Kudos for Selangor | Selangor Times
Monday
23·04·2018
Issue 118

 

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Kudos for Selangor
Writer: Gan Pei Ling
Published: Fri, 19 Oct 2012

SHAH ALAM: Selangor’s financial position for 2011 received a “good” rating according to the annual Auditor-General’s Report which was released on Monday. 

Selangor’s consolidated fund or bank reserves had increased by RM357 million, up 22.5 per cent from RM1.58 billion in 2010 to RM1.94 billion as at Dec 31, 2011.

“It’s the highest level in the past five years,” said the report which noted the state reserve’s upward trend since 2007.

It said Selangor’s financial statements reflected a true and fair view of the state’s financial affairs.

The Pakatan Rakyat state administration collected RM1.63 billion in revenue and spent RM1.45 billion last year, recording a surplus of RM180.5 million, higher than the RM124 million surplus the previous year.

Out of 627 development projects approved in 2011, 377, or 60.1 per cent, have been completed or are in progress, with 81 per cent of the development expenditure spent.

“Generally, the performance of development projects was good in respect of expenditure and the number of projects approved,” the report stated.

Selangor also managed to reduce its public debt by RM25m, from RM1.004b in 2010 to RM979m last year, while its outstanding loan repayment decreased by RM605m.

An analysis of the state’s overall investments found a positive trend, with increasing returns from RM610.3 million in 2007 to over RM1.55 billion last year.

But the AG report highlighted that Selangor received very low dividend yield for the past five years for its long-term investments in nine state subsidiaries and a government-linked company.

The state did not receive any dividend after investing RM376.5 million last year in Permodalan Negeri Selangor Bhd, Kumpulan Darul Ehsan Bhd, Pendidikan Industri YS Sdn Bhd, SSIC Bhd, Bukit Beruntung Golf & Country Resort Bhd, Rantaian Mesra Sdn Bhd, Kumpulan Semesta Sdn Bhd, Tourism Selangor Sdn Bhd and MSNS Holdings Sdn Bhd, except for a meagre RM11,100 from Permodalan Nasional Bhd.

Between 2007 and 2010, Selangor only received RM5.88 million in dividends after investing more than RM1.5 billion in the 10 companies.

“The state government should take action...to recover the dividends for its investments,” the report recommended in its concluding remarks.

 

 

 

 

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