Latest news with #RM25mil
The Star
14-07-2025
- Business
- The Star
Ramssol disposes of 40% stake in subsidiary for RM25mil
PETALING JAYA: Ramssol Group Bhd has entered into a share sale agreement with Sagtec Global Ltd for the disposal of its 40% equity interest in Rider Gate Sdn Bhd for a disposal consideration of RM25mil. Ramssol said it would be satisfied by the issuance of consideration shares by Sagtec equivalent to the aggregate value of the disposal consideration. Rider Gate is a wholly-owned subsidiary of Ramssol and is involved in mobile applications, electronic commerce, and information systems integration. By undertaking the partial stake sale, Ramssol said it can leverage on Sagtec in terms of capital and operational resources to accelerate the commercialisation of Rider Gate. 'The proposed disposal is expected to accelerate Sagtec's growth strategy through the investment in a ready-made platform to immediately commercialise and monetise a new market. 'In addition, Sagtec's software development capabilities complement the unique requirements for Rider Gate. Its experienced software development team can create tailored solutions, often starting with a comprehensive software development blueprint in the form of a white paper,' said Ramssol.
The Star
14-07-2025
- Business
- The Star
Rakan KKM not privatisation, says Health Minister
KUALA LUMPUR: The recently announced Rakan KKM initiative is not a form of healthcare privatisation, says Health Minister Datuk Seri Dr Dzulkefly Ahmad. He said that it is a government-owned and controlled public initiative designed to support and complement the existing healthcare system. In a post on X (formerly known as Twitter) on Monday (July 14), Dzulkefly addressed concerns from various quarters that feared that the incorporation of Rakan KKM Sdn Bhd signalled a move towards the privatisation of public health services. 'For those who have tagged me with their concerns, I hope the following clarification resolves this conclusively although I have my anxieties or doubts, especially at a time when many are only keen to read headlines,' he said. He explained that Rakan KKM Sdn Bhd is 100% owned by the Minister of Finance Incorporated (MoF Inc). 'Ownership of Rakan KKM remains with the government, directly or through GLICs, throughout its operations,' said Dzulkefly. He said that ownership would still remain within the government's framework even when government-linked investment companies (GLICs) become involved later through equity stakes. Dzulkefly added that the Health Ministry is the regulatory authority overseeing critical decisions related to Rakan KKM. He then said that its funding is entirely from public sources, with RM25mil seed funding provided by the Finance Ministry, and potential scale-up funding from GLICs in Phase 2. As for profit distribution, Dzulkefly said that it would go back to the government or GLICs and not private individuals and added that any excess revenue would be used to cross-subsidise services for all public patients. He said that Rakan KKM was established to achieve five key public-interest goals; to provide value-based, premium economy healthcare in response to rising medical costs, to subsidise care for public patients using excess revenue, and to support ministry healthcare workers by offering them additional income opportunities. It also aims to serve as a benchmark for healthcare pricing to moderate inflation, and to offer returns to government-linked shareholders, ensuring the initiative's long-term sustainability. Dzulkefly also addressed questions regarding why Rakan KKM is licensed under the Private Healthcare Facilities and Services Act 1998 (Act 586), often associated with private entities. He explained that the law was designed to accommodate government corporate bodies providing healthcare services, ensuring a level playing field when they operate alongside private hospitals. 'This is important to ensure a level playing field with the private sector, especially if Rakan KKM is to play a role as a price benchmark,' he said. He added that the Act clearly distinguishes incorporated government healthcare providers from privatised ones. Dzulkefly also acknowledged the complexity of the subject and pledged to explain it further through infographics in the near future to ensure better public understanding.
The Star
01-07-2025
- The Star
S'gor cops seize RM25mil worth of drugs after busting two unrelated drug syndicates
SHAH ALAM: Some RM25mil worth of drugs were seized as the police busted two syndicates processing drug-laced vapes and juices in the Klang Valley. The syndicates also operated drug-processing labs from condominiums as well as terrace houses. Selangor police chief Comm Datuk Hussein Omar Khan said in the first operation, police personnel from the Bukit Aman and Selangor Narcotics Crime Investigation Department (NCID) raided two condominium units in Ampang at about 4pm on June 25. "We detained five individuals aged between 20 and 37 years old, including three Taiwanese men. "We also seized various drugs, including seven vape cartridges filled with cocaine, 14 cartridges filled with MDMA as well as other drugs, worth RM21.39mil," he told a press conference at the Selangor police headquarters on Tuesday (July 1). The drugs seized could have been supplied to 638,395 addicts, he added. "Among those detained was the chemist. "The syndicate paid RM6,000 in rent monthly per condominium unit. They used it as drug labs to produce drug-laced vapes for the local and overseas market," he said. Comm Hussein said the syndicate has been active since October last year and earned a profit of at least RM200,000 a month. "One of the suspects tested positive for morphine. Two of them had prior criminal records for forgery of documents, extortion and assault. "We also seized several of the syndicate's assets worth RM530,513, including cars, luxury watches and cash. "We believe the drugs were smuggled from a neighbouring country," he said. In the second operation, some RM4.2mil worth of drug juices and drugs were seized following several raids in Ampang, Pandan Perdana, Kuchai Lama and Taman Connaught on June 26, Comm Huseein said. "A total of 13 individuals - 12 locals and a Vietnamese - aged between 20 and 41 years old were detained. "We also busted two drug juice processing labs in terrace houses in Ampang and Pandan Perdana," he said. Among the items seized were 1,510 boxes and 728 bottles of juices containing MDMA, ecstasy pills, erimin 5 pills and ketamine, he added. "The drugs could have been supplied to about two million addicts," he said. Comm Hussein said four of the suspects detained were chemists, one an assistant chemist and others were runners for the syndicate. "We believe the syndicate were supplying the drug juices to entertainment outlets and private parties. "They would process the drugs at the houses before storing the juices in cars before distributing them," he said. Several of the syndicate's assets worth RM826,202 were also seized, including eight vehicles, cash, rings and necklaces, he said. Nine of the suspects tested positive for ketamine, methamphetamine and benzo while two of them had prior criminal records, he added. "The syndicate had been operating for about a year," he said. Following the two major operations, Comm Hussein said the police had thoroughly dismantled the two syndicates and brought down their whole chain of drug trafficking networks. "We are not ruling out the possibility that the syndicates were using social media to market their drugs," he said. Comm Hussein both successes showed the police's commitment towards combating the drug menace. "We need the cooperation of the public to supply information on drug related activities. "We urge those with information to contact the NCID hotline at 012-2087222," he said.
The Star
16-06-2025
- Automotive
- The Star
Valet Technology eyes 1Q26 listing on ACE Market
PUTRAJAYA: Valet Technology Sdn Bhd is gearing up for an initial public offering (IPO) on Bursa Malaysia's ACE Market in the first quarter of financial year 2026 (1Q26) as the company ramps up its expansion into cyber and identity security solutions. Chief executive officer Puan Sri Rayana Abdul Rahman said the planned listing will support the company's ambitions to grow beyond Malaysia and strengthen its research and development (R&D) capabilities. 'We are on track for an IPO early next year. While capital is one reason, this move is about laying a stronger foundation for our identity security and R&D pipeline,' she told Bernama. Established in 1995 as a provider of traditional human-based security services, Valet Technology has evolved into a homegrown tech player with a 200-strong workforce and a network of more than 1,000 system integrators (SIs) nationwide. Rayana said the company started with conventional security but saw the potential in growing together with smaller entrepreneurs. Today, its SIs carry the products across the country, and Valet Technology supports them with training and tools. She said the company currently supports key government clients, including the Immigration Department and various ministries – Transport, Home Affairs, Higher Education and Health – largely through its SI partners. Notably, Valet Technology, through its SIs, supplies around 200 boom gates at the CIQ complex and Tuas (second link) for pedestrian and public transport. 'We assist our SIs throughout the tender process and back them up with technical expertise and product know-how,' she said, adding that the firm's revenue now stands at about RM25mil, with expectations for a stronger performance following the IPO. Best known for its VT Series sliding gate motors, Valet Technology has expanded into digital and cyber security, a move that includes the rollout of Valet Shield, an AI-powered scam call detection system developed with its US-based partners. The firm is currently engaging with Oman's Transport and Technology Ministry, as well as state telecommunications firm Omantel, under the ITHCA Group, to implement the technology in the Middle East. The company is also eyeing potential collaborations in Indonesia and within the African continent. The company has also secured a Skills Development Department licence to offer TVET-level training in electronics via its in-house academy. Rayana added that Valet Technology's upcoming expansion into identity security will be anchored by a new division in Cyberjaya, positioning the company for its next phase of growth.
The Star
11-06-2025
- Business
- The Star
MACC to quiz Tan Sri over highway project funds
KUALA LUMPUR: A Tan Sri, who is under investigation by the Malaysian Anti-Corruption Commission (MACC) over the alleged misappropriation of sukuk funds linked to a Klang Valley highway project, is expected to be called in for questioning soon. The individual, who was recently discharged from hospital, is also being investigated for overseas asset ownership and high-stakes gambling activities involving millions of ringgit. MACC chief commissioner Tan Sri Azam Baki confirmed that the Tan Sri, who is believed to be a highway concession holder, had yet to give his statement due to recent medical treatment at a private hospital. 'A statement has not yet been recorded from the Tan Sri, but I have been informed that doctors have recently allowed him to be discharged. My officers will be contacting him soon to arrange an appointment,' Azam told Astro Awani when contacted on Saturday. He added that while the individual is a key witness in the case, MACC has already recorded statements from 45 other witnesses, some of whom have been recalled to assist further in the investigation. 'He is indeed one of the individuals we have yet to question, but we already have testimonies from other witnesses. I cannot confirm whether additional witnesses will be required after his statement,' Azam said. According to sources, MACC had earlier obtained medical confirmation from the treating doctor regarding the Tan Sri's condition before proceeding to plan for his interview. The investigation centres around the suspected misappropriation of sukuk bonds intended for the construction of a highway. On June 3 last year, MACC disclosed that it had seized assets valued about RM143mil from the individual as part of the probe. They included luxury vehicles and properties owned by the Tan Sri, both locally and abroad, including in London and Switzerland. The seized assets comprised 14 personal bank accounts with RM4.5mil, eight company accounts with RM33mil, a luxury condominium and a parcel of land valued at RM24.5mil, nine luxury cars worth RM7.65mil, designer watches valued at around RM25mil, handbags worth RM3mil, jewellery and diamonds estimated at RM6mil and four horses valued at RM400,000. Other seized items included high-end alcoholic beverages worth RM3mil, foreign assets estimated at over RM15mil and gambling-related activities involving about RM20mil. A notice to declare assets has already been issued to the Tan Sri and related parties.
