Latest news with #RM40mil
The Star
2 days 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
- Business
- The Star
Strong power demand to fuel Malakoff prospects
PETALING JAYA: The RM40mil provision Malakoff Corp Bhd made for its coal inventory in the second half of the year (2H25) may be reversed to some extent in the second half of the year should coal prices rise. The independent power producer (IPP) made the provision in its first quarter ended March 31, 2025 (1Q25) financials which resulted in its earnings for the period falling 45% year-on-year (y-o-y) to RM34mil. OUB Kay Hian (UOBKH) Research expected Malakoff to write back some of the provisioning in the later part of the year should coal prices recover. Malakoff's revenue for the quarter eased 11% y-o-y to RM2bil due to lower dispatch because of lower economic activity in Peninsular Malaysia in the period, it added. Its overall dispatch to the grid was also lower by 6% y-o-y with lower offtake for its gas-fired power plants. 'The coal-fired power plants experienced lower energy payment due to a drop in coal prices,' the research house stated in a report following the release of the IPP's 1Q25 results. UOBKH Research lowered its net profit forecast for Malakoff for financial year 2025 (FY25) by 9% to capture the RM40mil provisioning and it expected the company to post a net profit of RM276mil for the year, which would be relatively flat y-o-y. It however kept its 'buy' rating on Malakoff with a target price (TP) of RM1.08 a share. 'In arriving at our TP, we have included a 1,400MW thermal power plant win. Our blue-sky fair value is RM1.25 per share, in the event Malakoff wins two 1,400MW power plants,' it noted. CGS International (CGSI) Research said Malakoff would submit bids to extend the commercial life of expired and expiring gas power plants – GB3 (640MW), Prai Power (350MW), and Segari (1,303MW) – under the Energy Commission's recently launched tender, which closes in June. 'Management also clarified that this new tender will not impact the initial letter of notifications it has already received for two new gas-fired power plants, which are progressing toward formalisation. Construction of the group's 84MW small hydro project in Kelantan is progressing well,' CGSI Research stated. It added Malakoff had completed the acquisition of a 49% stake in E-Idaman Sdn Bhd (which gives it exposure to waste management services in Perlis and Kedah) in February, and the company contributed some RM2mil to Malakoff's 1Q25 net profit figure. CGSI Research has also maintained its 'add' call on Malakoff with a lower sum-of-parts based TP of RM1.15 a share on the belief the group's valuation remains undemanding supported by net yields of above 5.5%. 'Malaysia's energy transition drive also improve Malakoff's prospects for new plant awards, thus supporting long-term earnings,' the researc house said. Rerating catalysts include the final investment decisions on projects in the pipeline, repowering of existing power assets and recovery in its dividend payout. Risks include return of negative fuel margins and unplanned plant outages. Kenanga Research, meanwhile, cut its FY25 and FY26 earnings forecasts by 24% and 25% respectively, to reflect the provisioning impact. It, however, kept its 'market perform' recommendation on the counter with a reduced TP of 77 ssen (from 80 sen) which is supported by a decent dividend yield of above 4%.
The Star
28-05-2025
- Business
- The Star
MPI 3Q profit up 22%, remains cautious over US tariffs
KUALA LUMPUR: Malaysian Pacific Industries Bhd (MPI) will actively monitor the impact of the US administration's newly announced reciprocal tariffs, which have added to global economic uncertainties. 'Barring any unforeseen circumstances, the Board expects the performance for this financial year to be satisfactory,' the semiconductor company said in a filing with Bursa Malaysia. In the third quarter ended March 31, MPI's net profit rose 22.4% to RM40mil, or earnings per share of 20.12 sen compared with RM32.7mil, or 16.47 sen in the year-ago quarter. The higher profit was mainly due to improved operating margin and lower operating cost. Revenue, however, fell marginally to RM519.9mil against RM526mil last year. MPI said the lower revenue for the quarter under review was mainly due to the weaker foreign exchange rate recorded against the corresponding quarter of the last financial year. For the nine months to March 31, MPI posted a net profit of RM110.2mil, up 35.4% from RM81.4mil while revenue grew to RM1.57bil against RM1.56bil previously. MPI has declared a second interim single-tier dividend of 25 sen for the quarter ended March 31, to be paid on June 26.
The Star
27-05-2025
- The Star
Kidnappers of goldsmith linked to major crimes in Kelantan, say cops
KOTA BHARU: Police believe that four suspects involved in the recent kidnapping and extortion case against a goldsmith shop owner in Palekbang, Tumpat, are members of a criminal group active in the state. Kelantan police chief Comm Datuk Mohd Yusoff Mamat said the group was believed to be active in criminal activities in the state for a long time and had targeted several individuals for extortion. "They are a group of criminals involved in extortion, including against the victim in this case, in addition to asking for protection money from the victim. "This group is also believed to be involved in other criminal activities including drug trafficking and has links with criminal partners in neighbouring countries," he told reporters on Tuesday (May 27). According to him, the group may be facing difficulties in paying for drug supplies obtained from neighbouring countries following the strict action by the police after the cross-border ban since December last year. Meanwhile, Comm Yusoff reminded the public not to easily believe unverified reports regarding the case, including the assumption that the victim owed the suspect. "Do not make unfounded assumptions. Let the police investigate and resolve this case as soon as possible,' he said. He said the criminal group involved is believed to have been extorting money from the victim for a long time, and most recently asked the victim to hand over 80kg of gold, estimated to be worth approximately RM40mil. On May 20, a video clip went viral showing the victim's vehicle being stopped before he was forced into a grey Suzuki Swift.- Bernama
The Star
26-05-2025
- The Star
Kidnappers demanded 80kg of gold worth RM40mil from victim, say Kelantan cops
KOTA BARU: Kelantan police say that the actual amount of gold demanded in ransom by four suspects who kidnapped a jewellery shop owner in Palekbang, Tumpat was 80kg with an estimated value of RM40mil and not 30kg. Kelantan police chief Datuk Mohd Yusoff Mamat said they were informed of this by the 44-year-old victim in a statement. "The investigation also found that the suspects had been blackmailing the victim, who hails from Tumpat, for a long time. "The victim claimed that the suspects had been demanding protection money for some time, but was too afraid to report it to the police due to concerns including the safety of his family," he said. He added that the victim also claimed to have handed over cash and jewellery worth millions of ringgit to the suspects over time. "The investigation revealed that this case primarily involved extortion and escalated into a kidnapping because the victim refused to give (any more) money or gold," he said. On May 20, a viral video clip showed the victim's vehicle being blocked and was forcibly taken away in a grey car but was later released. – Bernama
