“Furthermore, we are delighted that our green trade financing facility will also be supporting the global trade flows of palm oil, which is a key export for Malaysia,” said UOB Malaysia chief executive officer Ng Wei Wei.

KUALA LUMPUR (July 25): United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has extended a green trade finance facility to IOI Corp Bhd to aid the group to promote sustainable palm oil and strengthen the global sustainable palm oil supply chain.

In a statement on Monday (July 25), the bank said the finance facility was granted to the oil palm planter under its UOB Green and Sustainable Trade Finance Framework.

It said the green trade financing facility given to IOI Corp will be channelled towards the latter’s sourcing of certified palm oil to support its downstream resource-based manufacturing business as well as its business partners’ activities.

“We are pleased to extend our green trade finance facility to IOI [Corp] to help accelerate its sustainability agenda and to promote sustainable palm oil. IOI [Corp] has taken important steps to mitigate its environmental, social and governance risks such as good overall agronomic practices and building more resilient supply chains.

“Furthermore, we are delighted that our green trade financing facility will also be supporting the global trade flows of palm oil, which is a key export for Malaysia,” said UOB Malaysia chief executive officer Ng Wei Wei.

IOI Corp managing director and chief executive Datuk Lee Yeow Chor noted that UOB Malaysia’s green trade financing facility supports the group’s goal to promote sustainable palm oil and expand its green footprint as it progresses towards net-zero emissions.

Meanwhile, IOI Corp managing director and chief executive Datuk Lee Yeow Chor said the oil palm planter aims to lead in sustainable palm oil production and be at the forefront of sourcing for sustainably produced palm oil.

He noted that UOB Malaysia’s green trade financing facility supports the group’s goal to promote sustainable palm oil and expand its green footprint as it progresses towards net-zero emissions.

“We will continue to work with responsible suppliers and business partners in different parts of our business to strengthen the global sustainable palm oil supply chain,” he added.

IOI Corp’s integrated business activities range from upstream plantation to downstream resource-based manufacturing, which includes the refining of palm oil as well as the manufacturing of oleochemical and specialty oils and fats.

“All its Malaysian plantations are both RSPO (Roundtable on Sustainable Palm Oil) and MSPO (Malaysian Sustainable Palm Oil)-certified. Globally, it has a strong presence in Asia, Europe and the US,” UOB Malaysia also noted.

At the noon break on Monday, IOI Corp was up three sen or 0.75% at RM4.01, giving the group a market capitalisation of RM25.2 billion.