KOTA BARU: There will be no impact on SG4 Group Sdn Bhd if any of the four states under Perikatan Nasional switched to Barisan Nasional (BN), said Datuk Seri Takiyuddin Hassan.
The SG4 executive secretary said like other companies registered with the Companies Commission of Malaysia (SSM), any of its partners or shareholders were free to leave the company at any time.
"I think the Johor State Assembly Speaker (referring to Datuk Seri Dr Puad Zarkashi) does not understand about the economy.
"When a company is established, there must be partners and shareholders and they are free to leave the company at any time they want.
"If certain quarters or even other states want to join the company, we welcome them.
"What l mean is any states in Malaysia can join SG4 Group Sdn Bhd, even states under BN," he added.
The Kota Baru member of parliament said so far, four states jointly-owned the company and each state has nominated an entity in their respective state government as a shareholder.
Takiyuddin earlier said the four state governments, namely Kedah, Terengganu, Kelantan and Perlis, have established SG4 Group Sdn Bhd, to drive development in their states.
He said each state will hold a 25 per cent share amounting to RM250,000 in the company, which was registered a few months ago.
The five focus areas include infrastructure and logistics; trade investment and industries; agriculture and food security; education and nation-building; and, new revenue streams.
Takiyuddin also cited REE and green technology as potential business opportunities.
Yesterday, Umno Supreme Council member Datuk Seri Dr Puad Zarkashi criticised the decision to establish SG4 Group Sdn Bhd.
He said that the initiative was politically motivated, noting that it is unprecedented for four states to share ownership of a company.
This shared ownership, he said, could create complications related to labour, assets, shares, and the board of directors.
The Rengit assemblyman also questioned the company's future if any of the states currently led by Perikatan Nasional - Terengganu, Kelantan, Perlis, and Kedah - were to fall to other parties.
Meanwhile, efforts to get a comment from Kelantan Menteri Besar Datuk Mohd Nassuruddin Daud on Puad's statement have been unsuccessful.
It was reported on Monday that Perikatan Nasional-led state governments (SG4) will look into the downstream processing of rare earth elements (REE) as a source of income.
Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar said the potential revenue from processing raw elements into their pure form, such as cadmium, is substantial.
Samsuri said, aside from government-linked companies, foreign companies have also submitted investment applications related to REE.
However, he said these were still in the early stages, such as in the exploration licences to process and to determine whether the relevant areas chosen have the resources.
Samsuri cited some countries that are keen to invest in the states in various sectors, including South Korea, Japan and China, but refused to reveal the potential investment amounts.