MTDC plans to set up new private fund by year-end — Norhalim

SEREMBAN: Malaysian Technology Development Corporation (MTDC) plans to establish a new private fund by year-end to help recipients expand their business further.

Chief executive officer Datuk Norhalim Yunus said the fund with a target of RM500 million would complement the existing government funds.

“We want to set up funds to give out financing so that MTDC can become a fund company that can stand on its own, as now our responsibility entrusted by the government is to manage government funds.

“We want to have our own fund which will be raised from the market to enable us to help the companies. We also want to complement our existing funds, namely government funds.

The upcoming fund, which is a private fund, is to help companies which need bigger funding,” he said to Bernama here.

He said this after launching the MTDC Reunites programme, an annual programme to gather MTDC fund recipients to share their business experience, strengthen networking, as well as resolve issues such as commercialisation.

The two-day programme, which began yesterday, was attended by 50 participants.

Elaborating, Norhalim said without the private fund, companies that needed bigger funding, for example, RM150 million to expand their business, could not be assisted.

“We might not be able to reap the benefits from this business expansion in terms of it creating job opportunities, pay tax, and others. So, if we have additonal funding, we can provide financing to more companies.

Towards this end, the MTDC Board of Directors has agreed to establish a new fund with fundraising from the market to finance companies for their later stages of expansion, which they are not qualified under the existing funds,” he said.

On the programme, Norhalim said it was to enable the participants to discuss matters relating to listing on Bursa Malaysia Securities and exporting.