Latest news with #RM133.8
Borneo Post
02-07-2025
- Business
- Borneo Post
Sarawak posts RM16.8 bln trade surplus in Q1 2025, says Awang Tengah
Awang Tengah (centre) applauds after symbolically launching Sarawak Export Day 2025 by lighting up the event's symbol during today's ceremony. Also present are Mussen (fourth right), Reezal (fourth left), and other officials. KUCHING (July 2): Sarawak recorded a trade surplus of RM16.8 billion in the first quarter of 2025, maintaining strong economic momentum amid global uncertainties, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan. Citing official figures, the International Trade, Industry and Investment Minister said the state's exports in 2024 rose by 2.3 per cent to RM133.8 billion, driven mainly by key commodities such as liquefied natural gas, crude petroleum, and crude palm oil. He also revealed that imports increased by 3.1 per cent to RM64.5 billion, while the state's trade surplus expanded by 1.5 per cent to RM69.3 billion. 'Building on this, the first quarter of 2025 has shown continued strength with a RM16.8 billion trade surplus, reflecting Sarawak's steady momentum,' he said during his keynote address at the launching ceremony of Sarawak Export Day 2025 held at a local hotel here today. The event was jointly organised by the Ministry of International Trade, Industry and Investment Sarawak (Mintred) and the Malaysia External Trade Development Corporation (Matrade). Awang Tengah said that Sarawak's trade performance continues to be a pillar of economic growth, showing resilience despite the challenging global environment. He also said the state government is committed to transforming the state's economy by shifting from raw commodity exports towards value-added products, in line with the Post Covid-19 Development Strategy 2030 He highlighted the importance of strategic partnerships with trade agencies and industrial players to unlock access to regional and global markets. Awang Tengah said Sarawak currently has trade offices in Singapore and Brunei, with a new office set to open in Pontianak to further strengthen regional connectivity. 'We are laying the groundwork for advanced manufacturing, green economy initiatives and digital-based exports. Our aim is to make Sarawak an export-ready economy that is innovative, inclusive and sustainable. 'The federal and Sarawak governments stand ready to support both large exporters and MSMEs (micro, small and medium enterprises) through agencies such as Mintred, Matrade and SME Corp Malaysia,' he said. He also revealed that since 2021, interest subsidy schemes have benefited over 3,300 MSMEs with RM75.5 million in subsidies, while approximately 178,000 entrepreneurs have received RM3.3 billion in financial assistance. Awang Tengah urged Sarawakian businesses to embrace digitalisation and sustainability to remain competitive in the evolving global market. 'We are rich in natural resources, but that alone is not enough. We must equip our people and industries with knowledge, skills and innovation to build a future-ready Sarawak. 'Today's buyers are not just looking at price and quality. They want sustainability and exporters must meet international standards and adopt responsible practices,' he said. Awang Tengah concluded his keynote address by urging exporters to explore emerging markets in Southeast Asia, Africa and Latin America, in order to diversify trade partners and reduce dependency on traditional markets. Also present during the event were Deputy Minister of International Trade, Industry and Investment Datuk Dr Malcolm Mussen Lamoh, Matrade chairman Datuk Seri Reezal Merican Naina Merican and other officials. Sarawak Export Day 2025 is part of the state's wider effort to equip local businesses with the tools and knowledge to thrive in global trade and the event gathered industry players, policymakers, and trade experts for knowledge sharing and networking. Awang Tengah exports imports lead Sarawal trade surplus
The Sun
18-06-2025
- Business
- The Sun
Pharmaniaga aims to exit P17 status by end-2025 or first-quarter 2026
KUALA LUMPUR: Pharmaniaga Bhd is targeting to exit Practice Note 17 (PN17) status as early as end-2025 or by the first quarter of 2026. Managing director Zulkifli Jafar said its RM352.2 million rights issue and private placement will be the driver of its regularisation plan. 'We are targeting, we are hoping, in the best-case scenario, we are out at the end of this year. In the worst-case scenario, we are out in the first quarter of 2026,' he said at a press conference after Pharmaniaga's 27th AGM today. Zulkifli said a substantial amount from the funds raised under the regularisation plan will be used to pare down its debt. 'That paring down of our debt alone will save about 16 million a year on interest.' Pharmaniaga has 21 market days to finalise the private placement and the rights issue together with the subscription. The group will then undertake a capital reduction exercise, expected to take about a week. 'We're targeting to complete the fundraising exercise by August,' said Zulkifli. 'By end-August, we expect to complete the entire regularisation plan.' Under Bursa Malaysia's rules, the group must record two consecutive quarters of net profit before it can exit PN17. However, Zulkifli said Pharmaniaga is seeking a waiver to shorten the wait time. 'We're proposing to consider one quarter before and one after the completion, instead of two full quarters post-completion.' As to the AGM, all 13 resolutions tabled were passed with 99% approval. 'This shows that shareholders believe in our strategy and our journey towards exiting PN17,' Zulkifli remarked. He said that for 2024, the group recorded a profit after tax (PAT) of RM133.8 million, compared with a loss of about RM78 million previously. 'We are targeting for 2025 about RM4 billion in revenue with a PAT of RM60 million. This is our target although we hope we can achieve better than that.' Pharmaniaga, a subsidiary of Boustead Holdings Bhd, was classified as a PN17 company in February 2023 after it reported major financial losses. Pharmaniaga incurred a RM552.3 million impairment due to excess inventory of Sinovac Covid-19 vaccines.
