KUCHING: Sarawak Energy has broadened its support for local vendors through new partnerships with Perbadanan Usahawan Nasional Berhad (PUNB) and United Overseas Bank (UOB) Malaysia to pave the way for wider access to financing.

In a statement on Thursday, it said the collaboration, sealed through two Memoranda of Understanding (MoUs), opens financing avenues for working capital, equipment purchases and business growth.

By doing so, the energy utility aims to strengthen vendor capabilities and maintain smooth project delivery throughout its supply chain.

Sarawak Energy Group Chief Executive Officer Datuk Sharbini Suhaili said the company’s vendor development efforts are anchored in collaboration and long-term growth.

He noted that working closely with organisations such as PUNB and UOB enhances local vendors’ ability to secure funding, build capacity and improve performance.

This approach, he added, aligns with the company’s commitment to Sustainable Development Goal 17 which focuses on fostering partnerships that support resilient and inclusive development.

The statement noted that Sarawak Energy’s Vendor Development Programme (VDP) continues to play a key role in strengthening governance, enhancing technical competencies and ensuring clear engagement pathways for its vendors.

“Complementing the VDP is the Vendor Financing Programme, which connects vendors with financial partners to help them secure the resources needed to support ongoing and future projects.

“As a result of these combined efforts, local vendor participation has surged, recording a growth of more than 70 per cent in 2024 compared with the previous year.

“A significant majority of contracts were awarded to Sarawak-based vendors, underscoring the company’s ongoing commitment to nurturing the state’s business community and supporting inclusive economic growth,” added the statement.

Sarawak Energy has previously established similar collaborations with Bank Islam, RHB Bank, SME Bank and Ikhtiar Factoring.

The latest partnerships with PUNB and UOB build on this foundation by widening the range of financing options available to local vendors and reinforcing the robustness of the company’s supply chain ecosystem.

The MoUs were signed at Menara Sarawak Energy on 12 November with Datuk Sharbini signing on behalf of Sarawak Energy while witnessed by Senior Vice President for Legal and Compliance George Chapman.

PUNB was represented by its Chief Executive Officer Izwan Zainuddin and witnessed by its General Manager of Business Division Razlan Bachik.

Meanwhile, UOB Malaysia was represented by its Country Head of Transaction Banking Lucas Chew with Country Head of Wholesale Banking Andy Cheah serving as witness. -UKASnews