Malaysia Vision Valley 2.0 officially launched, nine years on

PETALING JAYA: The Malaysia Vision Valley 2.0 (MVV 2.0) project was officially launched today, after being shelved, reintroduced and restructured over the past nine years.

In a statement issued today, master developer Sime Darby Property Bhd said it is planning for the development of a high-tech and industrial park, which is the first “heartbeat project” among the six identified within the first phase of development to be activated.

“Sime Darby Property will be under-taking this project as the master developer, which allows us to extract and enhance the value of our land bank within the MVV 2.0 development area,” said Sime Darby Property chairman Tan Sri Zeti Akhtar Aziz.

“We will take on key projects that will become among the principal drivers of the country’s future economic growth and social development. The company’s significant role in MVV 2.0 is a continuation of our commitment towards the develop-ment of Negri Sembilan,” she said.

The state-led private sector-driven development is envisioned to be a world-class metropolis that is competitive, inclusive and clean, and aims to attract international and local investors, creating job and business opportunities. The overall development spans 379,087 acres covering the districts of Seremban and Port Dickson.

Sime Darby Property currently owns 2,838 acres within the MVV 2.0 and has the option to acquire another 8,796 acres from Sime Darby Bhd within five years from the date of its listing. The first phase of MVV 2.0 spans over a 30-year development period covering 27,000 acres.

MVV 2.0 is part of the National Physical Plan, where it has been identified as one of the 17 promoted development zones to be given priority at national level. It is also part of the State Structure Plan, aimed at positioning the Seremban and Port Dickson districts as extensions of Greater Kuala Lumpur.

Officiated by Negri Sembilan Mentri Besar Aminuddin Harun, the launch also saw the unveiling of the Comprehensive Development Plan (CDP) for MVV 2.0 and the publicity for its local plan.

The CDP defines the growth develop-ment plan for MVV 2.0, along with its catalytic development focus, economic and social benefits, and sustainability and environmental aspirations. It also prioritises various aspects of economy, environment and social development within MVV 2.0.

Also launched yesterday was the publicity for the MVV 2045 Local Plan, which sets out land use zoning and development initiatives to take MVV 2.0 forward. It includes action plans for the en-hancement of the environment, accessibility, infrastructure, liveability and in-dustries within the MVV 2.0 development region.

“The preparation for MVV 2.0 is inclusive as it provides an opportunity for the surrounding communities to give their views and ideas for the overall planning of MVV 2.0. The development plans have also been restructured to enhance some of the major project development clusters to promote high-tech investments which are aligned with our national aspirations.

“The projects undertaken will serve as catalysts to the development of MVV 2.0. It is also aligned with the 11th Malaysia Plan Mid-Term Review where emphasis will be given to the high-tech industry segments which also covers the aerospace industry,” said Aminuddin.

Previously known as Sime Darby Vision Valley, the project originally had an estimated gross development value of RM25 billion to RM30 billion. Under the master plan unveiled back in 2009, the project originally took up over 32,000ha to be developed over 20 years. The project was revived when the previous government announced in Budget 2016 that it would develop Malaysia Vision Valley with an initial investment of RM5 billion.

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KUCHING: Analysts such as AmInvestment Bank Bhd (AmInvestment Bank) were unperturbed by labour issues surrounding Top Glove Corporation Bhd (Top Glove), believing that the world’s largest glovemaker had adequately addressed the issues raised in its announcement to Bursa Malaysia. This comes after the Thompson Reuters Foundation found that some Top Glove workers clocked in more […]

Petronas: Oil price volatility to persist in 2019

KUALA LUMPUR: This year has seen great volatility in oil prices, which is expected to persist in 2019, according to Petroliam Nasional Bhd (Petronas).

In its edition of Petronas Activity Outlook (PAO) 2019-2021 report, the Malaysian government-owned oil major maintains its prudent view on the industry outlook and will respond with cautious optimism, particularly on new capital projects.

Petronas said since the last update of PAO 2018-2020, oil prices have exhibited greater volatility despite improvement in price level. In 2018, Brent has averaged US$72 per barrel (as at Dec 7, 2018), compared to average 2017 price of US$54 per barrel, representing a 33% annual increase.

The annual PAO report for the period 2019-2021 shares the group’s perspective on industry trends, demand outlook and activities in the upstream and downstream sectors, and to assist the industry to strategise and better manage its resources and investment decisions.

Petronas vice-president of group procurement Samsudin Miskon said it is pleased with the positive response from the oil and gas industry towards PAO 2018-2020 – considering that Petronas taken a bold move in pushing for transparency in information in the hope that the industry is able to respond, especially with strategic collaborations, to seize opportunities and find long-term solutions.

”The three-year outlook portrays growth in brownfield activities particularly in rigs category and its supporting services, for example, marine vessels. Base activities in maintenance is projected to increase for both onshore and offshore in tandem with this outlook. Integrated groupwide onshore plant & facilities turnaround will build local players’ capability that yields value optimisation” he said in the report.

In the report, Petronas also shared its aspirations and key opportunity areas for industry players to participate in decommissioning activities. Decommissioning is an activity to restore a previously producing site to a safe and environmentally stable condition.

It acknowledged that decommissioning is much talked-about among industry players as a rapidly developing market segment and the report noted that most of the required services are readily available.

The report also emphasised that local players need to reconsider a more cost effective and efficient business model to support upcoming requirements.

AmInvestment keeps ‘buy’ call on Top Glove

PETALING JAYA: AmInvestment Bank remains unperturbed by the investigation in the UK on Top Glove Corp Bhd’s alleged mistreatment of migrant workers and has maintained its “buy” call on the stock.

“We are unperturbed by the latest development. We believe the company has adequately ad-dressed the issues raised in its announcement to Bursa Malaysia on Monday,” it said in its report.

Today, Top Glove shares re-bounded as much as 19 sen or 3.4% to RM5.74 before closing 1 sen or 0.2% lower at RM5.54 with 13.66 million shares traded.

Presently, Top Glove has some 13,000 foreign workers under its employment which make up almost 80% of its total labour force. The company pays the foreign labour at least the minimum wage of RM1,000, excluding additional allowance and overtime (OT) pay.

“We believe the implementation of the new measures to prevent illegal OT hours will ease the concerns any stakeholders might have with regards to the legality of its labour practices,” said Am-Investment Bank.

It noted that the UK is a small market for Top Glove, contributing only 2-3% of its FY17 turnover.

“We understand that Top Glove has complied with the requirement for a third-party certification for sales to Europe which involves the engagement between the buyers and external auditors to ensure that the product meets certain environmental, social and governance (ESG) standards,” it added.

AmInvestment Bank continues to like Top Glove for its expansionary plans; focus and continual efforts in improving quality and operational efficiency and its position as the largest rubber glove manufacturer, and has maintained its “buy” call on the stock with an unchanged fair value of RM6.52 per share.

To recap, a recent report by Thomson Reuters Foundation said there was mistreatment of migrant workers by Top Glove, which led the UK to launch a probe on the firm regarding allegations of in-fringement of labour rights practices.

However, the group clarified on Monday that it does not practise forced OT and denied having any involvement with the recruitment costs that are charged by foreign agents to the workers at the source country.

To mitigate the issue of high recruitment fees, Top Glove plans to engage with the embassies of the labour source countries and re-quest for their urgent action.

On the issue of OT, the company said it is continuously putting in measures to prevent OT of more than 104 hours per month and these are expected to be fully implemented by the end of this month.

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Worldwide plans RM1b WTE plant in Selangor

SHAH ALAM: Selangor state-linked firm Worldwide Holdings Bhd plans to invest RM1 billion to set up a waste-to-energy (WTE) facility in its existing sanitary landfill in Jeram, Selangor, according to its group CEO Datin Paduka Norazlina Zakaria.

The plant, which is set to be the largest and most modern WTE facility in Malaysia, will be fully funded by the group, in which the state government has provided an allocation of RM40 million for land acquisition.

“Some 20% (of the total investments) will be coming from our equity and the balance (80%) from the financial institutions,” Norazlina told a press conference in conjunction with the group’s signing ceremony today.

The group today signed a joint development agreement with Western Power Clean Energy Sdn Bhd – a joint venture company of China Western Power Engineering and Construction Co Ltd (CWPEC) and China Western Power International (CWPI) for the first phase of the WTE project.

CWPEC and CWPI, which have over 30 years of expertise in the new energy and environmental protection industry, will provide facilitation to Worldwide Holdings in terms of the project development as well as operations and maintenance of the facility.

The phase one of the project would involve an estimated investment of RM500 million, and an additional RM500 million for the second phase.

Norazlina noted that the WTE plant addresses all aspects of environmental issues through a modern and high-tech treatment facilities in strict compliance with the EU standards.

“The technology we are adopting has proven track record using similar waste characteristics in Malaysia. The solid waste is used as feedstock to heat up the furnace and create steam which propels the turbine to generate electricity,” she added.

With waste capacity of 1,000 tonnes per day, Norazlina said the first phase of the facility will produce between 20-25 MW (megawatt) of green energy, which is enough to power 25,000 households within the vicinity of the plant.

She said the first phase of the plant will be ready for commercial operation by 2022, while completion of the second phase is targeted by 2024.

At the same time, Norazlina said the group also plans to open a similar facility, possibly in its Tanjung 12 sanitary landfill in Kuala Langat, Selangor, with a development cost of around RM500 million.

The facilities are expected to reduce land use for landfill while supporting the government’s aspiration of increasing renewable energy generation to 20% by year 2025.

At present, Worldwide Holdings manages 5,000 tonnes of domestic waste per day at its six sanitary landfills in Selangor.