Rafique Merican said the group is also embracing ethical banking principles to promote and enhance sustainable development through the principles of protection of the environment.

“We are well-placed as the go-to-bank for holistic, sustainable and shariah-compliant solutions, and to work with organisations that are committed to achieving more sustainable outcomes,” he said.

Maybank Singapore’s head of global banking Gregory Seow said as a purpose-driven bank with a footprint in 10 markets in Southeast Asia, the group is committed to driving long-term value creation for businesses and communities, remaining true to its mission of humanising financial services.

“This maiden sustainability-linked Islamic transaction offers a fixed ceiling rate to provide an element of certainty to AET in this volatile environment, and there is no compounding of charges in the event of late payments,” he said.

-- BERNAMA


BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2024 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy