AEON BiG obtains RM150mil funding from HSBC Amanah

KUALA LUMPUR: AEON BiG (M) Sdn Bhd has obtained RM150 million in Islamic financing from HSBC Amanah to support its expansion, fund basic working capital needs, and grow its Shariah-compliant projects.

The financing is crucial to facilitating the expansion plans of the retailer, said AEON in a statement today.

AEON BiG, which is a part of AEON Co Ltd (Japan), currently operates 21 hypermarkets in Malaysia. 

The retailer plans to open its newest store in Seremban on April 5, 2024.

The latest financing from HSBC Amanah will be key to boosting AEON BiG's operations in Malaysia.

HSBC worked closely with AEON BiG and AEON CO to facilitate the transaction.

AEON BiG managing director Sheikh Farouk Sheikh Mohamed said with tailored funding solutions, it is poised to accelerate its growth trajectory, expansion and refurbishment plans to deliver enhanced value to customers while staying true to its core beliefs.

"More and more clients are looking for flexible and scalable financial solutions to help them grow," he said.

HSBC Malaysia head of global banking Christina Cheah said the first Islamic financing for AEON BiG will support its growth in Malaysia and free up working capital essential for the company's operations while also allowing it to focus on other strategic initiatives essential to enable it to achieve its ambition of redefining the country's retail landscape.

"The appetite for innovative Islamic financing solutions is growing amongst both domestic and international clients," she said.

Raja Amir Shah, the chief executive officer of HSBC Amanah, said that through cross-border collaboration with the parent company, AEON Co in Japan, AEON BiG in Malaysia, and HSBC's offices in both Malaysia and Japan, the deal demonstrates how they are leveraging international networks to connect clients with key opportunities offered by Islamic financing.

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