Hengyi Industries Sdn Bhd (Hengyi Industries) signed an Islamic Syndicated Term Financing Agreement totalling USD263 million with Bank Islam Brunei Darussalam (BIBD), Baiduri Bank and Perbadanan Tabung Amanah Islam Brunei (Perbadanan TAIB), marking the start of a new collaboration between Hengyi Industries and the local financial institutions.
The signing ceremony was held at The Empire Hotel Brunei yesterday.
Hengyi Industries Chief Executive Officer (CEO) Chen Lian Cai, BIBD Board of Director Junaidi bin Haji Masri, BIBD Acting Managing Director and CEO Hajah Noraini binti Haji Sulaiman, Baiduri Bank CEO Ti Eng Hui and Perbadanan TAIB Acting Managing Director Edzwan Zukri bin Pehin Orang Kaya Johan Pahlawan Dato Seri Setia Haji Adanan were the guests of honour.
The event commenced with the recitation of Surah Al-Fatihah and Doa Selamat, followed by remarks from the Hengyi Industries CEO.
Chen highlighted His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam’s titah during His Majesty’s 76th birthday calling for focus on the economic development in the nation towards achieving the goals of Brunei Vision 2035.
“The financing cooperation with BIBD, Baiduri Bank and Perbadanan TAIB is in line with the initiatives of His Majesty, and also symbolises the strong commitment and support by the local financial institutions,” he said.
He added that it also demonstrates Hengyi’s commitment and efforts in supporting the development of the local financial sector.
“Hengyi will continue to work towards our aspiration to become the leading petrochemical plant in the region,” Chen said, noting the company’s sincere hope that BIBD, Baiduri Bank and Perbadanan TAIB will continue to support and help Hengyi grow and be sustainable.
“Together, we shall develop and contribute towards the Sultanate’s downstream sector, local employment and long-term economic growth.”
“Despite the global economic downturn caused by the Covid-19 pandemic, Alhamdulillah the downstream sub-sector has continued to fuel Brunei’s economic growth. This reflects the abundance of opportunities that are present in the sub-sector for institutions like BIBD to play our part as the nation’s Partner in Progress and facilitate opportunities for our partners to upscale their operations and ultimately help to achieve the nation’s economic diversification goals in line with the Brunei Vision 2035,” said BIBD’s Acting Managing Director and CEO Hajah Noraini.
“We are grateful to have established a long-term and healthy working relationship with Hengyi Industries and BIBD, as a Partner in Progress, and continue to strengthen this relationship with Hengyi as we share the same philosophy in developing the human capital in Brunei with a strong sense of responsibility in national projects of this scale and nature.”
As a Partner in Progress, BIBD will continue to support Brunei’s economic diversification efforts while strengthening the country’s position as a regional hub for economic activity and trade.
The event then saw the signing of a financing agreement with the CEO of Hengyi Industries signing on behalf of the company, while the BIBD Acting Managing Director and CEO, Baiduri Bank CEO and Perbadanan TAIB Acting Managing Director signed on behalf of their respective banks.
The event concluded with a group photo session and a presentation of token of appreciation from Hengyi Industries to BIBD, Baiduri Bank and Perbadanan TAIB.
The agreement, signed along with two other local financial institutions namely Baiduri Bank and Perbadanan Tabung Amanah Islam Brunei (TAIB), reinforces BIBD’s long-standing working relationship with Hengyi Industries, and showcases BIBD’s capabilities to facilitate foreign direct investments (FDIs) and deliver on large Syariah-compliant transactions.
The agreement also highlights the importance of in-country liquidity mobilisation to further support the nation’s economic activities.
Also present at the ceremony were senior management and officials from BIBD, Hengyi, Baiduri and Perbadanan TAIB.