Musa Wants To See Investment Agencies Emerging High Achievers

TAWAU (Sabah, Malaysia), April 23 (Bernama) -- Chief Minister Musa Aman says he wants to see state investment agencies emerging high achievers in their investments and economic activities. He said becoming high achievers in their ventures are not something impossible if the agencies showed high commitment, sincerity and efficient administration. "If the agencies practised efficient management, with the employees working with high commitment, the agencies will surely succeed in their endeavours," said Musa, who is also State Finance Minister, at the Sabah Softwoods Bhd's annual dinner here last night. Citing Sabah Softwoods as an example, Musa said the Sabah Foundation's subsidiary has developed, raking in profits totalling hundreds of millions of ringgit a year though in the formative years the company could only manage a few million ringgit profit. "When a company makes profit, the spillovers are not only enjoyed by the state government via annual dividend payments by the company to the government, the employees can also reap the benefits," said Musa, who is also Sabah Foundation Board of Trustees Chairman. The Chief Minister said the company's financial means to offer four months' bonus for its employees recently was proof of its good performance, which would benefit its employees and the organisation as a whole. "The company's affordability to pay back the RM25 million (US$8.15 million) loan in advance to Innoprise Sdn Bhd (a subsidiary of Sabah Foundation) gives satisfaction to everybody. "So, it's not wrong to give four months' bonus to the employees as such rewards are also practised by multinationals," he said. Musa also suggested to government investment agencies, particularly companies which have invested in oil palm estates, to diversify their products by venturing into oil palm downstream industries and not merely focusing on crude palm oil. He said Sabah Softwoods was on the right track in its continued efforts to provide added value for its products and manufacture high quality goods and for its initiative to collaborate with other companies to make bigger profits in future. Musa also cautioned the company to be careful when investing or teaming up with any company to ensure the investment or collaboration yielded the desired revenue. -- BERNAMA