However, an increase in sugar prices may not be popular, especially if it comes soon after an election. MSM’s short-term borrowings were RM473.06 million and its long-term debt commitments were pegged at RM334.52 million. MSM Sugar Refinery (Johor) Sdn Bhd was built at a cost of RM1.25 billion and commenced operations in 2019. MSM’s total exports for 2021 were 246,101 tonnes, about 26% of its total sales volume of 941,749 tonnes. There is an issue of MSM’s costs being higher than other refiners, many of whom also own sugar cane plantations, be it in Brazil, India, South Africa or Thailand.
