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 Local

SAWIT KINABALU GROUP MAKES LOAN REPAYMENT OF RM20 MILLION TO GOVT

30th November, 2007

KOTA KINABALU: Sawit Kinabalu Group of companies yesterday made a loan repayment to the State Government amounting to RM20 million.

With this amount, the loan repayment todate made by Sawit Kinabalu Group is RM360 million since its corporatisation in 1996 leaving an outstanding balance of RM60 Million.

Salim Mohammad, Group Managing Director presented the mock cheque to the Permanent Secretary of the Finance Ministry, Datuk Hj. Yussof Datuk Hj. Mohd. Kassim witnessed by Chief Minister, Datuk Seri Musa Haji Aman. On hand to witness were members of the Board and senior management of Sawit Kinabalu Group.

Salim said that with favourable palm oil prices Sawit Kinabalu achieved a pre-tax profit of RM212 million for a period of 10 months and is expected to earn an estimated profit of RM250 million for the year.

With this good profit Sawit Kinabalu is able to pay RM200 million.

Sawit will continue to strive for sustained profitability and growth through its replanting programme and continue looking for new land either through joint-ventures or acquisition.

Similarly, Sawit Kinabalu will continue its diversification activities in the following business areas namely development and marketing of the Sandakan Palm Oil Industrial Cluster (POIC) and further improving the refinery complex and production of animal feed as value-added to its cattle business.

With these strategies Sawit Kinabalu will be able to achieve its corporate objectives and will be in the position to further contribute to the state’s coffers, said Salim.

Encik Salim emphasised that the strength of Sawit Group lies in its highly dedicated and committed staff. He also added that the continuous support from the Chief Minister as the Chairman of the Company and various stakeholders has enabled the company to achieve its expansion plan and profitability.

Musa thanked Sawit Kinabalu for the RM20 million loan repayment and congratulated the management and staff of Sawit Kinabalu Group for recording a handsome profit for the fiscal year 2007.

He said that this proves that any government-linked companies (GLCs) like Sawit Kinabalu can be successful if properly managed.

Musa said that the government has identified the oil palm industry as one of the key economic sectors contributing to the prosperity of the state.

   
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