KUALA LUMPUR – The Malaysian Space Agency’s (Mysa) issuance of a support letter to Serba Dinamik Group Bhd (SDGB) in 2021 did not constitute any binding commitment from the government to the company, Science, Technology and Innovation Minister Chang Lih Kang (Tanjong Malim-PH) said today.
In a written parliamentary reply today, Chang said that the letter was instead meant as a show of support to the company’s efforts to look into space-related technologies.
“In 2021, the ministry through Mysa gave a support letter for plans by SDGB which aimed to explore the potential of satellite launch technology and space technology-related services in Malaysia through the private funding initiative (PFI) method.
“The ministry’s support letter is only meant as an encouragement for their efforts and does not tie the government to any commitment to the company,” he said.
Chang also said that the plans in question have not yet been implemented by SDGB.
Noting that the government has always endorsed local industries getting more involved with developments in the aerospace division, he said that this includes being open to strategic partnerships between the government and industries.
“Through Mysa, the ministry has always provided support and encouragement to local companies to develop the aerospace sector to contribute to the country’s economic growth,” he said.
He added that as of 2020, at least 63 local companies are involved in aerospace technologies in Malaysia.
Chang was replying to a query by Yeo Bee Yin (Puchong-PH) on why Mysa had given a support letter to SDGB and the current status of cooperation between both parties.
A subsidiary of Serba Dinamik Holdings Bhd (SDHB), the company has been plagued by financial troubles, with the Kuala Lumpur High Court in January allowing a petition filed by six financial institutions to wind up SDHB and its three subsidiaries.
Judicial commissioner Ahmad Murad Abdul Aziz granted a petition by the six petitioners to wind up respondents SDHB and its subsidiaries, SDGB, Serba Dinamik Sdn Bhd, and Serba Dinamik International Ltd in proceedings conducted online.
The four companies are said to have a total debt of close to RM5 billion.
A month later, SDHB and its three other companies obtained a temporary stay of the winding-up order. – The Vibes, March 29, 2023
