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Borneo Post
4 days ago
- General
- Borneo Post
New home, new hope for Pitas fire victim
Afnah (second from right) receiving the keys to her new house from Harun (right), alongside the team of caring individuals. KOTA KINABALU (June 1): The burdens of a woman who lost her husband, daughter, uncle, and home in a fire in Pitas last year were eased with the construction of a new house. Mother of three, Afnah Tundan, 51, beamed with joy after receiving the keys to her new home from Parti Gagasan Rakyat Sabah (Gagasan Rakyat) Pitas deputy chief Datuk Harun Ismail. The house, built next to the site of her original home, was made possible through assistance from the Sabah State Welfare Foundation (YKNS) and several compassionate individuals. Afnah described the support as a great blessing from Allah SWT. 'I am unemployed and rely on my two working daughters to support me and my youngest child who is still in school, so I couldn't afford to build a new house,' she said. 'After the tragedy, I had to stay at a family member's house, but now Allah SWT has answered my prayers through the kindness of noble people who made this new home a reality. I'd like to thank everyone involved, especially Datuk Harun Ismail, for initiating this assistance,' she added during the handover ceremony in Kampung Taka on May 31. Harun, who is also the chief executive officer of the Sabah Oil and Gas Development Corporation (SOGDC), said approximately RM61,000 was spent on constructing the 500-square-foot house, which began in March. He said YKNS allocated RM30,000 for the project, with the remaining cost covered by concerned individuals as part of their corporate social responsibility (CSR) efforts. The new home includes two bedrooms, a kitchen, a bathroom and basic amenities such as water, electricity, lighting and ceiling fans. 'Afnah's house is now fully ready for her and her children. We hope it brings a new ray of hope to their family,' Harun said. In early August last year, a tragic fire in Kampung Taka claimed the lives of the SK Senaja headmaster, his 12-year-old daughter, and another family member, leaving Afnah without her loved ones and home.
New Straits Times
7 days ago
- New Straits Times
Op Gasak: Authorities bust syndicate misusing subsidised LPG
KLUANG: The Johor Domestic Trade and Cost of Living Ministry foiled a suspected illegal decanting operation involving liquefied petroleum gas (LPG) during a raid at a storage facility in Simpang Renggam today. The operation, conducted under Op Gasak, followed days of intelligence gathering and surveillance. Its director Lilis Saslinda Pornomo said officers discovered numerous LPG cylinders and hose connectors at the premises, believed to have been used to siphon subsidised gas from 14kg domestic cylinders into larger 50kg tanks intended for industrial use. "This unauthorised activity, known as decanting, is a serious offence under the Control of Supplies Act 1961. "A total of 247 LPG cylinders, both filled and empty, of various brands and sizes, along with equipment, were seized," she said in a statement today. The estimated value of the seizure is RM61,000, she said. She said durther investigations are ongoing to trace the supply chain and identify the individuals or companies involved, including the origin of the LPG and its distribution network. "If convicted, individuals face a maximum fine of RM1 million, up to three years' imprisonment, or both, while repeat offenders risk fines of up to RM3 million or five years' jail. "Companies may be fined up to RM2 million, and up to RM5 million for subsequent offences," she said. She said stern action would be taken against any syndicate found misusing subsidised controlled goods. The public is urged to report suspicious activities via the ministry's WhatsApp at 019-848 8000, the e-aduan portal at e-aduan@ or the call centre at 1-800-886-800.
New Straits Times
29-05-2025
- Business
- New Straits Times
Genting Q1 profit on track despite one-off charges
KUALA LUMPUR: Genting Plantations Bhd's core net profit of RM121 million in the first quarter (Q1) 2025 met expectations, accounting for 39 per cent and 38 per cent of CIMB Securities Research's and Bloomberg consensus full-year estimates, respectively. The research house considers this to be in line with expectations, as it expects weaker earnings in the coming quarters for Genting Plantation due to lower crude palm oil (CPO) prices and higher production costs. Reported net profit, however, the firm said, came in significantly lower at RM61 million, mainly due to RM72 million in impairment charges. "Of this, RM66 million was related to the provision for potential income loss from some parts of its Indonesian planted estates that have been demarcated as forest land by the Indonesian government under a recent regulation. "No dividend was declared in Q1 2025, in line with expectations," it said. Meanwhile, CIMB Securities said the negative surprise this quarter was a RM66 million impairment on Genting Plantation's Indonesian bearer plants, arising from the likely reclassification of some parts of its mature oil palm estates as forest land by the Indonesian government. The firm has maintained its Hold rating but lowered its target price to RM5.28 per share, applying a higher 20 per cent discount (from 15 per cent) to its sum-of-parts (SOP) valuation to reflect growing regulatory risks in Indonesia. "The higher discount reflects increasing regulatory risks in Indonesia, where 57 per cent of Genting Plantation's planted estates are located. "It also captures our earlier concerns about Genting Plantation's proposed RM676 million acquisition of two land parcels (totalling 152 ha) in Jakarta for property development — a segment in which the company has no prior track record in Indonesia, posing execution risks," it said. On a positive note, CIMB Securities said Genting Plantation recently completed the sale of 213.9 hectares of land in Mukim Paya Rumput, Melaka, to Scientex for RM333.8 million. The transaction, completed on 21 May, will allow Genting Plantation to recognise a one-off net gain of RM284.9 million, it added.
Borneo Post
08-05-2025
- Business
- Borneo Post
MATTA Fair Sabah 2025 expects to generate RM26 million in sales
Rocky (third from right) at the press conference to announce the MATTA Fair Sabah 2025. KOTA KINABALU (May 8): The MATTA Fair Sabah 2025 at the Sabah International Convention Centre (SICC) from May 9 to 11, is expected to generate up to RM26 million in sales and attract 27,000 visitors. A total of 143 booths showcasing a diverse range of travel services have been taken up by 51 participating organisations, including 31 tour and travel agencies, three local state tourism offices, two airlines and five hotels and resorts. Visitors who spend a minimum of RM100 at the fair will be eligible to join the MATTA's flagship crowd-favourite, the Buyers' Contest, with over RM61,000 worth of prizes to be won. This contest offers a chance to win a grand prize of two round-trip economy class tickets from Kota Kinabalu to Paris, France worth over RM9,000. Other prizes up for grabs, sponsored by the Malaysia Aviation Group (MAG), include round trip tickets to Beijing, Kerala, Chiang Mai, Da Nang, as well as business class tickets to Kuala Lumpur. Royal Brunei Airlines is also supporting the Buyers Contest with two fantastic international prizes: a round trip economy class tickets from Kota Kinabalu to Incheon, South Korea. MATTA Fair Sabah 2025 organising chairman Rocky Kho said that all the participants at the fair were licensed players.
Business Times
23-04-2025
- Business
- Business Times
Stocks to watch: CDL, Keppel Reit, Paragon Reit, BRC Asia, Frasers Hospitality Trust
[SINGAPORE] The following companies saw new developments that may affect trading of its securities on Wednesday (Apr 23). City Developments Limited (CDL): The developer's wholly owned subsidiary has increased its offer to buy the shares of Millennium & Copthorne Hotels New Zealand (MCK) that it does not already own to NZ$2.80 apiece. In a letter to MCK shareholders on Tuesday, CDL said the new price is 'the final and best' that its subsidiary, CDL Hotels Holdings New Zealand, is willing to pay. The company will not change the price again and neither will it make another offer within nine months. The higher offer reflects a 60 per cent premium to the one-month volume weighted average share price of NZ$1.75. On Tuesday, MCK said its independent directors committee was assessing the higher offer and will provide a recommendation to shareholders by Apr 28. Shares of CDL closed 2.1 per cent or S$0.10 higher at S$4.84 on Tuesday, before the announcement. Keppel Real Estate Investment Trust (Reit): The Reit manager reported on Wednesday a net property income growth of 13.3 per cent year-on-year to S$54.6 million in Q1 of 2025. The manager said this increase is due to better performance of the Singapore properties in the central business district, increased occupancy at 2 Blue Street, as well as contribution from 255 George Street. The Reit's distributable income, including an anniversary distribution, fell 3.2 per cent year-on-year to S$53.4 million. Units of Keppel Reit closed S$0.005 or 0.6 per cent higher at S$0.83 on Tuesday. Paragon Reit: The Reit's unitholders approved the scheme resolution proposed by Cuscaden Peak's Times Properties to take the trust private. Its delisting is expected on Jun 6, subject to regulatory approval. During the scheme meeting on Tuesday, around 82.8 per cent of those present and voting, agreed to the privatisation offer, representing about 97.6 per cent of units. The scheme resolution was also contingent on the approval of amendments made to the Paragon trust deed. The last day of trading for the counter is expected to be on or around May 14, followed by its record date on May 23 at 5 pm. Paragon Reit unitholders will receive the scheme consideration of S$0.98 a share in cash on or around Jun 4. Paragon Reit called for a trading halt on Tuesday morning and requested to lift it on Wednesday morning. The counter last closed on Monday 0.5 per cent or S$0.005 lower at S$0.97. BRC Asia: The steel fabricator said on Tuesday that it has entered into a conditional share purchase agreement to buy a controlling stake of 55 per cent in Southern Steel Mesh. BRC Asia will buy 12.9 million shares from the company's parent Southern Steel, for a cash consideration of RM61 million (S$18.2 million). The parent will retain a minority stake. BRC's shares closed down S$0.04 or 1.3 per cent at S$3.03, before the announcement. Frasers Hospitality Trust (FHT): The managers of the trust are conducting a review of FHT's strategy, the company said on Wednesday. As part of this review, various options, including exploring options with the sponsor of FHT, are being considered to ensure alignment with the interests of stapled security holders. While the managers are exploring these options, there is no certainty or assurance that any transaction in respect of the stapled securities will arise. The managers may decide to continue with FHT's existing business strategy, the statement said. Units of FHT closed on Tuesday 1.7 per cent or S$0.01 higher at S$0.60.
