“Our chairman Tan Sri Dr Teh Hong Piow has often said that banking is about people as it is a business for the people and by the people,” said Knowledge and Learning general manager Koay Seok Khim in a statement.

She said Public Bank has always been supportive of the many accreditated and certified programmes offered under the umbrella of IBBM, which currently has a pool of about 900 CCP qualified personnel.

“Investing in our people is therefore a necessity as they need to continuously enhance their skill to meet the evolving market requirements and increasingly sophisticated customer demands,” she added.

The Chartered Banker qualification, recognised as the gold standard for professionals working in the banking sector, is aimed at embedding high ethical, professional and technical standards in the workplace. — Bernama

However it also raises the question on the investment side of the industry on which players are involved and what do these players look at when investing into this sector.

Judith Plummer, from the University of Cambridge noted in her speech at the International Hydropower Association (IHA) 2013 World Congress yesterday that based on a survey from 75 respondents with a variation of 35 different risks involved in a hydropower project, she has found an interesting trend.

“Based on the responses from the survey carried out, out of the 35 risks that were stated out, the top risks included items such as upstream and downstream effects, hydrology, contracts and more interestingly, cultural heritage.

“The 35 listed risks were then divided into six key areas – namely technical, institutional, financial, political, social and environmental – with a notable trend that political risks and social risks being rated higher than the rest followed by financial risks.”

She stated that institutional risks ranked the lowest.

The respondents were mainly developers, equipment suppliers, service providers (consultants), financiers, government and environmental agencies.

Plummer elaborated that despite being from different areas in the industry, the top seven risks picked by these people had three from each falling in the top seven of the consensus stating that, despite the different views and background, ‘everyone viewed risks in a relatively homogenous way.’

She further said, “Interestingly, equipment suppliers are just as worried about finances as the financiers while the service providers share similar sentiments with the developers.

“This shows the perspective of risk from the different groups in the industry were rather similar across the board.”

Plummer further explained that this showed that risks and the perception of risks in the hydropower industry were rather dubious and despite the different background by the stakeholders, the priorities and risk factors that were being tabled by all parties were relatively similar.

The all new Astro Value Packs come in three choices which are Nilai Pack (Value Pack 1), Namma Pack (Value Pack 2) and Wah Pack (Value Pack 3). With the introduction of Astro Value Packs, Astro now offers high definition (HD) services at affordable prices.

According to a press release, each pack has a monthly subscription of RM75. On top of the channels offered with Astro Value Pack, each pack will also have Astro’s standard offerings which include 40 channels on the Astro Family Pack as well as 10 basic HD channels (Life Inspired HD, Food Network HD, AXN HD, Disney XD HD, One HD, beTV HD, KBS World HD and Astro Quon HD).

To note, the Nilai Pack (Value Pack 1) is an exclusive 58 channels (47 standard definition and 11 HD), Malay language package which include comedies, telenovelas, reality shows, dramas, religious programmes as well as Asian movie blockbusters.

The Nilai Pack (Value Pack 1) comes with the Mustika Pack,the Indo Pek, as well as Astro Box Office Tayangan Hebat. Apart from that, the Nilai Pack (Value Pack 1) also includes the Astro Family Pack and Mustika HD.

As for the Namma Pack (Value Pack 2), the package includes a wide range of Indian language movies, dramas, reality series, competitions, music and entertainment for children, spanned across 59 channels (49 standard definition and 10 HD).

The Namma Pack (Value Pack 2) include the Maharaja Pack as well as the Astro Box Office Movies Thangathirai. In addition, the Namma Pack (Value Pack 2) also includes the newly launched Chakravarthy Pack and the standard Astro Family Pack. The statement noted that a new Tamil HD channel, which is slated to be launched soon in 2013, will also be included in the value pack.

Apart from that, Astro continues to add greater choices and value with the introduction of the third Value Pack; Wah Pack (Value Pack 3).

Wah Pack (Value Pack 3) include 58 channels (47 HD and 11 standard definition) in various Chinese dialects such as Cantonese, Mandarin and Hokkien.

Additionally, the Wah Pack (Value Pack 3) includes the New Emperor Pack as well as Astro Wah Lai Toi which features a wide variety of Hong Kong TVB drama and entertainment series. The package also includes Astro Family Pack as well as Celestial Movies HD.

Meanwhile, Astro is also offering the ‘Early Bird Promotion’ for customers who subscribe to any of the Value Packs before June 30, 2013. The promotion includes three free credits to watch Astro First/Best.

To subscribe and find out more about the all new Astro Value Packs, contact Astro at 1300-82-3838 or visit www.astro.com.my.

She said Showcase Malaysia was a biannual event where many Malaysian government agencies such as the Malaysia External Trade Development Corporation (MATRADE) and Tourism Malaysia participated.

Norlin said traditionally, Bangladesh imported palm oil and machineries from Malaysia.

“We import their textiles and food stuff. Now, it is time to look at the broader picture, maybe Malaysian companies can come and establish manufacturing facilities here amid abundance labour supply in Bangladesh,” she told Bernama in a telephone interview today.

She said many Malaysian companies were participating in the three-day event, which began in Dhaka, Bangladesh, today.

The trade fair is organised by the Bangladesh Malaysia Chamber of Commerce and Industry in collaboration with Matrade and the Malaysia South-South Association.

“Use this opportunity to showcase what Bangladesh has to offer as there are many networking, as well as, business matching sessions. It would be a win-win situation for both parties,” said Norlin.

She opined that only by broadening the trade ties, it would help Bangladesh to reduce the huge trade gap between both countries, which is heavily in Malaysia’s favour.

Published data for the fiscal year 2011-2012 revealed that Bangladesh exported US56.11 million worth of goods to Malaysia, but imports stood at a whopping US$1.38 billion.

The High Commissioner said Malaysia’s focus at the showcase would, among others, be in health tourism, automobile, real estate and education.

Tourism Malaysia, she said, has also brought in their cultural troupe to promote Malaysia’s culture and tradition. — BERNAMA

Global sales of the Galaxy S4 smartphone surpassed the 10-million mark since its launch in April 27, according to an e-mailed statement.

The new model set a new record for Samsung, generating sales quicker than any of its predecessors. Sales of the Galaxy S3 reached the 10-million mark 50 days after its launch, while the Galaxy S2 and Galaxy S took five and seven months each to reach the level.

Market watchers expected the new flagship model to be sold well as its archrival Apple had no plan to launch a new model in the near future.

The Galaxy S4 was available in more than 110 countries and would gradually be rolled out to a total of 155 nations in cooperation with 327 mobile operators, Samsung said. — BERNAMA

Goh, formerly from Klang, bought the sites in Mackenzie, La Trobe and Franklin streets, in the northern end of this city, for a combined total of A$47.42 million between 2008 and 2012.

The sale, by Colliers International and CBRE, is expected to fetch up to A$80 million, The Age newspaper reported.

The Australian Financial Review said the 1,548 square metre site in Franklin Street is expected to fetch more than A$16 million, the 2,030 square metre McKenzie Street development site could go for more than A$20 million and the “jewel” in Goh’s crown – the La Trobe Street property, opposite Melbourne Central – has an asking price in the region of A$40 million.

“It’s such a large offering, it may attract new offshore developers to Melbourne.

“It’s seldom that you get three development sites in one hit,” property lawyer Lim Eu Ming, formerly of Malaysia, told the Age newspaper.

Goh, is the son of the late Goh Swee Chow, an astute developer and investor who read the property market in Malaysia and Australia with rich results.

The newspaper said a dwindling supply of prime sites in Melbourne’s central business district and strong interest from big offshore companies, mainly Asian developers, had fuelled a rapid rise in city land prices. — Bernama

In a press release, the firm noted that quarter-on-quarter revenue rose 35 per cent to RM310.36 million from RM230.34 million.

All divisions reporting higher revenues compared to 1Q12, profit after tax and non-controlling interests declined marginally by eight per cent to RM28.73 million as the higher PBT was contributed mostly by jointly owned subsidiaries.

Earnings per share stood at RM0.89 versus RM0.95 from the previous corresponding period of last year.

This latest contract, which is valued at RM2 billion, will boost Dayang’s orders from the Pan-Malaysia HUC project to about RM2.3 billion year to date. In addition, the contract is expected to enhance the company’s earnings visibility for the next five years as it spans over five years with a one year extension option.

According to analyst Danny Chan of RHB Research Institute Sdn Bhd (RHB Research) in a research note, “We estimate that the latest contract will contribute some RM72 million to RM80 million in earnings (based on a net margin assumption of 18 to 20 per cent), making up 39.3 to 43.7 per cent of our financial year 2014 (FY14) earnings estimate.”

While Chan said the research firm made no changes to its FY14 earnings forecast as it had already incorporated the RM2.5 billion worth of new contracts secured for the year, he noted that it was highly likely that there could be a surprise upside for the company.

“We note that there are still contracts from the Pan-Malaysia HUC project that have yet to be awarded and understand that Dayang has set its sights on landing another job.

“Hence, there may be an upside to our earnings estimate if the company manages to secure more than RM200 million worth of orders,” the analyst pointed out.

Chan, however, noted that while it viewed the latest news as positive, it reckoned that the company could see some share price weakness in the short term. He added, “We advocate that investors accumulate on any price weakness.”

Nevertheless, Chan said, “Given the company’s excellent operational track record, it will have clear earnings visibility for the next five years, which bodes well for its share price in the longer term.”

On a separate research note, analyst Aaron Tan from the research arm of MIDF Investment Bank Bhd (MIDF Research) believed that currently, the company is poised to trade at a market cap exceeding US$1 billion in due course.

Tan further outlined that Dayang was now considered a mid-large cap oil and gas service provider.

With its latest major contract, Dayang was close to becoming a US$1 billion market cap company.

Apart from that, Tan noted that Dayang’s orderbook of RM3.5 billion remained very strong with high quality firm contracts extending to 2018.

General manager Steven Yii said among the items on special discounts are LG LED 84-inch television at RM69,999, Samsung 75-inch LED television at RM39,999, Samsung 925-litre refrigerator at RM13,999 and LG 905-litre refrigerator at RM15,999.

“The Gawai Canopy Sales will be taking place at three places simultaneously, namely at CL Khoon Electronic Palm Road branch, MJC branch and Seventh Mile branch.

“The sale features various brands of electronic items like Samsung, LG, Panasonic, Elba, MEC, Sharp, Faber, Alpha, Toshiba, Electrolux, Cornell and Upson,” he said yesterday.

Yii said customers can purchase items either by ‘cash and carry’ or AEON Credit installment, with just RM1 for downpayment.

However, he said, terms and conditions apply.

Customers can also have a choice of extended warranty (terms and conditions apply).

Business hours are from 9am to 9pm daily.

PCG chairman Datuk Wan Zulkiflee Wan Ariffin said the world-scale greenfield project was a very important milestone for the company as it would strengthen its urea market position in South East Asia.

The company is currently the fifth largest producer of urea in the South East Asian region with an annual production capacity of 1.4 million metric tonnes.

“We target to complete the SAMUR project by August 2015. And, after some commissioning and testing process, the plant would begin commercial operations two months thereafter.

“Currently, the completion rate is about more than 30 per cent.

“Underground construction is now taking place,” he told reporters after PCG’s annual general meeting yesterday.

Wan Zulkiflee said the SAMUR project would add another 1.2 million metric tonnes of urea output per annum, bringing the group’s total urea production to about 2.6 million metric tonnes, annually.

With the additional capacity, he said PCG expected earnings growth for its fertiliser and methanol business segment which currently contributed about 25 per cent to the entity’s revenue and profit.

Without divulging growth projections, Wan Zulkiflee said the growth would be mainly based on global urea prices.

“The current price is US$380 per metric tonne. So, we (will) move along the price and market demand.

“The percentage contribution growth is not expected to be very significant, as we are growing the entire business pie, not only the fertiliser business,” he added.

Other than the RM3 billion capex for this year, Wan Zulkiflee said there was still about RM3 billion in unused proceeds from the company’s 2010 initial public offering (IPO) exercise.

From the RM12.89 billion raised from the IPO, he said the RM3 billion would be used to fund growth projects as part of the obligations set by Bursa Malaysia.

“We still have until 2015 to use it (the excess fund).

“We certainly have plans. Maybe we would also use it for the SAMUR project,” he added.

Moving forward, Wan Zulkiflee said PCG would continue to optimise its product portfolio, in addition to maximising margins through active molecule management, and riotising the production of higher value products.

He also said pursuant to the company’s decision to discontinue its vinyl business, operations have ceased at the Vinyl Chloride Monomer and Polyvinyl Chloride (PVC) plants in Kertih, Terengganu, effective January.

The company was also in the process of divesting its interest in a PVC plant in Vietnam.

In a related development, Wan Zulkiflee said the RM1.5 billion joint-venture between PCG and Germany’s BASF to expand their operations in Gebeng, Kuantan, was expected to secure the final investment decision by year-end.

The project, to manufacture products for the global flavour and fragrance industry, would be developed into an integrated aroma ingredients project.

“With this investment, we aim to meet the globally growing demand from customers in the flavor and fragrance industry, especially in Asia Pacific,” he added. — Bernama

Net income surged to a record RM1.39 billion (US$460 million), or 18.65 sen per share, in the three months ended March 31 from RM1.01 billion or 13.6 sen per share, a year earlier, according to a stock exchange filing in Kuala Lumpur on Tuesday.

CIMB announced in January it would sell most of its stake in Malaysian insurer CIMB-Aviva, a venture with London-based Aviva Plc, to Sun Life Financial Inc and Khazanah Nasional Bhd.

It booked one-time gains of RM515.1 million for the quarter, according to the filing. Earnings would have grown 4.2 per cent if exceptional items were excluded, Datuk Seri Nazir Razak, the bank’s chief executive officer, said in a separate statement.

“We had a decent start to the year with steady growth across most business segments,” Nazir said. “We also took this opportunity to take some restructuring charges that will bring about longer term cost benefits.”

Kuala Lumpur-based CIMB has surged 13 per cent since Prime Minister Datuk Seri Najib Razak, older brother of Nazir, was returned to power in a tightly-fought election on May 5. It has outperformed a 5.7 per cent jump in the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index over the same period.

The victory gave Najib the mandate to continue an economic transformation program aimed at drawing US$444 billion of investment this decade from private sector-led projects including mass railway and oil storage.

“The group’s strong domestic corporate presence means CIMB would be one of the major beneficiaries from the rollout of the economic transformation program projects,” David Chong, an analyst at RHB Capital Bhd, wrote in a report yesterday. “Despite the recent run-up in share price, valuations are still at a discount to large-cap peers.”

RHB raised CIMB’s price target to RM10.90 from RM9.90 and kept its buy rating on the stock.

Net interest income, or revenue from borrowers after deducting interest paid to depositors, rose 9.1 per cent to RM1.9 billion in the period. Allowances for impairment losses on loans and financing shrank 44 per cent to RM80.7 million, the company said.

Net non-interest income, including deal advisory fees, climbed 1.2 per cent to RM1.16 billion in the first quarter, CIMB said. Credit demand was supported by infrastructure projects and domestic spending as Southeast Asia’s third-largest economy grew 4.1 per cent last quarter.

CIMB agreed last year to buy a 60 per cent stake in the Philippines’ Bank of Commerce to expand its Southeast Asia footprint. Nazir told reporters last week that it was proceeding with discussions even after seller San Miguel Corp signalled the deal may be scrapped.

Issues would be resolved in about a week, San Miguel president Ramon Ang told reporters Tuesday, adding that the brewer was willing to keep the bank if talks falter. “Many” other groups are interested, he said. — Bloomberg

Any offer for Axis would be made by Axiata’s Indonesian unit, PT XL Axiata, the sources said, asking not to be identified as the information is private.

Purchasing the Indonesian carrier would give XL Axiata the mobile-phone frequencies it needs to expand in Southeast Asia’s most crowded wireless market, a source said.

Axis, majority owned by Saudi Telecom Co (STC), is valued at about US$1 billion including debt, according to an estimate from Saudi Fransi Capital. Malaysia’s Maxis Communications Bhd also holds a stake in the company.

Ten operators compete for subscribers in Indonesia’s mobile market, the second-highest number in Asia after India, in what XL Axiata (EXCL) on May 1 called an “unsustainable situation.”

Buying spectrum would allow XL Axiata to add services and coverage areas after the company this month reported first-quarter profit slumped by more than half to 315.5 billion rupiah (US$32 million) from a year earlier.

Representatives of XL Axiata, Saudi Telecom, Axis and Maxis Communications weren’t immediately available.

Any purchase of Axis would require approval from the Indonesian government, which holds stakes in the two largest telecom operators – PT Telekomunikasi Indonesia and PT Indosat – one person said.

XL Axiata, with 46 million subscribers, would be “happy to play a role” in consolidation of Indonesia’s mobile telecom industry, president director Hasnul Suhaimi said on a May 1 conference call with investors.

“Ultimately, it might become not even attractive to continue investing,” unless the industry structure improves, he said.

Indonesia’s three major operators, including XL Axiata, would benefit from acquisitions as eased competition would allow them to raise prices, Riaz Hyder, an analyst at Macquarie Group Ltd., wrote in a report last month.

Saudi Telecom owns 84 per cent of Axis, while Maxis holds the remainder.

Saudi Telecom’s stake in Axis is valued at US$880 million, Saudi Fransi Capital analyst Roy Cherry said in February.

Saudi Telecom’s chief executive officer Khaled Al Ghuniem quit the parent company in March after less than a year in the post. — Bloomberg

He said the bank, which disbursed RM3.1 billion last year, received an average of between 150 and 200 applications for funding per year.

“This was a three-fold jump as opposed to RM1.2 billion disbursed in 2011 and was in line with the bank’s mandated role to focus on cross-border markets,” he said before witnessing the signing of a memorandum of collaborative arrangement (MOCA) between EXIM Bank, The Multimedia Development Corporation (MDeC) and the Construction Industry Development Board (CIDB) yesterday.

MOCA would serve as a platform for CIDB and MDeC to share their respective knowledge and expertise with EXIM Bank to facilitate Malaysian construction and ICT players in their cross-border ventures.

Ahmad said EXIM Bank’s expertise and experience in relation to international market involvement provided the right equation for both CIDB and MDeC, especially in guiding “export-ready” entities, to better equip themselves prior to venturing into any unchartered territories.

“In return, the sharing of technical expertise available from CIDB and MDeC will allow the bank to assess any related application with indepth understanding,” he added. — Bernama

According to a press statement, the fund is suitable for investors who are seeking investments that provide lower risk than equities.

Datin Maznah Mahbob, chief executive officer (CEO) of AmInvest said there was a rising demand for such funds due to the environment which consists of low interest and increased market volatility.

“As Malaysia’s number one fixed income fund manager in terms of asset under management, we are backed by the firm’s unique position to deliver potential returns to our clients in less predictable economic and market conditions,” she said.

The statement further explained that the fund was aimed to provide annual income distribution throughout the duration.

To achieve the investment objective, the fund intends to invest in a portfolio of domestic and/or foreign sovereign issued bonds and corporate bonds.

For domestic bonds, the minimum credit rating will be ‘A’ rated by RAM Ratings Services Bhd (RAM Ratings) or its equivalent rating by Malaysian Rating Corporation Bhd (MARC) at the time of investment.

“For foreign bonds, the minimum credit rating will be ‘A’ rated by their respective local credit rating agencies which generally denotes strong capacity to meet financial commitments and/or ‘BB’ rated by Standards & Poor’s or its equivalent rating by Moody’s at the time of investment,” the statement elaborated.

To note, as the fund is a close-ended fund, the Investment Manager would have purchase bonds which would generally be held until their respective maturity. These bonds will generally have shorter or equal maturity to the Fund’s maturity.

The Investment Manager will not actively adopt a trading strategy unless there is a decrease or expected decrease in interest rates resulting in an increase of bond price, for the purpose of maximising returns of the Fund over the tenure of three years.

The statement added, the fund also has an early repayment feature whereby the investors may receive the proceeds of the bond which include principal and realised gains at any time when a bond in the fund’s holdings has achieved 15 per cent cumulative returns before its maturity, subject to the discretion of the Investment Manager.

The fund has an offer period of 45 days, starting May 9, 2013 and ends on June 22, 2013 at the price of RM1 per unit. Its minimum and additional investment is RM5,000.

The fund is exclusively available at Alliance Bank, all AmBank branches, AmSignature Priority Banking, AmPrivate Banking, CIMB Bank, Citibank, Maybank and OCBC Bank, the statement concluded.

The research house said the group’s property segment recorded stronger results by 96 per cent year-on-year, and 14 per cent quarter-on-quarter, due to higher development profits during its third quarter ended March 31, 2013.

The group reported a core net profit of RM1.3 billion for its nine months ended March 31, 2013, which was above expectations of the research house, making up 85 per cent Alliance Research’s full year estimates.

“The positive earnings surprise was due to its downstream manufacturing segments, which were up 247 per cent year-on-year, as margins improved in refineries and the specialty fats sub-segment,” it said yesterday.

Alliance Research maintained its “neutral” recommendation on IOI Corp with a raised target price of RM5.41 from RM4.95 previously.

In a separate note, Kenanga Research said it had increased the group’s 2013 financial year net income estimate by four per cent to RM2.05 billion.

However, core earnings estimates for the 2013 and 2014 financial years were left unchanged at RM1.62 billion and RM1.72 billion each.

“We are maintaining our “market perform” call on IOI Corp, with an unchanged target price of RM5.40,” it added. — Bernama

Zulkifli Haji Sharif, MyCEB’s chief executive, who is also the current president of the Asia Association of Convention Bureaux, told Bernama that professional organisations such as medical bodies, were being targeted to be enticed to hold their meetings and events in Malaysia.

“Although the slowdown in many markets may have had an overall negative economic impact, associations of professionals in the west, will continue to hold their events such as annual conferences.

“Indeed, the association business is expected to grow as they have to hold their meetings annually. Associations provide high volume business and, with it, high yields, coupled with a spillover effect on various segments of the economy,” he said.

MyCEB has as such been closely monitoring associations globally to identify opportunities.

Besides targeting professional associations and the corporate sector, MyCEB has also created a special unit, Malaysia Major Events (MME), that monitors events related to sports, arts, entertainment and such.

Zulkifli said that MyCEB had succeeded in organising every year, three new events, along with 15 per cent domestic events with international content.

The MICE sector has evolved into an important economic factor and a high-revenue yielding source of business.

Some 1.75 million business travellers clocked into Malaysia in 2012, accounting for some 5.3 per cent of the total number of foreign tourist arrivals in the country.

MICE also contributed about RM10 billion in 2012, derived mainly from delegates’ expenses, while the overall economic impact was far greater and estimated at RM 17 billion.

Participating under the umbrella of the Malaysia Conventions and Exhibitions Bureau (MyCEB), 11 dedicated organisations from Malaysia showcased their services in various aspects of the MICE sector before a discerning international public.

The government has also recognised the importance of the MICE sector in the economic context, and is building up infrastructure to bolster its strength and attractiveness.

Convention facilities and new hotels are being built.

MyCEB is also mulling the idea of setting up a convention centre close to the sprawling Matrade exhibition centre in Kuala Lumpur.

Zulkifli pointed out that under the Economic Transformation Programme, MyCEB had been set a target of attracting eight per cent of MICE-related visitors to the country by 2020, up from five per cent in 2010.

Ping Ho, general manager (sales and marketing) and Jennifer Ong, the industry services manager of MyCEB, were among those engaged in meeting the steady stream of visitors to the Malaysian pavilion at the IMEX show.

Participating under the umbrella of MyCEB, 11 dedicated organisations from Malaysia, showcased their services in various aspects of the MICE sector, before a discerning international public at IMEX.

IMEX 2013 is an exhibition that brings a host of event planners and suppliers together. — Bernama

According to a press release, speaking at Samchem’s annual general meeting, chief executive officer, Ng Thin Poh said that Samchem had seen operations in Vietnam continuing its double-digit growth rate, posting a 20.2 per cent rise in revenue to RM84.8 million in financial year ended December 31, 2012 (FY12), versus RM70.5 million previously.

“Since we set foot in Vietnam in 2010, the group has witnessed tremendous growth and potential in our operations there.

“The commendable performance from this operations was mainly due to Vietnam’s economy experiencing rapid growth, expanding population, and business-friendly government policies,” Ng added.

Samchem’s Vietnam operations contributed about 16.1 per cent of the group’s revenue at RM526.4 million in FY12, compared to 13.9 per cent in the previous year.

Since its commencement in Vietnam, Samchem has not only grown its revenue base there, but also expanded its principals that currently comprise of Shell, ExxonMobil, Shell, BASF Petronas, and other principals, the statement highlighted.

Samchem presently serves a wide ranging clientele of wholesalers and direct customers, numbering approximately 1,000 customers throughout Vietnam.

“Including Samchem’s other regional operations in Indonesia and Singapore, as well as exports from the headquarters in Malaysia, the group’s overseas markets contributed revenue of RM167.9 million, constituting 32 per cent of group’s revenue in FY12,” the statement pointed out.

As for Samchem’s domestic market, Ng said the group would continue to grow its market share by securing more customers locally, leveraging on its recently-expanded facilities in Johor Bahru and Ipoh.

The group had invested a capital expenditure of RM7 million in the plant upgrade in FY12. Meanwhile, at the AGM, Samchem shareholders approved the payment of a first and final dividend of 25 sen per share, which translates into a dividend payout of RM3.4 million, and represents 38.5 per cent of its FY12 net profit.

SCORE has to date seen RM24 billion worth of investments, whereby RM12.318 billion were foreign investments and RM6.635 billion were in joint ventures between local and foreign investors, according to the Malaysian Investment Development Authority.

Sarawak State Secretary Tan Sri Datuk Amar Mohd Morshidi Abdul Ghani highlighted during the International Hydropower Association (IHA) 2013 World Congress yesterday that the theme of advancing hydropower was particularly important to address the challenges currently faced by the state.

“Sarawak has long been recognised as having a large potential for the development of hydro electric power by virtue of its high rainfall and suitable topography.

The first overall review of potential hydropower done in 1962 was made by Australian engineers under the Colombo Programme.

“Based on those studies and reviews, it was noted that Sarawak has the potential hydro energy of 20,000 megawatts (MW) of clean energy with a total energy output of 87,000 MW per year,” Morshidi stated in his speech.

To recap, Sarawak’s first venture into hydro electricity was the Batang Ai dam project, which had the capacity of 108MW.

Morshidi noted that the state had recently started taking power from the Bakun dam.

The project’s first four turbines were already commissioned and were now producing around 700MW of energy, with the remaining turbines to be commissioned over the next 12 months achieving full capacity of 2,400MW.

The state’s latest dam, namely the Murum hydroelectric project, is currently nearing completion and is expected to be operational by the end of next year.

The ‘Members of Administration and Members of Dewan Undangan Negeri (Remuneration, Pensions and Gratuities) Bill 2013’, to take retroactive effect from January 1 last year, will effectively triple the respective basic salaries of political secretaries, elected members of the assembly, assistant ministers, ministers, senior ministers, deputy chief minister and chief minister.

Sarawak Chamber of Commerce and Industry (SCCI) president Datuk Abang Abdul Karim Tun Abang Openg told The Borneo Post that the state government was in a good position to pay the increased remuneration and allowances said to amount to an additional RM17 million per year.

“This should be quite acceptable in terms of service to the people and I hope that there will be more commitment on the part of the immediate beneficiaries in contributing towards development of the state.

“Holistically, the rakyat will also benefit from the implementation of programmes and various development projects that will be rolled out by a capable government with a good performance record.

“So, at the end of the day, everyone will benefit from the increased pay as greater performance and productivity will be reaped from overall transformation goals as contained in the Barisan Nasional manifesto,” he said in a telephone interview yesterday.

On the other hand, a community leader who spoke on the condition of anonymity, said the tripling of salaries was “uncalled for” and not conducive in the long run given the overall economic global climate is “not so sound”.

He said the company has set a premium target of RM2 million for its Z-Corporate Travel Insurance and RM1 million for Z-Travel (Domestic/Inbound) Insurance products.

“We estimate to double and triple the premium amount in the next five years,” he told a press conference after launching the products here yesterday.

Z-Corporate Travel and Z-Travel (Domestic/Inbound) are the second and third insurance travel insurance products to be launched by the company.