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Sabah begins offering scholarships for foundation, matriculation and A-level students
Sabah begins offering scholarships for foundation, matriculation and A-level students

The Star

time21-07-2025

  • Business
  • The Star

Sabah begins offering scholarships for foundation, matriculation and A-level students

KOTA KINABALU: The Sabah State Scholarship (BKNS) will now offer scholarships to students pursuing foundation, matriculation and A-level studies beginning this year, Chief Minister Datuk Seri Hajiji Noor. "Apart from that, the scholarship allowance for all sponsored students currently studying in public and private universities will also be standardised," he said. He said the initiative was part of BKNS's ongoing commitment to support the development of education in the state to ensure that more promising students gain access to higher education. Speaking at the Sabah Excellence Scholarship Award presentation ceremony at the Sabah International Convention Centre here on Monday (July 21), Hajiji said this year, the State Government has allocated the highest amount for scholarships compared to previous years. "From only RM50mil in 2020, the BKNS allocation has continued to increase year by year over the past five years, reaching RM136mil in 2025. "This marks an increase of RM86mil from 2019, reflecting the state government's commitment to supporting the education of Sabah's children," he added. Hajiji said that the state government had made significant investments to implement various initiatives to develop education in the state, benefiting 13,550 students from 2021 to 2024. Meanwhile, he noted that the Sabah Foundation Group's commitment was evident, with an allocation of RM67.17mil for the education sector last year, benefiting 3,234 students. "It represented a significant increase of 148.96% compared to only RM26.98mil in 2020, he said, adding that some 10,104 recipients benefited from the Sabah State Education Fund (TPNS) that he had launched in June 2022, involving a total expenditure of RM15.8mil. The Chief Minister also disclosed that under the Sabah Islamic Religious Council (MUIS) Zakat and Fitrah division, more than 48,000 students across Sabah have benefited over the past five years, with a total expenditure of RM92.4mil. Hajiji said the initiative will help to improve the education standards of Sabah's children and support the development of quality human capital. "We will continue to ensure that the people's well-being is always protected and given due attention, regardless of their background. "We want them to explore professional fields such as oil, gas and energy, technical and vocational education and training (TVET), as well as artificial intelligence (AI), to produce highly skilled and quality individuals from Sabah across various sectors," he added.

SDB reduces annual loss to RM86mil, targets profit in FY2025
SDB reduces annual loss to RM86mil, targets profit in FY2025

The Star

time01-07-2025

  • Business
  • The Star

SDB reduces annual loss to RM86mil, targets profit in FY2025

KOTA KINABALU: Sabah Development Bank Berhad (SDB) has significantly reduced its annual pretax loss to RM86mil, down from RM878mil the previous year. In a statement on Tuesday (July 1), the bank reported a net loss for the financial year ending 2024 of RM82mil, marking a substantial improvement from RM684mil previously. This recovery is attributed to earlier provisions for non-performing loans (NPLs) and impaired assets. SDB announced that it is now on track to post a modest profit for the financial year 2025. This turnaround is part of a three-year transformation plan initiated in the second half of 2023 under a new board and management. The bank's total capital ratio, which had dropped to 7.9% by the end of 2023, has since rebounded to 20.71% as of the end of 2024 with support from the Sabah state government. On June 4, RAM Rating Services Berhad reaffirmed SDB's debt instrument ratings at AA1/Stable/P1. According to the statement, the ratings indicate a high level of safety for financial obligations and strong short-term payment capacity. SDB also highlighted a shift in lending focus towards Sabah-based development projects, particularly in infrastructure, water, and power. From January 2024 to June 2025, the bank approved RM1.763bil in financing under this mandate, while rejecting RM9.646bil worth of applications that did not meet its tightened credit standards. To address legacy debts, the bank established an independent recovery team in September 2023. As of June this year, the board has approved RM965mil in settlement proposals, with another RM2bil in pledged securities placed under receivership. The statement comes as SDB continues to rebuild investor confidence following disclosures last year about its financial position. In July 2024, the new board lodged a report with the Malaysian Anti-Corruption Commission (MACC) after discovering that nearly RM5bil — around 75% of its RM6.6bil loan portfolio — were non-performing. The bank also replaced its external auditor in September 2024, appointing Forvis Mazars PLT to succeed Ernst & Young after reporting an RM878mil pretax loss in FY2023. Since then, SDB has launched legal recovery proceedings and placed several delinquent borrowers under receivership.

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