Latest news with #RM900mil
The Star
09-07-2025
- Business
- The Star
Gagasan Rakyat Youth hits back at Warisan
KOTA KINABALU: The Parti Gagasan Rakyat Sabah (PGRS) Youth has accused Parti Warisan of misleading the public regarding Sabah's oil and gas strategy, describing the opposition party's recent comments as politically driven and disconnected from the industry's realities. The criticism follows comments by Warisan information chief Datuk Azis Jamman, who questioned the role of state-owned SMJ Energy (SMJE) and the financial restructuring of Sabah International Petroleum (SIP). Gagasan Rakyat Youth executive committee member Gordon Chin ( pic ) stated that SMJE was adopting a low-risk approach by investing in profitable and productive assets, while only entering exploration ventures once commercial viability was confirmed. 'Oil and gas exploration costs can run into the hundreds of millions, with no guarantee of success. SMJE's cautious investment model is smart, responsible, and already delivering results,' Chin said in a statement on Wednesday (July 9). Chin also addressed Warisan's criticism of the RM900mil sukuk raised to acquire SIP, describing it not as a bailout, but as a necessary restructuring exercise. He further refuted Warisan President Datuk Seri Shafie Apdal's claims that his government had settled a RM1bil bond in 2019. Chin said the bond, issued in 2014, was repaid using a sinking fund established at the time of issuance, with repayments facilitated by funds accumulated steadily over several years. 'Sabah is finally turning a corner after years of financial mismanagement,' he said.
The Star
02-07-2025
- Business
- The Star
Kerjaya Prospek banks on land buys and JV
PETALING JAYA: Kerjaya Prospek Group Bhd 's recent land acquisitions and joint-venture (JV) deal are expected to bode well for the group. The initiatives signal a deliberate move by the construction and property development group to diversify its revenue base and gradually expand its footprint within the property sector, aligning well with its long-term growth agenda, according to TA Research. 'Although the gross development value (GDV) for the Jalan Puchong parcels has yet to be disclosed, we estimate a potential GDV range of RM900mil to RM1.7bil, based on GDV per acre assumptions between RM126mil and RM230.8mil. 'This suggests a highly attractive land cost-to-GDV ratio, with the RM112.8mil purchase price remaining well below the conventional 20% land cost threshold,' the research house said in a report yesterday. Kerjaya Prospek, through its wholly owned subsidiary, Senandung Raya Sdn Bhd, has acquired three pieces of freehold land measuring a total of 2.99 ha along Jalan Puchong, Kuala Lumpur for a total purchase consideration of RM112.8mil. Kerjaya Prospek, via Senandung Raya, had inked three separate sale and purchase agreements – two with Top Up Properties Sdn Bhd and one with Sunrise Bright City Sdn Bhd. The newly acquired land parcels will serve as a landbank for Senandung Raya's property development activities. These land plots are strategically located in the Klang Valley and are easily accessible via the Kesas Highway. The area is surrounded by a few mature townships and close to plenty of amenities, including food and beverage outlets, shopping areas and hospitals with easy access to Kuala Lumpur City Centre via the Federal Highway, Lebuhraya Damansara Puchong and Kesas Highway. The parcels are also located within 1km of Kerjaya Prospek's headquarters, facilitating ease of oversight and operational coordination. The acquisitions will be funded through internally generated funds and/or bank borrowings, with the exact breakdown yet to be determined at this juncture. The completion of the transaction is expected by September 2025. TA Research said the land price of RM350 per sq ft also represents a 29% discount to Mah Sing's recent acquisition of a nearby 5.2-acre site for the M Aurora project, announced in November 2024, which was transacted at RM495 per sq ft. 'This reinforces our view that Kerjaya Prospek has secured a competitively priced land bank with ample upside potential,' the research house said. Meanwhile, TA Research said the group's JV with Aspen Vision Tanjung Sdn Bhd (AVT) provides a capital-light entry into Penang's affluent Tanjung Bungah corridor, expanding Kerjaya Prospek's northern region presence. 'The JV structure enables Kerjaya Prospek to retain development upside while mitigating execution risks and capital exposure. The collaboration also reflects a sound strategy of leveraging AVT's groundwork and local expertise,' the research house said. Kerjaya Prospek, through its wholly-owned subsidiary, Kerjaya Prospek Ventures Sdn Bhd, formed a JV with AVT, a subsidiary of Singapore-listed Aspen (Group) Holdings Ltd, to jointly develop two freehold land parcels measuring 4.5 acres in Tanjung Bungah, Penang. A special purpose vehicle, Tanjung Bungah Development Sdn Bhd (TBD), has been established to undertake the joint development, in which Kerjaya Prospek Ventures holds a 60% stake and AVT holds the remaining 40%. Additionally, the land carries a total consideration of RM117mil, comprising RM105mil in cash and RM12mil via in-kind property units. The planned development will include residences, serviced apartments and retail units, with the GDV to be confirmed later. AVT had paid RM53mil and incurred RM7mil in related predevelopment costs. TBD will reimburse AVT a total of RM60mil, of which RM4mil will be converted into AVT's share capital in TBD and RM56mil will be recognised as advances. TBD will also assume responsibility for the balance of the RM52mil cash payment through bank borrowings and/or internal resources. Completion of the transaction is expected by December 2025. Furthermore, TA Research noted these acquisitions are well supported by the group's solid balance sheet, underpinned by a robust net cash position of RM336.7mil. 'Based on previous management guidance, the group could comfortably leverage up to about RM700mil in financing facilities–translating to a manageable 0.3 times net gearing ratio, if fully drawn,' the research house said. TA Research maintained a 'buy' call on Kerjaya Prospek with an unchanged target price of RM2.97. RHB Research, which also maintained a 'buy' call on Kerjaya Prospek with a target price of RM2.80, said there are no changes to its earnings estimates pending further details (such as the GDV) and completion of the deal.
The Star
05-06-2025
- Entertainment
- The Star
'I am not bankrupt': Rosina Lam sets record straight on bankruptcy rumours
The TVB star lives in a luxurious mansion at the prestigious The Peak in Hong Kong. Photo: Rosina Lam/Instagram TVB star Rosina Lam, who married finance executive Jason Mok in 2015, lives in a luxurious mansion at the prestigious The Peak, Hong Kong, where property is said to cost HK$1.5bil (approximately RM900mil). So, it was a surprise to fans when news circulated that the TVB Best Actress winner is in the middle of a bankruptcy petition. Lam has since opened up about the bankruptcy claims, saying: 'My husband Jason's rental property company is involved in a lawsuit and is currently appealing. So this whole thing is baffling to me. "The matter has been handed over to our lawyer, and I haven't received any official notice.' The 37-year-old TVB star subsequently shared a lawyer's letter to further clarify her stance. 'Thank you all for your concern. I am not bankrupt. Please stop spreading rumours. The matter has been handed over to our lawyer!' she said on Weibo on May 30. According to entertainment site Jaynestars, the case is scheduled for hearing on Aug 26 this year. View this post on Instagram A post shared by Rosina Lam 林夏薇 (@rosinalam)
The Star
26-05-2025
- Business
- The Star
Warisan calls for White Paper, audit on Sabah GLCs
KOTA KINABALU: Warisan is urging the Sabah government to table a Cabinet-level White Paper to address the underperformance of several government-linked companies (GLCs) and state agencies in Sabah. Warisan secretary-general Datuk Loretto Padua Jr the White Paper would allow concerned Sabahans to know what led to the underperformance and what the state government plans to do about it. He added that transparency is needed, saying: "The best watchdogs in this state are the people of Sabah themselves, not those appointed by the Chief Minister from the ruling party or coalition." "Prudent spending must be emphasised and all unnecessary overseas trips must be stopped immediately," he said in a statement on Monday (May 26) adding that if Warisan was given the mandate to govern, they would table a White Paper in the State Assembly within six months. He said the White Paper would address matters such as the RM5bil in non-performing loans at Sabah Development Bank and its use of "creative accounting"; the cancellation of Sabah Forest Industries concession land and its reallocation to peninsula-based companies; the water and electricity supply crises including exorbitant charges by private tanker contractors; and the RM1.2bil bailout of Sabah International Petroleum via a RM900mil Sukuk Wakalah issuance by SMJ Energy Sdn Bhd. It would also cover unresolved GLC-related issues previously raised by Warisan and other Opposition parties, which Loretto said were never addressed by GRS-Pakatan Harapan in the state assembly. He also said Warisan would also push for detailed investigations by the National Audit Committee into all problematic state agencies and GLCs. "I believe that a Cabinet White Paper and National Audit Committee investigations are the first steps towards improving the performance of GLCs and state agencies," he said.
The Star
14-05-2025
- Business
- The Star
First maritime patrol aircraft to arrive by end 2026
TURIN (Italy): Malaysia is expected to receive its first Maritime Patrol Aircraft (MPA) from Italian aerospace, defence and security company Leonardo by the end of 2026, with the second aircraft scheduled for delivery three months later, says Datuk Seri Mohamed Khaled Nordin (pic). The Defence Minister said they are part of a procurement deal worth nearly RM900mil, finalised in 2023, to strengthen the country's defence and maritime surveillance capabilities. 'As a maritime nation, Malaysia must have assets like these aircraft to carry out patrols. They will be equipped with state-of-the-art systems. 'More importantly, they will be fitted with anti-submarine systems, enabling them to respond to related activities,' he said during a working visit to Leonardo's facility here, Bernama reported. Also present were Malaysia's Ambassador to Italy, San Marino and Kosovo, Datuk Zahid Rastam, Royal Malaysian Air Force (TUDM) chief Jeneral Tan Sri Mohd Asghar Goriman Khan, Defence Ministry deputy secretary-general (policy) Mohd Yani Daud and Leonardo Aeronautics Division managing director Stefano Bortoli. Mohamed Khaled said the aircraft, with its airframe built in Toulouse, France, will be outfitted with advanced systems, including anti-surface warfare and anti-submarine warfare capabilities before delivery to Malaysia. He described the procurement as a strategic investment to enhance the Malaysian Armed Forces' (ATM) readiness in addressing regional security challenges, particularly in South China Sea. 'We know the South China Sea presents its own unique challenges, with rising tensions and conflicts, so these acquisitions will greatly aid the country. 'As of now, project progress has exceeded 60% and remains on schedule. We are satisfied with the ongoing work carried out by Leonardo,' he said. The MPA procurement is part of TUDM's acquisition plan outlined under its Capability Development Plan 2055, which envisions the acquisition of six MPAs in phases.
