EWON URGES SABAH GOVT TO HOLD AT LEAST 30 PCT EQUITY IN INVESTMENTS

KOTA KINABALU, Nov 18 (Bernama) -- The Sabah government is encouraged to hold at least 30 per cent equity in domestic investment projects to empower the economy of the state, said Datuk Ewon Benedick (PH-Kadamaian).

He said this ownership could be done through state-owned companies and would create a sense of ownership to generate greater returns in line with the state government’s direction.

“I would like to congratulate the Sabah government for implementing requirements for equity ownership in state investments, including foreign investments.

“This includes no longer granting land ownership to investors; instead, they will only be provided with leases,” he told the Sabah State Legislative Assembly here today.

Ewon, who is also the federal Entrepreneurship Development and Cooperatives (KUSKOP) minister, said this while debating the Supply Bill (2025) 2024 (Sabah Budget 2025).

He said the state government must also focus on the process of acquiring Sabah Electricity Sdn Bhd, following the transfer of energy and gas regulatory powers to Sabah in January.

“With the ability to generate significant revenue, I believe the Sabah government can plan how to fully acquire the shares currently held by Tenaga Nasional Bhd (TNB) in Sabah Electricity.

“This would further strengthen the company by owning its power plants, rather than just being a buyer of energy produced by independent power plants,” Ewon said.

Sabah Electricity is a utility company that provides electricity in Sabah and Labuan, of which 80 per cent is owned by TNB, while the remaining 20 per cent is owned by the state government.

-- BERNAMA