Sinar Harian - MSU Receives Penjana Financing Offer of RM50 Million

KUALA LUMPUR - MSU Holdings Sdn Bhd (MSU) is among the 25 private higher education institutions (IPTS) to receive the offer of financing under the Skim Pembiayaan Mudah Jaya (SPiM) initiative of the Pelan Jana Semula Ekonomi Negara (Penjana) for IPTS.

The RM50 million financing offer was presented in a ceremony by PMB Tijari Berhad, the implementing agent for the fund.

Two other IPTS, Malaysia Allied Health Sciences Academy (Mahsa) and City University Malaysia, also received their financing in the same ceremony, with Mahsa receiving RM50 million and City University Malaysia receiving RM28 million.

The Chairman of PMB Tijari Berhad, Mohd Fauzi Rahmat, stated that the total financing offered to the 25 IPTS amounted to RM155.3 million from the RM300 million allocated by the government under Penjana.

However, he mentioned that out of the 25 IPTS, only 13 had submitted complete documents for the financing to be disbursed, totaling RM60.6 million.

“We received applications from nearly 60 IPTS. However, our fund is limited to RM300 million. Meanwhile, the total applications amounted to almost RM500 million.

“We assess the applications based on their creditworthiness, focusing on their need to cover operational costs only, excluding capital expenditure or working capital.

“Each application is also evaluated with field inspections to ensure that the institutions are genuinely affected by the Covid-19 pandemic,” he said at a press conference after the SPiM Penjana IPTS Presentation Ceremony held at Wisma PMB on Friday.

The handover ceremony was officiated by the Minister of Rural Development, Datuk Dr Abd Latiff Ahmad, and witnessed by the Director-General of Majlis Amanah Rakyat (MARA), Datuk Azhar Abdul Manaf, and Executive Director of Mara Corporation, Suhaili Abdul Rahman.

Launched in July 2020, the SPiM Penjana IPTS program, which operates online, is designed to help IPTS entrepreneurs sustain their operations that have been affected by the Covid-19 pandemic.

The target recipients of this funding are Bumiputera IPTS institutions registered under the Private Higher Educational Institutions Act 1996 (Act 555).

Recipients of the financing are required to start repaying the financing in installments beginning in the seventh month after the funds are disbursed to them.

Full Article: Sinar Harian - MSU terima tawaran pembiayaan Penjana RM50 juta
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