OMH management back a tree planting project but have little regard for the company's share price.
If OMH management thought that paying US$120 million ( AUD$180 million) for a 25% stake of OM Sarawak from CMSB (25c/share) was a good deal, then surely when you can buy 100% of OMH for just A$380 million (50c/share) then you'd think a on-market buyback with a 50% discount would make sense.
Habitat restoration programme to ‘rewild’ Sarawak vital under Post Covid-19 Development Strategy, says Majang
BY YUNUS YUSSOP ON JUNE 21, 2023, WEDNESDAY AT 2:31 PMSARAWAK For the freshest news, join The Borneo Post's Telegram Channel and The Borneo Post on Newswav.
Majang plants a gaharu seedling while officiating at the event. From second left are Mustapha, Zolkipli, and Low.
BINTULU (June 21): Habitat restoration under the Rewilding Sarawak’s Urban Totally Protected Areas (TPAs) programme is of significant importance within the Post Covid-19 Development Strategy 2030 (PCDS 2030) framework, said Datuk Majang Renggi.
The Deputy Minister for Infrastructure and Port Development said the Sarawak Forestry Corporation (SFC) and OM Holdings Limited programme will undertake initiatives such as habitat restoration and tree planting to not only revive natural ecosystems but also contribute to the social and economic well-being of local communities.
“It reflects our dedication to ecological restoration, biodiversity conservation, and sustainable forest management,” he said when officiating at Rewilding Sarawak’s Urban TPAs through habitat restoration at Similajau National Park here today.
He explained PCDS 2030 outlines a comprehensive roadmap to steer Sarawak’s growth and development following the unprecedented challenges brought on by the global pandemic.
“This strategy takes into account the need to rebuild and recover while concurrently ensuring sustainability and resilience in all sectors.
“It is a framework that encapsulates our commitment to a greener and more sustainable future for Sarawak,” he said.
Majang said rewilding and habitat restoration can actively contribute to carbon offset initiatives by restoring natural habitats that serve as carbon sinks, sequestering and storing carbon dioxide.
Carbon offset refers to the reduction of greenhouse gas emissions in one area to compensate for emissions produced elsewhere.
Majang said it is a crucial tool in mitigating climate change and achieving the state government’s sustainability goals.
“The rewilding efforts in Sarawak’s TPAs provide a unique opportunity for us to enhance carbon offset initiatives.
“As we plant thousands of native tree species, we simultaneously contribute to reducing atmospheric carbon levels, thereby playing our part in combating climate change,” he said.
He pointed out that habitat restoration through tree planting serves as a vital step in this process because trees have played a critical role in maintaining ecological balance and combating climate change for centuries.
“By restoring degraded forests, we pave the way for reviving diverse wildlife populations and restoring a vibrant ecosystem,” he said.
He said the state government strives to enhance livelihoods through community engagement.
The Samalaju assemblyman said involving individuals who were previously engaged in illegal forest activities would empower and transform them into guardians of Sarawak’s TPAs.
He said this approach not only supports environmental protection but also stimulates and fosters a sense of ownership and responsibility.
“The government is committed to providing the necessary support for the success of this project. I have been told by SFC that through this project, for the purpose of soil treatment, acquisition of planting materials, and field planting, they are hiring individuals from the B40 group.
“Additionally, we recognise the importance of community involvement and will conduct more workshops with them and install signboards to promote awareness and strengthen the connection between the TPAs and the local communities,” he said.
Majang added investing in the restoration of Sarawak’s TPAs not only protects invaluable natural heritage but also fosters sustainable development that benefits present and future generations.
“Together, we can secure a sustainable future for Sarawak, one that harmoniously balances environmental conservation with societal development,” he said.
Among those present at the event were SFC chief executive officer Zolkipli Mohamad Aton, OM Materials (Sarawak) Sdn Bhd executive chairman Low Ngee Tong, OM Materials (Sarawak) Sdn Bhd director Mustapha Ismuni, OM Materials (Sarawak) Sdn Bhd Production Department general manager Dai Hanping, SFC Human Capital Management and Media Relations Division head Japanie Bujang, and SFC Habitat Section head Connie Geri.
OMH Price at posting:
51.5¢ Sentiment: Buy Disclosure: Held
(20min delay)