After more than one year of joint effort from all parties involved, a series of work including due diligence, credit analysis, facility approval, etc on Alliance Steel (M) Sdn Bhd Syndication Project has finally been completed. The first drawdown under the Syndication was made on 25th Oct 2016, after meeting all the condition precedents in accordance with the provisions & regulations of Malaysian central bank.

Jointly invested by Guangxi Beibu Gulf International Port Group which is the core customer of ABOC Guangxi branch, and Guangxi Shenglong Metallurgical Co Ltd in Malaysia, Alliance Steel (M) Sdn Bhd’s venture is one of the key projects to implement “One Belt One Road” strategy. The project took the lead of construction works in Malaysia-China Kuantan Industrial Park (MCKIP), the first Malaysia-China collaboration project in the country to be accorded national-level status. The whole project will see an investment of USD1.41 billion, of which the Singapore branch and the Guangxi branch undertake USD200 million jointly. Construction work on the steel mill was commenced in 2015 and is expected to be ready by end of 2017. The completed MCKIP is highly anticipated to bring in a large number of upstream & downstream steel players, forming a solid and comprehensive steel industry base which will boost local economy significantly.