AmBank Grants RM498.6 Mln Financing To ProTT

KUALA LUMPUR, Jan 3 (Bernama) -- AmBank Group has provided a financing facility of RM498.6 million to Projek Tetap Teguh Sdn Bhd (ProTT) for the development of its automated storage and retrieval system (ASRS) warehouse in Valdor, Penang.

ProTT, a subsidiary of PTT Synergy Group Bhd (PTT), will use the funds to cover land acquisition, construction, and equipment costs for the warehouse. 

The project is expected to be completed by the first half of 2026 (1H 2026). Upon completion, the ASRS warehouse will offer a capacity of 47,320 palletised positions, according to a joint statement issued today

PTT group managing director Teo Swee Phin said the project serves as a cornerstone of the company’s vision to propel Malaysia's industrial and logistics sector into the future.  

"We are positive that the project will become a benchmark for industrial property development in Malaysia, further solidifying our leadership in smart logistics solutions,” Teo said.  

Meanwhile, AmBank Group stated that the partnership reinforces its strategic role in supporting clients with innovative financial solutions while driving Malaysia’s industrial and economic development forward.  

"This development demonstrates their capability to deliver customised, end-to-end industrial solutions to customers and reaffirms their commitment to advancing their environmental, social, and governance (ESG) agenda," it said.  

The warehouse, equipped with comprehensive Internet of Things (IoT) and artificial intelligence (AI) technologies, will be leased to a multinational semiconductor manufacturer based in Penang.  

-- BERNAMA