Latest news with #RM2.3
![[UPDATED] Na'imah to challenge MACC's second seizure of Ilham Tower](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FIlhamtower0506_1749128477.jpg&w=3840&q=100)
![[UPDATED] Na'imah to challenge MACC's second seizure of Ilham Tower](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
a day ago
- Politics
- New Straits Times
[UPDATED] Na'imah to challenge MACC's second seizure of Ilham Tower
KUALA LUMPUR: Toh Puan Na'imah Abdul Khalid will challenge in court the Malaysian Anti-Corruption Commission's (MACC) second seizure of Ilham Tower. In a statement, her lawyers Rajesh Nagarajan and Sachpreetraj Singh Sohanpal described the repeated action as "pure harassment" and accused the MACC of acting beyond the bounds of the law. "This is the most ridiculous action yet taken by the MACC. The same building has already been seized, and yet it is now being seized again. Is the MACC playing musical chairs with the law?" the statement read. The lawyers also criticised the authorities for allegedly targeting Na'imah's late husband, former finance minister Tun Daim Zainuddin, despite no corruption charges having been brought against him. "It bears repeating that, despite the prime minister and the MACC chief's repeated allegations and insinuations against Daim, no offence of corruption has been brought against him. "Now, having failed to bring any charges, they are harassing our client with a second seizure," they said. They added that the move, without any evidence of wrongdoing, violated the rule of law and amounted to persecution. Earlier, the MACC said it had been authorised to seize Ilham Tower once again, a building owned by Daim's family. The commission said it had obtained authorisation from the deputy public prosecutor. According to the MACC, the seizure was based on a Notice of Seizure of Immovable Property under Section 51(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), dated June 4. It added that authorisation for the seizure was granted pursuant to powers conferred on the public prosecutor under Section 376(3) of the Criminal Procedure Code. Ilham Tower, located in downtown Kuala Lumpur near the Petronas Twin Towers, houses a four-star hotel, office spaces, a gallery, and other facilities. This is not the first time the MACC has seized the In December 2023, it was reported that the MACC had invoked its powers to seize ownership of the multi-million ringgit tower. Sources said the seizure period was 18 months, the longest ever obtained by the commission. It was understood that the move was part of the MACC's investigation into a corporate transaction valued at RM2.3 billion involving publicly listed Renong Bhd and United Engineers Malaysia Bhd (UEM). A news portal had reported that the seizure was linked to Daim's refusal to comply with MACC requests to declare his and his family's financial holdings. However, the MACC had previously seized various immovable properties, including land, fishing vessels, and oil tankers, as part of its investigations. The seizure notice for Ilham Tower was dated Dec 18, 2023, and published as an advertisement in several newspapers, including the New Straits Times, on Dec 21 the same year.
The Sun
a day ago
- Business
- The Sun
Selangor Aero Park to advance Malaysia's regional air cargo hub ambitions
SEPANG: The development of the Selangor Aero Park (SAP) will strengthen Malaysia's ambition to become a leading air cargo hub in ASEAN, said Transport Minister Anthony Loke. He said the 600-acre project aligns with the government's strategy to enhance Kuala Lumpur International Airport (KLIA) as a regional logistics and aerospace centre. Loke said KLIA holds a unique strategic advantage, with a vast land area of 100 square kilometres and strong connectivity, making it an ideal location for such a development. 'We possess the ingredients and prerequisites unmatched by any other ASEAN country. KLIA has the potential to expand to five runways (beyond the existing three). 'There is no other airport in the region of this scale,' he said at a press conference following the groundbreaking ceremony for SAP earlier today. Located within the KLIA Aeropolis, SAP carries a gross development value of RM2.3 billion and will be executed in phases to ensure a well-structured, future-ready investment ecosystem. The project is expected to contribute RM55.2 billion annually to the aerospace industry and create over 32,000 high-income jobs by 2030. Elaborating further, Loke said Malaysia has also secured support from China to position KLIA as a regional cargo hub for the ASEAN market. 'China has agreed to support KLIA as its cargo gateway for the ASEAN region. This is a highly strategic and significant partnership. 'We also aim to attract investments from aerospace supply chain industries, which includes the production of aerospace components, related technologies, and MRO (maintenance, repair, and overhaul) services,' he said. He expressed confidence that more private sector players will invest in expanding aircraft MRO operations at KLIA. To support this vision, he said the Civil Aviation Authority of Malaysia is currently reviewing KLIA's air traffic control system to address the anticipated increase in both passenger and cargo flight traffic. 'We anticipate a significant increase in air traffic at KLIA, involving both passenger and cargo aircraft. A comprehensive redesign of the air traffic control system is currently underway to enhance operational efficiency and optimise traffic management,' he said. On a separate matter, Loke added that an announcement on the KLIA Aerotrain project will be made soon.
Barnama
a day ago
- Business
- Barnama
Selangor Aero Park To Advance Malaysia's Regional Air Cargo Hub Ambitions
SEPANG, June 5 -- (From left) Managing Director of Malaysia Airports, Datuk Mohd Izani Ghani, Exco for Investment, Trade and SME Development, Ng Sze Han, Selangor Menteri Besar Datuk Seri Amirudin Shari, Transport Minister Anthony Loke, Chairman Malaysia Airports, Dr. Nungsari Ahmad Radhi, Secretary General Ministry of Transport, Datuk Jana Santhiran Muniayan and Group Chief Executive Officer of Menteri Besar Selangor Incorporated, Datuk Saipolyazan M Yusop in conjuction of groundbreaking of Selangor Aero Park @ KLIA Aeropolis today. -- fotoBERNAMA (2025) COPYRIGHT RESERVED SEPANG, June 5 (Bernama) -- The development of the Selangor Aero Park (SAP) will strengthen Malaysia's ambition to become a leading air cargo hub in ASEAN, said Transport Minister Anthony Loke. He said the 600-acre project aligns with the government's strategy to enhance Kuala Lumpur International Airport (KLIA) as a regional logistics and aerospace centre. Loke said KLIA holds a unique strategic advantage, with a vast land area of 100 square kilometres and strong connectivity, making it an ideal location for such a development. 'We possess the ingredients and prerequisites unmatched by any other ASEAN country. KLIA has the potential to expand to five runways (beyond the existing three). 'There is no other airport in the region of this scale,' he said at a press conference following the groundbreaking ceremony for SAP earlier today. Located within the KLIA Aeropolis, SAP carries a gross development value of RM2.3 billion and will be executed in phases to ensure a well-structured, future-ready investment ecosystem. The project is expected to contribute RM55.2 billion annually to the aerospace industry and create over 32,000 high-income jobs by 2030. Elaborating further, Loke said Malaysia has also secured support from China to position KLIA as a regional cargo hub for the ASEAN market. 'China has agreed to support KLIA as its cargo gateway for the ASEAN region. This is a highly strategic and significant partnership.
New Straits Times
a day ago
- Business
- New Straits Times
Selangor Aero Park to bolster Malaysia's bid to become Asean air cargo hub
SEPANG: The development of Selangor Aero Park (SAP) will strengthen Malaysia's bid to become Asean's leading air cargo hub. Transport Minister Anthony Loke said the new industrial development will complement the government's broader ambitions to transform Kuala Lumpur International Airport (KLIA) Aeropolis into a regional aviation and logistics powerhouse. "The concept of the Selangor Aero Park is not only relevant but also aligns with our aspirations to make KLIA more than just a passenger airport. "Our goal is to establish it as the most prominent cargo hub in Asean," he told reporters at the press conference after the groundbreaking ceremony of SAP today. Loke said KLIA has the necessary land area and infrastructure to achieve the aspirations, with a total of 100 square kilometres, one of the largest airport sites in the region. "No other airport in Asean has this kind of scale or connectivity. This gives us a competitive edge, especially in attracting high-value investments in the logistics and aerospace sectors," he said. He said the SAP, a collaboration between Malaysia Airports Holdings Bhd (MAHB) and Menteri Besar Selangor Incorporated (MBI), will serve as a dedicated industrial zone aimed at attracting aerospace-related manufacturing and supply chain industries. "This includes components for aircraft and technologies related to aerospace, including maintenance, repair and overhaul (MRO) services," he said. Loke said existing MRO facilities at KLIA will benefit from the ecosystem created by SAP, as private sector interest in the sector continues to grow. He added that Malaysia is also strengthening strategic partnerships to support its cargo ambitions, including with China. "We have an understanding with China to support KLIA as its Asean cargo hub. This kind of cooperation is key to driving long-term growth," he said. Loke said the Transport Ministry and the Civil Aviation Authority of Malaysia (CAAM) are currently conducting studies to redesign KLIA's airspace and air traffic control systems in anticipation of increased traffic from both passenger and cargo flights. "KLIA is expected to become increasingly busy, and we want to ensure that air traffic management remains efficient and effective," he said. The SAP, a key component of the Malaysian Aerospace Industry Blueprint 2030, is expected to generate RM55.2 billion in annual aerospace revenue and create over 32,000 high-income jobs by 2030. Located within the KLIA Aeropolis, the 600-acre park carries a potential gross development value of RM2.3 billion and will be developed in phases to ensure a well-planned, future-ready investment ecosystem. It will also see GE Aerospace as its launch tenant, securing half of the first phase totalling 100 acres, to develop its engine test cell.
The Sun
4 days ago
- Business
- The Sun
Alliance Bank to maintain strong loan momentum in FY2026
KUALA LUMPUR: Alliance Bank Malaysia Bhd aims to maintain strong loan momentum in FY2026 amid Malaysia's stable lending conditions. Group CEO Kellee Kam said the bank is guiding for loan growth of between 8% and 10% for FY2026, doubling the industry's expected growth of around 5%. 'We've been growing between 12% and 14% over the last two years, at double the industry rate. Despite the fluid situation with US tariffs and other global uncertainties, we believe Malaysia remains accommodative for growth,' he told reporters after the bank's EGM on Friday. To fund the growth, Alliance Bank Malaysia Bhd is raising RM606.5 million through a renounceable rights issue. The bank will issue 182.13 million new ordinary shares on a 2-for-17 basis at RM3.33 per share, representing a 20.1% discount to the theoretical ex-rights price (TERP) of RM4.1672. Kam said the capital injection is meant to fuel the bank's ongoing growth under its Accelerate 2027 plan. 'So again, if you look at our first quarter GDP numbers, it was at 4.4% after a very strong last year. Last year was about 5.6%. 'So we believe that the banking sector will continue to be accommodative for growth, sufficient liquidity and sufficient fiscal and monetary levers,' he said. He said the bank wants to position itself with enough capital to continue that growth. 'We want to not slow down because we believe that there's an opportunity for Alliance Bank to continue that pace of growth.' Kam said the bank expects growth to remain broad-based across business segments, as seen in FY2025 when total loan growth of 12% was well distributed. 'Consumer, which grew about close to 13%, ....about 12.6%. Our SME grew at about 10.5%. Commercial grew about 15%, and corporate grew about close to 9%. So it was fairly well distributed within the segments.' Kam said Accelerate 2027 was about broadening its engines of growth, which is how it has been able to grow much faster than it traditionally did. 'If you look at the compounded annual loan growth pre-Covid – specifically the three years before the pandemic – we used to grow about 3.3% compounded annually. Now, our three-year compounded growth is closer to 10.5%–10.6%, which is nearly three times what it used to be.' The rights issue is expected to lift the bank's core equity Tier-1 (CET1) ratio from 12.2% to 13.3%, and total capital ratio to nearly 18%, in line with larger peers. The rights issue is partially underwritten by RHB Investment Bank, which will underwrite 129.2 million shares – about 71% of the total. Rights trading runs from June 17 to 24, with the subscription deadline on July 2. The new shares will be listed on July 15. Alliance Bank FY2025 revenue up 12.3% y-o-y to RM2.3 billion and net profit rising 8.7% to a record RM750.7 million. Net interest income climbed 13.2% to RM1.95 billion, while net interest margin held steady at 2.45%. Non-interest income rose 7.7% to RM323.4 million. Total gross loans expanded by 12% to RM62.4 billion – more than double the industry's 5.2% growth.
