Latest news with #Dato
Barnama
14 hours ago
- Politics
- Barnama
Brunei's Second Foreign Minister on Working Visit to Malaysia for 26th EOL Meeting
PUTRAJAYA, July 22 (Bernama) -- Brunei's Second Foreign Minister, Dato Seri Setia Haji Erywan bin Pehin Datu Pekerma Jaya Haji Mohd Yusof, is undertaking a two-day working visit to Malaysia starting Tuesday to attend the 26th Meeting on the Implementation of the Exchange of Letters (EOL). In a statement on Tuesday, the Foreign Ministry said Foreign Minister Datuk Seri Mohamad Hasan will host his Bruneian counterpart during the visit. Both foreign ministers will co-chair the meeting on Wednesday (July 23).
Scoop
7 days ago
- Business
- Scoop
New Zealand And Malaysia Commit To Boosting Halal Meat Trade
Minister for Food Safety New Zealand and Malaysia have committed to boosting trade in high-quality halal meat products. Minister for Food Safety Andrew Hoggard says, 'Malaysia is a significant market for New Zealand's premium halal meat products, with exports of more than $60 million last year.' 'Malaysia is facilitating the approval of several New Zealand halal meat premises seeking first-time access to this market, which is crucial to growing exports. 'With a population of more than 35 million people, new access will help set the stage for significant growth in the Malaysian market. 'Once approved, this will boost returns for Kiwi farmers, processors and exporters,' Mr Hoggard says. Malaysian authorities will visit the new premises to review their halal production processes as part of the approval process. This progress was announced at a Halal Forum in Wellington today, hosted by Mr Hoggard and Malaysia Deputy Prime Minister and Minister for Rural and Regional Development Dato' Seri Dr. Ahmad Zahid bin Haji Hamidi. Dato' Seri Zahid says New Zealand and Malaysia are also working closely together to streamline the export requirements for New Zealand halal meat. 'Malaysia places significant importance on compliance with halal requirements.' 'We are working hard with New Zealand to strengthen halal collaboration, which includes refreshing the requirements for the export of halal meat to Malaysia. This is a testament to the strong relationship between both countries, and the confidence Malaysia has in New Zealand's halal processing and assurance systems,' Dato' Seri Zahid says. Mr Hoggard says the refreshed requirements will help provide certainty for Kiwi producers in areas including registration of new premises, documentation, processing, labelling, packaging, and storage. 'New Zealand remains fully committed to our strong relationship with Malaysia and supplying the best quality halal products to consumers in this important market.'
Daily Express
7 days ago
- Business
- Daily Express
Ho Hup defaults on RM45.3 million loan
Published on: Wednesday, July 16, 2025 Published on: Wed, Jul 16, 2025 By: David Thien Text Size: The Crowne Plaza project as seen on June 9, 2025, next to the Sedco HQ and Wawasan Plaza. Kota Kinabalu: The listed company developing the city's Crowne Plaza project has been in the real estate development news lately for the wrong reason. In 2017, the InterContinental Hotels Group signed a management agreement with Golden Wave for the first Crowne Plaza hotel in Sabah, East Malaysia. Advertisement Golden Wave, the receiver and manager, is inviting interested parties, through an advertisement dated July 10, 2025, with financial capacity and relevant experience to register their interest in reviving the Crown Kota Kinabalu Project at Jalan Wawasan KK Sentral. The 367-room Crowne Plaza Kota Kinabalu Waterfront, slated to open in 2021, was to be part of a mixed-use development at a waterfront location in downtown Kota Kinabalu. Ten minutes from Kota Kinabalu International Airport, the hotel is within walking distance to major office buildings, shopping centres and tourist attractions. Four years later, however post-Covid, the hotel project has yet to be completed. In April 2025, Ho Hup Construction Co Bhd slipped into Practice Note 17 (PN17) status and in June 2025, it defaulted on revolving credit facilities from AmBank Islamic Berhad amounting to RM45.3 million. The default was due to the company being unable to meet principal and interest instalments due to cash flow difficulties. Last year, Ho Hup Construction Company Bhd said its 52 per cent-owned unit, Golden Wave Sdn Bhd (GWSB), obtained an interim restraining order from the High Court in Kota Kinabalu, shielding it from legal actions by its creditors. GWSB is 70 per cent owned by Ho Hup's property development division, Ho Hup Ventures (KK) Sdn Bhd (HHVKK), which is in turn 75 per cent owned by Ho Hup. The Sabah Development Bank Bhd (SDB) has taken legal action against Ho Hup and HHVKK over a loan facility granted to GWSB. In a filing made last September, Ho Hup said that it is being sued in its capacity as a corporate guarantor for GWSB, while Ho Hup Ventures is being sued by SDB as a shareholder of GWSB. At that time, Ho Hup noted that SDB had withdrawn all claims and suits against GWSB after the latter filed for judicial management. In January this year, the Pro Tem Committee of The Crown (PTCTC) met with Mayor Dato' Sri Dr Sabin Samitah and City Hall officials as the land is under DBKK, on issues which may hinder completion of the project to safeguard the interests of buyers. RKN & Co (RKN) was appointed as Receiver and Manager for the developer GWSB. In a filing with the stock exchange recently, the company said it had received a notice of demand and termination dated May 29, 2025, from the bank over the outstanding amount. Ho Hup said the total outstanding under the facilities represents 13.37 per cent of the group's net assets of RM338.48 million, based on audited financial statements for the year ended Dec 31, 2023, and 31.97 per cent of net assets of RM141.60 million, based on its latest announced financials. Ho Hup acknowledged that the default could lead to legal action by AmBank Islamic. To address this, it plans to begin discussions with the bank on a settlement proposal. It has also appointed an independent financial adviser to engage with creditors on a debt restructuring proposal to regularise its financial position. On April 18, Ho Hup announced its classification as a PN17 issuer after wholly owned Bukit Jalil Development Sdn Bhd defaulted on RM112.69 million in loan facilities for which Ho Hup is the guarantor. The company has been in the red since 2021. For the financial period ended March 31, 2025, it posted a net loss of RM27.2 million on a revenue of RM2.29 million. There are no comparative figures as the group changed its financial year-end from Dec 31, 2024, to June 30, 2025. As of end-March 2025, its current borrowings stood at RM366.3 million, with non-current borrowings at RM71.9 million. Current assets amounted to RM667.2 million, while non-current assets totalled RM185.9 million.
BusinessToday
14-07-2025
- Business
- BusinessToday
Bursa Reprimands MYEG Now Zetrix, And Fines 7 Directors RM150,000 Each
Bursa Malaysia Securities Berhad has publicly reprimanded Zetrix AI Berhad (formerly known as MY E.G. Services Berhad) and imposed fines of RM150,000 each on seven of its directors for breaching the Main Market Listing Requirements. The regulatory action was taken due to the company's failure to ensure that its announcements were factual and accurate, and for failing to comply with a directive from Bursa Malaysia. Zetrix AI Berhad was found to have breached paragraphs 9.35A(1)(a) and (b) of the MAIN LR for issuing announcements on July 7, 2023, September 13, 2023, and September 14, 2023, that were deemed false and misleading. The company also breached paragraph 2.23(1) for failing to comply with a Bursa Malaysia directive dated August 15, 2023, which required an immediate clarification of the July 7 announcement. The seven directors were penalised for permitting the company to commit these breaches. The breaches relate specifically to the company's July 7, 2023 announcement, which claimed that the Ministry of Finance (MOF) had approved the company's appointment as a collection agent and extended its role as an online service provider for the Immigration Department of Malaysia. The Exchange's investigation found this representation to be inaccurate and misleading, as the contents of the official notification letter were inconsistent with the company's claims. Furthermore, the company's concession for Immigration-related services had expired on May 22, 2023, and there was no evidence of approval for the period between May 23, 2023, and January 31, 2024. Despite being aware of the inconsistencies and receiving a directive from Bursa Malaysia to clarify the matter, the company and its directors failed to do so and continued the misrepresentation in subsequent announcements. Bursa Malaysia emphasised that there was a 'serious dereliction of duties' by the directors, highlighting the importance of timely and accurate disclosure for maintaining market integrity and investor confidence. The penalised directors include Group Managing Director Wong Thean Soon, Executive Chairman Dato' Dr. Norraesah binti Haji Mohamad, Wong Kok Chau (Audit Committee Chairman), and Audit Committee members Datuk Mohd Jimmy Wong bin Abdullah and Mohaini binti Mohd Yusof. Independent Non-Executive Directors Dato' Sri Mohd Mokhtar bin Mohd Shariff and Dato' Mohd Jeffrey bin Joakim (who resigned on April 22, 2025) were also fined. Related
Borneo Post
14-07-2025
- Business
- Borneo Post
Seven projects to boost power supply in Sabah, Labuan
Fadillah during his visit to the PMU 132/33kV Kota Kinabalu. KOTA KINABALU (July 14): More than 60,434 users in Sabah and the Federal Territory of Labuan will benefit from a more stable and efficient electricity supply following the completion of seven major energy projects by the Energy Transition and Water Transformation Ministry (PETRA), worth over RM260.7 million. The projects include substation upgrades, new grid line installations, and advanced safety monitoring systems, covering key areas such as Tanjung Aru, Ranau, Batu Sapi and Labuan. Deputy Prime Minister and Energy Transition and Water Transformation Minister Dato' Sri Haji Fadillah Haji Yusof officiated the handover ceremony during PETRA's Sabah Squad 2025 visit to the Kota Kinabalu 132/33kV Main Intake Substation (PMU KKVBY), one of the flagship projects under the Sabah Electricity Supply Special Project Task Force (PPKBES). The PMU KKBU project, initiated under the Tenth Malaysia Plan (RMKe-10), now benefits approximately 11,452 users in the Tanjung Aru and greater Kota Kinabalu area. It involved the installation of 132kV and 33kV Gas Insulated Switchgear (GIS) equipment and a 132/33/11kV transformer, replacing the outdated 66/11kV system. It also supports a new 33kV cable line to the Kota Kinabalu International Airport (KKIA), significantly enhancing power supply reliability in the strategic area. Six other completed projects under PPKBES include: 132kV Labuan-Sipitang Interconnection Project (Phase 1 – Package 2): Valued at RM34.92 million, the project involved a 7km stretch of 275kV transmission towers from Megalong PMU to the Sindumin border, linking Sabah to Lawas, Sarawak. Completed on 2 September 2024, it awaits the final segment by Sarawak Energy, expected in September 2025. Once operational, it will enable the import of up to 30MW of electricity from Sarawak, with a transmission capacity of up to 500MW, enhancing cross-border energy sharing under the ASEAN Power Grid initiative. 33/11kV Ranau Main Distribution Substation (PPU): Costing RM31.3 million, this substation began operations on 11 January 2024 and was completed on 15 March 2025. It connects Ranau to the Sabah electricity grid, eliminating reliance on the 18MW diesel-powered generating station, benefiting 15,620 consumers and reducing environmental impact and diesel subsidies. Batu Sapi PPU Project: Valued at RM30.02 million and operational since 13 December 2024, the project modernized the ageing system and improved power distribution efficiency for approximately 4,744 consumers in areas such as Karamunting, Bokara and Kampung Istimewa. Protection Online Monitoring Project: At a cost of RM42 million, this project upgraded communication systems and protection relays, including the installation of a 15km undersea fibre optic cable from Kampung Lambidan (Menumbok) to Tanjung Aru (Labuan). Completed on 5 February 2024, it strengthened grid protection between PMU Beaufort and PMU Rancha-Rancha. 132/33/11kV Universiti Malaysia Sabah (UMS) PMU Project: Worth RM50.01 million and fully operational since 12 August 2024, this project increased firm capacity from 93.51MW to 131.60MW. It significantly reduced the System Average Interruption Duration Index (SAIDI) and improved the 33kV network in Sulaman and Alamesra, directly benefiting over 5,000 users and supporting future expansions, including the UMS Hospital. 11kV Reinforcement System in Labuan: Completed on 9 November 2024 with a value of RM6.3 million, this project enhanced the protection system at Rancha-Rancha PPU and boosted capacity to support ongoing development in Labuan.
