SHAH ALAM, Aug 5 — The Selangor State Development Corporation (PKNS) has asked its subsidiaries to be ready to explore business opportunities in various sectors to restore their financial performance which was also affected by the Covid-19 pandemic.
PKNS chief executive officer Datuk Mohd Azizi Mohd Zain said it was because most of the business of the corporation’s subsidiaries were related to the real estate sector and the current economic situation had slightly affected their income and profits.
“In the current (economic) situation, we can no longer depend (only) on the real estate sector. That is why PKNS is in the process of reducing 60 per cent dependence on the sector.
“PKNS has 11 subsidiaries and most of them are involved in real estate. Due to that, we have to explore various other business areas (to regenerate income and profits),” he said in his speech at the Excellent Service Award (APC) and Jasamu Dikenang PKNS 2020 ceremony here yesterday.
Mohd Azizi added that although the Selangor government had injected RM30 million in loan funds to PKNS to boost the corporation’s operations, they cannot fully depend on it.
“All PKNS staff must work hard in facing the future which is expected to be quite daunting,” he said.
A total of 138 APC recipients, 29 recipients who have served for more than 20 years and 21 retirees of the corporation were feted at the ceremony.
State Secretary Datuk Mohd Amin Ahmad Ahya presented the awards.