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ROCBN records over 100 company withdrawals

Azlan Othman

Over 100 companies have withdrawn their registration from the Registrar of Companies and Business Names (ROCBN) from January until November period due to the COVID-19 pandemic impact.

This was announced by Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah at the daily press conference yesterday.

Some 50 companies de-registered from ROCBN in the first and second quarter of the year, which is before the second wave of COVID-19 outbreak.

“We do not know the reasons why those companies de-registered. It could be that they are inactive,” the minister said.

“Statistics have also shown that in the third quarter (July to September) this year, over 10 companies have also de-registered. For October and November this year, some 61 companies have de-registered,” he added.

Figures for the third quarter of the year will be released soon, while figures for the fourth quarter has been monitored.

Despite losing a significant number of businesses, Dato Seri Setia Dr Awang Haji Mohd Amin Liew said that the Sultanate recorded positive gross domestic product (GDP) growth in the non-oil and gas sector, especially in agriculture.

However, the oil and gas sector has shown a downward trend in the first and second quarter of the year.

The minister said, “The oil and gas sector is affected due to restrictions following COVID-19 pandemic, especially in manpower, thus affecting operations.

“With the nation in the early Endemic Phase and businesses starting to re-open, we hope to see encouraging recovery in the GDP growth.”

Meanwhile, over 240 companies have applied for wage subsidy during the second wave of COVID-19 outbreak. Out of the number, over 80 per cent or around 1,500 employees were granted approval for the wage subsidy, while the rest of the applicants did not meet the criteria.

The minister added that 426 individuals, who were affected with having to take unpaid leaves during restrictions, had been paid with some 480 applications were approved.