About this series
Building Asia is a collection of business stories on CNA that examines the financial forces driving Asia's position as an economic powerhouse.
Rotary Group – Solutions engineered for a global business is the 22nd episode in the Building Asia with UOB series and was first aired on 24 January 2022. It looks at how UOB's highly tailored and unique financing solutions support the growth ambitions and the smooth running of Rotary Group's operations, so they can manage global projects with greater confidence.
Roger Chia (Chairman and Managing Director, Rotary Group of Companies):
Rotary started as a small electrical and instrumentation contractor in 1972.
We have since grown into an engineering, procurement, construction and maintenance company servicing the energy, chemicals, and pharmaceutical industries.
Every project undertaken by Rotary is unique, ranging from chemical plants, to port facilities worldwide.
UOB works closely with our team to understand our working capital needs, ensuring that we are supported with stable funding and credit for smooth operations.
Leong Yung Chee (Head of Corporate Banking, UOB):
Rotary has a good track record of project wins.
In each of these, UOB adopts a tailored approach to structuring a package that fits their requirements.
For example, the Jurong Port project with a value of about S$150 million, was supported through working capital and banker's guarantees, along with performance bonds.
In one of our bids in Qatar, worth about S$500 million, we needed a quick turnaround for the bonds and flexible capital funding at a competitive rate.
When we won the project, UOB provided the required bonds within two weeks.
When we bid for projects, speed and ability to offer creative solutions are key considerations.
Capitalising on the strength of the Rotary Group, the bank offered a centralised global funding system.
This supports the growth of our overseas subsidiaries who don't have to be concerned over project funding support from a local financial institution.
Leong Yung Chee:
We are the first in the market with this unique umbrella facility that was offered to Rotary to respond to its regional needs.
The structure allows for the flexible re-allocation of funding limits across existing, as well as new subsidiaries, within the group.
We have a dedicated team with sectorial expertise for EPC (engineering, procurement, construction), so this is a partnership that goes hand-in-hand.
The strength of this relationship underpins Rotary's capability to secure the contracts they need to fuel their continued strength in the industry.
We are constantly looking to grow our business in new countries and regions.
With UOB having a similar regional presence as Rotary, we look forward to continue working with the bank.