Latest news with #RM171
Daily Express
12-05-2025
- Business
- Daily Express
Sabah's timber revenue RM171 million last year
Published on: Monday, May 12, 2025 Published on: Mon, May 12, 2025 Text Size: Safar (right) receiving the SFD 2024 Annual Report from Frederick. Kota Kinabalu: Sabah retained 63 per cent of its landmass as forested areas, with 27 per cent designated as Totally Protected Areas, according to Chief Conservator of Forests Datuk Frederick Kugan. The department also reported a revenue increase of RM16 million from timber royalties, totalling RM171 million in 2024. This is stated in the Forestry Department's 2024 annual report presented at State's Forestry Appreciation Ceremony on Friday. The 288-page report was presented State Secretary Datuk Seri Safar Untong representing Chief Minister Datuk Seri Hajiji Noor. 'Through teamwork and stakeholder partnerships, we are committed to sustainable forest management for Sabah's future,' said Frederick, expressing confidence in SFD's continued success. Notable events during the year included hosting the 20th Malaysian Forestry Conference, where the Sabah Mangrove Action Plan was launched and participating in international forums like the Asean Sustainable Agriculture and Food Security Forum and the Asia-Pacific Regional Conference on Forest Landscape Restoration. Under the Greening Malaysia Campaign, Sabah planted 23 million trees, reinforcing its commitment to reforestation. The department also introduced carbon as a forest produce under the Forest Enactment 1968, aligning with global climate goals. To enhance transparency and market access, the Sabah Timber Legality Assurance System (TLAS) is being revised to meet European Union regulations. Additionally, the Sabah Jurisdictional Certified Sustainable Palm Oil (JCSPO) Initiative was launched to support smallholders through cost-effective group certification. The department also implemented digital tools like the Aplikasi Kutipan Cukai for timber royalty assessment and the E-Ladang Hutan (Geoforest System) to improve forest management. Forest protection efforts included training Honorary Forest Rangers and conducting Ops Khazanah operations. The SFD was also appointed to the National Anti-Financial Crime Council (NFCC) to ensure integrity in its operations. With 20 active Memoranda of Understanding and over 112 research publications, the department emphasised collaboration and innovation in sustainable forestry. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
05-05-2025
- Business
- New Straits Times
Genting Malaysia's US$41mil buyout of Empire Resorts flagged as pricey, profit-dilutive
KUALA LUMPUR: Genting Malaysia Bhd's (GenM) move to acquire the remaining 51 per cent stake in Genting Empire Resorts LLC (GERL) for US$41 million (about RM177 million) is being flagged by analysts as expensive and potentially profit-dilutive. Hong Leong Investment Bank (HLIB) highlighted that the deal values GERL at an enterprise value-to- earnings before interest, taxes, depreciation, and amortisation multiple of 72.7 times — far above the industry average of around 10 times for US-listed casino operators such as Las Vegas Sands, MGM Resorts, and Wynn Resorts. "Given the stark premium relative to sector benchmarks, we consider the proposed transaction to be pricey," HLIB said in a note on Monday. GERL owns Empire Resorts, which operates Resorts World Catskills, Resorts World Hudson Valley, and the mobile betting platform Resorts World Bet. The acquisition also includes the assumption of a US$39.7 million (RM171 million) intercompany loan from Empire Resorts to Kien Huat Realty III Ltd — the Lim family's private investment vehicle. Subject to regulatory approvals, the acquisition is expected to be complete in the second quarter of FY2025. Although the deal will give GenM full control of Empire Resorts, HLIB warned it could pressure the group's financials. Total borrowings may rise by RM1.3 billion, lifting the gearing ratio from 1.04 times to 1.15 times and adding up to RM70 million in annual interest costs by FY2026–2027. Since acquiring a 49 per cent stake in Empire Resorts from Kien Huat Realty in 2019 for US$128 million, GenM has struggled to turn the business around. While HLIB acknowledged potential synergies and operational efficiencies across the Resorts World brand, it expects losses from GERL to widen, with GenM's share of losses potentially increasing by RM23 million in FY2025 — translating to a possible 3.5 per cent earnings hit over the next three years. Following its annual update, HLIB raised core earnings forecasts for FY2025 and FY2026 by 5 per cent and 1 per cent, respectively, and introduced an FY2027 core PATMI forecast of RM728.7 million (a 10 per cent year-on-year increase). However, it has not yet factored in the acquisition due to its pending completion. With GenM's share price falling 26 per cent since its 4Q 2024 results, HLIB has upgraded the stock to Hold (from Sell) but trimmed its target price to RM1.80 (from RM1.99), reflecting the acquisition's risks. Meanwhile, PublicInvest Research remained bearish, projecting that Empire Resorts will continue to incur losses due to market cannibalisation following the December 2022 launch of Resorts World Hudson Valley. "Between FY2020 and FY2024, GenM has recognised total associated losses of RM160 million to RM280 million a year, which we attribute the bulk of this to Empire Resorts, the firm said in a note. PublicInvest downgraded Genma to "Trading Sell" and slashed its target price to RM1.66 (from RM2.53), citing the deal's potential to delay earnings recovery and concerns over corporate governance, calling the related party transaction "unfavourable.
New Straits Times
02-05-2025
- New Straits Times
27 wanted individuals among 162 nabbed in Sabah operations
KOTA KINABALU: The Criminal Investigation Department (CID) of the Sabah contingent police headquarters detained 162 individuals, including 27 wanted persons, during a 17-day operation that ended on April 30. The operation began with Op Mega Lusuh/Kesan before continuing with Op Pintu/Kesan, conducted statewide. It was part of a broader effort to combat housebreaking and theft, apprehend individuals wanted by the police, and address crimes related to the illegal trade of scrap materials. Sabah CID chief Datuk Azmi Abdul Rahim said a total of 155 raids were conducted and premises inspected. "During the operation, 135 suspects were arrested for various offences, while 27 individuals wanted by the police were successfully apprehended. "For Op Pintu/Kesan Mega, various items worth RM171,262.40 were seized, involving 45 housebreaking cases and other offences that were successfully solved," he said in a statement today. The second phase of the operation, Op Mega Lusuh/Kesan, was subsequently launched to tackle criminal cases such as cable theft and other theft-related crimes. It involved participation from all district police headquarters across Sabah. "The operation was carried out in collaboration with other agencies such as local authorities, Sabah Electricity Sdn Bhd, and telecommunications companies. "Throughout the operation, 76 individuals arrested for various offences and 19 wanted persons successfully detained. "Items worth RM455,874 were seized, in addition to action taken against premises buying scrap items without a licence or dealing in stolen goods," he said.
