PETALING JAYA: Cahya Mata Sarawak Bhd
’s (CMS) sale of its long-held substantial interest in UBG Bhd to PetroSaudi International Ltd for RM466mil is crucial to meet its funding needs for the multi-billion ringgit aluminium smelter project, Sarawak Aluminium Co (Salco), said a source.
“It is selling because of the smelter and, of course, Score (Sarawak Corridor of Renewable Energy; a regional development corridor) as it is ploughing a lot more investments in there. It needs the money,” said the source, adding that the company was also planning to issue bonds for this purpose.
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