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business
F&N confident of the future
KUALA LUMPUR: Fra-
ser and Neave Holdings Bhd
(F&N) is ready to adapt and
chart a new course to realise
its vision as a Malaysian-
owned world-class food and
beverage company.
In a statement here yes-
terday, F&N said the non-re-
newal of the Coca-Cola fran-
chise agreements, which was
announced on Wednesday,
would give it the opportunity
to further build on its brand
equity, market presence and
distribution network.
“With the new status,
the company is now able to
launch new products and
venture into new territories
and export markets from
which we were restricted in
the past by the agreements.”
The agreement is due to
expire in January 2010.
F&N group chief execu-
tive officer Tan Ang Meng
said the development was
not expected to have any
material effect on the operat-
ing performance of the group
for the financial year ending
Sept 30, 2009.
“Our financial position
is sound, our business sus-
tainable and diversified and
coupled with our resolve
and determination, we will
overcome and withstand any
eventualities.
“While challenging, our
future is bright and we are
confident,” he said.
Tan said the relationship
between The Coca-Cola Co
and F&N was a dynamic
one and in the course of
the collaboration, there had
been differing perspectives,
viewpoints and expectations.
– Bernama
AEON targets
RM10mil
sales from
partnership
KUALA LUMPUR: AEON
Credit Service (M) Sdn Bhd
has targeted RM10 million
in sales from its latest
business partnership with
Woongjin Coway (M) Sdn
Bhd.
Aeon Credit managing
director Kuroda Naruhito
said yesterday the strate-
gic partnership signified
the company’s move into
rental-based financing.
He said for the business,
the non-performing loan
ratio is expected to be
maintained at below 2%.
Woongjin Coway, part
of a South Korean group, is
targeting a total revenue
of RM44 million with a
sales volume of about
30,000 units this year.
The company expects
40% of its total sales to be
generated through the part-
nership with AEON Credit.
Last year, the company
achieved rapid growth with
a revenue of RM22 million,
up by almost four times
from the 2007 figure.
“With the partnership,
customers are able to
make their monthly pay-
ments more conveniently
through auto-debit at any
of the appointed commer-
cial banks in the country,”
Woongjin Coway manag-
ing director James Park Jae
Young said. – Bernama
theSun
EON Bank Group introduces
two retirement schemes
by Kristene Silva Marie
newsdesk@thesundaily.com
KUALA LUMPUR: EONCAP Islamic
Bank, part of EON Bank Group,
introduced two new financial
schemes for government pen-
sioners and retiring civil servants
yesterday.
“Skim Pem-
biayaan Perib-
adi Gratuiti”
allows govern-
ment servants,
who are four
years or less
from retire-
ment, to apply
for financing
ranging from
RM10,000 to
RM100,000.
The repay-
ment period is
between nine
to 51 months
with a flat profit
rate of 7% per
annum which only commences
upon retirement.
One of the benefits of this
scheme is the bank only executes
repayment deductions once the
gratuity payment commences, giv-
ing the customer a four-year head-
start to build up his finances.
Meanwhile, Skim Pembiayaan
Peribadi Pesara Kerajaan allows
a pensioner to apply for financing
ranging between RM5,000 and
RM100,000.
The repayment period is three
to 15 years (or the age of 70, de-
pending on which comes earlier)
with a flat profit rate of 5.25%
per annum for amounts between
RM5,000 and RM15,000 or 5.50%
for amounts between RM15,001
and 100,000.
The scheme incorporates a
Takaful insurance coverage for
the pensioner at a subsidised
premium and is in line with the
government efforts to encourage
entrepreneurial initiatives.
EONCAP is the first Islamic
| FRIDAY FEBRUARY 20 2009
bank in Malaysia to offer such
services, giving retiring civil serv-
ants an opportunity to plan ahead
of their retirement and facilitate
the need for upfront cash.
Second Minister of Finance
Tan Sri Nor Mohamed Yakcop said
planning for a retire-
EON Bank Group CEO
Albert Lau, Fozia, Nor
Mohamed and EONCAP
Islamic Bank chairman
Datuk Mohd Hussin Abd
Hamid at the launch.
ment is important for the retirees
to have an appropriate level of
income to especially meet their
long-term needs.
“The initiative by EONCAP
Islamic Bank is significant in the
efforts at designing products that
would contribute towards increas-
ing the supply and diversity of
financial instruments to meet the
long-term needs of retirees.”
EONCAP Islamic Bank Bhd
executive director Fozia Amanulla
said a retiree should have the
opportunities to continue his
livelihood and enjoy better quality
of life.
“The two financial planning
schemes may be used to start
a new business venture, settle
outstanding obligations or even
to purchase a retirement home.”
For more information on the
two schemes, log on to www.
eoncap-islamicbank.com.my, call
03-2616 1133 or visit any EON-
CAP Islamic Bank or EON bank
branches nationwide.