GEORGE TOWN, June 10 — Penang Chief Minister Chow Kon Yeow has rejected claims that the state’s reserves rose above RM600 million due to higher quit rent rates.
Saying the increase was already evident before the revised rates took effect on January 1, 2026. Chow said Penang recorded a budget surplus in 2025.
With reserves exceeding RM500 million by the end of last year. He stressed that the current RM616 million balance in the state’s Consolidated Revenue Account.
Was not linked to the quit rent revision. Responding to criticism that the state relied on taxes and additional charges to boost revenue.
Whow said the government had only projected modest gains from the revised quit rent rates and remained focused on restoring reserves to RM1 billion.
