Latest news with #RM2.4
New Straits Times
2 hours ago
- Business
- New Straits Times
Negri Sembilan, a major growth frontier for SD Property
KUALA LUMPUR: Negri Sembilan has emerged as a key growth frontier for some property developers particularly Sime Darby Property Bhd (SD Property). SD Property plays an instrumental role as one of the lead developers of the Malaysia Vision Valley 2.0 (MVV2.0) development corridor. MVV2.0 is a catalytic development initiative aimed at unlocking the economic potential of Negri Sembilan. As part of the National Physical Plan, MVV2.0 is intended to transform the southern corridor of the Klang Valley into a new growth frontier, leveraging strategic connectivity and proximity to Greater Kuala Lumpur. SD Property contributes to the activation of this corridor by unlocking its sizeable landbank in Nilai and Labu. Currently, SD Property holds about 4,000 acres of remaining land within MVV2.0, with an estimated remaining gross development value of RM16 billion. TA Securities said SD Property's management sees Negri Sembilan as a fast-emerging hotspot, offering industrial land at significantly more competitive pricing, about half the cost of similar offerings in Selangor while enjoying superior accessibility. This view is increasingly reflected in the group's sales composition, as Negri Sembilan accounted for 20 per cent of its total property sales in the quarter, up markedly from an average of just five per cent in FY24. The strong demand for units at Hamilton Nilai City and the positive initial response to Vision Business Park (VBP) highlight the state's growing importance as a strategic industrial destination. VBP, a 760-acre integrated industrial and commercial estate located within MVV2.0, is a key project for the property developer. Launched in April, VBP boasts an estimated gross development value of RM2.4 billion. It is situated near key infrastructure nodes including KLIA, KLIA2, the Nilai Inland Port and the North-South Expressway. The project is designed to attract logistics operators, light manufacturers, and technology-driven businesses, with product offerings ranging from ready-built factories and industrial plots to R&D facilities and commercial shop offices.
Borneo Post
2 days ago
- Business
- Borneo Post
DBKK urged to stop acting as federal tax collector
Yong KOTA KINABALU (June 1): Kota Kinabalu City Hall (DBKK) should stop playing the role of federal tax collector to hunt down inactive taxpayers, said former chief minister Datuk Yong Teck Lee. He said these hawkers and micro businesses are not major tax evaders. They are small, informal traders already battling rising costs, subsidy cuts, and declining purchasing power. Yong said the CEO of Lembaga Hasil Dalam Negeri Malaysia (Inland Revenue Board) had announced that LHDN Sabah collected RM5.7 billion in taxes from Sabah in 2024. LHDN also targets tax revenues of RM6.2 billion for this year 2025. This means an average of RM6 billion in taxes from Sabah per year for 2024 and 2025 alone. 'It is not rocket science that 40% of that RM6 billion tax revenues is RM2.4 billion. This RM6 billion tax revenues excludes other tax revenues collected by the Customs Department and other federal agencies in Sabah. 'Yet Sabah has not received its rightful 40 per cent share of that revenue that Sabah is entitled to under the constitution,' he said in a statement on Sunday. Yong said there is absolutely no reason for the federal government to delay making annual payments of at least RM2 billion to the Sabah government. Instead, Sabah is paid an interim amount of only RM600 million, which is a figure plucked from nowhere. He said enforcing tax compliance in this climate, while RM2 billion in Sabah's share remains unreturned, only worsens economic fragility and damages local economic resilience. 'DBKK must adjust its mindset. It should stop aligning with federal LHDN enforcement while the billions owed to this region remain unpaid. DBKK should not contradicts its role as a local government agency in uplifting livelihoods in Kota Kinabalu city,' said Yong. He called on the federal government to honour the 40 per cent entitlement without further delay. Until then, tax enforcement in this region should be re-evaluated, paused if necessary, and guided by consultation with the Sabah government and Sabah business organisations.
Daily Express
2 days ago
- Business
- Daily Express
RM600 million ‘plucked from nowhere', Sabah owed billions: Yong
Published on: Sunday, June 01, 2025 Published on: Sun, Jun 01, 2025 Text Size: KOTA KINABALU: Former Chief Minister Datuk Seri Yong Teck Lee ( pic ) has criticised the federal government for failing to return Sabah's constitutional 40 per cent revenue entitlement, despite Inland Revenue Board (IRB) collecting RM5.7 billion in 2024 and targeting RM6.2 billion this year from the State. Yong, also SAPP President, said the average of RM6 billion collected annually from Sabah means the state is owed at least RM2.4 billion each year, yet receives only an interim payment of RM600 million, a figure he described as 'plucked from nowhere.' He also questioned why the City Hall (DBKK) is aiding IRB in targeting small-time hawkers for tax enforcement while Sabah's legitimate revenue remains unpaid, calling the move a contradiction of DBKK's role in uplifting local livelihoods. He said these hawkers and micro businesses are not major tax evaders but struggling informal traders facing rising costs and reduced purchasing power, warning that such enforcement damages economic resilience. Yong urged the federal government to immediately honour the 40 per cent entitlement and called for DBKK to cease acting as a federal tax collector until proper revenue-sharing is restored. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * 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
The Star
5 days ago
- Business
- The Star
Bursa Malaysia, Fullgoal HK, CGS MY ink mou to facilitate foreign ETFs listing
KUALA LUMPUR: Bursa Malaysia Bhd , Fullgoal Asset Management (HK) Ltd (Fullgoal HK), and CGS International Securities Malaysia Sdn Bhd (CGS MY) have signed a memorandum of understanding (MoU) to facilitate the listing of foreign-underlying exchange-traded funds (ETFs) on Bursa Malaysia. This will provide Malaysian investors access to a wider range of investment options, while offering exposure to global markets, it said in a joint statement today. The MoU was signed by Bursa Malaysia chief executive officer (CEO) Datuk Fad'l Mohamed, Fullgoal HK CEO Zhang Lixin, and CGS International Securities group CEO Carol Fong at the ASEAN Business Forum 2025, on the sidelines of the 46th ASEAN Summit. "The MOU reflects the joint commitment by Bursa Malaysia, Fullgoal HK, and CGS MY to strengthen collaboration to promote capital market connectivity between China and Malaysia, enrich cross-border product offerings, and enhance the cross-border development capabilities of the asset management industry,' the statement said. Bursa Malaysia will continue to strengthen the local ETF ecosystem through a series of structured and strategic initiatives, including a focus on ecosystem development and stakeholder engagement, and the ETF challenge, which is designed to raise awareness and educate retail investors. "Currently, Bursa Malaysia offers investment opportunities via 17 ETFs managed by six issuers, with a total asset under management (AUM) of approximately RM2.4 billion,' it noted. Fad'l said the collaboration marks a pivotal step in expanding Malaysia's ETF landscape, offering investors greater diversity and access to global opportunities. "Together with Fullgoal HK and CGS International, we are committed to deepening market sophistication and driving sustainable growth in our capital markets. This initiative reinforces our position as an investment gateway, bridging Malaysia with global financial markets,' he said. Fullgoal HK chairman, who is also Fullgoal Fund CEO Chen Ge said the strong maritime ties between China and Malaysia are rooted in a long-standing friendship. "In light of this opportunity, Fullgoal Fund is committed to its 'going global' strategy. By leveraging our research expertise in equity, fixed income, and quant investments, we are enhancing our global asset allocation capabilities and exploring international investment opportunities,' he said. CGS International's Carol Fong said the company is honoured to bring its investment management, research, and distribution capabilities to facilitate the cross-listing of ETFs on Bursa Malaysia, with Fullgoal HK. "In the past two years, we have collaborated with Fullgoal HK on two ETFs in Singapore, which offer local investors unique opportunities to invest in markets and sectors that are hard to access. "We are excited to bring more ETFs to Malaysian investors, fulfilling our aim of making investing more accessible to the masses,' she said. - Bernama
The Sun
5 days ago
- Business
- The Sun
Bursa, Fullgoal HK and CGS International in pact to facilitate ETF listings on M'sian market
PETALING JAYA: Bursa Malaysia Bhd, Fullgoal Asset Management (HK) Ltd and CGS International Securities Malaysia Sdn Bhd today signed a memorandum of understanding (MoU) to promote international financial integration and enhance the vibrancy of Malaysia's capital market. The tripartite collaboration aims to facilitate the listing of foreign underlying exchange-traded funds on Bursa Malaysia, providing Malaysian investors access to a broader range of investment options while offering exposure to global markets. The MoU was signed by Bursa Malaysia CEO Datuk Fad'l Mohamed, Fullgoal Fund CEO and chairman of Fullgoal HK Lixin Zhang, and CGS International deputy CEO Khairi Shahrin Arief Baki at the Asean Business Forum 2025 in Kuala Lumpur. The signing was witnessed by Malaysian Investment Development Authority (Mida) CEO Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid on behalf of Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Other dignitaries present at the signing included China Galaxy Securities chairman Wang Sheng, Securities Commission Malaysia executive chairman Datuk Mohammad Faiz Azmi and Asean-Business Advisory Council Malaysia chair Tan Sri Nazir Razak. Bursa Malaysia said it continues to strengthen the local ETF ecosystem through a series of structured and strategic initiatives. These initiatives include those focused on ecosystem development and stakeholder engagement, as well as the ETF Challenge, which aims to raise awareness and educate retail investors. 'This collaboration marks a pivotal step in expanding Malaysia's ETF landscape, offering our investors greater diversity and access to global opportunities. Together with Fullgoal HK and CGS International, we are committed to deepening market sophistication and driving sustainable growth in our capital markets. 'This initiative reinforces Bursa Malaysia's position as an investment gateway, bridging Malaysia with global financial markets,' Fad'l Mohamed said. Currently, Bursa Malaysia offers investment opportunities via 17 ETFs managed by six issuers, with total assets under management of about RM2.4 billion. Fullgoal Fund and Fullgoal HK emphasised the strong maritime ties between China and Malaysia, rooted in a long-standing friendship. With the collaborative efforts of both governments to advance the Belt and Road Initiative, financial and economic cooperation has significantly deepened, they noted. CGS International group CEO Carol Fong said the company looks forward to bringing its investment management, research, and distribution capabilities to the partnership, facilitating the cross-listing of ETFs on Bursa Malaysia with Fullgoal HK. 'In the past two years, we have collaborated with Fullgoal HK on two ETFs in Singapore, which offer the local investors unique opportunities to invest in markets and sectors that are hard to access. We are excited to bring more ETFs to Malaysian investors, fulfilling our aim of making investing more accessible to the masses,' she added. The MoU reflects the joint commitment by Bursa Malaysia, Fullgoal HK and CGS International to strengthen collaboration to promote capital market connectivity between China and Malaysia, enrich cross-border product offerings and enhance the cross-border development capabilities of the asset management industry.
