Maybank moves to supercharge Johor-Singapore SEZ with RM2.35b investments
KUALA LUMPUR, May 19 — Malayan Banking Bhd (Maybank) has signed a letter of intent (LOI) with the Ministry of Economy to support the Johor-Singapore Special Economic Zone (JS-SEZ) and facilitate up to RM2.35 billion in client investments over the next three to 10 years.
Maybank said the LOI covers four key areas - financing support; promotion and global visibility; collaboration on events and stakeholder engagement; and research and thought leadership.
It said under financing support, Maybank would, among others, facilitate financing, including green financing and Islamic financing for critical new technologies and infrastructure development and provide comprehensive trade finance solutions, investment guarantees and credit facilities to attract foreign direct investments.
President and group chief executive officer Datuk Khairussaleh Ramli said Maybank has launched several initiatives to position the zone as a regional hub, including strengthening the local ecosystem by upskilling micro, small and medium enterprises in the areas of supply chain and halal facilitation and establishing a JS-SEZ Desk to drive investments.
'Maybank has been taking the lead in supporting clients in strategic sectors such as data centres, infrastructure and semiconductor and facilitated the approval of the first single family office in Malaysia and the Forest City Special Financial Zone,' he said in a statement.
At the JS-SEZ Partners' Dialogue: Advancing Facilitation event hosted by the Ministry of Economy today, Maybank said it facilitated the submission of LOIs by Singapore-headquartered clients: Alpine Renewables and Edible Oils Pte Ltd (Alpine), Centurion Corporation Ltd (Centurion) and Thomson Medical Group Ltd (TMG).
It said these intended investments contribute to the development of the 11 JS-SEZ economic sectors,
particularly in the green economy, manufacturing, logistics and healthcare, and align with the Madani Economy's aspirations of creating new growth engines, and adding high value jobs.
'In anticipation of surging demand for sustainable biofuels, Alpine's subsidiary, Alpine Assets Management Sdn Bhd, plans to invest approximately RM350 million over the next three years to develop a Renewable Energy Feedstock Pretreatment and Renewable Biodiesel Refinery Facilities in the Tanjong Langsat Industrial Port.
'The project has a forecasted throughput of approximately 600,000 metric tonnes of renewable feedstock oil into biofuel finished product, which would strengthen the port's position as a major biofuel bunker supplier for the marine fuel market,' it said.
Meanwhile, an owner and manager of workers and student accommodation, Centurion, has expressed interest in investing RM300 million to RM500 million in the next five years to double its bed capacity in the JS-SEZ, and address the priorities of employers in key sectors of the JS-SEZ for Centralised Living Quarters, according to Maybank.
It said TMG specified a strong interest to invest up to RM1.5 billion over the next ten years to develop Thomson Hospital Iskandariah, located on a 1.5-hectare site in Stulang, Iskandar Malaysia. This would create approximately 1,500 jobs across clinical, research, specialist physicians and support services, including healthcare technologies. — Bernama
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