Latest news with #MADANIEconomicFramework
The Star
2 hours ago
- Business
- The Star
Hong Seng sells 32.6% stake in Classita to NexG for RM60.3mil
PETALING JAYA: Hong Seng Consolidated Bhd has sold its 32.61% stake in Classita Holdings Bhd to NexG Bhd for RM60.3mil or 15 sen a share via a direct business transaction. Classita and its subsidiaries are principally engaged in the manufacturing and sales of undergarments, property development and construction as well as direct selling and retailing of its in-house brands. In a filing with Bursa Malaysia, Hong Seng noted the proceeds from the disposal will be utilised for the working capital purposes. Hong Seng added that the sale is in line with its strategic initiative to streamline non-core assets and focus on its main business segments: gloves manufacturing, seafood trading and financial services. The stake in Classita was acquired in July 2023 and the sale provides an opportunity to realise an estimated gain on disposal of RM34.52mil. In a separate filing, Classita had announced resignations and appointments to its board following the transaction in its shares ownership. Meanwhile, NexG noted it has spent another RM16.47mil to buy 414.3 million warrants in Classita from various non related parties. The company added it will fund the deal with RM40mil from short-term borrowings and the RM36.78mil from internally generated funds. It added the acquisition in Classita is a strategic opportunity to expand into the property and construction sector. The deal does not require the approval of shareholders of NexG. NexG executive chairman and CEO Datuk Hanifah Noordin said: "We are excited to announce this strategic acquisition, which forms part of our broader strategy to support government initiatives and to contribute directly to nation-building efforts under the MADANI Economic Framework, while also expanding beyond our businesses in secure identity solutions, digital trust ID, corporate strategic alliance and financial services.' 'Entering the property and construction sectors is a strategic and timely move for NexG. We intend to play a more active and visible role in Malaysia's national development by leveraging our financial strength, government networks, and proven track record in mission-critical projects to support the country's housing and infrastructure agenda. 'We view Classita as a strong fit for this ambition, given its credentials and readiness to participate in government-linked projects,' he said.
The Star
2 days ago
- Business
- The Star
InvestKL secures RM2.8bil committed investments in 1H25
InvestKL CEO Datuk Muhammad Azmi Zulkifli KUALA LUMPUR: Lead investment agency for Greater Kuala Lumpur (KL) InvestKL has secured RM2.8 billion in committed investments in the first half of 2025 (1H 2025), anchoring five new regional hubs in the area and creating 1,197 high-skilled job opportunities. InvestKL chief executive officer Datuk Muhammad Azmi Zulkifli said these investments demonstrate continued confidence in Malaysia's strong fundamentals and mark a milestone in enhancing the region's ease of doing business. "As global companies adapt to evolving market conditions, including trade realignments and rising tariffs, Greater KL offers a future-ready ecosystem underpinned by robust infrastructure, world-class talent and proactive government support. "We are also seeing strong momentum in artificial intelligence, digital, and technology-driven investments. It is a testament to Malaysia's strategic focus on high-value, innovation-led activities that will ensure long-term competitiveness and economic resilience,' he said. In a statement, InvestKL said this achievement reinforces Greater KL's rise as a strategic destination for global companies investing in high-value, innovation-driven services, a key pillar in Malaysia's strategy for long-term economic resilience. It said the 1,197 new jobs span regional, specialist and support functions, with average executive salaries exceeding RM11,700 per month. It added that the new investments span sectors including information technology infrastructure, consumer healthcare, materials science, financial asset servicing and renewable energy. These hubs will serve as platforms for regional growth, advancing Malaysia's position in the global services value chain, it noted. "This milestone brings InvestKL's cumulative achievements to over 150 global services hubs and 31,000 high-skilled jobs since inception. "(This aligns) with the MADANI Economic Framework, National Investment Aspirations, New Industrial Master Plan 2030, as well as Malaysia's 12th and 13th Malaysia Plan, all of which emphasise services-led growth, innovation and inclusive development,' it said. - Bernama
Borneo Post
5 days ago
- Business
- Borneo Post
13MP to tackle cost of living, strengthen food supply chain - Armizan
Armizan seated fourth from right with invited guests and participants of the seminar. PENAMPANG (Aug 3): The 13th Malaysia Plan (13MP) will continue the MADANI Government's mission to improve public well-being, with a focus on addressing the rising cost of living and strengthening the national food supply chain over the next five years. Minister of Domestic Trade and Cost of Living, Datuk Armizan Mohd Ali, said 13MP — covering 2026 to 2030 — serves as a medium-term development plan and strategic extension of the MADANI Economic Framework. 'This plan has been carefully crafted to encompass all key dimensions — economic sustainability, people's well-being, environmental conservation and good governance,' he told reporters after officiating the Seminar Kenegaraan Malaysia MADANI Pesara Guru (Rancakkan MADANI Sabah) here on Sunday. Armizan said one of the three main pillars of 13MP is 'Raising the Floor', which focuses heavily on cost of living issues. He noted that the cost of living is a global challenge worsened by geopolitical tensions, climate change and disruptions in food supply and security. The MADANI Government, he said, is addressing the issue through two strategic frameworks: Managing price stability and inflation; and Enhancing people's ability to sustain livelihoods through income growth and targeted assistance. 'To stabilise prices, we must address market supply and demand — including curbing market manipulation and promoting healthy competition, especially for essential goods,' he said. As part of 13MP, the government will also strengthen the national food supply chain by upgrading infrastructure, empowering the retail sector, ensuring price transparency, and tightening enforcement. Marketing infrastructure will be improved in areas such as collection, processing, packaging and distribution — supported by logistics and digital services in partnership with the private sector. 'Small and medium-scale retailers will be empowered to participate in the agro-food marketing hubs that will be introduced,' said Armizan. To ensure transparency, the government is also developing a Price and Supply Repository System, which will provide data to combat price manipulation and profiteering — including among middlemen. This system, he said, will support enforcement efforts under the Price Control and Anti-Profiteering Act 2011 and the Competition Act 2010. Its development will involve collaboration between multiple ministries and industry players to ensure an integrated, effective approach, he added.
Barnama
30-07-2025
- Business
- Barnama
13MP Focuses On Boosting National And Household Income
REGION - CENTRAL > NEWS KUALA LUMPUR, July 30 (Bernama) -- The 13th Malaysia Plan (13MP), set to be tabled by Prime Minister Datuk Seri Anwar Ibrahim at Parliament tomorrow, will place strong emphasis on boosting national and household income in line with the MADANI Economic Framework. Communications Minister Datuk Fahmi Fadzil, who is also the MADANI Government spokesperson, said the five-year plan will be anchored on the principle of 'raising the ceiling and raising the floor', a strategy aimed at accelerating economic growth while ensuring broad-based social well-being. 'We will also focus on high-value-added sectors and value creation, particularly downstream industries. That's the general direction of the 13MP,' he told reporters after officiating the International Connectivity Conference and Expo 2025 (ICC2025) here today. bootstrap slideshow Fahmi said that the plan reflects the government's commitment to building a more inclusive and sustainable economic foundation over the next five years. On the ICC2025, Fahmi said it serves as a vital platform for telecommunications and technology industry players to explore the latest developments in the industry, including the use of artificial intelligence (AI) made possible through high-speed internet infrastructure. While digital connectivity and internet speeds continue to improve rapidly, the minister underscored the importance of preserving human values in the digital era. 'We can embrace AI, but human elements such as ethics must come first and serve as the foundation for our planning, especially in development and future-focused policies,' he stressed. The two-day event, which concludes tomorrow, brings together global industry leaders, policymakers, and innovators to explore the future of digital connectivity and offers a key platform for understanding emerging trends, forming strategic partnerships, and driving innovation in an increasingly connected world. The expo showcases cutting-edge technologies, including AI, quantum tech, and smart data ecosystems, and features high-impact panel sessions on navigating the challenges and opportunities of digital transformation.
The Sun
23-07-2025
- Business
- The Sun
PM Anwar's people-first policies boost Malaysian welfare
KUALA LUMPUR: The recent announcements by Prime Minister Datuk Seri Anwar Ibrahim highlight the MADANI Government's dedication to prioritising public welfare, says the MADANI Government Backbenchers Club (BBC). BBC chairman Datuk Mohd Shahar Abdullah stated that these measures reflect the administration's responsiveness to current economic challenges. 'This effort is in line with the MADANI Economic Framework by raising the ceiling and floor levels and all the MADANI Government's hard work in attracting investment into the country is now translating into the well-being of the people.' Key initiatives include a one-off RM100 cash aid for adults under the Sumbangan Asas Rahmah (SARA) programme, expanded Rahmah Sales, maintained toll rates, and reduced RON95 petrol prices to RM1.99. Shahar added, 'BBC believes that all these announced initiatives will provide tangible benefits to all Malaysians, reduce the burden of the cost of living and at the same time drive the country's economic growth towards a more sustainable path.' The announcements were broadcast live across major media platforms, ensuring nationwide accessibility. – Bernama
