Latest news with #RM86
Daily Express
a day ago
- Business
- Daily Express
Sabah Development Bank Berhad slashes pre-tax losses to RM86 million from RM878 million
Published on: Wednesday, July 02, 2025 Published on: Wed, Jul 02, 2025 Text Size: The bank approved RM1.763 billion in loans within its development mandate between January 2024 and June 2025, while rejecting RM9.646 billion in applications that fell outside its scope. Kota Kinabalu: Sabah Development Bank Berhad (SDB) recorded a dramatic financial recovery, slashing its pre-tax losses by 90 per cent to RM86 million in 2024, down from RM878 million the previous year. In a statement Tuesday, the state-owned bank attributed the improvement to its ongoing transformation programme launched in late 2023 under a new leadership. The bank expects to return to profitability in FY2025. 'This progress reflects positive momentum in SDB's ongoing 3-Year Transformation Journey,' SDB said, in a statement, noting that extensive provisions for bad loans and asset write-downs had contributed to the heavy losses in 2023. The bank's financial health has strengthened considerably, with its capital ratio recovering from 7.9 per cent at end-2023 to 20.71 per cent by December 2024, supported by the Sabah Government. RAM Rating Services Berhad (RAM) affirmed SDB's strong AA1 credit rating in June, citing high payment safety and stable outlook. The SDB has refocused its operations on financing Sabah's development projects, particularly in infrastructure, power and water sectors. The bank approved RM1.763 billion in loans within its development mandate between January 2024 and June 2025, while rejecting RM9.646 billion in applications that fell outside its scope. The bank has also made progress tackling non-performing loans through a dedicated recovery team, with RM965 million in settlement proposals approved and RM2 billion in pledged securities under receivership. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Borneo Post
2 days ago
- Business
- Borneo Post
Sabah Development Bank's losses drop significantly
— Photo from Sabah Development Bank website KOTA KINABALU (July 1): Sabah Development Bank Berhad (SDB) on Tuesday announced a significantly reduced pretax loss of RM86 million (net loss of RM82 million) for the financial year ended 2024. This marks a notable improvement from the substantial pretax loss of RM878 million (net loss of RM684 million) recorded in the previous year, primarily due to extensive provisions for Non-Performing Loans (NPLs) and diminished asset values accumulated over the past years. SDB expects to report a modest profit in FY2025. This progress reflects positive momentum in SDB's ongoing 3-Year Transformation Journey, which commenced in the second half of 2023 under a new board and management. Following a rigorous restructuring exercise, the Bank's total capital ratio had dropped to 7.9% by end 2023. However, as of end-2024, the capital ratio has rebounded to a strong 20.71%, backed by strong support from the Sabah State Government. On 4 June 2025, RAM Rating Services Berhad (RAM) affirmed SDB's debt instrument ratings at AA1/Stable/P1. The AA1 rating indicates a high safety for payment of financial obligations, while the 'Stable' outlook reflects RAM's expectations that the long-term rating will be unchanged over the intermediate term. The Bank's Commercial Papers were also affirmed at P1, the highest short-term rating assigned by RAM, reflecting high safety for payment of short-term obligations. In alignment with its mandate from the State Government, SDB is now focused on financing development projects in Sabah, predominantly in the infrastructure, power and water sectors. The State has positioned SDB as the lead lender for local-content in major investment projects, reinforcing its pivotal role in driving Sabah's economic growth. Between January 2024 to June 2025, SDB approved RM1.763 billion loan applications within its developmental mandate. During the same period, the Bank turned down RM9.646 billion in loan applications that either fell outside its mandate or did not meet its enhanced credit standards. Since the setup of an independent professional recovery team in September 2023, notable progress has been made in addressing the NPLs. The Bank's Board has approved RM965 million in settlement proposals. This is in addition to RM2 billion in pledged securities currently placed under receivership.
The Star
2 days ago
- Politics
- The Star
Govt to provide aid to rebuild homes destroyed in Kampung Bagan Pasir Laut fire, says Zahid
BAGAN DATUK: The government will provide appropriate assistance to help victims of the fire in Kampung Bagan Pasir Laut, Hutan Melintang, rebuild their homes destroyed in last Saturday's (June 28) blaze. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said a total of 21 heads of household (KIRs) and several shop lot owners were identified as eligible for assistance following a census conducted. "The current allocation is approximately RM86,000 for each housing unit. "Today, government departments, agencies, non-governmental organisations (NGOs), and associations have contributed RM10,000 to each affected family. Additionally, a local Buddhist association has channelled RM100,000 in aid to all victims,' he said. Ahmad Zahid, who is also the Bagan Datuk MP, said this to reporters after visiting the site and presenting aid to the fire victims earlier on Tuesday (July 1). He also personally contributed RM3,000 to each affected household. The fire, which occurred around 4am on Saturday, destroyed 21 houses, several shop lots, and a temple in Kampung Bagan Pasir Laut. Meanwhile, Ahmad Zahid said the government, through the relevant agencies, will also coordinate the issuance of land title to all affected households, enabling them to rebuild their homes on land currently under Temporary Occupancy Licence (TOL) status. He said Kampung Bagan Pasir Laut is a 140-year-old fishing village comprising 149 homes and several business premises. Regarding the damaged temple, he said a private individual has pledged to contribute to its reconstruction.- Bernama
Yahoo
25-06-2025
- Yahoo
Blackpink fans lose SS$26,000 to ticket scams ahead of Singapore concerts
SINGAPORE, June 25 — Excitement is building for Blackpink's Deadline world tour stop in Singapore, but not all fans are celebrating. In just two weeks, at least S$26,000 (RM86,000) has been lost to scams involving bogus resale tickets to the K-pop girl group's upcoming shows on November 29 and 30 at the National Stadium. According to a June 24 statement by the Singapore Police Force, there have been at least 18 reported cases where victims were tricked into paying for fake tickets advertised on platforms such as Telegram, Carousell, X (formerly Twitter), Facebook Messenger, and Xiaohongshu. Scammers often sweet-talked their victims with screenshots or videos of what appeared to be legitimate tickets or payment receipts. They also claimed that tickets were in limited supply and had to be snapped up quickly — a tactic meant to pressure fans into making hasty payments. Worse, when the tickets never arrived, some scammers doubled down, asking for more money on the pretext that earlier payments hadn't gone through. Victims only realised they had been duped when the sellers disappeared. This isn't the first time Blackpink's popularity has been exploited by scammers. During the Born Pink tour in 2023, police received at least 128 reports of similar scams, with total losses reaching over S$206,000. Many of those affected were young Singaporean females aged 10 to 29. The police have reminded fans that tickets for the Deadline concerts are non-transferable and non-resellable. Anyone caught with a resale ticket risks being denied entry to the concert without a refund. To combat the scams, the police are working with platforms like Carousell, Facebook Marketplace and TikTok to remove suspicious ticket listings. They also urge the public to download the ScamShield app and to only buy tickets through Ticketmaster, the tour's official ticketing partner.
Borneo Post
21-06-2025
- Business
- Borneo Post
Sabah's halal promise: A second chance at a multi-trillion dollar future
Sabah, our Land Below the Wind, has always brimmed with potential. We've talked about it for years, a whispered promise of what could be. Yet, that promise, particularly in the expanding global halal economy, often felt like a distant dream — ambitious, yes, but perpetually just out of reach, until now. The recent announcement from Qhazanah Sabah Berhad (QSB), the state government under the leadership of Datuk Seri Panglima Hj Hajiji Haji Noor's strategic investment arm, changes the narrative entirely. Their plan for a new SME Halal Industrial Park on 8.09 hectares within the Kota Kinabalu Industrial Park (KKIP) isn't just about laying bricks and mortar. This is a comprehensive ecosystem designed to empower our small and medium enterprises (SMEs), providing crucial support facilities, integrating technology, offering digital platforms, guiding businesses through halal certification, and assisting with product marketing. Historically, Sabah's industrial focus has been rather narrow, concentrating on resource-based sectors like timber, palm oil and fisheries. Despite a strong local Muslim population and our enviable proximity to major halal markets, Sabah's participation in the global halal economy has remained surprisingly underdeveloped. Truth be told, our journey to this point has been paved with missed opportunities. Early on, Sabah and even our neighbor Labuan were touted as natural halal gateways, strategically located along vital shipping routes. Plans were drawn, land earmarked, and significant funding committed. Remember the much-publicized Labuan Halal Distribution Hub, launched in 2009 with RM86 million? It became a textbook case of a 'mega investment flop,' failing to export a single product. What a shame. Similar ventures in Brunei Bay and by KKIP itself also faded into obscurity. The root cause was not merely bureaucratic red tape — it stemmed from a deeper, more fundamental misunderstanding of what 'halal' truly means in the context of a modern supply chain. Too often, we reduce halal to ritual slaughter or a certification stamp, overlooking the fact that a 'NO PORK SERVED' sign is not synonymous with halal. Halal is a comprehensive system of ethical and spiritual assurance that governs every stage of a product's lifecycle — from careful sourcing and processing to secure packaging, transportation, storage, and retail handling. It embodies a fusion of faith-based values and rigorous logistical standards. Genuine halal integrity necessitates that products are not only certified but also scrupulously protected from any form of contamination — physical, chemical, or religious — at every single touchpoint. This demands dedicated halal logistics, segregated storage and robust traceability. Past initiatives stumbled precisely because they overlooked these practical requirements, constructing facilities without the crucial supporting ecosystem of trained logistics providers or real-time visibility technologies. The consequence? Halal products often lose their integrity the moment they leave the factory gates. Against this sobering backdrop, the news of the SME Halal Industrial Park is both welcome and, frankly, critically overdue. This time, Sabah or QSB must transcend the mere provision of physical infrastructure. A comprehensive halal ecosystem is urgently needed, firmly anchored by three essential pillars: Logistics Integrity, Digital Visibility, and robust Supply Chain Governance. Logistics Integrity is non-negotiable. Halal and non-halal goods must be kept strictly separate during storage, handling and transport, especially in environments where mixed cargo is common, like ports and distribution centers. Dedicated halal transport fleets and warehouses, backed by certifications from respected bodies like JAKIM, are no longer optional amenities but fundamental necessities. Digital Visibility will form the very backbone of Halal Trust. Technologies like RFID, GPS and blockchain offer powerful tools to meticulously track the movement of goods, verify their chain-of-custody, and provide real-time assurance to both regulatory bodies and discerning consumers. While the initial investment in such technologies may seem significant, they present Sabah with a unique opportunity to leapfrog older, less efficient models and establish itself as a truly smart halal hub. Finally, effective Supply Chain Governance mandates seamless collaboration among state agencies, halal certifiers, logistics providers and the SMEs themselves. Without coordinated training initiatives, transparent information sharing, and stringent quality control, even the most thoughtfully designed industrial park risks becoming another white elephant. The Halal Development Corporation (HDC), working in close tandem with JAKIM and local universities, should be empowered to establish a Halal Excellence Centre in Sabah, serving as both a vigilant watchdog and a dynamic think tank. Malaysia's JAKIM halal certification remains a globally trusted benchmark, recognized by 85-88 international bodies across 47-49 countries. This provides Sabah's halal industry with a significant export advantage. We've seen notable growth in certified companies, rising from 249 in 2014 to approximately 350 today, reflecting sector expansion. This growth underscores the critical need for continued, comprehensive SME capacity-building and inclusive onboarding programs. This is essential to ensure our Bumiputera businesses fully participate in and benefit from Sabah's expanding halal economy. This is a profound opportunity to uplift micro-enterprises, particularly those in rural areas that remain uncertified due to a lack of awareness, technical support, or capital. With proper incubation and targeted training, the halal sector can transform into a powerful vehicle for economic justice, alongside its potential for export growth. Moreover, the halal economy extends far beyond the food sector. It encompasses pharmaceuticals, cosmetics, personal care products, tourism, fashion, and even Islamic fintech. Sabah holds distinctive advantages that can be strategically leveraged across these diverse industries. Imagine our eco-tourism lodges offering tailored halal hospitality packages, catering to the rising number of Muslim travelers not only from within Malaysia but also from BIMP-EAGA, the Far East, the Middle East, and Europe. Or consider the potential of halal-certified herbal products, derived from Sabah's extraordinarily biodiverse forests, to secure a foothold in the expanding global halal wellness market. Sabah has, arguably, slumbered too long on its halal potential. But the era of mere dreaming is over. The Halal Industrial Park initiative by QSB must be seen not just as a development project, but as a strategic reset for the entire state. It presents a crucial second chance to position Sabah as a credible, indispensable node in the global halal supply chain. Success will not be measured by the scale of its infrastructure or the polish of its promotional materials. Instead, it will rest on an unwavering commitment to integrity, the precise execution of advanced systems, and strict adherence to international standards. Most importantly, it will depend on Sabah's ability to align vision with infrastructure and execution, elevating the halal economy from a symbolic label to a principled way of doing business. This weekend, as we reflect on Sabah's potential, let's look forward to a future where our halal promise is not just discussed but fully realized.
