Latest news with #RM7.15
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
Green Packet to reallocate private placement funds after Sri Lanka JV termination
GREEN Packet Bhd is revising its use of private placement proceeds after calling off a planned joint venture in Sri Lanka, citing prolonged regulatory delays and lack of engagement from the local government. The RM10 million project, intended to build a nationwide tourism digital platform with Sri Lanka-based TTISB, was officially scrapped on May 23, 2025. With RM7.15 million unutilised, the company will redirect funds towards expanding its money-lending business, enhancing digital infrastructure, upgrading its smart residential and parking platform, and supporting working capital. Green Packet also plans to invest RM1.2 million into a new loan management system via its lending arm Packet Interactive Sdn Bhd, expected to go live by Q2 2026. So far, Green Packet has raised RM9.46 million from the placement, with a further RM5.32 million to come. It is also seeking shareholder approval to extend the usage timeframe for working capital from 12 to 24 months. –TMR
Borneo Post
20-05-2025
- Business
- Borneo Post
Govt targets two million trade union members by end of 2025
Tun Musa (second from left) presenting PHEKS aid to the Sabah Electricity Sdn Bhd Workers' Union. – Information Department photo KOTA KINABALU (May 20): The government, through the Ministry of Human Resources (KESUMA), aims to reach two million trade union members nationwide by the end of this year. Human Resources Minister Steven Sim Chee Keong stated that the amendments to the Trade Unions Act 1959, which came into force in September last year, now allow trade unions to be established with a minimum of seven members, opening more opportunities for workers to actively participate in union movements. 'As of December 31, 2024, 1.03 million workers have joined trade unions. With the enhanced Trade Union Affairs Program (PHEKS) implemented this year, we are confident that the target of two million members by the end of 2025 can be achieved,' he said in a speech read by his representative, Dr Kelvin Yii Lee Wuen, at the 2025 PHEKS aid handover ceremony on Monday. At the event, Sabah Governor Tun Musa Aman presented 20 PHEKS grants to trade unions in Sabah for clusters including research, academic writing, training and education, as well as computer equipment procurement. Additionally, Tun Musa received a research book titled 'Trade Union Awareness and Workers' Perception of the Effectiveness of Trade Unions in Sabah and Labuan Federal Territory' from the National Petroleum Staff Union (KAPENAS) Labuan, a product of the 2024 PHEKS grant for trade union movement research. Steven added that for 2025, the government has allocated RM10 million for PHEKS implementation — the highest amount in the program's history. 'Of this, RM7.15 million involves 551 approved applications, including 48 from Sabah Zone worth RM500,500. The remaining RM2.85 million will be used for corporate social responsibility (CSR) and outreach programs to raise awareness about the benefits of trade unions, especially among young workers.' He emphasized that efficient union administration requires good governance in management and finances. 'For this purpose, grants under the Computer Equipment Procurement Cluster cover 180 approvals worth RM831,107, while the Trade Union Digital Records Cluster includes 22 approvals valued at RM384,599.84. These initiatives help union officials maintain digital records and streamline new membership applications.' Due to the encouraging response to training programs, KESUMA has also increased the funding ceiling for the Training and Education Cluster from RM20,000 to RM30,000 per application to nurture more competent and competitive future union leaders. Currently, there are 762 registered trade unions nationwide, with 500 in the private sector involving 411,520 members. Only 240 unions have collective agreements covering 67,644 workers. Also present were Sabah Minister of Science, Technology and Innovation Datuk Dr Mohd Arifin Mohd Arif, Sabah Minister of Industrial Development and Entrepreneurship Datuk Phoong Jin Zhe, JHEKS Director-General Mohamad Asri Abdul Wahab and JHEKS Sabah Director Noraini Ithnin.
