DBOS to have RM500 million in paid-up capital by Jan 2018

The DBOS logo

KUCHING: The state-owned Development Bank of Sarawak (DBOS) will have a paid up capital of RM500 million once it begins operating in January 2018.

This was announced by Chief Minister Datuk Patinggi Abang Johari Tun Openg at the launching of DBOS at a leading hotel here yesterday.

He added that the bank will focus on several fronts such as infrastructure development, development in the oil & gas industry, renewable energy, urban transport, telecommunication, digital economy, healthcare and integrated agriculture.

DBOS is the way forward for the state to speed up its development through the provision of financial facilities such as term loans, bridging loans and revolving credit facility for working capital financing, loan syndication and bank guarantees.

“These strategic projects will be financed with the state’s own resources through the service of the DBOS.

“We have learnt from some developed countries that they owe much of their success to their ability to use their own home-grown resources.

“We want to invest in some specific areas in order to harness the vast potential of our resources, increase consumption in order to further boost our domestic economy in the long term.”

Also present at the ceremony was Deputy Chief Minister 1 Datuk Amar Douglas Uggah Embas and Deputy Chief Minister 3 Datuk Amar Awang Tengah Ali Hasan.

On the appointment of the board of directors, Abang Johari said having the right expertise from various sections of the community to helm and manage DBOS has always been foremost in his mind when the bank was being incorporated.He said being a state-owned bank it is only appropriate that the Chairman is the State Secretary Tan Sri Mohamad Morshidi Abdul Ghani.

Also in the Board of Directors is the Deputy State Financial Secretary Datu Laura Lee Ngien Hion and three others who are professionals with wide experience in related fields.

Dato Sharkawi Alis, is a lawyer heading various business entities in the property, investment and insurance sector; Christopher Adrian is a successful consultant engineer who is involved with various infrastructure development projects in the state, while Ho Swee Huat, also with a vast experience in the securities and banking industries.

Meanwhile, DBOS’ chief executive officer (CEO) Sim Kheng Boon has many years of experience in the banking and securities sector.

“Sarawak has no lack of talent and expertise in the banking sector,” the chief minister added. “In the appointments, we want to be fair.

“Therefore, we strive to ensure a mixed of people in the board of directors, as well as later on in the group of people who are going to be involved in the everyday management of the bank.

“I must stress on the criteria we considered for all these appointments is professionalism and the level of experience – above all else,” he said.

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