EXIM Bank Malaysia Supports Mac World Industries' Expansion Into The Gulf Region With Strategic Financing
EXIM Bank is supporting Mac World's ambitious expansion with Shariah-compliant financing, to support the construction and operational needs of its cutting-edge packaging facility in Dubai Industrial City. The 9,287-square-metre site will strengthen Mac World's capabilities as a regional leader in edible cooking oils, driving growth across the UAE and GCC markets. Building on its impressive RM1.7 billion sales in 2024, this strategic investment positions Mac World for sustained growth and market leadership.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
32 minutes ago
- The Sun
MARC Ratings assigns AA+ credit rating to Perak, cites low debt, healthy reserves
PETALING JAYA: Malaysian Rating Corporation Bhd (MARC Ratings) has assigned a sub-sovereign credit rating of AA+ with a stable outlook to Perak, based on its sub-sovereign rating scale. The rating, although unsolicited, reflects the state's prudent fiscal management, its strong commitment to strategic, development-focused spending, and a notably low debt burden – all supported by healthy reserve levels. 'The stable outlook reflects our expectation that Perak will continue to uphold disciplined fiscal practices, maintain high levels of development investment, and preserve its low debt and strong reserves,' MARC Ratings said in a statement. 'The successful execution of its economic and social development strategies could further strengthen its credit profile over time.' Perak has consistently demonstrated sound fiscal management, maintaining a near-balanced fiscal position even while allocating a significant portion of its budget – averaging over 30% between 2019 and 2023 – to development spending, the rating agency said. Over the same period, the state's total revenue grew at a compound annual rate of 2.6%, slightly outpacing its operating expenditure growth by 0.2 percentage point. This enabled Perak to maintain a balanced fiscal position while pursuing its development objectives. A key revenue driver has been the steady increase in tax collections, primarily from quitrent and royalties. In 2023, tax revenue accounted for 46.1% of total income, significantly exceeding both national and peer medians. Perak contributed 5.3% to Malaysia's real gross domestic product (GDP) in 2023, positioning it as a mid-sized contributor to the national economy. The state's GDP growth closely mirrored its revenue growth, averaging 2.5% annually from 2019 to 2023. Looking ahead, MARC Rating noted that while Perak's financial management remains sound, operating expenses are expected to rise due to planned increases in civil servant salaries and pension adjustments. In anticipation, the Perak government has budgeted for a deficit in 2025. However, the state is expanding its revenue-generating initiatives, which are expected to improve its fiscal standing over time. Perak maintains a conservative debt profile. It has not undertaken any new borrowings since 2016 and has maintained a solid debt servicing record. As of 2023, Perak's outstanding debt stood at RM159.8 million, the third lowest among Malaysian states, behind only Penang and Selangor. Between 2019 and 2023, Perak recorded an average debt-to-GDP ratio of just 0.2% and a debt-to-revenue ratio of 17.3%, both of which are well below the national and peer medians. Meanwhile, the state's consolidated funds increased to RM1.5 billion in 2023, up from RM1.3 billion in the previous year. The reserves covered 126.2% of annual expenditure and exceeded the state's outstanding debt several times over, offering ample fiscal flexibility and shock absorption capacity for future capital investments and economic initiatives. MARC Ratings also highlighted Perak's political landscape, which has seen alternating ruling coalitions in recent elections. While smaller development projects can be completed within a single administrative term, larger, multiphase initiatives – such as the Lumut Maritime Industrial City and Silver Valley Technology Park – would benefit from greater political continuity. 'Conversely, any significant shifts in development priorities or weak socioeconomic outcomes could introduce downward pressure on the rating,' the agency warned, emphasising the need for strategic consistency and long-term policy focus to translate development plans into meaningful economic progress.
Borneo Post
8 hours ago
- Borneo Post
Malaysia timber trade hits RM9.95 bln in Q1 2025, eyes RM4 bln furniture exports by 2030
Zainal (seated centre) joins members of the newly installed SFIA 2025-2028 committee for a group photo. KUCHING (July 20): Malaysia's total trade value for timber and timber products, including exports and imports, reached RM9.95 billion in the first four months of this year, said Sarawak Timber Industry Development Corporation (STIDC) general manager Zainal Abidin Abdullah. He said exports contributed RM7.18 billion, signifying a strong demand for Malaysian timber products, while imports stood at RM2.767 billion, reflecting healthy domestic use and a well-connected supply chain. Wooden furniture took the lead in exports, bringing in RM3 billion, followed by plywood (RM742.5 million), sawn timber (RM582.5 million), and fibreboard (RM210 million). 'Last year, our timber exports reached RM22.9 billion, a solid 4.9 per cent increase from the previous year. This steady growth shows how resilient and adaptable our industry truly is,' Zainal said during the Sarawak Furniture Industry Association's (SFIA) 17th committee installation dinner held at Borneo Convention Centre Kuching on Friday. He said Sarawak's timber export earnings reached RM2.84 billion last year, a slight decrease from RM3.14 billion in 2023. 'More than numbers, these achievements underscore the timber industry's important role not only in driving Malaysia's economy but also in creating jobs and supporting communities, especially in rural areas,' he said. According to Zainal, innovation in design remains vital as Sarawak adapts to changing market trends, while efforts to expand market access through trade fairs and export programmes are opening doors worldwide. However, he pointed out that material shortages are a significant hurdle, with Malaysia importing up to 60 per cent of its raw materials like timber, hardware, and fabrics. 'Sarawak, despite its rich timber resources, often exports raw wood rather than finished products, limiting value-added opportunities. 'In addition, our industry relies heavily on foreign workers, which affects skills retention and innovation. Locally, there is a shortage of skilled craftsmen and designers, which slows productivity and the adoption of new technologies,' he added. Zainal also said Sarawak faces competition from emerging markets, such as China and Vietnam, while limited access to advanced technology and a small domestic market restrict growth. He added that environmental regulations and concerns about deforestation add further complexity, requiring sustainable practices that can be costly and difficult to implement. 'Despite these challenges, there is great potential for Sarawak's furniture industry, which can carve out a stronger position in the global market by investing in skills development, innovation, and sustainable practices,' he emphasised. On STIDC, Zainal said a comprehensive Furniture Industry Blueprint has been developed to map out a clear, strategic pathway for the sector's growth, encompassing product development, supply chain strengthening, and market expansion. 'In collaboration with the SFIA, STIDC is actively compiling a detailed database of member companies and their offerings, which will serve as a foundation for this blueprint. 'Through joint brainstorming sessions, we aim to establish a robust and integrated supply chain that supports our ambition to achieve RM4 billion in furniture export revenue by 2030,' he added. Meanwhile, SFIA president Leo Chiang said the furniture industry in Sarawak is facing an increasingly complex landscape, shaped by global and local shifts. 'Challenges – including the US tariffs affecting exports, Malaysia's expanded SST (Sales and Services Tax) raising operational costs, and the introduction of FWTA (Foreign Workers Transformation Approach) in Sarawak – add intense pressure and demand closer collaboration with stakeholders. 'Now, more than ever, we must work together to stay resilient and competitive,' he stressed. Chiang also said they look forward to even closer cooperation with STIDC in shaping policies, facilitating training, supporting innovation, and promoting Sarawak-made furniture on the global stage. 'We must also remain committed to developing our SMEs (small and medium enterprises), uplifting design capabilities, embracing sustainable practices, and grooming the next generation of industry players,' he added. *Editor's note: This article has been amended for accuracy. lead stidc timber trade Zainal Abidin Abdullah
New Straits Times
10 hours ago
- New Straits Times
Bursa Malaysia likely to maintain upward bias next week
KUALA LUMPUR: Bursa Malaysia is likely to maintain its upward bias next week, building on the renewed buying interest seen over the past two sessions, said UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan. He foresees the FTSE Bursa Malaysia KLCI (FBM KLCI) trading within the 1,540-1,550 range, potentially retesting levels recorded prior to the deadline of the reciprocal tariff deferral. "While (the United States) President Donald Trump's administration has yet to announce any formal amendments to Malaysia's tariff arrangement, the precedent set by recent favourable outcomes for Indonesia and Vietnam lends credence to the prospect of Malaysia's 25 per cent tariff being reviewed," he told Bernama. Furthermore, he said the stronger-than-expected second-quarter gross domestic product figure should offer a constructive backdrop for market sentiment in the week ahead. "In our assessment, the combination of resilient domestic growth and compelling equity valuations, particularly within a selectively risk-on environment is likely to continue attracting foreign investor interest into the Malaysian market," he added. According to the Statistics Department Malaysia (DoSM), Malaysia's economy is forecast to grow by 4.5 per cent in the second quarter of 2025 (2Q 2025) based on advance gross domestic product (GDP) estimates, slightly outpacing the previous quarter's 4.4 per cent. Growth is expected to be driven by robust domestic demand amid global headwinds. For the week just ended, the benchmark index fell 10.21 points to 1,525.86 from 1,536.07 a week earlier. The FBM Emas Index declined 63.75 points to 11,479.83, the FBMT 100 Index dropped 67.05 points to 11,241.69, the FBM Emas Shariah Index slid 14.60 points to 11,537.87, the FBM 70 Index shed 63.63 points to 16,697.72, while the FBM ACE Index rose 133.62 points to 4,671.79. By sector, the Financial Services Index dipped 253.30 points to 17,354.83, the Plantation Index reduced 8.56 points to 7,441.89 and the Energy Index went up 1.51 points to 739.13. Weekly turnover narrowed to 15.53 billion units worth RM11.77 billion from 16.21 billion units worth RM11.43 billion in the previous week. Main Market volume fell to 6.73 billion units valued at RM10.07 billion, compared with 6.99 billion units valued at RM10.02 billion previously. Warrant turnover depreciated to 6.83 billion units worth RM966.72 million from 7.82 billion units worth RM911.38 million a week earlier. ACE Market volume widened to 1.97 billion units valued at RM729.96 million versus 1.41 billion units valued at RM490.78 million previously.
