Latest news with #RM40
The Star
2 hours ago
- Business
- The Star
Evergreen Cahaya in share subscription deal with DPK private equity to raise RM40mil
KUALA LUMPUR: Evergreen Cahaya Holdings Sdn Bhd, a wholly owned subsidiary of Evergreen Max Cash Capital Bhd , has entered into a subscription agreement with DPK Private Equity Sdn Bhd to raise RM40 million. In a Bursa Malaysia filing, Evergreen Max Cash said that under the deal, DPK Private Equity will subscribe to 40 million Islamic Redeemable Convertible Preference Shares (RCPS-i) at RM1 per share. It said the proceeds raised will be utilised as cash capital to fund the operations of Ar-Rahnu Tawarruq services of Evergreen Cahaya and its identified subsidiaries. "In particular, the gross proceeds raised will be channelled towards the disbursement of pawn loans through the Ar-Rahnu Tawarruq services outlets of the Evergreen Cahaya group as part of its ongoing efforts to expand and scale its Islamic pawnbroking operations in line with growing demand for Islamic pawn loans. "Pending the utilisation of proceeds arising from the issuance of RCPS-i for the above purpose, the proceeds would be placed in Shariah-approved investments in accordance with the terms of the subscription agreement,' it said. Furthermore, Evergreen Max Cash said the issuance of RCPS-i allowed it to maintain its equity interest in Evergreen Cahaya while managing the dilutive impacts, as the issuance of new ordinary shares in Evergreen Cahaya would have resulted in a direct dilution of its shareholdings. "The dilution impact to Evergreen Max Cash's shareholding in Evergreen Cahaya will be on a progressive basis as and when the RCPS-i are converted into new ordinary shares in Evergreen Cahaya in accordance with the terms of the subscription agreement,' it said. - Bernama
Borneo Post
4 hours ago
- Business
- Borneo Post
Sarawak charts path to statewide piped gas access, says Premier
Abang Johari cooks tapioca as a symbolic gesture for the launch. BINTULU (July 23): Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg has reaffirmed the Sarawak government's strong commitment to expanding piped gas infrastructure to every household in the state – a move aimed at enhancing energy accessibility and economic equity. Speaking to reporters after launching the piped natural gas supply to homes in Sungai Plan here today, Abang Johari said the initiative is part of a long-term master plan to ensure Sarawakians benefit directly from the state's own gas resources. 'This is just the beginning of our effort to supply gas to our people so they can enjoy the benefits of the gas extracted in our own backyard,' he said. He cited a successful pilot project in the Quadruplex Taman Ceria (QTC) housing area in Miri, where residents have seen savings of up to 40 per cent or around RM40 monthly after switching from gas cylinders to piped delivery. Determined to extend these benefits across Sarawak, the Premier unveiled the Sarawak Gas Roadmap, which outlines a statewide piped gas distribution system. 'We are developing a network of gas distribution hubs throughout Sarawak in Bintulu, Kuching, Miri, and possibly Sibu from where piped gas can be channeled to surrounding areas, even reaching remote towns like Kapit,' he said. According to him, the concept of piped gas is not new to Sarawak, citing earlier systems in Lutong, Sarawak and Seria, Brunei, that predate the formation of Malaysia. Abang Johari emphasised that Sarawak's legal framework, particularly the Sarawak Gas Distribution Ordinance, remains intact and continues to empower the state to regulate and manage its own gas sector. Under this framework, Petroleum Sarawak Berhad (Petros) has been formally appointed the sole gas aggregator for Sarawak, with full authority to manage supply from upstream to end users. He expressed gratitude to Prime Minister Datuk Seri Anwar Ibrahim for endorsing this via a joint declaration between the federal and state governments, which enabled Petros to operate as the sole legal and operational aggregator. 'All companies involved in the gas business must comply with our existing laws. This is a people-centric project, and through the hub-and-spoke model, it will benefit not just urban dwellers but rural communities as well,' he said. The roadmap, he added, will offer tiered benefits across various user groups – residential homes, SMEs, and heavy industries such as methanol production – with rates based on consumption levels. 'The greatest impact will be on ordinary Sarawakians, especially B40 households and those with lower incomes, by easing their cost of living,' he said. Abang Johari also welcomed the federal government's latest cost-of-living measures announced today, including fuel price reductions and other incentives. 'PMX announced his support, and we too are helping our people. Thank you for the initiatives. It shows that the people of Sarawak benefit both from Kuala Lumpur and from Petra Jaya, Kuching,' he said. Also present at the event were deputy premiers Datuk Amar Douglas Uggah Embas and Datuk Amar Prof Dr Sim Kui Hian, Petros chairman Tan Sri Datuk Amar Dr Hamid Bugo and other state Cabinet ministers and their deputies. Abang Johari piped gas statewide
Malaysian Reserve
a day ago
- Business
- Malaysian Reserve
No projects in Sulawesi Sea until maritime dispute resolved
by HIDAYATH HISHAM MALAYSIA'S ability to pursue economic cooperation in the ND6 and ND7 blocks in the Sulawesi Sea remains limited due to unresolved maritime boundary issues with Indonesia. Prime Minister (PM) Datuk Seri Anwar Ibrahim said any project or initiative in the area must not compromise national sovereignty. 'That is why the matter of ND6 and ND7 has stalled — because we cannot proceed, and if we are forced to, it will become like the border conflict in Thailand and Cambodia,' he said during PM's Question Time in the Dewan Rakyat today. He was responding to a supplementary question from Mohd Shahar Abdullah (Barisan Nasional [BN]-Paya Besar), who asked whether there are any current economic cooperation efforts in the ND6 and ND7 zones. Anwar said relations with Indonesia remain strong and must be preserved, and both sides recognise Malaysia's sovereign position, which requires continued negotiations. 'Moreover, our relationship with Indonesia is very, very good in many aspects and must be maintained. It also understands that we are a sovereign nation, cannot surrender anything, and negotiations must continue,' he said. Mohd Shahar also raised concerns about security strategies and the need for development in the area. In response, Anwar said the government remains committed to peaceful negotiations and maintaining stability in the region. 'The government remains consistent in continuing negotiations to ensure the situation in the area remains peaceful without any conflict,' he said. He added that security within the Eastern Sabah Security Zone (ESSZONE) continues to be reinforced through operations under the Eastern Sabah Security Command (ESSCOM). 'Security control in the ESSZONE continues to be strengthened through continuous operations by ESSCOM involving an annual expenditure of RM40 million,' he said.
Borneo Post
2 days ago
- Entertainment
- Borneo Post
Kuching Got Talent gets RM40,000 boost from Sports Toto
(Front, third left) Yip hands over a mock cheque to Wee, as officials from Sports Toto and MBKS look on. — Photo by Roystein Emmor KUCHING (July 22): The Kuching Got Talent 2025 (KGT2025), making its return for the 11th edition as part of the Kuching Festival, has received RM40,000 in sponsorship from STM Lottery Sdn Bhd (Sports Toto). Kuching South Mayor Dato Wee Hong Seng said Sports Toto had remained a loyal and longstanding partner of the Kuching Festival for over 30 years, supporting various programmes aimed at promoting community engagement, youth participation and cultural development. 'Their unwavering support has enabled us to bring this event to life each year, providing opportunities for our people to discover and develop their talents in a positive and supportive environment. 'Corporate social responsibility plays a vital role in building a vibrant, inclusive society, and Sports Toto has continuously exemplified how businesses can contribute meaningfully. 'Their contributions to Kuching Got Talent go beyond financial – it is an investment in our community, in our future, and in the dreams of many aspiring individuals,' he said during a press conference at MBKS here yesterday. For KGT2025, total of 160 entries involving some 220 participants have been received across four categories: 'Singing' – Age 12 and Below and Age 13 years and Above; 'Dancing'; and 'Other Talents'. Auditions were held on July 5 and 6 at the MBKS Auditorium, resulting in 61 participants being shortlisted for the semi-finals, which is scheduled this Aug 9 at the MBKS Theatre. The grand finale, featuring the Top 35 finalists, will be staged on Aug 10. Also present during the ceremony yesterday was Sports Toto's Kuala Lumpur headquarters' external communications, communications and sustainability manager Yip Bing Tsong. kuching got talent lead sponsorship sports toto Wee Hong Seng
New Straits Times
3 days ago
- Business
- New Straits Times
Don't worry 'we have RM40 million in the bank', says OCM supremo
KUALA LUMPUR: Olympic Council of Malaysia (OCM) president Tan Sri Norza Zakaria has assured that the umbrella body has solid financial footing ahead of their move to Bukit Jalil. OCM has inked a land swap deal with Malaysian Resources Corporation Berhad (MRCB) to build their new headquarters - dubbed the Olympic House - on a 5.38 acre plot of land that will be leased (30 years) from the government. In return, MRCB will take ownership of OCM's current headquarters — Wisma OCM (0.73 hectare) at Jalan Hang Jebat - in return for building a new RM93 million state of the art facility for OCM. Certain quarters recently questioned OCM's decision as the latter will not get any cash out of the deal, adding that it could potentially strain OCM financially in the future once the 30-year lease in Bukit Jalil expires. Norza said the move is part of their plans to modernise OCM and assured that they have a "healthy balance sheet". "We have received criticism with some saying it is not a good business decision," said Norza yesterday (July 19). "We are, however, not sacrificing anything. We will get a better building in a better location close to our stakeholders. We will not be stuck in traffic between a school and Petaling Street anymore. "As I have said before, we could just take RM20 to RM30 million and build a small office in Balakong or Bukit Beruntung and keep the rest of the money, but do we really want that? "Our balance sheet is healthy, we have RM40 million in the bank. We are also under the International Olympic Committee (IOC). Every year we get (RM) three to five million in funding coming in through sponsorships and so on, so we are okay (financially). "Our objectives and our core business are different (from other organisations). We are in the process of modernising OCM and we want to establish a well respected organisation. We have to lead by example. "This issue has been addressed with our affiliates and they are fully supporting the move to Bukit Jalil." Norza added that a hotel will also be incorporated into the Olympic House project to generate recurring income for OCM. The new headquarters will also feature offices for over 32 national sports associations, an auditorium, a media conference room as well as various other modern facilities. OCM yesterday announced that a committee has been formed to oversee the Olympic House project to ensure that OCM receives a facility worthy of the RM93 million valuation. The committee is led by OCM secretary-general Datuk Nasir Ali with Squash Racquets Association of Malaysia (SRAM) president Gerard Monteiro as deputy chairperson. Datuk Amarjit Singh Gill (cycling), Datuk Awalan Abdul Aziz (lawn bowls) and Akhramsyah Sanusi (chess) will serve as committee members. The Olympic House is expected to be completed by the end of 2027 at the earliest.
