SEB’s RM19.2b energy fund may be downsized

By ISABELL E FRANCIS
SARAWAK Energy Bhd's (SEB) proposed energy fund, meant for RM19.2 billion worth of projects, may be downsized and raised in other currencies than the US dollar given the current economic situation, said Asian Finance Bank Bhd's (AFB) top official.
AFB is one of the consortium members backing the proposed energy fund. Others are Kuwait Finance House Malaysia Bhd, RHB Islamic Bank Bhd and Unicorn International Islamic Bank Malaysia Bhd.
AFB CEO Datuk Mohamed Azahari Kamil told The Malaysian Reserve that the proposed fund is being brought back to the drawing board for a review. "It is being reviewed at this point of time. We may need to downsize the fund and do it by phases. The initial budget set may not be appropriate in the current situation.
"While the fund is something we want to push through, we also have to get real given the present scenario. One or two months down the road, when we get a clear direction, then we can determine a price.
"We may look at raising the fund in other currencies than the US dollar as it is expensive to source US dollars in the market now," he said in a recent interview.
(The Malaysian Reserve, Oct 20, 2008, Page 1)