SIBUR to expand cooperation with clients in Bangladesh
The issuer is solely responsible for the content of this announcement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
5 hours ago
- Free Malaysia Today
SIC eyes long-term expansion plans, says CEO
In 2023, Sepang International Circuit turned a profit for the first time since the pandemic, with the return of international events like MotoGP. (Sepang International Circuit pic) KUALA LUMPUR : After weathering the financial strain resulting from the Covid-19 pandemic, Sepang International Circuit (SIC) is charting a new growth trajectory, anchored by land monetisation, strategic investments, and expanded commercial offerings. SIC's CEO, Azhan Shafriman Hanif, said the circuit is finalising a 10-year long-term business plan to unlock the commercial potential of its 303ha landbank. Azhan Shafriman Hanif. 'We only utilise about 50% of the land during international events. The rest sits idle most of the year. We want to change that by bringing in investors to develop hotels, motorsport facilities, vehicle storage, attractions, and food and beverage outlets,' he told Bernama. A key obstacle was the unresolved land tenure, which was now close to being ironed out, Azhan said. He noted that although the finance ministry took over SIC's facilities from Malaysia Airports Holdings Bhd in 2009, the land remained under MAHB's ownership. 'Any investor would ask, who do I sign the lease with? And we couldn't answer that directly. With the sub-lease agreement now progressing, we can finally negotiate long-term leases and unlock investment opportunities,' he said. Azhan, who was appointed CEO in April 2020, said the early years of his leadership were marked by crisis management, as Covid-19 halted all large-scale events, which were the circuit's core revenue driver. 'It was tough. We couldn't lay off staff or cut salaries, being under the finance ministry, and the youth and sports ministry. But we had to tighten allowances and pause overtime,' he recalled. Turning point In 2023, SIC turned profitable for the first time since the pandemic, with the return of international events like MotoGP. 'That year marked our turning point. In 2022, we had just six months to prepare for the MotoGP after the borders reopened in April. But we pulled it off,' he said, adding that it was his first MotoGP season since becoming CEO. Beyond motorsports, he envisions transforming Sepang into a lifestyle hub with improved amenities for both visitors and staff. A small but symbolic first step was the opening of a lakeside cafe that is currently the only F&B outlet within the circuit compound. 'It sounds simple, but before this, you had to drive out just to get lunch. We need more eateries, convenience stores, and family-friendly spaces. We want people to come here, hang out, and enjoy more than just the races,' he said. Azhan said discussions were ongoing to develop commercial plots for local F&B brands and everyday conveniences to serve event-goers, staff, and nearby communities. Although the circuit no longer hosts the Formula 1 Grand Prix, SIC has grown into an active motorsports and entertainment hub, with events fully booked well into next year. He said the crowds have also returned, and the recent Super GT saw more than 78,000 spectators, boosted by a collaboration with the Nihon Matsuri festival. Azhan believes that SIC's strategic location, being near Port Klang and KLIA, gives it a unique edge to be a regional hub for motorsports, lifestyle and automotive showcases. 'Let's say you hold an auto show here. Not only do you see the cars, but you can actually test them on the track. You can't do that on a normal road,' he said. SIC has lined up concerts, exhibitions and conventions throughout the year, while also courting organisers for new events in 2026. The upcoming highlights include the Malaysian Festival of Speed, featuring drift events and karting slalom, to be held in September.
Free Malaysia Today
5 hours ago
- Free Malaysia Today
We shouldn't have dropped F1, says SIC chief
Liberty Media Corp, the owner of F1, has quoted a price of US$70 million (RM295 million) per race in Malaysia, Sepang International Circuit CEO Azhan Shafriman Hanif said. (Bernama pic) PETALING JAYA : It was a mistake for Malaysia to give up the hosting rights for the Formula 1 (F1) grand prix, says Sepang International Circuit (SIC) CEO Azhan Shafriman Hanif. He said it was a tall order now to host the F1 race in Sepang as there is a long waiting list for a place on the motorsport event's calendar. He added that it would also be very costly with Liberty Media Corp, the owner of F1, having quoted a price of US$70 million (RM295 million) for the rights to host the race in Malaysia, New Straits Times reported. 'That does not include our setup costs, in the region of RM10-20 million per year. In total, it would cost us more than RM300 million to bring back the race (annually),' he was quoted as saying. Nonetheless, Azhan believes there is a strong interest to bring the F1 grand prix back to Malaysia, adding that if enthusiasts and stakeholders were really serious about this, then 'maybe we can start the conversation'. He maintained that every stakeholder must be involved and contribute to make this a success, saying Malaysia should take a leaf from Singapore. '(Singapore) has everyone on board to make their F1 grand prix a success, from the ministries to the corporate sector and hotels. Everybody contributes. 'It has to be like that if we bring it back here,' he said, adding that the returns on investments will not be immediate. Azhan then warned against making the same mistake with the hosting rights for the MotoGP, saying that negotiations for a contract renewal with event organiser Dorna Sports will take place soon. 'We do not want to repeat the mistakes of the past. We let F1 go and now it is very hard to bring it back. I hope we don't make the same mistake with MotoGP,' he was quoted as saying. In April 2023, youth and sports minister Hannah Yeoh said it would be 'quite impossible' for Malaysia to host F1 races in Sepang again because of the high costs it would incur. However, Motorsports Association of Malaysia president Mokhzani Mahathir said F1 races could return to Sepang if the corporate sector was willing to bear the costs. Malaysia first hosted the F1 grand prix in 1999 and it became a popular attraction for motorsports enthusiasts from around the world every year. The last race in Malaysia was held in 2017 after Putrajaya decided not to renew the hosting rights due to a decline in returns.
Malay Mail
9 hours ago
- Malay Mail
Felcra records RM178m profit, with RM101m payout to participants starting today, says Zahid
PASIR SALAK, Aug 17 — Felcra Bhd has recorded a profit of RM178 million for up to April 2025, showing an increase compared to the previous year. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, who is also the Minister of Rural and Regional Development, stated that of this amount, RM101 million will be distributed to 74,300 participants nationwide in stages starting today. 'I congratulate Felcra Bhd for successfully maintaining a strong performance, with an increase of nearly RM2 million compared to the same period last year. I will be monitoring the profit distribution to all participants across the country,' he said at the 2025 First Interim Distributable Profit Declaration Ceremony for Felcra Bhd participant projects held here today. Also present were Deputy Minister of Rural and Regional Development Datuk Rubiah Wang and Felcra Bhd chief executive officer Datuk Idris Lasim. In addition, Ahmad Zahid said Felcra Bhd continues to make history in strengthening national food security through the commercialisation of Felcra's MRQ 107 paddy – a local fragrant rice variety that serves as a high-quality alternative to imported fragrant rice. He stated that the Seberang Perak area, covering more than 3,400 hectares and cultivated using modern methods by Felcra, has shown encouraging performance with an average yield reaching eight metric tonnes per hectare annually. 'We expect production to exceed 27,000 metric tonnes of paddy, equivalent to over 16,000 metric tons of rice per year, which can meet the needs of thousands of families. Hopefully, this becomes an example for other paddy farmers,' he said. Meanwhile, Idris said the performance of the first interim distribution for 2025 was influenced by several key factors, including efficient estate management and the implementation of cost-saving measures. 'Through effective approaches in the use of fertilisers, pesticides, and farm inputs, operational costs were reduced by 15 per cent, and yield per hectare increased by 49 per cent,' he said. Idris also informed that Felcra's oil palm projects recorded an average net profit increase of 81 per cent. He emphasised that while profit distribution rates are influenced by crude palm oil price trends, improvements in estate performance remain the primary determining factor. — Bernama
