Latest news with #RM20mil
The Star
21 hours ago
- Business
- The Star
More 'tamu desa' to built in Sabah, S'wak this year, says Ewon
KOTA KINABALU: The Entrepreneur Development and Cooperatives Ministry will construct more "tamu desa" (rural traditional markets) in Sabah and Sarawak this year, to enhance rural market facilities and empower entrepreneurs in both states, says Datuk Ewon Benedick. The Entrepreneur Development and Cooperatives Minister said the Madani government, through the ministry, had allocated RM20mil to implement the Tamu Desa Development Project this year. He added that this included an additional RM10mil announced by Prime Minister Datuk Seri Anwar Ibrahim at the Madani Rakyat Programme in Tawau last month. "Last year, we successfully built and upgraded 98 tamu desa across Sabah and Sarawak. This year, with an allocation of RM20mil, I hope the same number or more can be built," he said in a statement Monday (June 2). He was speaking after officiating the Kampung Pinasang Tamu Darat Kaamatan Festival in Kota Belud and subsequently launching the village's tamu desa, which was completed this year at a cost of RM250,000. Ewon said 14 tamu desa were built in the Kota Belud area, part of the 98 premises completed across Sabah and Sarawak last year. "I have been informed by the village leaders that these premises greatly benefit the residents, especially mothers and small entrepreneurs who conduct business weekly. They not only provide a more comfortable space for selling but can also be used for various community activities on other days," he said. According to him, the requirements for tamu desa development vary depending on the location and scope of work determined by the District Office, whether for new construction or upgrading, involving costs ranging from RM100,000 to RM300,000. As of May this year, he said, applications for new construction or upgrading of tamu desa premises in Sabah had reached RM40mil, including applications carried over from last year that could not be implemented, and this amount did not yet include applications from Sarawak "Although our budget is limited, what is important is the continuity of what was implemented last year. What we started last year will be continued and expanded this year. I am confident that this programme will be among the key inputs of the ministry in the 13th Malaysia Plan (2026-2030)," he said. The tamu desa initiative was also part of the government's commitment to pay special attention to the needs of rural Sabah and Sarawak, in line with the nation's inclusive development agenda, he added. - Bernama
The Star
2 days ago
- The Star
Highway graft probe: RM20mil of funds used for gambling, says MACC
PETALING JAYA: The ongoing probe of a Klang Valley highway project has found that around RM20mil in sukuk funds were used for gambling, says Tan Sri Azam Baki. The Malaysian Anti-Corruption Commission (MACC) chief commissioner told Malay daily Sinar Harian that graft busters also found 300 bottles of top-shelf liquor in a storeroom. "Around 45 witnesses have had their statements recorded as of Sunday (June 1). "The Tan Sri involved in the case is still being warded at a private hospital," he was quoted as saying on Monday (June 2). Previously, the MACC seized or froze assets and bank accounts worth an estimated RM85.6mil while investigating the alleged misuse of sukuk funds linked to a Klang Valley highway project. These include 14 individual accounts holding a total of RM4.5mil, eight company accounts containing RM33mil, luxury vehicles worth RM7.65mil, handbags worth RM3mil, luxury watches worth RM7mil, and properties worth RM24.5mil. The probe centres on a concession holder with a "Tan Sri" title who is suspected of diverting project financing for personal use. Follow us on our official WhatsApp channel for breaking news alerts and key updates!
The Star
4 days ago
- Business
- The Star
Master Tec proposes transfer to Main Market of Bursa Malaysia
KUALA LUMPUR: Master TEC Group Bhd has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia Securities Bhd. The cable manufacturer also proposed relevant amendments to the company's constitution to support the transfer, reflecting its commitment to meeting the higher regulatory requirements of the Main Market. 'This proposed Main Market transfer is a testament to the strength and resilience of our business. Since our listing, we have achieved several operational milestones, expanded our manufacturing capacity, and diversified our revenue streams through the integration of infrastructure-related services. 'The move to the Main Market marks the next chapter of our corporate journey, aligning with our long-term strategy to enhance visibility, broaden our investor base, and access more robust capital markets,' executive director Tee Kok Hwa said in a statement. The proposed transfer comes less than two years after Master Tec made its debut on the ACE Market in January 2024. Based on the audited financial results for the financial year ended Dec 31, 2024 (FY24), Master Tec recorded a consolidated profit after tax attributable to owners of the company (Patami) of RM27.01mil. Over the last three financial years, from FY22 to FY24, the group achieved a cumulative adjusted Patami of RM73.3mil, exceeding the RM20mil minimum threshold required under the profit test of the Securities Commission's Equity Guidelines.' Master Tec noted its strong financial health, reporting a current ratio of 1.81 times, a gearing ratio of 0.35 times, and retained earnings of RM93.8mil as of Dec 31, 2024. The group also noted positive net operating cash flows of RM29.88mil in FY24, underscoring its solid liquidity and financial stability. Master Tec's share price closed at RM1.06 on Friday, giving it a market capitalisation of RM1.08bil.
The Star
5 days ago
- Business
- The Star
Public Mutual declares over RM20mil in distributions for three funds
KUALA LUMPUR: Public Bank Bhd 's wholly-owned subsidiary, Public Mutual Bhd, has declared distributions totalling over RM20mil for three funds. In a statement, the unit trust company announced a gross distribution of 3.75 sen per unit for the Public Select Bond Fund, 0.20 sen per unit for the Public Dividend Select Fund, and 0.10 sen per unit for the PB ASEAN Dividend Fund. Public Mutual is Malaysia's largest private unit trust company, with more than 180 funds under its management. It is also an approved private retirement scheme (PRS) provider, managing nine PRS funds.
The Star
23-05-2025
- Business
- The Star
Labour market still robust in Q12025, with 17.23 million workforce, says Stats Dept
PUTRAJAYA: The national labour market remained robust in the first quarter of 2025 (Q1 2025) with a 7.23 million labour force and a stable 3.1 per cent unemployment rate, according to the Statistics Department. Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the positive performance was supported by continued improvements in employment and a decline in unemployment. The labour force grew by 458,700 persons to 17.23 million persons compared to 16.77 million persons in Q1 2024, driven by a 3.0% year-on-year (y-o-y) increase in employed persons to 16.70 million. "The labour force participation rate rose to 70.7% (Q1 2024: 70.5%), while the number of unemployed persons declined to 526,300, with the unemployment rate remaining stable at 3.1%," he said in a statement on Friday (May 23). In addressing the underemployment situation, he noted that sustained employment growth in Q1 2025 led to a notable decline in underemployment indicators. 'The number of persons working less than 30 hours per week decreased by 11.1% y-o-y to 242,700 persons. "Time-related underemployment also registered a decline of 9.2%, totalling 146,900 persons, with the rate of 1.5%," he said. He also said Malaysia's labour market in Q1 2025 was adapting to the growing challenges of Industry 4.0. "To meet the rising need for digital expertise, the government has committed to an initiative of RM20mil to train 5,000 Malaysians in key tech sectors and strengthen Technical and Vocational Education and Training (TVET) programmes with internationally recognised certifications," he added. - Bernama
