PALMOILMAGAZINE, SINGAPORE – Bank of East Asia, Limited (BEA) and Wilmar International Limited (Wilmar) have recently announced a significant collaboration aimed at advancing sustainable practices in the financial and agribusiness sectors. The two companies have secured a two-year sustainability-linked loan (SLL) worth approximately US$100 million through a signed agreement.
Under the memorandum of understanding, the loan’s interest margin will decrease based on specific sustainability performance targets set by Wilmar. These targets will encompass various environmental, social, and governance (ESG) metrics, reflecting both internal performance indicators and external comparison standards.
One notable criterion is Wilmar’s sustainability inclusivity in the Dow Jones Sustainability (DJSI) World Index, which recognizes the top 10 percent of the 2,500 largest companies globally based on ESG criteria.
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Wilmar’s consistent inclusion in the DJSI World Index for the past three years, since November 2021, underscores its position as a sustainability leader in the agribusiness sector. This achievement underscores the company’s steadfast commitment to integrating sustainability practices into its operations.
As in the official statement to Palmoilmagazine.com, General Manager of BEA Singapore, Oh Ah Guat told his satisfaction to support Wilmar for the second time through the loan that had something to do with sustainability. He also told BEA would be committed more to help every key client in their sustainable practices by emphasizing the positive impacts for the people from the collaboration.
Meanwhile, Chief Operating Officer and Chief Financial Officer Wilmar, Charles Loo told, the company is committed to always implement sustainable and responsible business progress. He emphasized the double goal of SLL would provide not only financial support but also would be the incentive to escalate ESG performance in Wilmar.
Charles Loo continued the company would try the best to take advantage on the capital to positively create the impacts and good result for the communities where Wilmar operates to deliver better and more sustainable future for every related stakeholder. (T2)
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