Latest news with #SaleandPurchaseAgreement
The Sun
11 hours ago
- Business
- The Sun
RM125m secured to revive affordable housing project
GOMBAK: The Housing and Local Government Ministry has secured a RM125 million funding injection to revive the long-delayed Residensi Hektar Gombak project, a major breakthrough for the 2,400 homeowners who have waited years for their affordable homes. Launched in 2018 under the Residensi Wilayah programme, the project was developed by Hektar Aneka Sdn Bhd but ground to a halt, missing its promised completion date of May 2022 as stated in the Sale and Purchase Agreement. Minister Nga Kor Ming said: 'This delay has deeply affected 2,400 buyers, many of whom are still paying loans for incomplete homes while also covering rent elsewhere. We understand the pressure they are under and that is why this recovery effort is critical.' To ease the financial burden on affected buyers, the ministry has actively engaged with financial institutions to negotiate lower repayment terms and restructure existing loans. Through the National Housing Department and the Task Force for Sick and Abandoned Projects, the ministry has taken a hands-on approach to rehabilitate the stalled development. After months of technical and financial negotiations, the funding marks a turning point. 'With this capital injection, construction would begin immediately under a new main contractor, Bina Permai Sdn Bhd,' said Nga. 'This is a vital milestone for a project that has been stalled for far too long. It brings renewed hope to the thousands of buyers who have waited with great uncertainty.' He stressed that this is the project's last shot at redemption. 'This is the final chance. If the project fails again, we will blacklist the developer and all parties involved. 'I will use my full ministerial powers, including action against its board of directors. There will be no second chance. 'The funds are here, the KPI is set, keys must be handed over by 2027. Enough is enough,' he warned. He urged affected buyers to remain patient just a little longer, assuring them that the government is doing everything possible to ensure completion. For buyers such as private sector employee Suriyanni Rahman, 34, the announcement was long overdue. 'I was one of the first to buy a unit back in 2018. My child was five years old then, now my child is in Standard Five. 'We never received any formal notification when construction stopped. We found out through our buyer representative, who kept pushing the ministry for updates.' Suriyanni, who rents in Setapak while still paying her mortgage, said: 'It has been very hard. We have been paying for two homes, one we live in and another that still is not ready. The unit cost RM260,000 and we have been paying since day one. That is why I am truly grateful to the ministry and the Madani government. 'This is amazing news for us, especially as first-time homeowners who have waited over five years.' Civil servant Iskandar Zulkarnain, 34, echoed similar sentiments. 'Most of us civil servants buy homes for retirement. Once we leave government quarters, we are on our own. But how do we manage when the house still is not ready? 'I bought mine in 2018. It was supposed to be done by 2022. We have been pushing for answers ever since. Even with this new announcement, many of us had doubts. We kept checking social media to see if it was really true. Now, there is real hope,' he said. Under the leadership of Prime Minister Datuk Seri Anwar Ibrahim, the Madani government, through the ministry, has made it a priority to revive stalled and problematic housing projects, especially those affecting the low and middle-income groups. Among its key milestones was the restoration of Taman PRR Putera Kiansom in Sabah, which had been delayed for 22 years. Another major breakthrough was the launch of PRR Harmoni Madani in Bestari Jaya, Selangor, resolving a 27-year housing struggle for 247 estate workers. Since the formation of its task force in December 2022, the ministry has managed to revive 1,127 abandoned housing projects, covering 135,211 units valued at RM106.48 billion as of May.
Borneo Post
22-07-2025
- Business
- Borneo Post
Milestones: Sarawak's bold ascent by air, sea and financial power
Abang Johari (fourth left) witnessing the signing of the SPA between the Sarawak government and MAG on Feb 12, 2025, in Kuching. — Photo by Roystein Emmor KUCHING (July 22): Under Datuk Patinggi Tan Sri Abang Johari Tun Openg's leadership as Premier, Sarawak has made exceptional strides to steadily ascend as a key player in the economic, transport, and financial landscape not just in Malaysia but also globally. Here, we take a look at a few of Sarawak's major achievements since the anniversary of the state's independence last year. AirBorneo The high-profile launch of AirBorneo on February 12, following the acquisition of MASwings from the Malaysia Aviation Group (MAG), has made Sarawak the first state in Malaysia to own an airline. AirBorneo is expected to launch full operations by next year, with services targeting domestic and regional routes across Southeast Asia, including Kuala Lumpur, Bangkok, Singapore, Jakarta, Hong Kong, and Japan. 'AirBorneo is poised to create a balance between connectivity, affordable fares and economic benefits. 'Operating as a full-service carrier (FSC), AirBorneo can significantly enhance the passengers' experiences through superior in-flight services. 'This will emphasise the regional prestige of Sarawak as a premium travel destination,' said Abang Johari said at the Sale and Purchase Agreement signing ceremony on Feb 12. According to media reports, some of the international destinations that AirBorneo is eyeing include Bangkok, Hong Kong, Jakarta, Seoul and Frankfurt as the airline aims to operate as a full-service carrier. The full acquisition of MASwings Sdn Bhd by AirBorneo Holdings Sdn Bhd is expected to be finalised by Dec 31 this year, with no changes to the current Rural Air Services (RAS) operations. During the transition period, AirBorneo is working closely with MAG to ensure a seamless handover and to obtain necessary regulatory approvals from the Civil Aviation Authority of Malaysia (CAAM), the Malaysian Aviation Commission (Mavcom), the International Civil Aviation Organisation (ICAO) and the International Air Transport Association (IATA). The airline has established its headquarters in Kuching and begun recruiting key personnel. A public logo and livery design competition was launched to engage Sarawakians in shaping the airline's identity, The airline's development is closely tied to Sarawak's broader infrastructure ambitions. A new Kuching International Airport and a deep-sea port in Tanjung Embang are in the pipeline, and aimed at transforming Sarawak into a regional aviation and marine hub. Sarawak is now the largest shareholder of Affin Bank. Becoming biggest shareholder in Affin Bank On September 27, 2024, Sarawak became the largest shareholder in Affin Bank Berhad, acquiring a 31.25 per cent stake through its wholly owned subsidiary, SG Assetfin Holdings Sdn Bhd. This landmark move marked a pivotal shift in the state's financial landscape, positioning Sarawak not just as a stakeholder but as a strategic force in Malaysia's banking sector. Prior to the acquisition, Sarawak held a modest 4.81 percent stake in Affin Bank. The purchase of shares from Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Berhad elevated the state's influence, enabling it to shape the bank's direction in alignment with Sarawak's Post COVID-19 Development Strategy 2030 (PCDS 2030). The acquisition was not merely financial—it was deeply symbolic of Sarawak's growing autonomy and ambition. Abang Johari had emphasised that the decision was driven by the need to create a robust financial platform to support Sarawak's economic transformation. With Affin's extensive network and expertise, the state aims to unlock new opportunities, facilitate access to capital, and ignite entrepreneurial growth across sectors. Affin Bank's role in supporting small and medium-sized enterprises (SMEs) is central to Sarawak's strategy. SMEs form the backbone of the state's economy, and Affin's suite of banking products, including trade finance and commercial lending, is expected to empower local businesses to scale and innovate. The acquisition also aligns with Sarawak's broader goal of diversifying its economy beyond natural resources. Strategic industries such as agro-based ventures, tourism, manufacturing, and green technology are poised to benefit from improved access to financing and tailored banking solutions. Affin Bank's expansion in Sarawak is already underway. As of early 2025, the bank operates eight branches across Kuching, Sibu, Bintulu, and Miri, with plans to open six more by July, bringing the total to 14. The Premier has also called for greater decentralization in banking operations, urging Affin to empower its Sarawak-based managers with loan approval authority. This move is intended to accelerate decision-making and ensure that local needs are addressed swiftly and effectively. On June 23, it was reported Affin Bank Berhad has been officially appointed to manage the Endowment Fund Sarawak (EFS) 2.0, a long-term savings initiative for newborns in the state. Affin Bank had also introduced the Kenyalang savings account for Sarawakians last in April. Account holders were given a special debit card bearing the hornbill graphic. Bintulu Port is a vital gateway for Sarawak's liquefied natural gas (LNG) exports and industrial cargo. Reclaiming Bintulu Port In a historic move to assert greater control over its maritime infrastructure, the Sarawak government initiated the acquisition of Bintulu Port from federal jurisdiction in early 2024. It marked a turning point in Sarawak's pursuit of economic autonomy and infrastructure governance under the Malaysia Agreement 1963 (MA63). The port, long managed by the federal Bintulu Port Authority (BPA), is a vital gateway for Sarawak's liquefied natural gas (LNG) exports and industrial cargo. The acquisition of Bintulu Port was deemed as a necessary step to streamline port operations and align them with Sarawak's development goals. Momentum accelerated in February 2024 when a Memorandum of Understanding (MoU) was signed between the federal Ministry of Transport and Sarawak's Ministry of Infrastructure and Port Development (MIPD). The MoU outlined the framework for transferring regulatory control and assets, including the repeal of the Bintulu Port Authority Act 1981 and the establishment of a new state-level authority. In July 2024, Parliament passed the Bintulu Port Authority (Dissolution) Bill and the Declaration of an Area in the Bintulu District to be a Federal Port (Repeal) Bill. These legislative milestones officially reclassified Bintulu Port as a state port, enabling Sarawak to govern it under the Port Authorities Ordinance 1961. Premier Abang Johari highlighted the economic significance of the acquisition, noting that Bintulu Port would play a central role in boosting Sarawak's commodities trade and export capacity. The launch of the Borneo Supply Base, designed to serve the petroleum industry, is expected to increase shipping activity and support the state's energy ambitions. The acquisition also includes a compensation agreement, with Sarawak set to pay the federal government for the transfer of port assets. This financial arrangement underscores the seriousness of the state's commitment to managing its infrastructure independently and responsibly. Looking ahead, Bintulu Port is poised to benefit from infrastructure upgrades and expanded services. The port will support bunkering for green fuels and serve as a terminal for LNG exports, aligning with Sarawak's push for sustainability and regional competitiveness. The port's transformation is part of a broader vision that includes the development of the Kuching Deep Water Port at Tanjung Embang, which will complement Bintulu's operations and position Sarawak as a maritime hub in Southeast Asia. The Sarawak government has ramped up staffing and budget allocations to ensure the port's successful integration into state systems. Deputy Premier Datuk Amar Douglas Uggah Embas said in May this year the takeover of Bintulu Port from federal jurisdiction to Sarawak is currently in the final stages of negotiations and the transfer is expected to take place in 2025. He said, with the approval of the Sarawak Port Authority Ordinance in May 2024, the Sarawak government is now moving towards the operation of a single port authority, the Sarawak Port Authority, which will have regulatory jurisdiction over all port activities in Sarawak. The opening ceremony of SUKMA XXI in Kuching was a spectacular and memorable event. — Photo by Chimon Upon Sporting success, bigger aspirations Sarawakians also have much to celebrate in sports. The successful hosting of Malaysia Games (SUKMA XXI) in August 2024 showcased the state's sporting infrastructure and organizational capacity. This on-field triumph paved the way for Sarawak's upcoming role as host of the Southeast Asian (SEA) Games in 2027. Sarawak clinched the overall championship for the first time in 30 years. With 76 gold, 55 silver, and 70 bronze medals, the host state edged out Federal Territory by a single gold, in a nail-biting finish that kept fans on edge until the final event. The Games were a showcase of rising stars. Swimmer Kelly Teo, just 18, won six golds and three other medals, earning RM94,250 in incentives from the state government. Shot putter Jonah Chang Rigan smashed the national record with a throw of 17.66 metres, while javelin thrower Ng Jing Xuan rewrote national record with a 45.12-metre launch. Beyond medals, SUKMA XXI was a triumph of technology and inclusivity. A dedicated mobile app provided real-time updates, athlete profiles, and live broadcasts—20 sports were streamed online, a first for SUKMA. State Youth, Sports, and Entrepreneur Development Minister Datuk Seri Abdul Karim Rahman Hamzah had said Sarawak is set to host the highest number of sporting events at the SEA Games 2027, with 18 sports currently agreed upon He had also said the official opening ceremony of the SEA Games will take place in Kuching. Abang Johari Tun Openg Affin Bank AirBorneo lead sarawak day
Business Recorder
15-07-2025
- Business
- Business Recorder
NA panel forms body to address Rs19bn default by LDI operators
ISLAMABAD: The National Assembly Standing Committee on Information Technology and Telecommunication on Monday constituted a sub-committee to address the alarming default of around Rs19 billion by nine Long Distance and International (LDI) operators. The Pakistan Telecommunication Authority (PTA) informed the committee that more than 100 related cases are pending in various courts, while six of the defaulters have expressed willingness to settle their dues. A structured recovery mechanism, including an instalment-based plan, is under consideration and a proposal has already been submitted to the federal cabinet for guidance. The committee, chaired by MNA Syed Aminul Haq, also decided to convene an in-camera meeting to thoroughly review the confidential Sale and Purchase Agreement between the Government of Pakistan and M/s Etisalat, after expressing strong displeasure over PTCL's refusal to share specific clauses of the deal. The Privatization Commission informed the committee that Clause 6 of the agreement restricts disclosure without mutual consent of both parties. The committee directed that representatives from the Ministry of IT, Ministry of Law and Justice, Privatization Commission, and M/s Etisalat be invited to the next meeting. Meanwhile, the Universal Service Fund (USF) briefed the committee that areas in district Tharparkar and Sargodha Division remain severely underserved in terms of internet and voice call access. Although fibre optic infrastructure exists, telecom services remain unavailable in many parts. The USF stated that specific projects for these regions have been approved and are at the final implementation stage. The committee instructed USF to submit a list of all such projects planned for execution over the next three to five years and directed PTA to ensure service delivery in those areas. On the issue of internet suspension in district Panjgur, the committee urged the Ministry of IT to coordinate with the Ministry of Interior, provincial authorities, and law enforcement agencies to devise a workable solution. The PTA was also instructed to maintain connectivity through the existing fibre optic infrastructure despite service disruptions. MNAs Zulfiqar Ali Bhatti, Dr Mahesh Kumar Malani, Sadiq Ali Memon, Ahmad Saleem Siddiqui, Pullain Baloch, Sher Ali Arbab, and Umair Khan Niazi, along with senior officials from the ministry and its attached departments, attended the meeting. Copyright Business Recorder, 2025
India Gazette
10-07-2025
- Business
- India Gazette
GAIL signs 15-year gas sale and purchase agreement with Oil India
New Delhi [India], July 10 (ANI): GAIL (India) signed a Gas Sale and Purchase Agreement with Oil India Limited (OIL) for extending the existing Gas Sale and Purchase Agreement for another 15 years, starting from 1st July, 2025, according to an official statement by the company. GAIL on Thursday stated that the agreement is to supply up to 900,000 Standard Cubic Meters per Day (SCMD) of natural gas from OIL's Bakhri Tibba Block of Rajasthan, covering Dandewala, Tanot and Bagi Tibba fields. The agreement was executed by Sumit Kishore, ED (Marketing-Gas), GAIL, and Ranjan Goswami, ED (BD), OIL, in New Delhi. GAIL also noted that this agreement highlights the dedication of both Maharatna CPSEs in the production, transportation, and distribution of natural gas available from domestic gas fields, demonstrating their collaborative approach to enhancing energy security and accessibility. The sourced gas will be supplied to the state-run power plant of M/s Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL). GAIL owns and operates a 16,421 km network of natural gas pipelines spread across the length and breadth of the country, transmitting more than 127 MMSCMD of natural gas in the financial year 2024-25. It is also working concurrently on the execution of multiple pipeline projects to further enhance the spread. The company also owns and operates a gas-based Petrochemical Complex at Pata and has a capacity of 810 KTA at Pata and 280 KTA at BCPL. In addition, GAIL's LNG portfolio stands at 16.56 MMTPA (approximately 60 MMSCMD), accounting for 61 per cent of India's total LNG imports. GAIL and its Subsidiaries / JVs also have a formidable market share in City Gas Distribution. According to the company statement, it is also expanding its presence in renewable energy like solar, wind, and biofuel. (ANI)
Daily Express
21-05-2025
- Business
- Daily Express
Sarawak to finalise MASwings acquisition by December 31, paving way for AirBorneo expansion
Published on: Wednesday, May 21, 2025 Published on: Wed, May 21, 2025 By: Bernama Text Size: Following the signing of the Sale and Purchase Agreement (SPA) between AirBorneo Holdings Sdn Bhd and Malaysia Aviation Group (MAG) last February, both parties are currently working to fulfil the necessary conditions precedent before the transaction can be completed. — Picture from Facebook/MASwings KUCHING: Sarawak is on track to finalise the full acquisition of MASwings Sdn Bhd by Dec 31 this year, marking a significant milestone in the state's efforts to strengthen regional air connectivity through its airline, AirBorneo. Sarawak Deputy Minister for Transport, Datuk Dr Jerip Susil, said following the signing of the Sale and Purchase Agreement (SPA) between AirBorneo Holdings Sdn Bhd and Malaysia Aviation Group (MAG) last February, both parties are currently working to fulfil the necessary conditions precedent before the transaction can be completed. 'This includes securing regulatory approvals from key aviation authorities such as the Civil Aviation Authority of Malaysia (CAAM), the Malaysian Aviation Commission (MAVCOM), the International Civil Aviation Organisation (ICAO) and the International Air Transport Association (IATA). 'The process also involves the transfer of operating assets from MAG to AirBorneo and preparations for a seamless transition of operations,' he said during the question-and-answer session at the State Assembly sitting today. Dr Jerip was responding to a question from Datuk Seri Wong Soon Koh (GPS-Bawang Assan) whether the acquisition process of buying over MASwings has been completed and would the change in ownership disrupt the operation of the Rural Air Services (RAS). The deputy minister said, despite the change in ownership, the RAS network which serves remote and underserved areas in Sarawak and Sabah, is expected to maintain its current schedule, frequency and coverage. Advertisement 'MASwings' entire workforce will be retained, and their experience will be instrumental in maintaining operational stability and service continuity during and after the transition,' he said. Responding to Wong's supplementary question, Dr Jerip said the current interim RAS agreement between the federal government and MASwings Sdn Bhd that was signed on Dec 19, 2024, will remain in force until its expiry this Dec 31. Meanwhile, Sarawak Transport Minister Datuk Seri Lee Kim Shin said the state, together with AirBorneo, is engaging with the Malaysia's Transport Ministry, relevant federal agencies and other key stakeholders to work out on the terms and conditions of a new RAS agreement. He said this is to ensure a continued and uninterrupted air connectivity to the rural and remote communities in Sarawak and Sabah. 'This agreement includes that the Federal government continues to subsidise RAS because there will be new terms and conditions with AirBorneo,' he said when met by reporters at the sidelines of the sitting. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
