Latest news with #RM35mil
The Star
10-06-2025
- Business
- The Star
AME Elite expects more conservative sales of industrial property
PETALING JAYA: Industrial park developer AME Elite Consortium Bhd is targeting a more conservative RM400mil in sales for its financial year ending March 31, 2026 (FY26). This reflects the lingering uncertainty surrounding trade policies and tariffs that could influence the pace of foreign direct investment (FDI) decisions, said Phillip Capital Research. AME's Northern TechValley industrial park registered RM56mil in sales for the fourth quarter of its FY25, lifting the group's overall sales to RM641mil. Early demand was largely supported by local players from the consumer-related sector. The research house said AME expects sales momentum to strengthen further once infrastructure work commences in second half of this year (2H25). AME remains focused on growing its gross development value (GDV) pipeline, with the acquisition of the land in Ijok, Selangor. The work on an industrial park at the site with an estimated GDV of between RM1.2bil and RM1.3bil, is a partnership with Kuala Lumpur Kepong Bhd , and is expected to be completed in 2H25. AME is also expected to recognise earnings from a RM210mil land sale to data centre operator Digital Hyperspace Malaysia Sdn Bhd in 1H26, pending final payment from the client by August. The client reaffirmed its commitment to complete the transaction, having paid a RM35mil deposit and interest. AME is expected to record a gain of RM85mil from the deal. Phillip Capital Research reiterated its 'buy' rating on the stock with an unchanged sum of parts derived target price of RM2 a share.
The Star
27-05-2025
- Automotive
- The Star
Pressing need for underpass in Penang
ONCE a quiet neighbourhood, Mount Erskine in northwestern George Town, Penang, is historically known for its Chinese cemeteries and low-rise homes. Before the early 2000s, the area had basic infrastructure and a laid-back, suburban feel. But as George Town became increasingly dense, developers began transforming the suburb into a hub of high-rise developments and modern living. Traffic at a standstill along Jalan Gottlieb in George Town, Penang. Today, one of its main roads – Lebuhraya Halia – leads into a vertical neighbourhood of private condominiums and affordable high-rises. Situated between George Town and Batu Ferringhi, this area is a strategic choice for middle-class and upwardly-mobile families. Mohamad Haziq: Riding a motorcycle is the only way to avoid being stuck in traffic from Jelutong to Tanjung Tokong. However, this growing appeal has also led to bottlenecks and a pressing need for improved infrastructure. Rapid development here as well as along its supporting roads have resulted in severe traffic congestion during peak hours. Residents have, for years, voiced their concerns but traffic still remains their main grievance. Congestion relief plan The Jalan Burma–Jalan Gottlieb–Jalan Bagan Jermal–Jalan Mount Erskine intersection serves as a crucial access route for Tanjung Bungah and Tanjung Tokong residents heading to the southwest district or mainland via either the Penang Bridge or second Penang Bridge. Tang's commute from Bayan Lepas to her workplace in Tanjung Tokong, results in her spending hours caught in traffic. In 2019, Penang Island City Council (MBPP) announced plans to build an underpass at the intersection to address persistent traffic woes. At the time, traffic flow in the area was described as 'messy during peak hours,' and the city council projected a daily traffic volume of up to 58,500 vehicles by 2024, based on a Traffic Impact Assessment (TIA) report. Additionally, around 10,000 new housing units were built in and around Mount Erskine, Jalan Fettes and Jalan Lembah Permai. Earlier this year, the underpass project was one of eight Penang initiatives being considered for funding by Economy Ministry. Woo: MBPP submitted details on the scale and impact of the underpass project to the Federal Government for funding. Penang infrastructure committee chairman Zairil Khir Johari said the underpass was essential to ease traffic flow, especially for those living along the Tanjung Tokong and Tanjung Bungah residential corridor. He said the project would cost RM35mil, with land acquisition requiring another RM23.9mil. He added that the land acquisition process, for the 700m stretch from Jalan Mount Erskine to Jalan Burma (up to Adventist Hospital), had been completed. The acquisition involved 20 lots totalling 4,430sq m – two owned by MBPP, two belonging to the Federal Government and 16 with private owners. The state government is currently awaiting the project's official approval from the Federal Government under the 13th Malaysia Plan. 'If the Federal Government does not approve it, the state will consider other options to proceed with construction,' Zairil said when contacted by StarMetro. Zairil: Land acquisition is completed for the 700m stretch from Jalan Mount Erskine to Jalan Burma (up to Adventist Hospital). Pulau Tikus assemblyman Joshua Woo said the area served as a vital artery for daily commuters travelling between residential neighbourhoods, schools and the city centre. Recognising the urgency of the issue, he said MBPP had submitted details on the scale and impact of the underpass project to the Federal Government for funding. 'The area, along with its connecting roads, has long been a source of heavy congestion, especially during peak hours. 'Bottlenecks not only cause significant delays but also affect the quality of life for residents and road users,' he said. He added that bottlenecks also increased travel time, fuel consumption and carbon emissions. 'As urban traffic continues to worsen, timely intervention is crucial to prevent further strain on Penang's transportation network. 'The plan's success will depend on intergovernmental collaboration and prioritisation of infrastructure investments that directly benefit the people,' said Woo. He said the project, if approved, would mark a significant step forward in addressing traffic woes and improving mobility for thousands of road users. Commuting struggles A company chief operating officer Jasmon Lim, 42, who lives in Tanjung Bungah and commutes daily to and from work on the mainland in Batu Kawan, Seberang Perai, is constantly stuck in traffic. 'I drive from Tanjung Bungah to Batu Kawan and back, usually during peak hours, every day. 'Just getting out of Tanjung Bungah and passing Gurney Drive takes about 30 minutes. 'Traffic starts building up near the Tanjung Tokong area and is slow moving from there,' he said. Lim said he first noticed traffic worsening about eight years ago due to significant development, including a surge in new housing projects in the area. 'Ideally, the road should have a few more lanes to accommodate the increased traffic, but it still only has two,' he said. 'With all the new high-rise developments, it has become a high-density zone. 'Years ago, there were fewer condominiums and buildings.' Lim said it could sometimes take him up to two hours to get home from Batu Kawan, depending on the time. 'There are times when traffic is at a complete standstill on the way back to Tanjung Bungah. 'An underpass from Jalan Burma and Jalan Mount Erskine will help divert traffic and ease congestion significantly. 'Measures taken to divert traffic away from this stretch, especially during peak hours, will make a huge difference for commuters. 'It would be ideal to reroute traffic onto main roads and away from densely populated areas. 'I really hope the project starts soon,' he said. Pharmacist Tang Shin Wei, 28, commutes daily from Bayan Lepas to her workplace in Fettes Park, Tanjung Tokong, which is almost to the opposite end of the island. On bad days, it takes her up to an hour and a half to get home. 'When I leave work during peak hours, around 4.45pm or 5.45pm, it becomes really exhausting. 'I am usually stuck in near-standstill traffic, inching forward through the Mount Erskine, Bayan Lepas and Jelutong areas,' she said. Tang once tried avoiding the congestion by following shortcuts suggested by her navigation app. 'It did guide me to a supposedly faster route, but it took me through a residential area where cars were parked everywhere. 'It was hard to navigate, and I ended up wasting more time trying to squeeze past parked vehicles,' she said, adding that she now preferred staying on the main road because she knew where she was headed. Store manager Mohamad Haziq Abdul Rahim, 31, who lives in Jelutong and works in Tanjung Tokong, said riding a motorcycle was the only way he could avoid being stuck in traffic. 'This area always has heavy traffic. Even near my house, it is packed with cars. 'I may be using a motorcycle, but I still have to go through traffic, and sometimes manoeuvring around these cars takes up time,' he said. Mohamad Haziq still chooses to ride his motorcycle to work even when it rains, as he finds it too stressful driving a car through the traffic in Jelutong, Jalan Masjid Negeri and Mount Erskine. He has also noticed an increase in traffic in the area in recent years. 'There have been more developments, eateries and shopping spots around here. 'That has brought more people to this side of the island, and traffic has worsened. 'There are days when I am just glad I am already at work and not stuck in a car on the main road. 'There are only a few narrow lanes, and that just adds to the congestion,' he pointed out. Mohamad Haziq said he hoped plans were in place to fix or expand the roads. 'Something has to be done,' he said. 'There are just too many cars on the road now. We need to cater to the growing population here.'
The Star
22-05-2025
- Business
- The Star
Duopharma aiming for big govt insulin tender
Duopharma group managing director Leonard Ariff Abdul Shatar. KLANG: Duopharma Biotech Bhd is hoping to secure a sizeable contract to supply insulin to the Health Ministry (MoH) in the near term, which will help propel its growth. 'The significant jump (in contract value) has already occurred based on the announcements we made. I think we've announced all the significant jumps that we can foresee (for now). 'The next significant one will be the results of the insulin tender. That will be sizeable enough for us to make an announcement,' said group managing director Leonard Ariff Abdul Shatar. 'Our extension goes on till the end of October. While the tender (process) started (in May), I must caution that MoH traditionally for insulin always gives the contract to two parties. 'If only one party bids, MoH will wait until there's capability for a second party to bid,' he told reporters after the company's AGM yesterday. Its wholly-owned subsidiary, Duopharma Marketing Sdn Bhd, and India Biocon Ltd's local unit, Biocon Sdn Bhd, recently secured a six-month contract extension from MoH for the supply of insulin to public hospitals. Duopharma said the latest extended agreement is effective from April 29 until Oct 28, 2025. While the contract value was not disclosed in the filing, Leonard Ariff estimated the value of the six-month extension to be worth between RM30mil and RM35mil, about half of the annualised value of RM60mil to RM70mil. Duopharma, in which Yayasan Pelaburan Bumiputra holds a 44.11% stake, was awarded contracts totalling RM684.15mil to supply a combined total of 100 pharmaceutical and non-pharmaceutical products to healthcare facilities operated by the government, until Dec 31, 2026. The contracts are for products listed under the MoH's Approved Products Purchase List. Meanwhile, Leonard Ariff aims to increase the company's export business, which accounted for around 8% of its revenue in 2024, focusing on Asean countries mainly due to familiarity with regulatory environments and sizable markets. The company operates in about 30 markets, but its primary focus remains on Asean, as countries like Indonesia, the Philippines, Vietnam, Singapore, Brunei, and Thailand represent a significant portion of the global market, he explained. He added that Duopharma has made inroads into Timor-Leste, having won a government tender to supply halal pharmaceuticals. However, he expects higher demand for halal pharmaceuticals from Indonesia compared to Qatar and other Middle Eastern markets, which are still in the early stages. He said Indonesia is moving towards implementing a law, originally slated for 2022 or 2023, that mandates halal certification for over-the-counter pharmaceutical products. 'They have delayed its implementation to 2026 or 2027. That would be a more viable opening for Duopharma products, rather than the Middle East,' Leonard Ariff explained. The main focus for Duopharma this year will be on removing the bottleneck at its facilities in Klang and Bangi, Selangor, to cater to the needs of both the public and private sectors, ensuring its production capacity aligns with demand. 'We have more than enough capacity for the public sector. It is all about balancing (demand from the public and private sectors). We do not want to put all our eggs in one basket,' he said.
The Star
16-05-2025
- Business
- The Star
Sabah Electricity: S'wak grid project key to electricity goals
KOTA KINABALU: Sabah is awaiting Sarawak's completion of its portion of the much-anticipated Sabah-Sarawak 275kV transmission grid interconnection project so that both states can proceed with their power supply plans, says Sabah Electricity chief executive officer Mohd Yaakob Jaafar. He said Sabah completed its portion last year but Sarawak is facing construction delays. 'There is indication that the Sarawak side aims to complete their part this year. But from what we've assessed, we might have to wait a little longer,' he said during a visit to the plant in Tenom on Wednesday. He said Sabah's power reserve is expected to increase by around 30MW, with the potential to increase to 300MW once the project is completed. According to Yaakob, this project is critical to Sabah's power reserve margin and efforts to provide consumers with a stable power supply. This project received an allocation of RM35mil from the Ministry of Energy Transition and Water Transformation. The Asean power grid interconnection project, which aims to connect the Philippines from Kufat to Pahlawan and from Lahad Datu to Mindanao, as well as link Indonesia through Tawau (Kalabakan) to north Kalimantan, faces numerous challenges that require attention from all involved parties. 'On our part, we are currently drafting a feasibility study for the interconnection from Tawau to north Kalimantan, and we have appointed consultants for this task,' he stated. However, he added that the grant previously received to conduct the study had been withdrawn due to a change in policies by the United States during Donald Trump's administration. 'We need to engage in discussions with our partner countries regarding the next steps for advancing this study,' he said.
The Star
15-05-2025
- Business
- The Star
Sabah awaits Sarawak's completion of power grid project
KOTA KINABALU: Sabah is still waiting for Sarawak to complete its portion of the highly anticipated Sabah-Sarawak 275kV transmission grid interconnection project so that both states can proceed with power supply enhancement plans. Sabah Electricity Chief Executive Officer Mohd Yaakob Jaafar said Sabah completed its portion last year, but Sarawak is experiencing construction delays. "There is indication that the Sarawak side aims to complete their part this year, but from what we've assessed, we might have to wait a little longer," he said during a visit to the plant in Tenom on Wednesday (May 14). He said Sabah expects to see an increase of around 30MW in power reserve, which could potentially rise to 300MW once the project is completed. Yaakob said this project is crucial for Sabah's power reserve margin and in efforts to provide a stable power supply to users in the state. The project was completed with a RM35mil allocation from the Ministry of Energy Transition and Water Transformation. When asked about the Asean power grid interconnection project to the Philippines from Kudat to Palawan and from Lahad Datu to Mindanao, as well as to Indonesia via Tawau (Kalabakan) to North Kalimantan, he said there were still many issues to address. "For our part, we are drafting a feasibility study for the interconnection from Tawau to North Kalimantan, and consultants have been appointed," he said. However, due to changes in the United States government, the grant they received previously for this feasibility study has been withdrawn, said Yaakob. "So we need to discuss with our partner countries on how to move forward with this study," he said. A meeting is scheduled in Jakarta on Thursday (May 15), chaired by the Asean Centre of Energy with Perusahaan Listrik Negara (PLN) in Indonesia and Sabah Electricity to discuss this and related matters, he said.
