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Affin Bank offers contract financing package designed specially for contractors who lack collateral to apply for loans. | | AFFIN Bank Bhd has introduced a contract financing package designed specially for contractors who lack collateral to apply for loans. The package includes overdraft, letter of credit, trust receipt, bank guarantee and foreign exchange facilities. It is initially aimed at Ministry of Defence (Mindef) contractors. The package is to be made available to contractors of other government ministries and agencies later. Chief executive officer Datuk Seri Raja Aman Ahmad said Affin’s contract financing requires minimal collateral commitment from the borrowers. “The bank will provide capital to the contractors and payments will be made directly to the bank by awarding parties to settle the loans by contractors,” he added. The financing amount and facilities will be determined based on the applicant’s cash flow and contract requirements. Key evaluation features include the actual cost of contract, track record and capabilities of the contractor to perform the contract. One of the main objectives of Affin’s contract financing is also to make loan schemes accessible to local contractors who have the ability to secure or have already secured government contracts. Lembaga Tabung Angkatan Tentera controls 41.9 per cent of Affin Holdings Bhd, the parent company of Affin Bank. The package offers financing of up to 90 per cent of the contract cost for supply contracts or up to 55 per cent of the project sum for construction contracts. The maximum total financing amount is RM30 million per contract. The minimum contract value to apply is RM1 million for supply contracts and RM3 million for construction contracts. “We hope our contract financing portfolio will increase to RM500 million by the end of next year from RM270 million currently,” Raja Aman told reporters after the launch in Kuala Lumpur yesterday. Contract financing contributes roughly 6 per cent to Affin’s total loans. The bank’s total loan portfolio stands at RM16 billion with loans to small and medium industries amounting to about 25 per cent. Meanwhile, on the issue of stockbroker KAF Seagroatt and Campbell Bhd buying a 30 per cent stake in Affin Bank, Raja Aman said he hopes the deal will be signed by the end of the year. “They are just doing the due diligence now,” he added. In August, Affin Holdings and KAF entered into a memorandum of understanding to discuss the latter’s proposed acquisition of up to 30 per cent equity interest and management participation in Affin Bank. Source : NST 18/10/2002 |
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