Latest news with #KBP
The Sun
06-05-2025
- Business
- The Sun
ECERDC facilitates RM1 billion committed investments in Terengganu
PETALING JAYA: The East Coast Economic Region Development Council (ECERDC) has facilitated RM1 billion in committed investments in Terengganu in the first quarter of 2025, achieving 43% of the RM2.4 billion investment target set for the state this year. These investments are driven largely by the tourism sector and will reinforce Terengganu's position as a strategic hub for high-value tourism initiatives. In addition to tourism, the investments span key sectors such as agriculture, manufacturing and services, reflecting strong investor confidence in Terengganu's dynamic and diversified economy. These committed investments represent a significant step forward in the East Coast Economic Region's (ECER) tourism and agricultural transformation, the council said in a statement. Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar said that realised investments stood at RM729.7 million as of March, creating over 1,000 new jobs in the state. The manufacturing sector remained the key driver, followed by tourism, agriculture, and services. 'Terengganu continues to position itself as a strategic destination for investors, supported by strong collaboration between the state government, ECERDC, and the Malaysian Investment Development Authority. 'We are committed to advancing innovation and sustainable growth across key sectors, from agriculture to high-tech manufacturing, to create quality employment, spur long-term economic progress and strengthen the state's economic foundation,' he said. Among the commitments are a 60MW photovoltaic solar farm integrated into an agricultural project, an ammonium paratungstate processing facility and a waste collection and treatment centre. Others include a dairy farm supported by a Napier grass plantation and biodigester system, and a calcined kaolin production facility. A key development highlighted at an ECER Terengganu Implementation Coordination Committee meeting in Kuala Terengganu recently was the completion of infrastructure expansion works at the Kerteh Biopolymer Park (KBP). Delivered under Phase 4A, the upgrade strengthens KBP's role as a national platform for advanced materials, clean technologies, and biopolymer production. Since KBP commenced operations in June 2015, the industrial park has recorded RM5.1 billion in realised investments, with demand for industrial space continuing to grow. To support this demand, the KBP SME Complex Phase 1B is currently under construction and scheduled for completion next month. Once operational, the facility will offer purpose-built units tailored for SMEs in the energy sector and support services, helping nurture a resilient and innovation-led industrial ecosystem in Terengganu. ECERDC CEO Datuk Baidzawi Che Mat said the delivery of strategic infrastructure such as KBP and the successful attraction of quality investments speak to the ECERDC's long-term commitment to building a high-performing, sustainable economy. 'These achievements are more than physical developments; they represent an enabling ecosystem for innovation, inclusive growth, and global investor confidence,' he added. In tandem with investment growth, ECERDC is progressing several key infrastructure projects. The Kuala Terengganu airport road upgrade is on track for completion and will significantly enhance connectivity between Sultan Mahmud Airport and the city centre. The project includes an 'Executive Drive' route to facilitate logistics and improve investor access. The KTCC Promenade Phase 1 is 56% complete. The project is designed to boost tourism and urban vibrancy. In addition to industrial projects, the council highlighted the ongoing rollout of the Inisiatif Pendapatan Rakyat – Program Usahawan Tani, which is equipping B40 communities with modern and sustainable farming practices. The fertigation chilli project in Bukit Bidong is poised to become the largest in Malaysia by the end of 2025, driven by precision farming systems and community-led management. Complementary initiatives include sweet potato cultivation in Kampung Banggol and Kampung Saujana, as well as an integrated agriculture project in Taman Rahmat, Marang. To scale up the programme, ECERDC is facilitating up to 400 acres across nine Terengganu locations for agro-based projects, benefiting over 400 participants. These efforts will further embed Terengganu's reputation as an inclusive and sustainable agriculture pioneer.
Reuters
18-02-2025
- Business
- Reuters
Novo Nordisk alleges fraud after $1.3 billion deal to buy hypertension drug from KBP Biosciences
Feb 18 (Reuters) - Novo Nordisk ( opens new tab is seeking up to $830 million in damages from KBP Biosciences, according to a ruling by a Singapore court, as the Danish drugmaker says it was misled when it bought a new hypertension drug from KBP in 2023. The Singapore International Commercial Court at the request of Novo Nordisk ordered the freezing of the worldwide assets of Singapore-based KBP and its founder Huang Zhenhua, according to the ruling last Friday, which was made public on Tuesday. The court said Novo Nordisk will launch arbitration proceedings against KBP in New York. Novo Nordisk, best known for blockbuster obesity drug Wegovy, and KBP Biosciences did not immediately respond to a request for comment. Huang was not immediately available for comment. The Danish company announced a deal in October 2023 to buy ocedurenone, a drug for uncontrolled hypertension with potential application in cardiovascular and kidney disease, from KBP Biosciences for up to $1.3 billion. However, in June 2024 Novo Nordisk said it was recognising a loss of around 5.7 billion Danish crowns ($800 million) in relation to the drug after adverse clinical trial results. "I am satisfied that Novo has shown that it has a good arguable case against KBP for fraud under New York law, which governs the dispute," Judge Philip Jeyaretnam said in his ruling last Friday. The judge added that it was arguable "KBP knowingly failed to disclose material information", including analysis of trial results which showed ocedurenone's "inefficacy." ($1 = 7.1410 Danish crowns) Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.
