Latest news with #RM100mil
The Star
a day ago
- Business
- The Star
Sub-committee to help with strata title delivery
MPAJ has a sub-committee to identify root causes and solutions delaying strata title issuance. — Filepic SOME 215 strata developments in Ampang Jaya, Selangor, have yet to obtain individual strata titles, Ampang Jaya Municipal Council (MPAJ) says. The figure, based on an audit by the local authority, prompted MPAJ to set up an internal committee to identify issues and solutions. The Strata Title Monitoring and Resolution Sub-Committee (JKPPHS), set up in 2023, aims to facilitate the delivery of strata titles for selected properties. Among its pilot focus areas are Estana Court in Ukay Perdana and Flat Al-Ridhuan in Taman Al-Ridhuan. 'JKPPHS was established to assist residents at strata developments where the strata register has not yet been started because of various issues. 'For example, Estana Court was selected because its strata register had not been established. 'Through this committee, members will identify the root causes and find solutions to any issues that arise,' MPAJ said in a written reply to StarMetro. MPAJ said the Estana Court developer was in the process of subdividing the land from one lot into three parcels as part of the necessary steps towards title issuance. As for Flat Al-Ridhuan, 'residents have opted to pursue the title issuance process independently, without JKPPHS involvement,' the statement said. 'The JKPPHS committee has been able to monitor the progress of the processes involved in obtaining strata titles.' The local council noted that there were several challenges involved in resolving strata title issues, including coordination and cooperation between developers, landowners and liquidators, as well as residents' financial constraints. MPAJ added that in cases where developers were no longer operating or had been liquidated, it worked with the Department of Insolvency Malaysia to identify and coordinate with the appointed liquidators. StarMetro previously reported that at least 30% of strata properties in Ampang Jaya did not have strata titles, with most of these properties being more than 20 years old. MPAJ confirmed that it planned to expand the pilot project model to other affected developments in Ampang Jaya. This also follows Selangor government's announcement of the RM10mil Selangor Strata Fund (DSS), aimed at resolving longstanding issues in apartment complexes lacking formal ownership documentation. MPAJ stated that it would receive RM1mil from the fund, which would be channelled towards resolving title issues at Taman Saga townhouses, one of the affected areas. Previously, Selangor Mentri Besar Datuk Seri Amirudin Shari had said RM100mil would be required to resolve all strata title issues in apartment schemes in Selangor over the next 10 years. He said the DSS initiative was expected to generate returns for the state within 10 years, as residential units that obtained strata titles would be paying parcel quit rent.
The Star
12-06-2025
- Business
- The Star
Sabah poised for major industrial expansion
KTC executive director Lau said the strategic location in KKIP will strengthen logistics infrastructure and streamline supply chain operations. KOTA KINABALU: A new integrated industrial hub will soon rise in the Kota Kinabalu Industrial Park (KKIP), aimed at enhancing logistics, warehousing and distribution capacity in Sabah and the wider East Malaysian region. The development, set on a newly acquired 15-acre site worth RM100mil, is expected to increase operational capacity by 40% and create at least 500 new jobs, with priority given to local hires from underprivileged backgrounds. 'This is part of our commitment to support government efforts in tackling poverty and promoting inclusive economic growth,' said Kim Teck Cheong Consolidated Bhd (KTC) executive director, Datuk Dexter Lau. The upcoming facility, to be known as the KTC Industrial Park, will function as the largest fast-moving consumer goods distribution centre in the region, designed to serve markets in Sabah, Sarawak, Brunei and Indonesia. Lau said the strategic location in KKIP will strengthen logistics infrastructure and streamline supply chain operations, allowing the group to better meet growing market demand. 'Our focus is on long-term growth and operational excellence, and this development marks an important milestone in our five-year expansion plan,' he added. As of June, the company had already recorded over RM1bil in revenue. With the expansion, annual earnings are projected to grow by 50%, reaching up to RM1.6bil. An additional RM10mil investment has also been approved for operations in Sarawak, which Lau said is expected to contribute 10% to overall regional revenue growth, with Sabah expected to add 40% over the next two to three years. Lau added that the company's total workforce is expected to reach 2,000 across Malaysia and Brunei within a year.
The Star
12-06-2025
- Business
- The Star
Sabah set for major industrial expansion
KOTA KINABALU: A new integrated industrial hub will soon rise in the Kota Kinabalu Industrial Park (KKIP), aimed at enhancing logistics, warehousing and distribution capacity in Sabah and the wider East Malaysian region. The development, located on a newly acquired 15-acre site worth RM100mil, is expected to increase operational capacity by 40% and create at least 500 new jobs, with priority given to local hires from underprivileged backgrounds. 'This is part of our commitment to support government efforts in tackling poverty and promoting inclusive economic growth,' said Kim Teck Cheong Consolidated Bhd (KTC) executive director, Datuk Dexter Lau. The upcoming facility, to be known as the KTC Industrial Park, will function as the largest fast-moving consumer goods (FMCG) distribution centre in the region, designed to serve markets in Sabah, Sarawak, Brunei and Indonesia. Lau said the strategic location in KKIP will strengthen logistics infrastructure and streamline the group's supply chain operations, enabling it to better meet growing market demand. 'Our focus is on long-term growth and operational excellence, and this development marks an important milestone in our five-year expansion plan,' he added. As of June, the company had already recorded over RM1bil in revenue. With the expansion, annual earnings are projected to grow by 50%, reaching up to RM1.6bil. An additional RM10mil investment has also been approved for operations in Sarawak, which Lau said is expected to contribute 10% to overall regional revenue growth, with Sabah expected to add 40% over the next two to three years. Lau added that the company's total workforce is expected to reach 2,000 across Malaysia and Brunei within a year.
The Star
10-06-2025
- Business
- The Star
KNM to convene creditors' meeting to finalise RM1.19bil debt settlement plan
KUALA LUMPUR: KNM Group Bhd is calling for a court-convened creditors' meeting to present its RM1.19bil proposed Scheme of Arrangement (SoA). In a statement, KNM said the SoA marks a key step in the group's financial recovery efforts, aiming to provide a fair and sustainable debt settlement solution for all stakeholders. 'The SoA, developed in close consultation with the company's major creditors, proposes full recovery of the compromised debt amounting to RM1.19bil for the combined group, with creditors agreeing to waive accumulated interest and penalties totaling RM182mil as of the cut-off date, June 30, 2023,' KNM said. Under the terms of the proposal, creditors will receive 100% recovery of principal, reflecting a strong and responsible financial restructuring effort, as well as settlement through the issuance of a five-year zero-coupon redeemable unsecured loan stock (RULS) totalling RM204mil. Additionally, KNM said repayment of the RULS will be made via a combination of proceeds from any funds released from the escrow account tied to the recent Borsig sale to NGK Insulators Ltd, as well as proceeds from the sale of three assets - Thailand, the United Kingdom, and the FBM Hudson facility. 'To strengthen KNM's ability to resume and grow its core operations, creditors have also agreed to allow the company to retain RM100mil in upfront cash proceeds from the Borsig sale. These funds will be utilised as working capital to revitalise and invest in KNM's fabrication operations in Malaysia,' it said. To accelerate the repayment, KNM will use any excess funds—beyond the RM100mil initial cash injection and six months' working capital—to redeem outstanding RULS on a rolling basis.
The Star
06-06-2025
- Business
- The Star
‘Flood prevention rules to be updated'
Continuous rainfall from March 19 to 20 this year caused floods in parts of Taman Tampoi Indah 2, Johor Baru. — Filepic Johor government will hold workshops to enable all 16 local authorities to better tackle floods, said state executive councillor Datuk Mohd Jafni Md Shukor. The housing and local government committee chairman said they would start with local councils in the Johor-Singapore Special Economic Zone as these faced the most flood-related issues. 'Our workshops since 2023 focused on getting higher allocations for flood mitigation efforts, and improving enforcement. 'This year, we will focus on improving regulations, especially for retention ponds, irrigation and drainage systems. 'This also includes standard operating procedures (SOP) that developers must follow before starting work on a site,' he said in an interview. He added that the workshops would begin in the third quarter of this year. Under the SOP, developers must build retention ponds before starting a project. Mohd Jafni also said outdated regulations must be reviewed. 'The regulations had been in use for more than 10 years and can no longer cope with the current volume of rainfall which is four to six times more than before,' he said. Mohd Jafni said earlier workshops had yielded some results. 'Just this year we received more than RM100mil, which is likely one of the highest allocation amounts from the Housing and Local Government Ministry for flood-related issues,' he disclosed. He said that some RM213mil had been allocated to carry out over 350 flood-related projects since 2023. This includes RM106mil for flood mitigation efforts involving all local authorities this year. 'Of the 123 projects for this year, 16 are under Johor Baru City Council, which has been allocated about RM42mil. 'Another 16 are under Pasir Gudang City Council with RM9.1mil, while 13 are under Iskandar Puteri City Council with some RM36mil' said Mohd Jafni. 'Through the projects, we hope to resolve at least half of the flood issues,' he added.
