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Daily Express
4 days ago
- Business
- Daily Express
Hajiji praised for delivering results
Published on: Wednesday, June 18, 2025 Published on: Wed, Jun 18, 2025 Text Size: Chin noted several initiatives implemented by the Gabungan Rakyat Sabah administration, such as the establishment of the State's energy commission. Kota Kinabalu: A former Sabah Law Society president praised Chief Minister Datuk Hajiji Noor's leadership, saying his administration is helping the State turn the corner. In a Facebook post, Roger Chin said Hajiji's government is laying the foundations of a more self-reliant, results-driven administration. Advertisement Chin noted several initiatives implemented by the Gabungan Rakyat Sabah administration, such as the establishment of the State's energy commission. He said the setting up of the Energy Commission of Sabah marked a turning point in how the State governs its most strategic resource. The State Government's decision to take back 50pc equity in the producing Semarang oil field under State-owned SMJ Energy was also a significant marker of progress in asserting energy sovereignty, he said. 'This shift aligns with the broader spirit of the Malaysia Agreement 1963 (MA63) implementation – returning rights and agency to Sabah without fanfare, but with focus.' Chin also described as 'notable' the creation of the Borneo International Centre for Arbitration and Mediation, which he said were the building blocks of an investor-friendly ecosystem. The State's ability to secure long-term, high-impact investments, such as E-Steel's manufacturing facility and other FDI-led industrial projects, reflected such a shift. 'These are not fly-by-night deals but strategic entries into Sabah's industrial and logistics backbone, particularly in energy-adjacent and halal sectors,' he said. Chin said Sabah has also improved its fiscal standing, noting that the state revenue has seen stable growth, with increased allocations to development budgets. Sabah's reserves have surged to RM8.6 billion from the RM2.93 billion recorded in 2020, which he said was a clear indicator of improved financial governance and expanding revenue streams. 'This reflects not just fiscal prudence, but also stronger performance from some state-linked companies,' he said. He also said the Sabah Government has expanded rural electrification, water access, and road upgrades, which were 'critical interventions' for a state where more than 40pc of the population lives outside urban centres. Chin said while the State Government was gradually tackling longstanding issues in land recognition and native customary rights, much remains to be done. While bureaucratic delays, inequality and capacity constraints persist, he said, the approach adopted by the state government has shifted. 'Instead of headline-chasing, the Sabah Government has chosen institutional depth and economic realism, a style of leadership that may not always grab national attention but is increasingly delivering results on the ground,' he said. * 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
The Sun
29-05-2025
- Business
- The Sun
Life Water diversifies beyond beverages with acquisition of sauce and condiment maker Twinine
PETALING JAYA: Life Water Bhd, a Sabah-based beverage manufacturer, has signed an agreement to acquire 100% equity interest in Twinine Sdn Bhd, a well-established sauce and condiment manufacturer, for RM10.5 million. The acquisition marks Life Water's first major diversification beyond beverages, strengthening its footprint in the broader fast-moving consumer goods (FMCG) sector. Founded over 35 years ago, Twinine has established a strong presence on the west coast of Sabah, part of Sarawak and in Brunei, with a consistent financial track record. The company recorded revenues of RM8.6 million in both FY22 and FY23, as well as an unaudited revenue of RM8.5 million in FY24, alongside a three-year average net profit of RM910,000. The strategic move enables Life Water to leverage its existing logistics and distribution network, thereby accelerating market penetration for Twinine's products. 'This acquisition is a natural extension of our FMCG portfolio. With overlapping distribution touchpoints and similar consumer demographics, we see significant cross-selling opportunities and operating synergies. More importantly, our network gives us the ability to broaden Twinine's reach across Sabah, especially into the east coast region, further strengthening its market presence,' Life Water managing director Liaw Hen Kong said in a statement. Growth plans include introducing two production shifts at Twinine's facility to boost output in line with demand, as well as exploring a new manufacturing site at Kota Kinabalu Industrial Park to support long-term expansion in East Malaysia. Twinine's founder will remain with the company for a two-year transition period to ensure continuity and provide guidance on growth strategies, including the development of the new facility. The acquisition is expected to contribute positively to Life Water's earnings. The acquisition coincides with the release of Life Water's third-quarter ended March 31, 2025 (Q3'25), in which it reported a net profit of RM6.48 million. The group recorded RM43.12 million in revenue, a 0.95% increase from the preceding quarter, supported by seasonal demand for carbonated and fruit drinks. The drinking water segment remained the largest contributor, accounting for 82.6% of total revenue. Life Water posted a gross profit of RM19.52 million, with a margin of 45.3%, while profit before tax stood at RM8.11 million, reflecting a margin of 18.8%. While margins moderated quarter-on-quarter due to the implementation of the minimum wage policy and temporary operational inefficiencies from expansion initiatives, the group remains confident in its long-term earnings resilience. For the nine months, Life Water reported revenue of RM128.42 million and a net profit of RM20.97 million, translating to a 16.3% margin. The group's new Keningau plant commenced operations in early 2025, adding 59 million litres of annual production capacity and bringing total drinking water capacity to 448 million litres per annum. The Sandakan Sibuga Plant 1 is commissioning a new manufacturing line, expected to begin operations in the second half of 2025, which will add 178 million litres of capacity and increase total annual production to 626 million litres, representing a 40% increase. Life Water continues to pursue a two-pronged strategy of organic expansion and strategic diversification. With the Twinine acquisition, Life Water is now well positioned to capture synergies across multiple FMCG segments, while reinforcing its core strength in beverage manufacturing. As Sabah's consumer landscape continues to evolve, Life Water remains optimistic about its growth trajectory in the current financial year and beyond.
New Straits Times
29-05-2025
- Business
- New Straits Times
Life Water buys Sabah's Twinine for RM10.5mil in FMCG expansion
KUALA LUMPUR: Beverage manufacturer Life Water Bhd is acquiring Sabah-based sauces and condiments maker Twinnie Sdn Bhd for RM10.5 million, as it seeks to expand its portfolio in the fast-moving consumer goods (FMCG) sector. The group has entered into a share sale agreement to acquire 100 per cent equity interest in Twinine via cash. This marks its first major diversification beyond beverages and is expected to contribute positively to group earnings. Founded over 35 years ago, Twinine has a strong presence in the West Coast of Sabah, parts of Sarawak, and Brunei. It recorded audited revenue of RM8.6 million in 2022 and 2023, and unaudited revenue of RM8.5 million for 2024, with a three-year average profit after tax of RM910,000. Managing director Liaw Hen Kong said that with overlapping distribution touchpoints and similar consumer demographics, the group sees significant cross-selling opportunities and operational synergies. "This acquisition is a natural extension of our FMCG portfolio. Our network gives us the ability to broaden Twinine's reach across Sabah, especially into the East Coast region, further strengthening its market presence," he said in a statement. Life Water plans to introduce two production shifts at Twinine's facility to boost output in line with demand, and is exploring a new manufacturing site at Kota Kinabalu Industrial Park to support long-term expansion. Twinine's founder will remain with the company for a two-year transition period. For the third quarter ended March 31, 2025, Life Water recorded a net profit of RM6.48 million on revenue of RM43.12 million. Cumulatively, the group posted RM20.97 million in net profit and RM128.42 million in revenue for the nine-month period. There were no year-on-year comparisons provided, as this is the group's third interim financial report following its listing on the Main Market of Bursa Malaysia. Life Water said its production capacity expanded in early 2025 with the commissioning of its new Keningau plant, adding 59 million litres to its annual output. This brought total drinking water capacity to 448 million litres per year. Another facility, the Sandakan Sibuga Plant 1, is expected to add 178 million litres by end-2025, raising capacity to 626 million litres — a 40 per cent increase. The group said it remains optimistic about its growth prospects in the current financial year and beyond, as it continues to pursue both organic expansion and strategic diversification.
New Straits Times
09-05-2025
- Business
- New Straits Times
RHB unveils Progress27 roadmap to chart next course of growth
KUALA LUMPUR: RHB Bank Bhd unveiled its new three-year strategic roadmap at its shareholders' meeting on Thursday. The new Progress27 roadmap charts the course for future growth after RHB delivered a commendable net profit of RM3.1 billion for the financial year ended Dec 31 2024 (FY2024) that marked an 11.2 per cent year-on-year increase. The roadmap is anchored on service excellence, high profitability and a continued commitment to being a responsible and purposeful financial services group. "Together We Progress 24 (TWP24) corporate strategy has laid a solid foundation for us, as we embark on our next chapter with Progress27. "Our focus remains firmly on delivering long-term value to all stakeholders," said RHB chairman Tan Sri Ahmad Badri. Meanwhile, the group said its strong FY2024 performance was driven by solid growth in total income and strong cost discipline. Total income rose 10.7 per cent to RM8.6 billion, while return on equity improved to 10.04 per cent. The group's capital position remains solid, with a common equity tier-1 ratio of 16.4 per cent and total capital ratio of 19 per cent. In recognition of its strong performance, RHB declared a total dividend of 43 sen per share for FY2024, translating into a 60.1 per cent payout ratio and a 6.6 per cent dividend yield. RHB also reaffirmed its commitment to responsible and sustainable finance, raising its sustainable financial services target to RM90 billion by 2027, up from the original RM50 billion by 2026. Since launching its sustainability strategy in 2022, the group has mobilised over RM41 billion, achieving 82 per cent of its initial target. "Under Progress27, our key priorities are to deliver exceptional customer experiences through innovation and seamless digital solutions, achieve high profitability through sustainable growth and operational excellence, and strengthen our role as a responsible and purposeful financial services group," Ahmad Badri said. All resolutions tabled at the meeting were duly passed, including the re-election of Tan Sri Ong Leong Huat @ Wong JooHwa, Datuk Mohamad Nasir Ab Latif, Donald Joshua Jaganathan and Datuk Mohd Rashid Mohamad as members of the board of directors.
Hype Malaysia
29-04-2025
- Entertainment
- Hype Malaysia
Actor Kim Soohyun Sued For RM8mil By Advertisers Over Recent Controversies
After causing damage to brands and companies' image with his recent scandal, Korean actor Kim Soohyun (김수현) was hit with his first lawsuit from an advertiser. Not only that, but more companies might soon follow suit. According to reports, two companies, A and B, had recently filed lawsuits against Kim Soohyun and his agency, Gold Medalist. The two companies had advertising contracts with the star and are now seeking the return of modelling fees and damages. While the exact amount is unknown, the combined amount that A and B are seeking as compensation reportedly exceeds KRW 3 billion (approximately RM8.6 million). More advertisers are also expected to join the legal battle against the actor. Another company, C, is considering filing a lawsuit against Kim Soohyun, citing breach of trust as the grounds for terminating their advertising contract. The company is seeking either the return of modelling fees or penalties. Before his scandal, the 'Queen of Tears' actor was reportedly one of South Korea's highest-paid actors and advertising models. A South Korean lawyer explained the situation, saying, 'Kim Soohyun has signed advertising model contracts with 15 brands, each valued between KRW 1 billion (approximately RM2.9 million) and KRW 1.2 billion (approximately RM3.6 million). Usually, companies are reluctant to make it known that they were the first to file a lawsuit against a model. However, once one company files a lawsuit, more will join.' There were previous allegations that the actor would face lawsuits for breaching contracts with his recent controversies. However, this is the first instance of an advertising company directly suing Kim Soohyun and his company. There's no telling how much the actor will be sued for. However, based on the figures, the total amount involved in the entire lawsuit could exceed KRW 10 billion (approximately RM30.1 million). We're sure these companies have their reason for taking Kim Soohyun to court. What are your thoughts on this? Source: YTN
