FE Green PET Secures RM150 Mln In Sustainable Financing From HSBC Malaysia
KUALA LUMPUR, Oct 14 (Bernama) -- Taiwan’s Far Eastern New Century Group (FENC), through wholly-owned subsidiary FE Green PET (M) Sdn Bhd (FE Green PET), has secured RM150 million in green and sustainability-linked financing from HSBC Bank Malaysia Bhd.
In a statement today, the bank said the financing marked FENC’s global debut in green and sustainability-linked financing, which is to fund the expansion of FE Green PET’s recycled polyethylene terephthalate (rPET) resin production plant in Melaka.
This will support the construction phase and post-commercial operation of the project.
HSBC Malaysia said the plant will have the capacity to produce 50,000 metric tonnes of rPET from post-consumer recycled (PCR) content annually.
“This strategic investment not only showcases the increasing trend of Taiwanese companies investing in Malaysia amid supply chain shifts but also reinforces FE Green PET’s dedication to sustainable practices.
“This investment aligns well with Melaka's Industrial Booster initiative and will play a pivotal role in bolstering the state's vision of transforming into a green state economy hub, with well-developed infrastructure enabling fast global imports and exports,” it added.
HSBC Malaysia head of global trade solutions Shreyas Krishna said the collaboration between FE Green PET and HSBC signifies a stride towards a more sustainable future, promoting a circular economy and responsible manufacturing practices.
“Through the cross-border collaboration with the parent company FENC in Taiwan, FE Green PET and HSBC’s offices in both Malaysia and Taiwan, the deal highlights our ability to leverage our international network to connect clients with key opportunities offered by sustainable finance,” he said.
-- BERNAMA