KOTA KINABALU (June 9): Sabah Energy Corporation Sdn Bhd (SEC) has declared a dividend of RM6.50 million to the Sabah state government for the financial year ending Dec 31, 2013.

This was in addition to a special gross dividend of RM76.3 million paid out during the same financial year.

Sabah Chief Minister Datuk Seri Musa Aman, who is also State finance minister, said cumulative gross dividends paid to the state government now stood at RM169 million.

“It shows SEC is one of the performing state government-linked companies, which can only be achieved through adopting sound management practices such as prudent spending, transparency and accountability,” he said in a statement here today.

The dividend was presented to State Finance Ministry’s Permanent Secretary Datuk Pengiran Hassanel Pengiran Mohd Tahir by SEC CEO   Datuk Harun Ismail, witnessed by Musa and SEC Chairman Datuk Au Kam Wah.

Musa said SEC had made commendable progress in bringing natural gas to factories in Kota Kinabalu through an innovative ‘Virtual Pipeline System’.

“As natural gas is much cheaper and cleaner with a smaller carbon footprint, I have requested SEC to bring these benefits to other factories throughout Sabah,” he said.

Meanwhile, Harun said that SEC and its group of companies achieved a profit before tax of RM97 million for the 2013 financial year.

During the 2013 financial year, he said, the state government increased its paid-up capital in SEC by RM57.2 million through reinjection of dividends received.

“Today, the total share capital is about RM300 million while the total shareholders’ funds of the group is about RM714 million,” he said.

Harun said the ‘Virtual Pipeline’ project, launched by the chief minister in July 2012, is progressing very well with eight industrial customers having signed gas purchase agreements and four already using the cleaner and cheaper fuel.

The remaining four will commence taking gas between this month and the first quarter of next year, he said, adding the project has enabled SEC to increase by four times the volume of its gas distribution.

Business & Markets

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