First shipment of YS timber to Japan
Published on: Thursday, August 26, 1971
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The ship, which has a dead-weight of 6,082 tons, is the fore-runner of a fleet of timber-carriers under the banner of Yasa Nanzai Shipping Company Limited - a joint-venture between Syarikat Sabah Berjaya Sendirian Berhad, wholly owned subsidiary of the Sabah Foundation and Japanese businessmen.
A special ceremony was held on board “Kinabalu Satu” at Sandakan port last night, during which the Chief Minister, Tun Datu Haji Mustapha (pic), announced that at the end of the 9th year, Syarikat Sabah Berjaya Sdn Bhd would have a right to purchase the whole interest of the shipping line.
In a matter of about 10 years, a shipping line with 10 or more ships in its name, could be fully owned by the people of Sabah by virtue of being free shareholders of Amanah Tun Datu Haji Mustapha.
Tun Datu Haji Mustapha’s message was read by Tuan Haji Momen bin Haji Kalakhan, a State Assemblyman and member of Sabah Foundation’s Board of Trustees. More than 100 guests were entertained on board the “Kinabalu Satu” last night to mark her maiden voyage. Among the VIPs present were the Resident of Sandakan, Mr. Wee Chun Kee; State Assemblymen and MPs and other local dignitaries.
The Captain of the ship, Mr, C. J. Wong, presented to the Director of Sabah Foundation, Tuan Syed Kechik bin Syed Mohamed, a tape-recorder and Tuan Syed Kechik presented a portrait of Tun Datu Haji Mustapha to the Captain to be displayed on the ship.
Tun Datu Haji Mustapha, who is also the Chairman of Sabah Foundation, announced that another; application campaign would be held before the next distribution of cash dividend to give eligible people who had not applied previously and those who would become 21 the opportunity to become unit holders.
He also assured those eligible persons who by, some reasons or other were unable to collect . their certificates and dividend during the distribution campaign, that they would be paid later.
“To be precise, soon after September 18, I will never allow anyone who is entitled to a share to be deprived from the chance of getting what is due to him”, he stressed.
“I would advise those people concerned to write or contact officials of the Sabah Foundation and they would be told what to do”.
Tun Datu Haji Mustapha added that he was happy to note that the people could now see concrete proof of the government’s sincerity in its wish to distribute the wealth of the State equitably to the people irrespective of race or religion.
“Nothing satisfies me more than to see that the people in the State have cause for happiness”, he said.
He pointed out that the Sabah Foundation would ensure that everyone in the State be given the opportunity to become a trust unit holder.
Tun Datu Haji Mustapha also advised the trust unit holders not to spend their cash dividend in any wasteful manner.
He said that they should save the money for “a rainy day”. On the shipping company, he added that the initial capital would be provided by the Japanese interests, within a period of five years, in which the two equal partners intended to invest a total of $10 million.
The $5 million from Sharikat Sabah Berjaya Sdn. Bhd, will be as a loan, repayable out of the profits of the shipping company.
At the end of the 9th year, Sharikat Sabah Berjaya Sdn. Bhd. will have the right to purchase the whole interest of Yasa Nanzai at a price to be determined by international valuers.
During the period of ten years, a shipping line with 10 or more ships in its name will be fully owned by the shareholders of Amanah Tim Datu Haji Mustapha.
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