POIC Lahad Datu sees bright days ahead
18 Jan 2023
Improving investment environment and prudent management are giving an optimistic outlook for state-owned POIC Sabah which has been recently rebranded as a logistics hub for ports services, investment destination and palm oil downstream activities.
Based on the 2023 budget and business plan approved by the Board of Directors last December, POIC Sabah Sdn Bhd is projected to turn into a profit-making government-linked company (GLC) in 2023.
It has started paying back its loan to the Sabah State government with the first repayment of RM2 million.
This was revealed to Chief Minister Datuk Seri Panglima Haji Hajiji Noor during a courtesy call by the chairman of POIC Sabah Sdn Bhd (developer of POIC Lahad Datu), Datuk Seri Panglima Yong Teck Lee and its Chief Executive Officer Datuk Fredian Gan on Wednesday.
During the courtesy call, Hajiji received on behalf of the State government a cheque for RM2 million being part payment of a state loan towards the development and operations of the industrial park.
Gan who took over the reins of the company less than two years ago, said the maturing company and positive investment environment will be key to POIC Sabah fulfilling its various obligations.
He added that while he shared the view that government-linked corporations should be profit oriented, POIC Sabah’s role in promoting industrialisation in Sabah requires longer gestation and capital input for requisite infrastructure.
POIC Lahad Datu has expanded into logistics by leveraging on its integrated port facilities located in proximity to the resource-rich BIMP-EAGA territories.
This has attracted the interest of a major port group in China who sees POIC Lahad Datu as a gateway to a BIMP-EAGA with a market of 90 million people.
Northport Malaysia, based in Klang, Selangor also sees POIC Lahad Datu as a strategic port to the Southern Philippines and Kalimantan as well as the large market for halal products across BIMP-EAGA.
Source: The Borneo Post