23/06/2025

BIZ & FINANCE MONDAY | JUNE 23, 2025

15

Firms team up for industrial, logistics hub on Carey Island

MSPO in pact with ASSC to promote Malaysian sustainable palm oil in Japan PUTRAJAYA: The Malaysian Sustainable Palm Oil (MSPO), formerly the Malaysian Palm Oil Certification Council, has signed a memorandum of understanding with Japan’s Global Alliance for Sustainable Supply Chain (ASSC) to boost demand and expand market access for MSPO certified palm oil across Japan’s premium industrial sectors. According to a statement from the Plantation and Commodities Ministry, the collaboration is significant in Malaysia’s efforts to strengthen the global posi tioning of its sustainable palm oil industry. “This partnership is expected to unlock new opportunities in Japan’s high value industries and enhance Malaysia’s presence in global sustainable supply chains,” the statement said. The partnership positions the MSPO at the centre of Japan’s sustainable procure ment ecosystem, providing Malaysian producers with direct access to buyers who prioritise responsible sourcing, the ministry said. Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said: “This strategic partnership marks a significant milestone in Malaysia’s efforts to champion sustainable palm oil on the global stage. It reflects growing inter national recognition of MSPO as a credible and inclusive certification that meets the highest environmental and social standards. “At its core, MSPO is not just about markets, it is about people. This colla boration opens up real opportunities for our smallholders, empowers our workers, and uplifts rural communities by en suring that their palm oil can reach high value, sustainability-conscious markets like Japan,” he said. The ministry said the partnership builds on the outcome of a compre hensive human rights impact assessment (HRIA) conducted in 2023 by Ajinomoto Co Inc and ASSC which validated the MSPO framework as robust, inclusive and well aligned with international expect ations, particularly in safeguarding small holder livelihoods and protecting workers’ rights. “ASSC will serve as a core knowledge and advocacy partner for MSPO in Japan, helping to build industry awareness, influence procurement decisions, and drive the adoption of certified sustain able palm oil in one of the world’s most quality-conscious markets,”the statement said. – Bernama

o Property giants form joint venture to develop 2,000-acre site

PETALING JAYA: SD Guthrie Bhd and Sime Darby Property Bhd have signed a joint venture agreement to develop up to 2,000 acres of land on Carey Island, Selangor, to support sustainable economic growth and innovation. The joint venture agreement is a culmination of discussions which began in 2023, and is driven by a shared vision for long-term value creation that will be formalised through the establishment of a special purpose vehicle (SPV). The collaboration represents a unique opportunity for both companies to unlock Carey Island’s full potential, transforming it into a leading industrial and logistics hub that will co-exist with the integrated and well established palm oil business on the island and complement the existing operations at Westports and Northport in Port Klang. Both SD Guthrie and SDP are strategic investee companies of Permodalan Nasional Bhd (PNB), one of the largest fund management companies in Malaysia. PNB will nominate the chairman of the newly formed SPV. PNB president and group chief executive Datuk Abdul Rahman Ahmad said, “We laud and greatly support this joint venture between SD Guthrie and SDP, which aligns with national aspirations and GEAR-uP initiatives by the government in catalysing domestic invest ments. This collaboration between PNB’s two strategic companies will provide a boost towards the sustainable development of this high potential area as well as help bolster further Malaysia’s economic and industrial isation growth.” The 2,000-acre site on Carey Island provides

The strategic approach to foster sustainable value creation will ensure that the needs and well-being of local communities, including the indigenous Mah Meri people on the island, are prioritised. SD Guthrie owns 79% of Carey Island, or 28,646 acres. The plantation is managed sustainably to ensure environmental con servation. In 2024, SD Guthrie announced its expansion into two new business areas: industrial parks and renewable energy. In a joint statement issued by the two companies, SD Guthrie group managing director Datuk Mohamad Helmy Othman Basha said, “We fully support the government’s aspirations to accelerate the growth of international trade and cater to the demand for innovative industrial facilities. Carey Island has been identified by the government as the new site for a world-class port due to its suitable and strategic location near Port Klang, and proxi mity to Pulau Indah. “Additionally, the island is conveniently connected to the city via the South Klang Valley Expressway which integrates with the North South Expressway, ensuring accessibility.” Sime Property Group managing director and CEO Datuk Seri Azmir Merican said, “We are excited to partner with SD Guthrie on this timely opportunity to unlock value in Carey Island as a dynamic port and advance the nation’s aspirations of becoming a regional logistics and economic hub. “The collaboration allows us to begin master planning and designing a future-ready industrial ecosystem that will serve the needs of businesses and communities for years to come.” be expanded to include six new services: leasing or rental, construction, finance, private health-care, education and beauty services. Treasury secretary-general Datuk Johan Mahmood Merican has reportedly said revenue from the Sales and Service Tax (SST) collection is expected to increase by RM5 billion in 2025 and by RM10 billion in 2026, following the implementation of the SST revised and ex-panded scope. – Bernama

the scalability required for world-class logistics facilities, integrated supply chains and high-value industrial developments, required to attract global players and invest ments. The port will thus be well positioned to compete with ports in Singapore, Thailand and Vietnam, giving a boost to Malaysia’s aspirations to become a logistics powerhouse in the region. Today, Carey Island is celebrated for its fully integrated oil palm plantation, the last one of its kind in the Greater Klang Valley. It is an important location for the Malaysian plantation industry and is used frequently to host visitors from around the world, including foreign government delegations, ambassadors, re search and development (R&D) institutions and universities. SD Guthrie operates two estates and palm oil mills on the island, all of which are certified to the highest sustainability standards in the world. Also on the island are a kernel crushing plant, biodiesel plant, R&D facilities, robotics and innovation centre and nursery. Palm oil produced in Carey Island is processed in two large refineries located nearby in Langat and Port Klang, which serve customers from around the world. There are also 14 historical buildings on Carey Island that are listed as heritage sites by the National Heritage Department, a large biodiversity park and sensitive mangrove ecosystems that are maintained by SD Guthrie. Combined with the thriving plantation business, the new development on Carey Island will stimulate economic growth, generate employment opportunities and uplift the local economy while preserving the valuable heritage elements of the site.

New applications for revised SST scope open from Aug 1: MoF KUALA LUMPUR: The Ministry of Finance (MoF) has announced that new registration appli cations in relation to the expansion of the service tax scope and the revision of the sales tax rate, which are effective from July 1, can be made from Aug 1. can be submitted beginning tomorrow, the ministry said in a post on X yesterday. On June 9, the government announced a targeted review of the sales tax rate and an expansion of the service tax scope, both effective from July 1.

The sales tax rate remains unchanged for essential goods, while a 5% or 10% rate will be imposed on selected items. Meanwhile, the scope of the service tax will

For existing registered persons, applications for the addition of new services under the expansion of the service tax scope and tariff codes under the revision of the sales tax rate

MCI Capital financial adviser for Skyline Optical Group’s SGX listing plan PETALING JAYA: Malaysian eyewear distributor Skyline Optical Group Sdn Bhd has appointed MCI Capital Sdn Bhd as financial adviser for a proposed initial public offering (IPO) on the Singapore Exchange (SGX). its experienced team of capital markets professionals, its role as adviser will include overall capital markets strategy, listing readiness, regulatory compliance, liaison with and coordination of professionals and assistance with capital structure optimisation. Sdn Bhd in 2023. The company is evaluating the optimal listing structure and timeline, with the final decision to be made following the completion of due diligence processes and receipt of regulatory approvals.

Skyline Optical Group founder Frian Lin said the proposed listing represents a pivotal milestone in the company’s strategic expansion plans as it seeks to leverage Singapore’s robust capital markets to fuel its next phase of regional growth. “This is more than just a listing. It represents our commitment to esta blishing Skyline Optical as the premier B2B eyewear distribution platform across Southeast Asia,“ he said. MCI Capital said that together with

In addition to the IPO adviser appointment, Skyline Optical Group and MCI Capital announced the launch of a joint corporate social responsibility initiative targeting the B40 income community in the Klang Valley. The programme will provide 6,000 pairs of prescription glasses free of charge to underprivileged families, addressing critical vision care needs while demonstrating both companies’ commitment to social impact alongside business growth.

MCI Capital chairman and partner Datuk Cannis Chan said Skyline Optical Group represents a profitable company with strong growth prospects that resonates with international investors. Skyline Optical Group has been a distributor of eyewear frames and sunglasses since 2008. It has demon strated consistent growth through strategic expansion, including the establishment of J & J International Eyewear Sdn Bhd in 2022 and Tag Spec

From left: Evolve Capital Pte Ltd partner Andy Chi, Chan and Lin at the signing ceremony in Kuala Lumpur.