The High Court here on Thursday allowed a subsidiary of Sarawak Energy Bhd (SEB) to challenge the Ministry of Finance's decision to reject its RM10.9 billion investment tax allowance claim in 2019, as it granted an application from SEB's subsidiary for a judicial review of the Ministry's decision. SEB's subsidiary, Baleh Hydro Power Generation Sdn Bhd, which was appointed to construct a hydroelectric power plant in Kapit, Sarawak, had applied to the Ministry to claim the investment tax allowance, a type of tax incentive granted based on the capital expenditure a company incurs on approved projects.
Cahya Mata Sarawak sees gradual increase in cement demand 04 March 2021
Malaysia-based Cahya Mata Sarawak Bhd (CMS) can expect an improved financial performance this year, given the anticipated gradual recovery in the demand for building materials in Sarawak following the relaxation of movement restrictions.
TA Securities Research said CMS management expects demand for cement to be around 1.6Mt in 2021, backed by ongoing infrastructure projects such as the Pan Borneo Highway, Coastal Road and Baleh Hydro Dam.
The group’s clinker plant is also on track to increase its production to 750,000t and 800,000t for the FY21 and FY22, respectively, to be less reliant on imported clinker.