logo
Over 4,000 unlicensed factories in Selangor

Over 4,000 unlicensed factories in Selangor

The Star23-05-2025
Ng (seated, fourth from left) at the press conference after chairing the meeting on illegal factories. — KK SHAM/The Star
A TOTAL of 4,170 unlicensed factories have been identified operating illegally throughout Selangor.
State local government and tourism committee chairman Datuk Ng Suee Lim said this marked a reduction from the over 6,000 premises previously recorded.
'This updated figure follows a comprehensive whitening exercise carried out by the special committee on illegal factories.
'It serves as the foundation for the three-year Legalising of Unlicensed Factories programme (PPKTK), running from 2024 to 2027,' Ng said at a press conference after chairing a meeting by the standing committee on illegal factories at Bangunan Sultan Salahuddin Abdul Aziz Shah (SSAAS) in Shah Alam.
The meeting was attended by representatives from several state agencies including the Selangor Land and Mines Office (PTGS) and Selangor State Economic Planning Unit (Upen).
Ng said Selangor aimed to assist unlicensed factory operators in transitioning to legal operations.
'However, enforcement action will be taken against those who continue to refuse to come forward,' Ng warned.
'So far, 90 notices under Section 7A have been issued, and the state government expects to issue 500 notices by July.
'These notices instruct landowners to restore land that has been misused, such as for the construction of factories on agricultural land,' he said.
Ng identified Klang and Petaling as focus areas for enforcement, due to the number of structures built on government land without approval.
'There are 17 factories in Klang and 51 in Petaling operating on government land, including road reserves.
'These include furniture factories, lorry depots, machinery workshops, aluminium workshops, and storage areas for heavy machinery like forklifts,' he said.
Ng emphasised that the legalisation offer was a final opportunity for operators to come forward.
'The state government is being fair to all parties.
'It is not right for compliant factories operating in industrial zones to be burdened by illegal competitors,' he said.
It was previously announced that the legalisation programme would adopt a dual approach of incentives and enforcement.
Among the special offers are a 30% discount on land premiums, development charges, and contributions to the Infrastructure Services Fund (ISF).
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Oxford Innotech's IPO oversubscribed by 3.42 times
Oxford Innotech's IPO oversubscribed by 3.42 times

The Star

time8 hours ago

  • The Star

Oxford Innotech's IPO oversubscribed by 3.42 times

KUALA LUMPUR: Oxford Innotech Bhd's (OXB) initial public offering (IPO) has been oversubscribed by 3.42 times ahead of its listing on the ACE Market of Bursa Malaysia on July 29. The integrated engineering solutions provider said its IPO will involve a public issue of 143.5 million new ordinary shares at an issue price of RM0.29 per share, representing 20.2% of the enlarged share capital and expected to raise RM41.6mil in proceeds. In addition, 50 million existing shares, or 7.0% of the enlarged share capital, will be offered via private placement to selected investors and Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI). OXB received 2,729 applications for 156.94 million issue shares valued at approximately RM45.51mil for the 35.5 million shares allocated to the Malaysian public, resulting in an overall oversubscription rate of 3.42 times. For the Bumiputera portion, OXB received 1,039 applications for 36.71 million issue shares, translating to an oversubscription rate of 1.07 times. Meanwhile, the public portion attracted 1,690 applications for 120.22 million issue Shares, resulting in an oversubscription rate of 5.77 times. The 27.0 million issue shares allocated to eligible directors, employees, and contributors to the group were fully subscribed. Managing director Ng Thean Gin said the proceeds raised would play a pivotal role in accelerating the group's strategic expansion plans, enabling it to scale more decisively and enhance its capabilities. 'The market for modular building systems is evolving, driven by the global demand for energy-efficient, cost-effective alternatives in construction. At the same time, the semiconductor manufacturing equipment market ­— projected to reach US$142.7bil by 2030 from US$92.5bil in 2024 — is on an upward trajectory, fuelled by rising demand for electronics and smart devices. 'With these trends in motion, we will continue to serve as a dependable partner to our customers, delivering solutions that meet today's industry needs while anticipating those of tomorrow,' Ng said in a statement. Of the RM41.6mil raised, RM23.1mil (55.5%) will fund a new factory, RM11.2mil (26.9%) will go toward machinery purchase and refinancing, RM3.3mil (8.0%) is set aside for working capital, and RM4mil (9.6%) for listing expenses. Malacca Securities serves as the principal adviser, sponsor, underwriter and joint placement agent, with Kenanga Investment Bank Bhd acting as joint placement agent, and WYNCORP Advisory Sdn Bhd as the corporate finance adviser for the IPO exercise.

Oxford Innotech IPO oversubscribed 3.42 times ahead of ACE Market debut
Oxford Innotech IPO oversubscribed 3.42 times ahead of ACE Market debut

The Sun

time8 hours ago

  • The Sun

Oxford Innotech IPO oversubscribed 3.42 times ahead of ACE Market debut

PETALING JAYA: Integrated engineering solutions provider Oxford Innotech Bhd (OXB) has seen strong demand for its initial public offering (IPO), with shares oversubscribed by 3.42 times ahead of its listing on the ACE Market of Bursa Malaysia. Managing Director Ng Thean Gin described the oversubscription as a clear vote of confidence in the company's future prospects and a reflection of its track record. 'The proceeds raised will play a pivotal role in accelerating our strategic expansion plans, enabling us to scale more decisively and enhance our capabilities,' he said in a statement. Ng added that the market for modular building systems is evolving, driven by increasing global demand for energy-efficient and cost-effective construction solutions. 'At the same time, the semiconductor manufacturing equipment market — projected to grow from US$92.5 billion in 2024 to US$142.7 billion by 2030 — is on an upward trajectory, supported by rising demand for electronics and smart devices,' he noted. Through its subsidiaries, OXB provides integrated engineering solutions with a focus on precision-engineered components, mechanical assembly solutions, and automation and robotics. OXB's IPO involves a public issue of 143.5 million new shares at RM0.29 per share, representing 20.2% of the enlarged issued share capital. The exercise is expected to raise RM41.6 million in gross proceeds. In addition, 50.0 million existing shares — representing 7.0% of the enlarged issued share capital — will be offered for sale via private placement to selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti). For the 35.5 million new shares allocated to the Malaysian public, OXB received 2,729 applications for 156.94 million shares, with a total value of approximately RM45.51 million. This translates to an overall oversubscription rate of 3.42 times. For the Bumiputera portion, 1,039 applications for 36.71 million shares showed an oversubscription rate of 1.07 times. For the non-Bumiputera public portion, 1,690 applications for 120.22 million shares showed an oversubscription rate of 5.77 times. Meanwhile, the 27.0 million shares reserved for eligible directors, employees, and individuals who have contributed to the group's success have been fully subscribed. The private placement of 81.0 million shares and 7.8 million shares to Miti-approved Bumiputera investors has been fully placed, following the application of clawback and reallocation provisions as outlined in the prospectus. Additionally, the 42.2 million shares offered to selected investors have also been fully placed via private placement. From the IPO proceeds, OXB will allocate RM23.1 million (55.5%) for the construction of a new factory, RM11.2 million (26.9%) for the purchase and refinancing of new machinery, RM3.3 million (8.0%) for general working capital and RM4.0 million (9.6%) to cover listing-related expenses. OXB is scheduled to debut on the ACE Market of Bursa Malaysia on Tuesday, 29 July 2025. Based on the IPO price of RM0.29 and an enlarged issued share capital of 710.0 million shares, the company will have a market capitalisation of RM205.9 million upon listing. Malacca Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter, and joint placement agent. Kenanga Investment Bank Bhd serves as joint placement agent, while WYNCORP Advisory Sdn Bhd is the corporate finance adviser for the IPO.

Status quo of low OPR until June 2026: Expert
Status quo of low OPR until June 2026: Expert

New Straits Times

time11 hours ago

  • New Straits Times

Status quo of low OPR until June 2026: Expert

KUALA LUMPUR: The current low interest rate environment, following Bank Negara Malaysia's move to cut the Overnight Policy Rate (OPR) by 25 basis points, may remain at least until the first half of next year, an expert said. CIMB Bank Bhd chief investment office Ng Boon Hoa said Bank Negara appears to be taking a cautious approach in supporting the nation's economic growth. This is particularly in light of the risks from a potential global slowdown and the uncertainty surrounding Malaysia's yet-to-be-finalised tariff negotiations, he added. "We expect Bank Negara to maintain the current interest rate at 2.75 per cent at least until mid-2026. "It is rather difficult to make precise projections for 2027 and beyond, as external factors are constantly changing," he said during the presentation of CIMB's Asean Market Outlook in conjunction with the bank's Asean media day here today. According to Ng, the recent rate cut was a preemptive measure to absorb near-term uncertainties in economic growth. "If the current rate successfully spurs growth, Bank Negara is likely to remain comfortable with this level. Rate hikes would only be considered if there is significant strengthening in growth, possibly in 2027 or 2028, and even then, likely only once or twice," he said. Commenting on foreign fund flows, Ng said the domestic bond market is currently benefiting from these inflows, which in turn enhances liquidity in the financial system and supports lower borrowing costs. However, he cautioned that excessive inflows could risk contributing to inflationary pressures over the longer term and would require close monitoring by the monetary authorities. "Foreign funds can flow in and out quickly. We need to be cautious. The ringgit has shown some strengthening thanks to these inflows, but currency movements can change abruptly," he said. He pointed to the one per cent depreciation of the ringgit against the US dollar over the 20-day period since the end of June as an example of the uncertainties facing the local market.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store