Latest news with #RM1bil
The Star
2 days ago
- Business
- The Star
MyCIF made RM1.2bil co-investments
Securities Commission Malaysia building in Kuala Lumpur PETALING JAYA: The Malaysia Co-Investment Fund (MyCIF) has exceeded RM1bil in total co-investments since its inception, playing a key role in providing financing for micro, small, and medium enterprises (MSMEs) in Malaysia. In its 2024 annual performance report released yesterday, MyCIF said total co-investments reached RM1.19bil, with RM264mil invested in 2024 alone. The RM1.19bil total co-investments by MyCIF represented 4.6 times of the RM260mil total funds disbursed from the government to date into the programme. The Securities Commission (SC), which administers MyCIF, said this demonstrated 'efficient use of public funds'. 'MyCIF has attracted 4.1 times in private sector funding for every ringgit invested, demonstrating a strong crowding-in effect. 'This saw a 21.4% increase in total private investment,' the SC pointed out. Since its inception, more than 9,500 MSMEs have benefitted from the co-investments by MyCIF, which was set up by the Finance Ministry under Budget 2019. Trading ideas: SunCon, Cahya Mata, Aneka, PJBumi, Atlan, Apex, FACB, Prolintas, Green Packet, Oxford Innotech, CLMT, United Plantations
The Star
6 days ago
- Health
- The Star
Medical tours may see a dip
Vulnerable position: Penang's medical tourism sector faces challenges due to new 6% service tax on foreign patients and weakening Indonesian rupiah. — LIM BENG TATT/The Star GEORGE TOWN: Penang's healthcare travel may face challenges with the 6% service tax on foreign patients and the weakening Indonesian rupiah. Penang health committee chairman Daniel Gooi said with over 90% of Penang's healthcare travellers coming from Indonesia, the impact could be significant. 'Given the depreciation of the Indonesian currency, many may begin to feel the pinch. 'Combined with the 6% service tax effective July 1, this can impact the number of foreign patients seeking private healthcare here.' On July 1, the Federal Government expanded the coverage of the sales and service tax. This 6% medical service tax applies only to foreigners seeking private healthcare here. In November last year, Malaysia Healthcare Travel Council (MHTC) reported that Malaysia saw 584,468 healthcare travellers arriving in the first six months of 2024. In the council's June 17 report this year: 'Malaysia Healthcare Travel Industry – 2024 Performance Highlights', it noted that Penang hit a record by generating over RM1bil in healthcare travel revenue, adding to the national healthcare travel revenue of RM2.72bil. The council also said that Indonesians remain the largest group of healthcare travellers to Malaysia. Despite the expected slowdown, Gooi said Malaysia, particularly Penang, remains a key player in cross-border private healthcare. 'Malaysia offers world-class healthcare at affordable prices. Penang continues to attract foreign patients, especially from Indonesia, due to its high standards and close proximity.' The exchange rate on Thursday was RM1 to 3,844.67 Indonesian rupiah compared RM1 to 3,448.28 rupiah during the same period last year. Gooi added that affordability remains a major draw. He saw potential for growth with more direct international flights, particularly from China. 'More work needs to be done to promote private healthcare in Penang. 'We will collaborate closely with our private healthcare professionals to find new ways to attract more international patients. 'While it is still early to assess the impact, since the tax was only recently imposed, we will monitor the situation closely,' he said Gooi also said that during a recent meeting with Health Minister Datuk Seri Dr Dzulkefly Ahmad and state health excos, he proposed that the Federal Government consider remitting a portion of the 6% service tax to the states generating the revenue. 'I urged the ministry to consider channelling funds to states like Penang, which have worked hard to build up their healthcare travel sector. 'Almost half of the country's foreign healthcare travel revenue comes from Penang.' Gooi added that the funds could be used to improve Penang's public healthcare facilities and infrastructure, which contribute to the convenience of healthcare travellers from abroad. 'It will help keep us as a regional leader if the tax revenue is channelled back to us in some way,' he said.
The Star
15-07-2025
- Business
- The Star
High Court to hear in full RM1bil KL Tower contract termination suit against govt
KUALA LUMPUR: The RM1bil lawsuit filed by Menara Kuala Lumpur Sdn Bhd (MKLSB) and its parent company Hydroshoppe Sdn Bhd against the government over alleged wrongful contract termination will be heard on its merits in a full trial. High Court judge Roz Mawar Rozain ordered for the hearing to proceed after finding that there were triable issues in the case. In her decision on Tuesday (July 15), the judge dismissed the application by Communications Minister Datuk Fahmi Fadzil (first defendant) and the government (second defendant) to strike out the lawsuit by the former operator of Kuala Lumpur Tower. In March, Hydroshoppe with MKLSB filed the legal action against Fahmi, the government, LSH Service Master Sdn Bhd, LSH Best Builders Sdn Bhd and Service Master (M) Sdn Bhd. LSH Service Master, a joint venture company between LSH Best Builder and Service Master, was awarded the concession that replaced Hydroshoppe and MKLSB in managing the tower. Justice Roz Mawar, however, allowed the striking out application by the third until the fifth defendants; LSH Service Master, LSH Best Builders and Service Master. "This court is of the considered view that it cannot strike out the case against the first and second defendants here at this juncture because there are triable issues especially pertaining to the proposed 2022 agreement. "The trial will be cut short most definitely but this court cannot allow the striking out against the first and second defendants because it is not a clear case where they are plainly and obviously unsustainable. "The circumstantial evidence may strongly suggest that there's no binding agreement that concluded in 2022 but this court must have that opportunity to determine viva voce evidence," she said. The court fixed Nov 3 for case management. Hydroshoppe and Menara KL filed the lawsuit alleging breach of contract against the respondents. They claimed that LSH Capital and its subsidiaries induced a breach of an agreement purportedly reached with the government during a meeting in August 2022. The plaintiffs further claimed that the respondents engaged in dishonest assistance and are seeking a declaration that the award of the KL Tower concession to LSH Service Master is void and unlawful. In addition, they are claiming an estimated RM1bil in damages and are seeking the concession of the iconic Kuala Lumpur landmark to be transferred back to them.
The Star
09-07-2025
- Business
- The Star
Gagasan Rakyat Youth hits back at Warisan
KOTA KINABALU: The Parti Gagasan Rakyat Sabah (PGRS) Youth has accused Parti Warisan of misleading the public regarding Sabah's oil and gas strategy, describing the opposition party's recent comments as politically driven and disconnected from the industry's realities. The criticism follows comments by Warisan information chief Datuk Azis Jamman, who questioned the role of state-owned SMJ Energy (SMJE) and the financial restructuring of Sabah International Petroleum (SIP). Gagasan Rakyat Youth executive committee member Gordon Chin ( pic ) stated that SMJE was adopting a low-risk approach by investing in profitable and productive assets, while only entering exploration ventures once commercial viability was confirmed. 'Oil and gas exploration costs can run into the hundreds of millions, with no guarantee of success. SMJE's cautious investment model is smart, responsible, and already delivering results,' Chin said in a statement on Wednesday (July 9). Chin also addressed Warisan's criticism of the RM900mil sukuk raised to acquire SIP, describing it not as a bailout, but as a necessary restructuring exercise. He further refuted Warisan President Datuk Seri Shafie Apdal's claims that his government had settled a RM1bil bond in 2019. Chin said the bond, issued in 2014, was repaid using a sinking fund established at the time of issuance, with repayments facilitated by funds accumulated steadily over several years. 'Sabah is finally turning a corner after years of financial mismanagement,' he said.
The Star
09-07-2025
- Business
- The Star
AirAsia talks with investors near conclusion, says deputy CEO
SINGAPORE: Budget airline AirAsia is nearing the conclusion of talks with potential strategic investors as the Malaysia-based airline approaches the end of its restructuring process, Deputy Group CEO Farouk Kamal said on Wednesday. The airline, whose parent company Capital A was classified as financially distressed by Malaysia's stock exchange in 2022, is arranging a RM1bil equity injection alongside financing for its extensive order book of new planes, Kamal said, speaking on a panel at the Reuters NEXT Asia summit. Capital A Group CEO Tan Sri Tony Fernandes said in March that the RM1bil private placement was "done", but has not disclosed the identity of the investors. He declined to comment on a Bloomberg report in March that Saudi Arabia's sovereign wealth fund was set to invest $100 million. Kamal said AirAsia was coming to the final conclusion of talks with investors "not just from an equity injection perspective, but from an overall transactions perspective", and hopes to make an announcement in "due course". AirAsia, one of Asia's largest low-cost carriers and one of Airbus' largest customers, has around 360 planes on order. On Friday, AirAsia signed a memorandum of understanding with Airbus to buy 50 long-range A321XLR planes with conversion rights for another 20 of the single-aisle jets. Fernandes said last week he hoped to exit the financially distressed status soon, once restructuring efforts are complete. As part of this, Capital A is in the process of selling its AirAsia aviation business to long-haul unit AirAsia X to consolidate long- and short-haul operations under a single AirAsia brand. - Reuters
