Latest news with #RM3.25
New Straits Times
a day ago
- Business
- New Straits Times
Sabah Blue Economy on track to yield RM3.25bil annually from marine harvests
KOTA KINABALU: The Sabah Blue Economy is estimated to yield 491,000 tonnes of marine harvests such as fish and prawns annually, with a value of RM3.25 billion, said Chief Minister Datuk Seri Hajiji Noor. He said marine harvesting is one of 14 components of the Blue Economy that can be explored, such as renewable ocean energy, blue carbon, tourism, maritime transport, and marine biotechnology, among others. "There is more to Blue Economy than just deep-sea harvesting," he said in a speech read by Sabah Finance Minister Datuk Seri Masidi Manjun at the International Business Review (IBR) ASEAN Awards here yesterday. Also present was IBR Asia Group founder, director and chief executive officer Datuk Beatrice Nirmala. The chief minister also said that one of the most exciting aspects of ocean energy is the Ocean Thermal Energy Conversion (OTEC), which harnesses energy from the oceans. "OTEC power plants are currently being planned to span across 500km of coastline and, in time, to be able to generate 20,000MW of green energy, an unprecedented scale globally. This is not only a gamechanger for the country, it is a gamechanger for the region," he said. Hajiji said the Blue Economy Industrial Park has been established in Kudat as part of three new industrial parks approved by the state government, along with Kota Belud and Beaufort, all strategically located to grow investment opportunities. On the investment front, Hajiji said Sabah had recorded RM17.41 billion from 73 companies in overall approved foreign and domestic investments in the manufacturing sector since September 2020, with 52 companies already setting up businesses in the state with a total investment of RM7.8 billion, creating 3,636 jobs. Between 2022 and 2024, Sabah received new investment proposals worth an additional RM42.3 billion, which will create 32,996 jobs, he added. The chief minister highlighted that Sabah had sealed the Commercial Collaborative Agreement with Petronas, allowing the state to have more participation in the oil and gas industry. This includes 50 per cent equity from the Samarang oil and gas field, 25 per cent equity from Samur, and a 25 per cent equity in the US$3.1 billion (US$1=RM4.24) floating liquefied natural gas (ZLNG) investment in Sipitang. To support the growing investments, the state government has launched the Sabah Energy Roadmap and Master Plan 2040. This initiative aims to generate 700MW within the next 1 to 2 years. Additionally, the government has allocated RM679.85 million in 2024 to address immediate water shortages. Long-term plans also include the completion of the Ulu Padas hydropower. Meanwhile, nine winners were announced at the event, namely Institut Jantung Negara for corporate excellence in the healthcare sector, Clean Kinetics Pte Ltd for corporate excellence in the renewable energy sector, Millenium Minerals Ltd for corporate excellence in the mining industry, Sabah Port Sdn Bhd for corporate excellence in the logistics sector, AiRTS Pte Ltd for innovative technology in the artificial intelligence sector, Alpine Integrated Solution Sdn Bhd for corporate excellence in the event management sector, and Education Malaysia Global Services for corporate excellence in the education sector. Negeri Sembilan was named Most Progressive State in Malaysia in 2024, while Sabah was recognised as the Most Outstanding State in Malaysia for 2024.
Barnama
a day ago
- Business
- Barnama
Sabah Blue Economy On Track To Yield RM3.25 Bln Annually From Marine Harvests
BUSINESS KOTA KINABALU, July 20 (Bernama) -- The Sabah Blue Economy is estimated to yield 491,000 tonnes of marine harvests such as fish and prawns annually, with a value of RM3.25 billion, said Chief Minister Datuk Seri Hajiji Noor. He said marine harvesting is one of 14 components of the Blue Economy that can be explored, such as renewable ocean energy, blue carbon, tourism, maritime transport, and marine biotechnology, among others. "There is more to Blue Economy than just deep-sea harvesting," he said in a speech read by Sabah Finance Minister Datuk Seri Masidi Manjun at the International Business Review (IBR) ASEAN Awards here yesterday. Also present was IBR Asia Group founder, director and chief executive officer Datuk Beatrice Nirmala. The chief minister also said that one of the most exciting aspects of ocean energy is the Ocean Thermal Energy Conversion (OTEC), which harnesses energy from the oceans. "OTEC power plants are currently being planned to span across 500km of coastline and, in time, to be able to generate 20,000MW of green energy, an unprecedented scale globally. This is not only a gamechanger for the country, it is a gamechanger for the region," he said. Hajiji said the Blue Economy Industrial Park has been established in Kudat as part of three new industrial parks approved by the state government, along with Kota Belud and Beaufort, all strategically located to grow investment opportunities. On the investment front, Hajiji said Sabah had recorded RM17.41 billion from 73 companies in overall approved foreign and domestic investments in the manufacturing sector since September 2020, with 52 companies already setting up businesses in the state with a total investment of RM7.8 billion, creating 3,636 jobs. Between 2022 and 2024, Sabah received new investment proposals worth an additional RM42.3 billion, which will create 32,996 jobs, he added.
The Sun
a day ago
- Business
- The Sun
Sabah blue economy set to generate RM3.25 billion annually from marine harvests
KOTA KINABALU: The Sabah Blue Economy is on track to generate RM3.25 billion annually from marine harvests, including fish and prawns, with an estimated output of 491,000 tonnes. Chief Minister Datuk Seri Hajiji Noor highlighted this as part of the state's broader blue economy strategy, which includes renewable ocean energy, blue carbon, tourism, and marine biotechnology. 'There is more to Blue Economy than just deep-sea harvesting,' Hajiji said in a speech read by Sabah Finance Minister Datuk Seri Masidi Manjun at the International Business Review (IBR) ASEAN Awards. He emphasized the potential of Ocean Thermal Energy Conversion (OTEC), a renewable energy source that could generate 20,000MW of green energy along 500km of coastline. The state has also established the Blue Economy Industrial Park in Kudat, alongside new industrial parks in Kota Belud and Beaufort, to attract investments. Since September 2020, Sabah has secured RM17.41 billion in approved investments from 73 companies in the manufacturing sector, creating 3,636 jobs. Additional proposals worth RM42.3 billion are expected to generate 32,996 more jobs. A key development is the Commercial Collaborative Agreement with Petronas, granting Sabah greater participation in oil and gas, including stakes in the Samarang and Samur fields and a 25 per cent share in a US$3.1 billion floating LNG project in Sipitang. To support infrastructure needs, the Sabah Energy Roadmap and Master Plan 2040 aims to produce 700MW of energy within two years, while RM679.85 million has been allocated to address water shortages. At the IBR ASEAN Awards, Sabah was named the Most Outstanding State in Malaysia for 2024, with Negeri Sembilan taking the title of Most Progressive State. Other winners included Institut Jantung Negara and Clean Kinetics Pte Ltd for excellence in healthcare and renewable energy, respectively. - Bernama
Malaysian Reserve
12-06-2025
- Business
- Malaysian Reserve
EquitiesTracker's auditors flag going concern risk amid deepening losses
EquitiesTracker Holdings Bhd (ETH) has received a statement of material uncertainty related to going concern from its external auditors, ChengCo PLT, for its financial year ended Dec 31, 2024 (FY24), raising questions over the company's ability to remain financially viable. In a filing with Bursa Malaysia, the investment research and analytics firm reported a significantly widened net loss of RM12.81 million in FY2024, compared to RM3.25 million in the previous year. As of end-2024, the company also reported net current liabilities of RM1.63 million, reversing from net current assets of RM11.27 million a year earlier. The auditors noted that these financial conditions 'indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.' However, the audit opinion was not modified. ETH clarified that the material uncertainty applies solely to the company level and does not affect the financial standing of the group. In an effort to address liquidity concerns, ETH had earlier embarked on a private placement exercise approved by Bursa Securities in January 2025. The company successfully raised RM2.77 million and RM3.5 million in two tranches in February and June respectively, issuing a total of 28.48 million shares at RM0.22 apiece. 'With the completion of the private placement, the company has addressed the issue of net current liabilities,' the filing said. ETH is listed on Bursa Malaysia's LEAP Market. –TMR
The Sun
06-06-2025
- Business
- The Sun
Bursa Malaysia stays lower in mid-afternoon
KUALA LUMPUR: Bursa Malaysia stayed lower in mid-afternoon today as investors sold selected heavyweight stocks, led by industrial products and services, ahead of the weekend, analysts said. At 3.05 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dipped 2.26 points to 1,515.86 from Thursday's close of 1,518.12. The benchmark index opened at 1,516.91, down 1.21 points. The broader market remained negative, with decliners outnumbering gainers 508 to 247. A total of 440 counters remained unchanged, 1,151 untraded and 20 suspended. Turnover stood at 1.31 billion units, valued at RM890.93 million. Malacca Securities Sdn Bhd said technically, the benchmark index's resistance is anticipated at around 1,533-1,538 and support at 1,498-1,503 today. Of the heavyweights, Petronas Chemicals lost 11 sen to RM3.25, Petronas Dagangan fell by 24 sen to RM20.90, and Press Metal Aluminium eased 4.0 sen to RM4.99. CelcomDigi slipped 3.0 sen to RM3.84, and CIMB was down 5.0 sen to RM6.82. Among the most active stocks, Tanco added 2.0 sen to RM1.02, MYEG eased half-a-sen to 92.5 sen, and Reservoir Link Energy was flat at 35.5 sen. Gamuda rose 2.0 sen to RM4.76, and Signature Alliance Group gained 1.5 sen to 71.5 sen. On the index board, the FBM Emas Index lost 14.80 points to 11,348.03, the FBMT 100 Index cut 11.16 points to 11,117.20, and the FBM ACE Index erased 25.64 points to 4,492.50. The FBM Emas Shariah Index gave up 20.09 points to 11,320.65, but the FBM 70 Index gained 5.11 points to 16,288.42. Sector-wise, the Financial Services Index reduced 30.79 points to 17,708.78, and the Industrial Products and Services Index was 1.25 points lower at 150.87. However, the Energy Index rose 8.80 points to 717.41 and the Plantation Index grew 29.15 points to 7,248.53.
