SEDCO unlocks record dividends, strengthens Sabah economic foundations

KOTA KINABALU: The Sabah Economic Development Corporation (SEDCO) is charting a new course of growth and efficiency under its new leadership, achieving its highest dividend and loan repayment contribution to the state in 15 years.

Group general manager Datuk James Wong Kein Peng, a registered architect with private-sector experience, said SEDCO has recorded a combined payout of RM10 million in dividends and loan repayments to the Sabah government this year.

“When I came on board, my goal was to bring the best practices of the private sector into the organisation, to make us more effective, efficient and accountable,” he said.

Over the past eight months since his appointment, Wong said SEDCO has reviewed and revitalised the performance of more than 20 subsidiaries across tourism, construction, logistics and resource industries.

The statutory body has also introduced a Project Management and Procurement Unit (PMPU) to strengthen oversight and align procurement processes with Finance Ministry guidelines, a move that has already reduced inefficiencies and curbed wasteful spending.

Subsidiaries such as Cement Industries (Sabah) Sdn Bhd (CIS) have turned profitable under the new framework, while SEDCO Mining and SEDCO Precast are contributing to a stronger industrial ecosystem for Sabah’s construction and infrastructure sectors.

Wong also said SEDCO, which owns land for gas pipelines, is working continuously to enter into sub-lease agreements with Petronas.

“We are, on a monthly and weekly basis, pursuing these opportunities that will unlock significant revenue in the short term,” he said during an interview with Media Prima at Wisma SEDCO.

Wong said redevelopment plans are being explored for subsidiaries such as Hyatt Regency Kinabalu, the Sabah International CTEC Trade Exhibition Centre and the proposed SEDCO Towers project.

The corporation is also developing a cold chain and logistics hub near Sepanggar Port, along with tourism collaborations involving Mount Kinabalu, Perkasa Hotel in Ranau and SEDCO Travel and Tours.

To ensure the organisation meets its goals, Wong’s leadership has introduced a performance-based culture through key performance indicators (KPIs) and an incentive bonus system to reward high-performing staff and subsidiaries.

“Numbers don’t lie. We’re building a culture where every unit and every employee understands how their work contributes to SEDCO’s overall goals.

“If the organisation performs well, we all share the rewards; that’s how we grow together,” he said, adding that SEDCO employs over 1,000 people across its group.

© New Straits Times Press (M) Bhd

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