Latest news with #RM140mil
The Star
5 days ago
- Business
- The Star
DBKL launches endowment fund
Dr Zaliha (second from left) and Maimunah (third from left) launching the endowment fund together with Ismadi and Nor Azlina at Insitut Latihan DBKL in Cheras. — LOW BOON TAT/The Star To strengthen fiscal security and ensure sustainable development, Kuala Lumpur City Hall's (DBKL) has launched an endowment fund. It operates on a 'plural funding' model, combining resources from the government and external parties. Minister in the Prime Minister's Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa said over the past three years, DBKL's budget had risen by nearly 9%, from RM2.604bil in 2023 to RM2.835bil in 2025. 'The fiscal deficit has widened from RM275.9mil in 2024 to RM325.9mil in 2025. 'More than 62% of DBKL's revenue relies on assessment tax, creating a high dependency on a single source,' she said during the launch of the endowment fund at Institut Latihan DBKL, Cheras. The fund was developed based on the results of a joint study with Universiti Teknologi Mara (UiTM) from last year to early this year. It was established as an alternative financial source to support community development, education, social welfare and environmental conservation in Kuala Lumpur. Dr Zaliha said, 'Besides carrying out functions like urban development and maintenance, DBKL also assists the Federal Territories Department in handling state-like functions such as social welfare, transportation and local community services. 'The burden of these support functions is amounting to over RM140mil annually and increasing each year.' Kuala Lumpur mayor Datuk Seri Maimunah Mohd Sharif, who was at the launch, said the fund was established as a long-term instrument to support various initiatives in the city in accordance with Section 39(d) of the Local Government Act 1976 (Act 171). 'As of July 2025, we have received RM115,000 from six contributors namely Bank Simpanan Nasional, Mah Sing Group Bhd, TSLaw Land, KLCC Property Holding, Bank Muamalat and Koperasi CoopBank Pertama. 'I hope that more companies, organisations and individuals will contribute towards the DBKL Endowment Fund for the mutual benefit and well-being of the city's residents,' she said. Also present were DBKL executive director (socioeconomic development) Ismadi Sakirin and executive director (management) Nor Azlina Mohd Saad.
The Star
08-07-2025
- Politics
- The Star
S'wak State Assembly: 17 new state seats would add RM140mil to annual spending, says NGO
KUCHING: A Sarawak-based NGO has raised concerns about the financial and electoral implications of increasing the state legislative assembly's membership from 82 to a record 99. Persatuan Pemangkin Daya Masyarakat (ROSE) said the addition of 17 new members would involve an increase of nearly 21% in the state's annual expenditure on salaries for assemblymen and constituency development funds. It estimated that the additional expenditure would come up to RM140mil a year. ALSO READ: Having more seats favours GPS "We question the prudence of this allocation, especially when administrative and developmental responsibilities largely fall on the 12 Resident's Offices and 26 local authorities across the state. "We call for serious consideration to redirect or allocate a portion of these funds to these local government institutions on the frontlines of public service delivery so that they are better resourced for more effective delivery," ROSE said in a statement on Tuesday (July 8). On Monday (July 7), the Sarawak Legislative Assembly passed the Dewan Undangan Negeri (Composition of Membership) Bill 2025 to increase its membership to 99 elected representatives. State Tourism, Creative Industry and Performing Arts Minister Datuk Seri Abdul Karim Rahman Hamzah, when tabling the Bill, said the increase was timely and necessary to reflect Sarawak's demographic changes, development and growing demand for more equitable representation. ROSE said Sarawak currently had 2,017,772 registered voters, meaning that the average number of voters per state constituency would drop to 20,381 with the increase in seats. ALSO READ: Sarawak passes bill to increase assembly seats "This raises questions about whether such a move is truly representative or equitable," it said. The NGO called for a comprehensive review of electoral boundaries and processes to ensure that representation was based on clear demographic, geographic and administrative justifications. It also reiterated the need to extend the duration of state assembly sittings from the current 16 days per year to ensure sufficient time for robust debate, legislative scrutiny and policy oversight. "This is especially concerning for a state that manages a GDP of RM150bil and an annual state budget of RM15bil. "Sarawakians deserve a more active, transparent and accountable legislature that serves as true checks and balances on executive power," ROSE said.
The Star
29-06-2025
- Business
- The Star
RM140mil Paloh-Bekok road to reduce travel time
The RM140mil road between Kluang and Segamat will shorten the travel distance from the current 70km to just 13km. A road costing RM140mil is being constructed between Kluang and Segamat in Johor to shorten the travel distance from the current 70km to just 13km. Paloh assemblyman Lee Ting Han said the Jalan Paloh-Bekok project, which was expected to be completed by September 2027, would reduce travel time for those commuting between Paloh in Kluang and Bekok in Segamat. 'Currently, it takes travellers and residents about one hour to travel between Paloh and Bekok. 'With the new road, the travel time will be shortened to just 15 minutes.' The project, he said, would see the construction of two lanes. 'This project not only saves fuel and time, it also opens up new opportunities for economic development and eco-tourism activities for the area,' said Lee, who is also Johor investment, trade, consumer affairs and human resources committee chairman. The project, he said, had seen challenges in the land acquisition process that caused delays to the original schedule. Lee speaking during a meeting with government agencies and community leaders regarding the project while Tan (right) looks on. 'Now that the main issues have been resolved, I hope the project can proceed smoothly according to the timeline. 'Kluang Public Works Department will also provide monthly updates on its Facebook page to keep the public informed on the progress,' he said. Bekok assemblyman Tan Chong said he and Lee visited the project site with community leaders from both districts. 'Former Labis MP Datuk Chua Tee Yong and former Paloh assemblyman Teoh Yap Kun spent years pushing for the project. 'We are glad it will soon become a reality,' Tan said. He added that the project was initially proposed during former transport minister and MCA president Tun Dr Ling Liong Sik's tenure and was subsequently pursued by former health minister and MCA president Tan Sri Dr Chua Soi Lek.
The Star
16-05-2025
- Business
- The Star
ACE Market-bound Oasis Home's IPO oversubscribed 1.55 times
PETALING JAYA: Oasis Home Holding Bhd initial public offering (IPO) of shares to the public have been oversubscribed by 1.55 times ahead of its listing on the ACE Market of Bursa Malaysia on May 28. In a release, the omni-channel consumer lifestyle products marketer and seller's IPO comprises the offer of 150 million ordinary shares which include a public issue of 100 million new ordinary shares at an issue price of 28 sen per share. The offer for sale of 50 million existing shares by way of private placement to selected investors was also successfully completed, the company noted in a statement. The 62.5 million issue shares reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry have been fully placed out after applying the relevant clawback and reallocation provisions as set out in Section 4.3.4 of the prospectus of Oasis Home dated April 25, 2025. The company plans to allocate RM13.7mil of proceeds raised to expand its live commerce sales channels, including launching at least five new live commerce channels and expanding its team. Another RM3.6mil will be utilised to establish its own fulfilment centre while RM2mil will be set aside for setting up of a new headquarters. With its enlarged capital and priced at 28 sen a share, the Group will have a market capitalisation of RM140mil.
