Latest news with #PLBEngineeringBhd
Free Malaysia Today
05-05-2025
- Politics
- Free Malaysia Today
Town hall on landfill project sparks row between mayor, ex-PKR rep
In 2020, the state government and Penang Development Corporation signed a deal with PLB Engineering Bhd to develop and rehabilitate the Jelutong landfill at the cost of RM1 billion. GEORGE TOWN : A town hall meeting to hear residents' objections to a controversial landfill project led to a heated exchange between a former PKR assemblyman and Penang Island mayor Rajendran Anthony, who was accused of being protective of the developers. T Jayabalan, a former Batu Uban assemblyman, said the mayor as 'a state functionary' should be 'a little neutral'. 'He's not a policymaker. As a functionary, he should be a little neutral and not be protective of the developers,' Jayabalan told FMT. Rajendran however said he had been left alone to defend the project as those responsible for answering the residents were not responding to queries. The event yesterday morning was attended by Sungai Pinang assemblyman Lim Siew Khim and Jelutong MP RSN Rayer, both of whom left midway through the proceedings. Jayabalan praised Rayer, saying he was 'on our (the residents') side for a change because he is Lim Guan Eng's man', a reference to the former chief minister. Temperatures began to rise when a consultant who had prepared the environmental impact assessment report was repeatedly interrupted by a member of the residents' committee. Rajendran intervened to ask that the consultant be allowed to finish his presentation. This led to a heated exchange, with Jayabalan expressing frustration over what he described as Rajendran's emotional response to the residents. 'The way out is not to be condescending,' he said. However, Rajendran disagreed with Jayabalan. '… and I don't agree with you that I have spoken in any way which has offended the people… I don't think so. 'I pointed out what needed to be said as a government servant, and your reaction was also unbecoming,' he said. When contacted by FMT, Rajendran declined to comment on the exchange. However, he said those responsible for answering the residents, such as the state economic planning unit, Penang Development Corporation (PDC), and the contractor PLB Engineering Bhd, were not responding to queries. 'I was left alone to defend the project in the absence of Siew Khim and Rayer, who left early due to prior engagements,' the mayor said. The landfill project entails the rehabilitation and redevelopment of the Jelutong landfill at a cost of RM1 billion under a contract between the state government and PDC with PLB Engineering.
New Straits Times
02-05-2025
- Business
- New Straits Times
PLB Engineering to dispose of land in Penang for RM48mil
KUALA LUMPUR: PLB Engineering Bhd's wholly owned subsidiary PLB Land Sdn Bhd has entered into a sale and purchase agreement with Telaga Raya Sdn Bhd to dispose of 80.72 hectares of land in Tasik Gelugor, Penang, for RM48 million. In a filing with Bursa Malaysia today, PLB said the disposal forms part of the group's strategy to monetise and crystallise the value of its landbank. The company said the proceeds from the proposed disposal will be used to repay bank borrowings, thereby reducing the group's gearing level, improving its financial position by enhancing the current ratio, and strengthening cash flow through lower interest expenses. "Based on the consideration of RM48 million, the proposed disposal is expected to result in a gain of approximately RM12.88 million," it said. PLB added that the proposed disposal will not have any effect on its issued share capital or substantial shareholders' shareholdings, as it will be fully satisfied in cash without involving the issuance of new ordinary shares. Barring any unforeseen circumstances and subject to all relevant approvals being obtained, the proposed disposal is expected to be completed by 2025.
The Star
02-05-2025
- Business
- The Star
PLB Engineering unit to dispose of Penang land for RM48mil
KUALA LUMPUR: PLB Engineering Bhd 's wholly-owned subsidiary, PLB Land Sdn Bhd, is disposing of five parcels of vacant freehold land at Jarak Atas, Tasik Gelugor, in Penang for RM48mil to repay bank debts and improve its cash flow. The group said it purchased the lands - which have a combined size of 807,157sqm - for RM25.48mil back in June 11, 2013. As at Aug 31, 2024, the lands held a net book value of RM30.38mil. PLB expects to gain about RM12.88mil from the disposal, after deducting the investment cost and land related cost for the six months ended Feb 28, 2025, as well as estimated expenses and taxation. PLB said in its bourse filing it plans to utilise the proceeds of the sale to repay bank borrowings of RM10mil and trade creditors and working capital of RM33.33mil. Of the remaining proceeds, RM606,000 will be used to cover the estimated expenses of the proposed disposal, and RM4.07mil go to taxes. The proposed disposal is expected to be completed in 2025.
