MIDF DISBURSES RM300.0 MILLION TOWARDS AUTOMATION AND MODERNISATION

Kuala Lumpur, Sunday, 25 February 2007 - Malaysian Industrial Development Finance Berhad Group (“MIDF”) calls for local SMIs and SMEs to exploit the latest financing facility for automation and industrial adjustment, named the Soft Loan Scheme for Automation and Modernisation (“SLSAM”) disbursed by MIDF. Valued at RM300.0 million, the loan is expected to enhance the performance of these companies and further catalyse the development of the industry.

Launched in February this year, the MIDF-administered loan,, is channelled by the Government via the Ministry of International Trade and Industry (“MITI”), MITI recently announced its target to approve 37,000 loans under various Government schemes this year, aside from approvals for banking and developmental financial institutions of RM51.0 billion in loans to 110,000 SMEs.

MIDF Group Managing Director Encik Mohd. Najib Hj. Abdullah commented, “This is the opportune time to exploit such opportunities through our various loan schemes, especially with MIDF’s decades of expertise and experience in extending fixed asset and working capital financing to SMEs in Malaysia. The manufacturing sector accounted for 92.5% of the total cumulative number of financing facilities approved and 78.4% of the total value of approvals at MIDF since its inception 47 years ago.”