BANGI: Malaysian Industrial Development Finance Bhd (MIDF) is providing RM150mil in financing next year for the Soft Loan Scheme for Automation and Modernisation (SLSAM).
Deputy Minister of Trade and Industry, Datuk Ahmad Maslan, said the allocation was part of the RM750mil set aside for the scheme under the 11th Malaysia Plan.
“Since 2007, MIDF has approved loans totalling RM1.5bil under the scheme to 425 companies,” he told reporters on a field trip to Sapura Industrial Bhd (SIB) and its three subsidiaries – Asian Automotive Steels Sdn Bhd, Sapura Machining Corp Sdn Bhd and Sapura Technologies Sdn Bhd. SIB has obtained a total of RM70mil in financing from MIDF since 1991.
Ahmad said companies eligible for the scheme should be incorporated under the Companies Act 1965 with at least 51% equity held by Malaysians, have a valid business licence and have been in operation for at least two years.
The financing amount was between RM50,000 and RM10mil per application, he said.
