Latest news with #ShinYang
Borneo Post
23-07-2025
- Business
- Borneo Post
Plough profits back into Sarawak's economy, Abg Jo tells businesses in the state
Abang Johari launches the 5-star Imperial Hotel Bintulu. – Photo by Abang Ismail Abang Su'ud BINTULU (July 23): Local companies that generate profits from operations in Sarawak should reinvest those earnings back into the state's economy, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg. He cited Shin Yang Group of Companies, which has made significant investments in Sarawak's property sector. 'I appreciate companies like Shin Yang that make money in Sarawak and give back to Sarawak. 'There are also companies making profits here but choosing to invest elsewhere,' he said today when officially opening Imperial Hotel Bintulu – the town's first 5-star hotel. He urged local industry players to emulate companies that channel their gains into supporting local infrastructure, job creation, and economic growth. 'This kind of investment reflects the private sector's confidence in Bintulu's ongoing development,' he said. Recounting Bintulu's journey, Abang Johari said the town has evolved from a gas discovery site to a key industrial hub with the establishment of the liquefied natural gas (LNG) plant and Bintulu Port Authority, projects initiated under the leadership former chief ministers the late Tun Datuk Patinggi Abdul Rahman Yakub and continued by the late Tun Pehin Sri Abdul Taib Mahmud. 'The transformation began with Kidurong and has now expanded rapidly to Samalaju,' he said, emphasising the need for quality infrastructure, international-standard hotels, and conference facilities to accommodate growing economic activities and foreign visitors. Abang Johari said when he assumed the role of Chief Minister in 2017, he committed to launching Bintulu's 'second wave' of development. This included the opening of new areas such as Kampung Jepak, where he promised to build a bridge connecting the old town with the new development. 'I had said Jepak Jaya would be like Petra Jaya in Kuching. Now in 2025, that vision is being realised,' he said. Abang Johari pointed out Bintulu has been recognised by the World Economic Forum as one of the world's 36 Emerging Transition Industrial Clusters – one of only two in Asia. 'Now we are being watched by the world, the potential of Bintulu meaning, not only we provide low carbon industry but also provide basic infrastructure including properties and comfortable hotel and venue for conferences,' he said. To further enhance connectivity, he outlined plans for the Autonomous Rapid Transit (ART) system powered by hydrogen to link Kidurong to Samalaju with Bintulu as the central hub. Abang Johari also highlighted plans to reinforce water and power supply in Bintulu. 'A 500MW gas turbine power plant is currently under construction, with another 500MW plant planned eventually providing 1GW power capacity to meet growing demand from both locals and investors,' he said. With anticipated population growth, Abang Johari said Bintulu will also require international schools and other supporting infrastructure. 'There will be continued investment from both the government and private sector. With this, Bintulu will continue to grow and prosper,' he said. Among those present at the event were State Legislative Assembly Speaker Tan Sri Datuk Amar Mohamad Asfia Awang Nasar, State Secretary Datuk Amar Mohamad Abu Bakar Marzuki, Shin Yang Group of Companies group executive chairman Tan Sri Datuk Ling Chiong Ho, and Shin Yang Group of Companies group executive vice chairman and group managing director Datuk James Ling Lu Kiong. Abang Johari Bintulu lead
The Star
30-06-2025
- Business
- The Star
Shin Yang acquires land in Sarawak for RM12.05mil
PETALING JAYA: Shin Yang Group Bhd is acquiring a parcel of leasehold land together with a warehouse building, measuring approximately 1.9469 hectares in Kuching, Sarawak from Forescom Plywood Sdn Bhd for RM12.05mil. In a filing with Bursa Malaysia, the company, which is involved in the shipping of loose bulk and container cargoes, said the acquisition will support its warehouse expansion and logistics development for door-to-door services as a complete logistic service provider. Shin Yang added that the acquisition will also facilitate future expansion of warehousing facilities on the land and reduce rental dependency and related party transactions by acquiring instead of leasing from Forescom Plywood. 'The property is strategically located within the industrial hub of Kuching and Kuching Port Region, Sarawak. This will enhance the group's operational capacity and logistical efficiency. 'The acquisition aligns with the group's long-term expansion strategy and is expected to contribute positively to its operational performance and asset base.'
New Straits Times
27-05-2025
- Business
- New Straits Times
Shin Yang's unit receives LOI from Home Affairs Ministry for completion offshore patrol vessels
KUALA LUMPUR: Shin Yang Group Bhd's (Shin Yang) wholly-owned subsidiary, Shin Yang Shipyard Sdn Bhd, has received a Letter of Intent (LOI) from the Ministry of Home Affairs to appoint as a contractor for works on offshore patrol vessels (OPVs). In a filing with Bursa Malaysia today, Shin Yang said the LOI expresses the intention of the Ministry of Home Affairs to appoint Shin Yang Shipyard as the contractor for the completion of the remaining works on OPV 2 and OPV 3 for the Malaysian Maritime Enforcement Agency (MMEA). "The issuance of the LOI is subject to further discussions and negotiations between the Ministry of Home Affairs and Shin Yang Shipyard regarding specific terms of the proposed shipbuilding contract," it said. Shin Yang said the LOI does not constitute a legally binding commitment by the Ministry of Home Affairs, and there is no certainty that a definitive contract will be awarded to Shin Yang Shipyard. "The potential shipbuilding contract, if awarded, is expected to contribute positively to the group's earnings and net assets for the duration of the project. "However, the exact financial impact can only be determined upon finalisation and execution of the definitive contract," it added. -- BERNAMA
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
Shin Yang in line to build two patrol vessels for maritime agency
SHIN Yang Group Bhd said that its subsidiary, Shin Yang Shipyard, has received a letter of intent (LOI) from the Ministry of Home Affairs to construct two offshore patrol vessels (OPV 2 and OPV 3) for the Malaysian Maritime Enforcement Agency (MMEA). The group said the LOI, received on May 20, expresses the government's intention to appoint the shipyard for the project, although a binding contract will only be signed after final negotiations on pricing and payment terms. While the LOI is not legally binding, the group noted that a successful award could enhance its earnings and asset base. Shin Yang also acknowledged potential risks, including project delays, regulatory changes, execution challenges, and manpower and material availability. Shares in Shin Yang Group rose 2.5 sen or 3.38% to close at 76.5 sen today, giving it a market capitalisation of RM830.5 million. — TMR
The Star
27-05-2025
- Business
- The Star
Shin Yang's unit receives LOI for offshore patrol vessel work
KUALA LUMPUR: Shin Yang Group Bhd 's (Shin Yang) wholly-owned subsidiary, Shin Yang Shipyard Sdn Bhd, has received a Letter of Intent (LOI) from the Ministry of Home Affairs to appoint as a contractor for works on offshore patrol vessels (OPVs). In a filing with Bursa Malaysia today, Shin Yang said the LOI expresses the intention of the Ministry of Home Affairs to appoint Shin Yang Shipyard as the contractor for the completion of the remaining works on OPV 2 and OPV 3 for the Malaysian Maritime Enforcement Agency (MMEA). "The issuance of the LOI is subject to further discussions and negotiations between the Ministry of Home Affairs and Shin Yang Shipyard regarding specific terms of the proposed shipbuilding contract,' it said. Shin Yang said the LOI does not constitute a legally binding commitment by the Ministry of Home Affairs, and there is no certainty that a definitive contract will be awarded to Shin Yang Shipyard. "The potential shipbuilding contract, if awarded, is expected to contribute positively to the group's earnings and net assets for the duration of the project. "However, the exact financial impact can only be determined upon finalisation and execution of the definitive contract,' it added. - Bernama
