IPOH: Agrobank has offered RM16 million worth of trade working capital financing to Eurofresh Sdn Bhd, a subsidiary of the Perak State Agricultural Development Corporation (SADC).
Eurofresh has been involved in importing frozen meat and seafood for 30 years, and has a range of products from countries such as Australia, New Zealand, Brazil, Chile, India, Korea, China and others.
Menteri Besar Datuk Seri Saarani Mohamad said the collaboration was in line with the state government’s commitment to forge partnerships with various parties to achieve its food security empowerment agenda.
“This strategic move is not only a catalyst for the development of the basic agricultural sector, but can attract the interest of enterpreneurs, especially young people, to venture into the agriculture field,” he said.
A trade working capital financing facility worth RM4 million had been offered to Eurofresh before the strategic collaboration with Perak SADC in 2022.
The financing facility had helped Eurofresh increase its annual sales revenue. In 2022, the compant recorded RM111 million in sales.
Agrobank chief executive officer Datuk Tengku Ahmad Badli Shah Raja Hussin said he was confident that the financing facility could empowering the country’s agriculture sector.
He said as a financial institution with a focus on developing the country’s food supply sustainability.
“This strategic collaboration and funding injection aim to ensure that the development of the trading transaction ecosystem based on agriculture and agro-food can be developed more sustainably.
“It not only strengthens the company’s cash flow, but also helps improve the quality and quantity of production, besides developing socio-economic standards, increasing the level of self-sufficiency and contributing to the country’s economic growth.
“This facility will help Eurofresh achieve higher sales this year,” he said after handling over the financing facility at the state government’s Mesra Meet the Clients Day programme at Stadium Indera Mulia here yesterday.
Tengku Ahmad Badli handed over the facility to Eurofresh chief executive officer Jasmeen Dillon during the ceremony, which was witnessed by Saarani.
Jasmeed said as one of the longest-running companies in the industry, Eurofresh aims to be the leading firm in existing frozen products and the local fresh meat industry.
“This trade financing facility can also support Eurofresh’s goal to meet the demand for the company’s products, especially local fresh meat,” she said.
Perak SADC chief executive officer Yahanis Yahya said the funding could increasing the company’s large-scale food production and help the state government succeed in its food security agenda, which is the first flagship in the Perak Sejahtera 2023 plan.
At the event, Agrobank also presented a gift donation amounting to RM18,000 for the School Edu Farming and Mosque Urban Farming Competition 2022.
The competition was jointly organised by Perak SADC, the Perak Agriculture Department, the state Education Department and the Perak Islamic Religion and Malay Customs Council.
It featured the self-sustainability concept to attract the younger generation and the community to be involved in the agricultural sector.