Latest news with #RM950
Focus Malaysia
8 hours ago
- Business
- Focus Malaysia
Sabah's quiet surge: How the Land Below the Wind is stepping out of Sarawak's shadow
FOR years, Sarawak has been the economic success story of East Malaysia. Its commanding lead in oil and gas (O&G), infrastructure and state autonomy often made it the benchmark others aspired to. But that narrative is beginning to shift. Quietly but steadily, Sabah is emerging as a serious contender – and in some areas – it is already pulling ahead. In 1Q 2025, Sabah recorded RM10.9 bil in approved investments, the third highest in the country, trailing only Selangor and Kuala Lumpur. What's more telling is that 61% of these investments were foreign direct investment (FDI), indicating strong global confidence in Sabah's economic trajectory. By contrast, Sarawak's investment momentum has slowed with over 65% of its 2023 capital inflows coming from domestic sources. A manufacturing revival built on steel and glass This momentum is not isolated. It is matched by a manufacturing sector that is fast gaining national prominence. Sabah topped Malaysia's manufacturing investments during 1Q 2025 at RM7.3 bil. This is on the back of major investments prior led by major players such as China's Kibing Group which pumped in RM950 mil to expand its glass production facility in Kota Kinabalu Industrial Park. A massive RM31 bil green steel project by Esteel Enterprise is also underway in the Sipitang Oil and Gas Industrial Park. These moves signal Sabah's transition from raw commodity dependency to higher-value industrial activities, a transition that Sarawak began earlier but one Sabah is now accelerating with notable speed. Under Chief Minister Datuk Seri Hajiji Noor, Sabah has negotiated for equity stakes in key projects – including 50% in the Samarang offshore oil field, 25% in the SAMUR petrochemical plant and most recently, 25% in PETRONAS' RM13.7 bil nearshore floating liquefied natural gas (ZLNG) facility in Sipitang. These landmark deals not only promise long-term revenue streams but reflect growing confidence in Sabah's governance and regulatory clarity. ConocoPhillips' recent pivot toward Sabah's deepwater blocks also underscores a shift in upstream priorities. Tourism numbers back with a vengeance In terms of tourism, Sabah welcomed 3.1 million tourists in 2024, surpassing its own target and building on its post-pandemic rebound. While Sarawak registered higher total arrivals, Sabah's aggressive international marketing, direct flight connectivity and nature-based appeal are helping it capture a broader and more resilient tourist mix. New direct routes from Taipei, Busan and Fukuoka are boosting visibility and accessibility for both leisure travellers and investors. Crucially, Sabah's appeal lies in its diversity – from Mount Kinabalu and Sipadan Island to cultural trails and rural homestays. These offerings have been packaged with a more modern marketing push, including social media-driven campaigns, ecotourism showcases and strategic airline partnerships. Industry players are of the view that Sabah's branding feels fresher, more global and more connected to experiential travel trends driving today's tourism recovery. From most poor to most improved Beyond the headline numbers, Sabah's development push is showing up where it matters most – in households once left behind. In just over a year, Sabah slashed its number of hardcore poor households from over 22,000 in mid-2023 to just 1,464 by early 2025. By comparison, Sarawak still had over 17,000 such households as of May 2024. Sabah's targeted aid programmes, affordable housing roll-out and student support schemes have helped deliver tangible results. The numbers are not just statistics – they represent a shift in the lived realities of thousands. The Hajiji effect: Policy, pressure and delivery None of this happened by accident. Under the Hajiji administration, Sabah has streamlined investor approvals, set performance timelines and enforced implementation deadlines, even warning civil servants to act swiftly or face removal. The Sabah Maju Jaya plan is no longer a slogan; it is policy with teeth, backed by fiscal prudence and political stability. Sarawak still leads in areas like power exports and state reserves – and remains a vital engine of Malaysia's economy. But the data suggests that Sabah may no longer be playing catch-up. In fact, the next chapter of East Malaysia's development story may very well be written from Kota Kinabalu. For years, Sabah looked up to Sarawak's model. The view now is starting to level out. – July 29, 2025 Main image credit: New Malaysia Herald
New Straits Times
a day ago
- New Straits Times
Op Metal: MACC records statements from 32 people
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has recorded statements from 32 people in connection with its investigation under Op Metal, which involves a syndicate linked to the smuggling of scrap metal and e-waste across five states. According to a source, investigations are ongoing to identify elements of corruption under Sections 16 and 18 of the MACC Act 2009. "The MACC has recorded a statement from a man with the title Datuk Seri, who is believed to be linked to the smuggling syndicate. "So far, statements from 32 people have been recorded to assist in the investigation. "However, no arrests have been made at this time," the source said today, adding that the total value of seized and frozen assets currently exceeds RM332 million. It was previously reported that scrap metal was being smuggled out of the country for export by falsely declaring it as machinery or other types of metal not subject to the 15 per cent export tax imposed by the government. The 'Datuk Seri' is believed to be among those involved in the illegal export of scrap metal to evade the tax. The syndicate was uncovered after the MACC launched a series of raids across five states, exposing an estimated RM950 million in lost tax revenue over the past six years. The commission's Special Operations Division senior director Datuk Mohamad Zamri Zainul Abidin previously confirmed that the total value of seized assets and frozen accounts related to the case had reached RM332 million. This includes the freezing of 324 bank accounts, comprising 142 company accounts and 182 individual accounts, with a combined value of nearly RM150 million. In addition, assets worth RM183 million were also seized. The MACC, through Op Metal, which began on July 14, uncovered that the smuggling of metal scrap had caused more than RM950 million in revenue losses to the country over the past six years, an average of RM160 million annually.
The Sun
a day ago
- The Sun
MACC questions 32 in RM950m scrap metal smuggling probe
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has recorded statements from 32 individuals as part of an ongoing investigation into a scrap metal and e-waste smuggling syndicate. The probe follows recent raids conducted across five states, targeting a network suspected of evading export taxes worth over RM950 million. A source familiar with the case revealed that the MACC is identifying additional individuals to assist in the investigation. Authorities are also examining potential corruption under Section 16 and Section 18 of the MACC Act. Among those questioned was a man holding the title Datuk Seri, who is reportedly linked to the smuggling operation. However, no arrests have been made so far. Earlier reports indicated that the syndicate allegedly paid bribes to enforcement officers, resulting in significant tax losses for the government. The MACC continues to pursue leads to dismantle the network and recover lost revenue. - Bernama
Malaysian Reserve
4 days ago
- Business
- Malaysian Reserve
CGS International maintains bullish view on Malakoff ahead of tenders
CGS International Securities Malaysia Sdn Bhd remains positive on Malakoff Corporation Bhd, citing its strong position to secure upcoming Energy Commission tenders amid rising power demand and the urgent need to ensure supply stability and reserve margins. The brokerage stated that its outlook is underpinned by Malakoff's established track record in thermal plant development and operations, supported by its ready-to-deploy plans, sites, and assets. 'We estimate the plant extensions could generate at least RM40 million in annual net profit from 2026,' it said in a research note. 'This will be further supported by the RM950 million mini-hydro project and the RM660 million waste-to-energy (WTE) plant, which we forecast could contribute a combined RM35 million in net profit annually.' CGS International said a potential win for a 1.4 gigawatt greenfield gas plant could add at least RM200 million in recurring annual net profit and RM1 billion in equity value, equivalent to 20 sen per share, based on its back-of-the-envelope calculations. Together, these projects offer strong earnings visibility, backed by long-term power purchase agreements (PPAs) and concessions. While Malakoff's share price has rebounded from its recent lows, the firm sees further upside potential, driven by a pipeline of unpriced assets, including the mini-hydro and WTE plants, its stake in E-Idaman, and potential PPA extensions for the GB3, Prai Power, and Segari plants. 'We also see Malakoff as a strong contender for new gas-fired plant contracts,' it said. On May 10, 2025, the Energy Commission called for proposals for new gas-fired generation capacity in Peninsular Malaysia through competitive bidding, comprising two categories: (1) an expansion of existing plants and (2) development of new plants. Malakoff has submitted bids to extend the PPAs for three of its gas plants, GB3 640 megawatts (MW), Prai Power (350 MW), and Segari (1,303 MW), through to 2029, and plans to participate in bids under Category 2. CGS International maintained its 'Add' recommendation on Malakoff with a target price of RM1.20 per share, based on a conservative assumption of just one joint venture win. — BERNAMA
Barnama
4 days ago
- Business
- Barnama
CGS International Maintains Bullish View On Malakoff Ahead Of Tenders
REGION - CENTRAL > NEWS KUALA LUMPUR, July 25 (Bernama) -- CGS International Securities Malaysia Sdn Bhd remains positive on Malakoff Corporation Bhd, citing its strong position to secure upcoming Energy Commission tenders amid rising power demand and the urgent need to ensure supply stability and reserve margins. The brokerage stated that its outlook is underpinned by Malakoff's established track record in thermal plant development and operations, supported by its ready-to-deploy plans, sites, and assets. 'We estimate the plant extensions could generate at least RM40 million in annual net profit from 2026,' it said in a research note. bootstrap slideshow 'This will be further supported by the RM950 million mini-hydro project and the RM660 million waste-to-energy (WTE) plant, which we forecast could contribute a combined RM35 million in net profit annually.' CGS International said a potential win for a 1.4 gigawatt greenfield gas plant could add at least RM200 million in recurring annual net profit and RM1 billion in equity value, equivalent to 20 sen per share, based on its back-of-the-envelope calculations. Together, these projects offer strong earnings visibility, backed by long-term power purchase agreements (PPAs) and concessions. While Malakoff's share price has rebounded from its recent lows, the firm sees further upside potential, driven by a pipeline of unpriced assets, including the mini-hydro and WTE plants, its stake in E-Idaman, and potential PPA extensions for the GB3, Prai Power, and Segari plants. 'We also see Malakoff as a strong contender for new gas-fired plant contracts,' it said. On May 10, 2025, the Energy Commission called for proposals for new gas-fired generation capacity in Peninsular Malaysia through competitive bidding, comprising two categories: (1) an expansion of existing plants and (2) development of new plants.
