Non-performing Sabah GLCs will be closed, says Shafie

Chief Minister Mohd Shafie Apdal says the state government will make an announcement soon. (Bernama pic)

KOTA KINABALU: Sabah’s government-linked companies (GLCs) that are suffering losses and have not made any profit will be closed, said Chief Minister Mohd Shafie Apdal.

He noted that over the years, he had received briefings about some non-performing entities that did not generate any income for the state government.

“Looking at the balance sheet, they have been losing money not a year, not two years, but more than that, so I don’t think we should sustain them,“ he said after opening a course for board directors of statutory bodies and state government agencies here today.

However, the chief minister did not name the GLCs that would be shut down, saying the state government would make an announcement soon regarding the matter.

Asked about the restructuring of some state GLCs such as Yayasan Sabah, Shafie said more GLCs would face a management restructuring.

“I think we need to merge some of the vehicles to ensure a bigger group,” he added.