CHIEF Minister Incorporated (CMI) has generated a revenue of over RM177 million for the state in the past three years.
Chief Minister Chow Kon Yeow (PH – Padang Kota), who heads the state investment arm, revealed the revenues derived from 2016 to 2018 when he responded to a question by Azrul Mahathir Aziz (PH – Bayan Lepas) on the number of CMI assets and the revenue generated for the state.
Chow said the money is channelled to the state Finance Department, which he said would open a separate ledger for it.
He also gave the breakdown of the revenues generated as RM32,365,522.25 (2016), RM10,317,484.50 (2017) and RM134,926,064.25 (2018) for a total sum of RM177,609,071.
As for CMI assets, Chow said there are a total of 84 in the five districts. The breakdown of the assets in each district is as follows: Northeast (44), Southwest (5), north Seberang Perai (20), central Seberang Perai (11) and south Seberang Perai (4).
The assets include vacant land, commercial buildings and others.
“The purpose of establishing CMI is to manage the state assets, like land and properties, efficiently so that more revenue can be generated for the state,” Chow explained.
“The state government wants to maximise strategic assets through through public, people, professional and private partnership (4Ps) concept.
“CMI plans and evaluates investment opportunities and has been approved to enter commercial venture or joint venture with individuals or organisations.”
Story by K.H. Ong
Pix by Noor Siti Nabilah Noorazis & Adleena Rahayu Ahmad Radzi
Video by Chan Kok Kuan