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Malay Mail
23-05-2025
- Business
- Malay Mail
TNB announces highest dividend in four years, emphasises nation-building efforts
KUALA LUMPUR, May 23 — Tenaga Nasional Berhad (TNB) announced its highest dividend in four years at 51 sen per share, totalling over RM2.96 billion, while reaffirming its commitment to creating long-term value through sound financial management, operational strength, and community investments that benefit both shareholders and the nation. According to a statement by TNB, the company's commitment to nation-building went beyond financial returns. Through targeted programmes in education, community development and wellbeing, the company channelled long-term investments into meaningful outcomes. The statement said TNB's initiatives aimed to uplift underserved communities, bridge opportunity gaps, and foster social cohesion, while through scholarships, educational programmes, and rural outreach, the company empowered future generations and drove long-term impact. 'These efforts underscored its commitment to shared prosperity and nation-building beyond its core utility role, and it was also implementing Phase II of its Village Street Lighting Programme, installing over 14,000 energy-efficient LED streetlights in rural areas to enhance safety, connectivity, and economic inclusion,' the statement said. It added that the dividend payout aligned with TNB's 60 per cent dividend policy and benefited millions of Malaysians, as over 60 per cent of its shares were held by major Government-Linked Investment Companies (GLICs), including Permodalan Nasional Berhad (PNB), the Employees Provident Fund (EPF), Khazanah Nasional Berhad, Kumpulan Wang Persaraan (KWAP), and Lembaga Tabung Haji (LTH). In 2024, TNB contributed RM874.7 million in tax and zakat, strengthening public finances and supporting nationwide community wellbeing. Beyond financial performance, the company allocated RM140.9 million for contributions and sponsorships in education, sport, community development, and environmental initiatives. TNB added that its strong performance had benefited from favourable macroeconomic conditions, including a strengthening ringgit and 5.1 per cent of national gross domestic product (GDP) growth and its performance demonstrated eight years of consistently maintaining dividend payouts at the higher end of its 30-60 policy range. Highlighting Malaysia's record-high approved investments of RM378.5 billion in 2024, as reported by the Investment, Trade and Industry Ministry (MITI), TNB said this had translated into stronger industrial and commercial electricity demand. TNB noted these achievements reflected not only its operational excellence but also aligned with national aspirations to deliver reliable infrastructure, promote inclusive growth, and accelerate the energy transition under the Ekonomi MADANI framework. In 2024, TNB invested RM11.2 billion in capital expenditure to accelerate grid modernisation and support the national energy transition, including key upgrades facilitating renewable energy integration and strengthening network resilience across Peninsular Malaysia. TNB said the company maintained an 87 per cent Customer Satisfaction Index score through improved service quality, while its MSCI ESG rating upgrade to 'A' demonstrated sustainability leadership through reduced emissions, improved water efficiency, and expanded renewable energy adoption – all of which strengthened investor confidence. At the company's 35th Annual General Meeting held at Pusat Konvensyen Leo Moggie here, TNB Chairman Tan Sri Abdul Razak Abdul Majid said the dividend payout reflected TNB's commitment to delivering consistent and sustainable returns to shareholders. 'These distributions ultimately reach millions of Malaysians, reinforcing national savings, retirement security and broad-based financial wellbeing,' he said. Meanwhile, TNB president/chief executive officer Datuk Megat Jalaluddin Megat Hassan reaffirmed the company's focus on sustaining stable returns while investing in systems and communities that support national development. 'Our strategy is clear, we aim to maintain robust performance while generating long-term value for the rakyat through responsible returns and meaningful impact. By strengthening the reliability of our services, managing costs effectively, and anchoring our efforts in nation-building, we continue to deliver steady value even amid global uncertainties,' he said. — Bernama
CBS News
14-05-2025
- Business
- CBS News
Denver City Council postpones vote on new equestrian center and hotel at National Western Complex
Denver City Council was at max capacity Monday night for a wide range of agenda items. Still, many stayed through the 6 hour meeting to discuss the home of the National Western Complex. More than $800 million could be spent over the next few decades to build a new equestrian center and hotel. And while this could bring in millions in revenue, those who live nearby want to make sure they're not forgotten. National Western Stock Show CBS Throughout 16 days every January, the National Western Stock Show brings in hundreds of thousands of visitors. But for 365 days, those who live nearby have concerns about their community. Alfonso Espino lives in one of those neighborhoods. Now he's part of a community investment fund advocating for more funding as the stock show complex grows. "We didn't always not have a grocery store. We didn't always not have sidewalks. These are things that have been taken from us, and these are things that could be returned and built here again," Espino said. But some funds are going to residents' needs. Right now, dollars rounded up at the stock show can support the neighborhood, but locals want a bigger share. "If you compare what we've been able to gather from that so far, it's like not even a drop in the bucket when you when you're talking about billions of dollars in investment into these facilities through public dollars," Espino said. CBS So, when Espino saw Denver City Council discussed giving the National Western Complex millions of dollars, he went to listen. The CEOs of the National Western Stock Show and National Western Center Authority were also at City Hall Monday night. "This is funding for the equestrian center, the hotel and workforce housing, which is another big need in north Denver and all over Denver and a parking structure," stock show CEO Brad Buchanan said. Buchanan says those buildings would be a big piece of the improvements discussed to keep the show in Denver after leadership considered leaving in 2011. "The National Western Stock show is an institution in Denver. I mean, that's why voters so broadly supported keeping it in our city. It's also where urban and rural meets," Buchanan said. In a statement in part, Wes Allison, President and CEO of the National Western Stock Show said, "The new Equestrian Center will provide year-round opportunities to attract not only equine enthusiasts but also some of the nation's most prestigious horse shows to Denver. It will solidify Denver's reputation as a premier destination with state-of-the-art facilities designed to serve the industry and community for generations to come." Buchanan says they've also held dozens of resident meetings leading up to this project. They've agreed to a room night fee from the hotel for the local fund and a new community meeting space. But neighbors are hoping for a bigger seat at the table. "If you are in favor of investing into the National Western center, that does not mean that you have to be against investing in our people as well," he said, "We could develop our neighborhood so that we can not only coexist, but we can thrive together." Denver City Council has postponed the vote to next week. If approved, construction on the equestrian center project could start next year and finish by 2028.
