Crucial decision in 2005 yields RM500mil for YS
Published on: Monday, January 24, 2022
Yayasan Sabah (YS) recorded its biggest ever profit of RM500 million last year, and its Group Deputy Director Datuk Sam Mannan said none of it came from timber, once its single biggest source of revenue.“There was no timber involved in that allocation,” he said at the Sabah International Business and Economic Summit (Sibes). He said YS is expecting profits to go even further and it is understood that the bulk of the revenue of around 70 per cent was from oil palm through a decision in 2005 by previous CM Tan Sri Musa Aman to convert upgraded forests into oil palm plantation. The advice by Sam was taken up by Musa and the record revenue today is due to this crucial decision made 15 years ago.
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Sabah is now the nation’s top palm oil producing State.
“Our estimated value is RM5 billion and it will increase to RM10 billion in five years’ time,” said the former Sabah Chief Conservator of Forests.
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