Latest news with #Sabah-based
The Sun
2 days ago
- Business
- The Sun
Yong Tai acquires Sabah-based Sumberjaya Builders for RM15m, targets quick turnaround on development projects
KUALA LUMPUR: Bursa Malaysia main market-listed Yong Tai Bhd has entered into a conditional share sale agreement to acquire the entire equity stake in Sabah-based Sumberjaya Builders Sdn Bhd for RM15 million. This strategic acquisition marks Yong Tai's entry into Sabah's property market with a steady growth outlook, further diversifying the group's earnings stream and enhancing future profitability. Through this acquisition, Yong Tai will undertake two promising joint-venture projects that Sumberjaya has already secured in Sabah. The two projects are the Lahad Datu project, spanning approximately 11.97 acres. This project features a mixed development of shop lots, terrace houses, and walk-up flats. The Lahad Datu project is estimated to carry a gross development value (GDV) of RM70.12 million and is expected to generate a development profit of RM10.80 million. Construction is anticipated to commence in Q3 of 2025 and be completed by Q3 of 2028. Secondly, Yong Tai will also undertake the Tawau Project, which is situated on approximately 15.25 acres. This development includes both commercial and residential units, offering an estimated GDV of RM106.58 million and projected to deliver a development profit of RM29.78 million. The Tawau project is scheduled to commence in Q4 2025, with completion targeted for Q4 2030. Yong Tai CEO and executive director Datuk Wira Boo Kuang Loon stated that this acquisition significantly eases the company's cash flow pressure, particularly in comparison to the substantial upfront investments previously committed to projects such as Encore Melaka and Courtyard by Marriott Melaka. 'Unlike high-rise developments that require extensive capital and extended timelines, these new projects in Sabah allow Yong Tai to realise profits swiftly and sustainably, strengthening our financial position and enhancing returns to our stakeholders,' he said in a statement. Yong Tai's strategic acquisition reflects careful consideration of market potential, profitability, and minimal upfront capital requirements. Importantly, the landowners for both projects will receive their entitlements via completed property units, significantly easing the group's immediate cash flow burdens. This acquisition complements Yong Tai's ongoing development portfolio, which includes the Impression U-Thant in Kuala Lumpur, nearing completion in Q3 2025, and The Dawn @ Impression City Melaka, undertaken through a joint venture arrangement and scheduled for completion by Q4 2027. The expansion into Sabah not only broadens the group's geographic footprint but also ensures a balanced project pipeline for sustainable long-term growth. The RM15 million purchase price will be paid in three equal parts, which will help maintain steady finances and support a good cash flow. Payments will only be made after due diligence checks have been completed and all required conditions have been met.
New Straits Times
3 days ago
- Politics
- New Straits Times
Sabah election: PBM aims to give voters more choice, says Sng
KUCHING: Parti Bangsa Malaysia (PBM) president Larry Sng said the party plans to contest at least three seats in the upcoming Sabah state election to provide voters with a choice in who represents them in the state assembly. He said the party has already identified potential candidates for the election, which is expected to be held later this year. "In this election, we are going solo — not forming any election pact with Sabah-based parties," he said when contacted by the New Straits Times. He said he had announced the decision to contest in the Sabah state election while chairing the PBM Sarawak chapter's annual general meeting in Sibu last Friday. "We want to offer the people of Sabah a choice," said Sng, who is also the Julau Member of Parliament. He added that winning or losing in the election was not the issue, "because we want to fight for the people as long as we live". Sng said the Sarawak chapter's meeting, which he chaired, was attended by the party's deputy president Wong anak Judat, PBM Women's chief Agnes Padan, Youth deputy head Kevin Jampang Ranggal, and delegates from all the branches. Sabah is set to head to the polls soon, with the state assembly to be automatically dissolved on Nov 11. The 16th Sabah state election was held on Sept 26, 2020 to elect 73 members of the state assembly.
Borneo Post
15-06-2025
- Politics
- Borneo Post
Warisan legal advisor launches anti-corruption campaign, urges caning for offenders
Chin (third right) at the launching of the anti-corruption campaign along Gaya Street on Sunday. KOTA KINABALU (June 15): Sabah-based lawyer and Parti Warisan (Warisan) legal advisor Chin Tek Ming launched a bold anti-corruption campaign along Gaya Street on Sunday, calling on the government to introduce caning as an additional punishment for corruption. The launch featured effigies labeled with signs reading 'Severely Punish Corruption, Caning Awaits.' Members of the public were invited to symbolically cane the effigies representing corrupt individuals — a move that drew enthusiastic participation from onlookers. Chin reiterated his earlier call for amendments to the Malaysian Anti-Corruption Commission Act 2009 (Act 694), arguing that existing penalties of imprisonment and fines have failed to deter corruption, particularly among political leaders and civil servants. 'Corruption cases continue to surface unabated. Clearly, the current punishments are not enough,' he said. 'In China, punishment depends on the severity of the crime, and can even include the death penalty. Malaysia upholds human rights — so at the very least, caning should be introduced as a stern warning.' He was joined by former political secretary and aide to the Minister of International Trade and Industry, Pritchard Gumbaris, and Yong Tain Vui, all of whom voiced full support for harsher penalties including caning for corrupt officials. 'Corruption by politicians is worse than theft,' they said. 'It not only undermines the economy but also sends a dangerous message to future generations.' Describing the event as an 'awakening campaign,' they stressed the need to strengthen existing laws to tackle what they view as an escalating crisis in the state. In addition to the symbolic protest, Chin also offered free legal consultations to the public during the event.
New Straits Times
15-06-2025
- Politics
- New Straits Times
Bung to Armizan: Sabah BN won't wait for 'green light' from others
KOTA KINABALU: Sabah Barisan Nasional (BN) is ready to face Gabungan Rakyat Sabah (GRS) in the upcoming state election, stressing that it does not rely on "green lights" from others to make political decisions. Sabah BN chief Datuk Seri Bung Moktar Radin said the coalition welcomed healthy democratic competition and would only engage in political cooperation based on sincerity and mutual respect. "We do not wait for signals from any party to determine our position or course of action. "More importantly, this issue must be viewed in the broader context of political legitimacy, strategic autonomy, and sincerity in cooperation. "BN is not against cooperation. But we do not want partnerships that merely serve to boost numbers or lend legitimacy to a fragile rule," said Bung, who is also the Sabah Umno liaison committee chairman, in a statement. The Lamag assemblyman was responding to a statement by GRS deputy secretary-general Datuk Armizan Mohd Ali, who said yesterday that the Sabah-based coalition should face BN in the coming state polls. The domestic trade and cost of living minister had said that a contest between the two coalitions would allow the people to decide who they wanted to govern the state. Bung added that if GRS was indeed ready to compete democratically, Sabah BN welcomed the challenge. "In a democracy, contests are not to be feared. "They present opportunities to determine who truly has the people's trust, based on real strength, not borrowed support or shortcuts." He stressed that Sabah BN would not shape its political direction based on the statements of others, and that past experience had made the coalition wary of entering political alliances lightly. "Cooperation without sincerity is like building a house on mud. It may stand briefly but will collapse under pressure. We have learned our lesson. "The people have also witnessed how alliances without sincerity result in weak, inconsistent, and unconvincing governments. "In politics, legitimacy is not defined by seat numbers alone, but by the people's trust in the sincerity of one's struggle."
Borneo Post
13-06-2025
- Politics
- Borneo Post
‘Sabah for Sabahans': State polls will test strength of local-first sentiment, say analysts
Sabah-based parties, including GRS and Warisan, are stepping up their push for greater autonomy, emphasising their grassroots focus ahead of the state's increasingly competitive election. — Bernama photo KOTA KINABALU (June 13): As Sabah heads into its 17th state election (PRN17), political tensions are mounting, with signs pointing toward a contest that may pit state-based parties against the country's major national coalitions. The rallying cry 'Sabah for Sabahans' is gaining renewed momentum as Gabungan Rakyat Sabah (GRS) — the ruling state coalition — weighs its next move amid shifting alliances and growing questions about federal influence in state affairs. Sabahan-first politics In recent years, Sabah-based parties — including GRS components Parti Solidariti Tanah Airku (STAR) and Parti Bersatu Sabah (PBS), as well as opposition party Warisan — have increasingly positioned themselves as defenders of state rights under the Malaysia Agreement 1963 (MA63). GRS's key component party Parti Gagasan Rakyat Sabah is largely made up of Umno-turned-Bersatu leaders who left their former party for a more local platform. They argue that only homegrown parties truly understand the state's needs and aspirations — and are best placed to stand firm against federal dominance. Universiti Teknologi Mara's Tony Paridi Bagang said a contest between state-based and national parties would offer a clear campaign narrative — state rights versus federal funding and stability. 'GRS going solo will be interesting; it's a test of GRS as a government, and as a fully local alliance, and at the same time will see how local parties in national coalitions, like PBRS and Upko, what their influence will be like now,' he said. 'It's still a good way to see whether the growing local sentiments can translate into votes. 'Just contesting on their own is the start of a change in narrative for Sabah politics and if they win, it will be even more meaningful — they will gain a lot more leverage and have better bargaining power,' he added. Political analyst Bridget Welsh agreed that this local-first approach has merit, as the political current appears to favour a 'Sabah bloc' — though much will still depend on how alliances are configured. 'Anti-federal (especially anti-Umno) sentiments are currently strong,' she said. Coalition talks in limbo The local-first sentiment has also been further fuelled by Sarawak's recent success in securing greater control over its oil and gas resources. Many Sabahans have been asking: 'If Sarawak can do it, why not us?' Despite strong calls from within GRS's component parties to contest the election independently, Chief Minister and GRS chairman Datuk Seri Panglima Hajiji Noor initially indicated keenness to continuing cooperation with current state government partner Sabah Pakatan Harapan (PH). However, his position was shaken when Sabah PH announced an election partnership with Sabah Barisan Nasional (BN) — its former allies turned opposition. The two national coalitions described the move as a rational step to ensure political stability and preserve good relations between state and federal governments. In response, Hajiji swiftly issued a statement saying GRS was ready to contest the election on its own if Sabah PH proceeded with the alliance. Prime Minister and PH chairman Datuk Seri Anwar Ibrahim later responded by saying that GRS would be included in the election coalition. Since then, Hajiji has maintained that GRS remains open to discussions — but has stressed that a Sabah-based party must lead the state government. No formal talks have taken place between the two sides. One of the biggest obstacles in the way of this three-way alliance is Sabah BN chairman Datuk Bung Moktar Radin, who has dismissed any possibility of working with GRS until after the election, citing past 'betrayals' and broken promises from the previous state election. Autonomy push may meet resistance Bagang said there could be risks if GRS chooses to go it alone, as the coalition may come under increased pressure. He noted that if GRS were to contest on its own, it might face heightened political pressure — including 'money politics' as well as the influence of 'media and political machinery'. He added that the recent whistleblowing scandal involving mining licences is likely to resurface and affect GRS and its leadership. The Madani factor Contrary to the view that GRS may go it alone, Universiti Malaysia Sabah senior lecturer Lee Kuok Tiung said that GRS is more likely to work with PH and BN — despite its strained relationship with the latter. 'I believe GRS will want to maintain its current set-up with PH. The only problem is that they don't get along with BN but they will find a way or just head into a collision course in certain seats,' he said. 'GRS will have a lot to gain by contesting independently but the prime minister has something else in mind. 'He also has to maintain good relations with Zahid and both will still need a local partner at the end of the day and want to work with GRS,' he added. Bagang agreed that while many Sabahans were keen to see if the local-first sentiment was more than just a slogan, he said it would be 'safer' if the current dynamic is maintained. 'We need to consider the federal factor because our political dynamic is not like Sarawak, whose local coalition is strongly established,' he said. 'I think, with the undercurrent issues, sentiments, GRS may still stick with PH-BN but we'll see some overlapping in their seats,' he added. With the growing fragmentation among parties potentially leading to multi-cornered fights in many seats, split votes may give unexpected advantages to some blocs. Analysts predict that this could result in a hung assembly — or even a repeat of the chaotic post-election realignments that followed the 2020 polls. If the election becomes a contest between local versus national parties, the outcome could reshape Sabah's political landscape and redefine its federal-state relations. With the stakes so high, all eyes are now on the alliances, manifestos, and the voters' sentiments. — Malay Mail GRS hajiji noor lead Sabah for Sabahans
