RHB OFFERS RM20 MLN TERM LOAN TO HUAZONG FOR NEW HQ

16 Jul 2013 07:54

(Amending first line, para 9. Shld read "He said..." Herewith corrected version in full)

KUALA LUMPUR, July 15 -- RHB Bank Bhd is offering RM20 million term loan to the Federation of Chinese Associations Malaysia (Huazong) to partly finance the construction cost of the association's new headquarters.

The loan will be spread over a 10-year period.

Huazong is a non-profit and non-political national organisation, which represents major Chinese associations throughout Malaysia, currently operating at a rented office since 1991.

The new building with an estimated cost of RM70 million will be built on a 3.5-hectare land located on a highly accessible site between Sungai Besi/Besraya and Plus highways and is adjacent to University Putra Malaysia.

"We have successfully raised RM50 million from the public for our building fund and will continue to raise donations for the building," said Huazong President Tan Sri Pheng Yin Huah at the signing of the term-loan facility with RHB Bank here today.

The 12-storey building will comprise an office block, a multi-purpose hall which can accommodate 1,500 people for banquet purposes, an auditorium with a seating capacity of 800 people, a museum, a library, a restaurant and two levels of basement car park.

The construction, which started in March this year, is expected for completion by June 2014.

"Today we turn 100 years old, I am truly happy that we are signing an important agreement with Huazong on such a memorable day," said Kellee Kam, Group Managing Director of RHB Banking Group in a speech at the signing ceremony.

He said RHB had an acceptance loans for business banking sector for small and medium enterprises of RM1.3 billion up to May 2013. The bank recorded an acceptance loans of RM2.96 billion last year.

Asked on the bank's loan growth outlook, Amy Ooi Swee Lian, Executive Vice President and Director of Business Banking of RHB Bank said: "We are not affected by the latest Bank Negara Malaysia regulation as it focused more on the consumer banking sector."

-- BERNAMA

SPSA KAL NN