Latest news with #RM12bil
The Star
6 days ago
- Business
- The Star
Perak govt unveils two strategic plans to enhance its digital economy
IPOH: The Perak government marked a new milestone with the unveiling of two strategic plans aimed at transforming the state into an inclusive, sustainable and competitive smart state driven by a digital economy. The plans - Perak Digital Economy Action Plan 2030 and the Perak State Smart City Blueprint 2040 - were launched by Mentri Besar Datuk Seri Saarani Mohamad on Wednesday (June 4). Both plans are designed to strengthen digital infrastructure, empower human capital and stimulate innovation and technology investment towards comprehensive and high-impact socio-economic development. Saarani, in his speech, said the digital economy and smart city development plans are complementary, with the former providing technology, policy direction, and talent, while the latter supports growth through infrastructure, data access, and demand for digital solutions. He said the simultaneous launch of both plans marks a key step towards building a more efficient, resilient, and high-quality urban environment, with a positive impact on Perak's socio-economic development. 'We are now in an era of rapid digital transformation, and if we act too slowly, we will be left behind. 'That is why the digital economy agenda has been identified as one of the nine main agendas under the Perak Sejahtera 2030 Plan. 'Our goal is clear: to build an inclusive, resilient, and sustainable economy,' he said in his speech before launching the plans at a hotel here on Wednesday. Saarani added that the contribution of the digital sector is highly significant to the state's economic growth. He said this sector contributed approximately 15%, or RM12bil of the total Gross Domestic Product (GDP) of RM80.2bil in 2022. 'By 2030, the sector's contribution is expected to increase significantly, with projected growth of between RM2bil and RM4.2bil to the state's GDP, in line with the economic transition towards digitalisation. 'This projected growth is aligned with the national target of achieving a 25% contribution from the digital economy to the country's overall GDP by 2030,' he said. Saarani said in fact, it is also expected to create between 3,000 and 6,000 new job opportunities and assist in the digitalisation of 18,000 micro, small and medium enterprises. He said the plans focus on four main pillars: access to quality digital infrastructure, efficient digital public administration, a digitally driven business ecosystem, and a digitally empowered society. 'A total of 21 programmes have been identified, with five catalyst projects given priority. 'To ensure the success of both plans is felt broadly, the development of the people, especially youth, must not be overlooked. 'The state government is committed to inclusive and competitive youth development across various economic sectors. 'We aim for 55% of SPM leavers to pursue Technical and Vocational Education and Training (TVET) by 2025,' he said. Saarani said he believed the vision of making Perak a resilient, inclusive, and advanced digital state would become a reality. 'Let us continue strengthening this synergy for the benefit of both current and future generations,' he added.
The Star
6 days ago
- Business
- The Star
Assets worth RM143mil linked to highway sukuk misuse seized
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has seized assets linked to the misuse of sukuk funds of the construction of a highway in Klang Valley believed to be owned by a highway concessionaire with a Tan Sri title totalling RM143mil during an operation conducted last week. Its chief commissioner Tan Sri Azam Baki said the seizures include 14 individual accounts totalling RM4.5mil, eight company accounts totalling RM33mil, luxury condominium and land worth RM24.5mil, nine cars worth RM7.65mil, and 13 cars that have yet to be handed over to the investigation team. Other items seized include luxury watches worth RM25mil, handbags worth RM3mil, jewellery and diamonds (RM6mil), four horses (RM400,000), alcoholic beverages (RM3mil), foreign assets worth more than RM15mil and around RM20mil in gambling activities. "Preliminary investigations revealed there was misconduct between 2016 and 2020 involving approved sukuk funds of about RM1.35bil, involving false claims of about RM360mil and RM416mil and RM50mil in other bank facility loans. "The RM1.67bil highway project also failed to be completed according to schedule and investigations are focused on bribes worth RM12bil paid to certain parties as inducement in helping the cash flow out and back to the suspect,' he said in a statement on Tuesday (June 3), adding that the proceeds were also believed to have been used in money laundering activities. He explained that to embezzle the funds, the parties involved were believed to have used professionals such as auditors, financial experts, engineers and shell companies. "Until now, the MACC has yet to take the Tan Sri's statement as he is in a private hospital ward and today the investigating officer will get confirmation from the doctor on the status of the Tan Sri's health before recording his statement. "Meanwhile, the number of witness statements stands at 45, and those witnesses who have given their statements have been asked to provide further statements,' he said, adding that the investigating team is also tracking down luxury vehicles and properties belonging to the Tan Sri abroad, including in London and Switzerland. The investigation is focused on the true amount of luxury liquor kept by the Tan Sri and the possibility that funds have been transferred to other accounts, he said. He added that an asset declaration notice has been handed to the Tan Sri and other related parties. - Bernama
The Star
20-05-2025
- Business
- The Star
Heavy equipment set to be a boon for Sime Darby
PETALING JAYA: Sime Darby Bhd 's unit Sime Darby Industrial (SDI) is emerging as a key growth engine, fuelled by its strong performance in Australia, rising capital expenditure in mining, strategic commodities diversification and growing contribution from high-margin after sales and rental services. According to CIMB Research, SDI accounts for 63% of the group's revenue with solid profit before interest and tax (PBIT) margins and a potential stand-alone valuation of RM10bil to RM12bil. The research house recently visited Sime Darby's industrial and motor-vehicle operations in Brisbane and Mackay, Australia that revealed valuable insights into key revenue drivers and long-term growth opportunities in the Australian market. Australia remains one the group's most important growth engines, contributing 53% of Sime Darby's core PBIT and 33% of revenue in its financial year 2024 ended June 30 (FY24) . Within the industrial division, Australian operations accounted for 77% of SDI's revenue and 87% of its core PBIT in FY24, up from 60% and 67%, respectively, in FY19. SDI is one of the world's top two dealers for Caterpillar heavy equipment and has delivered strong growth, driven by its Australian operations, rising spending for mining, and strategic acquisitions. A key contributor to margin expansion is the growing share of higher-margin after sales and rental services, which now account for 63% of revenue and deliver two to three times the margin of equipment sales. 'The segment provides annuity-like returns, supported by a growing installed base and multiple machine rebuild cycles,' noted CIMB Research. 'We estimate SDI could be worth RM10bil to RM12bn, based on a trailing 2024 price-earnings ration of 15 times to 18 times, representing between 69% and 82% of Sime Darby's current market capitalisation of RM14.7bil. In our view, a re-rating is warranted, underpinned by SDI's strong fundamentals, resilient earnings and attractive margin profile.' With accelerating digitalisation, expanding aftermarket penetration, and infrastructure-driven tailwinds, CIMB Research said SDI presents a compelling industrial pure play with monetisation potential. The research house reiterated a 'buy' call on Sime Darby with an unchanged target price of RM3. 'Our growth outlook is underpinned by resilient performance from the industrial segment, a turnaround in its China operations, and improved cost optimisation following the integration of UMW Holdings Bhd ,' it added. The stock also offers attractive dividend yields of 7% and 7.3% for 2025 and 2026, respectively, based on an average dividend payout of 70%.
