MARC Ratings has assigned a “Bronze” Impact Assessment to Global Vision Logistics Sdn Bhd’s (GVL) Sustainability Financing Framework (the Framework). GVL is a joint venture company with four shareholders being Hartamas Mentari Sdn Bhd (30%), Swift Haulage Berhad (25%), Ideal Force Sdn Bhd (15%) and Aspen Vision Properties Sdn Bhd (30%), whose principal activities are that of a property investment holding company, an integrated logistics player, a private equity and investment holding firm and a master property developer, respectively. GVL’s principal business activity is that of general warehousing and storage, property development and investment holding.
The Framework sets out the guidelines for issuances of financing instruments that will finance green projects falling under seven categories: Green Buildings, Renewable Energy, Energy Efficiency, Waste Management, Sustainable Water Management, Clean Transportation and Circular Economy Adapted Products, Production Technologies and Processes.
MARC Ratings is of the opinion that the Framework is aligned with the core components of the Green Bond Principles of the International Capital Markets Association, the ASEAN Green Bond Standards of the ASEAN Capital Markets Forum, the Green Loan Principles of the Loan Market Association, and the Securities Commission Malaysia’s Sustainable and Responsible Investment (SRI) Sukuk Framework.
Proceeds raised from the financing instruments will be channelled towards Eligible Projects as set forth within the Framework. Currently, GVL plans to develop its maiden project, being a logistics complex/hub in Shah Alam with targeted certification of GreenRE Silver and EDGE Advance.
In arriving at the Framework’s Bronze assessment, MARC Ratings assessed the impact of the Use of Proceeds to be significant with clear environmental benefits that directly support 5 of the United Nations’ 17 Sustainable Development Goals.