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https://theedgemalaysia.com/node/670710

Goldman Sachs slashes Brent outlook to below US$90 by year end

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(June 12): Goldman Sachs Group Inc, one of the most bullish banks on the outlook for oil, has once again lowered its price forecasts amid increasing global supplies and waning demand. The bank has now dropped its Brent forecast for December to US$86 a barrel, down from its previous estimate of US$95 a barrel. This is Goldman’s third downward revision in the last six months after having previously stood by its bullish US$100-a-barrel prediction. Brent’s August contract settled at US$74.79 a barrel last Friday (June 9). “We have never been this wrong for this long without seeing evidence to change our views,” Jeff Currie, Goldman’s head of commodities research, said in a Bloomberg Television interview last week. Supply increases from nations facing sanctions — Russia, Iran and Venezuela — are a key driver in the lower price outlook, according to Goldman. Russia supply production, in particular, has “nearly fully recovered” despite sanctions from Western countries. Recession fears are also weighing on prices, with higher interest rates likely to be a “persistent headwind” to higher prices, wrote Goldman analysts including Callum Bruce and Currie in the note.

https://theedgemalaysia.com/node/670592

GM to join Tesla's EV charging network in step closer to US industry standard

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(June 9): General Motors Co (GM) will adapt its electric vehicles (EVs) to Tesla Inc’s Superchargers, following Ford Motor Co’s lead and all but ensuring it will become an industry standard in the US. GM chief executive officer Mary Barra broke her seven-month silence on Twitter to announce the news with Tesla CEO Elon Musk on Twitter Spaces on Thursday (June 8), saying GM EVs will gain access to 12,000 Superchargers. GM shares rose 3.8% in extended trading in New York. Tesla climbed 4.8% on the news. Tesla rose 4.5% in pre-market US trading early on Friday, while GM was up 3.3%. The move by GM effectively ends any indecision among automakers and their charging network partners over which standard to use. With the three largest US-based companies joining forces, it will put pressure on other companies to ditch the industry’s previous standard, called the combined charging system or CCS, and build out their networks using Tesla’s system. Collaborating also knocks down a possible barrier to car buyers, some of whom worry about adequate charging on America’s roadways, Barra said. “This collaboration is a key part of our strategy and an important next step in quickly expanding access to fast chargers for our customers,” the GM CEO said in a statement. “Not only will it help make the transition to EVs more seamless for our customers, but it could help move the industry towards a single North American charging standard.” It will also add millions of drivers to Tesla’s existing charging network. GM plans to have production to build one million EVs in the US in 2025. Ford has similar ambitions for 2026. The agreement is “another win for Tesla”, analyst Mark Chadwick wrote in a note on Smartkarma. “[It is] positive all round, and will help further cement Telsa’s BEV (battery EV) dominance.” Barra said GM will talk to its partners about working with Tesla’s charging network. It recently announced a joint venture with Pilot and EVgo Inc to add 2,000 chargers nationwide. The Detroit automaker works with other charge networks in addition to EVgo. For Tesla, the deal will improve use of its charging network and add charging revenue from motorists, a GM spokesman said. Tesla’s network will be open to GM EV drivers starting in 2024 and require an adapter, the companies said. Starting in 2025, GM will build its EVs with a port for direct access to Tesla Superchargers. Last month, Ford CEO Jim Farley went on Twitter Spaces alongside Musk and made a similar announcement, moving the auto industry towards a single charging standard. Shares in charging network operators that compete with Tesla’s dropped sharply on the news, with ChargePoint Holdings Inc down 3.9% early on Friday and EVgo sliding 3.5%.

https://theedgemalaysia.com/node/658808

Foreign selling of Malaysian equity intensifies, swelled to RM556.9 mil last week, says MIDF

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KUALA LUMPUR (March 13): Foreign selling of Malaysian equity intensified last week and swelled to RM556.9 million, from RM338.7 million the prior week. In its weekly fundflow report on Monday (March 13), the MIDF Research Team said the amount was about 64% higher than the amount net sold during the week ended March 3. The research house said every trading day was a net selling day by the foreigners. “The highest was on Monday, when the net selling amounted to RM183.1 million and eventually moderated to RM58.2 million on Thursday — the day BNM decided to maintain the OPR at 2.75%. “However, it picked up pace again on Friday, when the net outflow amounted to RM140.1 million,” it said. MIDF said that year-to-date, foreign investors have net sold RM1.24 billion worth of domestic equities. It said sectors that saw net foreign inflows were Construction (RM67.9 million), Technology (RM13.2 million) and Transportation & Logistics (RM7.8 million), while the sectors that saw net foreign outflows were Financial Services (RM359.5 million), Industrial Products & Services (RM90.3 million), and Consumer Products & Services (RM63.5 million). Meanwhile, the local institutions have net bought domestic equities for the second consecutive week to the tune of RM461.3 million, it said. MIDF said the amount was about 56% higher than the amount that they have net bought last two weeks. It said every trading day last week was a net buying day by the local institutions, with the heaviest inflow recorded on Monday at RM161.1 million. Year-to-date, local institutions have net bought RM1.20 billion worth of domestic equities. “Local retailers continued to be net buyers for the third consecutive week at a rate of RM95.6 million. “Every trading day was a net buying day by the retailers, except for Tuesday, as it saw a net outflow of RM4.4 million,” it said. MIDF said that year-to-date, local retailers were net buyers at RM44.5 million. In terms of participation, there was a decrease in average daily trading volume (ADTV) among local retailers (3.5%), local institutions (14.7%) and foreign investors (33.1%). Commenting on the interntional scenario, MIDF said the major indices on Wall Street ended the week with losses, as stocks tumbled after Silicon Valley Bank was shuttered by the United States’ regulators on Friday, following a rush of deposit outflows and a failed attempt to raise new capital. It said the biggest bank failure since the global financial crisis, which has stunned the banking sector, has overshadowed the latest Feb-23 jobs report, which signalled that inflation could be slowing. For the week, the S&P 500 saw the biggest weekly percentage decline since June-22 after falling by 4.6% to 3,861.59, Dow Jones Industrial Average lost 4.4% to 31,909.64, while the Nasdaq Composite Index declined by 4.7% to 11,138.89, MIDF said. “Most global markets ended in the red last week, with financials leading the sell-off in the Asian region. “Out of the 20 major indices that we track, Hang Seng (6.07%) was the biggest decliner, followed by Nasdaq (4.71%) and the S&P 500 (4.55%). “The only two advancers were Ho Chi Minh VSE (+2.75%) and Nikkei 225 (+0.78%),” it said.

https://theedgemalaysia.com/node/651217

BMW clings to luxury-sales crown as Mercedes-Benz narrows gap

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(Jan 10): BMW AG outsold rival Mercedes-Benz AG for the second year in a row by better navigating the supply-chain issues hampering global auto production. Worldwide deliveries of BMW-branded cars fell 5% to 2.1 million last year, edging out Mercedes, whose shipments slipped 1% to 2.04 million. While both brands grew sales in the final months of 2022, they couldn’t compensate for business lost during the first half, when parts shortages and the war in Ukraine crimped output. Carmakers have more recently faced intensifying headwinds including soaring energy and borrowing costs. Tesla Inc shares plummeted amid concerns over demand in China, the biggest auto market, where domestic players BYD Co, Xpeng Inc and Nio Inc make for intensifying competition. Both BMW and Mercedes saw sales drop in China as stringent Covid lockdowns kept customers away from showrooms. Mercedes heavily discounted the price for its flagship EQS electric sedan last year in a move to reposition in a competitive market. Deliveries of electric vehicles were a bright spot for the German companies as they rolled out new battery-powered models and sought to comply with tightening emissions regulations. At BMW, sales of EVs like the i4 sedan more than doubled to 215,755 cars. Mercedes also more than doubled EV sales, to 117,800 units, and said fully electric and plug-in hybrid models accounted for 15% of total shipments last year. “We will maintain our course for profitable growth in 2023,” BMW’s sales chief Pieter Nota said in a statement Tuesday. “The clear focus will be on ramping up electromobility.”

https://theedgemalaysia.com/node/610206

Malaysia’s Tapis crude oil jumps 10% to fresh high of US$116.58

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KUALA LUMPUR (March 4): Malaysia’s Tapis crude oil continued to surge higher in tandem with strong global crude oil prices. On Thursday (March 3), it jumped 10.02% or US$10.62 to a fresh record of US$116.58 per barrel. Reuters said Brent crude futures, the international benchmark for oil, climbed to within 16 cents of US$120 a barrel before falling on hopes the United States and Iran will agree soon to a nuclear deal that could add output to a badly undersupplied market. At the time of writing, Brent fell 2.19% or US$2.47 to US$110.46 while WTI crude gained 1.51% or US$1.63 to US$109.40. Tapis crude oil is used as a pricing benchmark in Singapore. Tapis is very light, with an API gravity of 43°-45°, and very sweet, with only about 0.04% sulphur. While it is not traded on a market like Brent Crude or West Texas Intermediate, it is often used as an oil marker for Asia and Australia. The price of Tapis in Singapore is often considerably higher than the price of benchmark crude oils such as Brent or West Texas Intermediate, the more commonly referenced in market commentaries. This is because its lightness (i.e. higher ° API) allows for greater production of higher-value products, such as petrol, than from Brent or WTI. Its high price is also due to the purity of the blend, while its extremely low sulphur content means it requires less refinery processing than sourer crude oils.    

https://theedgemalaysia.com/node/652745

Salesforce job cuts, big deals at stake as Elliott pushes for profit

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(Jan 24): Salesforce Inc will probably be urged by activist investors Elliott Investment Management and Starboard Value to cut more jobs, make changes to the board and spin off big acquisitions in search of greater profit, Wall Street analysts said.  The company, the top maker of customer relations software, has been struggling with slowing growth, executive departures and investor pressure. The shares have lost half their value since a late 2021 peak, and were in the bottom 10th of S&P 500 stocks last year. Investors greeted the news Sunday that Elliott had taken a multibillion-dollar stake by sending shares up 3.1% Monday to close at US$155.87 (RM667.83) — the highest price since the company announced co-chief executive officer Bret Taylor’s departure on Nov 30. Salesforce said earlier in January that it would eliminate about 10% of its workforce, which had increased more than 60% in almost three years to about 80,000 employees by the end of October 2022. Some of that growth came from multiple acquisitions, including the 2021 takeover of business chat application Slack for more than US$27 billion. Elliott’s presence as an activist investor reduces concerns that co-founder Marc Benioff might make impulsive mergers to invigorate growth as the sole CEO in the wake of Taylor’s exit, wrote Jordan Klein, an analyst at Mizuho Securities.  Activist investors often push for strategic changes and board representation. Salesforce’s directors are particularly vulnerable to shareholder activism since each member is up for reelection this year, and four non-founders have been on the board for more than 15 years, wrote Patrick Walravens, an analyst at JMP Securities. Discussions over potential board candidates are likely to move quickly, because the current nomination window begins in three weeks. While it has pushed for new CEOs at other companies, Jesse Cohn, managing partner at Paul Singer’s Elliott, said the firm has developed a “deep respect” for Benioff. “It’s a level of support you don’t always see when Elliott discloses a position, which suggests they won’t push for his replacement,” said Victoria Sivrais, senior managing director at Clermont Partners, an investor relations and communications firm. She added that doesn’t mean others on the executive team are safe. Elliott is one of several activists seeking changes at Salesforce. Starboard Value announced a stake in October, saying the company was falling behind peers due to issues with translating growth into profitability. Jeff Ubben’s Inclusive Capital also is a shareholder, CNBC reported earlier.  Elliott and Starboard have tried to simultaneously influence companies before. In 2019, each invested in EBay Inc and helped force out the CEO, appoint new board members, and spin off the StubHub ticketing unit. The two are known as some of the most involved activist investors, said Gregory Rice, who co-leads the shareholder advisory and activism effort at Boston Consulting Group. With both activists pushing for better operating margins, Salesforce may go through “multiple iterations of headcount reductions or restructuring,” said Derrick Wood, an analyst at Cowen & Co. He added that Elliott may have been in conversations with management during the 10% cuts announced earlier, citing similar discussions before the investment firm announced a stake in SAP SE in 2019. Salesforce’s sales and marketing budget is high for the industry and is symbolised by massive events like its annual Dreamforce conference. Its expenditures as a share of revenue are well above peers such as Adobe Inc or Microsoft Corp, according to data compiled by Bloomberg Intelligence. An operating margin focus means that major acquisitions are likely off the table in the near term, as past deals for Slack, Tableau and Mulesoft dented Salesforce’s margins, said Bloomberg Intelligence’s Anurag Rana. Activists may propose spinning off past acquisitions, said Rishi Jaluria, an analyst at RBC Capital Markets. Divesting Slack could be margin-boosting, though would likely have to be sold for less than Salesforce paid, he said. Mulesoft, which is now probably worth more than the US$6.5 billion acquisition cost, could be divested without disrupting the company’s core cloud products, he added.  “This is a critical juncture for Salesforce,” Jaluria said. If they maintain cost discipline and make the right changes, “we could see a stronger company exiting the recession and see 30%-plus margins”.

https://theedgemalaysia.com/node/636586

Retailers call for govt consultation over tobacco generational endgame prior to any implementation, says local think tank

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KUALA LUMPUR (Sept 15): The Malaysian retail industry is ill-informed about the tobacco generational endgame (GEG) and implores the government to consult with them prior to any implementation of the policy, according to local think tank Datametrics Research Information Sdn Bhd (DARE). In a statement on Thursday (Sept 15), DARE said that the poll it conducted comprising a sample size of 150 respondents — from major retail chain operators, petrol marts and sundry shops — from the Malaysian retail industry revealed that retailers had not been briefed nor consulted on the GEG and its implementation process and procedures. "87% raised concerns that the government had yet to explain the details of the GEG to them or their management, with an overwhelming majority (89%) saying that they should be consulted prior to any implementation of the policy," it said. It added that most retailers were cognisant of the details of the GEG, the steps the industry needed to ensure implementation, as well as the burden their businesses would have to bear as a consequence. "Most were aware of the details of the GEG (87%) and understood the steps they would have to take to ensure implementation was carried out (73%). "A majority (81%) realised that the responsibility to enforce the GEG would fall on them, with 79% aware that they would need to check the IDs of their customers. Given this backdrop, 86% said that the policy would add complexity to their business," it said. Meanwhile, DARE also forwarded that its study showed that retailers had little hope for the GEG to be effective in stopping people from smoking. "Our study also showed that instead of quitting, retailers believed that smokers within the GEG bracket would either resort to illegal cigarettes (89%), getting someone "legitimate" to purchase cigarettes for them (70%), or, more worryingly, turning to other dangerous substances such as drugs (34%). "This clearly shows that the GEG's intent and purpose will indeed be lost and defeated as it does more harm than good to society and industry. With this understanding, 62% [of] respondents shared that the GEG should be delayed," DARE managing director Pankaj Kumar said. Kumar added that the think tank hopes that the Parliament Special Select Committee (PSSC) members take the necessary proactive steps to listen and engage with the various stakeholders that will be impacted by the GEG. "Only then, should the PSSC and the government take a proactive and informed decision on the right way forward, as a rushed policy will have dire consequences for Malaysia in the future," he added.

https://theedgemalaysia.com/node/655958

缺乏催化剂 拖累马股收低

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（吉隆坡20日讯）投资者采取场外观望态度，静待2023年财政预算案出炉，在缺乏催化剂的情况下，马股周一收低。 截至下午5时，富时隆综指挫3.44点或0.23%，收报1473.46点，上周五挂1476.9点。 富时隆综指今早低开2.65点，报1474.25点，盘中游走于1471.07点至1477.48点。 下跌股539只，上升股315只，另有411只无起落，963只无交易及29只暂停交易。 马股总成交量降至31亿4000万股，总值21亿4000万令吉，上周五则有32亿7000万股易手，总值21亿令吉。 乐天交易私人有限公司股票研究部副总裁唐栢麟表示，由于持续担忧通胀和全球央行收紧政策立场，短期内市场情绪可能会保持谨慎。 他告诉马新社：“（然而）......鉴于富时隆综指的估值较低，我们不排除出现趁低吸纳的可能性。目前，我们预计富时隆综指将会继续处于横摆格局，本周徘徊于1470点至1490点之间，即时阻力位为1500点，支撑位则在1460点。” 马股重量级股大众银行（Public Bank Bhd）升1仙，挂4.16令吉，联昌国际集团（CIMB Group Holdings Bhd）涨2仙，至5.42令吉，IHH医疗保健（IHH Healthcare Bhd）升12仙，报6.10令吉，数码网络（Digi.Com Bhd）飙升17仙，至4.47令吉，马银行（Malayan Banking Bhd）跌1仙，收于8.74令吉，以及国油化学（Petronas Chemicals Group Bhd）降8仙，挂8.20令吉。 至于热门股，MMAG控股（MMAG Holdings Bhd）起1仙，至2.5仙，MyEG服务（MyEG Services Bhd）扬1.5仙，报67.5仙，必达美（Betamek Bhd）涨3仙，挂64.5仙，豪华云顶（Ho Wah Genting Bhd）企于14.5仙，Citaglobal Bhd挫2仙，收于26.5仙，以及丰成综合（Hong Seng Consolidated Bhd）下滑0.5仙，至18仙。   （编译：魏素雯）   English version：Bursa ends lower on lack of catalysts

https://theedgemalaysia.com/node/653210

Petronas inks two agreements with ExxonMobil to pursue carbon capture and storage projects in Malaysia

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KUALA LUMPUR (Jan 27): Petroliam Nasional Bhd (Petronas) has inked two project development agreements with ExxonMobil Exploration and Production Malaysia Inc to jointly pursue carbon capture and storage (CCS) activation projects in Malaysia. “Under the agreements, both parties will define next steps, including the maturation of technical scopes for the CCS value chain, evaluation of the identified fields for CO2 (carbon dioxide) storage utilisation, development of appropriate commercial framework and establishment of advocacy plan support on regulations and policy development in enabling CCS projects,” the national oil company said in a statement on Friday (Jan 27). The agreements come after the two companies signed a memorandum of understanding in November 2021 to jointly explore opportunities in CCS technologies to help decarbonise Malaysia’s upstream industry and provide CO2 storage solutions for the region. “It is also part of Petronas’ deliberate steps to build a sustainable portfolio with innovative solutions to provide energy responsibly, supporting the transition to a lower carbon future through collaborative efforts with industry partners,” Petronas added. Petronas head of carbon management Emry Hisham Yusoff said the collaboration further strengthens Petronas’ commitment to provide decarbonisation solutions, and is aligned with its target to position Malaysia as a leading CCS hub in the region. “Petronas is proud to work with its long-standing partner ExxonMobil to pursue CCS projects together, aligning our shared aspiration to deliver energy solutions in a responsible and sustainable manner,” he added.   Read also: Petronas partners with ExxonMobil to speed up net zero emissions target

https://theedgemalaysia.com/node/656465

Indian truckers say Hindenburg report a godsend in Adani dispute

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DARLAGHAT, India (Feb 23): For truckers transporting cement from Adani's factories in a hilly north Indian state, a US short-seller's critical research report on the giant conglomerate was a godsend they say helped them save their livelihoods. For weeks, around 7,000 truck owners and drivers in India's Himachal Pradesh resorted to protest rallies against Adani's Dec 15 decision to shut two cement plants over a dispute on freight rates. Adani argued the plants were "unviable" at the trucking rates it wanted to slash by around half. On Monday, the Gautam Adani-led group said it had "amicably resolved" the issue with a 10-12% reduction in rates. Truckers rejoiced, with a union leader in a street address labelling it as a victory after late-night talks with Adani. The settlement comes four weeks after US-based Hindenburg Research accused Adani of stock manipulation and improper use of tax havens, allegations the group called baseless. The Jan 24 report triggered a US$140 billion rout in group's stocks, sparked regulatory investigations and saw the billionaire Adani slip to 26 on the Forbes global rich list, from third. While the truckers' settlement will have only a small impact on the overall Adani empire, it was a big win for the drivers and owners in a state were most people live on around US$7 a day. The report "played a crucial role in our battle against the India's biggest business group, helped mobilise truckers and gain political support," said Ram Krishan Sharma, one of the lead negotiators for protesting truckers. Adani negotiators had refused to budge for weeks. So Hindenburg's report, some truckers believe, was godsent. Just a day before it was published, many truckers visited a small, revered Hindu temple in Darlaghat which overlooks one of Adani's cement plants, and offered a traditional semolina sweet offering to a deity as they sought to resolve the dispute. Bantu Shukla, a protest leader, showed Reuters a photo and video of truckers that day offering prayers inside the temple. Some stood with folded hands, while a person rang a temple bell in a typical Hindu worship ritual. Adani Group did not answer Reuters questions on whether the Hindenburg report's fallout contributed to its decision in Himachal. Adani Cements in a statement said it was "grateful" to all stakeholders including the unions, the local state chief minister and other departments, adding the "amicable resolution" was in interest of everyone including the state. A source familiar with Adani's negotiation said the group had been under pressure following what it thinks was a "negative campaign" by Adani's opponents after the Hindenburg report, and the settlement to reopen plants is a relief. Himachal is ruled by Prime Minister Narendra Modi's staunch rival, the Congress party. After the Hindenburg report, Congress has renewed its claims that Modi for years has unduly favoured Adani. Both Adani and India's government deny that. The source added the move will also help Adani signal it can resolve commercial matters in states ruled by Modi's rivals. Without citing Hindenburg, the Himachal chief minister's office on Monday said "we have been successful in resolving the issues" to end the 67-day dispute. Adani became India's second largest cement manufacturer when it acquired ACC and Ambuja Cements in a US$10.5 billion deal with Swiss giant Holcim last year. In December, it shut plants in the villages of Gagal and Darlaghat in Himachal, saying truckers were charging too much. The Adani group wanted freight rates to be lowered to around six rupees (US$0.0725) per tonne per km, from around 11 rupees. Many truckers told Reuters they struggled to make their loan repayments as their incomes shrank after the shutdowns. As a stalemate between worsened, truckers formed WhatsApp groups to coordinate efforts, vent frustration and later share Hindenburg's impact on Adani companies and stock prices to further drum up support. One such WhatsApp group chat of around 1,000 truckers, reviewed by Reuters, showed sharing of a local reporter's video discussing the sharp fall in Adani's shares and his alleged close ties to Modi. Although they accepted a small cut in freight rates when Adani agreed to pay 9.3-10.58 rupees per km per tonne, truckers felt they saved their jobs, and prayers at the Hindu temple were organised again this week. "We felt our deity had accepted our prayers when we saw the fall in the share prices of Adani companies," protest leader Shukla said. "The Hindenburg report was a gift that saved our businesses."

https://theedgemalaysia.com/node/639668

Jiankun sees emergence of third substantial shareholder via private placement

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KUALA LUMPUR (Oct 11): Another new substantial shareholder has emerged in Jiankun International Bhd after subscribing for shares representing a 7.7% stake in the real estate developer via a private placement. Tai Tean Seng acquired the 24.5 million new shares on Oct 6, the group said in a bourse filing on Tuesday (Oct 11). Following this, the group’s total issued shares stands at 318.39 million shares.   On Sept 30, Jiankun announced the emergence of two other substantial shareholders through the subscription of private placement shares.   Teh Hooi Tyug subscribed to 25 million shares (7.85% stake) and Datuk Yong Chong Long subscribed to 24 million shares (7.53% stake) on Sept 29, the group said. Tai, Teh and Yong have thus taken up a cumulative 73.5 million of the 98 million new shares available under the fundraising exercise. The first tranche of 49 million placement shares was priced at 19.2 sen per share — a 15.5% discount over five-day volume-weighted average market price (VWAP), while the second tranche of 49 million shares was priced at a lower price of 18.5 sen per share, nearly 18% discount to the five-day VWAP. Jiankun has said that it intends to utilise the bulk of the proceeds raised from the private placement to fund the development of its One Le Tower project. “The funds raised will be used towards, among others, payments to contractors, suppliers, consultants, material costs, earthwork, piling works, site clearing, building and external works, staff costs, as well as payment to the relevant authorities,” it said in July. The real estate developer said the project was 30% completed but was halted in December 2020, due to operational disruptions caused by the adverse effects of Covid-19. “Subsequently, the group was appointed to complete the remainder of the project,” it said, adding that it expects to complete the project by the fourth quarter of 2023. Shares in Jiankun ended half a sen or 2.13% higher at 24 sen on Tuesday, giving the group a market capitalisation of RM69.06 million. Read also: Zahid's son-in-law redesignated as Jiankun's deputy executive chairman

https://theedgemalaysia.com/node/650786

停职董事伍士宏续脱售银丰集团凭单

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（吉隆坡6日讯）被停职的执行董事伍士宏继续脱售银丰集团（Revenue Group Bhd）的凭单，目前只持有274万张凭单或总发行凭单的1.75%。 从1月3日至5日期间，伍士宏以每张7仙至15.84仙的价格，共出售2054万张或13.12%的凭单，价值约232万令吉。 该集团今日向大马交易所报备，伍士宏在周三（4日）以76万2000令吉（每张15.24仙）和35万令吉（每张7仙）各脱售500万张凭单，合共1000万张或6.73%凭单。周四（5日）又以每张12仙或6万4692万令吉售53万9100张凭单。 他在周二（3日）以79万2000万令吉（每张15.84仙）和35万令吉（每张7仙）的价格各出售500万张凭单，总计1000万张或6.39%凭单。 在昨日跌达26.7%至11仙后，该凭单今日上涨13.64%至12.5仙。 母股则反弹5.15%或2.5仙，挂51仙，市值为2亿4411万令吉。昨日下挫28.15%至48.5仙。   （编译：陈慧珊）   English version：Suspended director Dino Ng continues selling down warrants of Revenue Group

https://theedgemalaysia.com/node/671016

Bahvest proceeds with EGM but withdraws all resolutions after founder-led management steps down

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KUALA LUMPUR (June 13): Bahvest Resources Bhd dropped the resolutions proposed for its extraordinary general meeting (EGM) on Tuesday (June 13) following the resignation of three board members it had earlier wanted to remove. The group told Bursa Malaysia that all eight EGM resolutions were withdrawn, including a proposal to establish an employee’s share option scheme. The EGM’s main aim was to remove the group's founder and former managing director-cum-chief executive officer Datuk Lo Fui Ming, his son Lo Tek Yong as executive director, and non-executive chairman Datuk Seri Dr Md Kamal Bilal.  All three of them resigned from the board between end-May and early June, while paring their shareholdings in the gold mining group. Their resignation came after the Malaysian Anti-Corruption Commission (MACC) conducted a raid at Bahvest’s operation centre in Tawau and detained Fui Ming, Tek Yong and several other key management personnel. Shareholders led by Datuk Lim Nyuk Sang @ Freddy Lim with over 10% stake, had called for the EGM, seeking to replace the trio with Chong Tzu Khen, Law Ngia Meng and Chong Mee Fah @ Frederick Chong, all three of whom were appointed to the board last month. Lim was not present at the EGM on Tuesday. Despite the resignation of the three board members, the loss-making group proceeded to hold the EGM as planned at a luxury hotel here, with incumbent board members emphasising to shareholders that the group’s daily operation remains intact despite the boardroom changes, according to a person who attended the meeting. “We were told of the RM20.4 million demanded by Southsea [Gold Sdn Bhd], about RM13 million was transferred from [Bahvest] when Datuk Lo [Fui Ming] was about to exit the company,” a minority shareholder told The Edge after attending the EGM. Bahvest’s board did not speak to the media after the EGM to avoid running foul of the sub judice rule (under judicial consideration and therefore prohibited from public discussion elsewhere) amid the legal battle between current and former shareholders. The group had on May 3 received a letter of demand seeking RM20.4 million for alleged wrongful occupation and trespass into a lease land belonging to Southsea Gold, which in turn is controlled by Fui Ming. “The board says they will not be paying the remaining RM7 million to Southsea,” the shareholder said, but declined to be named. “We also asked why the trespassing issue was not brought up in the past as Bahvest gold mining operation has been there since 2018. One of the independent directors said they were not briefed about this matter by the previous management,” he added. Prior to the boardroom tussle, Bahvest had five directors, including the three that were removed. Senior independent non-executive director Tan Sri Nik Hashim Nik Ab Rahman has since retired and been replaced by Rohaiza Mohamed Basir, daughter of former International Trade and Industry Minister Tan Sri Rafidah Aziz. That leaves independent non-executive director Sim Kay Wah as the only original board member still serving. “Other questions raised include whether they will host future shareholders’ meetings in KL or Tawau, but the board did not commit on anything. Previous meetings were in Tawau, so it was inconvenient for KL shareholders to attend,” said the shareholder.

https://theedgemalaysia.com/node/665095

Maybank Indonesia posts 46% rise in 1Q profit

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KUALA LUMPUR (April 28): Malayan Banking Bhd’s (Maybank) 98.54%-owned PT Bank Maybank Indonesia Tbk posted a 45.7% rise in net profit for the first quarter ended March 31, 2023 (1QFY2023) to 566 billion rupiah from 388 billion rupiah a year earlier. "This was derived from improved earnings on its assets composition due to increase in loans, as demands for corporate and retail loans increased in line with the improvement in the economy in Indonesia," Maybank Indonesia said in a statement. The bank also booked higher fee income primarily from the Global Markets (GM) transactions as markets regained their momentum, and subsidiaries’ strong performance as well as improved asset quality. Maybank Indonesia's net interest income rose 6.7% year-on-year (y-o-y), while net interest margin expanded by 35 basis points y-o-y to 5.1%. Its total outstanding loans rose 7.7% to 107.22 trillion rupiah during the quarter from 99.52 trillion rupiah. Its current account savings account (CASA) ratio jumped 51.9% from 41.7% previously. However, total deposits dipped 2.2% to 103.61 trillion from 105.98 trillion as the bank continued to implement its strategy to optimise low-cost funding by leveraging digital services to acquire customer deposits. “The bank’s consolidated non-performing loan ratio improved to 3.4% (gross) and 2.3% (net) in March 2023 from 3.9% (gross) and 2.8% (net) in March 2022,” Maybank Indonesia said. Its capital adequacy ratio remained strong at 29.1% at end March, with total capital of 28.85 trillion rupiah. Notwithstanding global economic challenges, Maybank Indonesia president director Taswin Zakaria said the bank saw consumer purchasing power and business activities slowly return to normal in Indonesia as indicated by the bank’s strong growth in the retail, small-medium enterprise and the wholesale loan segments. “From a liquidity perspective, customer deposits continued to rebalance, allowing Maybank Indonesia to manage its funding and strengthen our fundamentals. Moving forward, we will continue with our M25+ strategies covering the bank’s transformation efforts to accelerate digital SME’s capabilities and our Islamic wealth proposition,” he added. On Bursa Malaysia, Maybank’s share price finished four sen or 0.46% lower at RM8.66, valuing the banking group at RM104.39 billion.

https://theedgemalaysia.com/node/666443

Swift Haulage posts 29% decline in 1Q profit on higher finance costs, overhead expenses

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KUALA LUMPUR (May 10): Swift Haulage Bhd’s net profit declined 29.22% for the first quarter ended March 31, 2023 (1QFY2023) to RM10.13 million compared with RM14.31 million in the same period last year, dragged by higher finance costs and overhead expenses.   Earnings per share decreased to 1.15 sen from 1.61 sen in 1QFY2022.   This was despite its quarterly revenue increasing 5.66% to RM169.4 million from RM160.3 million, mainly driven by additional revenue contributed by an increase in fleet capacity for land transportation and higher revenue from its warehousing business segment as three new warehouses were completed in the financial year ended Dec 31, 2022 (FY2022).   In a bourse filing on Wednesday (May 10), Swift Haulage said revenue for the quarter under review is primarily contributed by container haulage of RM69.7 million and land transportation of RM62.9 million, which represents 78.3% of the logistic service provider’s total revenue for 1QFY2023.   “Other business segments, namely warehousing and container depot and freight forwarding business contributed RM22.3 million and RM14.4 million respectively for 1QFY2023,” said the group.   As the growth of the logistics sector in the country correlates with the growth of Malaysia's economic activities as well as international trade, Swift Haulage expects its business environment to remain challenging.  “In ensuring the group is well positioned to navigate through this challenging period, we will continue to strategise, adapt, and will take timely appropriate measures in order to minimise operating risks and optimize our resources for the core business to remain resilient and stable,” it said.   Swift Haulage elaborated that it plans to expand its warehouse capacity further by constructing two more warehouses in Northern and Westport Land which are expected to be operational in the first half of 2024, ultimately improving financial performance.  “We will continue to maintain our strategy to focus on servicing our customers with innovative logistics solutions and expand our logistics capacity through mergers and acquisitions to enhance shareholders' value.  “As we move forward, we are dedicated to accelerating our environmental, social and governance (ESG) objectives, with clear plans in place. This includes reducing our carbon emissions directly by investing in green technology assets, amongst others, by installing solar panels and LED lights in some of our warehouses and purchase of electric prime movers which is part of our journey in our sustainability road map towards 2030,” Swift Haulage added.   Swift Haulage closed unchanged at 47 sen on Wednesday, with a market capitalisation of RM413.85 million.

https://theedgemalaysia.com/node/647477

交投低迷 马股微跌

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（吉隆坡8日讯）由于缺乏新的催化剂，马股跟随大多亚洲股市走低，全日微幅收跌。 闭市时，富时隆综指下滑0.95点或0.06%，收于1465.93点。 综指今早开市报1467.37点，较昨日收盘的1466.88点，微升0.49点。日内于1461.78点和1469.12点之间窄幅波动。 市场广度负面，下跌股达567只、上升股369只，另有396只无起落、923只无交易，以及11只暂停交易。 成交量31亿9000万股，值18亿3000万令吉，低于昨日的33亿5000万股和22亿5000万令吉。 SPI Asset Management合伙人Stephen Innes表示，从现在到下周美国联邦公开市场委员会（FOMC）会议期间，本地股市的交投可能波动。 他向马新社说：“很多利好已经被市场消化，所以我们需要一些重开的证据。” “我看到未来有两大问题，即随着中国放松防疫限制，该国的新冠病例将激增，以及FOMC下周会议更鹰派。” 重量级股中，国家能源（Tenaga Nasional Bhd）升8仙，收于9.15令吉、丰隆银行（Hong Leong Bank Bhd）和数码网络（DiGi.Com Bhd）各扬10仙，分别报20.44令吉和3.85令吉、齐力工业（Press Metal Aluminium Holdings Bhd）增5仙，挂4.85令吉，而马银行（Malayan Banking Bhd）跌3仙，至8.62令吉、大众银行（Public Bank Bhd）下滑1仙，报4.41令吉，以及国油化学（Petronas Chemicals Group Bhd）跌14仙，以8.41令吉挂收。 至于热门股，婆罗洲石油（Borneo Oil Bhd）涨0.5仙，报2.5仙、集艺亚洲（CN Asia Corp Bhd）攀3仙，至30仙、科恩马（KNM Group Bhd）收平于5仙、微领科技（MQ Technology Bhd）挫1.5仙，挂5仙、Advance Synergy Bhd跌1仙，至16.5仙，以及艺丽控股（AHB Holdings Bhd）减4仙，收报14.5仙。   （编译：陈慧珊）   English version：Bursa ends marginally lower in lacklustre trading

https://theedgemalaysia.com/node/652856

MySay: What’s in store for 2023 and the Year of the Rabbit

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This article first appeared in Forum, The Edge Malaysia Weekly on January 23, 2023 - January 29, 2023 No, this is not a horoscope prediction. Every time I try to read my horoscope, it sounds more like a horror-scope! This is a simple projection of what went on in 2022 that could extend into 2023, which, barring any unforeseen circumstances and/or events, should hold for the year. Well, 2023 is new, as is the Lunar Year of the Rabbit. It is not your usual year for economists and financiers. Rather, it is a troubling year in which major inflections are likely to happen and converge into one unified direction. Judging by what had happened in 2022, economists and major capital market players like those in the US are bracing for an F5-like tornado to hit the world’s economies, starting with the Western ones but not exclusive to them. Still, the governments of Asean countries appear optimistic, as their economies have not had to be protected by what’s happening in the US and Europe … yet(?). The economic policy battle for 2022 was a stark, divergent battle — pretty much a battle on two fronts that went in opposite directions, which ended pointing in one direction, where it has remained today. At the start of 2022, the world was emerging out of its pandemic-induced lockdowns. This necessitated economic stimulus packages to restart the economic engines. However, buried into the economic being of nations then was the huge amount of relief spending doled out to help individuals and companies affected by the lockdowns. Billions were shovelled out. The spending came on the tail of another huge spend by the Western economies, principally the US, in trying to forestall economic collapse due to the financial crisis caused by mortgage debt securities in 2007 and 2008. Hardly had the central banks started pulling out the excess liquidity in their “tapering” exercise that the Covid-19 pandemic hit, bringing lockdowns and another potential economic collapse with it. How large an amount of money was put out? For the US, the epicentre of the 2007 and 2008 crisis, the best measure of “new” money put out would be to look at the M1. From December 2006 to November 2022, according to the St Louis Federal Reserve Bank, the M1 grew from US$1,368 billion to US$19,933.2 billion — that is, a growth rate of 1,357.11% for the 16 years, or a compounded 18.2% a year. That the M1 is almost at parity with the US gross domestic product of US$22,966 billion in 2021 would have alarmed every financial macroeconomist in the world. It would be akin to injecting a patient with his body weight of adrenalin to stimulate him; surely it could kill him instead? Such massive amounts of money floating around typically means high inflation is coming. And so it came to be. US inflation shot up to almost 10%, as did that of the European Union countries, with the UK going over 10%. US and EU interest rates were raised multiple times to stifle and slow down inflation. “The war is on!” seemed to be the battle cry at the US Federal Reserve and the European Central Bank. Others followed, but don’t let the speed fool you. Many countries’ interest rates were at the “zero lower bound” to begin with, to use a financial macroeconomic term that meant they were at or near zero. The raised rates aren’t even “high” by any standards; the US fed funds rate is now at 4.25% to 4.5%, and there could be more upside to it. As Fed chairman Jerome Powell has implied, it is a long battle and inflation is stubborn. How long a battle? As we had pointed out in our article in The Edge on Oct 10, 2022, “What happened to Malaysia when stagflation hit the US?”, elevated levels of the Consumer Price Index (that is, >3%) and Fed funds rate (>5%) lasted for 16 years from 1972 to 1987. The inflation picture was made worse when Russia attacked Ukraine. Ukraine is a major supplier of wheat, corn and sunflower oil to the world. Indeed, food prices have shot up and even faraway Malaysia was hit when chicken prices shot upwards, as corn feed — which Malaysia is totally import-dependent upon — was hit by both the Ukrainian situation and the years-long drought in South America. Now there is a shortage of eggs, and no turkeys for Christmas. All this will have an impact on economic growth for all countries. As the International Monetary Fund pointed out in its October 2022 World Economic Outlook, downward revisions for growth in the world’s economies have increased since last April’s report. For Asean for 2023, the downward forecast is a steep -0.9% to 4.7% growth. The weakening has begun. Malaysia too must play the long game. So, there it is, the real issues that Malaysia will have to contend with in 2023 and the rabbit year will be centred on higher prices and higher interest rates. Thankfully, Corporate Malaysia is not highly leveraged, but households are. This means less disposable income as interest payments creep up. This will also hurt diets as a substantial portion of Malaysian food is imported (around a third at last count). Will price controls help? Not really as, if controlled prices are lower than the cost of furnishing goods for sale, traders would lose money at every sale and would stop selling. Shortages would appear. Would subsidies help? Yes, it is better than price controls but targeted subsidies are impossible to properly do (too many leakages would occur) and it all depends on the timing of the subsidy payments to the sellers. Overly long payment periods would risk the retailer going bankrupt for the lack of timely cash in hand. Both measures are at best a temporary salve that might not work too well. Hence, a higher global interest rate environment is likely to trigger price increases domestically and that will make its way to the Malaysian dinner table. It will also deplete demand and disposable income would become less and less. Surely, you say, we can withhold raising our interest rate. Maybe, but we may be forced to raise it. The key mechanism is worth reiterating here. As other countries raise their interest rates, their currencies will rise in strength as depositors buy that currency to enjoy its higher interest rate. In this scenario, where the rising interest rate is not matched by another country, then the latter country’s currency will fall relative to the former country’s. This then raises the cost of imports, that is, for all goods. Along with smaller disposable incomes and goods priced out of reach, misery levels will ratchet up. That is probably why nations big and small have kept up with the US’ interest rate movements — the US dollar is the most used currency in the world, after all. Well, that to us is the story for 2023 and the Year of the Rabbit. Time for prudence and belt tightening. Good that we are already on a diet. All the best! Huzaime Hamid is chairman and CEO of Ingenium Advisors, Malaysia’s financial macroeconomics advisory Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/671211

K Seng Seng to raise RM41 mil from private placement to fund stake buy, working capital

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KUALA LUMPUR (June 14): K Seng Seng Corp Bhd (KSSC) is seeking to raise up to RM41.47 million from a private placement to finance the acquisition of a majority stake in a precision machined parts manufacturer, and for working capital. The placement entails the issuance of up to 34.56 million new shares, representing not more than 20% of the group's issued shares, to independent investors to be identified later, the group said in a bourse filing on Wednesday (June 14). KSSC assumed the issue price of the new shares at RM1.20, a discount of 6% to the five-day volume weighted average market price of the group’s shares of RM1.277 on Tuesday. Of the RM41.47 million gross proceeds, RM21.25 million will be allocated for working capital for payment of overheads, while another RM19.12 million will go towards funding the acquisition of a 51% stake in Metalmach Micro Technology Sdn Bhd. KSSC, which had in February entered into a term with sheet with Metalmach's major shareholder Low Kim Yoong to buy the 51% stake, inked a follow-up agreement with Low on Wednesday to buy the stake for RM19.12 million. Metalmech specialises in precision manufacturing of semiconductor moulds, tools and dies, precision parts, jigs and fixtures, carbide tooling and the design and assembly of automation machines. According to KSSC, the acquisition is in line with the group’s objective of acquiring strategic stakes in companies involved in high-value added metal-related industries with potential for future growth. “The proposed acquisition will expand KSSC Group’s scale of operations and facilitate KSSC Group’s presence into the semiconductor industry,” it added. KSSC’s share price has been on an uptrend since November last year. The stock climbed from 65 sen at end-October to a high of RM1.65 in January. On Wednesday, it closed at RM1.27, valuing the group at RM165.29 million.

https://theedgemalaysia.com/node/676574

IMF, Argentina reach staff deal on loan reviews to unlock US$7.5 bil

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WASHINGTON/LONDON (July 28): The International Monetary Fund said on Friday that it has reached a staff-level agreement with Argentina to unlock about US$7.5 billion and complete the fifth and sixth reviews of the struggling country's US$44 billion loan programme. The agreement, which still needs IMF Executive Board approval, eases some programme requirements because a devastating drought has created a "very challenging" economic environment in Argentina, causing some end-June financial targets to be missed. Reuters first reported the agreement would combine the fifth and sixth reviews of Argentina's IMF programme — a move that provides additional loan funds sooner. The IMF said its board would meet to consider the agreement in the second half of August. The Fund said in a statement that since the fourth review of the loan programme in March, Argentina's economic situation has become very challenging due to the larger-than-anticipated impact of a drought, which had a significant impact on exports and fiscal revenues." "There have also been policy slippages and delays, which have contributed to strong domestic demand and a weaker trade balance," the IMF added. To sustain demand for Argentina's peso currency, the agreement calls for authorities to ensure that policy interest rates remain "sufficiently positive in real terms". The agreement projects a more gradual accumulation of reserves, with a target of around US$1 billion by the end of 2023, compared to a US$8 billion goal set in March. The agreement calls for Argentina to tamp down import demand with new foreign exchange taxes for imported goods and to strengthen expenditure controls. But its 2023 primary fiscal deficit target remains unchanged at 1.9% of GDP, the IMF said. With no liquid currency reserves in the central bank, Argentina has recently introduced more peso exchange rates to stop the drainage. The Fund said that the programme will need waivers because these measures are "against the introduction of multiple currency practices". The government will need to take some additional measures, known as prior actions, between the staff level agreement and the board approval, according to a source familiar with the matter, who asked not to be named because the measures are still not public. The next review is expected to take place in November, a month earlier than originally scheduled. Argentina is set to have another three reviews on its 2022 IMF programme by September 2024, though the IMF statement didn't specify what would happen with those. The IMF's board approval of the reviews would come after a primary vote on Aug 13, in which Economy Minister Sergio Massa runs as one of the presidential candidates for the ruling coalition. Massa said the fresh disbursement will provide some stability through the second half of the year. Following the announcement, Argentina's over-the-counter sovereign debt rose nearly 2% on average and the country's main stock index was up 1.68%. The country still needs to avoid a default with the Fund next week, with maturities of US$2.6 billion due on July 31 and almost US$800 million due on Aug 1. Argentine officials are working to "get financing from several sources" to meet these obligations, the source added, without providing any further details. On Friday evening, the Development Bank of Latin America (CAF) approved a US$1 billion credit for Argentina, a spokesperson from the economy ministry said. Another option to help Argentina make the payments is a potential a swap line with Beijing, a move it recently made to complete part of its June payment to the IMF.

https://theedgemalaysia.com/node/645759

Careplus第三季由盈转亏

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（吉隆坡25日讯）由于手套平均售价下降，以及主要客户的订单减少，Careplus Group Bhd第三季由盈转亏，而且是自2021财政年第四季以来，连续第四个季度蒙亏。 这家手套制造商今日向大马交易所报备，截至9月杪2022财政年第三季净亏3021万令吉，或每股5.31仙，上财年同期则净赚837万令吉，或每股1.51仙，因当时医用手套的平均售价和需求创新高。 此外，最低薪金制和天然气价格上调，也导致生产成本增加。 第三季营业额从1亿84万令吉，下挫52.08%至4832万令吉。 综合2022财年首9个月业绩，Careplus净亏1亿318万令吉，一年前则净赚2亿3699万令吉；营业额由5亿9122万令吉，大跌63.46%至2亿1603万令吉。 该集团表示，将致力于争取新订单，以提高生产线的使用率，并着重于成本管理，以确保业绩改善。 “尽管未来几个季度会出现短期受挫，但由于后疫情时代的手套需求增长，集团对手套业的长期前景依然乐观。” 该股今日跌3.5仙或6.86%，收于47.5仙，市值报2亿7220万令吉。   （编译：陈慧珊）   English version：Lower ASP, sales orders from key customers drag Careplus' 3Q into the red

https://theedgemalaysia.com/node/630481

Terengganu Sultanah testifies emotionally on witness stand as she disavows Jho Low and her meddling in TIA

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KUALA LUMPUR (Aug 1): “I have never been involved in the issues of the Terengganu state. I am the wife of the Sultan, a house wife and I take care of my children. I never get involved in the running of Terengganu state apart from my official duties (as Sultanah),” the Sultanah of Terengganu, Sultanah Nur Zahirah, who was holding back her tears, told the High Court on Monday (Aug 1) in her RM100 million defamation suit against Sarawak Report editor Clare Rewcastle-Brown and two others. The Sultanah took the stand to testify in her suit against Rewcastle-Brown for publishing false statements in her book “Sarawak Report: The Inside Story of the 1MDB Exposé” with regard to the Sultanah. The Sultanah in her suit has alleged that Rewcastle-Brown made a disparaging statement about her in the book. She claimed that the statement could be taken to mean that she was involved in corrupt practices and interfered with the state's administration. She also claimed that the statement in the book had linked her as “friendly” with fugitive financier Low Taek Jho or Jho Low. Sultanah Nur Zahirah also alleged that the statement had construed her as having helped Jho Low become the adviser of Terengganu Investment Authority (TIA). She contended that she had never involved herself in the administration of Terengganu and establishment of TIA, therefore the statement had slandered and tarnished her reputation. It should be noted that TIA was set up as a sovereign wealth fund designed to invest the oil revenues from Terengganu and was to be run by its government. However, Sultan Mizan Zainal Abidin, the ruler of Terengganu and the husband of the Sultanah, had pulled out of TIA and wanted it to be terminated. Subsequently the Federal Government, under then prime minister Datuk Seri Najib Abdul Razak had endeavoured to take over the company. The company was taken over by the government and was renamed 1Malaysia Development Bhd (1MDB). At the High Court proceedings on Monday via Zoom, an emotional Sultanah Nur Zahirah, who was clad in a purple baju kurung, testified that when her name was unexpectedly added into this controversial book, it came as a shock. “When my name was unexpectedly attached to this controversial book, anyone at that time would not want to be associated with Jho Low, seeing what he did to this country. So surely when I read this, anyone in my situation will feel what I felt,” she said as her voice choked trying to hold back her emotions in proceedings before Judicial Commissioner Dr John Lee Kien How. The trial was conducted via video conferencing due to the issue of security. She said the book is slander against her and that the authors have defamed her. “This book was supposed to speak of corruption in the country but I don’t know what compelled her (Clare) to write ‘wife of the sultan’ in her book, which is me, when I was not involved at all. She doesn’t get her facts right. I don’t understand why. So for me, I take this as slander because I don’t know her and she doesn’t know me. She’s a famous writer but why write my name? That’s wrong,” the Sultanah said when her lawyer A.K. Vishnu Kumar had asked for her explanation. She also denied ever knowing Jho Low or ever giving her consent for his appointment. Rewcastle-Brown, Gerakbudaya Enterprise publisher Chong Ton Sin and printer Vinlin Press Sdn Bhd were named as defendants following the publication of the book. They were represented by lawyer Americk Sidhu. The Sultanah categorically denies having any role or influence or involvement in TIA. She also said she never gave consent to Jho Low or any parties in relation to the establishment of TIA. Upon cross-examination by Americk, the Sultanah said the apology by Rewcastle-Brown issued on Sept 27, 2018 was not “genuine”. Americk had asked the Sultanah if she accepts the apology. “To me the apology is not genuine because she said that ‘if’ I misunderstand the book then she is sorry, that’s not a kind of apology,” the Sultanah said. Americk also suggested to the Sultanah that Rewcastle-Brown had made a correction to the book and following that omitted her name from subsequent issues. However, the Sultanah said that damage had been done and that thousands of copies were sold with her name on it. The Sultanah is claiming general damages of RM100 million from each defendant and also seeking an order for the publisher to withdraw the book and for the printer to stop printing it. The trial continues on Aug 4.

https://theedgemalaysia.com/node/674820

UPS strike could be costliest in US in a century, study says

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(July 13): A threatened US strike at United Parcel Service (UPS) could be "one of the costliest in at least a century", topping US$7 billion (RM31.64 billion) for a 10-day work stoppage, a think tank specialising in the economic impact of labour actions said on Thursday (July 13). That estimate from Michigan-based Anderson Economic Group (AEG) includes UPS customer losses of US$4 billion and lost direct wages of more than US$1 billion. A 15-day UPS strike in 1997 disrupted the supply of goods, cost the world's biggest parcel delivery firm US$850 million and sent some customers to rivals like FedEx. Roughly 340,000 union-represented UPS workers handle about a quarter of US parcel deliveries and serve virtually every city and town in the nation. A strike could delay millions of daily deliveries, including Amazon.com orders, electronic components and lifesaving prescription drugs, shipping experts warned. They added this also could reignite supply-chain snarls that stoke inflation. Talks are deadlocked between UPS and the International Brotherhood of Teamsters union. The Teamsters have vowed to strike if a deal is not ratified before the current contract expires at midnight on July 31. "Consumers are going to feel this within days," AEG chief executive officer Patrick Anderson said of a potential strike, adding his analysis does not include the human cost of disruption to shipments of critical and perishable medicines to treat cancer and other life-threatening illnesses. A sticking point in negotiations is pay increases for part-time workers who account for roughly half the UPS workforce. Tenured part-timers are particularly frustrated because they make just slightly more than new hires whose wages have jumped in a tight labour market. Anderson said a UPS employee walkout would be a bigger risk to the US economy than a work stoppage by UAW workers at the "Detroit Three" automakers, who started contract talks on Thursday. He noted that the automaker talks cover fewer workers and have a limited geographic impact. In fiscal 2019, GM's fourth-quarter profit took a US$3.6 billion hit from a 40-day UAW strike that shut down its profitable US operations. UPS is urging Teamster negotiators to return to the bargaining table, but union officials say UPS needs to sweeten its offer for workers who risked their lives during the pandemic to help the company generate outsized profits. UPS faces two unappealing choices, Stifel analyst Bruce Chan said in a recent note: Risk a strike and resulting customer losses or acquiesce to Teamster demands that could worsen the company's labor cost disadvantage versus nonunion rivals in an inflationary environment. "Both situations would create pain for UPS, so it could just be a question of when and how the company wants to take its medicine," Chan said.

https://theedgemalaysia.com/node/611699

亚股涨跌互见 马股休盘微跌

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（吉隆坡14日讯）区域股市涨跌互见，加上工业产品与服务指数、种植指数及科技指数面临卖压，拖累马股下跌。 截至中午12时30分，富时隆综指跌0.46%或7.19点，至1561.03点，上周五挂1568.22点。 富时隆综指今早高开2.48点，报1570.7点，盘中游走于1556.1点至1572.6点之间。 下跌股550只，上升股267只，350只无起落，1134只无交易及13只暂停交易。 总成交量为14亿1000万股，总值10亿8000万令吉。 华尔街股市大幅收低，因为投资者担忧俄罗斯和乌克兰冲突，导致科技股和增长股下跌，同时人们的注意力转向了美联储于2022年3月15日至16日召开的政策会议。 报导指，美联储预计将于本月开始加息，从25个基点开始。 马六甲证券私人有限公司表示：“如果美联储在即将召开的会议上不再那么强硬，这可能会推动市场进一步走高。” 同时，马银行投资银行指出，尽管富时隆综指上周反弹，但仍面临卖压。 “根据我们在2021年1月31日的分析，富时隆综指确实走高，并飙升至我们的第二个目标1567.50点，并在2022年3月1日达到1620点高位。” “综指可在1530点下方支撑位内完成回调。” 重量级股项方面，马银行（Malayan Banking Bhd）起1仙，至8.92令吉，大众银行（Public Bank Bhd）跌1仙，报4.39令吉，国油化学（Petronas Chemicals Group Bhd）降10仙，至9.60令吉，IHH医疗保健（IHH Healthcare Bhd）涨2仙，至6.43令吉，以及齐力工业（Press Metal Aluminium Holdings Bhd）挫35仙，报6.15令吉。 至于热门股，Velesto Energy Bhd下滑0.5仙，至10.5仙，Hibiscus Petroleum Bhd减5仙，报1.13令吉，以及Widad集团（Widad Group Bhd）企于34仙。    （编译：魏素雯）   English version：Bursa Malaysia lower at midday

https://theedgemalaysia.com/node/634724

AME REIT's IPO public portion oversubscribed by 2.46 times

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KUALA LUMPUR (Sept 1): AME Real Estate Investment Trust’s (AME REIT) initial public offering (IPO) for the Malaysian public portion was oversubscribed by 2.46 times. AME REIT is slated for listing on the Main Market of Bursa Malaysia on Sept 20. The IPO exercise entails an offering of 254.8 million units, representing 49% of total 520 million units in AME REIT. For the institutional offering, AME REIT received demand for a total of 459.2 million units at the top end of the bookbuilding range of RM1.15 per unit from the Malaysian institutional investors and selected investors (excluding Bumiputera investors approved by the Ministry of International Trade and Industry (MITI), said I REIT Managers Sdn Bhd in a statement on Thursday (Sept 1). I REIT Managers is the management company of AME REIT. Upon conclusion of the book building process, the institutional price has been fixed at RM1.13 per unit. “The retail offering comprises 10.4 million units made available to the Malaysian public, 7.8 million units to the eligible directors and employees of AME Elite Consortium Bhd and its subsidiaries (pink form offering), and restricted offer-for-sale (ROFS) of 128.1 million units to the shareholders of AME Elite (entitled AME shareholders) on the basis of one unit for every five ordinary shares held in AME Elite on Aug 15, 2022,” AME REIT stated. AME REIT received a total of 1,567 applications for 36 million units for its offering of 10.4 million units for application by the Malaysian public.  The 7.8 million units made available under the pink form offering were fully subscribed. Meanwhile, 121.7 million units of the ROFS portion representing 95% of the total ROFS units were subscribed by the entitled AME shareholders and the remaining 6.4 million units have been fully covered by the Malaysian institutional investors and selected investors, pursuant to the clawback and reallocation provisions set out in the prospectus of AME REIT dated Aug 17, 2022. The final retail price is fixed at RM1.13 per unit, which is two sen lower than the retail price of RM1.15 per unit. The difference of two sen per unit will be refunded to all successful subscribers for the retail offering. Simon Lee Sai Boon, chairman and executive director of I REIT Managers, said the positive response from institutional investors and the Malaysian public are a vote of confidence for AME’s unique positioning as a sponsor-led REIT with positive potential of strong inorganic growth.  “With industrial space solutions provider AME Elite as our sponsor, AME REIT will be able to leverage on their future property development projects as a ready source for high-quality tenanted industrial properties, workers dormitories and warehouses for acquisition. “Moreover, our prospects would be further enhanced by the mandate to acquire third-party properties beyond the sponsor’s undertakings. The management is pleased to fix the price at RM1.13, balancing between optimising proceeds for the sponsor AME Elite and giving a higher yield to AME REIT subscribers,” said Simon. There will be no proceeds raised by AME REIT, as the IPO does not involve any issuance of new units.

https://theedgemalaysia.com/node/610957

Consumer and aviation stocks up as border reopening news excites investors

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KUALA LUMPUR (March 9): Consumer and aviation stocks such as Heineken Malaysia Bhd, DKSH Holdings (Malaysia) Bhd and Malaysia Airports Holdings Bhd (MAHB) were among the top gainers on Bursa Malaysia on Wednesday (March 9) as investors reacted positively to news of Malaysia reopening its borders to international visitors from April 1. The announcement by Prime Minister Datuk Seri Ismail Sabri Yaakob on Tuesday (March 8) has provided markets with some much-needed earnings clarity for a lot of businesses. Fully vaccinated travellers will be allowed to enter the country without quarantine from April 1, two years after borders were closed due to the Covid-19 pandemic. At 11.16am, Heineken shares were up 52 sen or 2.5% at RM21.28, while DKSH shares rose 19 sen or 4.41% at RM4.50. MAHB shares edged up 18 sen or 2.97% at RM6.24. In a note on Tuesday, CGS-CIMB Research said sectors that will benefit from higher foreign tourist arrivals are hotels and retail (via the real estate investment trust sector), consumer, gaming, transport, brewery and healthcare. "Stocks that we like under this thematic play are MAHB, Genting Malaysia Bhd, Genting Bhd, Carlsberg Brewery Malaysia Bhd, Heineken, Bonia Corp Bhd, IGB REIT and IHH Healthcare Bhd," it added. It noted, however, that the positive news is partially offset by concerns over the ongoing Russia-Ukraine war, rising inflation, labour shortage concerns, and political uncertainty. CGS-CIMB Research is maintaining its end-2022 FBM KLCI target at 1,622 points. The benchmark index was down 0.35 points or 0.02% at 1,546.52 points at 11.18am.

https://theedgemalaysia.com/node/611741

Roger Ng Fraud Trial In New York: No mention of Jho Low’s name as he did not have official role in 1MDB, says Leissner

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This article first appeared in The Edge Malaysia Weekly on March 14, 2022 - March 20, 2022 THE involvement of fugitive financier Low Taek Jho (Jho Low) in 1Malaysia Development Bhd (1MDB) had to be hidden from Goldman Sachs’ headquarters in New York. He was considered an “outsider” with no official role in the strategic investment company, even though he was the key decision-maker because of his relationship with former prime minister Datuk Seri Najib Razak, former Goldman banker and head of its Southeast Asia operations Tim Leissner testified last week in a US court. He told the court that over time, sensitivity about Jho Low’s involvement in the schemes — the bank helped 1MDB raise US$6.5 billion through three bond issues over two years — increased because he and his subordinate Roger Ng Chong Hwa knew that they were engaging in “criminal activity”. Leissner added that all of Goldman’s deals with 1MDB would have come to a halt had headquarters found out about Jho Low’s involvement in 1MDB. Asked by prosecutors why he hid Jho Low’s name and involvement in emails to his colleagues, Leissner explained: “Because we were talking about a government institution here where an outsider, not part of the corporate structure or the governing structure, essentially, held all the power and all the control was with him. And that connection came from his relationship with the prime minister.” He said that from the onset of their scheme to defraud 1MDB and secure millions of dollars of kickbacks for themselves, it was almost taboo to bring up Jho Low’s name. “Even before the scheme started, that was the reason we kept that away from Goldman Sachs. When the scheme started, of course, the sensitive — sensitivity — only increased because now we knew we were commencing, ‘we’ being Roger and I at Goldman Sachs, we knew that we were engaging in criminal activity that we didn’t want anybody to uncover,” he said. In the 1MDB-Tanore criminal trial in 2019, 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi had also testified to keeping Jho Low’s name out of any correspondence involving 1MDB. He said that this was done because people within Umno were unhappy with Jho Low’s close and unfettered access to Najib. Jho Low had also cautioned Shahrol, and told him that it would jeopardise Najib’s position if his name were to be exposed. “It made sense to me when Jho Low told me that his involvement needed to be kept low-key so as to not jeopardise Najib’s position in Umno. That was the explanation from 2010 onwards and I accepted that explanation,” said Shahrol. Previously, Leissner also said that he and his subordinate Ng — along with senior Goldman officials including Andrea Vella, a former co-head of investment banking in Asia — used code names to conceal the extent of Jho Low’s involvement in the fundraising projects from other partners at the bank. “Had we raised his name in his true capacity, we would not have been approved” by Goldman’s oversight officials, Leissner said. Leissner has pleaded guilty to money laundering and bribery of foreign officials. Ng, former head of investment banking in Malaysia, is charged with conspiring with him to launder money and violate US anti-bribery laws. He is the only former Goldman banker to go on trial in the scandal.   By Timothy Achariam   Former prime minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor were on the top of fugitive financier Low Taek Jho’s (Jho Low) list of people who needed to be paid off for approval to raise and spend billions of dollars related to 1Malaysia Development Bhd (1MDB), according to a former Goldman Sachs banker. Tim Leissner, the US government’s star witness in its case against ex-Goldman banker Roger Ng, testified in the trial last week that Najib’s and Rosmah’s names topped the list of Malaysian officials who would be bribed. He also testified that a chart found in his emails had laid out the names of 1MDB officials who were also to be bribed as part of the multibillion-dollar scam. Upon questioning from Ng’s lawyer Marc Agnifilo about the list, Leissner detailed the structure of Jho Low’s bribe scheme.   Agnifilo: The Low chart, first, you said you were very clear that the Malaysians were listed on the left? Leissner: Yes, sir. Agnifilo: And I think, if I remember right, you said that the Malaysians were listed on the left and the top entry was Najib Razak and Rosmah, right? Leissner: It was — Najib Razak was PM — PM/Rosmah. Agnifilo: And in addition to being the PM, Najib was the minister of finance, right? Leissner: That’s correct. Agnifilo: Okay. And underneath the minister of finance were different 1MDB officials who were going to be getting bribes too, correct? Leissner: Yes. Agnifilo: And then, under that were other Malaysian government officials that were going to be getting bribes as well, right? Leissner: Yes, but it wasn’t the finance ministry, it was PM/Rosmah.   Also on the list was Sheikh Mansour Zayed Al Nahyan, the deputy prime minister of the United Arab Emirates (UAE). Leissner had told the jury in previous testimony that Jho Low “said the sheikh would not get out of bed for less than US$100 million”. Previously, Leissner had testified to meeting Jho Low in London in 2012, where the fugitive had taken out a piece of paper and “started drawing boxes”. On one side of the page were several boxes for Malaysian officials who needed to be paid off, and on the other were boxes for the Abu Dhabi officials, he said. Jho Low said at the top levels, payments to the Malaysian and Abu Dhabi sides of the criminal enterprise “had to be the same and be perceived to be the same”, Leissner testified. Last week, Leissner also listed Khadem Al-Qubaisi, Mohammed Badawy al Husseiny and Ambassador Yousef Al-Otaiba. Khadem is a UAE citizen who once led Abu Dhabi’s International Petroleum Investment Company (IPIC), and Badawy is an American who ran a subsidiary of IPIC. Khadem, a former top aide of Sheikh Mansour, was sentenced to 15 years’ jail for his crimes in 1MDB, while Badawy was sentenced to 10 years. Najib is facing four charges of using his position to obtain bribes totalling RM2.3 billion from 1MDB funds and 21 charges of money laundering involving the same amount in the 1MDB-Tanore trial, which is ongoing.   Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/618043

SC executive chairman tenders resignation six months after three-year extension

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KUALA LUMPUR (April 28): Datuk Syed Zaid Albar has tendered his resignation as the executive chairman of the Securities Commission Malaysia (SC), just six months after his term was extended for a three-year period. Sources who confirmed this said it was no surprise that Syed Zaid, a corporate lawyer, has decided to quit, given what has happened in the past month. His early exit from the country’s top financial market regulator comes on the heels of a controversial decision by the Attorney-General’s Chambers (AGC) to withdraw criminal charges against troubled oil and gas services company Serba Dinamik Holdings Bhd and four senior executives, who were alleged to have filed false financial statements with the stock exchange. The individuals are chief executive officer and group managing director Datuk Mohd Abdul Karim Abdullah, executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi and vice-president of accounts and finance Muhammad Hafiz Othman. Following investigations by the SC and with the initial consent of the AGC, they were charged on Dec 28, 2021, accused of submitting a false statement in relation to Serba Dinamik’s record high revenue of RM6.01 billion for the 12-month period ended Dec 31, 2020. But, in a surprise turn of event early this month, the AGC decided to withdraw the charges following a letter of representation by the accused. The AGC has not publicly explained its decision. This left the SC with only the option to issue compound fines and it did so on April 12, imposing the maximum fine allowed of RM3 million each against the company and the four individuals, with an additional RM1 million against Muhammad Hafiz. Industry watchers say the case was the biggest corporate fraud by a company listed on Bursa Malaysia and the AGC’s decision was questioned by corporate and investor groups like the Malaysian Institute of Corporate Governance (MICG) and the Minority Shareholders Watch Group (MSWG). Notably, the SC on Saturday (April 23) filed a police report against Serba Dinamik after the company released a 26-page statement questioning the regulator’s motives to press charges against the company, whose former auditor had raised red flags about its financial accounts. Serba Dinamik accused the SC of threatening the company’s staff. The police report by the SC accused Serba Dinamik of issuing malicious and misleading statements.  Syed Zaid, 67, has served as the SC chairman for nearly three years and six months.  He was appointed on Nov 1, 2018, and his reappointment from Nov 1, 2021 was approved by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. It is unclear whether regulators have initiated any action to address the fact that the four compounded individuals have remained on the board and management of Serba Dinamik. The audit matter was first raised by Serba's external auditor KPMG in May 2021 and involved over RM4 billion in sales, inventories and transactions, and several unidentified counterparties. Later, a special independent review (SIR) was conducted by Ernst & Young Consulting Sdn Bhd under Bursa’s directive. However, Serba Dinamik ignored a court order to reveal the October 2021 factual finding update (FFU) of the SIR. The stock exchange sued Serba Dinamik for contempt of court on April 14. Bursa has suspended the trading of Serba Dinamik shares since Oct 22 last year amid the company’s refusal to release the FFU.  Since the accounting-turned-legal fiasco, Serba Dinamik’s performance has turned south and it booked its first-ever losses in the second half of 2021. The company also defaulted on the coupon payment of its two US-dollar sukuk of US$222.22 million maturing in 10 days (May 9) and US$180.12 million respectively. Holders of its other RM100 million sukuk — also maturing next month — have declared an event of cross-default as well, with rating agencies warning earlier this month of potential cross-default of Serba Dinamik’s other long-term banking facilities. There has been no update by Serba Dinamik on any action taken by its lenders following the matter. Read also: Syed Zaid: SC’s integrity was tested MoF appoints former deputy finance minister Awang Adek as SC's new chairman effective June 1 Serba Dinamik questions SC’s motive to press charges, alleges SC threatened staff  SC lodges police report against Serba Dinamik SC rejects Serba Dinamik’s ‘baseless and malicious’ allegations in 26-page statement

https://theedgemalaysia.com/node/616707

上诉庭批准暂缓行刑 沈可婷获准以1万令吉保外候审

Mandarin

（吉隆坡18日讯）上诉庭批准沈可婷的上诉准令，同时批准她暂缓执行刑罚的申请。 新山高庭日前推翻推事庭的裁决，改判沈可婷疏忽驾驶导致他人死亡罪名成立，监禁6年及罚款6000令吉，即日入狱不得保释。服刑后，吊销驾照3年。 由Datuk P Ravinthran、Datuk Lee Heng Cheong和Datuk Mohd Nazlan Mohd Ghazali组成的上诉庭三司，今日允许沈可婷以1万令吉保外候审。 沈可婷代表律师Muhammad Faizal Mokhtar将在14天内向新山高庭提呈上诉通知。 现年27岁的沈可婷，被控于2017年凌晨在新山疏忽驾驶，导致8名骑蚊型脚车的少年死亡。 推事庭在2019年和2021年宣判她无罪，因控方未能提供充足和合理的证据。 与此同时，上诉庭批准由Ravinder Singh Dhalliwal代表的律师公会成为沈可婷上诉案的旁听律师或“法庭之友”。 著名律师丹斯里沙菲宜及代表马华公会的律师团所提出的申请则遭驳回。 Faisal随后在新闻发布会上传发沈可婷的话说，她是一个守法的公民，并遵守法庭的判决。 “有些人在她输掉官司时，责怪司法制度，她对此感到失望。” “对她来说，这案件并非种族课题，而是涉及两个同等重要的课题，即生命的问题及未定罪者都是自由的。无论谁胜诉，都是大马人的胜利。”   （编译：陈慧珊）   English version：No jail for Sam Ke Ting for now, reckless driving appeal to be heard in COA

https://theedgemalaysia.com/node/673276

Canada dock strike enters second day as mediation continues

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(July 3: A strike at Canada’s Pacific coast ports continued for a second day on Sunday (July 2) as mediation efforts between the dockworkers and their employers resumed after a pause on Saturday (July 1) night. Negotiations were halted Saturday evening and resumed on Sunday morning, Jenny Oan, a spokeswoman for the British Columbia Maritime Employers Association (BCMEA), said by email. The meeting paused after 33 hours of negotiations, the organisation representing dockworker employers said in an update on its website.  The International Longshore and Warehouse Union (ILWU) representing more than 7,000 dockworkers went on strike on Saturday morning after federal-mediated negotiations failed. The strike threatens to disrupt millions of dollars of trade and add inflationary pressures to the Canadian economy. Dockworkers made sacrifices during the pandemic by working under hazardous conditions, Rob Ashton, ILWU Canada president, said in a press conference Sunday, accusing the BCMEA of slowness in responding to proposals. He also warned the federal government not to interfere in the negotiations.  “The federal government must stay out of our business,” he said. “If the BCMEA gets their way, and their way is to let the government make this collective agreement for them, there will never be labour peace on the waterfront.” The strike affects activities at maritime hubs in British Columbia, including the Port of Vancouver and Port of Prince Rupert, the country’s No 1 and No 3 busiest. These ports are vital to exports of natural resources and imports of raw materials and food products. The stoppage shows workers are unbending in their demand to recoup purchasing power lost over the past two years. The unrest is adding to wage pressures and disrupting supply chains, driving up costs for businesses and prices for consumers, while potentially stalling progress in cooling inflation. A quarter of Canada’s total traded goods flow through these western ports, representing more than C$800 million (RM2.82 billion) worth of cargo each day. The disruption will have a knock-on effect to the rest of the economy, Robin Guy, vice president of the Canadian Chamber of Commerce, said in an interview.  “Every piece of Canadian industry if they’re moving products, chances are it’s going through the west,” Guy said. “It’s going to fuel inflation, which is also going to make it harder on the economy and the pocketbooks of everyday Canadians.” While inflation has slowed, Canada’s economy regained momentum in May, potentially reinforcing the case for a July rate hike.  The longer the work stoppage drags on, the more impact it would have on the economy, according to Omar Allam, a global trade adviser and former Canadian trade official. In 2021, a strike at the Port of Montreal, Canada’s second biggest, led to a loss of up to C$25 million per day, and this strike would have a bigger impact due to the scale of disruptions.  “There’s a lot of stake here, and there’s a lot of leverage that dockworkers have at the negotiating table,” Allam said. “History shows that these negotiations are frequently difficult, and it includes service disruptions that could really impact supply chains and delivery schedule.”  The union announced their intention to strike earlier this week after talks with employers for a new contract failed, saying it “has run out of options at the bargaining table.”   The ILWU and BCMEA — which represents about 49 waterfront companies and terminal operators — have been in talks since February to renew a collective agreement to replace the old one that expired March 31.

https://theedgemalaysia.com/node/657003

末季净利跌27.4% FGV派息11仙

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（吉隆坡27日讯）FGV Holdings Bhd第四季净利按年下跌27.4%，归咎于种植和物流业务，以及制糖业务的亏损扩大。 FGV向大马交易所报备，截至去年12月杪2022财政年末季净利为3亿3771万令吉，或每股9.26仙，相比上财年同期的4亿6509万令吉，或每股12.75仙。 末季营业额从61亿7000万令吉，下滑至61亿令吉。 该集团宣布派发每股11仙的股息，全年股息为15仙。 该集团2022财年净赚13亿2000万令吉，较2021财年的11亿7000万令吉，按年增长12.82%，而营业额由195亿7000万令吉，涨30.61%至255亿6000万令吉。 FGV总执行长Datuk Nazrul Mansor表示，油棕种植的劳动短缺问题料在第三季前解决，并希望这有助于提高产量和加快翻种计划。 他指出，该集团今年将再招聘5000名外籍劳工。去年则引进了1万名劳工，将劳动力短缺率从32%降至13%。 至于美国进口禁令，他说，该集团乐观认为该禁令将在年底前解除。 “FGV的独立评估人员已完成评估，而集团将把他们的建议付诸行动，并将在首季末向美国海关与边境保护局（CBP）提交最终报告。” FGV另外报备说，考虑发行回教优先股，为解决公众持股不足计划的一部分。 截至2月13日，FGV的公众持股比例为13.09%，低于马交所规定的25%。 “2月23日，董事部同意评估和探讨一项企业活动，涉及发行新的回教优先股。” 该集团计划寻求进一步延长符合公众持股比例要求的期限。   （编译：陈慧珊）   English version：FGV sees higher FFB output in FY2023 with labour shortage set to be resolved

https://theedgemalaysia.com/node/664276

Jerasia Capital unit served with winding-up petition over RM28.8 mil unpaid debts

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KUALA LUMPUR (April 20): Jerasia Capital Bhd's wholly-owned subsidiary Canteran Apparel Sdn Bhd (CASB) has received a winding-up petition from RHB Bank Bhd over unpaid debts amounting to RM28.81 million. The apparel manufacturer and fashion retailer said case management via e-review and hearing for the winding-up petition have been fixed for June 15 and Nov 21 respectively by the Kuala Lumpur High Court. “Jerasia is seeking the necessary legal advice to resolve or defend against this matter,” the group said in a bourse filing on Thursday (April 20). The group said it faces no operational impact despite the winding-up petition. On March 29, Jerasia itself was ordered to be wound up by the Shah Alam High Court for failing to pay some RM24 million owed to Ambank (M) Bhd. Due to this winding-up order, trading in the shares of Jerasia will be suspended from April 25 until further notice. Jerasia has said that its board of directors is still engaging with AmBank for an amicable conclusion before appealing the winding-up petition. Last month, directors of a unit of Jerasia were ordered by the Kuala Lumpur High Court to pay employees’ unpaid Employees Provident Fund contributions, dividends and late payment charges. Jerasia said the court ordered wholly-owned subsidiary Jerasia Fashion Sdn Bhd’s three directors at the material time to pay remaining EPF contributions of employees totalling RM2.42 million Jerasia had triggered the Practice Note 17 criteria on Jan 31, 2022 as its shareholders’ equity on a consolidated basis was 25% or less than its share capital. On Thursday, Jerasia shares were traded unchanged at half a sen. The counter has plunged 90% since it announced its winding-up order on April 12. Read more: Shah Alam High Court orders winding-up of Jerasia Capital Bursa Malaysia publicly reprimands Jerasia, fines eight directors RM600,000 Jerasia’s trading suspension pushed to April 25 due to Bursa's Raya break

https://theedgemalaysia.com/node/650891

Top Chile official resigns as opposition pressures Boric

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(Jan 8): One of Chile’s top officials has resigned as the government of left-wing President Gabriel Boric faces growing pressure over its decision to pardon protesters. Justice and Human Rights Minister Marcela Rios left her post on Saturday (Jan 7), according to an announcement from the president’s office. The departure was due to issues in the pardon process, Boric said, adding that he’s seeking to advance discussion over economic reforms. “When errors of this kind are committed, as I’ve said, we have to accept the political responsibilities as we are doing,” Boric said in a speech. “I invite all of the political forces to concentrate on the urgent needs of our people.” Since Boric took power in 2022, his cabinet members have faced mounting criticism from opposition parties. The president has also witnessed a decline of public support, with about 61% of voters disapproving of him, according to a recent poll. He has also faced disapproval over the unfilled post of attorney general. His recent decision to pardon 13 people, including for crimes during widespread protests in 2019 and in one case for a bank robbery, led to a backlash and a special session of the Supreme Court. Opposition members left talks over improving public security measures in protest. Rios will be replaced by Luis Cordero, a lawyer who has also worked as a senior researcher in the University of Chile’s law department.

https://theedgemalaysia.com/node/675863

Jamie Dimon is boss bankers crave, investor survey shows

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(July 24): Jamie Dimon has lorded over JPMorgan Chase & Co for more than 17 years, quadrupling the stock price and captivating legions with candid comments and occasional zingers on the economy, regulators and politicians. Now, amid some less than stellar Wall Street profits, rising costs, a slump in deal making, and thousands of job cuts, workers across the financial industry say they want Dimon to lead them. Nearly three in five of almost 600 respondents to the latest Markets Live Pulse survey say they’d most want to work for Dimon among the heads of the big six US banks. We don’t know exactly why anyone made their pick, but it’s no surprise that the longest-serving and best-known chief executive in the group had the most fans. This doesn’t mean Wall Street workers are letting Dimon or other top bosses off the hook. Almost half of the respondents, who represent a broad range of investors and bankers in the US and beyond, blame executives for high expenses and headcount reductions that are weighing on the industry. Dimon has given some of his own employees another reason to complain. Along with other executives, he’s turned up the heat on his desire to see staff come back to the office, even as swaths of workers say they’d change jobs, or have already, if managers make them badge in more often. Jane Fraser of Citigroup Inc has a more relaxed approach to working in person. She’s the next most-popular top boss, with 13% of the vote, separated from Dimon by a gap that’s practically as big as the tower JPMorgan is building in New York. Fraser, the first woman to run a big US bank, took over a little more than two years ago and kicked off a cultural shift. Days into her new role, she announced that most of the staff would be able to work from home two days a week. People in the finance industry have more to be anxious about than schedules. About half of them say they’re as worried as usual about job losses, with over one in three saying they’re more concerned than usual. At the same time, half of the respondents expect big US banks to stabilise, while 29% expect them to make more money than ever in the year’s second half. Morgan Stanley’s James Gorman, who’s been striking a note of optimism, clocked in with 11% of respondents saying they’d most want to work for him. But their time to do so is dwindling: Gorman has announced that his retirement is coming up soon. Fewer picked Bank of America Corp’s Brian Moynihan or Goldman Sachs Group Inc’s David Solomon as their top choice. Moynihan hasn’t sought the kind of celebrity status that surrounds some of his peers, instead quietly bringing the bank back from its crunch after the 2008 financial crisis with his mantra of “responsible growth.” Solomon, whose off-hours persona includes his gigs as an electronic-music DJ, has been shoring up support internally amid setbacks that led to a 58% profit plunge last quarter. (Solomon hasn’t done a DJ gig since last summer, according to a spokesperson, who added that the stock has gained ground since the firm’s July 19 earnings release.) Wells Fargo & Co’s Charlie Scharf drew the fewest nods. Even though the bank just hit a key milestone, snatching the most trading and dealmaking market share in years, it remains by far the smallest Wall Street player of the group. Meanwhile, Scharf and his team are still cleaning up the scandals that took root under their predecessors.

https://theedgemalaysia.com/node/653117

Bursa Malaysia opens higher, tracking Wall Street performance

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KUALA LUMPUR (Jan 27): Bursa Malaysia rebounded from two days of losses to open higher on Friday, taking the cue from the strong performance on Wall Street overnight.  The US stock markets rebounded after the preliminary reading of the fourth quarter of 2022 Gross Domestic Product (GDP) expanded 2.9% year-on-year which is quicker than expected despite the aggressive interest rate hikes, dealers said.  At 9.30 am, there were 297 gainers, 198 losers and 888 counters traded unchanged on the Bursa Malaysia. The FBM KLCI was at 1,498.93, up 0.54 of a point, the FBM ACE was at 5,714.32, up 26.73 points, and the FBM Emas was at 10,895.61, up 14.69 points.  Turnover was at 1.024 billion shares valued at RM332.305 million. Malacca Securities Sdn Bhd said, despite the weakness recently, the key index is expected to re-test the 1,500 level, taking cue from the positive sentiment on Wall Street overnight. It noted that the lower liners are staying firm amid strong buying interest, but the brokerage firm cautioned that the overbought position in most stocks across Bursa Malaysia may attract quick profit-taking over the foreseeable future. Globally, the stronger-than-expected economic data in the US may continue to lend support for further recovery on Wall Street, it said. Commodities-wise, it shared that the Brent crude oil recovered all its previous session losses to close above US$87 per barrel on the back of a larger-than-expected drawdown in natural gas inventory, while the crude palm oil (CPO) price ticked slightly higher, approaching RM3,800 per tonne. "We reckon the energy sector to take the spotlight in tandem with the rebound in crude oil prices. "The positive sentiment on Nasdaq overnight may boost the trading interest in the technology sector. Meanwhile, the strong numbers delivered by Capital A Bhd may boost the aviation and tourism-related stocks," it added. Among the heavyweights, Maybank added one sen to RM8.79, Public Bank eased one sen to RM4.27, Petronas Chemicals shed four sen to RM8.47, CIMB slid two sen to RM5.70, while Tenaga Nasional was flat at RM9.52. As for the actives, MMAG edged up half-a-sen to 2.5 sen, ATA IMS and Cypark added 3.5 sen each to 43 sen and 99.5 sen respectively and Tanco improved one sen to 36 sen. On the index board, the FBM Emas Index gained 11.73 points to 10,892.65, the FBMT 100 Index bagged 12.86 points to 10,566.96, and the FBM Emas Shariah Index perked up 23.68 points to 11,172.81. The FBM 70 Index rose 40.22 points to 13,719.69 while the FBM ACE Index increased 21.66 points to 5,709.25.   Sector-wise,  the Industrial Products and Services Index improved 0.47 of a point to 191.02, the Energy Index added 3.82 points to 874.46, and the Plantation Index climbed 23.28 points to 6,866.89, while the Financial Services Index gave up 19.23 points to 16,484.56.  

https://theedgemalaysia.com/node/644623

After Axiata, Digi also obtains shareholders’ nod for merger plan

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KUALA LUMPUR (Nov 18): Digi.Com Bhd shareholders have approved the company’s proposed merger with Celcom Axiata Bhd, the Malaysian cellular arm of Axiata Group Bhd, in its extraordinary general meeting (EGM) held on Friday (Nov 18) afternoon. This comes after Axiata received its shareholders’ nod on Friday morning for the merger plan. “Approval by both Digi’s and Axiata’s shareholders is one of the final steps in the proposed merger approval process, having previously been cleared by the Malaysian Communications and Multimedia Commission, the Securities Commission and Bursa Malaysia. “At completion, Axiata and Telenor will hold equal ownership of 33.1% each in the newly-merged company, which is proposed to be named Celcom Digi Bhd,” said Digi in a statement.  Norwegian Telenor Group holds 49% of Digi. Read also: Axiata shareholders green-light Celcom-Digi merger

https://theedgemalaysia.com/node/664785

Krono派送红股 刺激股价涨5%

Mandarin

（吉隆坡27日讯）Krono亚洲（Kronologi Asia Bhd）建议以5配1比例派送红股，以及每持有5股派送1涨凭单，刺激股价上涨5.13%。 截至早上10时03分，该股升3仙，至61.5仙，共203万股易手。 该公司昨日宣布，将派送至多1亿4806万股，将在稍后确定及公布享有权益日期。 完成上述计划后，估计其股本将会扩大至8亿8841万股。   （编译：魏素雯）   English version：Kronologi up 5% in active trade on bonus issue plan

https://theedgemalaysia.com/node/650596

Townships that are more than just green buildings

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This article first appeared in City & Country, The Edge Malaysia Weekly on December 26, 2022 - January 1, 2023 Terms like “sustainability” and “green” are no longer just buzzwords but the new norm. According to Sir David Attenborough, “The scientific evidence is that if we have not taken dramatic action within the next decade, we could face irreversible damage to the natural world and the collapse of our societies. We are running out of time, but there is still hope.” We ask five developers that prioritise sustainability and being green to highlight one township development in their portfolio that best showcases their ethos. They relate how they have made the townships liveable and promote community living; the steps taken to protect the environment and preserve biodiversity; the measures to lessen the impact of the development on natural resources; and ways to ensure the sustainability and maintenance of the township. CEO Datuk Joseph Lau: At Desa ParkCity, sustainable living is more than just building a green township and landscaping. Rather, it is about curating a people-centric township based on our five pillars of family, neighbourhood, community, connectivity and convenience. While creating a liveable township is key for ParkCity Group, ensuring that the township remains liveable is even more important. In terms of design, the township is created with amenities at its axis so residents are within walking distance of The Central Park with its large lake and The Waterfront neighbourhood mall, as well as Plaza Arkadia commercial centre, which offers myriad F&B options and other conveniences. There is also a local school, an international school, a medical centre and a recreation club, as well as the upcoming ParkCity Town Centre. We continue to prioritise community engagement through activities that promote community living and volunteerism, among others. We have also kept Desa ParkCity as natural as possible by having a lot of forest species and vast green spaces, which are a distinctive feature in our healthy and liveable community. Besides encouraging community building, the township’s central park and its lake also foster a local ecosystem that reduces heat islands, and provides an ideal habitat for a diverse range of flora and fauna. More than that, the lake also acts as a retention pond to facilitate stormwater discharge, storing and reusing rainwater through two centralised lakes within the township. Trees for the township are carefully selected to ensure that they thrive with minimal maintenance. Choosing the “right plant for the right place” is a key consideration in our development. The flowers, fruits and leaves of some of the trees also provide food for some native birds and butterflies. In 2014, a softscape nursery was created to cater to the township’s needs. We also conserve or transplant the existing trees during construction. Tree taxonomy tags have been introduced to provide a basic understanding and educate the public about tree species. Having a sustainable lake design with a biofiltration system is among the measures to lessen the impact on natural resources. The Central Park Lake is a man-made lake built to complement The Central Park and act as a key player in our township’s stormwater management system. To protect the lake water from bio-waste contamination, two biofiltration systems have been installed to regulate the lake water. This technology has greatly helped to reduce manpower and other resources for maintaining and cleaning the lake. The lake is a healthy ecosystem of native fishes and aquatic plants that clean the lake and provide healthy nitrate levels that keep the biofiltration mechanism sustainable. ParkCity’s in-house township and landscape department has also succeeded in creating our own mix-soil treatment and planting technique after numerous tests. We did this as we faced challenges with healthy tree growth due to the extensive subsoiling and topsoiling works that had been done on the site. We are installing more electric vehicle (EV) charging stations in commercial areas as well as in all strata developments moving forward. At our recently launched Noora development, for example, we have allocated 20% of the car park bays for EV charging. We adopt the “15-minute city” urban design approach at Desa ParkCity to promote human mobility, improve the quality of life and reduce the carbon footprint, whereby The Waterfront and Plaza Arkadia are within a 15-minute walk or 400m radius of the township’s residents. We also hold campaigns regularly to build public awareness on environmental issues. Some of our past events include World Environment Day, recycling programmes, gotong royong/Plalking, Farmers Market at The Waterfront, Earth Hour and DIY Project — Grow your own edible garden. We believe sustainability and maintenance of the township are achieved by engaging and working hand-in-hand with the residents through the respective management corporations (MCs) and joint management bodies (JMBs) to promote a strong sense of belonging in the township. For example, Plalking, or picking litter while walking, events are held as community initiatives to keep the township clean while building the community, while pet dispensers are strategically placed to instil responsibility in both resident and visiting pet owners to keep the park clean. To ensure security and safety, ParkCity also works closely with the local police, in addition to having our own auxiliary police and security teams. Each project within the township is also designed to be gated and guarded with perimeter fencing, individual guardhouses and a single ingress and egress point. According to our statistics, Desa ParkCity has one of the lowest crime rates within the Klang Valley. Deputy CEO Liew Tian Xiong: Sustainability is at the heart of Eco World Development Group Bhd’s (EcoWorld) vision of “Creating Tomorrow & Beyond” and it is the core value of the EcoWorld brand.  We are deeply committed to preserving and enhancing the value of our development lands through meticulous master planning, which ensures that natural ecosystems continue to thrive in harmony with the built environments created.  Apart from environmental considerations, as part of our development ethos, we also prioritise the liveability of our townships and consciously co-create places and spaces that foster economic and business growth to improve livelihoods and are mindful of our social responsibility towards the broader community.  Our largest township, Eco Grandeur in Puncak Alam, provides the best example of EcoWorld’s development philosophy and how our master planning takes into account biodiversity preservation and enrichment along with the manner in which it is implemented and executed on the ground.  In 2016, we purchased the land for Eco Grandeur and spent the next two years doing site assessments and rolling out biodiversity studies and strategies, whereby we engaged many specialists such as geological engineers, ecologists and environmental consultants to research, study, analyse and summarise existing land conditions physically and biologically.  By incorporating biodiversity studies at the inception of the development, we are able to understand the existing ecosystems and how they can be further enhanced as well as ensure that we plant the correct species of plants and trees for the local flora and fauna to thrive.  This includes the careful selection of species for landscaping as well as transplanting trees where possible. Carbon capture studies have also been conducted to discern which species of trees are better for absorbing carbon under what conditions, as we have discovered that some types will do better in different settings whether due to soil, sun or other factors.  We are most proud of the township’s 62-acre Dragonfly Park, which makes Eco Grandeur an ecological “stepping stone” for native bird communities to feed and rest while traversing between the Selangor coast and the Titiwangsa mountain range. The landscaping of parks and gardens were designed to host a wide range of biodiversity to regenerate a balanced food chain. In addition to this, the parks and lakes serve as focal points in the township for recreational activities, and the health and wellbeing development of the community. Where possible, we have also salvaged and replanted trees and have collaborated with FRIM (Forest Research Institute Malaysia) to harvest and replant healthy trees. Furthermore, we have also set a key performance indicator that 15% of our development lands are to be dedicated to green spaces, which is more than the regulatory requirement. To minimise waste and pollution caused by the cut and fill process, developments were designed to follow the natural shape of the landscape, including the preservation of the natural topography and water bodies. This allows the landscape to maintain its natural drainage patterns and native vegetation. Such water bodies also act as a natural border between the residential and commercial areas, and encourage the growth of local flora and fauna. Aquatic plants provide bio-filters, erosion control, and a habitat for aquatic life. The use of natural drainage patterns, with the implementation of new detention ponds as required, provides flood mitigation.  Our sustainable procurement policy informs our business partners, including suppliers, vendors and contractors, to adopt or find alternatives for practices, products and materials that are least harmful to nature. Where feasible, preference is given to those that offer services and products that are designed, sourced and manufactured taking into consideration the impact on the environment.  EcoWorld is also ISO 14001:2015 Environmental Management System certified, which outlines the approach on how we should operate without causing further harmful impact to the surrounding environment on the land we are developing.  To ensure that Eco Grandeur remains beautiful and loved by generations to come, we believe that education plays a very important role in preserving our efforts. The team at Eco Grandeur has set up a “green wall” at its sales gallery to share with our local community the township’s environmental journey since 2017. This includes the biodiversity educational ribbon that is being implemented and continually enhanced as the development progresses to harmonise the built environment with nature. Educational trails — the first 2km trail is scheduled to be completed by end-2023 — are being developed to spread awareness and enhance residents’ and visitors’ understanding of the importance of biodiversity.  Executive director of product management unit Jess Teng: With strong fundamentals in good master-plan design as well as mindful creation of innovative products over the years, Gamuda Land has positioned itself as a trusted brand in delivering value to our stakeholders.  “[The philosophy] when we get the places right, the town works” has kept our team on their toes, to constantly look at a master-plan design that works for each township. As each of our townships has its own unique personality and land profile, we are careful to incorporate the right mix of components [that enable each development to complement its surrounding environment]. At Gamuda Gardens, before we delivered any residential precinct, we completed our 50-acre central park featuring five cascading lakes, two waterfalls and ample community gathering places as well as commercial component Waterfront Village, which have now become a popular destination for the surrounding community. We activated the park with various activities such as horse-riding, solar express train rides, a carousel and donut boat rides. Sports facilities at Gardens Wellness and the Fifa-standard Gardens Arena football pitch are also ready to keep the community healthy.  We have also launched Gardens Square, which is anticipated to be a lifestyle retail hub for northern Klang Valley. This will be completed by end-2023, in line with the opening of the exhilarating wheeled-gravity ride, Luge Activity Park, at the township. We also have a nature school programme by Gamuda Parks to nurture young minds to explore the environment through a series of well-curated outdoor learning programmes at Gamuda Gardens. Participants will be guided through the forest trail for a better understanding of the ecosystem as a whole. We remain grounded on our development principle of “listening to what the land has to tell us” and Gamuda Gardens is a success story of holistic rehabilitation and regeneration where we build with respect for nature. Formerly an abandoned monoculture rubber plantation that lacked diverse flora and fauna, it has been transformed into a thriving and bio-diverse ecosystem.  In 2018, we became the first developer, and we remain the only developer in Malaysia to date, to officially commit to conducting scientific biodiversity audits in our towns through Gamuda Parks — bringing together non-governmental organisations and experts as well as consultants who work with flora and fauna, to improve the designs and maintenance of the parks in Gamuda Land’s new townships.  We started by planting more than 8,000 trees at the central park with 77% of native species while 23% of the species are classified as having conservation importance. At least 22 species are at high risk of global extinction.  We use the Miyawaki planting method so our trees can grow 10 times faster and 30 times more dense than usual to create an urban forest. By doing this, we have begun to see the return of fauna, including migratory birds, butterflies and dragonflies. To protect them, we have planted fruit trees, created a pollinators’ garden and ensured the availability of perches to attract birds to our developments. Our objective is to create an environment that is healthy and conducive for people and nature. We have conducted three biodiversity audits in Gamuda Gardens and the findings have shown a 16% increase in bird species on top of the native plant species that we have planted.  Rehabilitating a monoculture plantation was no easy feat, as the land came with several underlying legacy issues, such as the lack of plant varieties to provide nutrients to the soil, and the lack of ground cover to protect against erosion.  Following a site analysis, our main strategies were to preserve the main green gully and undulating terrain, create streaming lakes and waterways, and lay out a green network to the central park before establishing residential parcels overlooking the green lung.  With this approach, we purposefully incorporated designs that took full advantage of, and were aligned with, the natural contours of the landscape, ensuring they did not radically alter the natural surroundings — avoiding conventional earthwork activities that typically involves major cutting.  We have also transplanted some native tree species, while topsoil has been harvested for future use in the development. As plants generally concentrate their roots in and obtain most of their vital nutrients from the topsoil layer, this practice of topsoil reuse is richly beneficial for subsequent tree planting and helps nurture ecosystems in and around communities.  In line with the Gamuda Green Plan 2025, through which we are committed to reducing our emissions intensity by 45% by 2030, we have put in place some key strategies.  Besides landscaping, biodiversity enrichment programmes and Gamuda Land’s target to nurture one million trees across our townships by 2023, our efforts include adoption of renewable energy wherever we can.  At Gamuda Gardens, the rooftop of our Waterfront Village has been installed with solar photovoltaic panels with a capacity of 310kWp, which are used to offset electricity consumption at the sales gallery and common areas. Plans are also underway to add another 310kWp within the township by July 2023. In terms of green transport mobility plans for the development of a low-carbon transport ecosystem within our townships, we have installed EV charging stations and also partnered with Tenaga Nasional Bhd to develop Malaysia’s first electron stations at Gamuda Gardens (as well as Gamuda Cove). Gamuda Gardens also has a 68km dedicated cycling pathway in an effort to promote the usage of non-motorised vehicles to reduce our carbon footprint.  Senior general manager for central region (Seremban 2 and IJM Rimbayu) Chai Kian Soon: In conceptualising IJM Rimbayu to offer holistic living, our aim was to transcend architectural excellence to provide an environmentally friendly, safe and community-engaging ecosystem. The master plan is the result of a vision to create a safe and sustainable community that embraces the idea of urban living with walkable, tree-lined streets, neighbourhood town centres, offices in the parks, schools and abundant public places and amenities. The Green Building Index (GBI)-certified township development spans 1,879 acres within the district of Kuala Langat. Its identity as a green township is expressed via the numerous environmentally conscious features and characteristics. Key features include generous recreational areas that exceed the minimum requirements for open spaces, with each phase in the township having its own recreational park with large open spaces suitable for community get-togethers and activities. A generous portion of the total development has been allocated for nature. These include green linkages, pocket parks with amenities such as cycling tracks and jogging paths, and extensive greenery to mitigate heat build-up in public spaces and provide a cooler environment. There are also pockets of green connectors linking one neighbourhood to another, encouraging more outdoor community-bonding activities; man-made creeks and canals; and recycling elements. As for the homes, they are built with sustainability features — solar panel water heater systems to reduce consumption of electricity; rainwater harvesting system for landscape irrigation and to reduce outdoor water consumption and help reduce surface runoff to the existing drains; use of low volatile organic compound (VOC) paint to reduce hazardous air toxins for the wellbeing of occupants; water-efficient sanitary fittings to decrease water consumption; Sisalation roofs designed for better ventilation to reduce the “heat island” effect; natural lighting and ventilation features to cut down on the use of lights and air-conditioning; and a north-south orientation for most homes to cut down on direct sunlight and heat transmission into the building’s internal spaces. IJM Rimbayu obtained an Environmental Impact Assessment report that was cleared prior to the development, whereby suitable measures were identified to reduce our environmental impact for both on-site and the immediate surroundings. We have also set a target to achieve a minimum bronze GreenRE certification for future developments. The township is also home to The ARC, the township’s 16-acre landmark, which incorporates the concept of “Embracing life within nature” and boasts a green canopy with a 360°panoramic view of the township. The ARC has one of the largest rainwater harvesting systems in Malaysia, in which rainwater is routed into canal waterways and channelled through drips on each column where climbing plants are grown, discharged into the creek and recycled for irrigation purposes. The result of this nature-inspired design is that no treated water has been used for irrigation over the past nine years. The ARC also serves as a social hub and sustainable centrepiece, drawing members of the community to its 10,000 sq m elevated green deck, football field, herb/flower garden and green walls with over 50,000 trees, herbs and flowering plants, as well as clubhouse. IJM Land has planted a total of 21,000 trees in the township. This lush planting allows natural shading, creating a serene environment. In addition, mature trees are conserved or transplanted whenever possible. To ensure the sustainability of the neighbourhood’s green spaces, we commit a sum of RM170,000 per month to maintain the landscape and grounds in the township. We have adopted measures to reduce our dependence on municipal-supplied water. A series of water bodies has been built within the township as water retention for cleaning, recreational use and landscaping purposes as well as to overcome the flood situation during rainy seasons. The water bodies require minimal earthwork in maintaining the water quality. To reaffirm our commitment to green environments, last year, IJM Rimbayu installed 750 solar panels on the rooftop of The Gallerie and The Club to generate renewable energy. Energy generated from these panels supplement the power used for its sales gallery and project office. This initiative will generate an estimated 91.4% savings on energy for the centre, making it close to being self-sustainable. We will continue to invest in innovative technologies, as well as energy and water efficiency measures for our project developments and to safeguard the environment where possible. IJM Land continues to be certified with the ISO 14001:2015 Environmental Management System and set targets to achieve greater and greener goals.  Divisional general manager Tan Siow Chung: Setia Alam, S P Setia’s 2,525-acre flagship township in Shah Alam, has been master planned in line with our LiveLearnWorkPlay development philosophy where homes and amenities are curated to meet the lifestyle needs of our communities within a self-sustaining township.  To encourage community living, the township has six large parks — Wetland Park, Urban Park, Setia City Park, Town Park, Western Park and the upcoming Active Park, which will be completed in 2023. Setia Alam’s parks and pocket gardens make up 400 acres of its green area and are equipped with recreational facilities such as jogging tracks, playgrounds and cycling tracks that are accessible by the public and encourage residents to spend time outdoors.  The parks in Setia Alam have retention lakes and ponds that hold surface runoff rainwater during heavy downpours. Engineered waterways have also been created around the township to act as natural security barriers.  The Setia Alam Club offers fitness facilities such as badminton courts, adults’ and children’s swimming pools and a gymnasium to promote a healthier lifestyle.  The township’s vibrancy is enhanced by commercial hubs, namely Setia Taipan I and Setia Taipan II, as well as its largest neighbourhood mall Setia City Mall, which not only provide residents with a wide variety of dining and shopping options, but also boost business opportunities within Setia Alam. Moreover, Setia City Park and Setia City Convention Centre provide spacious venues for large-scale events.  In addition, Setia HC Ventures Sdn Bhd, a subsidiary of S P Setia, has partnered with Qualitas Medical Group to provide an Ambulatory Care Centre at the high-rise Setia City Residences. The centre will offer comprehensive specialist and surgical services in the areas of wellness, diagnosis, treatment and rehabilitation.  In terms of preserving the environment and biodiversity, Setia Alam has the ideal landscape for birds. The Wetland Park attracts migratory birds during the months of November and December.  In 2022, several measures were taken to cultivate the biodiversity in the township. Four adult ducks, 10 ducklings, a couple of geese and 10 Geopelia birds (burung merbok), were released at the Wetland Island.  To prevent the breeding of mosquitoes in the waters of Setia Alam, 200 tropical fish were released at the Wetland Park, the engineered waterways around the township and the ponds at the parks. To attract more pollinators like butterflies and bees, nectar-rich flowering plants were planted along the waterways of the Wetland Park. We planted trees that act as shelter for birds to nest and breed, and created a fish habitat to protect the fishes from predators and strong currents.  To reduce our carbon footprint, we have several renewable energy solution initiatives. For instance, Setia City Convention Centre is equipped with EV charging stations, and streetlights around the township and its parks are solar powered.  Furthermore, Setia Alam’s most recent implementation will be the “green switch”, which will be installed in 120 double-storey terraced houses of the upcoming Musika Homes Phase 2A project. The “green switch” will allow residents to reduce energy consumption by switching off all non-essential appliances with just one switch. In addition, each home will also be readied with solar panels with capacity of 2.25 kWp on the rooftops, helping residents to reduce domestic carbon emissions on a daily basis.  To improve air quality in the homes, Setia Alam is partnering Panasonic Malaysia to provide a sustainable air management solution using the latest Complete Air Management System (CAMS) in the upcoming Phase 2A of Musika Homes. CAMS purifies the air using artificial intelligence and cloud-based technologies that detect and control indoor air conditions by adjusting the temperature, humidity, air filter of PM2.5 and carbon dioxide levels.  The township also has a recycling hub that is supported by the residents’ association to spread awareness on recycling responsibly.  Additionally, the project management team at Setia Alam continuously upgrades the infrastructure of public facilities and parks to ensure a comfortable and safe environment for all.  Moreover, Setia Alam homes are built sustainably with carefully sourced construction materials that are environmentally friendly and more durable so that less maintenance work is required. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/629515

IJM Corp: No plans to sell highways to Amanat Lebuhraya Rakyat, in advanced discussions with Govt to restructure concessions

English

KUALA LUMPUR (July 25): IJM Corp Bhd on Monday (July 25) clarified that it has no intention to dispose of its portfolio of highway concession assets to private, not-for-profit entity Amanat Lebuhraya Rakyat.  Nonetheless, IJM said it is in advanced discussion with the Government to restructure its toll highway concessions.  “In accordance with good corporate governance practice, the company will disclose any relevant information to Bursa Malaysia and to our investors in a timely manner,” said the group.  IJM said this in a bourse filing, in response to an article by The Edge Malaysia titled “IJM in talks to sell highways to Amanat Lebuhraya Rakyat”, published for the week of July 25-July 31.  The weekly, citing sources, wrote that IJM management had started talks with Senior Minister (Works) Datuk Seri Fadillah Yusof, but details are not known. Besides the West Coast Expressway, in which IJM holds a 28.81% stake, the group owns three toll highways in Malaysia, namely the Sungai Besi Highway, also known as Besraya (100% stake); the New Pantai Expressway or NPE (100% stake); and the Semenyih to Seremban Highway, known as Lekas Highway (50% stake). According to the weekly, the 50-year concession for the West Coast Expressway expires in 2063, the 44-year concession for Besraya in 2040, the 34-year concession for the NPE in 2030, and the 33-year concession for Lekas in 2039. The weekly reported that if the sale of the highways go through, this would be IJM Corp's second major sale in the last two years. The group sold its entire 56.2% stake in IJM Plantations Bhd to Kuala Lumpur Kepong Bhd for RM1.53 billion in cash last year.  Earlier in June, Gamuda Bhd announced that its four highway concessions in the Klang Valley — Kesas Holdings Bhd, Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint), Lingkaran Trans Kota Holdings Bhd (Litrak) and Projek Smart Holdings Sdn Bhd (SMART) — had agreed on and finalised a draft share sale purchase agreement with Amanat Lebuhraya Rakyat. Under the final draft agreement, the four highways are to be sold to Amanat Lebuhraya Rakyat for a total of RM4.477 billion, with Gamuda's portion amounting to RM2.347 billion. At the closing bell on Monday, IJM Corp shares were unchanged at RM1.73, valuing the group at RM6.31 billion. The stock has risen 13.82% from when it was trading at RM1.52 on Jan 3. 

https://theedgemalaysia.com/node/659800

Frankly Speaking: Using diplomacy to exorcise ghosts?

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This article first appeared in The Edge Malaysia Weekly on March 20, 2023 - March 26, 2023 On the surface, the Malaysian government’s decision to embark on an overseas tour to “explain the Sulu group’s claims” seems like a waste of resources. When court bailiffs of various European countries are trying to enforce seizure notices on what the “heirs” have classified as supposedly national assets, the logical solution is that the matter must be fought in the court of law, not in the court of public opinion. After all, diplomacy is not going to halt the gavel of the law. The situation brought upon us by the self-proclaimed “heirs” of the former Sulu sultanate is a tricky one, because their chosen forum is illegitimate. According to the 1878 Grant, the only legitimate jurisdiction to determine any dispute related to the Grant now lies with the courts in present-day Sabah. Therefore, Malaysia has to address the problem without lending legitimacy to an illegitimate jurisdiction and invalid award. It is like fighting a ghost which corporeally doesn’t exist, but at the same time, is capable of creating a great disturbance. Can a diplomatic tour exorcise us of this vexatious spectre? At best, the exercise may convince other sovereign nations to empathise with us (if they haven’t seen the potential risks of such an illegitimate strategy to their sovereignty already). However, if politicians are the ones doing the explaining, there is a risk of splattering more paint on the issue and our opponents than is warranted, and in so doing, invite further unnecessary disputes. This problem is not going to be resolved through diplomacy, but rather through facts and the law. The immediate challenge is to bring the fight back to the legitimate arena that is the Sabah courts. Let any aggrieved party prove their case there. In the meantime, the government should take cognisance of the fact that we as a nation have limited funds. We are fighting an opponent that is well funded and has nothing to lose but everything to gain. Let’s be prudent in how we spend our money — by hiring the best legal minds in international dispute resolution and letting them sort out our problems. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/670268

Australia talks tough on EU trade — report

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(June 7): Australia's trade minister Don Farrell has warned the European Union that he will not sign on a trade deal unless the bloc opens its market to more Australian farm products, the Financial Times reported on Wednesday (June 7). Farrell said an agreement with the bloc was possible only if the EU backed down on its demands not to expose its farmers to competition, the report said. Meanwhile, Australia had extended an "olive branch" to China on its trade disputes, Farrell told the FT. Australia, which has recently seen a thaw in trade restrictions from China after more than three years of icy diplomatic ties, enjoyed a growth rate of 12.6% in shipments to China during the first five months from a year earlier, Chinese customs data showed on Wednesday. In May when China's imports from major trade partners including the US, Japan and South Korea shrank, its purchases from Australia rose 5.4%, according to Reuters' calculations based on Beijing's customs data. Farrell on Tuesday told Sky News that the two countries have set out a pathway to resolve all remaining trade restrictions during a recent meeting in Beijing.

https://theedgemalaysia.com/node/669563

Opec+ faces oil market torn by demand rebound and recession fear

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(June 1): Opec+ will be grappling with a divided oil market when it meets this weekend. On one side, global oil inventories are shrinking as the alliance’s latest production cuts take effect. On the other, disappointing Chinese economic indicators and fears of a US recession have emboldened bearish speculators.  The split picture is mirrored by mixed signals from the cartel’s leaders. Coalition leader Saudi Arabia has warned short-sellers to “watch out,” in contrast to more moderate comments from Russia. At stake is the direction of oil prices and their impact on inflation. Crude has retreated 17% in the past six weeks to trade near US$73 a barrel in London, but is still predicted to pick up again in the second half.  “With prices at this level, Opec is caught between a rock and a hard place,” said Raad Alkadiri, managing director at Eurasia Group. “It is the anti-Goldilocks zone: prices not low enough to dictate a cut, but not high enough for Opec's fiscal comfort.” The 23-nation Opec+ alliance convenes in Vienna on Sunday (June 4), just a month after starting to implement their 1.2 million barrel-a-day production cutbacks unveiled in April.  Those curbs, which will be maintained all year, should be enough to deplete stockpiles substantially as consumption rises in China and beyond, analysts predict. Data from the Organization of Petroleum Exporting Countries suggest a hefty shortfall of about 1.5 million barrels a day in the second half.  These numbers suggest another round of production curbs wouldn’t be welcomed by countries that are still feeling intense cost-of-living pressures. President Joe Biden’s administration criticized OPEC+ for its April cut and the International Energy Agency has condemned the group for exacerbating the “siege” on consumers.  While prices have fallen recently, the group isn’t under severe fiscal pressure. Crude may be below the US$81 a barrel that the International Monetary Fund believes Saudi Crown Prince Mohammad bin Salman needs for his ambitious plans of economic transformation and futuristic cities in the desert, but it’s well above the lows seen during the pandemic. “Opec has never cut within three months of a previous cut with stocks as low as today,” said Daan Struyven, an economist at Goldman Sachs Group Inc. “They likely first want to observe the impact of fresh cuts which just started.” Riyadh and its allies also may be reluctant to undertake extra measures until they have more clarity on supplies from fellow Opec+ member Russia.  Moscow has pledged to slash output in retaliation for international sanctions over its invasion of Ukraine, but there’s little sign that it’s following through. The country is withholding official production figures, and tanker-tracking data show exports are up 8% from February at about 3.6 million barrels a day. Russia’s Deputy Prime Minister Alexander Novak said his country fully implemented its 500,000 barrel-a-day cut in May, something he initially pledged would happen back in March.  “The real issue is can the Saudis corral Russia?” Paul Sankey, lead analyst at Sankey Research LLC, said in a Bloomberg television interview. “Russia’s a threat to Saudi, because what Russia’s doing is sending its oil to Asia,” eroding the price premium that Riyadh’s barrels normally command there, he said. Twenty-five out of 31 traders and analysts surveyed by Bloomberg last week forecast that Opec+ will keep production levels unchanged. Several delegates from the group, who spoke on condition of anonymity, also said they expect the status quo. Russia’s Novak similarly predicted no changes, though later qualified his remarks to say the group could still take action if it was needed. Even so, the fundamentals of supply and demand aren’t the only driver of OPEC+ oil policy.  When Saudi Arabia unveiled the surprise cutbacks in April, Energy Minister Prince Abdulaziz bin Salman said they were intended to scare off short sellers who had built up an excessively large positions. It was a tactic the kingdom has used several times in recent years, and the prince said last week that short sellers risk another “ouching.” His statement initially deterred the bears, but they have since returned, dragging Brent futures down by a further US$5 a barrel. A muted economic rebound in China — the world’s largest oil importer — along with its faltering equity markets and reluctance to deploy large-scale stimulus could convince Riyadh that intervention is necessary. Morgan Stanley, which once led Wall Street’s calls for the return of US$100-a-barrel crude, says the widely-held belief in a tighter market this year is misguided.   A face-to-face Opec+ meeting in Vienna gives the Saudis another opportunity to show their resolve and “does raise the prospect that the group could decide to do a deeper cut,” said Helima Croft, RBC Capital Markets LLC’s head of commodities strategy in New York.

https://theedgemalaysia.com/node/671573

'Prospects for UBS are better than ever' — CEO Ermotti

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ZURICH (June 17): UBS's chief executive sought to reassure Switzerland on Saturday (June 17) over its new banking giant, created by the Swiss bank's historic takeover of former rival Credit Suisse. "The prospects for UBS are better than ever," Sergio Ermotti wrote in an opinion piece published in the Swiss paper Tages-Anzeiger. "This also applies to the future of the Swiss financial centre and its important role in the Swiss economy." Ermotti, who returned to the bank as chief executive in a surprise move shortly after the government orchestrated rescue of Credit Suisse was announced, addressed public concern over the size of the combined bank. He said "there is no doubt that UBS is a large bank", but that the company's business model also contributes to creating wealth for Switzerland. With the official closing of the deal having taken place on Monday, details of how the two banks, with a combined balance sheet of US$1.6 trillion (RM7.4 trillion) and a workforce of 120,000, will be integrated remain sparse. "The question of what will happen to Credit Suisse's Swiss business also needs to be well thought through," he said.

https://theedgemalaysia.com/node/674544

Dollar falls to lowest in three months before inflation data

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(July 12): A gauge of the dollar’s strength fell to a three-month low before a US inflation report that may reinforce bets the Federal Reserve is nearing the end of its tightening campaign. The Bloomberg Dollar Spot Index fell as much as 0.3% to the weakest since April 14 on Wednesday (July 12), pressured as the US currency broke below a key 140 level versus the yen. The greenback is approaching its weakest against the Swiss franc since 2015, while the pound is on the cusp of hitting US$1.30 for the first time in over a year. The moves have picked up this week as economists expect June figures to show US consumer-price growth decelerated on an annual basis, with the headline print likely to have fallen to the lowest since March 2021. “Expectations of the Fed reaching the end of its rate-hiking cycle and further cooling of US CPI will likely reinforce bearish dollar bets,” said Ken Cheung, strategist at Mizuho Bank Ltd in Hong Kong. “Traders may also be trimming their long dollar positions in carry trades.” Bullish dollar bets are losing appeal among traders as signs mount that US interest rates may be approaching a peak. The Bloomberg Dollar Spot Index has tumbled more than 10% from its September peak and hedge funds turned negative on the currency for the first time since March. The greenback’s losses this week coincided with a resurgence in other Group-of-10 currencies. The yen, which has the second-largest weighting in the Bloomberg gauge after the euro, was the day’s biggest outperformer Wednesday as traders positioned for the possibility that the Bank of Japan may modify its yield curve control policy later this month. Expectations of more rate hikes by the Bank of England and also the Swiss National Bank were supporting the pound and the franc. “The dollar is firmly on the backfoot,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd in Singapore. The Dollar Index is likely to lurch lower, and “a weaker-than-expected US CPI tonight could certainly deliver the catalyst for this move.” Wednesday’s inflation print could add to the view that the US economy is heading for a soft landing, which would eventually stoke demand for riskier assets and weigh on the dollar. But it may be too early for the tide to turn on the dollar on the CPI reading alone, some analysts say. “There likely needs to be more of a slowdown in US growth/activity data before the turn to a more sustained trend lower in US yields and USD,” said Erik Nelson, a currency strategist at Wells Fargo in London. “We could get some tactical USD selling after the CPI, but I don’t think we’re yet at a point where USD is on a sustained path lower. The relative growth dynamics need to change — we especially need to see some improvement in European and Chinese growth prospects for a weaker USD,” he added.

https://theedgemalaysia.com/node/611807

EVENING 5: Five things you need to know today

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EVENING 5: Govt needs to cover RM17bil shortfall for 1MDB debts Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today. 1. The government still needs to cover a shortfall of RM17 billion to repay 1MDB’s debts. 2. Malaysia’s total trade surges 24.8% year-on-year in January 2022 to RM203 billion. 3. Malaysia records 51,631 online fraud cases with over RM1.61 billion in losses from 2019 to 2021. 4. UOB Research sees “ample synergetic opportunities” for Axiata upon completion of its Link acquisition. 5. Healthcare counters pique investors' interest amid the continuous prevalence Covid-19 cases.

https://theedgemalaysia.com/node/649273

Apollo Food's 2Q earnings jump over 10 times on stronger sales, low base effect

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KUALA LUMPUR (Dec 22): Apollo Food Holdings Bhd's net profit jumped over 10 times year-on-year for the second quarter ended Oct 31, 2022 (2QFY2023) on stronger sales and low base effect, after earnings were hit by Covid-19 disruptions in the same quarter last year. Net profit rose to RM9.46 million from RM888,000 in 2QFY2022, while revenue increased 87% to RM70.3 million from RM37.64 million, the group's stock exchange filing showed. On a quarter-on-quarter basis, net profit more than doubled from RM4.56 million in 1QFY2023 while revenue climbed 27% from RM55.46 million. For the cumulative first half ended Oct 31, 2022 (1HFY2023), net profit was 13 times higher at RM14.02 million from RM1.06 million in the previous corresponding period, while revenue rose 64% to RM125.76 million from RM76.65 million. The confectionery products manufacturer said it was operating under a challenging environment amid uncertainties over raw material costs and labour shortage and its related costs. "The group will implement prudent measures and improve operational efficiency to sustain the business and results," said Apollo Food. Earnings per share (EPS) for 1HFY2023 rose to 17.53 sen from 1.33 sen in 1HFY2022, giving an annualised EPS of 35.06 sen. This compares with Apollo Food's closing share price of RM3.64 on Thursday (Dec 22), slightly over 10 times its annualised EPS. The counter closed two sen or 0.55% higher at RM3.64 on Thursday, giving the group a market capitalisation of RM291.2 million.

https://theedgemalaysia.com/node/635565

Kit Siang: Five reasons why Zahid should step down as Umno president

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Media statement by DAP Member of Parliament for Iskandar Puteri Lim Kit Siang in Gelang Patah on Thursday, Sept 8, 2022: There are five reasons why Datuk Seri Dr Ahmad Zahid Hamidi should step down as Umno's president. Firstly, all political parties in the next 15th general election should condemn the RM50 billion 1Malaysia Development Bhd (1MDB) financial scandal, and make the saving of Malaysia from becoming a kleptocracy a main plank of their election pledges. Is Zahid prepared to do this? Former chief justice Tun Abdul Hamid Mohamad said the country's legal and judicial system will become a laughing stock if former prime minister Datuk Seri Najib Razak is given a pardon. Does Zahid agree? Abdul Hamid said should the Pardons Board agree to free Najib, it would lay waste years of painstaking work done by the Malaysian Anti-Corruption Commission (MACC) and judicial officials in building up a case against him. Abdul Hamid said: "The MACC spent years investigating, the public prosecutor spent months poring through investigation papers, the judges spent years trying the accused, studying and writing hundreds of pages of judgement, and calling multiple witnesses. "And then, barely two months after Najib is convicted and sentenced to jail and fined millions of ringgit, members of the Pardons Board, with a single stroke of their pen, pardon the accused of all the charges.” Does Zahid agree with Abdul Hamid? Secondly, the Umno president failed to be a witness to testify in Najib’s trial that he had met the royal Arab donor who donated RM2.6 billion to Najib. He said this publicly in August 2015. His silence and failure to testify in Najib’s trial could only mean that he was not telling the truth in August 2015. Thirdly, there is Zahid's inability to clear himself of major responsibility for the RM9 billion littoral combatant ships (LCS) scandal, and his attempt to blame Datuk Seri Hishammuddin Tun Hussein, his successor as the defence minister, for the LCS scandal. Zahid has denied that he was responsible for the RM9 billion LCS scandal, and said it was unreasonable to pin the failure of the LCS procurement on him, as he was not the defence minister when the project was awarded. Although Zahid held the defence minister position from April 2009 to May 2013, and was succeeded by Hishammuddin, and the contract was delayed and only signed on July 17, 2014, the two declassified reports on the LCS scandal, despite being heavily redacted, showed that it is Zahid who must bear greater responsibility than Hishammuddin for the LCS scandal. The letter of intent for the supply of six LCS at a total value of RM9 billion was issued on Oct 15, 2010, and the letter of award (LOA) on Dec 16, 2011, but the contract was held back by some two and a half years, and was only signed on July 17, 2014. However, between the issue of the LOA and the signing of the contract, there were 21 LOAs worth some RM5 billion to procure equipments and systems, most of which were made when Zahid was the defence minister. As the LOAs made during the time Hishammuddin became the defence minister after the 13th general election did not reach RM700 million, Zahid must bear greater responsibility than Hishammuddin for the LCS scandal. Fourthly, there is Zahid’s inability to explain why he overturned his decision in 2011, as recommended by the Royal Malaysian Navy, to contract six Dutch-made Sigma LCS and chose the Scorpene manufacturer’s six French-made Gowind LCS without consulting the Navy, the end user. Lastly, Zahid failed to state clearly and specifically that Najib, as the then prime minister and finance minister, was not responsible for the RM9 billion LCS scandal, especially as the LCS procurement went back to when Najib was the defence minister in the Cabinet of Tun Abdullah Ahmad Badawi. Lim Kit Siang Sept 8, 2022 The views expressed are those of the author and do not necessarily reflect those of the publisher.

https://theedgemalaysia.com/node/670362

Kenanga keeps 'overweight' call on telcos after Jendela briefing

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KUALA LUMPUR (June 8): Kenanga Investment Bank Bhd is retaining its "overweight" call on the telecommunications (telco) sector, following the recent briefing on the Jalinan Digital Negara (Jendela) plan by the Malaysian Communications and Multimedia Commission (MCMC). Its analyst Ahmad Ramzani Ramli said the briefing revealed that Jendela 1 was a success, surpassing its original targets, while laying the groundwork for an accelerated roll-out of the fifth-generation (5G) network and paving the way for Jendela 2. “Most of the telcos surpassed their original targets in terms of upgrading, fiberisation and building new towers, but some missed their marks due to issues with local authorities,” he said in a research note on Thursday (June 8). Overall network complaints dropped by 68% in 2022, further signifying the success of Jendela 1 in providing wider and more efficient coverage. Last year, the MCMC received 64,020 network complaints, dominated by 4G quality of services. “Jendela Phase 1 cost RM28 billion, of which 40% was borne by the government, while Phase 2 is expected to be launched by the end of 2023, but so far there has been no mention of how much the expenditure will be,” he added. He noted that the briefing also touched on the upcoming second 5G network slated for 2024, where Malaysia will move from a single wholesale network to a dual network model. The MCMC also reiterated that all telcos involved are committed to achieving the 80% 5G coverage in populated areas (CoPA) target by the end of 2023 so as to launch the second network by 2024. On Wednesday, Communications and Digital Minister Fahmi Fadzil announced that the country's 5G network had reached 62.1% CoPA as of May 31, 2023, a 2.6% increase from the 59.5% CoPA recorded in April. Read also: 5G model shift: Dual network coverage allowed to overlap, says Fahmi

https://theedgemalaysia.com/node/612778

Ismee says management of TIA not informed about 'secret profit' from bond flip

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KUALA LUMPUR (March 21): Tan Sri Ismee Ismail, a former director of 1Malaysia Development Bhd (1MDB), told the High Court on Monday (March 21) that neither he nor the management of the Terengganu Investment Authority (TIA) was informed that AmBank Group and other companies made millions in "secret profit" from the flipping of Islamic medium-term notes (IMTN) issued by the forerunner of the federalised 1MDB. Najib's counsel Tan Sri Muhammad Shafee Abdullah pointed out that the bonds were bought at a discounted rate by Aktis Capital Group in Singapore and Country Group Securities, which was based in Thailand, and then resold merely days later to the Employees Provident Fund and insurance providers like Prudential for much more. Shafee then asked Ismee if he was aware of this, to which Ismee replied that he was not. Shafee: Within 24-48 hours they made RM74 million, you never knew it was made at TIA's expense? Datuk Shahrol Azral Ibrahim Halmi ought to know. If he was running the transaction, he ought to know. Ismee: As the CEO (chief executive officer), yes [he ought to have known]. Shafee: As far as you are concerned, you or the management was not informed about the secret profit that the bank (AmBank) and Aktis made? Ismee: No. Shafee pointed out that Aktis Capital is associated with Cheah Teik Seng, who was also a member of Maybank's board of directors. The senior lawyer also referred to a report by The Edge which highlighted two Malaysians, other than fugitive financier Low Taek Jho (more widely known as Jho Low), who profited from the deal. The report stated that Vincent Cheah Chee Kong and Shaik Aqmal Allauddin — who were linked to Morningstar Equities Inc, a firm based in the British Virgin Islands — also made money from the bond flip. The article went on to highlight that AmBank in May 2009 sold RM3.8 billion of the bonds to Country Group Securities which bought them on behalf of Jho Low. AmBank took RM500 million for itself while the remaining RM700 million was placed out to Aktis Capital for its client, Morningstar Equities, according to the article. Shafee then went on to ask if Ismee had any knowledge of the secondary subscriber agreements AmBank had signed with Country Group and Aktis Capital, to which Ismee replied he did not. Ismee also said he was not aware of Acme Time Pte Ltd, another beneficiary company entity also associated with Jho Low. According to The Edge article, following the flip, Country Group instructed AmBank to send US$113.42 million to Acme Time on May 29, 2009. Another US$12.55 million was transferred later on July 13, 2009. Shafee also suggested that none of the transfers or profit gained from the flipping of the IMTN had gone to Najib. Shafee: [This] serious matter for Najib's defence... thus far did you see from the transactions I have shown you none of the IMTN have gone to [the] bank accounts of Najib? Ismee: No. The lawyer also pointed out that Najib only opened his AmBank accounts in 2011. Ismee is the 13th prosecution witness to testify in the trial and being cross-examined by the defence. Earlier, the witness agreed with Shafee that Jho Low was with TIA as early as 2008, before the investment fund's inception. "However, I did not ask over his involvement as he was already there," he said, while concurring that the Penang-born businessman was acting as the adviser for Sultan Mizan Zainal Abidin with regard to TIA. Sultan Mizan was also the Yang di-Pertuan Agong at that time. The trial before Justice Collin Lawrence Sequerah continues. The Edge is covering the trial live here. Users of The Edge Markets app may tap here to access the live report. Read also: Ismee agrees 'working in silos' practised by 1MDB executives was bad 1MDB Update: Two Malaysians, apart from Jho Low, profited from the 2009 1MDB bond flip

https://theedgemalaysia.com/node/645336

Higher production costs dragged Hap Seng Plantations’ 3Q net profit down by 57%

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KUALA LUMPUR (Nov 23): Hap Seng Plantations Holdings Bhd registered a net profit of RM22.88 million in the third quarter ended Sept 30, 2022 (3QFY22), a 56.78% decline from RM52.93 million registered in the same quarter last year. As a result, the plantation group’s earnings per share (EPS) fell to 2.86 sen per share in 3QFY22, compared with 6.62 sen per share in the corresponding quarter. The drop in net profit was mainly due to higher production costs as a result of higher fertilizer and diesel costs, as well as an increase in minimum wage, the group said in its filings with Bursa Malaysia on Wednesday (Nov 23). Loss from fair value adjustments of biological assets of RM24.2 million during the quarter, as compared to a gain of RM2.6 million in the corresponding quarter, also contributed to the lower financial performance, the group stated. The fall in earnings was despite its quarterly revenue increasing 4.81% to RM181.99 million, from RM173.63 million in 3QFY21. Higher average selling prices (ASP) of crude palm oil during the quarter had pushed the group’s revenue upwards. Nevertheless, Hap Seng Plantations are still in a better position this year than the previous year. For the nine months ended Sept 30 (9MFY22), the group’s net profit grew 47.59% to RM191.45 million from RM129.72 million, having benefitted mainly from higher ASPs for all palm products in the first half of the year. Revenue for 9MFY22 also expanded 40.96% to RM671 million, from RM476.02 million. Accordingly, basic EPS year-to-date at 23.94 sen was 48% above the preceding year’s corresponding period of 16.22 sen. Hap Seng Plantations noted that its higher earnings in 9MFY22 also included a gain of RM18.8 million and RM26.5 million (net of real property gains tax of RM7.8 million and reversal of deferred tax of RM15.5 million) respectively, arising from the completion of its wholly-owned subsidiary Hap Seng Plantations (Ladang Kawa) Sdn Bhd. On prospects, Hap Seng Plantations said that the higher fertiliser prices and increase in the minimum wage to RM1,500 with effect from May 1, continue to push production costs higher. To mitigate this, the group is focused on improving fresh fruit bunch yield and extraction rates, while making concerted efforts to improve overall cost efficiencies. Additionally, it expects results for the rest of the financial year to be influenced by movements in commodities prices, rising production costs, uncertainties in global economies and the global shift from the Covid-19 pandemic to the endemic stage. Hap Seng Plantations shares closed down one sen or 0.50% to RM2.01 on Wednesday, valuing the group at RM1.61 billion.

https://theedgemalaysia.com/node/608885

大马统计局：1月CPI升2.3%

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（吉隆坡24日讯）大马统计局表示，我国今年1月消费者物价指数（CPI）上升2.3%至124.9点，去年同月报122.1点。 局长Datuk Seri Dr Mohd Uzir Mahidin指出，这超出了我国在2011年至2022年1月期间的平均通胀率（1.9%）。 “总体通胀率上升主要是因为交通运输（6%）以及食品和非酒精饮料（3.6%）增长。” “其次是家具、家用设备和日常家庭维护（3.1%）、餐厅和酒店（2.1%）以及娱乐服务和文化（1.2%）。”   （编译：魏素雯）   English version：CPI up at slower rate of 2.3% in January 2022 — DOSM  

https://theedgemalaysia.com/node/660930

SC: 118 administrative sanctions imposed for various misconducts, breaches of securities laws in 2022

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KUALA LUMPUR (March 27): The Securities Commission Malaysia (SC) has imposed 118 administrative sanctions for various misconducts and breaches of securities laws in 2022. These included violations of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities, knowingly providing false or misleading information to Bursa Malaysia, violations of the take-overs and mergers provisions, and late submissions of documents under the Lodge and Launch Framework. According to the SC's Annual Report 2022, sanctions imposed on parties found to have violated the regulations included reprimands, licence revocation, licence suspension, imposition of penalties and directives, and requirements to make restitution.  A total of RM12 million in penalties were imposed against some parties for their misconduct, the SC said in the annual report released on Monday (March 27).  Apart from administrative actions under its statutory powers, the SC also issued 76 infringement notices in 2022. The nature of cases ranged from corporate misconduct (22%), to insider trading (31%), securities fraud (14%), market manipulation (5%), unlicensed activities (11%), and money laundering (17%).  Infringement notices are issued where breaches of securities laws or guidelines detected do not warrant the initiation of a formal enforcement action or the imposition of an administrative action. As of Dec 31, 2022, there were a total of 49 active investigations conducted by the SC involving securities fraud and corporate misconduct. For more SC 2022 Annual Report stories, click here.

https://theedgemalaysia.com/node/653067

Two million road users set to enjoy toll-free Lingkaran Tengah Utama when completed in 2026

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KUALA LIPIS (Jan 26): A total of two million road users are expected to enjoy the toll-free Lingkaran Tengah Utama (LTU) Expressway, previously known as the Central Spine Road (CSR), especially during festive seasons, when it is completed in 2026. Deputy Works Minister Datuk Seri Abdul Rahman Mohamad said the highway, besides being toll-free, would also help speed up travel time from Kuala Lumpur to Kelantan, which will also lead to saving on petrol costs. “This highway will surely benefit those who carry out business activities and motorists wishing to return to their hometowns during festive celebrations. The LTU will also help traders to transport their goods from Kelantan to Port Klang in a short time,” he told a media conference after surveying Section 3J of the LTU here on Thursday (Jan 26). Also present were Pahang Works, Transport and Health Committee chairman Datuk Mohammad Fakhruddin Mohd Ariff and Datuk Zulkipli Nasri, who is carrying out his duties as the Public Works Department’s deputy director-general (Infrastructure Sector). The LTU is a high-impact project under the Ministry of Works, which involves six packages from Kelantan to Pahang, covering a total of over 300 kilometres (km), with an allocation of RM10 billion. Section 3J, among others, involves the construction of a new four-lane, two-way road along 6.95km from Kampung Seberang Jelai to Kampung Relong here, and the construction of five bridges that are expected to be completed in July 2024.

https://theedgemalaysia.com/node/670574

Kedah MB wants court to determine scope of Anwar’s royal pardon

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KUALA LUMPUR (June 9): Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor has filed an application with the civil court to determine whether the royal pardon granted to Prime Minister Datuk Seri Anwar Ibrahim five years ago was to set aside not only his sentencing, but also his conviction. In the application filed on March 31 in the Alor Setar High Court, Muhammad Sanusi also wanted the court to determine whether the pardon granted under Article 42 of the Federal Constitution is capable of setting aside a criminal conviction. He also wants the court to determine if Anwar's conviction records were erased.  In the application filed through his lawyers at Yusfarizal Aziz & Zaid, the PAS man said that these questions of law and facts are part of his primary defence in Anwar's ongoing defamation suit against him. Anwar, the Tambun Member of Parliament, filed the suit in December last year over a speech Muhammad Sanusi gave while campaigning during the 15th general election in November. Anwar, who is suing Muhammad Sanusi in his personal capacity, alleged that the statements implied that he was not a good Muslim and had abused his power in his political party to obtain a royal pardon. Elaborating on the reasons for the application, Muhammad Sanusi said that Anwar — in a court filing pertaining to the suit — claimed that he was given a full pardon, which included his sentence and conviction. However, the MB contended that there were no such clear indications in the pardon nor the law which state that the conviction would also be set aside. In his supporting affidavit seen by The Edge, he said that Anwar had accused him of making defamatory statements, which included matters of Anwar's criminal records. However, based on the pardon, there was no indication that the records were completely erased, the MB added. In a reply filed in April, Anwar raised a preliminary objection to the Kedah MB's application contending that the matter was outside the jurisdiction of the courts. He said that there were case precedents, where the courts maintained that they cannot affirm or vary any decisions by the Yang di-Pertuan Agong, including the decision to issue a royal pardon. Anwar also said that with the royal pardon, the conviction records were also set aside, and that any statements referring to this would be slanderous.  When contacted, Muhammad Sanusi's lawyer Yusfarizal Yusoff confirmed that the matter was set for further case management on June 28. Anwar is represented by lawyer Sankara Nair in this matter. After spending more than three years in prison over a second sodomy conviction, Anwar was granted a pardon by then Yang di-Pertuan Agong Sultan Muhammad V back on May 16, 2018. The PKR leader was released about a week after the Pakatan Harapan coalition took over the government. Anwar has always claimed that the charge was politically motivated. He was jailed for six years on an abuse of power charge, and was released in 2004, after his first sodomy conviction was set aside by a majority decision that same year. Read also: Anwar files defamation suit against Kedah MB over campaign speech

https://theedgemalaysia.com/node/675201

Farm Fresh shares still expensive despite recent sell-off, say analysts

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This article first appeared in The Edge Malaysia Weekly on July 17, 2023 - July 23, 2023 AT a glance, it appears to be attractive to accumulate Farm Fresh Bhd shares after the recent sell-off as investors were spooked by news of supply constraints in the Australian milk industry. But analysts do not think so, noting that the dairy company’s valuations remain elevated. After its debut on Bursa Malaysia’s Main Market at RM1.72 on March 22 last year, the stock hit a high of RM1.78 on April 13, 2022. However, the counter has declined 32.3% year to date and closed at RM1.09 last Friday. Compared with its initial public offering (IPO) price of RM1.35, the stock is down 19.3%.   As the company’s recent earnings came in lower than market expectations, analysts point out that Farm Fresh is still trading at a high price-earnings ratio (PER) than its consumer peers. “As the current share price is close to my target price, I don’t see any attractive upside to the current level,” an analyst who covers Farm Fresh tells The Edge. “There could be further earnings disappointments over the next one to two quarters. If there is any further downside, I think then will be a better time to buy into Farm Fresh shares.” While the dairy company’s valuation is in line with that of its peers and offers better growth compared with Dutch Lady Milk Industries Bhd and Fraser & Neave Holdings Bhd (F&N), the analyst says the market has priced in some kind of execution discount. That is because ever since its IPO, Farm Fresh has disappointed investors in terms of financial guidance. “That’s why I think there is not much upside over the medium term,” the analyst adds. Nonetheless, with a 5% rise in the prices of chilled products from this month, he expects Farm Fresh’s margin to improve slightly in the second half of the year. The IPO price of RM1.35 valued the group at a PER of 36 times, based on its adjusted profit of RM69 million in the financial year ended March 31, 2021 (FY2021), after taking into consideration factors such as one-off tax liability expenses, which were not part of its core earnings. Still, its 12-month trailing PER remains elevated at nearly 40 times, behind Nestlé (Malaysia) Bhd’s 50.3 times. Forward PER-wise, it is trading at about 23.4 times, which is slightly higher than F&N’s 20.3 times but lower than Nestlé’s 43.3 times and Dutch Lady Milk’s 32.6 times. Another analyst deems the recent sell-off of Farm Fresh shares as “panic selling”, blaming it on the management’s failure to achieve its guidance, and not because of rising raw material prices. In response to the sell-off, Farm Fresh stated on July 4 that the selling pressure stemmed from Australia-listed Bega Group’s warning that it could be facing a non-cash impairment of between A$180 million (RM559.5 million) and A$280 million on the back of a decline in milk production volumes and rising dairy ingredient prices. Farm Fresh explained that its exposure to falling milk production is less in Australia, with its purchase of milk ingredients from third-party farmers in Australia expected to account for about 14% of its total milk ingredients for FY2024. The analyst believes Farm Fresh should have raised product prices way before the recent shock, which saw a lower-than-expected drop in the farm gate milk price. “Despite raising prices of chilled products, I don’t think the margin will return to the previous level because the cost has not come down as much as expected. “They don’t have to maintain the low pricing strategy, they are the market leader. It is okay for them to raise prices to improve margins, though they may lose a bit of market share. It is logical to pass on the additional cost to consumers because you need to be responsible to your shareholders.” Farm Fresh is the top chilled ready-to-drink milk player in Malaysia, with a 49% share of the market in 2022. The analyst observes that local funds have been the sellers of Farm Fresh shares, while retail investors and foreign funds have been mopping up the stock. Compared with a year ago, Khazanah Nasional Bhd, via Agrifood Resources Holdings Sdn Bhd, has pared down its stake to 11.71% from 11.8% but the Employees Provident Fund’s shareholding has risen to 7.46% from 5.58%. Rainforest Capital Sdn Bhd is the largest shareholder of Farm Fresh with a 30.5% stake, followed by FarmChoice Foods Sdn Bhd with 12.43%. Farm Fresh co-founder and managing director Loi Tuan Ee, and his family are shareholders of both these companies, along with others. Of the nine analysts covering Farm Fresh, only three reviewed their calls and target prices on the company following the recent sell-off, according to Bloomberg data. RHB Research downgraded the stock to “neutral” from “buy” with a lower target price of RM1.23 compared with RM1.72 previously, as the higher-than-expected farm gate prices for the new season were a negative surprise, pointing to a tougher recovery path ahead. “With the latest setback, we turn more conservative in our valuation, taking into account the weakness in earnings visibility and consistency,” the research house says in a July 5 note. Nonetheless, it sees minimal earnings downside risks to Farm Fresh going forward with the recent selldown having largely priced in the weakness. With a “hold” call, UOB KayHian had the lowest target price of RM1.05 for Farm Fresh, while BIMB Securities’ target price of RM1.80 was among the highest as it calls a “buy” on the company. The consensus target price of RM1.53, however, suggests a 40.4% upside potential in the stock. Farm Fresh’s net profit fell 37.3% to RM50.08 million in FY2023 from RM79.89 million in FY2022, owing to higher dairy raw material costs. A compilation of analysts’ forecasts by Bloomberg shows that Farm Fresh is estimated to register bottom-line growth of RM82.8 million and RM106.9 million in FY2024 and FY2025, respectively. On May 31 this year, Farm Fresh completed the acquisition of a 65% stake in The Inside Scoop Sdn Bhd for RM84 million, comprising the adjusted purchase consideration of RM68.5 million and the subscription consideration of RM15.5 million.  Of the purchase sum, RM64 million was paid in cash while the remaining RM20 million was satisfied through the issuance of 13.16 million new Farm Fresh shares at an issue price of RM1.52 per share. The Inside Scoop shares were acquired from the ice cream chain’s co-founder Edmund Tan Jun Hua as well as shareholders Derrick Wu and Harsh Rajpal. It is worth noting that the deal was completed before the sell-off of Farm Fresh shares.    Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/661655

Global IPOs marred by banks and recession enjoy few bright spots

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LONDON/ NEW YORK (March 31): A banking crisis and worries of a recession have dampened the outlook for initial public offerings (IPOs) this year, prompting companies to slow down their plans to go public in what is likely to result in lower fees for investment banks. Despite a rebound in fundraising and block trading activity, year-to-date IPO volumes came in at their lowest level since 2019. Stock market flotations worldwide have raised close to $26 billion so far, according to data from Dealogic. The lacklustre performance of some early IPOs, including that of German web hosting provider IONOS, combined with the stock market sell-off triggered by the collapse of Silicon Valley Bank, has forced several companies to delay the roll-out of their flotation plans. Equity capital markets (ECM) advisers, however, are optimistic of a recovery in listing activity in the latter part of the year. In the US, IPO volumes jumped more than 50% from the fourth quarter of 2022, but were still 11% down from the same period last year. IPOs briefly flickered back to life in February, as companies including solar tech firm Nextracker and Chinese sensor maker Hesai Group pushed ahead with their listings. "Realistically speaking, we're looking at the back half of the year as a starting point (for an IPO market reopening)," said Keith Canton, head of ECM for the Americas at JPMorgan Chase & Co. A bright spot for IPOs was the energy transition industry, where the pipeline is expected to remain robust, according to IPO bankers. "We (also) expect some high quality and long-standing consumer assets to emerge once market volatility dissipates," said Daniel Burton-Morgan, head of the Americas syndicate for ECM at Bank of America. Further cross-border deals, including the long-anticipated IPO of SoftBank Group Corp's British chipmaker Arm, may also help boost US volumes in 2023. Recovery delayed In Europe, investment bankers said the market volatility spurred by the banking crisis is likely to affect the pipeline of deals. "What's happened with banks has led to a big pick-up in volatility in equity markets. Enthusiasm has fallen back again, but there will still be IPOs before summer — it very much depends on the individual company," said Andreas Bernstorff, head of ECM in EMEA for BNP Paribas. For instance, German lender OLB, backed by Apollo Global Management, and Swiss skincare specialist Galderma, have put their IPO plans on hold due to the current market conditions, according to people familiar with the matter. Some, however, are hopeful of a pickup in market sentiment before the next wave of deals are launched. Gambling firm Lottomatica, which is also backed by Apollo and furniture group Italian Design Brands, are among a handful of companies that are still pushing ahead with their plans to go public in the second quarter, sources said. Lottomatica is looking to sell upwards of €400 million (RM1.9 billion) of new shares to bring down debt, plus an undetermined amount of existing stock, sources added. "Had these events (the banking crisis) happened this time next month, when the IPO window opens, that would've been a lot more damaging," said Lawrence Jamieson, head of EMEA ECM at Barclays. The Middle East was another bright spot for listings as several well-known names including Oman oil driller Abraj Energy and Adnoc Gas in the United Arab Emirates (UAE) launched their flotations. "The Gulf region has so far been immune to the nervousness that has rattled European markets, so we expect to continue to see IPOs coming out of countries like Saudi Arabia and the UAE," said Chris Laing, who oversees HSBC's ECM activities across Central and Eastern Europe, Africa and the Middle East. While shares sales in Asia-Pacific witnessed a 19% drop in volumes, the region still made up for about half of global equity capital markets activity, including a roughly US$9 billion stake sale in Japan Post Bank. Spokespeople for Apollo and Lottomatica declined to comment. OLB did not respond to a request for comment.

https://theedgemalaysia.com/node/644726

林冠英有望成功守城

Mandarin

（吉隆坡19日讯）非官方成绩显示，行动党主席林冠英以大多数票领先，有望守住峇眼选区。 他从2008年起，赢得该国席。 根据行动党提供的最新成绩，在8万6447票当中，林冠英（62岁）赢得了4万869票或46%票数。   （编译：魏素雯）   English version：Guan Eng set to retain Bagan seat

https://theedgemalaysia.com/node/601685

Senheng to raise RM267.5m from IPO on Main Market

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KUALA LUMPUR (Dec 29): Senheng New Retail Bhd plans to raise RM267.5 million in new proceeds from its initial public offering (IPO) on the Main Market of Bursa Malaysia to fund its next transformation phase and shape the nation’s new retail landscape.  The consumer electrical and electronics retailer said the IPO exercise entails the public issue of 250 million new shares and an offer for sale of 139.5 million existing shares at an issue price of RM1.07 per share. Of the proceeds to be raised from the public issue, Senheng said the majority 60% or RM160.5 million will go towards setting up new stores as well as upgrading existing stores into bigger, enhanced concept stores. The group aims to upgrade or set up 61 new and existing stores from 2022 to 2024 to elevate the shopping experience of its customers. Another 19.3% or RM51.7 million will be used to strengthen the group’s back-end capacities and capabilities. This includes developing the new brand distribution business, expanding and upgrading the warehouse and logistics network, and boosting the group’s digital infrastructure.  The remaining 20.7% or RM55.3 million, Senheng said, will be utilised to repay bank borrowings and defray listing expenses.  Speaking at its virtual IPO prospectus launch on Wednesday (Dec 29), Senheng executive chairman Lim Kim Heng said the company is at the forefront of shaping the new retail landscape to meet latest consumer trends. Based on the issue price of RM1.07 per share, Senheng will achieve a market capitalisation of RM1.6 billion upon listing on the Main Market on Jan 25, 2022. Applications for Senheng’s IPO are open from Wednesday and will close on Jan 10, 2022. Of the 250 million new shares, 149.5 million shares will be placed out to institutional and selected investors, while 48 million shares will be placed out to bumiputera investors approved by the Ministry of International Trade and Industry (MITI).  Another 22.5 million shares will be made available for application by eligible directors, employees and persons who have contributed to the group’s success. The remaining 30 million new shares will be made available for application by the Malaysian public via balloting. Meanwhile, 139.5 million offer-for-sale shares will be placed out to bumiputera investors approved by MITI. Mercury Securities Sdn Bhd is the principal adviser, managing underwriter and joint bookrunner for the IPO exercise, while CIMB Investment Bank Bhd and AmInvestment Bank Bhd are the joint bookrunners and joint underwriters. Read also: Senheng eyes stronger home appliances market share

https://theedgemalaysia.com/node/620274

OPPO Malaysia launches the Find X5 Pro 5G

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(May 18): OPPO Malaysia has finally launched its flagship smartphone, the Find X5 Pro 5G, after dropping hints of the new line in February. The OPPO Find X5 Pro 5G, which is latest addition to the premium X5 series, was co-developed with Swedish camera powerhouse Hasselblad, an indication of the new model’s photography prowess. Distinguishing itself from previous X5 models, the Find X5 Pro 5G comes with a triple-camera setup that’s housed in a raised camera bump. The new model has two 50MP Sony IMX766 sensors for main and ultra-wide-angle shots and a 13MP telephoto camera that can push 5x hybrid optical zoom and up to 20x digital zoom. The latest-generation, multicore Qualcomm Snapdragon 8 Gen 1 processor that is built-in this model offers 30% higher performance and 25% more power efficiency than the previous generation, in addition to enhanced artificial intelligence (AI) capabilities. Stepping up its photography game, the Find X5 Pro also has a MariSilion X custom image neural processing unit for better AI photography as well as a Hasselblad Natural Colour Calibration feature in Pro Mode. The model also has a 32MP front camera that uses a Sony IMX 709 sensor for high definition selfies. 4K Ultra Night Video and Photography Capabilities Content creation is made seamless with further upgrades to its camera including the SLR Level Five-axis Optical Image stabilisation to ensure greater stability while recording videos. The MariSilicon X delivers not only the most powerful AI computing power on a smartphone, but also an advanced AI noise reduction (AINR) algorithm designed by OPPO’s Research Institute, which produces sharper and crisper photos. The wide and ultra-wide rear cameras enable better night shots, thanks to its pairing with Sony’s advanced 50MP IMX766 flagship sensor. Additionally, the first-of-its-kind SLR Level Five-axis OIS system paired with proprietary algorithms improve picture and video taking capabilities by countering hand movements, reducing noise and sharpening scenes with every use. Through OPPO’s partnership with Sony on pairing MariSilicon X and Sony’s sensor, selfies taken on the OPPO Find X5 Pro 5G show more texture and accurate colour reproduction, even under challenging light conditions. The Pro mode on the camera also features Hasselblad Natural Colour Calibration, featuring creative Master Style filters for some added style to mobile photography. The OPPO Find X5 Pro 5G is finished with its ultra-hard true ceramic back that is twice as strong as conventional glass. The ceramic back also boasts superior heat dissipation and is splash, water and dust resistant with an IP68 rating. The OPPO Find X5 Pro 5G also comes with the OPPO Premium Service, where customers can enjoy the repair service through the OPPO official website or the MY OPPO APP. Apart from that, OPPO provides a 24-hour Exclusive Hotline via service hotline at 1-800-81-7666 whereby users get to enjoy prioritised service through the Premium Lane at the My OPPO Space with their exclusive engineer, the Find Master. For pre-order customers, OPPO also provides OPPO Care Warranty Protection Plan whereby customers are entitled to get 1-year Free Screen Damage Protection Plan and Extended Warranty. Moreover, it also comes with an International Warranty that is valid worldwide. Find X5 Pro 5G users can also enjoy a Repair Collection Service, whereby users can just call 019-962 3412 and a door-to-door pick-up and delivery service will be arranged. The Repair Collection Service is applicable twice within the first year for OPPO Find X5 Pro 5G; users of the rest of the Find series can also enjoy one free delivery pick-up service within the first year of purchase. However, do note that the Repair Collection Service is available only in selected areas. The OPPO Premium Service are available for all OPPO Find X5 Pro 5G customers. The OPPO Find X5 Pro 5G comes in two colours, including Ceramic White and Glaze Black, at a recommended retail price of RM4,999. Users who pre-order the OPPO Find X5 Pro 5G from now until May 27 will be entitled to receive freebies worth up to RM1,397 consisting of OPPO Enco X2 worth RM799, one-year screen protection worth RM399, one-year extended warranty worth RM199, and enjoy privileges via MY OPPO App upon signing up. Customers will also get additional gifts consisting of a Kevlar phone case worth RM129, a Touch n’ Go Reload Pin worth RM100 and a gift voucher worth RM100 — all of which are worth RM1,726 if they purchase the OPPO Find X5 Pro from OPPO’s official website, Shopee and Lazada pages.

https://theedgemalaysia.com/node/653590

Investing: Stay vigilant and find opportunities in 2023

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This article first appeared in Wealth, The Edge Malaysia Weekly on January 30, 2023 - February 5, 2023 The market is already rife with talk about 2023 being a recession year. Vasu Menon, executive director of investment strategy at OCBC Bank’s Wealth Management unit, has a similar view, but with a touch of optimism. It will be a year of two halves, Menon tells Wealth in an exclusive interview. The first half of the year will be challenging but by the second half, a rebound in markets could be expected. Amid the volatility, many opportunities will arise for investors to scoop up beaten-down assets. “Now, because everything is so beaten down, we can actually tell people there are opportunities. We are not suggesting that you jump in and buy right now. But we have greater conviction that in the next two years, some of these things will do well. There’s a silver lining to the very sharp pullback in the markets we saw in 2022,” says Menon. His view is that the US is headed for a shallow, or technical, recession in the first half of the year. It will be a challenging and volatile market. But once the Federal Reserve turns dovish, the second half of 2023 and 2024 could be a good period for investors. For a shallow recession to occur, inflation will have to go down, says Menon, which the Fed is currently tackling by raising interest rates. Once that is done, however, it will have to soften its hawkish stance. Recession risks will also have to be properly priced into markets. “The earnings forecasts are still not forecasting a recession. Analysts are still fairly positive about the earnings outlook. I think we need to see more meaningful earnings downgrades, which will hopefully happen in the next six months,” says Menon. There could be less shock to the markets when the earnings outlook is more realistic. One reason Menon thinks a recession, if it happens, would be shallow is due to the strength of consumer spending and corporate balance sheets in the US.  “Companies and individuals are not over-leveraged and individuals are cashed up. In the US, they have excess savings of US$2 trillion (RM8.65 trillion). That’s a lot of firepower from consumers,” he says. Additionally, there have not been massive job losses and wage growth remains strong. Once the high inflation has been curtailed, the markets will recover, Menon believes. There is a lot of money parked in money market funds in the US — US$4.7 trillion, which, according to Menon, is a record high — that is waiting to be deployed when the outlook becomes more positive. This will help support the rebound. The recession will be mostly limited to the Western economies, in Menon’s view. In Europe, this is due to rising interest rates and also the Russia-Ukraine war. But the situation will be more positive in Asia. China reopened its borders to the world in January after lifting its zero-Covid policy. This will lead to a rebound in China’s markets and spill over to the region, says Menon. It will drive up demand for services, tourism and hospitality and reduce the stress on broken supply chains. The latter factor could drive inflation down. “The risk is that when Chinese demand comes back, commodity prices could go up and that could fuel inflation. So, the jury is out on whether the reopening of China is going to be good or bad for inflation,” says Menon.  However, “the recovery will help Asia particularly, so we are positive on Asia”. Menon has been positive on China since the second half of last year. Since then, the Chinese market has done well despite rising cases of Covid-19 infections. The Shanghai Composite Index, for instance, has increased by 2.53% year to date, although it is still down by at least 9% from a year ago (as of Jan 13). Herd immunity could be possible if most of the population has been infected, says Menon. “For instance, in Singapore, when we lifted Covid-19 restrictions, it took about six to eight months before things settled down. China lifted it in two weeks and almost 70% of the population was infected. It creates immunity. Because of that, recovery is going to be faster.” Meanwhile, he points out that the decline in the equity and bond markets last year was exceptional. According to Menon, there have only been two occasions in the last 25 years when both asset classes were sold off at the same time. This has, in turn, created opportunities for investors. He is still neutral on equities at the moment due to the expected challenges in the first half of 2023. This might change for the better, however, if factors like declining inflation are realised. However, Menon is positive on developed market investment-grade bonds because, with an impending recession, investors will seek quality assets. Additionally, if the Fed cuts interest rates in 2024 when inflation has been contained, investment-grade bonds, which are typically longer in duration, will benefit. “We also see opportunities in emerging market investment-grade bonds and high-yield bonds because valuations have now become attractive with the sell-off,” he says. The big tech rout was the headline in 2022 as tech counters saw their stock prices plummet after a huge run-up during the pandemic. Menon is still somewhat positive on the sector, especially for tech stocks in China. “Chinese tech stocks have been badly hammered but have seen a massive rebound of between 70% and 90% in the last few months,” he says. “The prices were previously driven down by regulatory tightening. The government’s stance, however, has changed as the sector is seen as pivotal to job creation. I think things are getting better in China, so the tech sector there is in favour.” On the flip side, he is neutral on US tech stocks because there could be more volatility ahead. While it has been heavily sold off, the valuations could still be cheaper. “Right now, the MSCI tech index is trading at a price-earnings ratio of about 20 times. During the first big sell-off [after Covid-19], the valuations sank to a low of 16 times and during the US-China trade war, it went down to 14 times. So, there is still possibly more downside,” says Menon. “You can’t take your eyes off this sector after such a big sell-off because tech is here to stay. It’s a matter of finding the right level to buy.” A sector that Menon is overweight on is healthcare, thanks to the greater awareness of disease management due to Covid-19 and the ageing population. Both will benefit the sector. Financial services, meanwhile, will benefit once the recession is over and there is a recovery. A trickier sector to look at is energy. The reopening of China will boost demand for commodities. But this will be offset in some way by slowing demand from the US and Europe due to the recession, says Menon. “We think oil prices are going to hover around US$80 to US$90 per barrel. The energy sector is where you want to keep your eye on. Of course, in the longer term, there will be a greater focus on solar and renewable energy. It’s a space you cannot ignore.” On a related note, the environmental, social and governance (ESG) space will be important because it’s a long-term play, Menon believes. It is something investors will need to keep in their portfolios. “It’s like technology 15 years ago. If you had invested in it then, you would have done extremely well [now].” This is despite the view that companies will scale back their investments in ESG initiatives because of the recession.  Menon argues that companies will have to change regardless of the situation because fund managers are embracing ESG, regulations are being introduced and the new generation of consumers see it as a priority. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/641880

Bursa's 3Q profit slips to RM50m, lowest post-pandemic

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KUALA LUMPUR (Oct 31): Bursa Malaysia Bhd said on Monday (Oct 31) that its third quarter net profit dropped 37.29% to RM50.13 million from RM79.94 million a year earlier, as the bourse operator and regulator registered lower revenue. Its revenue for the third quarter ended Sept 30, 2022 (3QFY2022) fell 19.33% to RM140.36 million from RM173.98 million a year earlier, its bourse filing showed. Earnings per share dropped to 6.2 sen from 9.9 sen. No dividend was declared. This is Bursa's lowest quarterly earnings and turnover since the pre-pandemic 4QFY2019 ended Dec 31, 2019, when it recorded a net profit of RM45.56 million, on a revenue of RM129.33 million. In contrast, Bursa posted its best net profit of RM121.94 million in 3QFY2020, on the back of its best ever revenue of RM237.74 million. Bursa attributed the drop in earnings to the drop in total segment profits for 3QFY2022 to RM94.6 million, down 26% from RM127.9 million in 3QFY2021, dragged mainly by lower contribution from its securities market, which saw profit fall 34.9% to RM76.5 million in 3QFY2022, from RM117.6 million in 3QFY2021, mainly due to lower operating revenue. The drop in operating revenue was due mainly to lower trading revenue, which dropped 40.5% to RM55.8 million from RM93.8 million, mostly because of lower average daily trading value for on-market trades and direct business trades, which fell 42.1% to RM1.75 billion from RM3.02 billion. Trading velocity in 3QFY2022 was lower by 16 percentage points at 24%, compared to 40% in 3QFY2021. Depository services revenue also dropped 14.9% to RM12.2 million in 3QFY2022 from RM14.3 million in 3QFY2021, mainly due to lower record of depositors fees and additional issue fees earned. The only increase was seen in market data revenue, which grew 9.8% to RM11.4 million in 3QFY2022 from RM10.4 million in 3QFY2021, contributed by a higher number of subscribers. For the first nine months of FY2022, Bursa’s net profit dropped 38.83% to RM177.57 million from RM290.3 million, as cumulative revenue shrank 24.04% to RM457.54 million from RM602.36 million. Looking ahead, Bursa Malaysia expects the securities market to remain range bound as it continues to be influenced by the ongoing domestic and global developments, as well as the 15th general election that is scheduled to be held on Nov 19. “The exchange will continue with its ongoing initiatives such as the Bursa Research Incentive Scheme, Investor Relations & Public Relations Incentive Programme, Bursa Digital Research and Public Listed Companies Transformation (PLCT) Programme to attract and sustain institutional participation and retail investors in the market,” it said. In the Derivatives Market, trading activities of the FCPO and FKLI contracts continue to be influenced by external factors such as the strengthening of the US dollar, rising interest rates and growing concern of a global economic recession, it noted. Nonetheless, the exchange will continue to enhance the ecosystem through its ongoing initiatives, such as the further extension of the after-hours (T+1) trading session (night trading) to attract domestic and foreign participants. As for the Islamic Markets, the exchange said it will continue its focus on developing new shariah-compliant products to meet the demands of investors as well as creating a conducive Islamic capital market ecosystem. To this end, the exchange continues with its developmental efforts for the Shariah-compliant Voluntary Carbon Market as well as the Bursa Gold Dinar, with BSAS trading activity expected to sustain its momentum through the active engagements with its participants. Taking into consideration Bursa Malaysia’s performance to date and the current challenging and competitive environment, the exchange expects to register a moderate performance as compared to FY2021. As at 4.28pm, Bursa Malaysia’s share price was trading one sen or 0.16% higher at RM6.41, bringing it a market capitalisation of RM5.19 billion.

https://theedgemalaysia.com/node/656505

In China, more families on the fence on home buying, foreclosures cloud sector

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IJING (Feb 23): The number of Chinese households that decided against buying a home soared in the fourth quarter of 2022, a private survey showed, as Covid infections and lockdowns sapped sentiment, while property foreclosures soared as the economy slowed. But more households were considering buying a home or investing in other assets in the coming three months, according to the survey by a research institute and think tank under Ant Group and the Southwestern University of Finance and Economics released on Wednesday. Stabilising the crisis-hit property sector will be a key challenge for policymakers this year as they try to kick-start an economic recovery. Much hinges on how quickly people will start spending again after the government abruptly dismantled its tough Covid restrictions in December. The number of families opting to stay on the sidelines for property in the last quarter rose to 27.2% of respondents from 20.1% in July-October, the survey showed. However, it also found 16.6% of Chinese families had plans to buy a home in the coming three months, up from 7.0% in the July-October quarter. Respondents' willingness to allocate money to domestic stocks, funds, and overseas asset classes also increased, the survey showed. The quarterly survey of over 34,000 households focuses on changes in Chinese household wealth. China's real estate sector, once a key driver of the world's second-largest economy, fell into a deep slump in 2022 as debt-ridden developers failed to finish stalled projects and some buyers boycotted mortgage payments. As a result, property investment and sales fell sharply, weighing on home prices. Foreclosed properties reached 606,000 units last year, up 35.7% from 2021, with the number of such properties finding buyers at auctions slumping 14.9% on year, according to calculations from a separate survey by China Index Academy, one of the country's largest independent real estate research firms. Cities with high numbers of foreclosures were mostly in central and western China, as well as the prosperous Yangtze River Delta and Pearl River Delta regions, according to the property research firm. A tentative revival was seen in the property sector in January, with home prices rising for the first time in a year, boosted by the government' aggressive support measures late last year, lower mortgage rates and the u-turn on the "zero-Covid" containment policy. But analysts expect a sustainable recovery in the sector will only kick in towards the second half of this year. In the poll by Ant Group's institutions, the overall debt of Chinese families and all types of debt increased significantly in the fourth quarter and were at higher levels than in the year-earlier period. The survey also showed demand for consumer loans increased in the fourth quarter, although low interest rates on consumer loans have led many home buyers to use the funds to pay off their existing mortgages in advance.

https://theedgemalaysia.com/node/644792

PN grateful for winning 73 Parliamentary seats, including 22 by candidates using PAS logo — Muhyiddin

English

PN grateful for winning 73 Parliamentary seats, including 22 by candidates using PAS logo — Muhyiddin To read the update, please click https://www.theedgemarkets.com/article/pn-will-not-cooperate-pakatan-harapan-form-federal-government-%E2%80%94-muhyiddin

https://theedgemalaysia.com/node/674807

Tesla Model Y now available to order in Malaysia, price starts from RM199k

English

KUALA LUMPUR (July 14): Tesla Inc’s latest all-electric SUV, Model Y, is now available to order in Malaysia, starting from RM199,000. In a statement on Friday (July 14), Tesla said that Model Y is available in three trims: Model Y (Rear-wheel drive), Model Y Long Range, and Model Y Performance. It said the estimated delivery date will be in early 2024. Tesla said that as part of Malaysia’s commitment to promoting the adoption of low-carbon mobility and supporting the development of the electric vehicle (EV) industry, customers can enjoy full import and excise duties exemption for newly registered zero-emission Tesla electric vehicles (completely built-up EVs), along with 100% road tax exemption. Tesla owners may also claim individual income tax relief of up to RM2,500 on expenses related to the cost of installation, rental, purchase, including hire-purchase equipment or subscription fees for EV charging facilities, for the assessment year of 2023. Read also: Selangor govt pledges to facilitate Tesla's entry Collaboration with Elon Musk will create tens of thousands of skilled job opportunities — PM Anwar holds virtual meeting with Elon Musk on EVs, internet, investments

https://theedgemalaysia.com/node/604059

EPF-backed MBSB Bank proposes RM5b Islamic bonds

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KUALA LUMPUR (Jan 17): The Employees Provident Fund's (EPF) 65.4%-owned subsidiary Malaysia Building Society Bhd's (MBSB) wholly-owned subsidiary MBSB Bank Bhd has proposed to issue RM5 billion worth of Islamic bonds or sukuk under the wakalah principle to raise money to finance the financial services provider’s operations. According to Malaysian Rating Corp Bhd (MARC) analysts, MARC Ratings has assigned a financial institution (FI) rating of A+ to MBSB Bank and a preliminary rating of A+IS to the bank's proposed RM5 billion sukuk programme.  MARC Ratings said MBSB Bank's strength, particularly in personal financing besides its strong capitalisation that had been well supported by its controlling shareholder EPF, are key rating factors for MBSB Bank. "We expect the EPF, as the major shareholder of MBSB with a 65.4% stake, to provide liquidity support to the bank if the need arises.  "The bank's liquidity coverage ratio remained well above Bank Negara Malaysia's requirement, standing at 284.6% as at end-9M21 (the cumulative first nine months of 2021; 2020: 193.2%),” MARC Ratings said. According to MARC Ratings, MBSB Bank was established in February 2018, arising from MBSB's acquisition of Asian Finance Bank, a fully-fledged Islamic bank.  Concurrently, RM41.2 billion worth of syariah-compliant assets of MBSB were transferred to MBSB Bank, MARC Ratings added. "The acquisition [of Asian Finance Bank] was mainly prompted by the need for an Islamic banking licence in line with the MBSB group's plans to become a fully-fledged Islamic FI,”  MARC Ratings said. At the time of writing on Monday (Jan 17), MBSB’s share price had fallen half a sen or 0.84% to 59 sen, giving it a market value of about RM4.14 billion. MBSB has 7.02 billion issued shares, according to its latest quarterly financial report.

https://theedgemalaysia.com/node/673654

科鼎创办人成大股东 BTM交投炽热

Mandarin

（吉隆坡5日讯）科鼎（Bioalpha Holdings Bhd）创办人韩丁国成为大股东，蒙亏的BTM资源（BTM Resources Bhd）今早交投炽热，达5860万股易手。 休市时，BTM扬升5.6%或0.5仙，至9.5仙，市值为1亿1940万令吉。 韩丁国于上周五（6月30日）通过场外交易买入BTM的6051万股。按照BTM当天的收盘价9仙粗略计算，这批股份的作价为540万令吉。 此次购股使得韩丁国持有的股份增至9557万股，或7.606%的直接股权。   （编译：陈慧珊）   English version：BTM Resources is top active counter after Bioalpha founder emerges as substantial shareholder   相关新闻：科鼎CEO韩丁国成为BTM大股东

https://theedgemalaysia.com/node/601856

Genting Singapore places Japan subsidiaries under voluntary liquidation

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KUALA LUMPUR (Dec 30): Genting Bhd’s 52.7%-owned subsidiary Genting Singapore Ltd announced that it had placed eight Japan-incorporated wholly-owned subsidiaries under voluntary dissolution and liquidation. In an announcement on Tuesday (Dec 28) to the Singapore Exchange, casino and hotel operator Genting Singapore said the subsidiaries placed under voluntary dissolution and liquidation comprise direct wholly-owned subsidiary Genting International Japan Co Ltd besides indirect wholly-owned subsidiaries BayCity Co Ltd, Genting Osaka Co Ltd, Genting Yokohama Co Ltd, MoonLake Co Ltd, Resorts World Osaka Co Ltd, Spark Yokohama Co Ltd and StarLight Co Ltd. "The members’ voluntary dissolution and liquidation of the subsidiaries are not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group (being the company and its subsidiaries) for the financial year ending Dec 31, 2021.  "None of the directors or substantial shareholders of the company (Genting Singapore) has any interest, direct or indirect, in the above members’ voluntary dissolution and liquidation other than through their respective shareholdings in the company (Genting Singapore),” Genting Singapore added. The company, however, did not specify reasons behind the voluntary dissolution and liquidation of the subsidiaries. In corporate terminology, the phrase voluntary dissolution and liquidation refers to the process of winding up a company by its directors and shareholders when the company no longer serves its purpose to exist as a legal entity. At a glance, the voluntary dissolution and liquidation of Genting Singapore’s Japan-based subsidiaries are not unexpected after Japan's Yokohama city cancelled the Yokohama integrated resort (IR) bid process, hence the discontinuation of Genting Singapore’s participation in the Yokohama IR bid. Genting Singapore said in a filing with the Singapore Exchange on Sept 10, 2021 that the company was surprised and disappointed by the unexpected turn of events leading to the decision to cancel the Yokohama IR bid. "We are surprised and disappointed by the unexpected turn of events leading to the city’s decision to cancel the Yokohama IR bid as the board of directors and management of the company, together with our consortium partners and supporting partners, have devoted considerable time and our best efforts to prepare and submit a compelling bid and proposed a significant investment that will benefit the city of Yokohama and its community — and at the same time make Yokohama a world-class tourism destination.  "The company would like to thank all parties who have supported and contributed to our Yokohama IR bid, and we extend our best wishes to Yokohama city,” Genting Singapore said. According to news reports, Genting Singapore earlier led a bid to win an IR contract in Yokohama after Japan passed in 2018 a bill permitting the construction of IRs in three cities across Japan. "Osaka and Yokohama were in the running to host two of these resorts, and Genting Singapore was hoping to form partnerships for their operations. But it dropped out of the Osaka IR race in February 2020, which was eventually won by MGM Resorts in September 2021. "In the same month, an anti-IR candidate won Yokohama’s mayoral election and the city withdrew its bid,“ Gambling Insider reported. On Bursa Malaysia on Thursday, Genting Bhd shares were traded unchanged at RM4.71 at 10.52am, with a market capitalisation of about RM18.13 billion based on the company’s 3.85 billion issued shares. The counter saw 426,700 shares transacted.

https://theedgemalaysia.com/node/637814

Omesti bags RM20 mil mobile services contract from TM

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KUALA LUMPUR (Sept 26): Omesti Bhd has bagged a one-year contract from Telekom Malaysia Bhd (TM) relating to mobile services valued at RM20 million. In a Bursa Malaysia filing on Monday (Sept 26), Omesti said it accepted a letter of award (LOA) on Sept 23 from TM. The work comprises design, development, customisation, configuration, delivery, installation, integration, testing, commissioning and knowledge transfer for mobile services business support system. These are also to ensure mobile services continuity including 5G and other mobile-related services, maintenance and support services as well as provision of software subscription. "The LOA is expected to contribute positively to the revenue, earnings per share and net assets per share of the group for the financial year ending March 31, 2023 onwards until the expiry of the contract," Omesti said. The company is engaged in the provision of network connectivity and bandwidth services, and project management services in relation to telecommunications. Omesti's share price finished 2.67% or one sen lower at 36.5 sen on Monday, bringing a market capitalisation of RM195 million.

https://theedgemalaysia.com/node/642884

‘MBSB-MIDF merger to be completed by 1Q2023’

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This article first appeared in The Edge Malaysia Weekly on November 7, 2022 - November 13, 2022 MALAYSIA Building Society Bhd (MBSB)’s planned acquisition of Malaysian Industrial Development Finance Bhd (MIDF) is anticipated to be completed by the first quarter of next year, possibly as early as February, sources say. “That’s the target,” a source familiar with the matter tells The Edge. “Based on the expected timelines, [the parties] hope to get Bank Negara Malaysia’s approval for the deal before the end of this year, after which the next course of action would be for MBSB to hold an EGM (extraordinary general meeting) to get shareholder approval. Everything should be wrapped up by the first quarter of 2023. “Then, comes [months of merger] integration work. MBSB and MIDF should be run as one entity by 2024.” As for who will lead the merged entity, the source says MBSB’s board is carrying out “a process for CEO selection”. The choice is expected to lie with MBSB, given that it is the acquirer and by far the bigger of the two entities. MBSB, which is 65.87%-owned by the Employees Provident Fund (EPF), is led by CEO Datuk Nor Azam M Taib, who is said to be a key contender. Nor Azam, 55, was confirmed as MBSB’s CEO on July 1 after having served in an acting capacity since August 2021, following the demise of the previous CEO. Meanwhile, MIDF, which is wholly owned by Permodalan Nasional Bhd (PNB), is led by group managing director Datuk Charon Wardini Mokhzani, whose previous banking experience includes being CEO of CIMB Investment Bank Bhd. Main Market-listed MBSB announced in a stock exchange filing on Oct 21 that it had made an application to Bank Negara Malaysia seeking approval for its acquisition of MIDF from PNB to form a universal Islamic banking group. MBSB has not provided details of the proposed merger, but it is widely known that it will be effected entirely via a share swap. Market talk has it that the deal values MIDF — a development financial institution — at less than one time book value. Bloomberg data shows MBSB itself is trading at 0.49 times PBV (price-to-book value). Sources say the EPF is expected to emerge as the single-largest shareholder in the merged entity. PNB is expected to hold a stake of less than 20%, according to one source. Staff layoffs are “definitely not on the cards”, says another, given that the merger of the lenders would be complementary from a business standpoint. MBSB is mainly a consumer banking business, whereas MIDF has investment banking and asset management businesses — which MBSB does not — and lends mainly to small and medium enterprises. “There’s a lot more cross-selling that they [MBSB] can leverage as an Islamic universal banking group. At the moment, without a full suite of offerings, it’s tough for them to compete with even the smallest banking group,” the source points out. MBSB, in a press statement on Oct 21, says the universal Islamic banking group is envisaged to offer a wider range of financial solutions to a broader range of customers. To be clear, all banks licensed under Malaysia’s Islamic Financial Services Act 2013 are considered universal Islamic banks, according to industry sources. “However, not all engage in the full suite of services,” one tells The Edge. As at end-June, MBSB’s asset size stood at RM50.85 billion, while MIDF’s was RM8.53 billion. The merger would solidify MBSB’s position as the nation’s second-largest stand-alone Islamic bank by assets, behind Bank Islam Malaysia Bhd, whose assets totalled RM83.03 billion as at June 30. As for MIDF, the merger would enable it to clinch an Islamic banking licence and widen its business scope. Meanwhile, sources say the EPF-owned MBSB is unlikely to move the merged entity into the PNB-owned Menara Merdeka 118, the world’s second-tallest building. This is because MBSB already has  a brand new 26-storey head office (MBSB Tower) in PJ Sentral, Petaling Jaya on top of its old Wisma MBSB building in Damansara Heights, Kuala Lumpur, both of which it owns. It is understood that MIDF has given only a “soft commitment” to PNB to take up space in the upcoming Merdeka 118, says one source. MBSB reported a net profit of RM142.3 million for the second quarter of the financial year ending Dec 31, 2022, down 64.7% from RM403.4 million in the same quarter a year ago, owing to higher operating expenses and net impairment allowance. Revenue declined slightly to RM656.27 million from RM664.94 million. For the first six months of FY2022, net profit fell 57% year on year to RM200.5 million, while revenue dropped to RM1.32 billion from RM1.35 billion. As for MIDF, its 2QFY2022 net profit fell 42.9% y-o-y to RM10.67 million as operating revenue dipped to RM98 million from RM99 million. Its 1HFY2022 net profit grew 2.7% y-o-y to RM26.9 million, while revenue slipped to RM188.4 million from RM188.8 million. MBSB’s share price, which has gained 8.4% so far this year, closed at 58 sen on Nov 4, giving the company a market capitalisation of RM4.16 billion.     Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/672596

KLIA Terminal 1 to undergo drastic changes within three years

English

SEPANG (June 26): Kuala Lumpur International Airport (KLIA) Terminal 1 will undergo drastic changes in three years with the implementation of several efforts including upgrading the aerotrain system and baggage handling system, said Transport Minister Anthony Loke. He said the efforts are expected to restore KLIA Terminal 1's position as the best airport in the world, which is currently ranked 67th compared with 62nd in 2022. KLIA Terminal 1's best-ever ranking was second in 2001, before slipping to 14th in 2013 and 44th in 2018. "We see the position deteriorating which is a concern because of the loss of attractiveness at KLIA Terminal 1. "We need to restore the position of KLIA Terminal 1 because it is an important airport for the country and symbolises the image of the country," Loke told the media after launching CapsuleTransit accommodation at KLIA Terminal 1, here on Monday (June 26). Loke said the quality of service as well as the ecosystem, including being friendly to the retail sector to invest in various facilities and services, need to move in tandem to make KLIA Terminal 1 great again in the world. Meanwhile, Loke added the redevelopment of the 58-year-old Sultan Abdul Aziz Shah (SAAS) Airport in Subang will not replace the KLIA Terminal 1 as the country's main airport. "The redevelopment of SAAS will not cannibalise KLIA Terminal 1 in any way," he said, adding that the SAAS will be the city airport catering to a niche market.  

https://theedgemalaysia.com/node/616609

Pegasus Heights seeks to raise up to RM24m via private placement for working capital

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KUALA LUMPUR (April 15): Pegasus Heights Bhd, formerly Naim Indah Corp Bhd, plans to raise up to RM23.66 million in a private placement of up to 20% of its total issued shares at an issue price to be determined later, for working capital. In a bourse filing on Friday (April 15), the property development company said its total issued share capital stood at RM191.48 million comprising 10.77 billion shares as at March 29, 2022. In addition, it has 3.14 billion outstanding warrants, as well as 698.07 million unexercised options. Based on the indicative issue price of 0.81 sen per placement share, which represents an 8.99% discount to the five-day volume-weighted average market price of Pegasus Heights shares up to March 29 of 0.89 sen, it would raise RM17.45 million under the minimum scenario and RM23.66 million under the maximum scenario. Pegasus Heights said the proposed private placement is the most appropriate avenue of fund raising as it enables the group to raise additional funds without incurring interest costs as compared to conventional bank borrowings, which may affect its bottom line. Barring any unforeseen circumstances and subject to all required approvals being obtained, the proposed corporate exercise is expected to be completed by the third quarter of 2022. UOB Kay Hian Securities (M) Sdn Bhd has been appointed as the adviser and placement agent for the proposed private placement. Pegasus Heights shares closed up 0.5 sen or 50% at 1.5 sen on Friday, bringing it a market capitalisation of RM161.56 million.

https://theedgemalaysia.com/node/671907

Samsung Electronics to host ‘Galaxy Unpacked’ in Seoul for the first time in two decades

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KUALA LUMPUR (Jun 20): Samsung Electronics Co Ltd will unveil its next generation of foldable devices at ‘Galaxy Unpacked’ in July 2023 in Seoul, South Korea. The South Korean tech behemoth’s biannual event will take place at its home ground for the first time in 24 years at COEX in Samseong-dong, Gangnam. The first ‘Unpacked’ event was held in Las Vegas in 2010, and Samsung has since hosted the event in key cities around the world including New York, London, Berlin and Barcelona. These locations have served as a global platform to unveil groundbreaking innovations and set new directions for the mobile industry. Hosting the event in Seoul presents a valuable opportunity to showcase groundbreaking technologies and offer the world a glimpse into the future, unveiling Samsung’s disruptive innovations and demonstrating the company’s commitment to pushing boundaries and shaping the course of technology. In 2022, the Korean market led the way with a 13.6% foldable phone adoption rate, boasting the highest share of foldable phones in annual smartphone shipments, a bellwether further cementing mainstream adoption in global markets. Since the introduction of the first Galaxy Fold in 2019, Samsung has been continuously enhancing its foldable phones and innovating the consumer experience. With the next generation of its foldable series offering enhanced devices based on years of research and development, and investment, Samsung aims to further drive widespread adoption of foldable phones and solidify its position as the industry leader and category creator. “The foldable category embodies Samsung’s philosophy of delivering breakthrough innovation that pushes boundaries to reshape the future of mobile experiences,” said TM Roh, president and head of mobile experience (MX) business at Samsung Electronics. “Hosting ‘Unpacked’ in Seoul holds great significance both as it is a city that has become an emerging epicentre of innovation and culture as well as the foldable category.” With the 27th edition of ‘Unpacked’, Samsung is shifting the direction of its foldable devices to focus on different trend-leading cultural cities around the globe that align with the designated theme of each event. Seoul was selected this time because of its role in influencing global trends with its dynamic culture and innovation, while it also reflects Samsung’s strong confidence in the foldable category.

https://theedgemalaysia.com/node/619344

Weakening ringgit bodes well for Evergreen Fibreboard, says HLIB Research

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KUALA LUMPUR (May 11): Hong Leong Investment Bank (HLIB) Research opined that Evergreen Fibreboard Bhd will profit from a weak ringgit (MYR) as the wood kitchen cabinet company’s sales are largely denominated in the US dollar (USD). In a technical tracker on Wednesday (May 11), the research firm reasoned this evaluation based on its estimate that 60% of Evergreen’s sales are denominated in USD, while its costs are in ringgit.  “We expect export-oriented stocks such as Evergreen will come to the limelight in anticipation of a stronger USD amid the US Federal Reserve’s aggressive tightening campaign,” said HLIB Research.  The firm also noted that the USD against MYR had appreciated 5% year-to-date from 4.16 to 4.38 on Tuesday. HLIB Research stated that Evergreen, mirroring the sell-off in global markets in the past two weeks, had lost 11.8% in share price as of Tuesday from a 52-week high of 80 sen to 71 sen.. However, it believes that Evergreen will experience a rebound, with a target price of 75 sen to 87 sen, and advised investors to cut loss at 62 sen, seeing that its share price has closed above the critical support line. It said that Evergreen’s average selling prices are still on a positive trend despite higher transport cost due to elevated oil prices and potential uptick bias in adhesive cost due to the Russia-Ukraine war. HLIB Research also maintained that Evergreen is well positioned to overcome the prolonged bad weather and global macro events, riding on recovering demand in the panel board and furniture market.  HLIB Research anticipates a robust financial year ended Dec 31, 2021 (FY21) to FY23 for Evergreen with a compound annual growth rate of earnings per share of 74%. 

https://theedgemalaysia.com/node/641104

拟向PNB收购MIDF 马建屋应声杨

English

（吉隆坡25日讯）马建屋（Malaysia Building Society Bhd）打算向国民投资机构（Permodalan Nasional Bhd，简称PNB）收购Malaysian Industrial Development Finance Bhd（MIDF），刺激股价今早上涨。 截至早上9时40分，该股升1仙，至58仙，共121万股转手。 马建屋上周五宣布，已向国家银行提呈申请收购MIDF，以组建一家综合回教银行集团。 马建屋表示，在获得国行和财政部的批准后，交易方将签署最终买卖协议。 随后，集团将会寻求其他监管机构和股东的批准。 马建屋说：“这宗交易具有策略意义，因为马建屋和MIDF是两个定位独特的金融服务集团，具有互补的产品和服务。” “回教银行集团旨在为更广泛的客户提供更广泛的金融解决方案。”   （编译：魏素雯）   English version：MBSB shares advance on proposed acquisition of MIDF from PNB

https://theedgemalaysia.com/node/651682

Top GIIB officials charged with furnishing fake documents to auditor

English

KUALA LUMPUR (Jan 13): Two top officials of rubber compound manufacturer GIIB Holdings Bhd have pleaded not guilty in the Sessions Court here to allegedly furnishing fake documents to auditor Grant Thornton Malaysia PLT in relation to the sale of RM2.95 million worth of machinery that did not exist. The duo — chief executive officer cum executive chairman Tai Boon Wee and executive director Wong Ping Kiong — were hauled to the court by the Malaysian Anti-Corruption Commission (MACC) on Friday to face the charges. Ping Kiong pleaded not guilty to four charges of giving fake documents to Grant Thornton before judge Suzana Hussain. The charges were framed under Section 18 of the MACC Act 2009, which states that it is an offence to provide documents such as receipts/invoices that are false or contain false details with the intention deceive the principal (office). In the first charge read out to her in the court, Ping Kiong allegedly gave a fake GIIB debit note to Grant Thornton audit manager Tam Siew Ping on Dec 30, 2019. The note contained false information on the sale of machinery by GIIB Rubber Compound Sdn Bhd for RM2.95 million to Top Rate Engineering Works, which never happened. This was to allegedly mislead Grant Thornton. According to the second, third and fourth charges, Ping Kiong allegedly acted in the same fashion by giving a directors' circular from GIIB's subsidiary — Goodway Rubber Industries Sdn Bhd — to Grant Thornton involving the sale of the RM2.95 million worth of machinery to Top Rate Engineering Works. The prosecution claimed that the sale never happened, and that money never changed hands. If found guilty, Ping Kiong could be jailed up to 20 years and fined RM10,000, or five times the value of the bribe, whichever is higher. Tai, meanwhile, was charged with colluding with Ping Kiong. His charge comes under Section 28(1)(c) of the MACC Act, which involves abetting or engaging in a criminal conspiracy to commit any offence under the Act. If found guilty, he could face the same punishment as Ping Kiong. The two, who were represented by lawyer Amer Hamzah Arshad, and allowed to post bail — RM60,000 for Ping Kiong and RM50,000 for Tai — also surrendered their passports. The judge set Feb 28 for the next management of the case. In a statement later on Friday, GIIB said the legal team representing the directors had studied the relevant documents, including an independent forensic audit conducted by Ferrier Hodgson MH Sdn Bhd that was presented to GIIB’s board of directors on Oct 19, 2022, and is satisfied that the directors have a good case and will vigorously defend the charges. "The accusations and allegations have been proven baseless and unfounded with external audits and forensic audits by respected independent firms. The information in these financial reports should assist in the investigation and provide clarity. We categorically deny such allegations and we will be exploring all legal avenues to defend both our names and the company’s,” said Tai. GIIB made headlines throughout 2022 for its dispute with one of its directors — Wong Weng Yew — over allegations of fraud and misconduct, which resulted in police reports filed against each other and escalated into legal suits. In December, Tai, together with Ping Kiong, and Teng Pik Sun — who collectively own more than 10% of GIIB's shares, had requisitioned an extraordinary general meeting (EGM) to be convened to remove Weng Yew. The group has then set Jan 19 for the EGM. Weng Yew, meanwhile, recently ceased as a substantial shareholder of the group after selling 35.47 million shares on Dec 9 — representing 5.999% in GIIB — leaving him with less than 0.1% stake. While the filings did not show to whom he offloaded the stake to, Yee Voon Hon, a fellow director and GIIB's largest shareholder, raised his shareholding in GIIB to 21.418% comprising 126.64 million after acquiring 35.47 million shares on the same day. GIIB shares closed half a sen lower at 11 sen on Friday, giving it a market capitalisation of RM65.04 million. Read also: Three GIIB shareholders call for EGM to remove director No fraudulent transactions or misconduct as alleged by former GIIB ED — independent investigative accountant Disputes, fraud claims cast a shadow over GIIB Holdings’ turnaround plans GIIB files RM103.58m suit against seven defendants including non-executive director Wong over conspiracy to injure company

https://theedgemalaysia.com/node/639049

财算案公布前夕 马股高开

English

（吉隆坡6日讯）在明日公布2023年度财政预算案前，马股今日高开。 截至9时05分，富时隆综指上升3.34点，挂1423.89点。 综指开市报1424.75点，较昨日闭市的1420.55点，扬4.2点。 上升股127只、下跌股80只，另有197只无起落、1943只无交易，以及7只暂停交易。 成交量1亿7753万股，值4406万令吉。 乐天交易股票研究副总裁唐柏麟指出，随着综指周三收于1420点上方，买家已经回笼。 他向马新社说：“除了明天提呈2023年财算案，市场情绪也将受到第15届全国大选消息的影响。综指料在1415至1430点区间徘徊。” 由于石油输出国组织（OPEC）每日减产200万桶，布兰特原油上涨至每桶93美元以上，他预计，油气股今日将出现一些购兴。 重量级股中，马银行（Malayan Banking Bhd）和联昌国际集团（CIMB Group Holdings Bhd）各升1仙，分别报8.71令吉和5.27令吉、大众银行（Public Bank Bhd）扬3仙，至4.28令吉、国油化学（Petronas Chemicals Group Bhd）增5仙，挂8.70令吉，而IHH医疗集团（IHH Healthcare Bhd）持平于5.85令吉。 至于热门股，MMAG控股（MMAG Holdings Bhd）涨1仙，挂3.5仙、今日在创业板上市的Cosmos Technology International Bhd飙升20.5仙，至55.5仙、Hibiscus Petroleum Bhd扬3.5仙，报98仙，而微领科技（MQ Technology Bhd）和迪耐（Dagang NeXchange Bhd）分别平盘挂于3仙和78.5仙。   （编译：陈慧珊）   English version：Bursa Malaysia opens higher ahead of Budget announcement

https://theedgemalaysia.com/node/648185

MOH gives K-One green light to sell acne patches

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KUALA LUMPUR (Dec 14): K-One Technology Bhd said its unit K-One MediTech Sdn Bhd has secured approval from the Ministry of Health’s Medical Device Authority (MDA) to distribute and sell acne patches primarily used for quick healing and reducing redness or inflammation of acne. MDA has approved the distribution and sale of the patches for a five-year period from Dec 13, 2022 to Dec 12, 2027, the ACE-Market listed technology solutions provider told Bursa Malaysia on Wednesday (Dec 14). The group will sell acne patches in Malaysia as an authorised representative of China-based acne patch manufacturer Wuhan Huawei Technology Co Ltd (WH Tech). This provides K-One with the opportunity to further expand its medical devices and healthcare products business. The acne patch market is growing in light of the rise in acne cases and skin sensitivity among teenagers, partly caused by the increasing popularity and use of heavy chemical-based cosmetics, K-One said. “Additionally, the increasing use of online shopping and personal care awareness created by social media helped to fuel demand for such healthcare products — acne patches,” it added. “With the distribution and marketing process anticipated to commence immediately and sales progressively scaling up in the coming years, it is expected to contribute positively to the earnings of K-One Tech for the financial years ending Dec 31, 2023 and beyond,” K-One added. K-One’s share price finished up half a sen or 3.33% at 15.5 sen on Wednesday, translating into a market capitalisation of RM128.96 million.

https://theedgemalaysia.com/node/607012

兴业：大马机场控股将继续反弹

Mandarin

（吉隆坡11日讯）兴业零售研究表示，大马机场控股（Malaysia Airports Holdings Bhd）将继续近期反弹，因为该股交投活络且突破了6.17令吉即时阻力位，形成“更高高点”看涨模式。 该研究机构预计，多头将攀升至下一个阻力位6.46令吉，然后是6.72令吉。 “反之，跌破5.95令吉支撑位将触发卖压并扭转势头，从而引发下跌趋势。”   （编译：魏素雯）   English version：MAHB set to continue its recent rebound, says RHB Retail Research  

https://theedgemalaysia.com/node/660973

Beshom第三季净利大跌66%

Mandarin

（吉隆坡27日讯）Beshom Holdings Bhd第三季净利按年大跌66.28%，归因于多层次直销（MLM）业务的收入贡献降低。 该集团向大马交易所报备，截至1月杪2023财政年第三季净利为260万令吉，或每股0.87仙，低于上财年同期的771万令吉，或每股2.62仙。 由于购买力疲软，MLM业务的新会员招募放缓，第三季营业额也从5940万令吉，下跌27.82%至4287万令吉 该集团在2023财年首9个月累积净赚1351万令吉，较同期的2253万令吉，下跌40%；营业额亦从1亿6429万令吉，降至1亿3521万令吉。 Beshom表示，将专注于核心竞争优势，并在持续不确定中保持审慎和敏锐。 “MLM业务将继续制定和完善策略，以加强分销商基础，因为面临前所未有的挑战。” 展望未来，该集团预计将在严峻商业环境中保持获利。 该股今日跌2仙或1.71%，以1.15令吉挂收，市值报3亿4512万令吉。   （编译：陈慧珊）   English version：Beshom’s 3Q profit falls 66% amid lower revenue contribution from MLM division

https://theedgemalaysia.com/node/629876

LBS achieves more than RM1 bil sales year-to-date

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KUALA LUMPUR (July 27): LBS Bina Group Bhd has hit more than RM1 billion in its year-to-date sales target, on track to achieve its whole year sales target of RM1.6 billion. In the press release on Wednesday (July 27), its Executive Chairman Tan Sri Lim Hock San said the achievement is an exceptional one. ‘‘The sales target for 2022 is RM1.6 billion and I am very pleased to note that we have achieved more than RM1 billion in our year-to-date sales target, which is an exceptional achievement in the first half of 2022. All of these were made possible, thanks to everyone seated here and also those virtually with us today,” said Lim during the company’s town hall meeting. The town hall meeting is one of the company’s official communication platforms for the management and employees to share on the company updates and happenings. The hybrid event was attended by 800 staff from both LBS and MGB Bhd, physically and virtually. In the meeting, Lim also touched on employee engagement, which he hopes will better improve the morale among employees and create a better working environment. “Speaking of a better working environment, digitalisation and automation is yet another aspect that we will continue to focus on. We aim to further enhance our robotic systems that will greatly improve productivity and streamline our existing processes, ultimately leading us to data transparency and strategizing plans timely and effectively,” he noted.

https://theedgemalaysia.com/node/652989

Analysts positive on Uzma after contract win but maintain target prices

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KUALA LUMPUR (Jan 26): Public Investment Bank Bhd (PIVB) maintained its “outperform” stance on Uzma Bhd, after the company secured a RM40 million contract from Sarawak Shell Bhd, but kept its target price (TP) unchanged at 71 sen per share. PIVB said the five-year contract, awarded to Uzma’s 70%-owned unit Malaysian Energy Chemical & Services, will keep its oil and gas upstream segment’s outstanding order book healthy at about RM2 billion. "Although the earnings contribution from this contract is minimal on an annual basis, this contract reaffirms our positive outlook on Uzma as a key beneficiary of increasing brownfield activities, in tandem with increased spending by major oil producers, on the back of stable oil prices at above US$80 per barrel,” the bank said. Meanwhile, Kenanga Research said that overall, it is positive on the contract win, which reflects the current rise in activity levels, despite its smallish size that makes up only about 2% of Uzma's current order book. "We expect the job to fetch gross margins of about 40% to 45% in line with its historical average," it noted. However, the research house downgraded its call for Uzma to “market perform”, with an unchanged TP of 67 sen. "We continue to like Uzma for being a beneficiary of increased brownfield oil and gas activities, providing a wide range of services such as production enhancement and optimisation, as well as late-life operation and maintenance. "However, given the recent rally in its share price, we believe these positives have been well priced in. "Additionally, we believe it is crucial for the company to successfully materialise its current healthy order book into bottom-line earnings to meet profit growth expectations in order to serve as another rerating catalyst,” it added. At the time of writing on Thursday (Jan 26), Uzma was traded at 62 sen per share, down one sen from previous day’s close, with 951,300 shares traded. Read also: Uzma unit bags RM40 mil contract from Sarawak Shell

https://theedgemalaysia.com/node/677806

Frequency, severity of cybersecurity threats in Malaysia on the rise, says Sophos

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KUALA LUMPUR (Aug 8): The frequency and severity of cybersecurity threats in Malaysia have been on the rise over the past year, as the country has witnessed a significant surge in cyberattacks, including malicious activities such as ransomware attacks, cyber espionage attempts, data leaks and cyber scams. In a statement on Tuesday (Aug 8), British-based security software and hardware company Sophos Group plc’s managing director for Greater China, Southeast Asia and South Korea Sandra Lee said CyberSecurity Malaysia reported 4,741 cyberthreat cases last year, with 456 fraud cases recorded as of February 2023. She said in light of this, organisations must recognise the substantial implications that security breaches can have for their operations, finances and reputation, and take action. Lee said the potential disruptions, costly remedial fees, hefty fines, and loss of trust emphasise the need for organisations to prioritise the implementation of robust technical and organisational measures to build a strong cybersecurity defence. Citing the “Sophos The State of Ransomware in Financial Services 2023” report, Lee said the rate of ransomware attacks in the financial services sector had increased from 55% in 2022 to 64% in 2023. She said the most common root cause of these attacks in the sector was exploited vulnerabilities, accounting for 40% of cases, followed by compromised credentials at 23%. “Financial services organisations were found to have higher recovery costs compared to other sectors, with an average cost of US$2.23 million (RM10.2 million), while the cross-sector average stood at US$1.82 million. “The increase in recovery costs was likely impacted by the increase in the data encryption rate for this sector, and the reduced ability to stop attacks before the data was encrypted,” she said. Lee said that furthermore, 80% of financial services organisations affected by ransomware reported experiencing a loss of business or revenue. This is slightly below the global cross-sector average of 84%, but it still highlights the significant impact of ransomware attacks on the financial services industry. “As Malaysia’s digital transformation accelerates, data and information play a crucial role in the operations and sustainability of the financial and banking industry. “It is imperative for financial and banking institutions to prioritise robust cybersecurity measures to fulfil their responsibility, and maintain the trust of their customers in the rapidly evolving digital landscape,” she said.

https://theedgemalaysia.com/node/634306

QL Resources' 1Q earnings surge on improvements in livestock, marine products sectors

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KUALA LUMPUR (Aug 29): QL Resources Bhd’s net profit almost doubled to RM82.42 million for the first quarter ended June 30, 2022 (1QFY22), from RM42.19 million a year ago, lifted mainly by its integrated livestock farming and marine product manufacturing businesses. Earnings per share rose to 3.39 sen from1.73 sen. Livestock farming was supported by improved selling price and government cost subsidy, which mitigated the rise in raw material prices, the poultry group said in a stock exchange filing. Sale of its marine products, meanwhile, rose as business activities normalised after Malaysia entered the endemic phase of Covid-19.  The group’s convenience store chain businesses also contributed stronger earnings, thanks to improved margin on better economies of scale after the increase of 51 new stores, while sales were driven by the reopening of the economy. Quarterly revenue was 24% higher at RM1.52 billion, from RM1.22 billion in 1QFY21. The group did not declare a dividend for the quarter. Going forward, QL is optimistic that the overall business performance will remain positive with the normalisation of economic activities and continued cost subsidy by the government to help to mitigate high farming costs. This is despite uncertainties arising from prolonged Russia-Ukraine war, increased Sino-US political tension and heightened risk of global recession, triggered by aggressive interest rate hike, the group said. Shares of QL closed three sen or 0.6% lower at RM5.07 on Monday (Aug 29), giving the group a market capitalisation of RM12.34 billion.

https://theedgemalaysia.com/node/655034

产业销售及新项目减少 恒大置地末季净利及营业额减半

Mandarin

（吉隆坡13日讯）产业发展商恒大置地（Tambun Indah Land Bhd）截至2022年12月31日第四季（2022财年第四季）净利狂泻57.44%至1215万令吉，一年前为2855万令吉。 每股盈利从6.56仙，骤降至2.76仙。 营业额从1亿752万令吉，暴跌49.84%至5393万令吉，主要是净产业销售及进行中项目减少所致，鉴于整体市场状况，集团谨慎推出新项目。 “营业额主要来自新邦安拔（Simpang Ampat）Pearl City住宅产业项目，占当季总营业额约96.9%。” 同时，截至去年12月杪财年净利微跌0.76%至6116万令吉，2021财年报6163万令吉，营业额则从2亿5588万令吉，降低11.1%至2亿2749万令吉。 “集团预计，今年产业市场前景将继续受到升息及建筑成本不断上涨的影响。” “基于上述情况，集团预计将在2023财年取得适中的表现。” 截至去年12月底，恒大置地正在发展7个项目，发展总值（GDV）约6亿5920万令吉，平均认购率为83.9%，尚未入账销售则有7710万令吉，预计将为未来2、3年的收益作出积极贡献。 闭市时，恒大置地收高14仙或17.28%仙，报95仙，市值为4亿1735万令吉。   （编译：魏素雯）   English version：Tambun Indah Land’s 4Q earnings, revenue halved on lower property sales and fewer new projects

https://theedgemalaysia.com/node/606536

Yinson says final acceptance of RM22b Petrobras contracts to take place in 4Q24

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KUALA LUMPUR (Feb 8): Yinson Holdings Bhd said on Tuesday (Feb 8) that the final acceptance of the group's estimated US$5.2 billion (about RM21.7 billion) floating production storage and offloading (FPSO) contracts with Brazil national oil company Petrobras is expected to take place in the fourth quarter of 2024 (4Q24) and that the FPSO, which will be based offshore Brazil, is expected to commence operations upon achieving final acceptance. In a statement to Bursa Malaysia, Yinson said its indirect wholly-owned subsidiaries Yinson Production Pte Ltd, Yinson Bergenia Production BV and Yinson Bergenia Serviços de Operação Ltda had on Monday entered into the contracts with Petrobras. Yinson said the signing of the two contracts, of which one is for the provision of the FPSO while the other involves the operations and maintenance of the FPSO, "is pursuant to the binding letters of intent signed on Nov 12, 2021". "We refer to our announcement dated Nov 15, 2021 (earlier announcement). "Pursuant to the contracts, the term of the [FPSO] charter is for a fixed period of 8,218 days or approximately 22.5 years and there is no option to extend the term of the charter thereafter," Yinson said. In the earlier announcement, Yinson said that following the award of the letters of intent on Nov 12, 2021 by Petrobras to Yinson Production, Yinson Bergenia Production would enter into the FPSO charter contract with Petrobras for the provision of the FPSO while Yinson Bergenia Serviços would enter into the service contract with Petrobras for the provision of operation and maintenance services for the FPSO. At Bursa's 12:30pm break on Tuesday, Yinson's share price settled down seven sen or 1.22% at RM5.68 to give the company a market capitalisation of about RM6.25 billion. Yinson's latest-reported number of issued shares stood at 1.1 billion.

https://theedgemalaysia.com/node/650842

A money-making monopoly that paid RM670m in dividends in 2020

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KUALA LUMPUR (Jan 7): Many in corporate Malaysia are looking at Padiberas Nasional Bhd’s (Bernas) after Prime Minister Datuk Seri Anwar Ibrahim said that he had reprimanded businessman Tan Sri Syed Mokhtar Albukhary who wholly owns the company, which has a monopoly on rice imports. While some felt that the talk of breaking Bernas’ monopoly is just a political ploy, others say that there is more at play, and highlight Bernas's financials and hefty dividend payments.    Bernas has been doing well financially, and in financial year 2020 (FY2020) paid a whopping RM670.02 million in dividends, a windfall by any standard. The company could also pay out a final dividend of RM111.87 million for FY2021, pending board approvals.    While it has been highly successful judging by its profits, has Bernas played its role in helping improve the welfare of paddy farmers, who supply 70% of the country’s rice consumption? This week’s cover story in The Edge also looks at Bernas’ history, and how it came about. In the second cover story, we look at the investment landscape in 2023. Global markets appeared to be jittery in the first week of 2023 on concerns over a potential recession in the US, high cost of living, and tighter monetary policy. Although China’s reopening after a three-year lockdown could offer some respite after a brutal 2022, that has yet to be tested. In the past week, the FBM KLCI fell 0.27%, while Indonesia’s Jakarta Composite Index plunged 2.85%, and Thailand’s SET was down 0.29%, in line with the weakness in US markets, which saw the Dow Jones Industrial Average fall 0.66%, S&P 500 down 0.74%, and the Nasdaq 1.2% lower. Last year, global stock markets were heavily battered amid fears of the US Federal Reserve’s monetary tightening to tame stubborn inflation. The move resulted in higher borrowing costs for businesses and consumers, while investors stayed away from riskier assets, including stocks. While the Fed has signalled a more modest rate hike for the year in comparison to the massive increases in 2022, investor sentiment in the stock market has not seen much improvement. How will these factors affect the local bourse’s performance this year? The KLCI is already trading a price-earnings ratio below its five-year average, suggesting that the bad news has been priced in. Is it safe to get back into the stock market? What stocks should investors consider in 2023? Read the story in the Jan 9 issue of The Edge Malaysia weekly. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/603882

Nadi Emery collaborates with Kwasa Development (13) to build affordable Rumah Idaman houses in Kwasa Damansara

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PETALING JAYA (Jan 14): Nadi Emery Sdn Bhd, a subsidiary of Gagasan Nadi Cergas Bhd, signed two Development Rights Agreements (DRAs) with Kwasa Development (13) Sdn Bhd, a unit of Kwasa Land Sdn Bhd, to build affordable housing under the Rumah Idaman programme in the Kwasa Damansara township. According to a statement on Friday, the agreement entails the design and development of 3,990 units of affordable housing with a gross development value (GDV) of RM1 billion. It covers two parcels of land, totalling 39.12 acres. The units will be priced at RM250,000, with a built-up area of 1,000 sq ft, featuring three bedrooms and two bathrooms. The partially furnished units will be fitted with kitchen cabinets, wardrobe, television set and cabinet, air conditioners (all bedrooms), water heaters and refrigerator. Gagasan Nadi Cergas group managing director Wan Azwan Wan Kamal said the connectivity and price of the houses under the Rumah Idaman programme are great attractions to potential buyers. "This endeavour enables us to actively play our role in assisting the government to fulfil its national affordable housing agenda. Our priority from hereon will be to complete the first phase of construction within the stipulated time frame and will look to launch subsequent phases in due time," he said. The first phase is expected to commence in the third quarter of 2022 and is expected to be completed by the end of 2024. Kwasa Land managing director Adenan Md Yusof stated that the collaboration will contribute to Kwasa Land's goal of allocating 40% of the total housing units for affordable homes in Kwasa Damansara. "Kwasa Land looks forward to fulfil the aspirations of first-time homebuyers in line with the government's effort to provide affordable housing to the B40 and M40 income groups," said Adenan, adding that the development will reflect Kwasa Damansara's green, connected and inclusive township with good proximity to transportation networks, schools and parks. "The DRA was arrived through a competitive tender process, which considered the development's potential and prospects for affordable housing in the locality of Sungai Buloh, Selangor; the land's proximity to the Kwasa Damansara MRT station; competitive yet affordable market value range with strict conditions placed to only develop affordable residential housing; and the projected RM1 billion GDV to be generated from the development," the statement said. Gagasan Nadi Cergas' order book currently stands at RM2.5 billion. The affordable housing development in Kwasa Damansara is an addition to its list of projects, which also include a mosque construction project at Merdeka 118, Kuala Lumpur; various other affordable housing projects within the Klang Valley; a full-fledged campus with state-of-the-art facilities for MARA Junior Science College in Dungun, Perak; Cardiology Centre in Serdang Hospital, Selangor; as well as Putrajaya Homes, a public residential development in Putrajaya.

https://theedgemalaysia.com/node/619605

High Court to hear bid for constitutional questions on MACC's probe into COA judge on June 23

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KUALA LUMPUR (May 12): The High Court has set June 23 to hear a bid to refer constitutional questions to the Federal Court in relation to whether the Malaysian Anti-Corruption Commission (MACC) has the authority to investigate superior court judges. Haris Ibrahim, Nur Ain Mustapa and Sreekant Pillai filed the application for case management on Thursday before High Court Judge Datuk Noorin Badaruddin. The plaintiffs' lawyer Surendra Ananth confirmed the matter with The Edge when contacted. The two constitutional questions to be referred to the Federal Court are that criminal investigating bodies are only legally permitted to investigate judges of the High Court, the Court of Appeal (COA) and the Federal Court who have been suspended. The other question is whether the public prosecutor is empowered to institute or conduct any proceedings for an offence against serving judges of the High Court, the COA and the Federal Court. This is part of the trio's larger suit against MACC, the anti-graft agency's chief commissioner Tan Sri Azam Baki and the government. The legal action was taken after the MACC's investigations into CoA Judge Datuk Mohd Nazlan Mohd Ghazali, following complaints it received against him. As a High Court judge, Nazlan had presided over Datuk Seri Najib Razak's SRC International Sdn Bhd criminal trial and found the former prime minister guilty on all seven charges. Nazlan was elevated to the COA in February this year. Last month, the judiciary and Nazlan himself lodged police reports against portals Malaysia Now and Malaysia Today over articles alleging Nazlan's involvement in 1Malaysia Development Bhd and its subsidiary SRC International before he became a judge. Nazlan maintained that the allegations were false and malicious, and aimed at undermining his credibility and interfering with the administration of justice. The investigations have drawn flak from many quarters including the Malaysian Bar, opposition leaders and civil groups.

https://theedgemalaysia.com/node/648878

Serba Dinamik drops to one sen as spectre of trading suspension spooks investors

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KUALA LUMPUR (Dec 20): Selling pressure on financially troubled oil and gas services provider Serba Dinamik Holdings Bhd mounted, after Bursa Malaysia warned of a trading suspension if the company fails to submit its annual report for the financial year ended June 30, 2022 (FY2022). The stock opened unchanged at 1.5 sen on Tuesday (Dec 20). Its share price then tumbled 33.33% to an all-time low of one sen as at the time of writing, with a market capitalisation of RM37.27 million.  Trading volume increased to 57.82 million from 45.5 million a day before, making it the second active stock after ACE-Market listed company Leform Bhd.  In November, Bursa granted the Practice Note 17 company a 1.5-month extension to issue its FY2022 annual report, but the company failed to deliver it within the extended time frame by Dec 15.  Due to this, the regulator warned that trading of the company's securities will be suspended from Dec 23 until further notice if the company fails to deliver the annual report by Dec 22.  Serba Dinamik lost 90.91% in value when it started trading at 11 sen on May 9 this year, after a six-month suspension for failing to comply with Bursa's directive related to its audit issues.  The company has been in the red since the first quarter ended Sept 30, 2021 (1QFY2022).  The company posted a wider net loss of RM104.6 million for 1QFY2023, versus RM42.11 million for the previous year’s corresponding quarter, as quarterly revenue tumbled 73% to RM213.58 million from RM799.345 million. Read also: Serba Dinamik faces trading suspension if it fails to submit 2022 annual report

https://theedgemalaysia.com/node/632299

不敌套利 马股收低

English

（吉隆坡15日讯）区域市场情绪不一，由于部分重量级股在近期上涨后遭套利，马股今日小幅收低。 闭市时，富时隆综指跌2.18点，收于1504.01点。 综指今早开市报1506.42点，较上周五收盘的1506.19点，微起0.23点。日内于1503.02点和1510.11点之间波动。 市场广度负面，下跌股达496只、上升股319只，另有442只无起落、1020只无交易，以及18只暂停交易。 成交量25亿4000万股，值17亿3000万令吉，高于上周五的20亿8000万股和16亿3000万令吉。 马银行（Malayan Banking Bhd）跌6仙，以8.91令吉挂收、森那美种植（Sime Darby Plantation Bhd）降8仙，收于4.56令吉，合计拖低综指2.16点。 乐天交易股票研究副总裁Thong Pak Leng指出，在手套股遭沉重抛售，综指小跌。 他向马新社说：“主要亚洲股市普遍收低，部分原因是中美在台湾问题上的争端，导致区域地缘政治紧张持续。” 本地股市方面，他表示，由于手套平均售价下降，手套股遭大幅抛售，贺特佳（Hartalega Holdings Bhd）和顶级手套（Top Glove Corp Bhd）全日跌7%。 “我们认为过度抛售了，因这两只股都跌至远低于疫前水平。不过，综指在1500点水平上仍获得良好扶持，得益于外资买入，尤其是电讯、公用事业和种植股。” 他补充：“因此，我们预计综指周内将在1500至1520点区间小幅走高。即时阻力位是1510点，然后1530点，而支撑位落在1480点。” 其他重量级股中，大众银行（Public Bank Bhd）起1仙，报4.66令吉、国家能源（Tenaga Nasional Bhd）扬9仙，挂8.72令吉、国油化学（Petronas Chemicals Group Bhd）则跌2仙，至8.78令吉，而IHH医疗保健（IHH Healthcare Bhd）和联昌国际集团（CIMB Group Bhd）分别平盘收于6.49令吉和5.43令吉。 至于热门股，顶级手套跌6仙，挂79.5仙、沙布拉能源（Sapura Energy Bhd）挫0.5仙，报5仙、迪耐（Dagang NeXchange Bhd）和婆罗洲石油（Borneo Oil Bhd）分别收平于89仙和2.5仙。   （编译：陈慧珊）   English version：Bursa ends lower on profit-taking

https://theedgemalaysia.com/node/666226

大稳控股审计师Ecovis辞职

Mandarin

（吉隆坡9日讯）Ecovis Malaysia PLT辞去大稳控股（Ta Win Holdings Bhd）外部审计师职。 大稳控股今日宣布，根据Ecovis志期2023年5月5日的书面通知，该公司辞去公司外部审计师的职务，且并没有任何需要提请股东注意的事项。 在审计委员会的建议，董事部批准委任UHY为公司截至6月杪2023财政年的审计师。 “一旦收到UHY的书面同意，将另行发布公告。”   （编译：陈慧珊）   English version：Ecovis resigns as Ta Win Holdings auditor

https://theedgemalaysia.com/node/678164

US consumer prices rise moderately in July; weekly jobless claims above expectations

English

WASHINGTON (August 10): US consumer prices increased moderately in July amid lower costs for goods, including used motor vehicles, a trend that could persuade the Federal Reserve to leave interest rates unchanged next month. The CPI rose 0.2% last month, matching the gain in June, the Labor Department said on Thursday (Aug 10). Though the increase in the annual CPI rate picked up for the first time in 13 months, that was because it was calculated from a lower base after prices subsided last July following a jump that had boosted inflation to a pace not seen in more than 40 years. The CPI advanced 3.2% in the 12 months through July. That followed a 3.0% rise in June, which was the smallest year-on-year gain since March 2021. Annual consumer prices have come down from a peak of 9.1% in June 2022. The Fed has a 2% inflation target. Economists polled by Reuters had forecast the CPI would rise 0.2% last month and by 3.3% on a year-on-year basis. "Overall, the trend in inflation is more firmly on a downward path than at the start of the year," said Sam Bullard, a senior economist at Wells Fargo in Charlotte, North Carolina. "While headline inflation has made quick work of getting back to low single digits, the year-over-year pace is likely to get stuck around 3% through the end of the year. This would keep a sustained return to the Fed's target in the distance." The CPI report on Thursday is one of two before the US central bank's Sept 19-20 policy meeting. Financial markets overwhelmingly expect the Fed to leave its policy rate unchanged at that meeting, according to CME Group's FedWatch tool. Since March 2022, the Fed has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.50% range. Excluding the volatile food and energy categories, the CPI gained 0.2% in July, matching the rise in June. In the 12 months through July, the core CPI increased 4.7% after rising 4.8% in June. Core inflation was curbed by a second straight monthly drop in prices of used cars and trucks. Though rental costs continued to climb last month, the pace has slowed from January, with a further moderation expected in the second half of this year through 2024. Independent measures show rental costs to be on a downward trend as more apartment buildings come on the market. Rent measures in the CPI tend to lag the independent gauges by several months. Also pointing to a disinflationary trend becoming entrenched, a National Federation of Independent Business survey this week showed the share of small businesses citing inflation as their single most important problem dropped in July to the lowest level since November 2021. The proportion of businesses raising prices was the smallest in 2-1/2 years. A cooling labour market should also help to restrain inflation. The government reported last week that the economy added 187,000 jobs in July, the second-smallest count since December 2020. Nevertheless, labour market conditions remain tight, with the unemployment rate at more than 50-year lows, keeping wage gains elevated. But with worker productivity rising, economists are optimistic that labor costs would be contained. A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits increased 21,000 to a seasonally adjusted 248,000 for the week ended Aug 5. Economists had forecast 230,000 claims for the latest week. The number of people receiving benefits after an initial week of aid, a proxy for hiring, fell 8,000 to 1.684 million during the week ending July 29, the claims report showed. These so-called continuing claims are low by historical standards, indicating that some laid-off workers are experiencing short spells of unemployment.

https://theedgemalaysia.com/node/674246

Tony Fernandes exits QPR club after 12 years to focus on AirAsia, Capital A

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KUALA LUMPUR (July 10): The chief executive officer of Capital A Bhd, Tan Sri Tony Fernandes, has sold all of his shares in QPR Holdings Ltd — the parent company of Queens Park Rangers Football Club (QPR) — to focus on rebuilding the group’s airline business and expanding AirAsia’s and Capital A’s digital businesses. In a statement Monday (July 10), Capital A said Fernandes no longer holds any shares in QPR Holdings, and that the CEO intends to shift his focus to finalising the regularisation plan to uplift Capital A from its Practice Note 17 (PN17) status. According to news reports, Fernandes bought a 66% stake in QPR Holdings from Bernie Ecclestone and Flavio Briatore for £35 million (RM208.8 million) in August 2011. “My time with QPR has been filled with unforgettable highs and lows. On the pitch, there have been special victories, with the highest being the promotion to the Premier League at Wembley Stadium. Off the pitch, QPR’s reputation as a true community-oriented football club is something I will always be proud of. “While stepping away from QPR was a difficult decision, it has been made with the clear determination that my time and expertise are needed elsewhere. Now that AirAsia is coming back in full throttle and growing again, I owe it to Allstars and our shareholders to give 100% of my focus to rebuilding the airline business and expanding our digital companies to provide a tremendous value for the people of Asean, where there is strong demand for low cost, high value products and services,” Fernandes said in the statement. Meanwhile, he said he is encouraged that Capital A’s effort to exit its PN17 status is moving in the right direction. “Strengthening the balance sheet and building strong growth models in all our businesses, from airlines, logistics, travel and fintech digital business, [to] aviation services, is also gathering pace,” he added. The group plans to carry out aggressive expansion plans in Asean and beyond for its airlines and all other affiliate portfolio companies in its ecosystem. “We have truly come a long way over recent times, putting in place the right platform for a successful and profitable future, which isn’t solely reliant on selling just airfares anymore,” he said. Capital A, which fell into PN17 status on Jan 14, 2022 and had until July 7 this year to submit its regularisation plan, asked for a three-month extension on June 30 to submit the plan. Its associate company AirAsia X Bhd (AAX), which is also preparing a plan to regularise its PN17 status, is supposed to submit its plan by July 28, after having had its deadline extended twice — first for six months to April 28, and then by three months to July 28. Capital A shares closed one sen or 1.20% higher at 84 sen on Monday, valuing the group at RM3.50 billion, while AAX closed one sen or 0.57% lower at RM1.73, giving the company a market capitalisation  of RM773.44 million.

https://theedgemalaysia.com/node/609965

Swiss tycoon Wyss says he is considering Abramovich offer to sell Chelsea — report

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ZURICH (March 2): Swiss business tycoon Hansjoerg Wyss is considering buying football club Chelsea from Russian Roman Abramovich, Wyss told Swiss newspaper Blick as British lawmakers continued to push for sanctions against the billionaire. "Abramovich is currently trying to sell all his villas in England. He also wants to get rid of Chelsea quickly now. I, along with three other people, received an offer on Tuesday to buy Chelsea from Abramovich," Blick quoted Wyss as saying in an interview published on Wednesday. Abramovich's spokeswoman did not immediately respond to a request for comment. In the parliament on Wednesday, British Prime Minister Boris Johnson declined to comment on whether sanctions would be imposed on Abramovich, but said the "vice" was tightening on those around Russian President Vladimir Putin. Opposition Labour leader Keir Starmer asked Johnson why there had not been sanctions against the Chelsea owner. "He's a person of interest to the Home Office (interior ministry) because of his links to the Russian state and his public association with corrupt activity and practices," said Starmer. "Last week, the prime minister said that Abramovich was facing sanctions. He later corrected the record to say that he wasn't. Well, why on earth isn't he?" Johnson responded that he could not go into details on specific cases. "It's not appropriate for me to comment on individual cases at this stage," Johnson said. "But be in no doubt that the actions that we've already taken... are having an effect in Moscow by exposing the ownership of properties of companies in the way that we are." He added: "They will have heard what the president of the United States had to say last night. The vice is tightening on the Putin regime, and it will continue to tighten." Wyss said he would have to wait four or five days to see how things play out and suggested it would not be a straightforward deal to complete. "Abramovich is asking for far too much at the moment. You know, Chelsea owes him £2 billion. But Chelsea has no money, meaning those who buy Chelsea should compensate Abramovich," Wyss told the newspaper. On Saturday, Abramovich said he was giving "stewardship" of the club to trustees of their charitable foundation after calls for him to be subject to sanctions following Russia's invasion of Ukraine. Since then, several Russian individuals and entities have been put under sanctions by the UK government, and some British opposition lawmakers have said Abramovich should be included on that list. One, Chris Bryant, said the UK should seize his assets and bar him from owning the football club. The move to pass day-to-day control of the club to the foundation trustees, which include the club's American chairman Bruce Buck, did not change Abramovich's status as owner of the club. Wyss said Abramovich's exact sales price was still unclear. "I can well imagine joining Chelsea with partners. But first I have to check the general conditions carefully. What I can already say, though, is that I certainly won't do something like that on my own. If I buy Chelsea, it will be with a consortium of six or seven investors." Abramovich bought the West London club in 2003 and his investment has helped produce the most successful era in the team's history — winning five Premier League titles, five FA Cups, and the Champions League twice. The 55-year-old, who has Israeli and Portuguese citizenships, was one of the most powerful businessmen who earned fabulous fortunes after the 1991 break-up of the Soviet Union. Forbes has put his net worth at US$13.3 billion. Read also: Abramovich confirms he has decided to sell Chelsea Football Club

https://theedgemalaysia.com/node/601675

马股开盘微幅走高

Mandarin

（吉隆坡29日讯）马股开盘微幅走高，但一名交易商表示，由于过去几天连涨，预计将出现温和套利活动。 截至9时05分，富时隆综指起0.41点，报1540.30点。 综指以1540.39点报开，较昨日闭市的1539.89点，微升0.5点。 上升股141只、下跌股106只，另有206只无起落、1858只无交易，以及37只暂停交易。 成交量7625万股，值5169万令吉。 马六甲证券在报告中指出，市场也在密切关注Omicron变种病毒，尽管症状轻微，但随着病例激增，已导致多个国家的航班取消。 “我们预计将出现温和套利活动。但股票交易印花税的新进展，可能提振市场交投活动，并限制下行风险。” 该证券行表示，交投兴趣预计回归医疗保健股，而交易员可能关注重量级股的橱窗粉饰活动。 “同时，随着股票交易印花税上限可能恢复，整体市场情绪可能转好。” 重量级股中，国油化学（Petronas Chemicals Group Bhd）起2仙，至8.90令吉、马银行（Malayan Banking Bhd）和IHH医疗保健（IHH Healthcare Bhd）无起落，分别报8.30令吉和6.76令吉，大众银行（Public Bank Bhd）则下滑1仙，挂4.17令吉。 至于热门股，Opcom控股（Opcom Holdings Bhd）扬3仙，报1.01令吉、迪耐（Dagang NeXchange Bhd）和实科工业（Scope Industries Bhd）各升0.5仙，分别至78仙和27.5仙、胜高资源（Sern Kou Resources Bhd）平盘挂于74仙，而益阁家具（Ecomate Holdings Bhd）跌0.5仙，报50.5仙。   （编译：陈慧珊）   English version：Bursa Malaysia opens marginally higher

https://theedgemalaysia.com/node/623212

Pimpinan Ehsan announces regularisation plan

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KUALA LUMPUR (June 8):  Pimpinan Ehsan Bhd on Wednesday (June 8) announced it has entered into a second supplemental and restated share sale agreement with B.Grimm Power (Malaysia) Sdn Bhd, reNIKOLA Sdn Bhd, Boumhidi Adel and YAM Tengku Zaiton Ibni Sultan Abu Bakar — collectively known as the vendors, in relation to the proposed acquisition of reNIKOLA Holdings Sdn Bhd and its subsidiaries. PEB is a cash company under the Main Market Listing Requirements and it aims to be a pure play renewable energy (RE) company. PEB had on May 24 last year announced the proposed acquisition of a 100% stake in reNIKOLA Holdings for RM373 million. reNIKOLA Holdings owns solar power assets in Arau, Perlis; Gebeng, Pahang; Pekan, Pahang; and will develop a large-scale solar plant in Bukit Kayu Hitam, Kedah, pending issuance of licence, all totaling 418 MWp on completion. PEB agrees to acquire two additional solar power assets located in Kuala Muda, Kedah and Machang, Kelantan respectively, along with the parcels of land where the assets sit on.  The Kuala Muda solar power plant has a capacity of 45 MWp and achieved commercial operation on March 22 this year. The Machang solar power plant has a similar capacity of 45 MWp with expected commercial operation by the third quarter of 2022.  In view of the latest development, PEB said its acquisition plan will be divided into two segments. For its regularisation plan, the group will acquire four solar power plants in Arau, Perlis; Gebeng and Pekan, Pahang; as well as Kuala Muda, Kedah, with an aggregate capacity of 133 MWp. The purchase consideration of RM325.5 million will be satisfied via the issuance of 152.6 million new PEB shares to reNIKOLA, as well as 124.8 million new PEB shares to B.Grimm. PEB will also acquire a 51% interest in the BKH solar plant, which is currently under planning phase with a proposed capacity of 330 MWp, and Machang solar power plant of 45 MWp plus the land it sits on, for RM231.9 million to be satisfied via issuance of 214.5 million PEB shares. In addition, B.Grimm will inject RM214.5 million cash into reNIKOLA Holdings and in return, receive 166.7 million PEB shares. “For our proposed regularisation plan alone, we will have four solar plants with a combined 133 MWp capacity. These will be operational assets with power purchase agreements in place,” said PEB chairman Jonathan Law Ngee Song in a statement. B.Grimm is a wholly-owned subsidiary of B.Grimm Power Public Company Ltd, which is listed on the Stock Exchange of Thailand with a market capitalisation of THB86 billion (RM11.1 billion).  B.Grimm Power Public Company has 737 MWp of renewable power plants in operations, consisting of solar projects in Thailand and Vietnam, wind projects and waste-to-energy projects in Thailand and hydropower projects in Laos. As part of the proposed regularisation plan, there will also be a proposed share split involving subdivision of one PEB share into two shares; as well as proposed private placements to raise up to RM289.7 million to fund expansion in the RE industry. Barring any unforeseen circumstances, PEB said the proposed regularisation plan is expected to be completed by the end of 2022, while the remaining proposals are estimated to be completed by the first quarter of 2023.  Its share price finished unchanged at RM1.45 on Wednesday, bringing it a market capitalisation of RM100.23 million.

https://theedgemalaysia.com/node/611183

Khazanah-backed Farm Fresh says institutional, final retail share price fixed at RM1.35

English

KUALA LUMPUR (March 10): Khazanah Nasional Bhd-backed Farm Fresh Bhd said on Thursday (March 10) the dairy-farm operator has fixed its institutional and final retail initial public offering (IPO) share price at RM1.35 each following completion of the institutional offering's bookbuilding process on the same day. "The retail offering closed at 5pm on Tuesday, March 8, 2022," Farm Fresh said in a statement to Bursa Malaysia. Bursa Malaysia Main Board-bound Farm Fresh is scheduled to be listed on March 22, 2022, according to Farm Fresh's Bursa filings. Farm Fresh's IPO involves the issuance of up to 743.18 million shares comprising an offer for sale of up to 520.23 million existing shares in the company and a public issue of 222.95 million new shares in the firm, according to the company's prospectus, which was filed with Bursa on Feb 28, 2022. At the IPO price of RM1.35 a share, Farm Fresh will have a market capitalisation of about RM2.51 billion upon listing, based on the company's enlarged number of issued shares at 1.86 billion, according to Farm Fresh's prospectus. The public issue of 222.95 million new shares will raise RM300.98 million for the company's expansion, based on the IPO price of RM1.35 a share, the prospectus showed. According to the prospectus, CIMB Investment Bank Bhd is the sole principal adviser in Farm Fresh's IPO. CIMB Investment and Maybank Investment Bank Bhd are joint global coordinators, joint bookrunners, joint managing underwriters and joint underwriters in Farm Fresh's IPO, the prospectus shows. Farm Fresh said in a separate Bursa filing on Thursday that upon listing, the company’s shares may be subject to stabilising action by the stabilising manager comprising Maybank Investment Bank and its affiliates. "The maximum period during which Maybank Investment [Bank] and/or its affiliates, being the stabilising manager in respect of the IPO, may stabilise the price of the shares shall be from the commencement of trading of the shares on the Main Market of Bursa until the earlier of: "(i) the date falling 30 days from and including the listing date; or "(ii) the date when the stabilising manager has bought on the Main Market of Bursa, an aggregate of 44.59 million (44,590,900) shares, representing up to about 6% of the total number of shares offered under the IPO," Farm Fresh said. According to Farm Fresh, an aggregate of up to 44.59 million (44,590,900) shares in the company are the subject of an over-allotment option. Farm Fresh said the stabilising manager may purchase an aggregate of up to 44.59 million (44,590,900) shares to undertake the stabilising action. Farm Fresh's website shows that founder Loi Tuan Ee enlisted the help of his old friend Azmi Zainal as a business partner and brought in Malaysian sovereign wealth fund Khazanah as an investor in Farm Fresh to help expand its operations. "These collaborations laid the groundwork for the company’s (Farm Fresh) continued success," Farm Fresh said.

https://theedgemalaysia.com/node/660022

Time is right for Malaysia to implement policy in 12MP and Budget 2023, says IMF team

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KUALA LUMPUR (March 21): The time is right for Malaysia to forge ahead with implementing the concerted policy agenda set out in the Twelfth Malaysia Plan (12MP) and Budget 2023, according to the International Monetary Fund (IMF). In its 2023 Article IV Mission to Malaysia end of mission statement released on Monday (March 20), the IMF team led by Lamin Leigh said the plan is appropriately focused on enhancing broad-based productivity drivers, as well as inclusive growth, addressing climate change, promoting digitalisation, enhancing governance, and strengthening anti-corruption reforms. The team said Malaysia’s growth is projected to moderate to about 4.5% in 2023, driven by external headwinds. Meanwhile, inflation is projected to remain elevated at about 3.25%, with likely persistence in core inflation, amid a positive output gap, and evidence of a build-up of demand-side pressures. The team said downside risks for Malaysia are mostly external, including an abrupt global slowdown and larger than envisaged monetary policy tightening by major central banks. The IMF team said the Malaysian economy registered a strong recovery in 2022. Growth reached 8.7%, driven by pent-up domestic demand following the reopening of the economy in April 2022 and resilient export performance. The staff estimated the output gap to have closed in 2022. They said the recovery remains uneven with agriculture, mining, and particularly construction sectors remaining below pre-pandemic levels. With record spending on subsidies, headline inflation did not surge in tandem with global food and commodity prices but was still on the rise for most of 2022, reaching 3.3% for the year. Inflation expectations remained well anchored. Leigh said a gradual fiscal consolidation strategy, as appropriately set out in the 2023 budget, is needed to rebuild buffers, put debt on a downward path, and reduce fiscal risks. He said it should however be credibly underpinned by high quality and durable revenue measures. Leigh said those measures would create space for critical investment needs and for targeted transfers to low-income households, and would help buttress market confidence in Malaysia’s strong fundamentals. The authorities’ commitment to fiscal reforms is welcome, including the upcoming tabling of the Fiscal Responsibility Act, the planned subsidy reform, and plans to develop a medium-term revenue strategy, said Leigh. Leigh said monetary policy should tighten further to bring the currently accommodative stance to neutral, to keep inflation contained and expectations anchored. “Continued clear communication of the rationale for the Bank Negara Malaysia policy decisions is critical in a rapidly evolving and highly uncertain environment. “Enhanced monitoring of household and corporate balance sheets is needed in the current environment of higher interest rates and weaker growth momentum. “Expanding the macroprudential toolkit should help support these efforts. Exchange rate flexibility should be the first line of defence against external shocks,” he said.

https://theedgemalaysia.com/node/651947

World split into rival economic blocs threatens action, IMF says

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(Jan 16): Geopolitical tensions that threaten to split the world into rival economic camps could complicate action needed to address global issues and leave everyone poorer, the head of the International Monetary Fund (IMF) said. The longer-term cost of trade fragmentation alone could range from 0.2% of global output in a limited scenario to almost 7% in a severe one, IMF managing director Kristalina Georgieva said on Monday. If technological decoupling is added to the mix, some countries could see losses of up to 12% of GDP, she warned. “In addition to trade restrictions and barriers to the spread of technology, fragmentation could be felt through restrictions on cross-border migration, reduced capital flows, and a sharp decline in international cooperation,” the IMF chief said in a blog post. “That would leave us unable to address the challenges of a more shock-prone world.” Her concerns reflect an emerging divide in the global order some 30 years after the collapse of the Soviet bloc that threatens to split the world into Team West and Team China, among other potential groupings.  Georgieva highlighted that such an outcome would throw up even more hurdles to dealing with challenges like debt relief for impoverished nations and climate action, as well as trade. About 15% of low-income countries are in debt distress and an additional 45% are at high risk of it, she said. Among emerging markets, about 25% are “at high risk and facing default-like borrowing spreads”. The need for collective action to cut emissions remains critical, as last year, there were climate disasters on all five continents, with US$165 billion in damages in the US alone, Georgieva said. “It shows the massive economic and financial risks of unmitigated global warming.”

https://theedgemalaysia.com/node/667304

Court denies Elizabeth Holmes' request to remain free while appealing conviction

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(May 17): Theranos founder Elizabeth Holmes must begin serving her prison sentence while she appeals her conviction on charges of defrauding investors in the failed blood-testing startup, an appeals court in San Francisco ruled on Tuesday. Holmes, who rose to fame after claiming Theranos' small machines could run an array of diagnostic tests with just a few drops of blood, was convicted at trial in San Jose, California, last year and sentenced to 11 years and three months in prison. She had asked the 9th US Circuit Court of Appeals to pause her sentence on April 25, two days before she was to report to prison. The court on Tuesday denied her bail application.

https://theedgemalaysia.com/node/676824

前进控股营运总监因失职被解雇

Mandarin

（吉隆坡31日讯）前进控股（Advancecon Holdings Bhd）指出，由于失职，该公司已解雇集团营运总监杨安泰，立即生效。 该集团今日向大马交易所报备，现年52岁的杨安泰，持有公司1608万股或2.79%股权。 该集团的主要股东是总执行长拿督潘红仔，持股16.96%。 前进控股在5月29日报备说，杨安泰在第26届股东常年大会（AGM）不获连任执行董事，但他仍继续担任营运总监。 该集团今日另报备，独立非执行董事Lee Elaine（30岁）以追求个人兴趣为由辞职，并辞去审计、提名、薪酬和风险委员会的职位。 前进控股今日跌0.5仙或1.45%，挂35仙，市值报2亿173万令吉。   （编译：陈慧珊）   English version：Advancecon dismisses COO over misconduct