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NewsHiap Teck secures RM142m govt funding for Kemaman blast furnace
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Hiap Teck secures RM142m govt funding for Kemaman blast furnace
by hlk Sat 04 May 2013, 19:45
KUALA LUMPUR: Hiap Teck Venture Bhd, which is building a blast furnace in Kemaman, Terengganu, has received part funding for the project from the government and Bank Pembangunan Malaysia Bhd.
It said on Friday its jointly-controlled entity, Eastern Steel Sdn Bhd, has signed a facilitation fund agreement with the government and the bank.
Under
the deal, the government would provide a grant to Eastern Steel of 10%
of the construction costs of the project or RM142mil, whichever is
lower.
The blast furnace project would include the facilities and public infrastructure at Kemaman.
It said on Friday its jointly-controlled entity, Eastern Steel Sdn Bhd, has signed a facilitation fund agreement with the government and the bank.
Under
the deal, the government would provide a grant to Eastern Steel of 10%
of the construction costs of the project or RM142mil, whichever is
lower.
The blast furnace project would include the facilities and public infrastructure at Kemaman.
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