Latest news with #RM6.4
Malaysian Reserve
a day ago
- Business
- Malaysian Reserve
PM Anwar: ECERDC records RM6.4b realised investments in 1H2025
KUALA LUMPUR — The East Coast Economic Region Development Council (ECERDC) has successfully recorded RM6.4 billion in realised investments in the first six months of this year, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar, who is also the Finance Minister, said the ECERDC has also successfully created more than 2,800 jobs to date. 'At the same time, the amount of committed investments has reached RM10.4 billion, surpassing the RM10 billion target set for 2025,' he said in a post on his official Facebook page today. Earlier on, Anwar attended a meeting with the ECERDC to review the latest progress on key performance indicators for the economic corridor, and to discuss the development framework for East Coast Economic Region (ECER) under the upcoming 13th Malaysia Plan, which is currently being formulated by the government. The Prime Minister said the government's strategic plans, especially through the ECER Development Plan, among others, will see eight strategic and high-impact projects scheduled for completion this year. 'I emphasised the importance of prioritising the country's long-term interests in attracting investors, including the importance of ensuring a percentage of technology and skills transfer elements in every approved investment. 'The ECERDC needs to maintain this momentum through an efficient and proactive facilitation process which will strengthen the East Coast Region as a competitive investment destination both nationally and internationally,' he added. In a separate statement, the ECERDC said the manufacturing sector accounted for 59 per cent of the RM6.4 billion realised investments. The council said Pahang led the list with realised investments totalling RM4 billion, followed by Terengganu (RM1.3 billion) and Kelantan (RM1.1 billion), while Johor saw RM13.3 million of investments in agriculture from the development of a biocompost facility in Mersing. 'Key realised investments also include a RM1 billion integrated oil refinery plant, a RM950 million tourism development, and a RM667 million facility to produce Maleic Anhydride in Pahang. 'In Kelantan, a RM1 billion 84-megawatt mini hydroelectric plant is being developed, while Terengganu secured a RM638 million investment for the processing of pulverised quartz,' it added. — BERNAMA
New Straits Times
a day ago
- Business
- New Straits Times
ECERDC hits RM6.4bil investments in first half of 2025
KUALA LUMPUR: The East Coast Economic Region Development Council (ECERDC) has achieved RM6.4 billion in realised investments in the first six months of 2025. In a statement, ECERDC said these realised investments are part of a broader pipeline of RM10.4 billion in committed investments, enabling ECERDC to exceed its annual investment target of RM10 billion for 2025. According to the council, the strong performance is expected to create 2,844 job opportunities across the region. It said the manufacturing sector is the main contributor, accounting for 59 per cent of total investments. Pahang led with realised investments worth RM4 billion, followed by Terengganu with RM1.3 billion and Kelantan with RM1.1 billion, while Johor saw investments in agriculture amounting to RM13.3 million from the development of a biocompost facility in Mersing. Key realised investments in the first six months of 2025 include a RM1 billion integrated oil refinery plant, a RM950 million tourism development, and a RM667 million facility to produce maleic anhydride in Pahang. In Kelantan, an RM1 billion 84-megawatt mini hydroelectric plant is being developed, while Terengganu secured an RM638 million investment for the processing of pulverised quartz. Prime Minister Datuk Seri Anwar Ibrahim said ECERDC continues to play a vital role in accelerating inclusive growth across the east coast region. "The investments secured signal that ECER remains a high-potential growth corridor for Malaysia. "These efforts are aligned with our national commitment to balanced regional development, ensuring that all Malaysians benefit from economic progress," he said after chairing the first ECER Council Meeting for 2025 in Putrajaya today. In tandem with its investment success, ECERDC said it is completing eight strategic and impactful projects in 2025, in line with the strategic thrusts outlined under the ECER Development Plan. Under the development plan, to enhance food security, ECERDC said it has completed the Goat Milk Collection Centres in Ketereh and Pasir Puteh, Kelantan (April 2025) and is undertaking the final stages of the Jemaluang Dairy Valley in Johor to strengthen the region's agro-based value chains. Supporting the development of new tourism destinations, the council said several projects are on track for delivery, including the Cherating Turtle Information and Conservation Centre in Pahang (April 2025), the Kuala Terengganu City Centre (KTCC) Promenade Phase 1, the Pulau Pemanggil Jetty in Mersing, and upgrading works on the access road to Johor's Endau Rompin National Park from Kahang to Sungai Emas. This includes the construction of the Palekbang–Kota Bharu Bridge, a catalytic project aimed at improving cross-river connectivity and unlocking economic opportunities in Kelantan, which began earlier this year and is progressing well. Under the high-value manufacturing and hard-to-abate thrust, ECERDC said it is strengthening the industrial ecosystem through the expansion of Kerteh Biopolymer Park (KBP) in Terengganu, supporting industries such as biopolymer, petrochemical, and advanced materials. It said the Phase 4A Package 1 was completed in 2024, while the SME Complex Phase 1B is nearing completion by mid-2025, and Phase 4A Package 2 is currently underway. ECERDC said the project is expected to attract RM4.4 billion in investments by 2029. In enhancing regional connectivity, the Kuala Terengganu Airport Road (Package 2) is under development to improve access and support the region's tourism and logistics ecosystems. ECERDC chief executive officer Datuk Baidzawi Che Mat said these strategic developments are laying the foundation for sustainable economic growth across ECER. "By strengthening key industrial ecosystems, improving accessibility, and supporting community-focused initiatives, we are enhancing the region's appeal to investors while delivering meaningful improvements to local communities," it added.
Barnama
a day ago
- Business
- Barnama
ECERDC Records RM6.4 Bln Realised Investments In 1H2025
KUALA LUMPUR, June 30 (Bernama) -- The East Coast Economic Region Development Council (ECERDC) has successfully recorded RM6.4 billion in realised investments in the first six months of this year, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar, who is also the Finance Minister, said the ECERDC has also successfully created more than 2,800 jobs to date. 'At the same time, the amount of committed investments has reached RM10.4 billion, surpassing the RM10 billion target set for 2025,' he said in a post on his official Facebook page today.
Borneo Post
3 days ago
- Business
- Borneo Post
Sabahans must hold own key, says SAPP
Richard (front row, third from left), Chong (fourth from left) and Aloysius (second from left) with SAPP members at the annual general meeting. KOTA KINABALU (June 28): The people of Sabah must defend their sovereignty and make sure the key to their future stays in their own hands in the coming state election, said Sabah Progressive Party (SAPP) deputy president cum secretary-general Datuk Richard Yong We Kong. 'Sarawak has stood firm in defending its rights. Its state government recorded RM14.1 billion in revenue for 2024, which is more than twice the revenue of Sabah. 'Sarawak has already set up its own sovereign wealth fund and is introducing free education. This shows a high level of financial independence. In comparison, Sabah's revenue during the same period is only RM6.4 billion. Our financial structure still relies heavily on federal allocations.' Richard, who also serves as Deputy Speaker of the Sabah State Legislative Assembly, made these remarks on Friday evening while officiating the annual general meeting of SAPP Kepayan and Moyog Constituency Liaison Committees, held jointly in Penampang. He pointed out that Sabah has yet to fully implement the 40 percent net revenue return promised under the Malaysia Agreement 1963 (MA63). 'This continues to prevent us from having genuine financial control.' He added that even after five prime ministers, MA63 has made little real progress and Sabah continues to be sidelined. Richard urged everyone in Sabah to pay close attention to the court case brought by the Sabah Law Society, which will be heard on July 7. 'This case is seeking to legally enforce our 40 percent revenue entitlement, which allows, just from inland revenue alone, Sabah to gain at least RM2 billion more. 'What matters most is that Sabah's future must be decided by Sabahans who are truly committed to defending our rights. We cannot hand the key to outsiders,' he added. SAPP Kepayan CLC chairman Datuk Chong Pit Fah said the annual general meeting is especially important as the state election draws near. 'This is a moment for us to seriously reflect on the future of Sabah,' he said. He emphasised that Sarawak has been consistent in standing its ground on issues such as oil royalties, federal allocations and control over its own media narrative. The federal government does not dare to cross Sarawak's lines. Everything Sarawak has asked for has been fulfilled, step by step. 'Today, Sarawak is financially richer than the federal government. If we in Sabah want the same, there is only one way forward. We must vote for local parties.' Chong said that SAPP, since leaving Barisan Nasional in 2008, was the first party to openly champion the cause of Sabah autonomy, and had never shied away from speaking out. 'Parties from Peninsular Malaysia, however, now claim that they also support autonomy. But such talk is only meant to confuse the public and blur the facts. 'True autonomy means we no longer have to fly across the South China Sea to ask for what is rightfully ours,' he added. Chong called on Sabah voters to stop being deceived that this is impossible. Sarawak is already a living example of what can be done. 'Blindly following others will only cause us to lose our direction. In the end, all we will get is tax, tax and more tax.' SAPP Moyog CLC chairman Aloysius Danim Siap said that the party has always taken a practical and down-to-earth approach, and engaged the grassroots directly and does not rely on empty slogans. 'Our leaders are consistent in both word and action. We never back down when it comes to defending Sabah's sovereignty. Real progress must be concrete and deliverable,' he said.
Malaysian Reserve
18-06-2025
- Business
- Malaysian Reserve
GuocoLand unit ordered to pay RM6.4m in arbitration; completes RM50m MTN issuance
GUOCOLAND (Malaysia) Bhd's wholly owned subsidiary GLM Emerald Hills (Cheras) Sdn Bhd has been ordered to pay RM6.36 million to Barisan Performa Sdn Bhd in an arbitration proceeding over a terminated construction contract. In a filing with Bursa Malaysia today, GuocoLand said the dispute stemmed from a contract under which Barisan Performa was appointed to carry out site clearance, earthwork and related works. The contract was subsequently terminated, with GLM Emerald Hills maintaining that the termination was mutually agreed. However, Barisan Performa contended that the termination constituted a repudiation of contract. On June 16, 2025, the arbitrator awarded Barisan Performa a total of RM6.4 million. This comprises RM1.24 million for work done and materials left on site, and RM5.12 million for loss of profit arising from what was deemed to be an unlawful repudiation. The award also includes 5% annual interest on the sum due until full payment, as well as incidental costs amounting to RM414,487.94. GuocoLand noted that it had previously recognised a provision of RM1.24 million, resulting in an estimated net financial impact of RM5.54 million from the award. The company added that GLM Emerald Hills is consulting its solicitors on the next course of action, including the possibility of setting aside the award. In a separate announcement, GuocoLand said it has completed the issuance of RM50 million in nominal value of unrated medium term notes (MTN), marking the first tranche under its RM500 million MTN programme announced in March this year. The one-year MTN, issued today, carries a periodic distribution rate of 4.27% per annum and will mature on June 18, 2026. Proceeds from the issuance, along with internal funds, will be used primarily to fully settle outstanding revolving credit facilities – RM7.4 million with Bank of China (Malaysia) Bhd and RM32.5 million with Bangkok Bank Bhd. The balance will be allocated for working capital. Hong Leong Investment Bank Bhd is acting as the principal adviser, lead arranger, lead manager, and facility agent for the MTN programme, which is part of GuocoLand's broader capital management strategy. — TMR
