Sabah Finance Ministry says no conflict of interest in SMJE payment of SIP's debts

KOTA KINABALU: Sabah's Finance Ministry refutes claims of a conflict of interest over state-owned SMJ Energy Sdn Bhd's payment of Sabah International Petroleum Sdn Bhd's debts following its acquisition.

The Parti Warisan president raised questions about the debt payment, noting that SMJE's technical adviser is also the SD Bank executive chairman. In clarifying the matter, Mohd Sofian insisted there was"absolutely no element of a conflict of interest in this corporate exercise when SMJE, SIP, and SD Bank are all ultimately owned by the State government of Sabah."

"It is supported by experienced independent directors from both the oil and gas and investment fields to ensure professional management," he said. "It should be noted that SMJE achieved the most competitive rates for the issuance of the first tranche of the sukuk of RM900mil, which was 3.9 times oversubscribed and described by an online business portal as the most successful non-IPO fundraising in 2023," he elaborated.He said SMJE will generate significant revenue through dividends, cash flow from existing operations, and reduced debt servicing costs.

He also pointed out the consistent cash flow from SIP's floating production, storage, and offloading facilities , where he said RM271mil had been channelled to SMJE since the acquisition.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Finance Ministry: Ringgit top performer among 10 regional currencies as of mid-MayKUALA LUMPUR, May 26 — The ringgit has recorded the best performance against the US dollar as of mid-May 2024 among 10 regional currencies following the Madani Government’s...
Source: malaymail - 🏆 1. / 86 Read more »

Govt serious about ensuring successful economic reforms, says Finance MinistryYANGON: Myanmar Railways (MR) reported that there have been 205 mine attacks in the area of railways and train stations, 163 mine attacks on railway bridges and 42 arson attacks on station buildings and staff housings in more than three years from February 1, 2021, to May 21, 2024.
Source: staronline - 🏆 4. / 75 Read more »

Finance Ministry: Govt serious about ensuring successful economic reformsKUALA LUMPUR, May 24 — The Ministry of Finance (MoF) is serious about ensuring the success of economic reforms in Malaysia, aiming to overcome the middle-income trap and...
Source: malaymail - 🏆 1. / 86 Read more »

Ministry of Finance wants new leap market measures to be ready by early next yearKUALA LUMPUR, May 23 — The Ministry of Finance (MoF) has instructed the Securities Commission Malaysia (SC) to further recalibrate the Leap Market to address the issue of...
Source: malaymail - 🏆 1. / 86 Read more »

Finance Ministry: Govt confident of achieving 4-5pc GDP growth in 2024KUALA LUMPUR, May 17 — The government is optimistic that Malaysia’s gross domestic product (GDP) is well placed to expand within the official forecast range of 4.0 per cent...
Source: malaymail - 🏆 1. / 86 Read more »

Finance Ministry: Petrol, diesel prices remain unchanged until May 8KUALA LUMPUR, May 1 — The retail prices of RON97 and RON95 petrol as well as diesel will remain unchanged at RM3.47, RM2.05 and RM2.15 per litre, respectively, from tomorrow...
Source: malaymail - 🏆 1. / 86 Read more »