Latest news with #BPMB
The Star
7 days ago
- Automotive
- The Star
BPMB, Hartasuma in RM367mil cable car agreement
Hartasuma Sdn Bhd executive director Tan Sri Ravindran Menon (seated, right) and Bank Pembangunan Malaysia Bhd (BPMB) group head of coverage Gerald Goh (seated, left) signing the financing agreement for the Penang Hill Cable Car Project. Witnessing the ceremony (from left) are BPMB managing director, group corporate & investment banking Mohamed Nazri Omar, Penang Chief Minister Chow Kon Yeow and Hartasuma chairman General (R) Tan Sri Zulkiple Kassim. PETALING JAYA: Bank Pembangunan Malaysia Bhd (BPMB) and Hartasuma Ropeways Sdn Bhd, a wholly owned special-purpose vehicle or SPV under Hartasuma Sdn Bhd, have formalised their partnership for the new Penang Hill cable car project. The project aims to enhance access to Penang Hill. It will expand connectivity to the Penang Hill Biosphere Reserve and boost the state's tourism sector. The project is a key infrastructure initiative with a financing facility valued at RM367.2mil. Hartasuma Ropeways, as the long-term concessionaire, will be responsible for developing, financing, operating and maintaining the entire cable car system. BPMB group corporate and investment banking managing director Mohamed Nazri Omar said the financing reflects BPMB's commitment as a development financial institution to support sustainable infrastructure that delivers long-term social and economic benefits. 'This RM367.2mil financing facility reflects our focus on supporting sustainable tourism infrastructure that generates long-term social and economic benefits. 'By enabling the Penang Hill cable car project, we are helping to strengthen Penang's position as a world-class tourism destination and create meaningful opportunities for the community,' he said at the memorandum of understanding signing ceremony in George Town yesterday. Designed to carry up to 1,400 passengers per hour in each direction, the Penang Hill cable car will be a 10-minute, 2.73-kms journey from the Penang Botanical Gardens to the summit. There will be three main stations, the Garden Station at the foothill, the Turn Station mid-way and the Hill Station at the top. It will offer an alternative transport mode to the existing funicular railway. The Penang Hill cable car project is scheduled for completion by December 2026. It will undergo a three-month trial and 'a dry commissioning' phase before being opened to the public. — Bernama
The Star
7 days ago
- Automotive
- The Star
BPMB, Hartasuma ink RM367.2mil deal for Penang Hill cable car project
Hartasuma Sdn Bhd executive director Tan Sri Ravindran Menon (seated, right) and Bank Pembangunan Malaysia Bhd (BPMB) group head of coverage Gerald Goh (seated, left) signing the financing agreement for the Penang Hill Cable Car Project. Witnessing the ceremony (from left) are BPMB managing director, group corporate & investment banking Mohamed Nazri Omar, Penang Chief Minister Chow Kon Yeow and Hartasuma chairman General (R) Tan Sri Zulkiple Kassim. GEORGE TOWN: Bank Pembangunan Malaysia Bhd (BPMB) and Hartasuma Ropeways Sdn Bhd, a wholly owned special purpose vehicle (SPV) under Hartasuma Sdn Bhd, formalised their partnership today for the new Penang Hill cable car project. The project aims to enhance access to Penang Hill. It will expand connectivity to the Penang Hill Biosphere Reserve and boost the state's tourism sector. The project is a key infrastructure initiative with a financing facility valued at RM367.2 million. Hartasuma Ropeways, as the long-term concessionaire, will be responsible for developing, financing, operating and maintaining the entire cable car system. BPMB group corporate and investment banking managing director Mohamed Nazri Omar said the financing reflects BPMB's commitment as a development financial institution to support sustainable infrastructure that delivers long-term social and economic benefits. "This RM367.2 million financing facility reflects our focus on supporting sustainable tourism infrastructure that generates long-term social and economic benefits. "By enabling the Penang Hill cable car project, we are helping to strengthen Penang's position as a world-class tourism destination and create meaningful opportunities for the community," he said at the memorandum of understanding (MoU) signing ceremony here today. BPMB group head of coverage Gerald Goh and Hartasuma executive director Tan Sri M Ravindran signed the MoU, witnessed by Penang Chief Minister Chow Kon Yeow. Mohamed Nazri said the project marks BPMB's first blended finance initiative, combining debt financing and equity investment of up to RM30 million via subsidiary BPMB Dana Sdn Bhd. Meanwhile, Ravindran said the project is about creating a shared legacy that future generations can connect with. "With this milestone now achieved, the focus will shift towards execution to deliver a transformative, globally admired experience by early 2027,' he added. Chow said the cable car project reflects Penang's vision for sustainable tourism, balanced development and long-term planning. "Today's signing ceremony is more than just a financing milestone. With ridership on the funicular surpassing one million this year and major transformation underway at the Astaka food court, the need for this project is urgent. "The cable car will not replace the funicular, but complement it. It will alleviate congestion, enhance visitor experience and strengthen preparedness during peak periods," he said. Designed to carry up to 1,400 passengers per hour in each direction, the Penang Hill cable car will be a 10-minute 2.73-kilometre journey from the Penang Botanical Gardens to the summit. There will be three main stations, the Garden Station at the foothill, the Turn Station mid-way and the Hill Station at the top. It will offer an alternative transport mode to the existing funicular railway. The Penang Hill cable car project is scheduled for completion by December 2026. It will undergo a three-month trial and "a dry commissioning' phase before being opened to the public. - Bernama
The Star
06-08-2025
- Business
- The Star
BPMB commits RM367.2mil to back Penang Hill cable car project
(From left) BPMB managing director of group corporate and investment banking Mohamed Nazri Omar, Chief Minister Chow Kon Yeow, BPMB group head of coverage Gerald Goh, Hartasuma executive director Tan Sri Ravindran Menon and Jen (R) Tan Sri Zulkiple Kassim at the signing ceremony. GEORGE TOWN: A 10-minute ride through the air to Penang Hill is set to become a reality, with Bank Pembangunan Malaysia Berhad (BPMB) committing RM367.2mil to back the hill's cable car project. The financing deal with project concessionaire Hartasuma Sdn Bhd marks a major step forward for the much-discussed plan to improve access to Penang Hill. Once completed, the cable car system will have a carrying capacity of up to 1,400 passengers per hour in each direction, offering a quicker, more scenic journey from the Penang Botanic Gardens to the summit. The project also supports Penang's broader goals for sustainable tourism and long-term infrastructure development. Hartasuma, an established player in transport engineering, will develop, finance, operate and maintain the system. At the signing of the financing facility agreement here on Wednesday (Aug 6), BPMB managing director Mohamed Nazri Omar said the project reflects the bank's role in supporting national development with impact-driven capital. 'This is BPMB Group's first blended finance initiative, combining debt financing and equity investment,' he said. 'We are proud to support a project that builds on Penang Hill's longstanding appeal as a premier eco-tourism destination. "Visitor numbers are steadily rebounding with 1.8 million in 2024, up from 1.6 million the year before, and approaching pre-pandemic levels of 1.9 million. "With the cable car in place, annual visitation is expected to nearly double, reaching up to 3.96 million by 2035 — a clear sign of the project's potential to elevate Penang Hill's appeal on the global stage. 'More than just a transport solution, the cable car offers resilience and capacity. In doing so, it not only enhances the visitor experience but also unlocks new socio-economic opportunities with up to 300 jobs created during construction and over 100 more during operations,' he added. The equity portion of up to RM30mil is structured via Musharakah under BPMB Dana Sdn Bhd and supported by the National Energy Transition Facility (NETF), aligning the project with Malaysia's low-carbon transition agenda. Hartasuma Executive Director Tan Sri Ravindran Menon called the cable car a legacy project that will be remembered for generations. He said the system is expected to be ready by early 2027. "We are building more than a cable car. We are building a shared memory, one that will be passed down in stories of those who journey here," Ravindran added. Chief Minister Chow Kon Yeow said the cable car will complement—not replace—the funicular, helping manage the growing number of visitors. 'This project is no longer theoretical. It is urgent,' he said. As a long term plan, Chow told reporters later that the state was exploring the possibility of extending the cable car to Gurney Bay, 2.5km away, after it is up and running.
New Straits Times
06-08-2025
- Business
- New Straits Times
BPMB, Hartasuma ink RM367.2mil deal for Penang Hill cable car project
GEORGE TOWN: Bank Pembangunan Malaysia Bhd (BPMB) and Hartasuma Ropeways Sdn Bhd (Hartasuma Ropeways), a wholly owned special purpose vehicle (SPV) under Hartasuma Sdn Bhd (Hartasuma), today formalised their partnership for the new Penang Hill cable car project. This marks the launch of a major infrastructure initiative aimed at improving access to Penang Hill, expanding connectivity to the Penang Hill Biosphere Reserve, enhancing the visitor experience and supporting the state's long-term tourism growth. The RM367.2 million financing facility represents a major step forward for the project as it moves towards full-scale construction. As the long-term concessionaire for the Penang Hill cable car development, Hartasuma Ropeways will be responsible for developing, financing, operating and maintaining the entire system. The cable car will serve as an alternative mode of transport to the existing funicular railway, helping to accommodate the sharp increase in visitors to Penang Hill. Designed to carry up to 1,400 passengers per hour in each direction, the system will provide a 10-minute journey from the Penang Botanical Gardens to the summit — offering a more efficient, scenic and accessible option, especially during peak periods and funicular maintenance downtimes. BPMB group corporate and iInvestment Banking managing director Mohamed Nazri Omar said as a development financial institution, it is committed to delivering impact capital that drives national development and empowers local economies. "This RM367.2 million financing facility reflects our focus on supporting sustainable tourism infrastructure that generates long-term social and economic benefits. "By enabling the Penang Hill cable car project, we are helping to strengthen Penang's position as a world-class tourism destination and create meaningful opportunities for the community," he said. This project also marks BPMB's first blended finance initiative, combining debt financing from it and equity investment through its subsidiary BPMB Dana Sdn Bhd. The equity portion is further supported by the National Energy Transition Facility (NETF), a strategic allocation by the Economy Ministry to accelerate Malaysia's shift to a low-carbon economy. Backed by a combined equity investment of up to RM30 million structured via Musharakah, this structure demonstrates BPMB's commitment to innovative financing models that crowd in both public and private capital. The investment also supports three key NETF energy transition levers: Energy Efficiency, Renewable Energy and Green Mobility. Hartasuma executive director Tan Sri Ravindran Menon said they are building more than a cable car. "We are building a shared memory - one that will be passed down in stories, revisited in photographs and treasured in the hearts of those who journey here. "That is the legacy we are proud to help bring to life. Securing this financing facility is a defining moment - not just for Hartasuma, but for Penang Hill and the many stakeholders who believe in its potential. "It reflects the confidence placed in this project's vision, its long-term value and the capability of Hartasuma Ropeways to deliver with discipline and purpose," he added. He said with this milestone now achieved, the focus shifted fully toward execution to deliver a transformative, globally admired experience by early 2027. "This is a legacy project and we are proud to carry it forward with the commitment and care it deserves," he noted. Meanwhile, Chief Minister Chow Kon Yeow emphasised the broader aims of the project and its wide-ranging implication. He said today's signing ceremony was more than just a financing milestone. "It is a decisive step forward on a project that carries deep meaning for Penang. The Penang Hill cable car reflects our vision for sustainable tourism, balanced development and long-term planning. "With ridership on the funicular surpassing one million this year and major transformation underway at the Astaka, the need for this project is no longer theoretical - it is urgent. "The cable car will not replace the funicular, but complement it, alleviating congestion, enhancing the visitor experience and strengthening our preparedness for peak periods in a sustainable manner," he stressed. According to Chow, the partnership between Hartasuma and BPMB allows us to act while momentum is strong and public confidence is high,' Environmental stewardship is embedded into every phase of the project, from sustainable construction techniques and solar energy integration to ecological safeguards that preserve the hill's unique biosphere. In addition to its environmental focus, the project is projected to create nearly 400 jobs, foster youth training programmes and ensure inclusive access for people with disabilities, expanding its positive impact well beyond the tourism sector. In June, Chow said piling works at the project site were progressing smoothly and the state government believed the project would be completed within the scheduled time frame. The Penang Hill cable car project is scheduled for completion by December next year, after which it would undergo a three-month trial and 'dry commissioning' phase before being officially opened to the public. In June last year, Prime Minister Datuk Seri Anwar Ibrahim launched the Penang Hill cable car project, marking a milestone in the state's efforts to enhance Penang's tourism infrastructure, improve connectivity and accessibility to Penang Hill and transform it into a must-visit historic landmark.
The Sun
12-06-2025
- Business
- The Sun
KUSKOP to enhance collaboration with BPMB to expand financing access for entrepreneurs
KUALA LUMPUR: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP), through its agencies, aims to enhance collaboration with Bank Pembangunan Malaysia Berhad (BPMB) to expand access to financing for high-potential entrepreneurs, particularly youth, women, and the Indian community. Deputy Minister Datuk Seri R. Ramanan said this was among several strategic proposals discussed during his meeting with BPMB chairman Datuk Sulaiman Mohd Tahir and chief executive officer Datuk Muzaffar Hisham, who paid him a courtesy call. 'I am confident this synergy will open up greater opportunities for local entrepreneurs and strengthen the national entrepreneurial ecosystem towards greater sustainability and inclusivity,' Ramanan shared in a Facebook post today. He said the meeting was held following the significant development that saw EXIM Bank and SME Bank now become wholly-owned subsidiaries of BPMB effective May 1, which has been seen as a strategic realignment in strengthening the country's network of development financial institutions. Ramanan said the meeting also opened a space for constructive discussion on BPMB's important role in supporting the country's development agenda, particularly through high-impact development financing that can drive the growth of the entrepreneurship and small and medium enterprise (SME) sectors. 'I welcome BPMB's commitment in spearheading financing that is in line with national aspirations under the MADANI Economy framework, which emphasises the principles of sustainability, prosperity and the well-being of the people in an inclusive manner,' he added.
