Latest news with #RM27mil
The Star
30-07-2025
- Business
- The Star
UMB deal makes sense
Kenanga Research said the group could fully fund the latest acquisition internally. PETALING JAYA: United Malacca Bhd 's (UMB) decision to acquire the remaining 17% it does not own in Indonesia-based PT LifereAgro Kapuas (PT LAK) from PT Bank OCBC NISP TBK for US$10mil is a good deal for the planter, according to Kenanga Research. The research house said, in a report, that it made commercial sense to gain full control of a profitable and growing subsidiary. 'The acquisition is also valued fairly, hence neutral to prospective ratings and long-term positive financially as PT LAK has room to expand,' Kenanga Research added. UMB had acquired 83% of PT LAK's equity back in January 2016 for US$66.4mil. PT LAK came with Izin Usaha Perkebunan or a plantation licence for 24,585ha of agriculture land in central Kalimantan. PT Lak is divided into four estates with a palm oil mill. The land is slightly larger at 24,607ha split between Plasma smallholder scheme (10,434ha) and UMB's 'Inti' core holding of 14,173ha. Out of this, 11,419ha can be planted with oil palm. Kenanga Research said strategically, UMB would have full control over PT LAK. At about 10 times PT LAK's earnings in financial year 2025 (FY25), the valuation also looks fair to attractive. Importantly, PT LAK has capacity to grow as 3,312ha or 29% of its total plantable area of 11,419ha are still awaiting oil palm development. Out of the 8,099ha already planted, the trees are still young (10 years of age), and hence, fresh fruit bunch (FFB) yields are still low at 15 tonnes per ha, whereas the group's more matured estates typically yield 19 tonnes to 20 tonnes per ha. Meanwhile, Kenanga Research said the group could fully fund the latest acquisition internally. UMB ended its financial year 2025 with a net cash of RM151mil. 'Even after paying out RM27mil in dividends – seven sen final and six sen special dividends – the group can easily fund this acquisition of RM42mil by cash,' the research house pointed out. Furthermore, the returns from PT LAK should also exceed the rates UMB is earning from its cash deposits, it added. Meanwhile, RHB Research said firm crude palm oil (CPO) prices are also to be expected. CPO prices had eased since the recent peak in November 2024 but a global supply deficit looks set in 2025 with supply tightness likely to persist into 2026. Hence, CPO prices are expected to stay firm with an average CPO price of RM4,000 per tonne expected for UMB over FY26-FY27, the research house explained. Kenanga Research, which has maintained an 'outperform' call on the stock with a target price of RM6, said 'we see deep value at current levels'. The risks to Kenanga Research's call include adverse weather, softer CPO prices and the rising cost of labour, fertiliser and fuel.
The Star
09-07-2025
- Business
- The Star
Econpile wins RM27mil construction job
PETALING JAYA: Econpile Holdings Bhd has received a letter of award from Bayu Melati Sdn Bhd to undertake piling and pile cap works for two 37-storey serviced apartment blocks (1,155 units) in Petaling Jaya, Selangor, worth RM27mil. In a filing with Bursa Malaysia, the construction company said the project shall be completed within 12 months from July 14, 2025. 'The project is expected to contribute positively to the revenue and earnings of the company from the financial year ending June 30, 2026 onwards.' Econpile said there are no foreseeable significant risks other than operational risk associated with the project during the contract period. 'The management would put in place control measures and operational procedures to reduce the impact or likelihood of such events.' Last week, the company announced it had bagged two separate contracts from LFE Engineering Sdn Bhd and LFE Innovative Sdn Bhd for a combined sum of RM57.95mil.
The Star
30-06-2025
- Politics
- The Star
No interference in judicial matters as govt respects the Constitutional process, says PM
PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has stressed that he does not interfere in judicial matters, including the appointment of judges or court decisions. He said all appointments and extensions of service, including for judges, must follow procedures as outlined in the Federal Constitution. "If one understands the Constitution, then the process is clear. There's a commission, there's the Prime Minister, and there's the Yang di-Pertuan Agong," Bernama quoted him as saying during a gathering with Prime Minister's Department staff here on Monday (June 30). "If you look at the recent appointments, the list of candidates is submitted to the Yang di-Pertuan Agong, and then brought to the Conference of Rulers for discussion. "These procedures must be followed." ALSO READ: Chief Justice: No news on tenure extension Anwar also emphasised that any appointment or extension of tenure influenced by certain groups would tarnish the integrity of the judiciary. He said the issue of appointments or extending the tenure of civil servants, including judges, should not be made into political fodder or evaluated according to the sentiments of certain groups. The Prime Minister said in such a political climate, the decision of whether or not to extend an individual's service was used to gauge loyalty by some quarters. He added that there should not be any campaigning or political pressure on the process of appointing civil servants, including in the judicial institution. "If a (high-ranking) civil servant campaigns for an extension and (if their service) is not continued, it's called a betrayal by one side. If their term is extended, (another group) will also call it a betrayal," he added. The same applied to certain high-profile cases, he said, as quoted by Sinar Harian. "When a case is pursued, it's called treason. If another case is not pursued, it's also called treason. When you're in this position, as Prime Minister ... well, I can only accept it and be patient," he said. He also stressed his stance not to interfere in judicial matters and only communicate officially with the Chief Justice. "That is why I avoid meeting any senior judge, except the Chief Justice. "I would like to thank you for the ... discussions that have been good. The interpretation outside of that is another matter. But for me, in all those meetings, I have never interfered in judicial issues. "What (a judge) wants to decide, that's their decision. I never interfered. But even that has been politicised," he said. ALSO READ: Malaysia must uphold judicial independence Anwar pointed out two high-profile cases recently involving former prime minister Datuk Seri Najib Razak and Muar MP Syed Saddiq Syed Abdul Rahman. Najib was given a discharge not amounting to an acquittal by the Kuala Lumpur High Court in the RM27mil SRC International Sdn Bhd money laundering case. Syed Saddiq, meanwhile, was discharged and acquitted of four charges including criminal breach of trust involving Bersatu Youth wing funds by the Court of Appeal. "If Najib gets a DNAA, the Prime Minister is accused of interference and treason. Wrong. He should be given a DNAA by law. "Then on the other hand, Syed Saddiq recently (was discharged). And from one side's point of view, it's also wrong. "I said, it's none of my business. My stance is not an issue. We have to respect the judges' decision," he said. He also touched on his experience of facing an investigation and trial that did not follow fair procedures. "I know. I've been hit before. It's already over, not even charged, not even a police report, arrest first. There's no building (a case) either. "If someone followed my case before, there was no police report – again, arrest first. So, we can't repeat that mistake," he said. He called on all parties to defend the judicial institution and public service without being influenced by political sentiments or the interests of certain groups. "We have to defend it, but not by following political or group tastes. In one case, there is an elite group of lawyers who agree. There are also Islamic bodies that oppose it. "I'm not affected by that. This elite group can draw (attention) so well using the media. But it shouldn't influence us," he said. He explained that the government respects all views but remains guided by the process and principles of the law. Earlier, the media reported that Chief Justice Tun Tengku Maimun Tuan Mat is retiring on Wednesday (July 2), but questions remain over whether or not her term will be extended. She will turn 66, the mandatory retirement age for judges, and her last day of service is Tuesday (July 1).
The Star
21-06-2025
- Politics
- The Star
PM: Najib's DNAA is a judicial matter, I didn't interfere
PUCHONG: Datuk Seri Anwar Ibrahim asserted that he had no involvement in the court's decision to discharge former prime minister Datuk Seri Najib Razak of three money laundering charges involving RM27mil from SRC International Sdn Bhd. 'That is the judge's decision and the Attorney General's. I do not interfere,' the Prime Minister said briefly when approached by reporters after performing Friday prayers at the Kampung Sri Aman Mosque here yesterday. Anwar was commenting on High Court judge Justice K. Muniandy granting a discharge not amounting to acquittal (DNAA) to Najib yesterday following a request from the latter's defence team, Bernama reported. The grounds given by the judge was that the prosecution lacked the preparedness to proceed with trial and that the case had been postponed too many times since 2019. The court was informed that the prosecution had yet to obtain the necessary documentary evidence. The delay, the judge noted, had denied the accused the right to a fair and timely resolution of the case. A DNAA means the accused is temporarily discharged from the charges, but may still be prosecuted for the same offences in the future if the prosecution decides to reinstate them. The current case, which was discharged yesterday, involves three charges of money laundering involving RM27mil, allegedly received through Najib's three AmPrivate Banking accounts at AmIslamic Bank Bhd, AmBank Group Building, Jalan Raja Chulan, on July 8, 2014. Najib had on Feb 3, 2019, claimed trial to the charges under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001, which carries a maximum fine of RM5mil, up to five years' imprisonment, or both, upon conviction. The former Umno president is currently serving a jail term in Kajang Prison for another case of misappropriating RM42mil in SRC International funds. On Sept 2, 2022, he filed a petition for a royal pardon. On Jan 29, 2024, the Pardons Board halved his jail sentence from 12 to six years and reduced his fine from RM210mil to RM50mil.
The Star
21-06-2025
- Politics
- The Star
Rafizi: Refile charges without further delay
Day in court: Najib arriving at the Kuala Lumpur Courts Complex. — Bernama PETALING JAYA: As Datuk Seri Najib Razak hails as relief the temporary discharge of his money laundering case involving RM27mil, a lawmaker urges swift refiling of the charges. Pandan MP Datuk Seri Rafizi Ramli urged the Attorney General's Chambers (AGC) to clarify how it would refile the charges involving RM27mil from SRC International Sdn Bhd against the former prime minister without further delay. Rafizi made the call following the High Court granting Najib a discharge not amounting to an acquittal (DNAA) order for all three charges in the case. A DNAA releases an accused from a charge without clearing them of the offence, meaning they can still be prosecuted later. Rafizi said it was unacceptable that, despite Najib being charged in 2019, the trial has yet to begin due to the prosecution's failure to complete the required documentation. 'I urge the prosecution to refile the charges as soon as possible and prepare the necessary documents so the case can proceed,' the former Economy Minister said in a statement. While acknowledging Najib's right to seek a discharge, Rafizi questioned the prolonged delay, especially as the former was already serving a prison sentence in another case involving SRC International funds. The AGC in an immediate response to the development said it will examine and consider all aspects before taking any further action on the case. The AGC said there were some documents which are material for the current SRC International trial, and the prosecution has no choice but to wait until the relevant material documents were obtained after the 1MDB trial proceedings are completed. 'It should be emphasised that the material documents are already available but are being used as evidence in the ongoing 1MDB trial,' the AGC said. 'The prosecution has requested time to gather all relevant material documents to be presented as evidence and testimony in the second SRC trial. This delay is not intentional but is to ensure that the integrity of the documents as evidence in the trial is always maintained. It said the case was postponed several times namely due to the Movement Control Order linked to the Covid-19 pandemic, requests by Najib's counsel and the prosecution as the documents was used in the then ongoing first SRC case and the currently ongoing 1MDB case. 'This department emphasises that the allegations by certain parties that this department carries out 'defective prosecution' are completely unfounded. This department always maintains the highest level and quality in line with expectations of the people. 'This department remains committed to upholding the rule of law and will continue to carry out its responsibilities under the Federal Constitution with integrity, fairness and respect for the judicial process,' it said. Meanwhile, Najib's lawyer, Tan Sri Muhammad Shafee Abdullah, said his client welcomed the court's decision, noting that it reduced the number of active cases against him. 'He's very happy and can now concentrate on the 1MDB trial, which is set for submissions in October,' Shafee told reporters after the court granted the DNAA order. Shafee explained that the AGC cannot appeal the DNAA but may choose to refile the case. 'But we hope they don't,' he added. With the DNAA order, Najib now faces only one active criminal trial – the RM2.28bil 1MDB case, scheduled to resume in October. Najib was acquitted from the 1MDB audit tampering case in March 2023, and a DNAA in the RM6.6bil IPIC-related case last November. He is currently serving a prison sentence for his conviction in the RM42mil SRC International graft case.
