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Daily Express
5 days ago
- Business
- Daily Express
450 youths in Sipitang hope to land oil and gas jobs
Published on: Wednesday, June 18, 2025 Published on: Wed, Jun 18, 2025 Text Size: Dr Yusof with the young attendees. Kota Kinabalu: The State Government's commitment to prioritise local employment at the Sipitang Oil and Gas Industrial Park (Sogip) has been realised, with many Sipitang youths now working at the Sabah Ammonia Urea (Samur) Petronas Chemical Fertilisers Sabah. Sipitang Assemblyman Datuk Dr Yusof Yacob said the initiative, discussed years ago with Petronas and Sogip operators, ensures job opportunities for locals, whether through vendors, subcontractors, or direct employment. Advertisement 'The recent Sogip Open Day, organised by Petronas and other companies, interviewed 450 youths. We urge swift hiring decisions to absorb them into the workforce,' said Dr Yusof at the event's launch. He was joined by Sipitang MP Datuk Matbali Musah, Petronas officials and local leaders. With six companies set to operate in Sogip, including Petroventure, Gibson, Esteel and Sogip Port, total investments are projected at RM72 billion across 4,065 hectares. The construction phase alone will require 3,500 workers, potentially surging to tens of thousands once all plants are operational. The Samur alone will employ 500 permanent staff, with additional roles in maintenance, landscaping and pipeline upkeep. Dr Yusof noted that the influx of workers and their families could boost Sipitang's population to 25,000, spurring demand for housing, vehicle services, food supplies and retail. 'Locals must equip themselves with industry-relevant skills and explore downstream sectors like logistics, food services and childcare,' he added. The Sogip project aligns with the Sabah Maju Jaya development plan and is expected to drive Sipitang's economic growth for decades. * 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
New Straits Times
10-06-2025
- Business
- New Straits Times
Risks flagged in Al-Aqar Healthcare Reit's overseas push
KUALA LUMPUR: CIMB Securities Sdn Bhd remains cautious about Al-Aqar Healthcare Real Estate Investment Trust's (Al-Aqar Reit) plans to expand beyond Malaysia, citing its lack of a proven track record and familiarity with the overseas markets. The concern is supported by the Reit's pending divestment of its only international asset, the Jeta Gardens Aged Care Facility in Australia. Acquired in 2010 for RM132 million, the asset is now being disposed of for RM74.9 million, reflecting a significant 43 per cent discount to the original purchase price. With gearing currently at 41 per cent and expected to rise to 48 per cent following two major acquisitions, CIMB Securities also noted that Al-'Aqar is exploring asset disposals of up to RM65 million to maintain headroom below the 50 per cent regulatory gearing limit. The Reit is in the midst of acquiring two properties — the new buildings of KPJ Ampang Puteri Specialist Hospital at RM131 million and KPJ Penang Specialist Hospital at RM110 million — with a combined value of RM241 million. "Post acquisition, gearing could increase to around 48 per cent, approaching the regulatory limit of 50 per cent. We note that Al -Aqar is exploring potential asset disposals as part of its capital management efforts. "Based on our estimates, disposals could amount to about RM65 million, which would provide debt headroom of about RM72 million before breaching the regulatory threshold," the firm said. CIMB Securities is also neutral on Al-Aqar Reit's refreshed VENTURE27 strategy that targets a portfolio growth to RM2.3 billion by 2027 through the acquisition of third-party assets and a reduced dependency on hospital assets. "The strategy aims to reduce reliance on a single tenant, KPJ Healthcare Bhd, by expanding into developed regional markets and diversifying across the healthcare supply chain beyond hospital assets," the firm said. Six of its leases are up for renewal in the second half of this year, with five proposals have been submitted for unitholder approval at an upcoming extraordinary general meeting, while discussions for the remaining lease involving KPJ Tawakkal KL Specialist Hospital are ongoing. CIMB Securities kept its "Hold" call on the Reit with a target price of RM1.33 per share, supported by distribution yields of 5.8–6.1 per cent for financial year 2025 (FY25) to FY27.
The Star
30-05-2025
- Politics
- The Star
Negri's policy on strays needs a rethink
THE decision by Negri Sembilan state assembly, endorsed by all 36 assemblymen, sanctioning the culling of street dogs has sparked concern among animal rights advocates and concerned citizens. The voices of protest are louder than those in favour of the decision, and the state authorities ought to take heed of this. Negri Sembilan Mentri Besar Datuk Seri Aminuddin Harun said his administration was left with no other option to address issues of disturbance and safety caused by the free-roaming canines. The decision, he said, had to be taken as the issue had been repeatedly raised and that gave an impression that his team was not doing anything to address it. Aminuddin promised that the stray dogs would only be euthanised if unclaimed from the pound after their capture. Animal welfare groups, however, want the authorities to consider other options to better manage the stray population. While acknowledging cases where aggressive animals pose risks to public safety, they said culling should not be an option. With no proper SOP in place, activists fear the state government's decision would give enforcement agencies free rein to cull all strays. They also claimed inconsistencies in Aminuddin's announcement as he had initially said only aggressive strays with a history of attacking the public would be put to sleep. Animal rights groups said the Negri Sembilan government should shelve the move while waiting for the outcome of proposals submitted to Housing and Local Government Ministry on managing the stray dog population. It should be noted that there are countries which have resorted to culling strays, particularly the animals that were known to have diseases such as rabies. On the other hand, there are also countries that completely prohibit the killing of street dogs and have adopted more humane measures such as spaying and neutering, sheltering them in pounds and promoting adoption. India, for example, has taken the fertility control route rather than culling, and its stray population has reduced. In North America, fertility control has had similar effectiveness over a 20-year period. These statistics, animal rights groups say, show that it is better to control than to kill. Animal welfare groups are asking that they be allowed to manage the issue via the trap-neuter-release (TNR) programme which they claim is the most effective method. They say it takes a minimum of five years for the programme to yield results and that non- governmental organisations should be given time to prove this. It is learned that the TNR programme in Seremban was only launched in 2023. The groups say they are also financially strained and depend heavily on public donations to cover expenses. For example Furrykids Safehaven, which houses some 2,000 strays in Rantau, claims it needs an average RM130,000 a month to run the shelter. More than half the expenses goes to buying 1,200 bags of kibbles − which cost some RM72,000 − for the dogs, followed by salaries for its 11 workers and veterinary bills, which come up to another RM50,000. Volunteers help catch strays for the TNR programme and feed them after they are released, at no cost to the state. To the people who have cared and continue to care for these voiceless animals, the decision by the authorities seems inhumane. We should perhaps take a page from other nations. The Netherlands, now virtually free of stray dogs, adopted a nationwide sterilisation programme in 1996. Homes were found for more than a million dogs without a single one being put to sleep. Another effective policy by the Dutch government was to impose heavy taxes on purchasing pets from stores, which eventually led people to adopt fur babies from shelters instead. Remember Kopi, the playful stray dog shot dead in Besut, Terengganu, during a culling operation? There are tens of thousands like Kopi all over Malaysia. A society is judged not by how it treats its strongest, but by how it cares for those who cannot fight back. The state government must return to the drawing board and come up with a policy that balances public health and safety with humane considerations. Surely, man's best friend deserves better.
New Straits Times
29-05-2025
- Business
- New Straits Times
Genting Q1 profit on track despite one-off charges
KUALA LUMPUR: Genting Plantations Bhd's core net profit of RM121 million in the first quarter (Q1) 2025 met expectations, accounting for 39 per cent and 38 per cent of CIMB Securities Research's and Bloomberg consensus full-year estimates, respectively. The research house considers this to be in line with expectations, as it expects weaker earnings in the coming quarters for Genting Plantation due to lower crude palm oil (CPO) prices and higher production costs. Reported net profit, however, the firm said, came in significantly lower at RM61 million, mainly due to RM72 million in impairment charges. "Of this, RM66 million was related to the provision for potential income loss from some parts of its Indonesian planted estates that have been demarcated as forest land by the Indonesian government under a recent regulation. "No dividend was declared in Q1 2025, in line with expectations," it said. Meanwhile, CIMB Securities said the negative surprise this quarter was a RM66 million impairment on Genting Plantation's Indonesian bearer plants, arising from the likely reclassification of some parts of its mature oil palm estates as forest land by the Indonesian government. The firm has maintained its Hold rating but lowered its target price to RM5.28 per share, applying a higher 20 per cent discount (from 15 per cent) to its sum-of-parts (SOP) valuation to reflect growing regulatory risks in Indonesia. "The higher discount reflects increasing regulatory risks in Indonesia, where 57 per cent of Genting Plantation's planted estates are located. "It also captures our earlier concerns about Genting Plantation's proposed RM676 million acquisition of two land parcels (totalling 152 ha) in Jakarta for property development — a segment in which the company has no prior track record in Indonesia, posing execution risks," it said. On a positive note, CIMB Securities said Genting Plantation recently completed the sale of 213.9 hectares of land in Mukim Paya Rumput, Melaka, to Scientex for RM333.8 million. The transaction, completed on 21 May, will allow Genting Plantation to recognise a one-off net gain of RM284.9 million, it added.
Borneo Post
22-05-2025
- Business
- Borneo Post
Sarawak State Assembly approves two Supplementary Supply Bills
Tabled by Uggah, the Bills were the Supplementary Supply (2024) Bill involving an allocation of RM153,769,197 and the Supplementary Supply (2025) Bill for RM237,660,520. – Photo by Roystein Emmor KUCHING (May 22): The Sarawak State Legislative Assembly has unanimously passed two Supplementary Supply Bills involving a total of RM391,429,717 for additional expenditure that was not covered in previous allocations. The Bills, tabled by Deputy Premier and Second State Minister for Finance and New Economy Datuk Amar Douglas Uggah Embas, were the Supplementary Supply (2024) Bill involving an allocation of RM153,769,197 and the Supplementary Supply (2025) Bill for RM237,660,520. According to Uggah, the Supplementary Supply (2024) is to meet the cost of various services incurred by various Ministries and Departments for which funds were not provided for or insufficiently provided for in the 2024 estimates. Meanwhile, he said the Supplementary Supply (2025) seeks additional expenditure, among others, a total sum of RM100,000,000 required by the Department of the Premier of Sarawak to cater for rental of air-chartered services due to increased activities. 'A total sum of RM72,264,000 is required by the Sarawak Ministry of Education, Innovation and Talent Development to cater for a special Pocket Money Initiative at RM1,200 per Sarawakian student pursuing a diploma or bachelor's degree in higher education institutions throughout Malaysia. 'A total sum of RM62,271,138 is required by the following Ministries and Departments to cover payment for special monthly allowance, Bantuan Insentif Sara Hidup, to all Sarawak civil servants effective January 2025,' he added. – Bernama douglas uggah embas DUN Supplementary Supply Bills
