Latest news with #RM10.8bil
The Star
27-05-2025
- Business
- The Star
Projects worth RM10bil in limbo despite green light
Serious business: Onn Hafiz delivering his wrap-up speech during the state assembly sitting at the Sultan Ismail Building. — Bernama JOHOR BARU: Over 200 projects worth a total of RM10.8bil in Johor have not been implemented despite receiving approval under the 11th Malaysia Plan. Mentri Besar Datuk Onn Hafiz Ghazi said the projects, which were approved in 2016, remain stagnant despite funds having been allocated. 'There are a total of 222 projects that are still in the pre-implementation stage. 'The state government views this as a serious matter as allocations for the projects have been approved, yet work has not been carried out. 'Imagine the number of development and upgrading projects, including those involving hospitals, schools and roads, that have not reached the people,' he said in his speech during the state assembly sitting yesterday. Onn Hafiz said he brought the matter to Datuk Seri Anwar Ibrahim during the Johor Special Development meeting on Friday, which was chaired by the Prime Minister. 'Every time we have our state action council meeting, I raise this issue and have the Implementation Coordination Unit follow up with the ministries involved. 'With the Prime Minister's approval, we have decided that all state executive councillors will meet with the ministries involved in the projects. 'This is to ensure that they are carried out as soon as possible for the benefit of the people.' Onn Hafiz also thanked Anwar for approving nine major projects that would greatly benefit the people in the state. 'Out of the 10 projects we requested, nine have been approved under the 12th Malaysia Plan. 'This includes the Hospital Sultanah Aminah 2 project and several highways,' he said. On a separate matter, Onn Hafiz said the state assembly has two more years left before the end of its term. 'As the Johor Regent has reminded us, this is not election season. Our term ends in 2027, which is still two years away. 'Let us find common ground to foster unity, not division, which will only harm the state we all love,' he said. During the opening of the state assembly on Friday, Johor Regent Tunku Ismail Sultan Ibrahim reminded assemblymen to focus on serving the people. 'You have all been elected to serve the people. So, focus on that responsibility. 'The people of Johor need assemblymen who are accountable and effective in serving them. 'They want representatives who can help drive the state's development and improve their standard of living,' Tunku Ismail added.
The Star
26-05-2025
- Business
- The Star
Over 200 Johor projects worth RM10.8bil remain unimplemented, says MB
JOHOR BARU: More than 200 projects in Johor valued at RM10.8bil and approved under the 11th Malaysia Plan (RMK11) nearly a decade ago have yet to be implemented, says Datuk Onn Hafiz Ghazi. The Johor Mentri Besar said the projects were approved in 2016, but have stalled despite funds already being allocated. "There are a total of 222 projects worth RM10.8bil that are still in the pre-implementation stage. The state government views this as a serious matter, as allocations for the projects have been approved, yet the work has not been carried out. "Imagine the number of development and upgrade projects, including those involving hospitals, schools, and roads, that have not reached the people," he said during the state assembly sitting on Monday (May 26). Onn Hafiz said he had brought the matter up with Prime Minister Datuk Seri Anwar Ibrahim during his recent visit to Johor. "Every time we have our state action council meeting, I raise this issue and have the Implementation Coordination Unit (ICU) follow up with the ministries involved. "With the Prime Minister's approval, the Johor government has decided that all state executive councillors will meet with the ministries involved in the projects. "This is to ensure the projects are carried out as soon as possible for the benefit of the people," he said. Onn Hafiz also thanked Anwar for approving nine major projects that would greatly benefit Johoreans. "We would like to thank the Prime Minister, as out of the 10 projects we requested, nine have been approved under RMK12, Rolling Plan Five. "This includes the Hospital Sultanah Aminah 2 project and several involving highways," he said, adding that Anwar had chaired the Johor Special Development meeting on Friday (May 23).
The Star
14-05-2025
- Business
- The Star
Sapura Energy set for regularisation plan
The company said that under its reset plan, there would be a focus on improving bidding and project delivery capabilities. PETALING JAYA: Sapura Energy Bhd (SEB) is finalising a regularisation plan to exit the Practice Note 17 (PN17) status that includes a few corporate exercises to put the company on a stronger financial and operational standing. The company said in a statement that the plan would be finalised soon and includes a fund-raising initiative in which the Finance Ministry through Malaysia Development Holding Sdn Bhd (MDH) will subscribe up to RM1.1bil in redeemable convertible loan stocks (RCLS) to fund its repayment to vendors. 'MDH will become a major shareholder upon full conversion of the RCLS, which will result in MDH holding more than 33% of SEB's enlarged share capital,' the upstream oil and gas operator said. There would also be a proposed capital reconstruction involving a 99.99% capital reduction to offset accumulated losses; and a 20-to-1 share consolidation to enhance share trading prices and reduce price volatility. 'A comprehensive proposed debt restructuring exercise will reduce SEB's total borrowings from about RM10.8bil to RM5.6bil, yielding substantial interest savings and reduced financial burden, through several mechanisms that, among others, includes debt conversions to equity and equity-like instruments and a debt waiver,' SEB explained. The company added that under its reset plan, there would be a focus on improving bidding and project delivery capabilities. The plan has resulted in a sustained annual revenue of RM4bil since its launch in 2022. Meanwhile, the company said it would continue its efforts in repositioning itself for long-term sustainability and profitability. For its financial year ended Jan 31, 2025, the company posted a net profit of RM190mil on the back of RM4.7bil in revenue. Its order book currently stands at RM8.2bil. Group chief executive officer Muhammad Zamri Jusoh said with the strategic initiatives and the successful implementation of the proposed regularisation plan, SEB is confident in its path to operational recovery, improved financial health, and eventual upliftment from PN17 status. 'We are hopeful that this plan will not only enable SEB's recovery but also catalyse the growth of the country's energy ecosystem,' he said. Muhammad Zamri added the plan, plus the company's continued focus on its core business in engineering and construction, drilling, and operations and maintenance, represents the most viable pathway to a turnaround in its financial status. 'We are confident the successful execution of the plan will return the group to profitability and restore confidence among stakeholders,' he noted. Its share price remained unchanged at 4.5 sen yesterday, with a market capitalisation of RM661.53mil.
