Kota Kinabalu: The Sabah Economic Development Corporation (Sedco) delivered its highest dividend and loan repayment to the State Government in 15 years by returning RM10 million in 2025 – just 10 months after a new leadership took charge.
State Assistant Finance Minister Datuk Ben Chong credited Chief Minister Datuk Seri Hajiji Noor’s decision to appoint industry professional Datuk James Wong Kein Peng as Sedco Group General Manager in March 2025 for the turnaround.
Advertisement
“Wong’s appointment received both positive and negative response at that time but Hajiji stood by the decision which has proven to be a right decision today,” Chong said.
The RM10 million returned to the State comprises RM2 million in dividends and RM8 million in loan repayments, marking a significant improvement in the corporation’s financial performance.
Sedco has now set an ambitious target to double its returns to RM20 million in 2026, reflecting what Wong described as growing confidence in the Group’s projects and operational strength.
“Sedco, as the name implies, is the Sabah Economic Development Corporation of the State. One of our key responsibilities is to generate strong economic value and significant dividend returns back to the State so that the Government can reinvest into infrastructure, people development and long-term nation building,” Wong said, acknowledging the collective effort behind the achievement.
“It is the collective group effort of each and every one of our hardworking chief executive officers, general managers, management and staff who have made this great progress for Sedco,” he said.
The improved financial performance follows several corporate reforms implemented under Wong’s leadership. Sedco has established a dedicated Project Management and Procurement Unit to ensure transparent contract and tender management processes that comply with Ministry of Finance procurement guidelines.
The corporation is developing multiple large-scale projects to generate economic value for Sabah, including the Kudat Blue Economy Industrial Park, Sepanggar Logistics Hub, Sabah International Trade and Exhibition Centre and the Tuaran Coastal Tourism Masterplan.
All projects remain subject to Board, Ministry and Cabinet approvals.
Sedco has also launched a comprehensive entrepreneurship programme targeting local Sabahan Bumiputra entrepreneurs, offering coaching, mentorship, financing access, and strategic guidance.
The programme includes participation in agrotech and vertical farming initiatives aimed at addressing food security concerns.
The corporation has introduced performance-driven measures across all subsidiaries and departments, implementing clear KPI structures and developing a Performance Incentive Reward System.
An Innovation Taskforce has been created to provide industry exposure, mentorship training, and leadership development for younger staff.
Progress has been reported on legacy projects, including revitalisation of Darvel Bay Plaza Mall in Lahad Datu in collaboration with SUDC, and the KKIP SME Park, consisting of 44 SME industrial lots now targeted for completion by mid-2026.
Wong acknowledged the Chief Minister’s leadership and government support in Sedco’s turnaround, reaffirming the corporation’s commitment to achieving State Government objectives.
_(1).jpg)
