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BUSINESS

Hajiji urges GLCs to step up efforts to meet RM1 million dividend target

26/05/2022 05:44 PM

KOTA KINABALU, May 26 (Bernama) -- Sabah Chief Minister Datuk Seri Hajiji Noor wants all government-linked companies (GLCs) to step up efforts to meet the target of paying at least RM1 million dividend 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 to the State Government.

“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 fulfil 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 in a statement after chairing Sabah Softwoods Bhd’s board meeting at Menara Kinabalu here today.

He said last year, the state government received a total of RM114 million dividends payout 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,” he said.

Meanwhile, the chief minister 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 had 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,” he said.

He added that there is a need to be mindful of and prudently manage the rising cost of materials, transport, fuel, labour and other consequential prices of goods and services.

Earlier, he welcomed Mohd Daud Tampokong on board as Sabah Softwoods’ new chief executive officer.

-- BERNAMA

 

 


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