Unprofitable Sedco Group units set for management buyout, closure
KOTA KINABALU (Jan 22): Sabah Economic Development Corporation (Sedco) Group subsidiaries that fail to achieve profitability within a year will face a management buyout process or be shut down. Sedco chairman Datuk Masiung Banah said continuing to defend loss-making companies that burden the parent agency “is like scoring an own goal”. “We want to see their performance—whether targets are achieved or not. If they are not achieved, why? “If they are achieved, we need to improve further,” he told the media after addressing the Sedco Group here. The Kuamut assemblyman said significant reforms to the governance of subsidiaries that are […]
