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Government-linked companies must meet RM1m target: CM
Published on: Friday, May 27, 2022
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Kota Kinabalu: Chief Minister Datuk Seri Hajiji Haji Noor wants all Government-linked companies (GLCs) to step up efforts to meet the target of paying at least RM1 million in dividends to the State Government beginning this year.

He said there are more than 200 state GLCs and statutory bodies in Sabah but only a little more than 10 have been paying dividends.

“There are those who have not paid. So, during my tenure as Chief Minister, I am making it a point that all of them must pay at least RM1 million every year.

“I want all GLCs to fulfill their duty to pay good dividends to be used for the benefit of the state and the rakyat. Those entrusted to lead and manage GLCs must perform,” he said when chairing Sabah Softwoods Berhad’s Board meeting at Menara Kinabalu, Thursday.

Last year, the State Government received RM114 million in dividends from GLCs and statutory bodies which represented a 12.9 per cent increase compared to 2020.

“Our decisive actions will determine the path to success and it is the leadership’s role to chart this course. 

“The State Government is confident that with a purpose and target in place, we need to explore new revenue sources including investment initiatives and various economic activities.”

Meanwhile, Hajiji said Crude Palm Oil (CPO) producers such as Sabah must brace themselves to address any adverse situation with the very volatile global economic situation brought on by the Russia-Ukraine conflict.

He said market analysts have predicted Malaysian planters to be the largest winners in the long run, as they are able to sell their CPO at high prices, which should translate into a higher profit margin in the second quarter of 2022.

“The current good CPO price works to our advantage and will be a boon. However, we must not be complacent when the price is good.

“There is a need to be mindful of, and to prudently manage the rising cost of materials, transport, fuel, labour and other consequential prices of goods and services,” he said.

Hajiji was also pleased to note that actions were picking up to re-stimulate Sabah’s economic growth during the transition to the endemic phase of the Covid-19 pandemic.

“We are pushing harder to ensure there are no hurdles to curtail our Halatuju Sabah Maju (SMJ) development plan,” he said.

Earlier, he welcomed Mohd Daud Tampokong on board as Sabah Softwoods Berhad new Chief Executive Officer.

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