It looks like Taib is set to benefit from granting himself another top contract under SCORE, this time in the form of a joint venture agreement to run a new phosphate plant in the Samalaju Industrial Park.
in July 2012, Taib family owned CMS signed a memorandum of understanding with Malaysian Phosphate Additives Sdn Bhd to negotiate a joint venture where CMS would potentially own 40% of an integrated phosphate plant in the Samalajau Industrial Park estimated to cost around RM850 million.
“Both parties are currently in the final stages of negotiation of the term sheet for the power purchase agreement for the plant, which could be finalised before end-2013 with the plant scheduled to begin operations in 2016″ the Borneo Post reported.
Information disclosed in the Borneo Post this week highlighted the level at which Taib has benefitted from SCORE stating: “To date, CMS has seized direct investment opportunities in the Samalaju Industrial Park, one of SCORE’s five growth nodes, having leveraged its land bank assets in Samalaju and its strong cash pile. Aside from the investments, CMS is still exploring other major investment opportunities in the Samalaju Industrial Park that would contribute material earnings.”
CMS has a 20% stake in the US$592mil ferrosilicon and manganese alloys smelting plant projects in Samalaju Industrial Park. OM Holdings Ltd owns the remaining 80% in JV firm OM Materials (Sarawak) Sdn Bhd, the project’s developer.
This information comes just days after Taib has come under international scrutiny for granting his son yet another state contract under SCORE worth 196 million US dollars for the construction of power lines in Sarawak.
As indigenous communities are losing their lands and facing police intimidation in Murum, Baram and Melikin Taib appears to be gearing up for his next money making opportunity!