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New Straits Times
3 days ago
- Business
- New Straits Times
Sarawak recorded RM17.6 billion in approved investment last year
KUCHING: Sarawak recorded RM17.6 billion in approved investments across the services, manufacturing, and primary sectors last year, Deputy Premier Datuk Awang Tengah Ali Hasan said today. He said RM13.5 billion, or 76.6 per cent of the total, came from domestic direct investment (DDI), while foreign direct investment (FDI) contributed RM4.1 billion, or 23.4 per cent. "The investments, both from DDI and FDI, involved 376 projects and are expected to create over 7,800 jobs," said Awang Tengah, who is also the state International Trade, Industry and Investment Minister, in his winding-up speech in the State Legislative Assembly here today. He said investments in the services sector accounted for RM7.6 billion, or 43 per cent, closely followed by manufacturing at RM7.5 billion (42.9 per cent), while the primary sector received RM2.5 billion (14.1 per cent). Despite similar investment values, the manufacturing sector was the largest contributor to employment, generating 6,430 jobs or 81.8 per cent of total jobs created. "The manufacturing sector recorded key investments in chemical products (urea, melamine, polycrystalline silicon, and biodiesel) worth RM2.9 billion; electrical and electronic (E&E) products at RM1.2 billion; and non-metallic products (clinker, concrete, and cement) at RM800 million," he said. In the first quarter of this year, the manufacturing sector attracted RM681 million in investments across 24 projects, expected to create more than 900 jobs. Awang Tengah said 115 manufacturing and related services projects were approved last year, with over 65 per cent already successfully implemented, reflecting strong investment facilitation. He added that ongoing investments in industrial infrastructure, including industrial parks, logistics, and digital connectivity, would reinforce Sarawak's long-term growth and competitiveness, positioning it as a prime destination for investors seeking stability and strategic market access. Investor confidence, he noted, remains robust, as reflected in reinvestments totalling RM6.8 billion within the manufacturing sector, primarily in chemical and basic metal industries. "This underscores strong investor confidence in Sarawak's current business environment and affirms our growing reputation as a competitive and reliable investment destination," he said. Awang Tengah also said Sarawak's push for renewable energy, especially solar power, has garnered strong investor interest, with leading potential investors from Abu Dhabi, China, and Singapore currently conducting feasibility assessments. He added that the International Trade, Industry and Investment Ministry is actively streamlining regulatory processes, reducing bureaucracy, and improving policy transparency to enhance business efficiency. "We are adopting a whole-of-government approach to ensure a unified and strategic advancement of Sarawak's development priorities. "Concurrently, we are addressing critical gaps in the investment ecosystem, including upgrading key infrastructure and investing in talent development to better align with industry needs. "These efforts reaffirm our commitment to position Sarawak as a preferred destination for high-quality investments, now and in the years to come," he said. He added that Sarawak continues to attract investors due to its political stability, rich natural resources, strategic location, and investor-friendly policies.
Borneo Post
3 days ago
- Business
- Borneo Post
S'wak's economy stays resilient with strong sector growth, continued investments despite global risks, says Uggah
Uggah says the services sector is expected to grow by 6.7 per cent in 2024, supported by tourism, with 4.8 million visitor arrivals last year and 1.2 million in the first quarter of 2025. – Photo by Chimon Upon KUCHING (May 28): Sarawak's economy remains on a strong growth path despite global uncertainties, with key sectors showing steady performance and continued investment driving development, said Deputy Premier Datuk Amar Douglas Uggah Embas. He also said the services sector is expected to grow by 6.7 per cent in 2024, supported by tourism, with 4.8 million visitor arrivals last year and 1.2 million in the first quarter of 2025. 'Manufacturing output rose, driven by increased liquefied natural gas (LNG) production, though global market softening may affect demand later this year. 'The mining sector is projected to grow by 2.3 per cent in 2024, bolstered by new oil and gas developments such as the Kasawari field,' he said in his Finance and New Economy ministerial winding up speech at the State Legislative Assembly (DUN) sitting today. Apart from that, he also said agriculture posted modest growth, with oil palm yields improving despite a slight drop in crude palm oil extraction rates. While construction remains one of the fastest-growing sectors at 8.7 per cent, led by infrastructure projects under the 12th Malaysia Plan. 'Total trade grew by 2.8 per cent in 2024, with LNG and CPO exports leading the way, though crude petroleum exports declined. 'However, early 2025 trade data shows an 11.4 per cent contraction, reflecting external market risks,' he said. Meanwhile he also said Sarawak secured RM7.6 billion in approved manufacturing investments in 2024, while public development expenditure reached nearly RM15 billion. For 2025, the state has allocated RM10 billion for development, with RM5.9 billion from the federal government. Uggah also noted strong domestic consumption, boosted by the revised public service pay scheme and targeted assistance programmes like Sarawak Basic Needs Assistance (SKAS) and Sumbangan Tunai Rahmah (STR). Thus the state, according to him, remains committed to sustaining economic momentum, though growth projections of 5.0 to 6.0 per cent in 2025 may be challenged by global headwinds. douglas uggah DUN sarawak economy
The Sun
08-05-2025
- Business
- The Sun
Fibromat makes lacklustre debut on ACE Market
KUALA LUMPUR: Fibromat (M) Bhd made a lacklustre debut on Bursa Malaysia's ACE Market today, following its transfer from the LEAP Market. The geotechnical services firm opened at 46 sen, 16% below its initial public offering (IPO) price of 55 sen per share. Its shares closed at 49.5 sen, 10% below the IPO price. Fibromat specialises in the design, manufacturing, installation and trading of geosynthetics and erosion control products. Executive director Wallace Ng Chun Hou said the company may need to strengthen its performance further to build investor confidence. 'We grew from a small company into a more integrated geotechnical solutions provider, and today, many of our customers, including developers and government agencies, believe in us. But from a capital market perspective, we acknowledge there is still room for improvement. We need to continue delivering strong performance to build investor confidence over time,' he said at a press conference in conjunction with the listing. Fibromat is the latest ACE Market listing to underperform, with all eight debuts since March closing below their IPO prices on the first day. Wallace suggested that the weak market performance may be due to limited public awareness and understanding of the value of its specialised work. 'When the public sees greenery along highways, they do not know the engineering behind it. We are proud of our contributions, but we also recognise the need to raise awareness – and we believe this will help better reflect our value in the capital market,' he said. Meanwhile, Fibromat's managing director and chief executive officer, Ng Kian Boon, said the IPO raised RM17.8 million. 'With the RM17.8 million raised from the initial public offering, we plan to use about RM7.6 million to purchase two jute-based erosion control blanket stitching machines and four dust collectors with ducting. All the new machines will be installed at our factory located in Rasa, Selangor, to expand our production of erosion control blankets,' he said. He added that the company plans to enhance its in-house capabilities by setting up a prefabricated vertical drain (PVD) installation team and acquiring five hydraulic excavators. PVDs are geosynthetics installed in soft ground to improve soil stability. Fibromat's notable projects include the West Coast Expressway, the Sarawak Second Trunk Road, and Phase 1A of the Sabah Pan Borneo Highway. The company is actively bidding for contracts under Phase 1B of the Sabah Pan Borneo Highway and the Sarawak-Sabah Link Road. – Bernama
The Star
08-05-2025
- Business
- The Star
Fibromat makes lacklustre debut on ACE Market
KUALA LUMPUR: Fibromat (M) Bhd made a lacklustre debut on Bursa Malaysia's ACE Market today, following its transfer from the LEAP Market. The geotechnical services firm opened at 46 sen, 16 per cent below its initial public offering (IPO) price of 55 sen per share. Fibromat specialises in the design, manufacturing, installation, and trading of geosynthetics and erosion control products. Executive director Wallace Ng Chun Hou said the company may need to strengthen its performance further to build investor confidence. "We grew from a small company into a more integrated geotechnical solutions provider, and today, many of our customers, including developers and government agencies, believe in us. "But from a capital market perspective, we acknowledge there is still room for improvement. We need to continue delivering strong performance to build investor confidence over time," he said at a press conference in conjunction with the listing. Fibromat is the latest ACE Market listing to underperform, with all eight debuts since March closing below their IPO prices on the first day. Wallace also suggested that the weak market performance may be due to limited public awareness and understanding of the value of its specialised work. "When the public sees greenery along highways, they do not know the engineering behind it. We are proud of our contributions, but we also recognise the need to raise awareness - and we believe this will help better reflect our value in the capital market,' he said. Meanwhile, Fibromat's Managing Director and Chief Executive Officer, Ng Kian Boon, said the IPO raised RM17.8 million in proceeds. "With the RM17.8 million raised from the initial public offering, we plan to use about RM7.6 million to purchase two jute-based erosion control blanket stitching machines and four dust collectors with ducting. "All the new machines will be installed at our factory located in Rasa, Selangor, to expand our production of erosion control blankets,' he said. He added that the company also plans to enhance its in-house capabilities by setting up a prefabricated vertical drain (PVD) installation team and acquiring five hydraulic excavators. PVDs are geosynthetics installed in soft ground to improve soil stability. Fibromat's notable projects include the West Coast Expressway, the Sarawak Second Trunk Road, and Phase 1A of the Sabah Pan Borneo Highway. The company is also actively bidding for contracts under Phase 1B of the Sabah Pan Borneo Highway and the Sarawak-Sabah Link Road. - Bernama
Malay Mail
29-04-2025
- Malay Mail
MACC questions 23 in probe into police C4i system contract
SHAH ALAM, April 29 — A total of 23 people have had their statements recorded by the Malaysian Anti-Corruption Commission (MACC) as part of its probe into a RM15 million contract for the maintenance of the police's Command and Control, Communication and Computer Integration (C4i) system. Citing an anonymous source, Sinar Harian reported that RM7.6 million in accounts linked to the investigation has been frozen so far. 'So far, there have been no new arrests and the case is still under investigation,' the source reportedly said today. MACC Special Operations Division senior director Datuk Mohamad Zamri Zainul Abidin was said to have separately confirmed that the case is still under active investigation. Last week, a company director, chief financial officer, two police officers and two others — aged between their 30s and 50s — were remanded for allegedly making false claims tied to the contract, followed by the arrest of a seventh suspect, a 54-year-old policeman, last Friday. The Bukit Aman Integrity and Standards Compliance Department reportedly conducted financial audits of the C4i contract last year and uncovered irregular payments made to a company, which were then referred to the MACC for further investigation.
