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https://theedgemalaysia.com/node/605930

Musk, Bezos lose US$73.4 bil in brutal January

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KUALA LUMPUR (Feb 1): The five richest individuals on the planet lost a collective US$108.9 billion in the first month of January 2022.   In January, billionaires lost substantially, as everything from e-commerce to cryptocurrencies to online gaming tumbled. The first month of 2022 has been threat-laden and unpredictable, as investors weighed what Federal Reserve had in mind for rate hikes amid high inflation, the pandemic, rising geopolitical tensions and the persistent fallout from a global supply chain in distress. According to the Bloomberg Billionaires Index, Tesla co-founder and self-proclaimed “Technoking of Tesla” Elon Musk maintained his top spot with a total net worth of US$220 billion, despite losing US$50 billion. In the second spot is the world’s former richest man, Amazon’s Jeff Bezos, with a wealth of US$169 billion, losing US$23.4 billion over the month. Bezos stepped down from his role as the chief executive officer of Amazon in July, and said he is spending more time on initiatives like the Bezos Earth Fund — his Blue Origin spaceship company, The Washington Post and the Bezos Day One Fund. As for the only two Malaysians listed on the Bloomberg Billionaires Index, Robert Kuok and Tan Sri Dr Teh Hong Piow lost a combined wealth of US$68.88 million in January. Kuok ranks 102 on the list with a fortune of US$18.2 billion after shedding US$60.6 million year-to-date, while Teh ranks 347 on the list with a wealth of US$7.23 billion, having dropped US$8.38 million over the month. The Bloomberg Billionaires Index is a daily ranking of the world’s 500 richest people. The figures are updated at the close of every trading day in New York.

https://theedgemalaysia.com/node/630587

Alternative Views: The judiciary is our last beacon of hope

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This article first appeared in Forum, The Edge Malaysia Weekly on August 1, 2022 - August 7, 2022 Many ordinary Malaysians would have lost track of the various legal suits tied to 1Malaysia Development Bhd (1MDB). They would know that former prime minister Datuk Seri Najib Razak has been sentenced to 12 years’ jail and fined RM210 million, but they would probably be wondering why he has not gone to jail yet. Malaysia inherited the British judicial system, where an accused person has several avenues to prove himself innocent. In Najib’s case, he has one more left — the Federal Court — to appeal his case. The Federal Court was scheduled to hear the case between Aug 15 and 26, but Najib has applied for a postponement following a change to his legal team. If the court grants a postponement on the grounds that a new legal team has taken over the case, it could be seen as a means to delay the final outcome of the SRC International suit that started more than two years ago. When the Court of Appeal upheld the High Court’s sentence on Najib, he was described as a national embarrassment in the judgment. But the fact that no one has yet paid the price for the financial shenanigans at 1MDB sticks out like a sore thumb in our legal system and is becoming a “national embarrassment” to the general public. This is in the wake of several people already having been sentenced in other countries where some of the 1MDB transactions took place. Here in Malaysia, where taxpayers’ money is being used to ensure 1MDB does not default on its loans, cases are still ongoing and more people in high places have been implicated in covering up the scandal. On Najib’s bid to postpone the hearing at the Federal Court, if the application is not allowed, the judiciary would lay itself open to claims that the accused person had been denied the opportunity to explore his defence options. This is particularly relevant as the law allows for an accused to change lawyers. Once again, the judiciary is being closely watched. Whatever the outcome, the matter will leave some segments of society unhappy. But the role of the judiciary is to do the right thing under the law. So far, through the various high-profile corruption cases that are being heard, more light is being shed on how some politicians have enriched themselves, having worked hand-in-hand with high-ranking civil servants and the private sector in the award of government contracts. This is particularly telling in cases such as 1MDB and the explosive revelations of the “Ultra Kirana Sdn Bhd ledger” that has cropped up in Datuk Seri Ahmad Zahid Hamidi’s corruption trial.  For instance, there had been aspersions cast on the RM2.6 billion donation that Najib supposedly received from the Saudi Arabian royal family in 2013. It was part of the US$1 billion that flowed into his accounts in 2011, 2012 and 2013. Even as far back as 2015, there were reports that the money had come from 1MDB, instead of being a generous donation from the Saudi royal family as claimed by Najib. The file on the case was put to rest when former attorney-general Tan Sri Apandi Ali affirmed Najib’s assertion in January 2016. During Najib’s SRC trial, Apandi testified that he had exonerated Najib of any wrongdoing based on the outcome of investigations at the time. But High Court judge Datuk Azimah Omar, in her written judgment released last week, tore apart Apandi’s grounds for not pursuing further the alleged donation from the Saudi royal family. She gave the written judgment in relation to a defamation suit by Apandi against DAP leader Lim Kit Siang, which the court threw out. The written judgment has sent ripples through the legal system and now, the police are investigating the former attorney-general for allegedly not carrying out his duties in the case. It also unravelled how Putrajaya covered up the investigations into the money that was deposited into Najib’s account following a change of attorney-general in July 2015. Apandi took over from Tan Sri Abdul Gani Patail, who was then heading a task force to investigate the flow of money into Najib’s accounts. Gani and two ministers opposing Najib — Tan Sri Muhyiddin Yassin and Datuk Seri Shafie Apdal — were relieved of their positions in the Najib administration. In came Apandi in July 2015 and six months later, he cleared Najib of wrongdoing with regard to the RM2.6 billion that had flowed into his bank account. What’s appalling is that the revelations in court and the written judgments prove that high-profile cases, especially those involving politicians, can easily be covered up if the office of the Attorney General’s Chambers (AGC) is compromised. It is for this reason that there has to be reforms in the AGC, particularly the separation of the attorney-general’s powers from those of the solicitor-general.  In High Court judge Datuk Nazlan Mohd Ghazali’s written judgment of more than 500 pages, in which Najib was found guilty of misappropriating SRC International’s funds, the takeaway is the amount of money a person in power can amass and how it can be camouflaged. The huge gratification explains why laws governing political funding are necessary. Anyone reading the judgments of Azimah and Nazlan would be able to piece together what had transpired with regard to the US$1 billion that flowed into Najib’s accounts between 2011 and 2013, and how the matter was classified as “no further action” despite recommendations by investigators that the case be pursued further. The machinations of the people involved are nothing short of mind-boggling. The Malaysian judiciary has come under assault in the past. In 1988, the then prime minister Tun Dr Mahathir Mohamad sacked former chief justice Tun Mohamed Salleh Abas. Together with Salleh, several other notable senior judges left the scene, putting the judiciary’s credibility in doubt. Several chief justices have come and gone since Salleh’s case. Some were mired in controversies. The current Chief Justice Tengku Maimun Tuan Mat will go down in history as someone who gave the judiciary a long-awaited lift to its credibility. She defended Nazlan, who had come under assault by those aligned with the “court cluster” in Umno. The developments over the next few months will determine whether the judiciary continues to be a beacon of hope for ordinary Malaysians wanting to see real reforms in combating corruption and abuse of power by persons holding public office. M Shanmugam is a contributing editor at The Edge 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/607418

HB Global plans to raise RM23m via private placement

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KUALA LUMPUR (Feb 14): Food processing group HB Global Ltd plans to undertake a private placement to raise about RM23.1 million to fund future investments and for working capital purposes. The group said the placement entails the issuance of up to 154 million shares, representing 20% of its issued shares of 770 million as at Jan 26, 2022. "The placement shares will be issued based on a discount of not more than 20% to the volume-weighted average market price of HB Global shares for the five market days immediately preceding the price-fixing date," it added. In a filing with Bursa Malaysia, HB Global said that based on an illustrative price of 15 sen per placement share, the group will raise about RM23.1 million. The group said it has earmarked RM12.85 million of the proceeds for the funding of future projects, acquisitions or investments in other complementary businesses or assets. "We expect the acquisition or investment to be within the food processing business segment, such as those relating to the processing, packaging and producing of variety ready-to-serve foods, as these businesses are deemed beneficial and are complementary to the group's existing businesses," said HB Global executive director Keh Chuan Yee. The group added that another RM10 million of the proceeds will go towards working capital. HB Global's share price closed half a sen or 2.7% lower at 18 sen, giving the group a market capitalisation of RM134.96 million.

https://theedgemalaysia.com/node/639589

T7 Global unit awarded five-year contract by ExxonMobil

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KUALA LUMPUR (Oct 11): T7 Intelligent Resources Sdn Bhd (T7IR), a subsidiary of T7 Global Bhd, has been awarded a five-year contract by ExxonMobil Exploration and Production Malaysia Inc to provide technical and general staffing personnel services. In a Bursa Malaysia filling on Tuesday (Oct 11), T7 Global announced that the contract is for five years beginning from Sept 2, 2022 to Sept 4, 2027. It said risk factors include execution risks and non-compliance with statutory and regulatory requirements, but added that T7IR will take necessary actions to mitigate the risks as it has an established track record and expertise with other similar contracts. According to T7 Global chief executive officer, Tan Kay Zhuin, T7IR has secured several contracts with offshore operators since its acquisition in 2021. The contract with ExxonMobil is expected to contribute to T7 Global's earnings and net assets. "We are optimistic that this business segment will continue to grow as oil & gas activities pick up," Tan said. T7IR is involved in recruiting Malaysian talents for several industries, including oil & gas and new energy as well as information and communications technology, banking, financial technology, construction, and aerospace and defence. This year, T7IR managed to secure two awards — one from Petroliam Nasional Bhd on March 30 and the other one from Hess Exploration and Production Malaysia BV on April 13. At the time of writing, T7 Global's share price was down 0.5 sen or 1.52% to 32.5 sen, which translates into a market capitalisation of RM246.04 million.

https://theedgemalaysia.com/node/673019

Thames Water crisis exposes ‘broken Britain’ danger for Sunak

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(June 29): Rishi Sunak tried to bat away his latest crises in Parliament on Wednesday (June 28) as he often does, declaring how his Conservative Party is “delivering” for Britain. But the man favoured by voters to take his job wondered aloud whether even the UK premier himself was convinced. “You can tell from his answer, his body language, he has actually given up,” Labour Party leader Keir Starmer said. “He has given up.” While such jibes are common in Parliament’s raucous weekly question sessions, the blow from Starmer — during an exchange about missed homebuilding targets — captured the mood of even some Sunak supporters looking on. One cabinet minister who requested anonymity to speak privately said afterwards that the hoarse-sounding prime minister seemed beaten down. The hard-to-resolve problems facing Sunak involve some of people’s most basic needs, including soaring food prices and housing costs. Trouble struck another fundamental service this week, when it emerged that ministers were working on plans to rescue Britain’s biggest water supplier. The uncertainty surrounding Thames Water, which serves some 15 million people in London and southeast England and is more than £13 billion (RM76.7 billion) in debt, is especially damaging for Sunak. It plays directly into Labour’s narrative that the Conservative Party has let services crumble. “The big problem with it for the government is people aren’t going to get into the details. It’s just another thing that has gone wrong,” said Luke Tryl, a former Conservative government adviser who is now director of the More In Common think tank. “Most damningly, people aren’t going to be surprised because they’ve come to expect big parts of service provision will go wrong.” Some 66% of respondents to a YouGov tracking poll released Monday disapproved of the government’s record, compared with just 14% who approved. The decline in public services has led some to question whether Britain is “broken”, repurposing a critique used by David Cameron while leading the Conservatives back to power in 2010. Thames Water sits at the centre of decades of struggles over the size of the British state. The water industry was privatised in the late 1980s under then-prime minister Margaret Thatcher, who remains idolised by the Tory right-wing for her efforts to shrink the public sector.   Yet taking utilities out of state hands remains controversial, especially now that people can see the leaking pipes and sewage flows themselves. Complaints have been fanned by dividends paid by service providers alongside reports that underinvestment is contributing to problems. Voters are “fed up to the back teeth with this company that not only pumps sewage into our precious River Thames, but also we’ve seen sewage flooding our streets in recent times of heavy rainfall”, Munira Wilson, the Liberal Democrat MP for Twickenham in southwest London, told Parliament. “This is indicative of underinvestment by the company in fixing leaks, and being stripped to the bare bones while lining the pockets of executives.” The situation facing Thames Water is complex. Some water companies’ debt is linked to inflation, while the price they can charge customers is decided in five-year periods and may not keep up with the increased cost of borrowing. At the same time, higher interest rates are making it even more difficult to fund investments for infrastructure. While the water crisis was decades in the making, the risk to Sunak is immediate. A taxpayer-funded bailout for Thames Water would be a political disaster, one government adviser said on condition of anonymity to discuss their private views. With the tax burden at a 70-year high after 13 years of Conservative rule, it’s harder for the party to make its usual claim to be the party of sound economic management. One Tory lawmaker said the government risked being seen as lurching from crisis to crisis without having convincing solutions. The narrative of a state that is in need of a fundamental change is a key Labour message ahead of a general election expected in 2024. Aside from the political chaos and personal scandals that have forced the Tories to cycle through five prime ministers since Cameron in 2010, it is their competence that Labour wants to target. Sunak’s allies insist he is taking the right action in dealing with problems they say stem from the Covid-19 pandemic and Russia’s war in Ukraine, illustrated by his overarching aim to halve inflation this year. On Wednesday, Chancellor of the Exchequer Jeremy Hunt called in key regulators to discuss how to protect consumers from corporate profiteering, though the meeting yielded no new measures to directly cut prices. It’s time for the PM to ditch the excuses and admit he's the worst person to be leading this country through a cost of living crisis because he created it. pic.twitter.com/o5izps7qlf During his exchange with Starmer, Sunak listed government efforts to help people, before concluding with what the prime minister sees as his own best political argument against the Labour leader: “That is the difference between us. I deliver what I promise. He just breaks his.” Yet Sunak is running out of time to convince voters that he’s the right person to fix them. He relies on portraying himself as a fresh start with a different approach than his immediate predecessors, Boris Johnson and Liz Truss. His own record as chancellor of the exchequer under Johnson complicates that pitch. “He is literally the worst person to be leading the country through a cost-of-living crisis,” Labour MP Chris Bryant said in Parliament on Wednesday, “because he created it”.

https://theedgemalaysia.com/node/657567

SCIB获2065万合约 重建砂州学校

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（吉隆坡2日讯）Sarawak Consolidated Industries Bhd（SCIB）获得砂拉越公共工程局（JKR）一份价值2065万令吉的合约，重建西连省打必禄县（Tebedu）的一所学校。 SCIB指出，这份授予独资子公司SCIB Industrialised Building System私人有限公司的两年期合约，属于砂州政府拨款10亿令吉修复残旧学校的第三阶段。 SCIB董事经理Rosland Othman表示，这是全国范围重建或翻新旧校计划的一部分。 “根据重新提呈的2023年度财政预算案，砂州和沙巴分别获拨款56亿令吉和65亿令吉，并获拨9亿2000万令吉修复旧校，这为我们提供机会。” 闭市时，该股攀升0.5仙或3.57%，报14.5仙，市值为8400万令吉。   （编译：陈慧珊）   English version：SCIB bags RM21m contract to rebuild school in Sarawak

https://theedgemalaysia.com/node/678121

City Developments profit drops despite housing, tourism boom

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(Aug 10): City Developments Ltd, run by Singapore’s richest real estate empire, posted a 94% drop in its first-half profit, as the absence of divestment gains booked a year earlier masked strong results in the firm’s property development and hotel businesses. Net income fell to S$66.5 million (RM225.8 million) in the six months ended June 30 from a record S$1.1 billion a year earlier, it said in a statement on Thursday. Revenue surged 84% to S$2.7 billion, with the property development segment the biggest contributor. “The record profit performance last year, driven by significant divestments, provided us with the significant cash to make strategic acquisitions that would add value to our portfolio,” chief executive officer Sherman Kwek said in a statement. “We remain focused on extracting value from our current assets while pursuing our fund management ambitions.” Surging home prices and rents have helped developers in Singapore, though the frenzy is now showing signs of moderating after the government doubled stamp duties for foreign homebuyers and as interest rates climb. The easing of global travel restrictions has boosted the retail and hospitality industry. The firm’s property development segment saw revenue jump 183%, underpinned by new launches including the fully sold Piermont Grand. Revenue from hotel operations advanced 12%, with the performance of Asia, Europe and US regions exceeding pre-pandemic levels. Shares of City Developments fell as much as 2.4% in Singapore on Thursday morning, the biggest intraday decline since May. The stock is down 15% this year. The Singapore developer is likely to continue to benefit from the travel boom, which the city-state has credited for ruling out a recession this year. While the company faces headwinds in the second half, due to a global economic slowdown and rising interest rates, the outlook for Singapore’s aviation and tourism sectors remains positive, according to the government.

https://theedgemalaysia.com/node/646620

Tok Mat is Defence Minister, Alexander Nanta Linggi is Works Minister, Saifuddin Nasution is Home Affairs Minister

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For the full story, please read: PM Anwar names himself as Finance Minister, Zahid Hamidi and Fadillah as his DPMs

https://theedgemalaysia.com/node/636769

Proton back in South Africa with launch of Proton X70, Proton X50

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KUALA LUMPUR (Sept 19): Proton Holdings Bhd has returned to South Africa after a ten-year hiatus with the relaunch of the brand by Combined Motor Holdings (CMH), Proton’s official distributor. In a statement on Monday (Sept 19), the national carmaker said the event coincided with the local launch of the Proton X70 and Proton X50. It said both models are now available as completely built-up (CBU) models to customers in that country and will be joined by the Proton Saga later in the year or the beginning of 2023. CMH chief executive officer Jebb McIntosh said when the Proton brand became available, CMH jumped at the opportunity for several reasons, but mostly because it saw a gap in the market for a quality SUV within an affordable price bracket. “There are many luxury brands selling SUVs in South Africa, but most are simply unaffordable to the average car buyer here. “Our plan is to have 25 dealers within six months, the first 17 of which have already undergone sales and technical training,” he said. Meanwhile, Proton deputy CEO Roslan Abdullah said that for 2022, export sales as at the end of August stood at 4,040, an increase of 33.9% over the total number of sales for 2021. “Our aim is to achieve 6,000 export sales this year and while we remain confident of achieving our goal, there is a lot of work ahead of us to identify suitable partners to gain entry to more countries to achieve bigger goals in the future,” he said.

https://theedgemalaysia.com/node/669101

Big Tech rally will only grow further as recession worries reign, investors say

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(May 30): The Big Tech rally of this year has further to run as the risk of a US recession drives investors into stocks that offer profitable growth in lean times, according to the latest Markets Live Pulse survey. Some 41% of 492 market participants surveyed said the highest returns this year would come from buying quality stocks focused on profitability, while selling those that disappoint on those factors. That includes taking long positions in companies like Apple Inc and Microsoft Corp, which have surged as markets embrace growth and shy away from economically sensitive industries. Investors are entering a new month with little clarity on interest rates and the economy. That’s boosting the appeal of stocks with robust cash flows and promising revenue growth, even if they come with hefty price tags. The tech-heavy Nasdaq 100 has clawed back more than half the losses it saw from an end-2021 peak through a low in 2022, and is gaining more momentum with the buzz around artificial intelligence. “No one wants to stick their neck out,” said Gina Martin Adams, chief equity strategist at Bloomberg Intelligence. “We are seeing an extraordinary captivation with US large cap tech that has been a big driver of investment for a long time.” Quality easily beat momentum, value and low risk/volatility/beta in the MLIV Pulse survey as the winning strategy for buying stocks that score highly in a factor, while selling their opposites. Some strategists are also turning more bullish — Citigroup Inc last week raised tech to overweight and US stocks to neutral, expecting a boost from AI and an end to the Federal Reserve’s rate hikes. The rush to tech is making the trade more expensive. It’s the priciest among S&P 500 sectors, with Bloomberg Intelligence noting that valuation multiples are near the highest levels since the first quarter of 2022. While survey respondents believe tech is going to outperform, “it’s not like it’s free lunch”, said BI US Quantitative Equity Strategist Christopher Cain. “A lot of times, that’s already priced in.” Still, robust company commentary is supporting the optimism so far. Nvidia Corp surged to a record after its outlook smashed expectations on demand for AI processors. And mutual funds have largely stayed on the sidelines of the rally, suggesting further buying potential. In the broader market, where the S&P 500 has been stuck in one of the tightest trading bands in years, a majority of survey respondents expect modest moves or no gains from here on. “We do expect a recession to begin sometime in the second half,” said Julian Emanuel, chief equity and quantitative strategist at Evercore ISI. “And for the equity market, that means down first, and then likely back up, essentially to here.” Recession is the biggest risk for stocks over the next year, according to 42% of respondents, followed by interest rates at 23%. While inflation has slowed, it’s still elevated and credit conditions are tighter. However, the labour market remains relatively robust and consumers continue to spend. “This is not a normal environment,” said BI’s Adams. “Anticipation of recession is a really unique scenario that’s framing investors’ thought process and limiting visibility.” Retail investors were more likely than Wall Street to choose equities as the asset best positioned over the next year. Both groups were roughly split down the middle on whether Treasury yields will be higher or lower a month from now, highlighting the lack of clarity. “The market does tend to move in the direction of the greatest pain,” Adams said. “So if everyone is positioning neutrally, and the market breaks out or breaks down, investors will chase the direction of the market, exacerbating the move.”

https://theedgemalaysia.com/node/630182

BNM: Malaysia's short-term foreign currency outflows seen at US$8.15b in next 12 months

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KUALA LUMPUR (July 29): The pre-determined short-term outflows of foreign currency loans, securities and deposits, which include scheduled repayment of external borrowings by the Government and the maturity of foreign currency Bank Negara Interbank Bills, amount to US$8.15 billion (about RM36.26 billion) over the next 12 months, said Bank Negara Malaysia (BNM). Projected foreign currency inflows amount to US$2.12 billion in the next 12 months, it added. In a statement on Friday (July 29), the central bank said the detailed breakdown of international reserves is based on the International Monetary Fund’s Special Data Dissemination Standard (IMF SDDS) format, which provides forward-looking information on the size, composition and usability of reserves and other foreign currency assets, and the expected and potential future inflows and outflows of foreign exchange of the federal government and BNM over the next 12-month period. In line with the practice adopted since April 2006, BNM said the data excludes projected foreign currency inflows arising from interest income and the drawdown of project loans. It said the only contingent short-term net drain on foreign currency assets are government guarantees of foreign currency debt due within one year, amounting to US$401.6 million. "There are no foreign currency loans with embedded options, no undrawn, unconditional credit lines provided by or to other central banks, international organisations, banks and other financial institutions. "Bank Negara Malaysia also does not engage in foreign currency options vis-à-vis ringgit," it added. The short forward positions which amounted to US$14 billion as at end-June 2022 reflect the management of ringgit liquidity in the money market, BNM concluded. On top of that, Malaysia's official reserve assets amounted to US$109.03 billion as of end-June 2022, while other foreign currency assets stood at US$5.9 million during the same period, BNM noted.

https://theedgemalaysia.com/node/660672

Careplus dispute with Petrolife to be heard in Seremban, KL suit struck out

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KUALA LUMPUR (March 24): Rubber glove maker Careplus Group Bhd has succeeded in striking out Petrolife Aero Sdn Bhd’s RM27.08 million suit against it over an alleged breach of a liquefied natural gas (LNG) supply agreement. In a bourse filing on Friday (March 24), Careplus said the High Court had allowed its wholly owned Rubbercare Protection Products Sdn Bhd's (RPP) application to strike out Petrolife’s suit, with RM5,000 costs to be paid to RPP. In filing to strike out the application, RPP cited multiplicity of proceedings, given that it had already filed a similar suit at the Seremban High Court on June 10, 2022, seeking RM1.5 million from Petrolife. RPP argued that the fundamental basis of the dispute in the Petrolife suit are the same as its own suit in substance, character and effect, as well as being premised on the same facts. RPP filed the suit after Petrolife failed to refund a RM1.5 million security deposit, following the termination of the agreement with Petrolife in March last year. Petrolife, in response, filed a lawsuit in September against RPP at the Kuala Lumpur High Court here, claiming it suffered RM27.08 million in alleged losses as a result of RPP having breached its obligation and responsibility under the agreement for the supply of LNG. It also alleged that the termination of the contract was unlawful. Under the agreement, RPP had appointed Petrolife to supply LNG for its new plant in Senawang, Negeri Sembilan from November 2021. Shares in Careplus closed 1.5 sen or 4.48% lower at 32 sen, giving the group a market capitalisation of RM180.41 million. Read also: Careplus moves to strike out Petrolife’s RM27 mil suit  

https://theedgemalaysia.com/node/602743

兴业：盔甲综合科技的估值为54仙

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（吉隆坡6日讯）兴业小盘东盟研究对即将上市的工业产品与服务公司盔甲综合科技（Coraza Integrated Technology）的估值为54仙。 该研究机构周三在报告中指出，盔甲综合科技已稳步确立其作为高质量制造零件供应商的地位。 该机构预计，该公司的3年盈利复合年增长率（CAGR）为24.5%，主要受终端工业用户强劲需求所推动，以及受助于将分3个阶段完成的产能扩张计划。 “对芯片日益增长的需求，将进一步提振未来收益，因为该集团的两个大客户从事这个行业，且可能有新客户加入。” 盔甲综合科技的首次公开募股（IPO）发行价28仙，意味着2023财政年的本益比仅为9倍，远低于同行的21倍平均本益比和工业产品与服务指数的13倍。 “考虑到收入基础、赚幅和投资回酬率较低，基于18倍的2023财年本益比目标，我们将合理价定为54仙。” “不过，若该集团未来实现强于预期的盈利增长，我们不排除估值上升的可能性。” 该机构表示，主要风险是依赖大客户和核心工程师团队、原料价格波动，以及新冠疫情导致营运中断。 盔甲综合科技定于本月20日在大马交易所创业板上市。   （编译：陈慧珊）   English version：RHB Small Cap Asean Research values Coraza at 54 sen

https://theedgemalaysia.com/node/661401

Chinese tycoon’s US$271m mansion seized in Hong Kong

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(March 30): A Chinese tycoon’s US$271 million (RM1.1 billion) mansion in the luxurious Peak neighborhood of Hong Kong was taken away by a bank, just years after the businessman made headlines with his record-breaking shopping spree. Chen Hongtian, chairman of Hong Kong-based investment firm Cheung Kei Group, also had an apartment in the Frank Gehry-designed Opus building and the Cheung Kei Center in the city’s Hung Hom area seized. In total, he lost about US$1.4 billion worth of properties in recent months, both in Hong Kong and London, according to data compiled by Bloomberg.  Chen’s plight underscores the liquidity crunch that Chinese real estate entrepreneurs are facing. He joins a number of tycoons — including China Evergrande Group chairman Hui Ka Yan — in losing control of their luxury properties. The house on the Peak was taken earlier this month by Bank of East Asia Ltd, while Bank of Communications Co seized the Opus apartment in February, documents from the government show. On Tuesday, a receiver was appointed for the Cheung Kei Center, according to a Companies Registry filing. It was taken by Hang Seng Bank Ltd through PricewaterhouseCoopers LLP.  A spokeswoman for PwC declined to comment. Calls to Cheung Kei’s offices in Hong Kong and Shenzhen went unanswered. Chen is facing problems elsewhere. Lloyds Banking Group Plc is attempting to sell a loan secured against a Canary Wharf office tower owned by Chen’s group ahead of an imminent maturity, Bloomberg News reported this week. The company has already defaulted on another nearby office block financed by the UK bank, and a broker was appointed to sell that property for £250 million. Cheung Kei Group bought the asset for £410 million in 2017. Now in his 60s, Chen founded Cheung Kei Group by combining businesses he owned in the former British colony and Shenzhen in 1990, at the time China was pushing for market economy reform. The group soon pivoted to real estate development and financial investments after an early success in textile. Before the seizures, he had amassed 10 office towers and hotels across the world, as well as stakes in companies including a wine maker, according to the group’s website. Chen, who holds Hong Kong permanent residency, is known for his political ties. He’s a member of the Chinese People’s Political Consultative Conference, a top advisory body that includes influential business tycoons, and was awarded a Silver Bauhinia Star by the Hong Kong government in 2020, an honour given to those who have taken a leading role in public affairs or voluntary work.  On the company’s website, Chen shares photos of meetings with world leaders, including Prince Andrew of the UK and Robert Rosen, a director at the Bill & Melinda Gates Foundation. 

https://theedgemalaysia.com/node/669110

A Chinese crypto pioneer warns Hong Kong may cool on digital assets longer term

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(May 30): A crypto entrepreneur whose business in China was upended by a regulatory crackdown considers his experience to be a cautionary tale for companies attracted by Hong Kong’s push to create a digital-asset hub. Crypto may not stay a long-term priority for Hong Kong even though for now it’s focused on rolling out fresh rules for the sector, according to Bobby Lee, who set up China’s first Bitcoin exchange and then shuttered the mainland trading platform after a clampdown by Beijing. He later founded US-based crypto storage provider Ballet Global Inc. Hong Kong is set to issue licences for crypto exchanges under a rulebook that takes effect on June 1, but Lee said in an interview that “the bigger picture is what happens in three years, five years — I wouldn’t be surprised if Hong Kong did a reversal and put a red light in front of everyone”. Officials want to woo crypto firms while protecting investors amid an effort to restore Hong Kong’s image as a financial centre. The pivot has Beijing’s quiet backing, yet digital-asset trading remains banned on the mainland and mired in controversy courtesy of a global rout that exposed risky practices — leading to questions about whether Hong Kong will stay the course. The legislative framework encoding crypto rules will bring transparency and clarity, Hong Kong Monetary Authority Chief Executive Eddie Yue said in an interview earlier this month. He was responding to a query about lingering concerns that officials could yet sour on their crypto pivot. China’s ban on crypto trading in 2021 dulled Hong Kong’s allure as a conduit for mainland cash. “Hong Kong itself is a drop in the bucket,” said Lee, who sold his international crypto trading platform BTCC to an investment fund in the city in 2018. “The fantasy for exchanges is thinking that if officials let us get a licence, then maybe they’ll start a sort of crypto-connect trading link with mainland China.” The new licensing regime for crypto exchanges from Hong Kong’s Securities & Futures Commission includes a provision that allows retail investors to trade bigger tokens like Bitcoin and Ether. Industry executives said there are many unanswered questions, including the treatment of crypto derivatives, decentralised finance, staking, nonfungible tokens and utility coins — such as those used for play-to-earn gaming. “Hong Kong is clear in terms of the direction but there’s still room to provide more details around what can be done, as we want to do things that are allowed and supported in an explicit way,” said Henry Zhang, founder of DigiFT Tech, a Singapore-based digital-asset exchange. The grey areas may force crypto firms to assess whether some products involve securities. That’s a complex task and the SFC has indicated decisions will be made on a case-by-case basis. Hong Kong used to be a digital-asset hub in earlier years. It then took a sceptical position before becoming more pro-crypto seven months ago. The evolution of its stance points to the regulatory challenges posed by digital assets. The US, for instance, has turned up the heat on the industry. “It’s difficult for businesses to have a five-year regulatory road map,” said Lucy Gazmararian, founder of web3 venture fund Token Bay Capital. “Have it in the back of your mind, but really plan for one to two years ahead — because look what happened in the US with the crackdown on the sector.”

https://theedgemalaysia.com/node/668020

ACE Market-listed REDtone to be transferred to Main Market on May 24

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KUALA LUMPUR (May 22): REDtone Digital Bhd's listing status will be transferred to the Main Market from the ACE Market with effect from Wednesday (May 24), said Bursa Malaysia. The counter will be listed under the “Telecommunications & Media” sector, the exchange said in a statement. REDtone has been listed on the ACE Market since January 2004. The company, which is a 47.46% subsidiary of Berjaya Corp Bhd, offers an extensive range of services under three main businesses, including telecommunications services, managed telecommunications network services and industry digital services. The transfer of the listing status was approved by the Securities Commission Malaysia last month after the company met the profit track record requirements for the exercise. Shares in REDtone settled down one sen or 1.75% to 56 sen on Monday (May 22), giving the company a market capitalisation of RM438.17 million.

https://theedgemalaysia.com/node/646586

Cover Story: Kelana Jaya’s SS7 to see more project completions next year

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This article first appeared in City & Country, The Edge Malaysia Weekly on December 5, 2022 - December 11, 2022 SS7 is one of five sections that make up Kelana Jaya, Petaling Jaya; the others are SS3 to SS6. Covering about 2.13 sq km or 527 acres — and comprising a mix of developments including terraced and semi-detached houses, bungalows, low- to high-rise apartments, condominiums and serviced residences, retail malls, office towers and shop-offices — SS7 is well-placed with good connectivity, accessibility and amenities. Served by road networks and major highways such as the Damansara-Puchong Expressway (LDP), Federal Highway and New Klang Valley Expressway (NKVE), as well as the Kelana Jaya LRT Line, SS7 also has a good mix of commercial, institutional, sports and recreational components. Notable ones include Paradigm Mall, Kelana Jaya Medical Centre, Taman Bandaran Kelana Jaya, Stadium Petaling Jaya, Kelana Jaya Municipal Pool, PKNS Sports Complex, Lincoln University College and Open University Malaysia Campus. VPC Alliance (Malaysia) Sdn Bhd managing director James Wong notes that after the opening of Paradigm Mall in 2012, SS7 saw more high-rise developments come up. These include The Azure Residences and Sapphire Paradigm by WCT Holdings Bhd, and Pinnacle Kelana Jaya by South Malaysia Industries Bhd (SMIB), which were completed in 2018. Highpark Suites by Gamuda Land was completed last year. Sapphire Paradigm and The Azure Residences are 29- and 30-storey serviced apartments that are part of the Paradigm Petaling Jaya integrated development by WCT, along with the 659,000 sq ft Paradigm Mall, 300-room five-star hotel Le Méridien Petaling Jaya (formerly known as New World Petaling Jaya) and 32-storey corporate office tower, The Ascent. Pinnacle Kelana Jaya is a 228-unit small office/home office (SoHo) development while Highpark Suites is a serviced apartment with 1,024 units. In addition to Pinnacle Kelana Jaya, SMIB is also responsible for Zenith Residences, Zenith Corporate Park, Kelana Mahkota Condominium, Kelana Square and Sterling Condominium. Other prominent developers in the area include Sima Group (Parklane Commercial Hub and Laguna Residences) and Glomac Bhd (Plaza Glomac, Plaza Kelana Jaya and Kelana Business Centre). The appeal of Kelana Jaya’s SS7 has clearly not waned as a number of developments, all serviced apartments, are underway in the area and its immediate vicinity. They are Sunway Serene by Sunway Property, Plaza@Kelana Jaya by Glomac, Panorama Residences by LLC Bhd and The Arcuz @ Kelana Jaya by Exsim Group. All are slated to be completed next year (see Table 1). PPC International Sdn Bhd managing director Datuk Siders Sittampalam believes that the ongoing projects will be some of the last few developments in SS7 as land in the area is mostly developed. In terms of outlook, Siders says, “With its fair share of both commercial and residential developments, SS7 is well-served by good infrastructure such as the LDP and Federal Highway. The area can be considered the centre of Kelana Jaya as it offers all the amenities of a typical town such as hospitals, schools, shopping malls, commercial centres, parks and a stadium. SS7 being an established township development, we envisage growth in terms of capital value appreciation and the popularity of the area.” VPC Alliance’s Wong expects SS7’s property market to remain stable in the medium term and improve gradually in the long term due to its existing amenities and infrastructure. “Kelana Jaya is considered a mature and desirable PJ suburb for living and also for work. However, the Covid-19 pandemic has affected the demand for strata residential properties, including serviced apartments and condominiums, due to their [higher] supply compared with landed properties.” Savills Malaysia group managing director Datuk Paul Khong is optimistic about SS7’s long-term outlook, owing to its strategic location next to the LDP. “Its convenience, amenities and recreational facilities are all within easy reach, well-served by a network of highways, public rail lines as well as the upcoming LRT3.” Other established amenities in SS7 and the wider Kelana Jaya include schools like SK Kelana Jaya 1, SK Kelana Jaya 2, SK Sri Kelana, Nobel International School, SMK Kelana Jaya, SMK Lembah Subang and SMK Sri Permata; a Giant hypermarket; commercial centres such as Kelana Square, Kelana Business Centre and Zenith Corporate Park; and the Tengku Kelana Jaya Petra Mosque. The area also has easy access to a wide range of amenities available in Petaling Jaya as well as in neighbouring Shah Alam, Subang Jaya and Bandar Sunway. These include popular malls such as Atria Shopping Gallery, 1 Utama and Sunway Pyramid. Transacted prices of existing condominiums in SS7 peaked in 2018 to 2019, before coming down slightly, by about 4% to 8% in 2020, due to the Covid-19 pandemic, says VPC Alliance’s Wong. “In 2021, the price trend was mixed. At Kelana D’Putera and Sterling Condo, transacted prices showed a slight decline over 2020 prices. But for Kelana Puteri and Kelana Mahkota, prices in 2021 were slightly higher than that in 2020.” According to Wong, average unit transacted prices in 2021 at Kelana D’Putera ranged from RM320 to RM400 psf for built-ups of 1,055 to 1,248 sq ft while those at Kelana Puteri were from RM351 to RM406 psf for built-ups of 1,033 to 1,345 sq ft. Kelana Mahkota Condo saw a range of RM411 to RM483 psf for built-ups of 1,216 to 1,259 sq ft while Sterling Condo’s were from RM399 to RM499 psf for built-ups of 1,259 to 1,905 sq ft. In terms of the existing high-rise residential properties, Khong notes that they have performed relatively well with an 11-year compound annual growth rate (CAGR) of 5% to 7.6%. “The prices had almost doubled from 2010 and peaked in 2015, before subduing thereafter. In 2021, a slight upward recovery was observed.” (See Table 2 on next page.) Recent transactions of existing condominiums as highlighted by PPC International’s Siders include a 1,033 sq ft unit at Kelana Puteri that fetched RM400,000 this year. In 2009, a similar unit was transacted at RM170,000. Meanwhile, a 1,916 sq ft condominium at Sterling Condo had changed hands at RM780,000. In 2008, a similar unit was transacted at RM369,000. In terms of landed properties, Wong notes that 2-storey terraced houses in SS7 saw transacted prices peak in 2018 and 2019, before tapering off. “In 2021, prices of terraced houses were on an upward trend again, with an increase of about 15%.” Two-storey terraced houses with built-ups of 1,302 to 1,518 sq ft were transacted at RM700,000 to RM810,000 last year, compared with RM600,000 to RM700,000 in 2020, he adds. According to Siders, a 2-storey intermediate terraced house with a land area of 1,507 sq ft and built-up of 1,441 sq ft was transacted at RM750,000 this year. A similar unit was transacted at RM387,000 in 2010. As for semidees, Savills’ Khong notes that the typical 2-storey unit saw transacted prices of RM1.5 million to RM1.9 million in 2021, while a 2-storey bungalow with a land area of circa 9,400 sq ft was transacted at about RM3.4 million last year (see Table 3). Khong notes that there are about 1,000 landed properties in SS7, of which 70% to 75% are terraced houses. Semidees and bungalows make up an equal share of about 15% each.  In the commercial property segment, Khong says that transactions for shop or office lots within shopoffice developments remained relatively flat in 2021, with a limited number of transactions in the market. “Between 2010 and 2020, this segment showed mixed performance in terms of capital appreciation. In 2020, these office lots were priced from RM300 to RM350 psf, while the ground floor shoplots were from RM600 psf. The buyers or occupiers of these shop or office lots are mainly small and medium enterprises.” (See Table 4.) According to Wong, a ground floor stratified shop unit at Plaza Kelana Jaya recorded an unusually high transacted price of RM1,039 psf in 2017. “This is a ground floor unit facing the lake with good ambience for dining [prior to the Covid-19 pandemic].” In 2021, similar units at the same development saw an average transacted price of RM430 psf. At Kelana Square, transacted prices of shop units ranged from RM267 to RM359 psf last year, Wong notes. According to data provided by PPC International, a recent commercial transaction in SS7 involved an office unit in Kelana Square measuring 1,371 sq ft, which fetched RM400,000 last year. In 2020, an office unit at Kelana Business Centre measuring 2,196 sq ft was sold for RM575,000. At Zenith Corporate Park, a 1,555 sq ft office unit was transacted at RM700,000 in 2018. Overall, Siders believes that as property values in the area appreciate, some of the older residential and commercial developments may give way to redevelopments, or at least a facelift. “Currently, the LDP that runs across SS7 is known to be congested during peak hours. A study can be undertaken to reduce the traffic load either via a traffic diversion or construction of other access roads.” Khong concurs. “SS7 is a well-built area and there are not many undeveloped parcels remaining. Redevelopment opportunities [at brownfield sites] are possible in the future, such as the PKNS Sports Complex, with the maturing status of this neighbourhood.” Originally an oil palm and rubber plantation, the Kelana Jaya neighbourhood is today a Petaling Jaya suburb comprising SS3, SS4, SS5, SS6 and SS7. Previously known as Seaport Estate, the area was renamed in 1983 by the late Sultan Salahuddin Abdul Aziz Shah of Selangor to give the neighbourhood a localised flavour, notes Savills Malaysia group managing director Datuk Paul Khong. The completion of the Federal Highway in the early days attracted developers to build more residential and commercial properties here. According to VPC Alliance (Malaysia) Sdn Bhd managing director James Wong, Perbadanan Kemajuan Negeri Selangor (PKNS) was the largest landowner and pioneer developer in Kelana Jaya, developing 2-storey terraced houses and bungalows. “PKNS later entered into a joint venture with Glomac Bhd to develop office blocks known as Plaza Kelana Jaya on a 9.7-acre parcel fronting the Kelana Lake in 2007.” PPC International Sdn Bhd managing director Datuk Siders Sittampalam says the completion of the Petaling Jaya Stadium in 1996 also resulted in more residential developments in the area. Kelana Jaya then received a boost from the completion of the New Klang Valley Expressway (NKVE) and Damansara-Puchong Expressway (LDP) in 1993 and 1998 respectively, as well as the Kelana Jaya LRT Line that commenced operations in 1998 and was extended to Putra Heights in 2016. “The completion of the LDP and LRT further changed the entire landscape of Kelana Jaya. The LRT line has provided effective connectivity to this suburb with about five stations serving the area, namely the Taman Bahagia, Kelana Jaya, Lembah Subang, Ara Damansara and Glenmarie stations,” says Khong. “The LDP has enabled Kelana Jaya to be connected directly to Puchong, [Bandar] Sunway, Bandar Utama, Taman Tun Dr Ismail and Kepong,” he adds. Since the opening of Paradigm Mall in 2012, more new developments have been introduced in the suburb. 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/631255

Leong Hup, PPB, IOI, S P Setia, SLP Resources, Hong Seng, Green Packet, Cycle & Carriage Bintang, D’nonce, ILB and Caely

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KUALA LUMPUR (Aug 5): Here is a brief look at some corporate announcements and news flow on Friday (Aug 5), which include Leong Hup International Bhd, PPB Group Bhd, IOI Corp Bhd, S P Setia Bhd, SLP Resources Bhd, Hong Seng Consolidated Bhd, Green Packet Bhd, Cycle & Carriage Bintang Bhd, D’nonce Technology Bhd, ILB Group Bhd and Caely Holdings Bhd. Leong Hup International Bhd and PPB Group Bhd said the Malaysia Competition Commission's allegations that their subsidiaries were involved in price-fixing practices involving poultry feed are without merit, and they will respond to the MyCC within the stipulated time to defend their subsidiaries against these allegations. The groups said this following a proposed decision issued by MyCC against five feedmillers, including Leong Hup's wholly-owned Leong Hup Feedmill Malaysia Sdn Bhd (LFM), PPB's 80%-owned FFM Bhd and Malaysan Flour Mills Bhd's Dindings Poultry Development Centre Sdn Bhd. IOI Corp Bhd has disposed of a 10% stake in sustainable plant-based products firm Bunge Loders Croklaan Hogeweg for about RM466 million to Nunga Ltd's wholly-owned subsidiary Koninklijke Bunge BV. Datuk Seri Koe Peng Kang will be stepping down from his post as S P Setia Bhd’s deputy president and chief operating officer to “pursue interests outside the organisation”. His last day with the property developer will be Sept 30. SLP Resources Bhd’s net profit jumped 89.25% to RM8.86 million in the second quarter ended June 30, 2022, from RM4.68 million a year ago, largely boosted by a gain from the disposal of leasehold land at RM5.1 million. Revenue for the quarter also increased 13.33% year-on-year to RM47.07 million compared with RM41.53 million due to the increase in sales of flexible plastic packaging products and plastic resins. For the cumulative six-month period ended June 30, 2022, its net profit rose 24.8% to RM13.37 million from RM10.71 million. Revenue also expanded 5.7% to RM92.58 million from RM87.55 million. Hong Seng Consolidated Bhd has sold a 20% stake in digital healthcare platform operator eMedAsia Sdn Bhd to Green Packet Bhd for RM20 million. This reduces Hong Seng’s stake in eMedAsia — held through wholly-owned subsidiary HS Bio Sdn Bhd — to 60%. Singapore-based Jardine Cycle & Carriage Ltd (Jardine CCL) has raised its stake in Cycle & Carriage Bintang Bhd (CCB) to 91% under its third attempt to take over the auto distributor. Jardine CCL will procure CCB to take the requisite steps to withdraw its listing status from Bursa Malaysia, having raised its stake from 89.994% just before the offer was made on July 14. Jardine CCL made the latest offer at RM2.70 per share. D’nonce Technology Bhd’s unit is acquiring 32,375 sq metres of vacant industrial land in Kulai, Johor for RM12.2 million to build a new factory. The group said 82%-owned Attractive Venture (JB) Sdn Bhd is buying the land from ACL Group Sdn Bhd, which is 60% owned by Tang Mei Yean and 40% by Chia Swee Beng. ILB Group Bhd said the lawsuit filed against the logistics services group to block its proposed acquisition of a commercial property in Petaling Jaya is not expected to have any material financial or operational impact on the group. The suit was filed by BT Investment Capital Bhd, which is a minority shareholder of ILB, on the grounds that the acquisition — for RM15.9 million via the issuance of new shares in ILB — will dilute the shares of existing shareholders of the group. Businessman Datuk Seri Tee Yam @ Koo Tee Yam has increased his shareholding in Caely Holdings Bhd to 19.12% up from 15.25%, closing the gap with the group’s largest shareholder Datuk Seri Goh Choon Kim, who holds a 21.05% stake. Koo bought 10 million shares on Aug 3 in an off market transaction, bringing his total stake to 49.38 million shares.

https://theedgemalaysia.com/node/644818

IDEAS calls for policy and not patronage-based talks to resolve hung Parliament

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KUALA LUMPUR (Nov 20): The Institute for Democracy and Economic Affairs (IDEAS) strongly urged that negotiations to form the next Government are based on policy and not money politics or the distribution of patronage-type appointments, after acknowledging that the 15th general election (GE15) has resulted in a hung Parliament with no one political coalition winning a simple majority. “Forming a coalition Government is the most urgent over the next few delicate days, and we would caution against money politics being used in this process, where smaller parties must exercise wisdom in using their kingmaker position and power. Also, important laws such as the Political Financing Act, Constituency Development Funds Act, Parliamentary Services Act, Fiscal Responsibility Act and Government Procurement Act are more urgent than ever, and we look forward to seeing parties state their strong position on these legislations that can truly transform the administration moving forward,” IDEAS chief executive officer Dr Tricia Yeoh said in a statement on Sunday (Nov 20). “In a coalition of coalitions, it is widely expected that Cabinet, chairs of government-linked companies and statutory body positions will need to be provided as a form of reward to the most number of senior party representatives as possible. Instead, IDEAS encourages the parties to negotiate on the grounds of laws and policies that are crucially needed to address both economic and institutional reforms for the future,” she added. Meanwhile, IDEAS commended the largely anti-corruption messages that emerged during the GE15 campaign. “Evidently, voters in Malaysia are tired of the culture of corruption that has become deeply embedded within the administration and its ecosystem. Particularly, the Malay electorate have chosen to stand their ground on this issue by turning to Perikatan Nasional as an alternative coalition. Thus, if we are to restore the pace of our country’s economic growth and development, addressing good governance will need to be an immediate priority of the Government. “We look forward to seeing concrete plans following the National Anti-Corruption Plan which expires in 2023. Evidently, bipartisanship in any future Government will assure the most optimal outcomes when it comes to championing good governance, anti-corruption and institutional reforms. On this note, IDEAS congratulates many of the former members of the All-Party Parliamentary Group on Political Financing, of which we were the secretariat, who have returned as parliamentarians, and looks forward to reconvening the group, including new members, in the immediate future to expedite the Bill’s tabling in Parliament”, Yeoh said. In the statement, IDEAS also cautioned against race and religion being politically utilised by the Government that is eventually formed. “Malaysia is ultimately a multi-ethnic, multi-religious society. Taking into serious consideration the varied needs and expectations of all ethnic and religious communities, including those within Sabah and Sarawak, it is absolutely crucial for a government vision that emphasises inclusiveness, understanding and empathy for the others. During the campaign, Malaysians were unfortunately witnesses to several unnecessarily racially-tinged messages that may have infringed upon the nation’s founding values of unity and harmony,” the statement read. In congratulating the elected parliamentarians, Yeoh added: “The GE15 has brought Malaysia many interesting surprises, and we congratulate all the winning Members of Parliament, many of whom are fresh faces who represent a sense of political renewal across the board. Over the next few days, we look forward to a rules-based process of forming the Federal Government, in which the Yang Di-Pertuan Agong will play an important role in ensuring. IDEAS hopes that the conclusion of this will finally provide the political and economic stability Malaysia desperately needs in order to make serious policy decisions for its future over the next five years.” Get our comprehensive GE15 coverage here.

https://theedgemalaysia.com/node/634373

Aspen posts a loss of RM130 mil in FY22 in light of failed diversification into healthcare segment

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SINGAPORE (Aug 28): Aspen (Group) Holdings reported a loss of RM130 million (S$40.6 million) for FY22 ended June, as compared to earnings of RM56.6 million in FY21. This brings losses per share to 12.02 cents. On Nov 19, 2021, the group announced a change of its financial year end from Dec 31 to June 30, to allow it to better plan its audit schedule and holding of its...(click on link for full story on theedgesingapore.com)

https://theedgemalaysia.com/node/668189

Flood mitigation projects estimated at RM11b under pre-qualified tender, says Nik Nazmi

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KUALA LUMPUR (May 23): The government estimates that its flood mitigation projects would cost a total of RM10.9 billion under an accelerated pre-qualified tender process, said Minister of Natural Resources, Environment and Climate Change Nik Nazmi Nik Ahmad. Fielding questions from reporters at a press conference here, the minister said the government has allowed more companies to bid for projects under the new process, as opposed to direct negotiations previously. “The difference is that we have opened [up applications] to more companies to participate [in the tender process], and the outcome is about RM10.9 billion [in contract value] from RM15 billion previously. These are preliminary estimates that we have. “The government’s intention is to no longer opt for direct negotiations, (but to) control the costs, and make sure that the projects can be delivered,” Nik Nazmi said. It is unclear if the projects to be awarded in this round includes all projects underlined in the previous government’s proposal. In March last year, the previous government announced an additional RM15 billion for flood mitigation projects over the period 2023 to 2030. Last December, the new government led by Datuk Seri Anwar Ibrahim initiated a review involving RM7 billion worth of the projects and in February, he informed the Dewan Rakyat that six projects would be re-tendered by June. They include flood mitigation works in Sungai Johor, Kota Tinggi, Johor; the construction of the Sungai Klang-Sungai Rasau dual-function reservoir in Selangor; and Phase 3 of the Sungai Golok Integrated River Basin Development in Kelantan. For more Parliament stories, click here.

https://theedgemalaysia.com/node/603673

China pledges support for 6G innovations, satellite networks — report

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KUALA LUMPUR (Jan 13): China has pledged to support 6G innovations and promote 6G international standardisation in a digital economy development. In a report on Wednesday (Jan 12), the Global Times, an official Chinese Communist Party mouthpiece, cited China’s plan for 2021-25 released on Wednesday, which reiterated the country's ambition of maintaining its edge in the ultrafast 6G era, despite challenges and hurdles. According to the roadmap, which was launched by the State Council, China's cabinet, the added value of the core industries of the digital economy will account for 10% of GDP by 2025, and the digital transformation of the industry will reach a new level. Global Times said China's digital economy has made marked progress, with various digital technologies playing a growing role in underpinning the economy's emergence out of the Covid-19 pandemic. It said China had the world's second-largest digital economy with a scale of US$5.4 trillion in 2020, trailing the US with its US$13.6 trillion digital economy, citing a white paper on the global digital economy unveiled by the China Academy of Information and Communication Technology in August 2021. Under the plan, China will conduct a forward-looking layout of 6G network technology reserves, and increase support for 6G technology research and development, as well as actively participate in the promotion of 6G international standardisation. It said China will actively and steadily promote the evolution and upgrading of space information infrastructure, accelerate the deployment of satellite communication networks, and promote the construction of satellite-powered internet. A recent report released by the China Internet Network Information Centre showed that China has become a major source for patent applications in the field of 6G innovations. Global Times reported that Chinese government officials and industry experts have said China will strive to formulate standards for ultrafast 6G, advancing innovation and embracing openness and win-win partnership. Apart from 6G, the plan said China will accelerate the construction of a national integrated big data centre system with the coordination of computing power, algorithms, data, and application resources across the country.

https://theedgemalaysia.com/node/613497

Health Ministry announces protocols for all travellers entering Malaysia from April 1

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KUALA LUMPUR (March 24): With Malaysia reopening its borders in its transition to an endemic phase beginning from April 1, the Ministry of Health (MoH) has set protocols for all fully vaccinated travellers to follow. 1) Travellers are required to download, register and activate the MySejahtera application. 2) They are required to complete a travel declaration including vaccination information that can be accessed via the Traveller icon in the MySejahtera application. 3) They are required to upload the results of their RT-polymerase chain reaction (PCR) test done two days before departure. 4) For travellers who were infected with Covid-19 within six to 60 days before departure, they are required to upload the results of their Rapid Test Kit Antigen (RTK-Ag) done two days before departure. 5) Meanwhile, non-citizen travellers are also required to have both Covid-19 and travel insurance, as well as to state the address where they will be staying in Malaysia. According to Health Minister Khairy Jamaluddin, these protocols have been established and prepared by MoH for travellers to make Malaysia a safe destination as well as avoid congestion at international entry points. "By sending the above information, travellers will get the following display in their MySejahtera application [namely] traveller card for travellers with complete vaccine," he told a press conference in parliament on Thursday (March 24). "[Also,] surveillance and observation instruction or Home Surveillance Order (HSO) of five days for incomplete-vaccination or no-vaccination travellers. "For travellers who do not have a traveller card display or HSO instruction, they are not allowed to continue their journey," he added. 1) Travellers will go through fever screenings via thermal scanners or conduct self-referrals by reporting to health workers if they are symptomatic for further examination at the health counters at the international entry points. 2) Asymptomatic travellers can continue their journey to the immigration counters for further checks. 1) Travellers are required to undergo the same RTK-Ag test whether at a private health facility at the international entry points or outside within 24 hours. 2) The RTK-Ag test results will be obtained in the MySejahtera app. "If the RTK-Ag Professional test results are positive, travellers with complete vaccination will be given [HSO] for seven days at their lodging for Categories 1 and 2. "However, for Category 3 and above, they need to seek treatment at any Covid-19 Quarantine and Treatment Centre (PKRC) or private hospital. For travellers who are not fully vaccinated or have no vaccination, they will be given HSO for 10 days," said Khairy. If the RTK-Ag Professional test results are negative, he added that travellers who are fully vaccinated do not need to undergo quarantine. "For travellers who are not fully vaccinated or not vaccinated, they will be given HSO for five days at their accommodation as well as being required to undergo RT-PCR test on the fourth day or RTK-Ag test on the fifth day. "If the second sample test of Covid-19 is found to be positive, they will be given HSO for five days from the date the second sample was taken. Meanwhile, if the Covid-19 results are negative, they will be released from the HSO," he said. Meanwhile, children aged six and below are not required to undergo both the Covid-19 pre-departure screening and upon-arrival testing.

https://theedgemalaysia.com/node/606724

WHO labels half a million Covid-19 deaths since Omicron as ‘tragic’

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KUALA LUMPUR (Feb 9): The World Health Organisation (WHO) on Wednesday (Feb 9) announced that half a million Covid-19 deaths had been recorded since the Omicron variant was discovered, and described the toll as "beyond tragic”. Speaking during a live interaction on the WHO's social media channels, the agency’s incident manager Abdi Mahamud said 130 million cases and 500,000 deaths had been recorded globally since Omicron was declared a variant of concern last November. "In the age of effective vaccines, half a million people dying, it's really something. "While everyone was saying Omicron is milder, (they) missed the point that half a million people have died since this was detected. "It's beyond tragic,” he said. Meanwhile, American infectious disease epidemiologist and WHO Covid-19 technical lead Maria Van Kerkhove said the sheer number of Omicron cases was "astounding", while the true number of cases and deaths could be much higher than just those known about. "It makes the previous peaks look almost flat," she said. "We're still in the middle of this pandemic. I hope we're getting closer to the end of it. "Many countries have not passed their peak of Omicron yet,” she said. Van Kerkhove said the virus continues to be dangerous, adding that there was no indication thus far to suggest that BA.2 resulted in more severe Covid-19 disease than BA.1, but stressed that it was still "very early days" in evidence-gathering. Omicron is the umbrella term for a number of closely related lineages of the SARS-CoV-2 coronavirus, the most common of which is BA.1. More countries, particularly in Asia and Europe, are reporting an increase in cases caused by BA.2.

https://theedgemalaysia.com/node/676447

Oil on track for fifth straight weekly gain on tightening market outlook

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(July 28): Oil prices slipped in Asian trade on Friday (July 28) but were on track for a fifth straight week of gains following strong economic data in the US, and on speculation over Chinese stimulus measures and Opec+ output cuts. Brent crude fell 29 cents, or 0.3%, to US$83.95 a barrel by 0600 GMT, but was on track for a weekly 3.6% increase. US West Texas Intermediate (WTI) crude fell 27 cents, or 0.3%, to US$79.82 a barrel, but were heading for a 3.6% weekly increase. Oil rose in the previous session as strong earnings reports and data showing the US economy grew faster than expected in the second quarter eased fears of a global slowdown. US second quarter gross domestic product grew at 2.4%, beating the 1.8% consensus, the Commerce Department said Thursday, supporting Federal Reserve chairman Jerome Powell's view that the economy can achieve a so-called "soft landing." The prospect of further Chinese stimulus measures, particularly in the embattled property sector, has also provided some support to prices, following a meeting of the Politburo — a top decision making body — on Tuesday. "Recent US 2Q GDP numbers and other economic data (provide) further validation for soft landing hopes and (paint) a much brighter demand outlook for oil," said Jun Rong Yeap, a market strategist at IG in Singapore. Markets are also looking to the next market monitoring committee meeting of the Organization of the Petroleum Exporting Countries and allies, together called Opec+, on Aug. 4 for announcements on the continuation of voluntary output cuts. "We continue to see upside to oil prices through 3Q2023, and expect pricing sustained above US$90/bbl (Brent) would likely be required to see a loosening in Opec or Saudi Arabia’s voluntary crude supply cuts," said Baden Moore, head of commodity and carbon strategy at National Australia Bank. However, recent interest rate increases from global central banks seeking to tame stubborn inflation have nonetheless raised questions about long term demand. On Wednesday, the US Federal Reserve implemented another 25 basis point interest rate hike as widely expected, and the European Central Bank followed suit on Thursday. "It does seem like oil prices are facing some pressure from the broader risk environment," said IG's Yeap, commenting on recent speculation around monetary policy moves. Earlier this week oil fell after data showed US crude inventories fell less than expected. "We are still not seeing much translation to increased product demand especially within the distillates that have been providing much of the upside lead of the past month," said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.

https://theedgemalaysia.com/node/621721

英美烟草首季净利跌17%

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（吉隆坡27日讯）英美烟草（British American Tobacco (M) Bhd）首季净利按年下跌17%，归咎于Omicron变种病毒爆发及烟草黑市猖獗。 该集团今日向大马交易所报备，截至3月杪2022财政年首季净利报5229万令吉，低于上财年同期的6311万令吉。 首季营业额也从5亿6655万令吉，跌8%至5亿2156万令吉，归因于Omicron影响了购买习惯、居高不下的非法烟和其他季节性因素。 市占率为51.9%，按年下降0.5%。 闭市时，该股扬升12仙或0.95%，收报12.78令吉，市值达36亿5000万令吉。   （编译：陈慧珊）   English version：BAT Malaysia 1Q net profit falls 17% amid Omicron onset, tobacco black market prevalence

https://theedgemalaysia.com/node/627504

AMedia, PRoot, Chinwel, Emetall

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KUALA LUMPUR (July 8): theedgemarkets.com highlighted four stocks with momentum at Bursa Malaysia’s afternoon close on Friday (July 8). Two stocks displayed positive momentum, while the other two indicated negative momentum. The stocks with positive momentum were: Asia Media Group Bhd ―up one sen at 22.5 sen Power Root Bhd ― up seven sen at RM1.82 The stocks with negative momentum were: Chin Well Holdings Bhd ― up one sen at RM1.82 Eonmetall Group Bhd ― down 2.5 sen at 59 sen The list of stocks with momentum is generated using a proprietary mathematical algorithm highlighting stocks with a build-up in trading volume and price. The algorithm differentiates between stocks that exhibit positive (+ve) momentum and negative (-ve) momentum. This list is not a buy or sell recommendation. It merely tells you which stocks are seeing higher-than-normal volume and price movements. The share price may move up or down from this point. But the “+ve” (suggesting a rising price trend on volume) and “-ve” (suggesting a falling price trend on volume) indicators should give readers a better idea of what the market is buying and when to sell. Note also that momentum generally only persists for a short period of time. For more detailed financial information and reports on the above-mentioned stocks, please subscribe to AbsolutelyStocks at www.absolutelystocks.com

https://theedgemalaysia.com/node/638709

PJD Link倒置收购 Scomi Energy飙升

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（吉隆坡4日讯）Petaling Jaya Dispersal Link（PJD Link）欲倒置收购Scomi Energy Services Bhd，推动该股一度飙涨2.5仙或55.6%，至7仙。 Scomi Energy昨日向大马交易所报备，已与PJD Link Holdings私人有限公司及Noblemax Resources私人有限公司签署框架协议，以约9亿2200万令吉收购PJD Link。 双方预计将在60天内签署最终协议。 Scomi Energy表示，这是重组计划的一部分，以脱离PN17并维持上市地位。 PJD Link特许经营公司寻求通过倒置收购Scomi Energy，在马交所上市。 此外，根据协议，Scomi Energy建议将10股整合为1股，之后向公众发行155万新股，占集团扩大后股本的25%。 截至6月杪2022财政年，该集团净亏2759万令吉，较一年前的2亿1539万令吉大幅收窄。该集团自2019财年以来一直蒙亏。 PJD Link于4月5日与政府签署大道特许经营协议。这条长25.4公里的双向双车道高速公路，从西部疏散大道（SPRINT）白沙罗的新巴生谷大道（NKVE）收费站开始，并在武吉加里尔大道交汇处结束。   （编译：陈慧珊）   English version：Scomi Energy shares surge after agreement for PJD Link

https://theedgemalaysia.com/node/628875

艾芬银行售资产管理 银行-联昌料派22仙特别股息

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（吉隆坡20日讯）银河-联昌研究预计，艾芬银行（Affin Bank Bhd）脱售资产管理公司艾芬黄氏资产管理（Affin Hwang Asset Management，简称AHAM）的63%股权后，可能会派发每股22仙特别股息。 艾芬银行估计，将在今年7月底完成交易，将一级资本比率（CET1）从今年3月杪的13.9%，提高至大约16%。 “由于这将高于银行业的CET1（15.1%），我们认为艾芬银行可能将部分收益作为特别股息派发。假设完成交易后，CET1从16%降至银行业的15.1%，我们预计特别股息为每股22仙（加上11.2%周息率）。派发特别股息必须征求国家银行批准。” 根据5月底的报导，艾芬银行有意在完成交易后，派发特别股息给股东。艾芬银行独资子公司艾芬黄氏投资银行（Affin Hwang Investment Bank Bhd）打算以14亿2000万令吉，将AHAM的全部63%股权（包括700万股）卖给Starlight Asset私人有限公司。 艾芬银行总裁兼集团总执行长Datuk Wan Razly Abdullah Wan Ali表示，上述计划已经获得股东放行，艾芬银行将从中获利10亿6300万令吉。 银河-联昌将艾芬银行的评级从“守住”上修至“增持”。 截稿时，艾芬银行企于1.93令吉，市值达42亿7000万令吉。从年初至今，该股从1.73令吉上升了11.56%。   （编译：魏素雯）   English version：CGS-CIMB sees 22 sen special dividend from Affin Bank’s asset management unit stake sale

https://theedgemalaysia.com/node/666694

Scale down of PSI has no earnings impact on Gamuda, says Public Investment Bank

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KUALA LUMPUR (May 12): The scaling down of the Penang South Islands (PSI) reclamation project is not expected to impact Gamuda Bhd’s earnings, according to Public Investment Bank (PIB) Research. The PSI reclamation project, as indicated earlier by the government, will be slashed by 49% with the cancellation of Island B and Island C.   The Penang state government recently agreed to scale down the project after the government announced that it would provide additional funds to expedite the construction of the Bayan Lepas light rail transit (LRT).   Gamuda, through its 60% stake in SRS Consortium in the Island A reclamation project, plays a two-level participation under a 70:30 joint venture between SRS Consortium Sdn Bhd and state nominee, namely a project developer as well as a turnkey contractor. Gamuda is also the sole contractor for Phase 1 of Island A reclamation works, measuring 1,200 acres out of 2,300 acres. “There will be no earnings impact to Gamuda in our view as the agreement signed between SRS Consortium and the state nominee only covers Phase 1 of Island A reclamation project,” said PIB Research in a note on Friday (May 12). Earlier this month, it noted that the environmental impact assessment (EIA) approval for the PSI had been obtained from the federal-level Department of Environment.   “We expect reclamation works to commence by 4QFY2023 (fourth quarter of financial year 2023), assuming the Environment Management Plan (EMP) approval to take another three to four months. On top of that, we also expect the Bayan Lepas LRT under the Penang Transport Master Plan (PTMP) to kick off sooner than expected,” said the research house. PIB Research maintained its forecasts on the counter with an “outperform” call and target price of RM5.10 as it has accounted for the PSI reclamation project in Gamuda’s FY2023 order book replenishment assumption of RM15 billion. It estimated some RM4 billion to RM4.5 billion worth of order book over a reclamation period of six years, commencing by 4QFY2023 with RM8 billion to RM9 billion to be recognised over seven years.   Land sales are expected to commence from the fourth year after reclamation has started, the research added. The research firm estimates Gamuda to see net profit recognition of RM304 million to RM342 million from this reclamation works by assuming a 10% pre-tax margin.   “We estimate this project would add roughly 20% to Gamuda’s outstanding orderbook of RM20.5 billion,” it added.   Separately, the research house expects the group’s net gearing will be lifted to 0.6 times from 0.4 times, assuming the group will be required to raise an additional circa RM2.5 billion debt to cover the funding deficit amounting to RM4 billion in Year 4 (FY2025) after deducting FY2025 forecast cash pile amounting to circa RM1.5 billion.   PIB Research said total construction cost of the project, including common infrastructure work, is expected to cost RM8.5 billion, to be expensed over up to six years.   “Nonetheless, management reiterates that there is no obligation to complete Phase 1 within a fixed timeline. The rate of development will be purely driven by market demand,” it added. Gamuda shares remained unchanged at RM4.12 in early morning trading, implying a market capitalisation of RM11 billion. Read also: Penang to scale down PSI reclamation project by 49% on PM's request, says CM

https://theedgemalaysia.com/node/650265

Mah Sing optimistic about property prospects for 2023

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KUALA LUMPUR (Jan 3): Mah Sing Group Bhd is optimistic about the property sector’s prospects for 2023, as robust demand for its recent launches of the M Series properties enabled it to achieve RM1.69 billion in sales as of Sept 30, 2022. The group is on track to achieve its 2022 sales target of RM2 billion, and has set its sales target for 2023 at a minimum of RM2.2 billion. Founder and group managing director Tan Sri Leong Hoy Kum said the group will continue to scout for and acquire new land, supported by the company’s confidence in the M Series of affordable homes, and backed by a healthy balance sheet. “Beyond 2023, the mid- to long-term outlook remains positive, backed by strong fundamental demand for properties due to the young demography. Demand for houses from first-time buyers should remain sustainable,” he said in a statement on Tuesday (Jan 3). Leong said with its strong balance sheet and healthy liquidity, the group is continuously on the lookout for suitable land to further strengthen its M Series portfolio of projects that recorded very healthy take-up rates. He said that the resilient demand is driven by continuous economic growth and healthy employment condition, noting that Bank Negara Malaysia (BNM) forecast the nation’s gross domestic product to expand between 6.5% and 7.0% in 2022, and 4.0-5.0% in 2023. The reopening of the nation’s borders on April 1, 2022 also helped to boost property buying sentiment, while the employment condition is stable, with the unemployment rate at a healthy 3.7% level. “Although BNM increased the overnight policy rate (OPR) by 100 basis points last year to 2.75%, the current rate is still lower than the pre-pandemic OPR range of 3.0-3.25%. “Many believe that properties are a good hedge against inflation, and with recent news of expected increases in house prices due to construction cost hikes and inflationary effects, many house buyers are choosing to lock in their purchases now,” he added.

https://theedgemalaysia.com/node/649766

Gold holds tight range as investors await fresh cues

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BENGALURU (Dec 28): Gold eased on Wednesday (Dec 28) as the US dollar rose, but prices moved in a tight range in subdued trading due to the lack of any fresh triggers. Spot gold was down 0.2% at US$1,810.57 per ounce as of 0532 GMT. US gold futures fell 0.2% to US$1,818.60. Gold is seeing limited price action as trading activity is light ahead of the New Year holiday and there is no major economic data scheduled this week, said Hareesh V, head of commodity research at Geojit Financial Services. The dollar index edged up 0.1%, making greenback-priced gold more expensive for overseas buyers, while benchmark 10-year yields slipped from the over one-month highs hit in the previous session. Gold has risen nearly US$200 from a more-than-two-year low in late September as the US dollar's appeal was dented by expectations that the US Federal Reserve would slow its pace of interest rate hikes. The Fed slowed its pace of rate hikes to 50 basis points (bps) in December after four consecutive increases of 75bps each. However, Fed Chair Jerome Powell has warned that the Fed will lift rates further next year. Higher rates tend to increase the opportunity cost of holding bullion, which pays no interest. The US dollar's performance, inflation data, Fed's rate hike path, developments in China and geo-political tension will be major factors influencing gold prices in 2023, Hareesh added. "Easing curbs in China would be positive for industrial metals on expectations of an increase in demand." On Monday, top gold consumer China scrapped its Covid-19 quarantine rule for inbound travellers, a major step towards easing curbs on its borders that have been largely shut since 2020. In other precious metals, spot silver lost 0.2% to US$24 and platinum slipped 0.7% to US$1,012.80. Palladium fell 0.1% to US$1,828.13.

https://theedgemalaysia.com/node/671104

Economists cut Singapore 2023 growth forecast, see no change to monetary policy — central bank survey

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SINGAPORE (June 14): Singapore's economy is forecast to grow 1.4% this year, a central bank survey of economists showed on Wednesday (June 14), down from a previous projection of 1.9% as spillovers from an external slowdown threaten the trade-sensitive city-state. More robust growth in China, underpinned by economic re-opening and macroeconomic policy easing, were the top upside risks to Singapore's growth outlook, according to a Monetary Authority of Singapore (MAS) survey of 24 economists. Full-year headline and core inflation are likely to come in at 5% and 4.1%, unchanged from the previous survey. Economists expect MAS to keep monetary policy settings unchanged at its next scheduled review in October, the survey added, and about a quarter of them anticipate a reduction in the slope of the policy band in April next year. The central bank unexpectedly left monetary policy settings unchanged in April, reflecting the financial hub's concerns about its growth outlook. The surveyed economists' median forecast was for gross domestic product (GDP) to expand by 1.5% in the second quarter of 2023, after a lower-than-expected 0.4% expansion in the first quarter. Growth is expected at 2.5% in 2024. Headline and core inflation are expected to come in at 5.2% and 4.6% respectively for the second quarter of this year. Economists were hopeful that price pressures should ease in 2024. A majority of economists expect year-on-year corporate profits to fall this year, the survey showed, while half also think private residential property prices will rise and corporate bond spreads will stay stable.

https://theedgemalaysia.com/node/655669

Sunview, Huawei sign MOU to collaborate on renewable energy for 12 months

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KUALA LUMPUR (Feb 17): Clean energy service provider Sunview Group Bhd's wholly-owned subsidiary Fabulous Sunview Sdn Bhd has signed a memorandum of understanding (MOU) with Huawei Technologies (Malaysia) Sdn Bhd to collaborate in the field of renewable energy, including electric vehicle charging, micro grids, telecommunications site modernisation and energy storage solutions, on a non-exclusive basis for a period of 12 months. Upon entering into a contractual arrangement, Huawei Malaysia will basically act as a technology provider, while Sunview would be a strategic fulfilment partner, subject to the finer terms and conditions between the two parties, Sunview said in a statement on Friday (Feb 17). “With the increasing adoption of renewable energy worldwide, the strategic partnership with Huawei comes at an opportune time where Sunview will be able to create more value with the technology from Huawei in assisting more Malaysian companies in the transition to renewable energy usage,” said Charlie Chow Kian Hung, Sunview's chief operating officer and executive director. Meanwhile, Huawei Malaysia vice-president of digital power business group Chong Chern Peng said power production needs to be low-carbonised to drive the energy revolution for a greener future. “Leveraging our expertise in digital technologies and power electronics, Huawei Digital Power has created all-scenario low-carbon energy solutions, covering the whole energy flow from green power generation to efficient power consumption. “This includes our FusionSolar smart PV solution for green power generation, data centre facilities and site power facilities for green ICT infrastructure, as well as FusionCharge for green mobility,” he added. At the time of writing on Friday, Sunview’s share price had fallen by four sen or 4.68% to 82 sen, giving it market capitalisation of RM381.42 million.

https://theedgemalaysia.com/node/652535

Bursa turns mixed at lunch break

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KUALA LUMPUR (Jan 20): Bursa Malaysia turned mixed at the midday break on Friday (Jan 20) as mild profit-taking in selected heavyweights cancelled some of the earlier gains amid cautious sentiment on regional bourses, dealers said. At lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.42 of-a-point to 1,495.8 from Thursday's closing of 1,496.22. The market bellwether, which opened 0.66 point better at 1,496.88, moved between 1,495.8 and 1,498.92 throughout the morning session. Market breadth, however, remained positive with advancers outpacing decliners 358 to 302, while 389 counters were unchanged, 1,143 untraded and 10 others suspended. Turnover amounted to 1.33 billion units worth RM758.82 million. In a note, Rakuten Trade Sdn Bhd expected trading activities to stay muted ahead of the long break and the index to trend within the 1,490-1,500 range again on Friday. “As expected, Bank Negara Malaysia maintained the overnight policy rate (OPR) at 2.75%, hence signalling more funds may start to look at the stock market. If this happens, we reckon the banks, planters and telcos to be on the buy list,” it said. It said Wall Street closed lower on Thursday night as sentiment remained cautious that the US Federal Reserve will continue to raise rates amid recent job data showing that the labour force was still resilient despite a slowing economy. “The DJI Average lost 252 points while Nasdaq ended 105 points lower as the US 10-year yield edged slightly higher at 3.4%. In Hong Kong, profit-taking activities dominated trading ahead of the Lunar New Year break and recent steep gains by Hong Kong equities,” it said. Among the heavyweights, Malayan Banking Bhd was flat at RM8.80, Public Bank Bhd was unchanged at RM4.29, Petronas Chemicals Group Bhd slipped two sen to RM8.48, Tenaga Nasional Bhd fell six sen to RM9.44 while CIMB Group Holdings Bhd rose six sen to RM5.75. As for the actives, Velesto Energy Bhd eased half-a-sen to 20 sen, Ta Win Holdings Bhd rose half-a-sen to 6.5 sen, Progressive Impact Corp Bhd gained half-a-sen to 26.5 sen, while Reach Energy Bhd was flat at six sen. On the index board, the FBM Emas Index rose 4.55 points to 10,817.25, the FBMT 100 Index climbed 4.38 points to 10,508.65, the FBM Emas Shariah Index inched down 2.92 points to 11,064, the FBM 70 Index increased 37.44 points to 13,503.42, while the FBM ACE Index gained 57.78 points to 5,506.78.   Sector-wise, the Transportation and Logistics Index earned 0.38 of-a-point to 923.19, the Industrial Products and Services Index eased 0.1 of-a-point to 187.74, the Financial Services Index was 15.37 points better at 16,497.38, and the Plantation Index improved 29.85 points to 6,855.43. Meanwhile the Energy Index rose 3.51 points to 843.48 and the Technology Index added 0.36 of-a-point to 67.38.

https://theedgemalaysia.com/node/667061

Dissolution of state assembly: MB to seek Selangor Sultan's audience in third or fourth week of June

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SHAH ALAM (May 15): Selangor Menteri Besar Datuk Seri Amirudin Shari will be seeking an audience with the Sultan of Selangor Sultan Sharafuddin Idris Shah, on the third or fourth week of next month over the dissolution of the State Legislative Assembly.  Amirudin said the audience request would be made before the state assembly automatically dissolves on June 25. “This is the understanding among us menteris besar, which is (the seeking of audience to be on) the third or fourth week of June,” he told reporters after a Malaysia Book of Records (MBOR) recognition ceremony here on Monday (May 15). The six states which will be conducting their state polls are Selangor, Penang, Negeri Sembilan, Kedah, Kelantan and Terengganu. In this regard, on the division of seats between Pakatan Harapan (PH) and Barisan Nasional (BN) in Selangor, Amirudin said seven out of the 56 seats are still in discussion. Earlier, Amirudin represented the Selangor Agricultural Development Corporation (PKPS) to receive the MBOR recognition for the largest subsidised chicken and eggs sale during the Ehsan Aidilfitri Mega Sale in April. He said the Ehsan Aidilfitri Mega Sale is the largest sales programme ever organised by PKPS and is part of the Jelajah Ehsan Rakyat (JER) programme. The menteri besar said since JER was implemented from September last year until this month, PKPS had spent RM37 million and provided savings of RM18 million to more than two million residents in the state. Amirudin said JER last year recorded a sale of 30,000 chickens and 10,712 trays of eggs during the two days of the programme and will continue in collaboration with the Rahmah Sales Programme as early as next month, with the expectation of additional items of food products. JER was implemented with the aim of easing the burden of the people in the face of rising food prices, by offering goods at prices 30% lower than the current market price.

https://theedgemalaysia.com/node/626022

NTPM 4Q net profit drops a third to RM3.49 mil on higher income tax expenses

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KUALA LUMPUR (June 28): NTPM Holdings Bhd’s net profit in the fourth quarter ended April 30, 2022 (4QFY22) fell by a third to RM3.49 million compared to RM5.20 million in the same period last year owing to higher income tax expenses and lower interest income. Earnings per share dropped to 0.3 sen from 0.5 sen. In a Bursa Malaysia filing on Tuesday (June 28), the tissue paper maker said its quarterly revenue, however, rose slightly by 6.53% to RM200.84 million from RM188.53 million a year ago, supported by higher tissue paper and personal care product sales. For the full-year period ended April 30 (FY22), net profit declined by 55.36% to RM28.25 million against RM63.27 million in the previous year (FY21), underpinned by increase in the prices of raw materials, increases in freight costs and impact from fluctuations in foreign currencies. Annual revenue, on the other hand, surged slightly by 2.03% to RM764.90 million from RM749.66 million on the back of higher sales of tissue paper and personal care products. On a quarterly basis, the group’s net profit tumbled by 37.9% from RM5.62 million reported in the immediate preceding quarter (3QFY22) while revenue fell by 4.13% from RM209.49 million in 3QFY22. Moving forward, the group said it will continue to monitor the changing business environment to ensure its installed production capacity can be efficiently utilised while leveraging its leading market position to achieve a reasonable profit margin. Shares in NTPM ended five sen or 1.16% higher to 43.5 sen, giving it a market capitalisation of RM488.59 million.

https://theedgemalaysia.com/node/650181

Indonesia approves US$3 bil development plan for South China Sea gas block

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JAKARTA (Jan 2): Indonesia has approved the first plan of development for the Tuna offshore gas field with total estimated investment of US$3.07 billion up to the start of production, upstream oil and gas regulator SKK Migas said on Monday. The Tuna field, located in the South China Sea between Indonesia and Vietnam, is expected to reach peak production of 115 million standard cubic feet per day (MMSCFD) in 2027, SKK Migas spokesperson Mohammad Kemal said. Natural gas from Tuna field, which is operated by a local unit of London-listed Harbour Energy, is expected to be exported to Vietnam starting in 2026, Indonesia's energy minister has previously said. SKK Migas chairman Dwi Soetjipto on Monday said that aside from economic benefits, development of the project would underline Indonesia's maritime entitlements. "There will be activity in the border area which is one of the world's geopolitical hot spots," Dwi said in a statement. "The Indonesian navy will also participate in securing the upstream oil and gas project so that economically and politically, it becomes an affirmation of Indonesia's sovereignty." Energy activities in the South China Sea have in recent decades been held hostage by disputes over which country has sovereign rights, with work by Vietnam, Malaysia and the Philippines in their exclusive economic zones disrupted by Chinese coast guard or marine surveillance vessels. China claims sovereignty over almost the entire South China Sea citing its own historical maps, claims that an international arbitration tribunal in 2016 ruled have no legal basis. In 2021, China told Indonesia to stop drilling for oil and natural gas in maritime territory that both countries regard as their own, people familiar with the matter told Reuters at the time.

https://theedgemalaysia.com/node/645360

Pecca 1Q earnings surge on low base effect

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KUALA LUMPUR (Nov 23): Pecca Group Bhd reported that its net profit jumped over 16 times year-on-year (y-o-y) in the first quarter ended Sept 30, 2022 (1QFY22), as its operations normalised from being restricted last year due to the Covid-19 lockdown. Net profit rose to RM8.35 million in 1QFY22, from RM514,000 a year ago, while revenue more than doubled to RM54.86 million from RM22.79 million, said the automotive leather upholstery company in a stock exchange filing on Nov 23. Going forward, the group is confident that the market demand for automotive seat covers will continue to grow for the rest of FY23 and that Pecca will be a beneficiary, as the reopening of economic activity gathers momentum. “The group will continue [to] strengthen its current original equipment manufacturer (OEM) business and prepare to capture additional orders for new models with existing customers, including Perodua, Nissan, Proton, Mitsubishi, Toyota and others,” it said. Pecca said the market for car seat covers is expected to expand significantly over the next 10 years, with the advent of a variety of lightweight, sustainable and durable materials. “The interior design of cars will have to be aesthetically pleasing and comfortable. This expectation is driven by industry breakthroughs and the rising demand for customised automotive interior materials,” it said. Pecca also sees good prospects in the replacement and maintenance (REM) segment abroad, specifically in the US, Australia, the Middle East, New Zealand, Singapore and Europe. “Through overseas expansions, the group aims to gain new clients and further increase revenue contribution from the current 10% to beyond 20% in the REM segment in FY23,” it said. Shares of Pecca closed 1.5 sen or 1.8% lower at 82 sen per share on Wednesday (Nov 23), giving it a market capitalisation of RM616.64 million.

https://theedgemalaysia.com/node/619805

Co-founder Awang Daud sells remaining stake in Serba Dinamik

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KUALA LUMPUR (May 13): Serba Dinamik Holdings Bhd co-founder Datuk Awang Daud Awang Putera has disposed of his remaining stake in the oil and gas service provider, which has fallen into PN17 status. Awang Daud sold 9.9 million Serba Dinamik shares, or a 0.267% stake, for 10 sen apiece in open market transactions. On the back-of-envelope-calculation, this translates into RM990,400, when the transaction took place on May 13. Awang Daud started trimming his shareholding in June last year after Serba Dinamik’s external auditor KPMG flagged audit discrepancies, on May 25, last year. He reduced his stake to 1.8% from 2.24% after he sold 8.5 million shares in June. Following that, he continued cutting down his stake in the company due to margin calls and forced selling as Serba Dinamik’s share price had been on the downhill due to audit issues. Serba Dinamik, its group chief executive officer and group managing director Datuk Dr Mohd Abdul Karim Abdullah, executive director Datuk Syed Nazim Syed Faisal, chief financial officer Azhan Azmi and vice president of accounts and finance Muhammad Hafiz Othman were charged under Section 369(a)(B) of the Capital Markets and Services Act for submitting a false statement involving revenue of RM6.01 billion for its financial period ended Dec 31, 2020. However, the Attorney General's Chambers (AGC) decided to accept the representations from Serba Dinamik and its executives, which led to the Securities Commission Malaysia’s (SC) move to compound the accused parties. After paying the RM16 million total in compounds issued by the SC earlier this week, Serba Dinamik and its four top executives were given a discharge and acquittal on May 13, one year after its audit disputes were brought to daylight. Trading in Serba Dinamik resumed on Monday this week after it was suspended by Bursa Malaysia because of its refusal to comply with a bourse directive to release a factual finding update (FFU) of the special independent review (SIR) conducted by Ernst & Young Consulting Sdn Bhd (EY Consulting). The stock price dived to an all-time low of six sen before it ended the week at 12 sen. Over the last five trading days, the stock has plunged 65.7% or 23 sen. The counter was last traded at RM1.61 the day before KPMG raised the red flag on accounts.

https://theedgemalaysia.com/node/674626

Employers federation pans Rafizi Ramli’s mandatory salary hike idea

English

KUALA LUMPUR (July 13):  The Malaysian Employers Federation (MEF) has taken to task Economy Minister Rafizi Ramli over the government’s plan to unveil a progressive wage model (PWM) that could entail making annual salary increments mandatory. On July 11, the Pandan member of Parliament (MP) was reported as saying that his ministry would present to the government the policy paper for a progressive wage model in early August. In a statement on Thursday (July 13), MEF president Datuk Dr Syed Hussain Syed Husman said the federation was shocked that Rafizi Ramli was speaking and acting on wages. He said that it should be under the purview of the Minister of Human Resources. “Economy Minister should be sharing with businesses and the rakyat on plans to improve the economy, thereby raising the standard of living of the nation and its citizens. “Thus far, MEF has yet to see any such concrete plans from the Minister of Economy that are really focused and formalised that would be able to improve the country’s economy, thereby raising the standard of living of the nation and its citizens,” he said. Syed Hussain added that MEF wondered what this plan is when industry has not been involved in detailed discussion of this plan. “Industry is the user, and most concerned if plans are done without industries being consulted and involved. “At the same time, the government needs to provide clear mapping on how higher productivity improves profits for businesses. “Consumers should also enjoy better standards and quality on products and services at affordable prices,” he said. Syed Hussain said that for PWM to be implemented successfully, it is important to get the buy-in from all stakeholders. “PWM needs to be premised on clear parameters, and terms and conditions for its implementation. “It is important to note that PWM is not all about trying to fix wages for employees to be paid a salary that will commensurate with their work. “If the government intends to make increment mandatory, the government should give the grants or allocation for topping up to meet the government’s determined salaries,” he said.

https://theedgemalaysia.com/node/633974

Axiata in the red for second straight quarter as forex losses swell in Sri Lanka

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KUALA LUMPUR (Aug 26): Axiata Group Bhd posted a net loss of RM106.38 million for the second quarter ended June 30, 2022 (2QFY22), due to significant foreign exchange (forex) losses contributed by mobile operations in Sri Lanka.   This is the second consecutive quarter that Axiata has been in the red. The quarterly loss was wider compared with RM42.97 million for the preceding quarter ended March 31, 2022.  The telecommunications company (telco) incurred forex losses of RM475.7 million for the quarter under review, of which RM370.5 million were unrealised losses due to exposure to US dollar-denominated loans and liabilities, according to its stock exchange filing on Friday (Aug 26). For the second quarter a year ago, the group made a net profit of RM277.76 million. Despite posting a net loss for 2QFY22, Axiata's revenue grew 4.9% year-on-year to RM6.7 billion, from RM6.39 billion a year ago, driven by revenue growth in all geographical segments except for Sri Lanka. For the first half ended June 30, 2022 (1HFY22), the group incurred a net loss of RM149.35 million, versus a net profit of RM353.32 million a year ago, while revenue rose 5.8% to RM13.17 billion from RM12.45 billion. The telco did not declare any dividend for 1HFY22, compared to four sen per share a year ago.  Nonetheless, the group maintained its headline key performance indicators (KPIs) of mid-single-digit growth for revenue and high-single-digit growth for earnings before interest and tax. “The board of directors is confident that the group is likely to exceed the headline KPIs based on operational performance. Nonetheless, currency devaluation and inflation will have an unfavourable impact on the reported PATAMI (profit after tax and minority interest) of the group in 2022,” it said. “While operational performance in 1HFY22 remained encouraging, the board of directors recognises the current global macroeconomic risks, particularly in frontier markets such as Sri Lanka, Bangladesh and Nepal, and proactive measures are being taken to manage these risks,” it added. Axiata’s share price went up two sen to RM3.10 at the noon market break, giving the group a market capitalisation of RM28.45 billion. The stock has slid 25% year-to-date.  Read also: Axiata to restructure part of RM9.6b short-term debts to ease 'stretched' balance sheet

https://theedgemalaysia.com/node/650028

Hup Seng Industries chairman resigns effective Dec 30

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KUALA LUMPUR (Dec 30): Hup Seng Industries Bhd chairman Datuk Keh (Kerk) Chu Koh has resigned from the helm of the biscuit maker, effective Dec 30, 2022. Keh, 79, resigned from the post he held since February 2003 due to “personal issues”, according to Hup Seng’s filing with the local bourse on Friday (Dec 30). Keh is the brother of Hup Seng managing director Kerk Chiew Siong, as well as the uncle of the group’s executive director Kerk Chian Tung, and directors Teo Lee Teck, Kerk Kar Han and Kuo Liong Yok. Hup Seng said Keh was in charge of planning the group’s strategic business and production development which included the installation of various production facilities in its factory. He also headed the group’s research and development team, which researches new varieties of biscuits. “He contributed in obtaining the certification of HACCP (Hazard Analysis Critical Control Point) and BRC (British Retail Consortium) for Hup Seng Perusahaan Makanan (M) Sdn Bhd in 2008 and ISO 22000:2005 in 2012, to ensure that product safety and quality are in line with global standard,” it added. Hup Seng noted that Keh holds a 0.91% direct stake or 7.31 million shares in the group, as well as a 0.59% indirect equity interest (4.75 million shares). At the noon break, shares in Hup Seng were unchanged at 72 sen, giving the group a market capitalisation of RM572.05 million. Year to date, the counter has fallen 17.71%.

https://theedgemalaysia.com/node/662535

齐力工业获7.8亿出口交易

Mandarin

（吉隆坡7日讯）齐力工业（Press Metal Aluminium Holdings Bhd）获得香港大庆企业有限公司（Daching Enterprises Ltd）价值1亿1000万令吉的铝锭出口销售，并且还就该产品签署了5年出口协议，总值6亿7000万令吉。 大马外贸发展局（MATRADE）今日在文告中指出，该协议是于周二与国际贸易及工业部长东姑扎夫鲁率领的中国贸易投资代表团的会议上签署的。 大庆企业董事兼厦门厦顺铝箔有限公司主席陈思暐表示，由于产品质量、交付服务、可持续性和专业性，该集团有兴趣继续向大马采购产品。 “我们希望继续发展与齐力工业的合作关系，并在未来采购更多的低碳锭。” 该集团是全球最大的优质薄规格铝箔制造商之一，年产能为12万吨铝箔和22万吨铝板产品。其产品销往全球客户，并广泛应用在食品、饮料、医药产品包装，以及电动汽车电池的阴极箔。 同时，齐力工业集团总执行长丹斯里管保强指出，该公司很高兴外贸局提供协助，介绍像大庆企业这样的知名客户。 “我们希望有更多的商业配对会，尤其是在中国国际边境已全面重开。” 香港仍是我国的重要贸易伙伴，去年贸易总额首次突破1000亿令吉大关，达1132亿令吉，其中出口额达956亿令吉，而进口额为176亿令吉。   （编译：陈慧珊）   English version：Press Metal secures export deal worth RM780m

https://theedgemalaysia.com/node/626764

市场情绪谨慎 拖累马股低开

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（吉隆坡4日讯）马股今早低开，因为市场谨慎看待国家银行将于7月5日及6日召开货币政策委员会会议，商讨调整利率一事。 截至早上9时07分，富时隆综指跌1.32点，至1448.42点，上周五收报1449.74点。   富时隆综指低开0.24点，报1449.50点。 下跌股136只，上升股107只，另有197只无起落，1788只无交易及14只暂停交易。 马股总成交量为1亿2612万股，总值4662万令吉。 乐天交易私人有限公司股票研究部副总裁唐柏麟预计，市场波动将持续，综指今日将游走于1440点至1460点之间。 同时，原棕油企于每吨5090令吉水平，而布兰特原油收于每桶近112美元（约493.98令吉）的关口。 重量级股方面，大众银行（Public Bank Bhd）升1仙，至4.43令吉，马银行（Malayan Banking Bhd）及国油化学（Petronas Chemicals Group Bhd）分别企于8.62令吉和9.08令吉。同时，IHH医疗保健（IHH Healthcare Bhd）跌5仙，至6.43令吉，联昌国际集团（CIMB Group Holdings Bhd）降1仙，报5.02令吉，以及国油气体（Petronas Gas Bhd）挫4仙，至16.46令吉。 至于热门股，Reach能源（Reach Energy Bhd）扬0.5仙，至6仙，有利工业（Yew Lee Pacific Group Bhd）和联营工业集团（Unitrade Industries Bhd）各涨1仙，分别报24.5仙及28仙，MMAG控股（MMAG Holdings Bhd）持平于5.5仙，顶级手套（Top Glove Corp Bhd）下滑1.5仙，至99.5仙，以及Vortex Consolidated Bhd萎缩0.5仙，报18仙。   （编译：魏素雯）   English version：Cautious sentiment weighs on Bursa at opening

https://theedgemalaysia.com/node/622929

Analysts see product diversification, expansion from F&N by taking Cocoaland private

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KUALA LUMPUR (June 7): Analysts see product diversification and expansion from Fraser & Neave Holdings Bhd (F&N) by taking Cocoaland Holdings Bhd private. MIDF Research has raised its target price (TP) for F&N to RM30.91 as the research house believes the privatisation of Cocoaland will be value-accretive to the company due to product diversification and expansion of its customer base for the overseas market. “We maintain ‘buy’ with a revised TP of RM30.91 (previously RM30.03) as we roll over our valuation year to FY23 (the financial year ending Sept 30, 2023) based on an unchanged price-earnings ratio of 26 times pegged at earnings per share (EPS) of 118.9 sen. The PER is based on its five-year historical mean. The dividend yield is estimated at 2.78%.  “Key downside risks include an unfavourable ringgit to Thai Baht translation, a stronger increase in raw material prices and disruption to the supply chain,” said MIDF in a note on Tuesday (June 7).  Last Friday, F&N proposed to privatise its 27.66%-owned associate Cocoaland by buying the remaining shares at RM1.50 each. The remaining 72.34% represents 325.43 million Cocoaland shares that are not owned by F&N.  The total consideration for the proposed privatisation is approximately RM488.15 million, which shall be satisfied via cash consideration and will be funded by bank borrowings. “Nonetheless, we make no changes to our earnings forecasts at this juncture. We estimate that the proposed privatisation will not have a substantial material impact on the gearing ratio of the group,” said MIDF.  Separately, CGS-CIMB Research said the deal was a surprise as the research firm believes F&N would focus on expanding its product portfolio towards goods with less sugar content. “However, we do concur with F&N that this acquisition can fortify its plans to expand its halal packaged food segment (an earmarked growth pillar). We expect strong business synergies as F&N can widen its product portfolio and market Cocoaland's goods via its larger distribution network.  “Based on our estimates, this acquisition could lift F&N’s CY23-24 (calendar years 2023 and 2024) EPS by 0.7%-2% assuming extra finance costs of RM22 million for CY23-24, Cocoaland's CY23/24 net profit of RM34.5 million/RM41.7 million (Bloomberg consensus forecasts), and completion of this deal by 4Q22 (the fourth quarter of 2022),” said CGS-CIMB.  According to CGS-CIMB, it has yet to incorporate the potential earnings accretion into its estimates pending completion of the acquisition.  CGS-CIMB, which retains its "add" call on F&N, lowered its TP to RM25.60 (from RM29.80) as the research house cut its FY22-24 EPS forecasts for F&N on higher input costs and a risk-free rate of 4.3% on higher government bond yields.  “We still like F&N as a proxy for a recovery in hotel, restaurant and cafe (HORECA) sales (about 30% of FY19 sales), which should offset the higher input costs. It also trades at an attractive 17.1 times CY23 PER, at a 26.3% discount to its historical five-year mean of 23.2 times as well as a 54.4% discount to the overall consumer sector’s weighted average CY23 PER of 34.7 times,” it added.  At the time of writing on Tuesday, F&N shares were trading down 34 sen or 1.7% at RM19.66, with some 80,400 shares changing hands. This valued the group at RM7.21 billion. Year to date, the stock has fallen 20.4% from RM24.70.  Cocoaland — the fifth top gainer so far in the day — grew 13.28% or 17 sen to RM1.45, giving it a market capitalisation of RM663.52 million. The counter has jumped 42.16% since the beginning of this year.  Read also: F&N to privatise Cocoaland at RM1.50 a share

https://theedgemalaysia.com/node/646506

AMMB, QL Resources, KNM, Sime Darby Plantation, Sime Darby Property, Ireka, KPS, Ranhill Utilities, MHB, TAFI, YLI, Bank Islam, AmFIRST REIT, S P Setia, MSM, Pertama Digital, Top Builders and LYC Healthcare

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KUALA LUMPUR (Dec 1): Here is a brief recap of some corporate announcements that made news on Thursday (Dec 1): AMMB Holdings Bhd, QL Resources Bhd, KNM Group Bhd, Sime Darby Plantation Bhd, Sime Darby Property Bhd, Ireka Corp Bhd, Kumpulan Perangsang Selangor Bhd (KPS), Ranhill Utilities Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd (MHB), TAFI Industries Bhd, YLI Holdings Bhd, Bank Islam Malaysia Bhd, AmFIRST Real Estate Investment Trust (AmFIRST REIT), S P Setia Bhd, MSM Malaysia Holdings Bhd, Pertama Digital Bhd, Top Builders Capital Bhd and LYC Healthcare Bhd. AMMB Holdings Bhd and QL Resources Bhd will be included in the FBM KLCI 30-stock benchmark index come Dec 19, replacing Top Glove Corp Bhd and Hartalega Holdings Bhd, whose shares have been under selling pressure in most of 2021 and this year, as the threat of Covid-19 subsides amid rising vaccination rates globally. This year alone, the two glovemakers’ share prices have fallen by almost 70%. KNM Group Bhd’s proposed €220.8 million (RM1.03 billion) sale of its key subsidiary Borsig GmbH has fallen through, after KNM decided not to extend the deal’s long-stop date from the latest Nov 30 deadline. This raises the question on how the company will meet its debt obligations. It has term loans amounting to US$23 million (RM106 million) and €68.5 million supposedly due at end-November, following a payment extension previously. The date passed without the sale of Borsig to Vorsprung Industries GmbH — formerly known as GPR Siebzigste Verwaltungsgesellschaft mbH — being completed “since the relevant conditions precedent have not been fulfilled”. Sime Darby Plantation Bhd is disposing of 949 acres of freehold land in Kapar, Klang to Sime Darby Property Bhd for RM618 million. The deal is in pursuant to one of the nine call option agreements entered into between both companies in 2017, when Sime Darby Bhd embarked on a “pure play” exercise, which involved the creation of stand-alone listed entities in plantation, property, trading and logistics sectors. Sime Darby Property added that the land would be developed into an integrated sustainable industrial township, given the strategic location and sizeable net land area. Ireka Corp Bhd has been slapped with a RM97.91 million suit from a joint venture (JV) partner linked to obligations of a JV agreement for a development project. The dispute is related to a JV agreement dated Dec 31, 2009, entered between the company, ASPL M9 Ltd and Urban DNA Sdn Bhd (UDNA), with the primary objective of overseeing the development of the RuMa project. UDNA was to be the developer of the project, with a 70:30 shareholding split between ASPL M9 and Ireka. Kumpulan Perangsang Selangor Bhd (KPS) via its wholly-owned unit Perangsang Dinamik Sdn Bhd (PDSB) is acquiring the entire stake in computer numerical control machining company MDS Advance Sdn Bhd for RM85 million. The purchase consideration of RM85 million values MDS Advance within the industry benchmark in terms of enterprise value to earnings before interest, tax, depreciation and amortisation (EV/Ebitda) ratio of 7.9 times, which will be fully satisfied by internally-generated funds. PDSB had signed a conditional share sale agreement with the vendors Gan Lian Ban and Chuah Mooi Kheng. MDS Advance will become KPS’ indirect wholly-owned subsidiary upon completion of the proposed acquisition. Ranhill Utilities Bhd’s indirect subsidiary Perunding Ranhill Worley Sdn Bhd (PRW) has been awarded a RM50 million contract to perform detailed engineering design for the Kasawari carbon capture and storage (Kasawari CCS) project. Malaysia Marine and Heavy Engineering Holdings Bhd (MHB)’s wholly-owned unit Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) had on Nov 11 awarded the contract to PRW, which is principally involved in the provision of engineering and design services of oil and gas facilities. The award is a result of a winning submission by MMHE and PRW for the Front End Engineering Design (FEED) design competition in August. TAFI Industries Bhd has bagged a RM23.64 million contract to construct the Ministry of Health’s staff quarters in Labuan. The one-year contract was awarded to its wholly-owned subsidiary, TA Furniture & Projects Sdn Bhd, by Lambaian Delta Sdn Bhd and is expected to contribute positively to the earnings and net tangible assets of the company for the financial year ending Dec 31, 2023. YLI Holdings Bhd is disposing of two parcels of freehold land in Penang to ZW Packaging Sdn Bhd for RM17.31 million in cash. The two pieces of land have a combined size of 4.675 acres, both located in Seberang Perai Tengah. Proceeds from the disposal will be used to upgrade machinery, and to fund the working capital requirement, as well as repayment of bank borrowings. The lands are currently used as a storage yard for its pipes and fittings. After 12 years of service on the board of Bank Islam Malaysia Bhd, non-independent and non-executive director Mohamed Ridza Mohamed Abdulla has stepped down from the post. In tandem with his exit from Bank Islam’s board, Mohamed Ridza, 53, is also leaving behind his post as chairman of the Islamic bank’s investment arm, BIMB Investment Sdn Bhd. AmFIRST Real Estate Investment Trust (AmFIRST REIT) chief executive officer Raja Nazirin Shah Raja Mohamad has stepped down from his post. Nazirin, 59, has resigned as CEO and director of the REIT “to pursue other opportunities”. Nazirin has spent over three years at the helm of the REIT since his appointment to the post on April 22, 2019, when he succeeded then-acting CEO Chong Hong Chuon. S P Setia Bhd announced the appointment of Annuar Marzuki Abdul Aziz as its new chief financial officer (CFO) effective Dec 1. He replaced Datuk Yuslina Mohd Yunus, 55, who had held the post as acting CFO since May 9. Prior to holding the CFO position at S P Setia, Annuar Marzuki, 52, was CFO and chief investment officer of KLCC Property Holdings Bhd. MSM Malaysia Holdings Bhd has appointed Dr Mazatul ‘Aini Shahar Abdul Malek Shahar as the company’s new CFO, replacing Ab Aziz Ismail. Ab Aziz, 55, has held the CFO position since June 2019, after he served as deputy CFO for a month from April 2019. Prior to holding the CFO position at MSM, Mazatul ‘Aini, 50, was an independent non-executive director at 7-Eleven Malaysia Holdings Bhd and TH Heavy Engineering Bhd, and an audit committee member for both companies. Main Market-listed Pertama Digital Bhd has appointed Saify Akhtar as its new chief executive officer and Sivabalan Poobalasingam (Balan) as its chief financial officer. Saify will be responsible for spearheading and driving the company forward, with bold and innovative business plans, to ensure a sustainable and profitable future. Meanwhile, Balan will be tasked with structuring and focusing on improving Pertama Digital’s financial health through prudent financial management, as required of any public-listed company. Top Builders Capital Bhd, whose shares have been suspended since Nov 8 for the pending submission of its 2022 annual report, has also failed to submit its quarterly financial report for the period ended Sept 30, 2022. Trading suspension of Top Builders “will continue until further notice”. The deadline for Top Builders to release its first quarter for the financial year ending June 30, 2023 report was Wednesday (Nov 30). In a separate announcement, Top Builders said the delay in the release of its 2022 annual report was because the auditors require more time to finalise the identification of assets. LYC Healthcare Bhd’s unit LYC Nutrihealth Sdn Bhd has inked an exclusive distribution agreement with CuraLife Spain SLU to distribute a diabetic supplement product known as Curalin in Malaysia and Singapore. The supplement reduces the craving for sugars and other carbohydrates and promotes healthy weight loss. Curalin has more than 100,000 active daily consumers and is available in 20 countries. LYC managing director cum group chief executive officer David Sui Diong Hoe said the addition of Curalin will widen the company’s growing portfolio of nutraceutical products which are targeted to improve health, increase life expectancy and slow the ageing process.

https://theedgemalaysia.com/node/674974

Australia expects unemployment rate to rise as global economy slows

English

SYDNEY (July 16): Australian Treasurer Jim Chalmers said on Sunday (July 16) that he expected the nation's jobless rate to lift from near a 48-year low on the back of higher interest rates and slowing global growth. "As the Reserve Bank forecasts and the Treasury forecasts have inflation moderating over the coming months, they do have a tick up in unemployment as well," Chalmers told the Australian Broadcasting Corp. Amid stubbornly high inflation, the unemployment rate in May edged lower to 3.6%, when analysts had expected a steady 3.7%. The Reserve Bank of Australia (RBA) has said the jobless rate would need to rise to about 4.5% — still well below pre-pandemic levels — to bring the economy back into balance. Unemployment was expected to lift "a bit as the economy slows as a consequence of higher interest rates and global economic uncertainty," Chalmers said ahead of attending a meeting of Group of 20 (G20) finance ministers and central bankers in India with outgoing RBA governor Philip Lowe. The RBA this month kept the cash rate at an 11-year high of 4.10%, having lifted rates by 400 basis points since May last year, but warned that further tightening might be needed. The decision came after June data from the Australian Bureau of Statistics showed Australia's economy grew at the weakest pace in one and a half years in the last quarter, while emerging signs pointed to further softness ahead.

https://theedgemalaysia.com/node/669512

董事部变动 婆罗资源火热上涨

Mandarin

（吉隆坡1日讯）董事经理兼总执行长拿督罗惠明和儿子辞去董事部职务后，婆罗资源（Bahvest Resources Bhd）今早交投火热。 同时，在加入该集团担任执行董事5天后，Chong Tzu Ken受委为新任总执行长。 婆罗资源今早以22仙平盘开市，尔后上涨9.09%或2仙，至24仙，市值为2亿9755万令吉。 成交量达4228万股，为第三大热门，高于昨日的3080万股。 今年来，该股下跌了27.27%，过去一年也跌了超过33%。 据报道，在6月13日召开股东特别大会（EGM）前，罗惠明和儿子，即公司执行董事Lo Teck Yong周三（5月31日）递交辞呈。 该特大是要罢免他们两人，以及公司非独立非执行主席Datuk Seri Md Kamal Bilal。   （编译：陈慧珊）   English version：Bahvest shares traded actively, share price rises on boardroom changes

https://theedgemalaysia.com/node/675463

IDE survey finds 73.4% of voters in Selangor have positive perception of Anwar

English

SHAH ALAM (July 20): A total of 73.4% of voters in Selangor have a positive perception of Prime Minister Datuk Seri Anwar Ibrahim’s leadership, according to a survey conducted by Institut Darul Ehsan (IDE). IDE executive chairman Prof Datuk Dr Mohammad Redzuan Othman said the results of the Voter Perception Study ahead of the Selangor election on Aug 12 showed that 26.3% of that total saw Anwar as a leader who can drive the Malaysia Madani agenda towards a better nation. He said 16.9% believe the prime minister was able to unite all the races; 16.1% were confident that Anwar, who is also Pakatan Harapan (PH) chairman, was a leader who fights corruption and abuse of power while another 14.1% see him as capable of curbing the rise in living costs.  Mohammad Redzuan said the survey was carried out by IDE from May 12 to 15 involving 1,693 respondents covering 56 state constituencies.  It also revealed that only 18.7% of the respondents had a negative perception of Anwar. Among others, they were skeptical of him rejuvenating the economy and championing Malay interests and Islam. Mohammad Redzuan said the results of the study also showed that 58% would vote for PH and Barisan Nasional (BN) in the upcoming state polls, while 16% will opt for Perikatan Nasional (PN). He said 26% of the respondents were still fence-sitters, although, among them, 69.1% had a positive perception of Anwar.  The survey also covered first-time voters aged between 18 and 24, with 50% of them backing PH-BN, PN (17%) and fence-sitters (33%), he said.  Mohammad Redzuan also said that 78.9% of respondents were enthusiastic about going to the ballots, while 68.5% of first-time voters felt the same.    In the 15th general election (GE15), Selangor recorded a 78.6% voter turnout.  Mohammad Redzuan said Anwar’s events at several universities and in Selangor, in particular, had a positive impact on his popularity, which the survey revealed was at about 80% currently.  “There has been a positive impact that has prompted a lot of changes among voters, especially involving Umno members, towards the federal government, after Anwar revealed how he had stopped attempts to deregister the party,” he said.  However, Mohammad Redzuan said voter trends will be much clearer in the second week of the polls campaign, adding that typically, 20% of fence sitters would have made up their minds two days before polling day.   

https://theedgemalaysia.com/node/633229

Zahid's graft trial adjourns earlier for lunch as lawyer left important documents at office

English

KUALA LUMPUR (Aug 22): The trial of Umno president Datuk Seri Dr Ahmad Zahid Hamidi was adjourned earlier than usual for lunch on Monday morning (Aug 22) as his lawyers had forgotten some documents related to the case in their office. Coincidentally, there was an emergency meeting called by Umno at Menara Dato' Onn at the World Trade Centre, Kuala Lumpur, which was slated to begin at 11am.  Zahid was seen arriving at Umno’s headquarters shortly after High Court judge Datuk Collin Lawrence Sequerah allowed an early adjournment, as the former deputy prime minister’s lawyer Hamidi Md Noh said he needed time to search for documents at his office.  The adjournment was given at 11.25am⁠ — slightly more than one hour earlier than the usual lunch break from 1pm to 2.30pm.  Zahid was being cross-examined by the public prosecutors in the morning.  Hamidi: I would like to ask the court for an early lunch break. There is a reason why. I am missing some parts of my documents, which we should have brought to the court. My apologies for my honest mistake. I would like [to ask] for an early lunch break, and we will continue at 2.30pm if Yang Arif asks me to get my documents that are missing. Sequerah then asked the prosecution to carry on with their cross-examination of Zahid first.  However, Hamidi said that they need the documents as the next portion of the case involves the said documents. Sequerah then asked how these documents will affect the cross-examination, to which Hamidi replied that these involve another part of Zahid’s charges that the prosecution is going to examine Zahid on and they are relevant to the cross-examination. Deputy public prosecutor Abdul Malik Ayub told the judge that he was done with one portion of his cross-examination, and is moving on to the next part where the documents, which the defence lawyer did not bring to the court, are required.  Sequerah then asked what happened to the documents. “I think we left one box of documents. I need to check first. That's why I am asking for an early lunch break. My sincerest apologies,” Hamidi said.  Malik then told the court that they are relying on compiled exhibits before the court for the cross-examination.  Hamidi explained that these documents have been tendered in the court but not compiled. Sequerah then allowed the adjournment.  “We will give them (the defence) an opportunity to gather these documents,” Sequerah said.  Over at the Umno headquarters, it was reported that the emergency meeting was between the Umno president, deputy president and division chiefs. The gathering is said to be in relation to a pertinent issue regarding the party’s future as indicated in a WhatsApp message that is being circulated. It also came on the eve of the resumption of Umno’s former president Datuk Seri Najib Razak’s final appeal in the Federal Court in relation to his corruption charges in relation to 1Malaysia Development Bhd’s (1MDB) former unit SRC International Sdn Bhd.  As the prosecution is done with their submissions and Najib’s lead counsel Hisyam Teh Poh Taik is not submitting his arguments, it remains to be seen what will happen on Tuesday before the Federal Court. Read also: In heated exchange, Zahid sarcastically tells DPP he 'should be a minister' Zahid: RM6 mil from Datasonic not for contract award, used for charity instead of political purposes

https://theedgemalaysia.com/node/667286

Martinez deals knockout blow as Inter reach Champions League final

English

MILAN (May 17): A second-half goal by forward Lautaro Martinez earned Inter Milan a 1-0 victory over rivals AC Milan in their Champions League semi-final second leg on Tuesday, sealing a 3-0 aggregate win to book their ticket to the showpiece in Istanbul. Milan recovered some of the spark they lacked in the first leg but Inter's Martinez put the tie to bed when he struck powerfully from close range in the 74th minute at the San Siro. Inter went into the game holding a 2-0 advantage after Edin Dzeko and Henrikh Mkhitaryan had struck early in a flying start to the first leg and never looked in serious danger of missing out on the final, where they will face Real Madrid or Manchester City on June 10. Inter, who overcame Portuguese pair Porto and Benfica to reach the semis, will play in the final for the sixth time and first since lifting their third European Cup in 2009-10 under Jose Mourinho. "There was a lot of history in this game. I felt it, we did a great job in both games," said Martinez, who won the World Cup with Argentina in December. "The unity of the group (motivated us). I experienced it at the World Cup, that's important. If you have a united group, things are easier. We have shown that Inter deserve this moment. "Playing in the Champions League final is a dream. We started this season with goals and today we achieved a very important one." Inter coach Simone Inzaghi fielded an unchanged team from the first leg, with Martinez and Dzeko up front, having rested players in Serie A over the weekend. Main forward Rafael Leao returned for Milan after an adductor problem sidelined him in the first leg, with Junior Messias and Malick Thiaw starting in place of Alexis Saelemaekers and Simon Kjaer. A much more daring Milan side could have scored early but Inter keeper Andre Onana saved a low Brahim Diaz shot that was heading towards the bottom-right corner. Leao had a great chance to halve the deficit late in the first half but struck inches wide, before Milan keeper Mike Maignan superbly denied Dzeko who leaped high to meet a free kick. While Stefano Pioli's Milan kept probing for an opening to spark a comeback, Inter hinted in the first half that they would not be taking their foot of the gas. Martinez eventually proved Milan's executioner, playing a one-two with substitute Romelu Lukaku before scoring his sixth goal in Inter's last six games. It is the first time Inter have progressed from a knockout tie against their city rivals in the competition, with Milan coming out on top both in the 2002-03 semi-finals and the 2004-05 quarters. It is also the first time in almost 50 years that Milan have lost to Inter four times in a single campaign, the only other time being in 1973-74. And never before in their history had they gone four games in a row without finding the net against Inter. "It's clear that we dreamed of the final and wanted to beat our rivals," Pioli said. "Not succeeding causes us disappointment, but we'll have to focus on the championship. The real disappointment would be not playing in the Champions League next year." Milan, who have won only two in their last seven Serie A games, risk dropping out of Europe's elite club competition next season as they currently sit four points off the top four.

https://theedgemalaysia.com/node/654455

Crescendo buys three plots of land in Johor for RM67.5 mil

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KUALA LUMPUR (Feb 8): Crescendo Corp Bhd (CCB) is buying three plots of land measuring 109.855 acres in Kota Tinggi, Johor, to expand its landbank. The group said it is buying the plots, located near its existing development in Bandar Cemerlang, from Johor Land Bhd for RM67.55 million. “The plots are located in a strategic location and they will enable the CCB Group to further expand its landbank near its existing development. “The acquisition will increase the landbank of the CCB Group for property development and will contribute positively towards the CCB Group’s long-term growth in terms of cash flow and profitability,” said CCB in a bourse filing.   The group said the purchase price was calculated at the rate of RM14.50 per sq ft except for the Tenaga Nasional Bhd transmission line area, which was calculated at the rate of RM7.25 per sq ft. The net book value of the land based on the latest available audited financial statements of Johor Land as at Dec 31, 2022 is RM8.59 million. The acquisition — which is expected to be completed by the third quarter of 2023 — will be settled by cash through internal funds or its existing loan facilities, said CCB. CCB's share price closed flat at RM1.19 on Wednesday, giving the group a market capitalisation of RM333.75 million.

https://theedgemalaysia.com/node/609356

Foreign buying of Malaysian equities continued at slower pace of RM675m last week — MIDF

English

KUALA LUMPUR (Feb 28): Foreign funds continued buying Malaysian equities last week at a slower pace of RM675.65 million, from RM955.85 million the prior week, on the back of favour for commodities players, as well as the plantation and energy sectors. In its weekly fund flow report on Monday (Feb 28), the MIDF Research team said that so far in 2022, international funds have been net buyers on Bursa for six out of eight weeks. “Foreigners continued to be net buyers every day of the week since Feb 11 — two weeks ago. “The largest foreign inflow was recorded last Friday at RM266 million and the smallest inflow was on Monday at only RM41.83 million,” it said. MIDF noted that local institutions were active sellers last week. It said the largest net outflow was on Tuesday and the smallest on Thursday to the tune of RM255.2 million and RM54.9 million respectively. “Retailers were net sellers every day of the week except on Monday (RM129 million) and Tuesday (RM126.3 million). The research house said the largest net selling was recorded last Friday at RM35.3 million, while the smallest net selling was on Wednesday at RM3.53 million. “Overall, for the eighth week of 2022, foreign investors finished strong as net buyers at RM675.7 milllion, followed by retailers as the second strong net buyers at RM192 million. “Local institutions were the only strong net sellers at RM867.7 million,” it added. MIDF said that in terms of participation, retail investors, local institutions and foreign investors recorded weekly movements of +20.21%, -0.43% and +18.2% respectively in average daily trade value. “The sectors that saw the largest net inflows from foreign investors were finance, plantation, and industrial products and services. “These amounted to RM374.3 million, RM247.6 million and RM119.2 million respectively,” it said. MIDF stated that on a year-to-date basis, it had observed RM2.7 billion in net inflows from foreign investors and RM600 million in net inflows from retailers. Meanwhile, local institutions were the only net sellers to the tune of RM2.8 billion. Commenting on the international scenario, MIDF noted that worldwide equity markets ended in the red last week due to geopolitical concerns over the Russia-Ukraine conflict. It said the FBM KLCI decreased by 0.71% in tandem with global markets.

https://theedgemalaysia.com/node/636157

Sime Darby Plantation still awaiting decision over forced labour claim from US CBP

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KUALA LUMPUR (Sept 13): Nearly five months after submitting a comprehensive report to the Customs and Border Protection (US CBP) on allegations of forced labour against the planter, Sime Darby Plantation Bhd (SDP) says it is still awaiting a decision and feedback from the US law enforcement agency. “The latest update is that we have submitted the report in April [this year]. We are engaging with them. And we are [still] waiting for a decision from the US CBP,” SDP’s chief sustainability officer Rashyid Redza Anwarudin told theedgemarkets.com on the sidelines at the 7th International Palm Oil Sustainability Conference (IPOSC) on Tuesday (Sept 13). Asked when the decision on lifting the withhold release order (WRO) imposed on the group will be made, Rashyid said that the US CBP will decide on this matter, and SDP has no say in the process.  “It is something that is between us and the US CBP,” he added when asked if there was any feedback given since the submission of the report. SDP had filed the impact report submission on April 26 this year, which included a detailed assessment of its Malaysian operations mapped against each of the International Labour Organisation forced labour indicators, as well as an in-depth description of improved governance structures and management systems.  Additionally, copies of policies, guidelines and standard operating procedures, details of facilities at SDP's operating units, corresponding supporting evidence, and independent reports from third-party consultants appointed by SDP to assess various aspects of its operations, were also included.  US CBP had on Dec 30, 2020 issued the WRO to SDP and subsequently issued the findings on Jan 28 this year against palm oil and palm oil products made by SDP and its subsidiaries and joint ventures at SDP’s Malaysian operations, saying its certain palm oil products are produced using convict, forced or indentured labour. In July, Deputy Human Resource Minister Datuk Awang Hashim told the Parliament that the ministry remains actively engaged in dealings with all relevant parties including the US CBP, towards dropping the orders imposed upon the companies. He added that the ministry needs a year to deal with the issue of six Malaysian companies that are still subject to the WROs by the US CBP. Over the past two years, eight Malaysian companies have been subject to WROs by the US CBP, noted the Pendang MP. These companies comprise producers of rubber gloves and palm oil products. A quick check on the US CBP’s website by theedgemarkets.com showed that a total of six Malaysian entities, namely from the plantation and glove sectors, have been slapped with WROs, with their status showing as "active" respectively. The six entities, as updated on Sept 13, 2022 by the US CBP, are FGV Holdings Bhd, SDP, Smart Glove, Brightway Group, YTY Group, as well as Maxter Glove Manufacturing Sdn Bhd, Maxwell Glove Manufacturing Bhd and Supermax Glove Manufacturing (collectively). A WRO is issued when the US CBP has reasonable evidence of the use of forced labour in the manufacturing or production of goods entering the US supply chain, and allows the agency to detain the products in question, unless the importers can prove the absence of forced labour in the products' supply chain. SDP had previously stated in its latest quarterly report that further delays in the intake of new legal migrant workers continue to affect the group's harvesting operations at its Malaysian operations.  This is expected to impact the plantation group's total fresh fruit bunch production, which is expected to be lower compared to FY21.  When asked when the migrant worker issue will be resolved, Rashyid said: "We are still looking into this issue". SDP’s net profit for the first half ended June 30, 2022 (1HFY22) rose 29.77% to RM1.53 billion from RM1.18 billion in 1HFY21, as revenue grew 23.3% to RM9.97 billion from RM8.08 billion, amid buoyant crude palm oil and palm kernel prices.  At Tuesday’s noon break, SDP shares settled down five sen or 1.15% to RM4.28, giving the plantation group a market capitalisation of RM29.6 billion. The stock has risen 11.46% year-to-date.  Read also: Sime Darby Plantation reiterates commitment to decarbonisation efforts Sime Darby Plantation submits comprehensive report to US Customs over forced labour claims  Sime Darby Plantation to submit impact report to US CBP by end-April  HR Ministry needs a year to resolve issue of six companies under US sanctions

https://theedgemalaysia.com/node/634397

RHB raises target price for MPI to RM44.40 after record high revenue

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KUALA LUMPUR (Aug 30): RHB Invesment Bank Research has maintained its “buy” rating on Malaysian Pacific Industries Bhd (MPI) at RM33 with a higher target price of RM44.40 (from RM43.30) and said MPI’s FY22 (June) profit after tax and minority interests (PATAMI) of RM318.1 million met expectations, marking its ninth consecutive quarter of y-o-y growth, supported by robust growth in all product loadings and margin expansion amid strong demand for its services. In a note on Tuesday (Aug 30), the research house said that currently at below KL Technology Index (KLTEC) valuation, it likes the counter for its visible competitive edge and growth avenues into FY23F and beyond, from the structural demand upsurge in both automotive and industrial segments, as well as contributions from its expansion plans. RHB said MPI’s FY22 record high revenue of RM2.4 billion (+21.5%) and core PATAMI of RM318.1 million (+23%) met expectations at 101.5% and 99.2% of its and the street’s full-year estimates. It said the stronger bottom line was supported by higher demand across all products segments and margin expansion, despite higher effective tax rate dues as certain mature packages were not exempted for tax. “Both higher operating leverage and favourable FX (foreign exchange) contributed to EBIDTA margin improvement to the 30% (FY21: 27.4%) level. “Higher y-o-y revenues came from Asia (+21%), the US (+27%), and Europe (+20%),” it said. RHB said despite inflation challenges, and manpower and material shortages, it expects MPI’s growth to sustain into FY23 amid healthy demand, especially in automotive and power management ICs, including silicon carbide packaging. It said the new M-Site (+70,000 sqft floor space) is expected to start production by early 2023 along with the additional 35,000 sqft space at S-Site by 2H22 to cater for unwavering demand for MEMS sensors and automotive products prior to commencement of the new Suzhou plant by 1H24. However, it said Suzhou may see temporary slowdown amid the material shortages due to the moving restriction in China and slowdown in demand for legacy packaging. RHB tweaked MPI’s FY23F-24F by -1.9% and +4.6% after updating FY22 numbers and certain cost assumptions. “We like MPI as it stands to benefit from its expansions plan, China’s localisation efforts, and advance packaging technology, i.e. the power module in silicon carbide packaging and gallium nitride for the automotive electrification space. “Downside risks: Slower-than-expected orders, material shortages, and unfavourable FX movements,” it said. Read also: MPI reports record FY22 figures as 4Q revenue rises to new high

https://theedgemalaysia.com/node/674263

Fajarbaru wins RM7.4m contract in planning phase of RMAF Butterworth Base redevelopment project

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KUALA LUMPUR (July 10): Fajarbaru Builder Group Bhd’s unit has won a RM7.36 million contract from the Australian Department of Defence in the planning phase of military facilities redevelopment at the Royal Malaysian Air Force (RMAF) Base in Butterworth, Penang. The redevelopment is meant for facilities both leased by the Australian Department of Defence, as well as those belonging to the Malaysian government, according to Fajarbaru’s stock exchange filing on Monday (July 10). The scope of the contract includes operational and recreational upgrades to airfield pavements, ground lighting infrastructure, drainage, rugby pitch, futsal court and associated infrastructure. Fajarbaru said the contract, commencing from July 10 to Nov 13 this year, was awarded to an unincorporated joint venture between its wholly owned unit Fajarbaru Builder Sdn Bhd, and Avionics Pty Ltd — wholly-owned by Avionics Holdings Pty Ltd, which in turn is 60%-owned by Nick Brumley Family Trust, while S&R Webb Family Trust owns the remaining 40% stake. Avionics’ portion of the contract amounted to AU$1.45 million. In a statement on Monday, Fajarbaru group CEO Datuk Seri Eric Kuan Khian Leng said the contract is deemed a “significant milestone” for the group in demonstrating its expertise and credibility in the construction industry. “It reaffirms our position as a trusted partner in critical infrastructure projects, and opens doors for future opportunities in the defence sector. “We are fully committed to delivering exceptional results, showcasing our dedication to excellence and our ability to meet the strict requirements of the Australian Department of Defence,” he said. The Australian Department of Defence maintains its operations at the RMAF Butterworth Base under the Five Power Defence Arrangements (FPDA) established in 1971 between Malaysia, Singapore, Australia, New Zealand and the UK. The operational arm of FPDA is known as Headquaters Integrated Air Defence System (HQIADS).  The HQIADS, headed by a commander, is situated at the RMAF Butterworth Base as well. Shares of Fajarbaru closed half sen or 1.8% higher at 28 sen on Monday (July 10), giving it a market capitalisation of RM208.51 million.

https://theedgemalaysia.com/node/674842

Stella获9100万合同 刺激股价大涨27%

Mandarin

（吉隆坡14日讯）Stella Holdings Bhd子公司赢得价值9136万令吉合同，刺激股价周五休盘大涨逾27%或21仙，至98仙，市值报6570万令吉，成为上升股之一。 当前的股价接近2022年10月21日的52周高位1.12令吉。 从年初至今，该股下滑了大约1.51%或1.5仙。 Stella昨日宣布，独资子公司Mewah Kota私人有限公司接受了Warisan Kesumi Enterprise私人有限公司的决标信，在槟城兴建中价公寓。 该集团估计，这份为期25个月的分包合同有望对集团收益作出积极贡献。 Mewah Kota将为该综合发展项目进行结构、建筑、机械和电气工程。   （编译：魏素雯）   English version：Lightly-traded Stella surges over 27% to become top gainer after landing RM91m sub-contract

https://theedgemalaysia.com/node/621623

Greatech poised for an uptrend reversal, says RHB Retail Research

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KUALA LUMPUR (May 27): RHB Retail Research said Greatech Technology Bhd is poised for an uptrend reversal after it climbed positively to hit the RM3.80 level on Thursday on high volumes. In a trading stocks note on Friday (May 27), the research house said if a breakout happens above that level, the stock may propel further towards the RM4.14 strong resistance — April’s consolidation level. “This is then followed by the next resistance at RM4.44. “If it falls below the immediate support of RM3.58 — forming a 'lower low' bearish pattern — the stock may trend downwards,” it said.

https://theedgemalaysia.com/node/661674

Boustead Heavy Industries appoints Feroz Razi as new CEO

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KUALA LUMPUR (March 31): Boustead Heavy Industries Corp Bhd (BHIC) has appointed Feroz Razi Ramli as its new chief executive officer (CEO). He replaces Sharifuddin Zaini Al-Manaf, 53, who completed his tenure as CEO after holding the post since April 1, 2020, the group said in a bourse filing. Feroz Razi, 45, served as CEO of Boustead DCNS Naval Corp Sdn Bhd, a joint venture firm between Boustead Heavy Industries Corp Bhd and the Naval Group of France, from January 2018 to March 2023. Prir to that, he was the deputy chief executive in the firm. He is a member of the Malaysian Institute Accountants (MIA) and a chartered accountant with ACCA (Association of Chartered Certified Accountants) and ICAEW (Institute of Chartered Accountants in England and Wales) qualification. BHIC saw its net loss widen to RM28.10 million in its fourth quarter ended Dec 31, 2022, from RM7.97 million a year earlier, due to allowance made for expected credit loss and right sizing costs, along with higher provision for taxation. Quarterly revenue decreased slightly to RM38.57 million from RM39.76 million. For the full financial year, BHIC posted a net loss of RM21.55 million versus a net profit of RM15.19 million in FY2021, as revenue fell to RM141.76 million from RM149.19 million BHIC’s share price closed two sen or 6.06% higher at 35 sen on Friday (March 31), valuing the group at RM86.96 million.

https://theedgemalaysia.com/node/673606

Gaming sector recovery trajectory remains intact, says HLIB

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KUALA LUMPUR (July 5): Hong Leong Investment Bank (HLIB) research has maintained its “overweight” rating on the gaming sector and said although it had a dismal start in 2023, the research house believes the sector’s recovery trajectory remains intact as Malaysia and Singapore’s tourist numbers still have ample legs to go before returning to pre-pandemic levels. In its 2H2023 sector outlook, the research house said with more airlines reinstating capacities for international routes (especially from China), it expects casino operators to stage a meaningful recovery in 2H2023 as inflow of leisure travellers picks up steam. “Meanwhile, lingering fear over regulatory risks of number forecast operators (NFOs) is expected to subside in 2H2023 should operations remain status quo post-state polls. “Maintain overweight rating on the sector with top picks Genting Bhd and Genting Malaysia Bhd,” it said. HLIB said NFOs such as Sports Toto Bhd logged noticeable improvements in ticket sales per draw in 1QCY2023 (+12% q-o-q), recovering to circa 89% of pre-pandemic levels despite the Kedah ban and special draws reduction starting from January 2023, reinforcing house view that both measures have minimal impact on its ticket sales. “We think ticket sales of NFOs will remain resilient despite the Perlis government’s announcement to stop renewing operating licenses of NFO outlets in the state in 2024. “To note, Sport Toto’s four outlets in Perlis merely represent less than 1% of its total 657 outlets in Malaysia, implying miniscule impact to ticket sales. “However, we understand investors are jittery over the policy/regulatory risk due to the impending six state polls, which have led to share price of NFOs declining over the past year,” it said.

https://theedgemalaysia.com/node/609477

MYAirline on hiring spree after securing conditional rights to fly

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KUALA LUMPUR (Feb 28): Newly-established MYAirline Sdn Bhd is seeking to hire flight operations staff after having recently secured conditional rights to operate. According to a posting on LinkedIn by MYAirline’s chief operating officer and executive director Stuart Cross, the airline is looking to hire pilots to operate Airbus A320 aircraft. MYAirline, which has branded itself an ultra low-cost carrier (ULCC), has also advertised for other cabin crew on its website. It said it is looking for "ex-crew or current online crew with at least 24 months experience with any airline". An attempt by theedgemarkets.com to reach out to Cross via LinkedIn has yet to receive a response at the time of writing. MYAirline obtained a conditional approval for an air service licence (ASL) from the Malaysian Aviation Commission (Mavcom) on Dec 22, 2021. The ASL is valid for 12 months to Dec 31, 2022 and allows the licence holder to conduct scheduled passenger and cargo services like those of Malaysia Airlines Bhd and Capital A Bhd (formerly known as AirAsia Group Bhd). MYAirlines has RM2 million in paid-up capital with Zillion Wealth Bhd (88%), Trillion Cove Holdings Bhd (10%) and Rayner Teo Kheng Hock (2%) as its shareholders, according to the airline’s filing with the Companies Commission of Malaysia (SSM). Its directors are Datuk Goh Hwan Hua, Datuk Abd Hamid Mohd Ali, Datuk Seri Azharuddin Abdul Rahman, Rayner Teo Kheng Hock and Jothi Prakash Murugan, the SSM filing revealed. Industry response to the new airline has been decidedly mixed with Malaysia Aviation Group Bhd's CEO Captain Izham Ismail saying on Jan 19 that the entry of the MYAirline was a surprise to the flagship carrier at a time when the Malaysian aviation sector could be facing a potential overcapacity for a nation of about 32 million people. On the other hand, Capital A’s CEO, Tan Sri Tony Fernandes, does not see new airlines or overcapacity as an issue because their goal has always been the best in everything they do. When contacted, Shukor Yusof, founder of aviation consulting firm Endau Analytics, told theedgemarkets.com that MYAirline might not be able to replicate the tried and true ULCC strategy in Malaysia. "Replicating a similar strategy in Malaysia may be a tad tricky as our aviation market is already facing excess capacity with three existing carriers (MAS, AirAsia and Malindo),” he said. However, Shukor said the health crisis which had wreaked havoc on the aviation industry might be a blessing in disguise for MYAirline, citing the lower cost of leasing aircraft, availability of crew, and low-barrier of entry.

https://theedgemalaysia.com/node/675236

Insider Moves: Agmo Holdings Bhd, Cuscapi Bhd, BTM Resources Bhd, Destini Bhd, Central Global Bhd, Tenaga Nasional Bhd

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This article first appeared in Capital, The Edge Malaysia Weekly on July 17, 2023 - July 23, 2023 Over the week of July 3 to 7, notable changes in shareholding at companies listed on Bursa Malaysia included that at digital solutions provider Agmo Holdings Bhd, which saw businessman Wong Thean Soon cease to be a substantial shareholder. With the disposal of 14.93 million shares in Agmo, his shareholding fell below the 5% threshold that requires Bursa disclosure. Wong held a 25.8% stake in Agmo via his vehicle Asia Internet Holdings Sdn Bhd, prior to the company’s initial public offering (IPO) on Aug 18, 2022. It made a strong debut with a closing price of 78.5 sen compared with its IPO price of 26 sen. Since touching a high of RM1.03 last September, Agmo’s share price has declined more than 40% to close at 57.5 sen last Tuesday, translating into a market capitalisation of RM186.9 million. At information technology and security solutions provider Cuscapi Bhd, Wong acquired 25.62 million shares, strengthening his shareholding to 233.68 million shares, or 24.73% equity interest. Wong is likely to have acquired the Cuscapi shares from the company’s executive chairman Datuk Jayakumar Panneer Selvam and his company Ultimate Quality Success Sdn Bhd. Jayakumar now has 195.58 million shares, or a 20.71% stake, in Cuscapi. Cuscapi’s shares have fallen close to 40% since early February this year and hit a 52-week low of 15.5 sen on May 22. The company’s stock has not rebounded and ended trading last Tuesday at 17 sen, valuing Cuscapi at RM160.6 million. Other than Cuscapi and Agmo Holdings, Wong has a 28.09% stake in e-government solutions and services provider MyEG Services Bhd; a 32.96% equity interest in information technology solutions provider Excel Force MSC Bhd; and a 32.02% stake in precision spring manufacturer, hotel and gaming operator MyTech Group Bhd (formerly Widetech (M) Bhd), among others. During the week in review, BTM Resources Bhd, which has its core business in timber and related products, saw the emergence of two new substantial shareholders, Koh Poh Seng and William Hon Tian Kok, with stakes of 13.11% and 7.61% respectively. Koh, the managing director of KPS Consortium Bhd, has a 46.13% equity interest in the company which is involved in the distribution and retailing of wooden doors as well as the manufacturing and sale of timber doors, window frames and other similar products. Hon is the managing director and CEO of health supplement firm Bioalpha Holdings Bhd. Meanwhile, Modern Mode Sdn Bhd, the vehicle of Emmy Yong, sold 97.45 million shares in BTM Resources, ceasing to be a substantial shareholder. Emmy is a non-independent non-executive director of BTM Resources and the daughter of Datuk Seri Yong Tu Sang, who is the company’s managing director with a 28.53% stake. BTM Resources ended trading last Tuesday at 9.5 sen, for a market value of RM119.4 million. At ailing integrated engineering solutions provider Destini Bhd, former politician Datuk Abd Aziz Sheikh Fadzir, through his vehicle Dayanine Equity Sdn Bhd, surfaced as a substantial shareholder with 113.5 million shares, or 6.82% equity interest. Abd Aziz was an independent non-executive director of Destini from August 2017 to May 2018, as well as the executive chairman of Kretam Holdings Bhd from February 2004 until June 2018. In February 2019, he acquired 31.61% of newspaper publisher Utusan Melayu (M) Bhd but couldn’t revive the fortunes of the company. Abd Aziz, together with his brother Tan Sri Abdul Kadir Sheikh Fadzir, the former minister of information, controlled Goldbridge Engineering & Construction Bhd. Destini’s largest shareholder is Ministry of Finance Inc’s Aroma Teraju Sdn Bhd, which holds a 12.02% stake. Closing at nine sen apiece last Tuesday, the company had a market capitalisation of RM149.71 million. Geneva Insurance Group (Barbados) Inc mopped up five million shares in construction and manufacturing outfit Central Global Bhd, lifting its shareholding in the latter to 13 million shares, or 8.43% equity interest. Geneva Insurance first surfaced as a substantial shareholder in Central Global at end-December 2022, with a 5.64% stake. Having hit its 52-week high of RM1.64 on June 21 this year, Central Global’s share price has gained almost 41% since end-April this year, settling at RM1.55 last Tuesday. Central Global’s largest shareholder and managing director is Malaysian Chinese Association politician Chew Hian Tat, with a 29.11% stake. The Employees Provident Fund has been actively trading the shares of Tenaga Nasional Bhd (TNB). During the week in review, the pension fund hived off 17.88 million shares in the state-controlled utility giant, trimming its shareholding to 15.78% against 16.6% in mid-June. From the RM9.80 mark in mid-May, Tenaga’s share price has slipped about 8%, or 75 sen, to close at RM9.05 last Tuesday, giving it a market value of RM52.26 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/627567

Genomics: Beating diseases to the punch with sequencing

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This article first appeared in Digital Edge, The Edge Malaysia Weekly on July 11, 2022 - July 17, 2022 Genetic testing is becoming increasingly prevalent in diagnosing, treating and preventing illness. For one, it proved to be most efficacious in sequencing the first SARS-CoV-2 virus — known more commonly as Covid-19 — which took less than 10 days. This eventually led to the development of detection methods such as polymerase chain reaction (PCR) and rapid test kit (RTK) and, subsequently, the design of the Covid-19 vaccine — all of which have contributed to substantially reducing the burden of disease on the healthcare system worldwide. But whole genome sequencing (WGS) can do more, especially in identifying the risk of developing certain diseases such as cancer as well as screening and sometimes effective medical treatment, says biologist Dr Chee-Onn Leong, CEO of AGTC Genomics. The technology makes it easier, faster and cheaper to study human genome, which is made up of about three billion base pairs of DNA — which 15 years ago cost US$3 billion and took 13 years to sequence just one genome. Now AGTC says its technology can sequence more than 100 genomes from as little as 2ml of saliva for below US$1,000 in less than 48 hours. How does gene sequencing work? Think of DNA as letters in a book and the gene as a combination of letters that make up a chapter. The genome is the compilation of all the chapters of the book. Genetic testing plays a major role in predictive and preventive medicine, as it helps alleviate uncertainties concerning one’s predisposition to genetic diseases and help people make informed decisions about managing the2ir health, says Chee. “Most of us don’t really see a doctor until we feel sick. That’s where the problem lies, because a lot of diseases can be prevented before they manifest. The risk of succumbing to diseases like atherosclerosis, heart disease, obesity, type 2 diabetes and even some cancers can be identified and prevented if we knew what kind of lifestyle changes we need to make. “For example, I found out that my genetic makeup makes me prone to having high cholesterol. Although I take it upon myself to lead a better lifestyle and make the necessary changes, I will always have that susceptible gene, unfortunately. But when this information is used preventively, I will make sure I eat better and routinely go for my medical check-up,” he says. Chee adds that, for those who are struggling to maintain a healthy lifestyle and stay away from preventable diseases, gene sequencing can save them from going through unnecessary trial and error. “Beyond this, the information gained from personal genome sequencing can help people make informed family planning decisions or allow people to make arrangements for their future medical care. “Even patients who have a family history of fatal diseases will be more relieved to know they do not even have the mutation in the first place, and so it will not be passed on to their children.” Testing has been proven to be particularly helpful for people with a family history of certain types of cancers. Perhaps the most well-known are BRCA — the abbreviation of the breast cancer gene — mutations, which increase the risk of breast, ovarian and several other types of cancer. “Healthcare providers can access an individual’s genetic code and better determine what sort of treatment is right, leading to better outcomes and lower costs. For example, in the management of lung cancer, conventionally, patients are often required to do multiple genetic tests to determine which treatment is better to target the tumour with minimal side effects. These tests can easily cost up to RM20,000 to RM30,000 and may require up to five tests that are likely to take over a month to find the right treatment,” says Chee. With the advent of the high-throughput next-generation sequencing technology, however, one will only need to perform one test that will cost less than RM10,000, he says. “You will have the right treatment to target the mutated gene in a week’s time. You can see how time-saving and cost-effective this is. “Time and cost are critical factors for a cancer patient, and we can’t afford to compromise on any at all. This is critical information that can help save lives but, in Malaysia, the common practice of having patients go through multiple tests remains. It is incredibly tedious and cost-prohibitive,” he says. Moreover, in pharmacogenomics — the study of the role of the genome in drug response — WGS shows how our bodies metabolise and respond to drugs. “Our genetic makeup can actually affect how certain medicine is metabolised. So, in some instances, some medicines can be less effective or I could be terribly allergic to them, which is why I believe one of the most promising benefits of genomics and precision medicine is the promise of therapies that are tailored to meet each patient’s specific needs,” says Chee. Nevertheless, such information can weigh heavily on people’s minds. While he recognises that the knowledge may induce stress and anxiety, especially if test results return inconclusive or uncertain, he believes that, in the long run, it will be beneficial in helping individuals gain a greater understanding of their health and promote awareness of genetic diseases. “A lot of people are afraid of what they might find out. Often, they feel that some things are better left unknown. That’s human nature. “But having said that, knowing that our genes makes us predisposed to certain diseases can help in mitigating the risk of falling seriously sick. This is why WGS is such a powerful tool,” says Chee. To lessen the impact, AGTC has an in-house genetic counselling service that works with affiliate hospitals to guide individuals through the process. According to Global Market Insights (GMI), the US direct-to-consumer genetic testing market accounted for a revenue share of more than 91% of the North American industry in 2017. The growth is attributed to the rising incidences of genetic diseases in the country, high awareness among people regarding genetic testing as well as technological advancements. Globally, the direct-to-consumer genetic testing market surpassed US$1.4 billion in 2021 and is expected to witness a 15.3% compound annual growth rate (CAGR) from 2022 to 2028, adds GMI. But Malaysia is lagging behind, says Chee. “We seriously lack the appropriate technical expertise in this field. Most of our genomics research in Malaysia is outsourced to developed countries such as Singapore, South Korea, China, the US and the UK. “This is an alarming trend because most of the genomic information about our population and biodiversity is now being held on sovereign lands and our over-reliance on ‘outsourcing’ has led to a lack of local talent development in this field,” he says. Singapore (SG100K), Thailand (Genomics Thailand Initiative) and Vietnam (1KVG) have started their own National Genome Project, he adds. “Malaysia has yet to embark on a concerted effort to launch its own MGP (Malaysian Genome Project), despite our rich heritage and diversity.” Now that the facilities to sequence an entire human genome — or any genome, for that matter — are available, Chee hopes the country starts deciphering the local human genome soon. 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/629163

UMediC第三季净赚129万

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（吉隆坡22日讯）创业板上市公司UMediC Group Bhd在截至今年4月30日第三季净赚129万令吉，营业额报647万令吉。 每股盈利为0.34仙。 这是该集团首次公布业绩，因此无法作出比较。 截至4月杪首9个月，UMediC净赚586万令吉，营业额达4333万令吉。 UMediC表示，业绩增长主要是因为政府和私立医院以及医疗服务供应商对医疗设备和耗材的需求增加。 该集团指出，尽管新冠肺炎疫情是其中一个因素，但这不是唯一的原因，因为这些收入贡献也是由于医疗设备被替换（达到生命周期的末端）或升级（需要更高规格的医疗设备）。 “这些医疗设备不仅用于新冠肺炎疫情，还用于其他与新冠肺炎疫情无关的目的。” “此外，集团的收入也来自制造部门，即来自销售HydroX系列预充加湿器。” 展望未来，UMediC表示，大马的医疗设备行业预计将受到当前新冠肺炎疫情及其对医疗服务需求的推动，尤其是在短期内。 该集团指出，由于人口增长和老龄化，越来越多人寻求医疗服务，预计对医疗设备的需求也将上升。 在未来的财政年，该集团将继续专注于市场拓展活动及扩大产品组合，以进一步发展业务。   （编译：魏素雯）   English version：ACE Market-bound Umedic posts net profit RM1.29 million in 3Q

https://theedgemalaysia.com/node/605449

Azman Hashim to retire as AmBank chairman, take on new role of chairman emeritus/honorary adviser

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KUALA LUMPUR (Jan 27): AMMB Holdings Bhd (AmBank) said on Thursday (Jan 27) that Tan Sri Azman Hashim (pictured) will retire as its non-independent non-executive chairman, effective on March 31, 2022, after the end of AmBank’s financial year. AmBank said in a bourse filing that Azman will continue to hold the position of chairman in multiple entities including the Asian Institute of Chartered Bankers, Asian Banking School Sdn Bhd, Financial Industry Collective Outreach, Malaysia South-South Corp Bhd, Malaysia-Japan Economic Association, Perdana Leadership Foundation, Malaysia South-South Association, Universiti Teknologi Malaysia – Azman Hashim International Business School Advisory Council and Chairman Emeritus of Pacific Basin Economic Council. “Azman is one of Malaysia's doyens in the banking fraternity, having started off in the sector in the 1960s. With his strong entrepreneurial spirit, he has been the key driver of AmBank’s growth since 1982, from its origins as the Arab-Malaysian Development Bank with an initial staff of 200 and building it up to now, a financial conglomerate — AmBank — with over 9,000 staff,” AmBank said. According to the statement, Azman has helmed AmBank through multiple shifts, both globally and locally, be it the economic crisis Malaysia faced in the 1980s triggered by the high interest rates in the US, the Asian Financial Crisis in the 1990s and the global financial crisis, which impacted Malaysia circa 2008/2009. “I am honoured to have led this group over the last 40 years. It has been a rewarding experience, particularly my journey working alongside AmBankers as well as the many Malaysians who have trusted our group for the past four decades. “To me, this is not just the AmBank, it is family. Our group has grown over the years and our success cannot be attributed to one person alone. I am pleased to be able to pass a formidable group to my future successor,” said Azman. According to AmBank, the banking group would not be as successful as it is today if not for the pioneering spirit and single-mindedness of Azman. “He has driven AmBank to great heights during his tenure and has built a strong foundation for the group to build on. AmBank continues to value Azman’s invaluable contributions and looks forward to Azman’s continued contribution of ideas and insights to the group as chairman emeritus/honorary adviser upon his retirement as chairman and member of the board. He remains a major shareholder of the group,” said AmBank. “Azman’s foresight in drawing up the group’s succession plan since 2017 has enabled a formidable team to be put in place, to ensure the continued growth of the group. AmBank conveys its deepest appreciation and gratitude to Azman, for his trailblazing vision, his steady leadership and his unwavering dedication,” it said. AmBank closed one sen or 0.3% lower at RM3.34 on Thursday, valuing the group at RM11.1 billion.

https://theedgemalaysia.com/node/670580

Britain to waive oil, gas windfall tax if prices fall far enough

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LONDON (June 9): Britain's windfall tax on oil and gas producers will not be applied if prices drop below certain levels for six months in a row, the finance ministry said on Friday (June 9), in a move the government hopes will boost energy security. The energy profit levy (EPL) was introduced in May last year after a jump in energy prices resulting from Russia's invasion of Ukraine, but the industry has warned that the high tax level could lead to reduced output in the long term. The EPL was raised from its initial 25% rate to 35% in November, bringing the overall tax burden to 75%. It has raised £2.8 billion (RM16.2 billion) so far, the finance ministry said. With Friday's changes the windfall tax would fall away, reducing the tax burden to 40%, if average oil and gas prices fall to or below US$71.40 a barrel for oil and £0.54 per therm for gas for two consecutive quarters. However, the government said independent price forecasts by the Office for Budget Responsibility suggest the price floor mechanism is unlikely to be triggered before the windfall tax’s planned end date in March 2028. Benchmark Brent crude oil prices have fallen from a March 2022 peak of about US$139 a barrel in the wake of Russia's invasion of Ukraine to about US$75 a barrel currently, and have traded in a range between about US$70 and US$89 a barrel so far this year. British wholesale gas prices skyrocketed in March 2022 to record highs of around £6 per therm, but the benchmark front-month British gas price is currently trading around £0.63. It last traded below £0.54 in April 2021, according to Refinitiv Eikon data. Friday's move comes ahead of a final investment decision by Equinor on the US$5 billion Rosebank oilfield, which has been earmarked for the first half. Oil and gas producers in the UK North Sea including TotalEnergies and Harbour have said the levy would result in them cutting investment in the basin. "This is a step in the right direction, but many more will need to be taken to restore confidence to our sector," said David Whitehouse, CEO of the North Sea sector's main business association Offshore Energies UK (OEUK). From output of about 4.4 million barrels of oil equivalent per day (boed) — more than Opec heavyweight Iraq — at the start of the new millennium, Britain now produces about 1.3 million boed and is on course for a decline to less than 200,000 boed by 2050, the NSTA sector regulator says. Britain was a net oil exporter as recently as the 2000s, but now depends on both oil and gas imports.

https://theedgemalaysia.com/node/605666

Sunway REIT's NPI for Oct-Dec up 86.5% on-year to RM123.1 mil, declares 2.8 sen DPU

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KUALA LUMPUR (Jan 28): Sunway Real Estate Investment Trust (REIT)’s net property income for the three months ended Dec 31, 2021 (6QFY21) jumped 86.5% to RM123.1 million from RM66.01 million in the corresponding three months in 2020 (2QFY21), as revenue climbed on higher contributions from all segments and the recognition of unrealised unbilled lease income receivable. Revenue rose 64.8% to RM157.8 million from RM95.77 million with realised income more than doubling to RM72.66 million from RM33.47 million. The REIT proposed a final distribution per unit of 2.8 sen, versus 0.77 sen in 2QFY21. In a statement, it said its revenue recognised RM19.6 million in unrealised unbilled lease income receivable during the quarter under the Malaysian Financial Reporting Standard 16 for Leases. Excluding this, gross revenue would be up 44% from 2QFY21. Its retail segment's revenue jumped 63% to RM92.4 million during the quarter, attributed to recovery in retail footfall and sales following the easing of movement restrictions, compared to when it was operating under the Conditional Movement Control Order (CMCO) in the same period in 2020. “Retail footfall and retail sales have returned to normalcy compared to pre-Covid-19 towards the end of 6QFY21. NPI jumped almost two-fold to RM65.8 million in 6QFY21 compared with RM33.9 million in the same period last year,” it said. Meanwhile, its hotel segment recorded gross revenue of RM9.8 million for the quarter, up 24% year-on-year, attributed to the lifting of the restriction on interstate travel, and the gradual resumption of meetings, incentives, conferences and exhibitions (MICE). NPI for the hotel segment, it said, rose 28% to RM8.5 million from RM6.6 million a year prior. The office segment also performed better, with gross revenue rising 31% to RM19.1 million from RM14.5 million and NPI climbing 38% to RM12.4 million from RM9 million, boosted by full income contribution from The Pinnacle Sunway and largely stable average occupancy rate across its office properties. Gross revenue and NPI for the services segment grew 2.3% to RM15.3 million, due to the annual rental reversion of Sunway medical Centre (Tower A and B) and Sunway University & College campus. For the 18-month financial period from July 1, 2020 to Dec 31, 2021, the REIT's NPI came in at RM457.1 million on gross revenue of RM675.6 million, which it attributed to soft performance from the retail and hotel segments amid the various phases of movement controls nationwide, international border closures, as well as temporary closure of Sunway Resort hotel for refurbishment. “It is heartening to observe that retail footfall and retail sales for Sunway REIT have returned to 100% normalcy towards the end of 6QFY2021 with continuation of the momentum equally observed this month, in comparison to the pre-pandemic levels in 2019,” said the REIT manager's chief executive officer Datuk Jeffrey Ng. “Sunway REIT expects the business performance to improve in FY2022, supported by reopening of all economic sectors, healthy economic growth, positive progress in booster vaccination rate, re-opening of Sunway Resort Hotel and new income contribution from the completed expansion of Sunway Carnival Shopping Mall,” he added. Sunway REIT closed unchanged at RM1.39 on Friday, giving it a market capitalisation of RM4.76 billion.

https://theedgemalaysia.com/node/675794

More climate financing needed in Malaysia

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KUALA LUMPUR (July 24): Malaysia has not been spared from the impact of climate change, from the intense heatwaves of recent months to the coming flood season. If the country does not change its course, economic growth will be at a standstill, said Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad at the Climate Finance Summit last Thursday (July 20).  Nik Nazmi, who gave the keynote speech at the summit, shared his experience witnessing the sea level rise and coastal erosion in Malaysia.  “You can see the sea rising year by year…I’ve seen what’s at stake, and what we risk losing,” he said. In 2022, Malaysia recorded RM622 million in losses due to floods, which was about 0.03% of nominal gross domestic product, Nik Nazmi added. For Malaysia to fully adapt to climate change, an estimated US$85 billion (RM389.38 billion) is required. He stressed the importance of mitigating and adapting to the climate crisis, and the importance of moving financial resources towards these efforts. The minister acknowledged that the government had to do more in climate finance, and that they aim to demonstrate further national climate action through ambitious mitigation and adaptation measures at the 28th Conference of the Parties (COP 28), with the government delegation led by Prime Minister Datuk Seri Anwar Ibrahim. The ministry will establish an advisory panel on climate change with civil society organisations to provide expertise and guidance on climate change related matters, assured Nik Nazmi. The panel following Nik Nazmi’s speech brought together Bank Negara Malaysia assistant governor Fraziali Ismail, country head of the World Bank for Malaysia Yasuhiko Matsuda, and Tan Sri Abdul Wahid Omar, the chairman of Bursa Malaysia and WWF Malaysia. Fraziali highlighted key advantages Malaysia had compared to other developing countries, including high gross domestic savings, a sophisticated banking system, and its integration with global markets.  Owing to these factors, Fraziali said that Malaysia had the means to make the low-carbon transition. However, it needs to be an orderly one, and banks must be ready to handle the challenges such a transition will bring. Another issue in play when it comes to getting the resources needed is the contribution of the private sector, Matsuda added. “There are trillions and trillions of dollars that are potentially out there to be tapped. It’s private money. So, the fact that the balance is 50/50 (between public and private finance for mitigating climate change) is not a good balance,” said Matsuda. Meanwhile, Abdul Wahid shared that Malaysia must be selective with its investments, especially those that could negatively impact the country’s natural resources, especially its forest reserves.  This was followed by a session on the role of banks in climate financing. Asilah Azil, a partner at McKinsey & Co Singapore, highlighted that there are currently three biggest trends in financing: Major investments being dedicated to green or climate technology for innovative solutions; investments in transition assets; and the shift of green bonds to sustainability-linked bonds. Luanne Sieh, the head of group sustainability at CIMB, went on to explain the challenges banks are facing. The key issue is that most companies that subscribe to sustainable finance are already leaders in the field. The challenges is convincing mid-tier companies to follow suit. This is where regulations like carbon taxes come in handy, said Sieh. Datuk Omar Siddiq, the chief executive officer of HSBC Malaysia, said he believes governments will implement policies that will enable the transition to happen, which will make it more economically viable. In the closing keynote speech given by Professioner Dr Jomo Kwame Sundaram, a senior adviser of Khazanah Research Institute, the prominent economist criticised the lack of real commitment shown by global leaders. “Although everybody has signed on to net zero and all that, it means next to nothing. Let's face it, climate agreements [such as the] 2015 [Paris Agreement] are voluntary. There is nothing internationally binding in international law. It's very different from the Kyoto Protocol, which rich countries have basically ignored," said Jomo. The Kyoto Protocal was a legally binding treaty signed during the COP 3 in 1997 at the United Nations Framework Convention on Climate Change, which aimed to reduce greenhouse gas emissions. Of the major emitters, only Japan and the European Union signed the protocol, with the US, China, and Australia ignoring it. Jomo continued to talk about the limitations governments had in climate action due to following corporate interests, leading to the importance of public investments to crowd private investments to lead the market, because private investments need to be motivated to do what needs to be done. Investments need to be guided to address climate finance. The economics is well established, but another element of climate finance is the urgency, Jomo said. He stated that urgent action is needed to avert and slow down the current acceleration of climate change that is already taking place. While 90% of financing is spent on mitigation, more needs to be spent on adaptation, as the effects of climate change are already taking place.

https://theedgemalaysia.com/node/662347

Crackhouse Comedy Club co-owner sends second letter of representation in criminal case

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KUALA LUMPUR (April 6): Crackhouse Comedy Club co-owner Mohamad Rizal Johan Van Geyzel has sent a second letter of representation to the Attorney General's Chambers (AGC) to drop the three charges brought against him over social media postings which had allegedly incited racial sentiments. During a brief mention of the case before Sessions Court judge Priscilla Hemamalini Nadarajan, Mohamad Rizal's counsel Pravin Mahentharan informed the court that they gave the prosecution the letter on Thursday (April 6) morning. "We gave [the prosecution] the letter this morning, because there were new developments last week. This development is important to the case, which may save the court's time," he said. Deputy public prosecutor Noor Haslinda Che Seman informed the court that she will need about a month's time to review the letter, and bring it to the attention of her superiors. Following this, the judge set May 31 for mention to inform the court of the development regarding the second letter of representation. She also vacated the trial dates for April and May. The trial was previously slated to start on April 10. Pravin also informed the court that he will be making an application early next week to obtain his client's passport temporarily, so that his client could travel to perform the umrah from May 15 to 29.  Earlier in January, the AGC rejected Mohamad Rizal's first letter of representation. Mohamad Rizal, 39, was charged last July for making and initiating the transmission of offensive communications, with the intent to offend others through his social media posts. The three charges were framed under Section 233(1)(a) of the Communications and Multimedia Act 1998, which deals with improper use of network facilities or network services. The offences are punishable under Section 233(3) of the same Act, and he is liable, among others, to a fine not exceeding RM50,000 or imprisonment not exceeding one year or both. Mohamad Rizal pleaded not guilty and claimed trial. The court set bail at RM12,000, with one surety. He was also ordered to surrender his passport. Besides this, Mohamad Rizal along with co-owner Shankar Santhiram have taken legal action challenging the Kuala Lumpur City Hall’s (DBKL) decision to revoke the club's licence and bar them from operating any business in the capital. The leave (permission) for their judicial review application is set for a hearing on May 23. DBKL's ban came after a controversial stand-up routine at the club in Taman Tun Dr Ismail here last July. Read also: AGC rejects Crackhouse Comedy co-owner's representation letter, trial to start in April Crackhouse Comedy leave application hearing to challenge DBKL’s ban set for May 23

https://theedgemalaysia.com/node/608080

KPJ Healthcare 4Q net profit drops 27%, declares 0.2 sen dividend

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KUALA LUMPUR (Feb 18): KPJ Healthcare Bhd posted a 27% drop in net profit for the fourth quarter ended Dec 31, 2021 (4QFY21) to RM18.46 million from RM25.29 million, despite recording an improvement in revenue. According to the healthcare provider’s filing on Friday (Feb 18), earnings per share slipped to 0.43 sen from 0.59 sen. Revenue for the quarter rose 11% to RM689.12 million from RM622.34 million in 4QFY20, on the back of higher patient numbers. “During the quarter under review, outpatient visits increased to 730,992 from 707,177, while inpatient visits increased to 71,007 from 57,722 in the previous corresponding quarter,” it said. KPJ declared a single-tier interim dividend of 0.2 sen per share, to be paid on April 22, with an ex-date of March 30. For the full year (FY21), net profit declined 54% to RM51.03 million from RM110.44 million, which the group attributed to an increase in materials costs as a result of complying with the Covid-19 standard operating procedure’s (SOP) requirements. “Usage of personal protective equipment (PPE) by our employees and compulsory requirement of RT-PCR test for all inpatients had resulted in higher operating costs during this Covid-19 pandemic,” it said. However, revenue for FY21 increased 9.57% to RM2.63 billion from RM2.4 billion due to increased activities throughout the year, including greater collaboration with the public healthcare sector to treat Covid-19 patients, higher Covid-19 screenings, laboratory testing and vaccination services. “Patient visits increased to 3.06 million in 2021, from 2.88 million in 2020. Group hospitals also performed 87,051 surgery cases and 15,802 delivery cases in 2021, an increase of 7% and 31% respectively in comparison to 2020,” it added. In terms of the group’s prospects moving forward, KPJ said whilst it continues to expand its operations, it anticipates the challenges posed by the pandemic to continue in the year 2022. “The group has identified key strategic focus areas for 2022 that will shape its ability to navigate from recovering to thriving in the post-pandemic ‘new normal’ and advance its journey in the industry. “Our focus (is to) continue to cover greater adoption of virtual health and other digital innovations, as well as public-private collaborations via decanting of non-Covid-19 cases, in efforts to alleviate the strain on the public healthcare system,” it added. In a statement, KPJ president and managing director Ahmad Shahizam Mohd Shariff said the group will move towards the second phase of its transformative programme in 2022, after it had completed the first phase in 2021. “The second phase of our transformation, which we have named STAR 25, will focus on delivering growth. The proceeds raised from our Sukuk Wakalah programme will allow us to rebalance our capital and will be utilised for our Shariah-compliant future expansion activities,” he said. He added that this includes capital expenditure to push towards upgrading the group’s existing infrastructure, as well as expanding into new markets such as ambulatory care centres and the digitalisation of its hospital network. Shares of KPJ Healthcare closed unchanged at RM1.09 on Friday, giving the group a market capitalisation of RM4.9 billion.

https://theedgemalaysia.com/node/660871

Total AUM of licensed fund managers down 4.69% to RM906.46 bil in 2022 — SC

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KUALA LUMPUR (March 27): The total assets under management (AUM) of licensed fund management companies (FMCs) decreased by 4.69% to RM906.46 billion in 2022, from RM951.05 billion in 2021, according to the Securities Commission Malaysia (SC)’s Annual Report 2022 released on Monday (March 27). In 2022, the top five FMCs contributed 55.42% of total AUM, compared to 54.81% in 2021.  According to the SC, sources of funds under management were largely from unit trust funds, the Employees Provident Fund, corporate bodies, and wholesale funds.  “The funds were allocated in various asset classes and locations, of which, investment inside Malaysia by FMCs amounted to RM624.87 billion, representing 68.94% of the total AUM as at end of 2022.  “The bulk of investment was allocated to equities with 47.59% at end of 2022, as compared to 49.20% in 2021,” said the SC.  Unit trust funds — which continued to be the largest component of the  Malaysian collective investment schemes industry — recorded a total net asset value of RM487.94 billion as at end 2022, versus RM526.90 billion as at end 2021.  “The percentage of the total NAV of [the] unit trust fund industry against Bursa Malaysia market capitalisation is 28.10% (2021: 29.45%),” said the SC.  In 2022, a total of 39 unit trust funds were launched while 11 funds were terminated and nine funds matured, which brought the total number of unit trust funds offered by 38 locally-incorporated unit trust management companies to 759 funds.  In the wholesale funds, total NAV recorded was RM76.50 billion, down from RM79.45 billion as at end-2021.  There were 46 funds launched under the Lodge and Launch Framework to sophisticated investors while 15 funds were terminated and eight funds matured in 2022, which brought the total number of wholesale funds offered by 44 FMCs to 437 funds.  Meanwhile, there were 58 funds offered to investors which have been qualified as Sustainable and Responsible Investment (SRI) funds under the guidelines on sustainable and responsible investment funds, comprising 31 unit trust funds and 27 wholesale funds with a total NAV of RM7.05 billion.  In contrast, there were 34 funds in 2021 with a total NAV of RM5.07 billion.  The tally for real estate investment trusts (REITs) at the end-2022 was 19. Their collective market capitalisation was RM39.08 billion from RM38.44 billion, while total asset size grew to RM61.50 billion from RM59.44 billion.  The SC said there were 19 exchange-traded funds (ETFs) listed on Bursa Malaysia as at Dec 31, 2022, with a total market capitalisation of RM2.1 billion versus RM2.6 billion billion the year before.  Meanwhile, there was only one closed-end fund or CEF listed on the Main Market of Bursa as at end-December 2022, with a market capitalisation of RM280 million compared with RM314 million a year ago, said the SC. Additionally, there were 13 private retirement schemes (PRS) as at Dec 31, 2022, compared with 12 PRS a year earlier.  “A total of 16 new private retirement funds were launched in 2022, which brought the total number of private retirement funds in operation as at Dec 31, 2022 to 75 (2021: 59), with total NAV of RM5.41 billion (2021: RM5.63 billion),” added the SC.  For more SC 2022 Annual Report stories, click here.

https://theedgemalaysia.com/node/600150

NTPM 2Q net profit down 76% on higher raw material prices and forex loss; declares 0.8 sen dividend

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KUALA LUMPUR (Dec 17): Tissue paper maker NTPM Holdings Bhd’s net profit for the second quarter ended Oct 31, 2021 (2QFY22) fell 75.61% to RM3.35 million from RM13.74 million reported a year ago, underpinned by significant increase in raw materials and freight cost, foreign exchange loss and higher selling and distribution expenses. Revenue was down 4.17% to RM180.81 million from RM188.67 million, its bourse filing showed, on the back of lower sales of tissue paper and personal care products. The group's earnings per share declined to 0.3 sen from 1.2 sen previously. Notwithstanding the lower quarterly earnings, the group declared a second interim dividend of 0.8 sen to shareholders, the same sum it declared in 2QFY21, to be paid on Jan 21, 2022. This raised its year-to-date (YTD) dividend announced to 1.6 sen — same as the previous YTD period. Compared with the immediate preceding quarter of 1QFY22, the group’s net profit dropped 78.78% from RM15.79 million, despite revenue rising 4.05% from RM173.76 million. For the first six months ended Oct 31 (1HFY22), the group’s net profit fell 32.56% to RM19.14 million from RM28.38 million, while revenue slipped 3.64% to RM354.57 million from RM367.96 million. NTPM said the group has been operating in a very competitive and challenging market that has been exacerbated by the Covid-19 pandemic and the movement restrictions introduced by the government to curb the disease, particularly in Malaysia and Vietnam, where its production plants are located. “The group has to also contend with rising prices (which continued to be very volatile due to supply chain dynamics adversely affected by the Covid-19 pandemic) of its key inputs such as pulp, waste papers as well as freight and overheads. “The group expects its business environment to remain challenging but less volatile in the ensuing quarters. “The group will also continue to implement measures to control its costs, optimise its working capital, preserve its cash and streamline its operations (where the group’s production level has reverted to 100% since October 2021) as part of the group’s efforts to minimise the impact of the Covid-19 pandemic on its financial performance,” it added. NTPM shares finished one sen or 2.08% higher at 49 sen on Friday, valuing the company at RM544.75 million.

https://theedgemalaysia.com/node/668557

Acceleration in IT assets impairment pulls down TM’s 1Q net profit

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KUALA LUMPUR (May 25): Telekom Malaysia Bhd (TM) reported a 2.9% decline in net profit to RM330.1 million for the first quarter ended March 31, 2023 (1QFY2023), compared with RM339.85 million in the same quarter a year ago, due to the group’s decision to accelerate depreciation and impairment of information technology (IT) assets, in view of changes in market conditions. As a result, its reported earnings before interest and tax (Ebit) were 15.5% lower at RM473.3 million, from RM560.4 million. Quarterly revenue grew 2% to RM2.95 billion from RM2.89 billion previously, driven by continuous growth across Unifi and TM Global. During the quarter under review, the group’s capital expenditure stood at RM413.1 million, or 14% of overall revenue, with a significant portion of this investment dedicated to fortifying its fibre infrastructure, delivering new customer acquisition, international subsea cables investment and 5G fibre network deployment, to meet the government’s target of 80% coverage by year end. Unifi’s revenue for 1QFY2023 expanded 4.3% to RM1.44 billion from RM1.38 billion, contributed by growth in the number of subscribers and average revenue per customer. Unifi fixed broadband subscription increased 8.1% to 3.08 million, propelled by aggressive sales and promotions. However, TM One saw a 6.7% drop in revenue to RM721.9 million from RM773.7 million, largely due to the impact of price reduction and lower revenue from one-off customer projects. TM group chief executive officer Datuk Imri Mokhtar expects 2023 to be a challenging year, with changes in the regulatory landscape, heightened competition and other market structure changes. “As the national connectivity and digital infrastructure provider, TM will continue to execute the fiberisation plan to support the government’s National Digital Network (Jendela) programmes, as well as the 5G rollout nationwide. TM looks forward to continuing playing an active role in the 5G implementation, leveraging its nationwide fibre infrastructure, extensive digital platforms (data centres, edge nodes) and rollout experience,” he said in a statement on Thursday (May 25).   “We remain steadfast as we enter the final year of our 2021-2023 Transformation Programme, and pursue the next wave of growth beyond 2023. In line with our journey to become a human-centred techco (technology company), we announced the launch of TM’s new HQ and campus, located in Cyberjaya. The campus will serve as a catalyst for a new way of working that drives agility and flexibility through digital collaboration and hybrid work environment, propelling innovation among our employees, customers and partners,” Imri added. At market close on Thursday, shares of TM were down nine sen or 1.8% to RM5, translating into a market capitalisation of RM19.11 billion.

https://theedgemalaysia.com/node/652628

Hedge fund industry lost US$125 bil worth of assets in 2022 — HFR

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LONDON (Jan 20): Almost US$125 billion worth of assets, from performance losses left the hedge fund industry in 2022, Hedge Fund Research (HFR) data showed on Friday in the latest sign of the havoc that volatility wreaked on the industry last year. Investors rethought putting their money into hedge funds, leading to a net outflow of US$55 billion in assets, making it the largest capital flight from the industry since 2016, HFR said. A sharp change from 2021, when the industry saw a positive US$15 billion of net inflows. High inflation, aggressive central bank interest rate-hikes and Russia's invasion of Ukraine roiled world markets last year, with investors across asset classes having to navigate a level of volatility not seen in years. Investors took US$40.4 billion out of hedge funds that buy and sell stocks, which is also the strategy that posted the worst performance numbers, losing US$112.5 billion. Despite the combined strong performance of funds which trade on macro-economic indicators, institutional players yanked US$15 billion from these funds, the data company said. The only kind of hedge fund strategy that saw an increase of investor money was the US$4.3 billion that flew into event-driven mergers and acquisition and credit funds. The size of the hedge fund industry grew in the fourth quarter to US$3.83 trillion, a quarterly increase of US$44 billion, HFR said. "Strategies which have demonstrated their ability to navigate the current extreme market volatility are likely to attract capital," said Kenneth J. Heinz, president of HFR.

https://theedgemalaysia.com/node/633530

Sime Darby Plantation stands to lose 1.2 million tonnes of unharvested FFB a year if labour shortage persists

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KUALA LUMPUR (Aug 23): Sime Darby Plantation Bhd (SDP), whose quarterly earnings grew 31.6% year-on-year (y-o-y) to RM812 million in the second quarter ended June 30, risks losing an estimated 1.2 million tonnes of unharvested Fresh Fruit Bunch (FFB) and loose fruits a year if the shortage of labour continues. The plantation group declared an interim dividend of 10 sen per share to be paid on Nov 18. The group’s managing director Mohamad Helmy Othman Basha said:“We are short of 4,000 harvesters right now. The shortage is actually lower in January. But we have been losing workers because they want to go back and so on. “On average one harvester harvests about one tonne (of FFB) a day and there are 300 working days in a year. A simple calculation would be one tonne a day with 4,000 people short. In a whole year we are looking at 1.2 million (tonnes) in losses,” said Mohammad Helmy during a virtual press conference on SDP's second quarter financial result in financial year 2022. He added, approximately 60,000 hectares of total planted area are affected due to shortage of workers. Currently, SDP has 240,000ha mature hectares while the workforce shortage represents 38% against a total requirement of 11,159 harvesters. He added that even with the arrival of the new workers, it may not be enough to meet the needs of the second half 2022 peak harvest period which is in October and November. “The workers will come in stages. They need some lead time to become skilled harvesters. But at least they can cover a small portion of the shortages we are facing now. But they can’t fully cover the needs of the harvesting activities. “At the same time existing workers are also leaving and we are trying to incentivise them to stay longer with us to cover the lack of manpower in the plantations during the peak crop period,” he added. He added that although the group is actively involved in recruiting locals to plug the gap in the workers supply, they are mostly hired for other general works and not for labour-intensive harvesting work. The longer the FFB and loose fruits are left unharvested the more it will be affect the Oil Extraction Rate (OER). “The shortage of harvesters also leads to extended harvesting intervals, resulting in high off-spec quality bunches and loose fruits affecting OER,” he added. SDP’s OER fell slightly to 21.26% in 2Q22 compared with 21.63% in 2Q21. For 2Q21 ended June 30 2022, SDP’s net profit rose 31.6% year-on-year (y-o-y) to RM812 million from RM617 million, driven by its upstream and downstream segments and non-recurring activities. In a Bursa Malaysia filing on Tuesday, the plantation group said revenue for the quarter rose to RM5.59 billion from RM4.41 billion earlier. Earnings per share was 11.7 sen against nine sen previously. For the six months ended June 30, SDP said its net profit increased to RM1.53 billion from RM1.18 billion a year prior, on the back of revenue of RM9.97 billion versus RM8.08 billion previously. On CPO price outlook SDP is hopeful it will trade between RM3,000 and RM4,000 with an upside of RM4,500 per tonne. At the time of writing the CPO future contract for November was trading at RM4,237 per tonne. SDP said that in the second quarter, average realised CPO prices increased by 44% y-o-y to RM5,213 per tonne, while average realised PK prices rose by 40% y-o-y to RM3,339 per tonne. Sime Darby's share price fell 2.2% and closed at RM4.40 on Tuesday.

https://theedgemalaysia.com/node/620036

新冠肺炎：新增确诊1697宗

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新冠肺炎：新增确诊1697宗

https://theedgemalaysia.com/node/635638

Cover Story: Wanted: Web3 jobs

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This article first appeared in Digital Edge, The Edge Malaysia Weekly on September 12, 2022 - September 18, 2022 For a time when social media users were complaining about their low salaries on the popular Instagram (IG) page, Malaysian Pay Gap (MPG), one type of post stood out: those earning big bucks working in Web3 jobs. These individuals were typically working remotely and earning in US dollars, either in a tech or non-tech role. For instance, a 20-year-old Web3 marketer shared on the MPG page earlier this year that she was earning RM7,020 a month. Even though she did not have a degree, she took certified courses, analysed case studies and networked with people in the industry. Another 27-year-old Web3 engineer working in decentralised finance (DeFi) projects shared that he or she was earning US$9,000 a month by doing part-time jobs for US-based employers. The good news is that there is an increasing number of such job opportunities in Web3 for Malaysians. A quick scan through local job portal Hiredly shows a few firms looking for software engineers and web developers who have a knowledge of Web3. The web3.career website, which lists job openings in Web3 companies or jobs that require knowledge of Web3, has an even longer list of physical and remote positions available in Malaysia. This includes openings for non-tech roles like account executives and events and campaign lead. Does this herald a new growth area for Malaysians who want to get into the tech sector? Web3, after all, is seen as the next iteration of the internet — one that is supposed to help the world break free from the monopolistic control by entities such as governments and mega corporations like Google, Facebook and Amazon. “Today, everyone looks at non-fungible tokens (NFTs) and wonders if they’re hype. But if you look at the technology itself, for the first time, we can identify the owner of digital pictures because of NFTs. In Web2, if you put a meme you created online and it goes viral, you are unable to claim it as your own. Where is your proof? But this is possible with Web3,” says Chan Kin Meng, founder and CEO of Gameconomy. The Malaysian company specialises in Web3 game development. It was recently acquired by iCandy Interactive Ltd, a large game developer that is listed on the Australian Securities Exchange. “When everyone goes into Web3, you cannot simply share images. Everything can be tracked back to the owner. The creators, who put up their work as NFTs, can benefit. Web3 really democratises the internet. It will make a lot of difference.” Chan started the company in 2019 to create an NFT marketplace for game items to be traded. But Web3 was not popular then, so he pivoted to provide back-end gaming services in Web2. Last year, the firm was hired to use blockchain to track transactions of an in-game currency, which put Gameconomy back into the Web3 realm. “iCandy is going into Web3 aggressively, which is why we were acquired. We provide the back-end support for any kind of NFT token, smart contract development and other things [that are related to Web3],” says Chan. Earlier this year, Gameconomy was looking for a web developer familiar with the usual programming languages and a quality assurance engineer. For the former, knowledge in Web3 and decentralised applications (dApps) is a big plus, Chan says. In general, Web1 emerged because of the internet search engine, through which access to information became commonplace. Web2, meanwhile, allowed internet users to publish content on social media and interact with each other for the first time. But users could not monetise the content they created. This changed with Web3, which uses blockchain, cryptocurrency and NFTs to give internet users ownership of digital assets. “Web3 is the democratisation of ownership. With the metaverse, the ownership of digital assets will become even more attractive,” says Wong Chun Weng, a popular Malaysian YouTuber (with 18,700 subscribers) who creates content on cryptocurrencies. His most viewed video is the one where he shares how he earned RM3,000 a month through the play-to-earn NFT-based game Axie Infinity. Wong used to be an investment banker. He quit his job in 2021 and became a full-time YouTuber. He has now started on another venture called TavernDAO, where he matches guilds that own gaming items in the form of NFTs with players who lease it from them. The games it supports include Axie Infinity, Pegaxy and WonderHero. “Another way of understanding Web3 is that it’s a new form of communication. I don’t need to trust you, but we can do a transaction because everything is recorded in the blockchain,” says Wong. Web3 applications cut across sectors. Web3 games, for instance, are different from traditional games in that they have decentralised ownership of game items and currencies. In a traditional game, every item resides in the company’s servers. The company can shut down the server at any time, and all the assets and information will be gone, says Wong. Fraudulent deals where one player scams another by failing to deliver a purchased game item after a payment has been made are also common. “In Web3 games, all these items and currencies are recorded on the blockchain and it’s decentralised. The game players own the items because they own the wallet and private key, so they can do anything they want with it,” says Gameconomy’s Chan. While most games are still in Web2, Chan is confident that Web3 is the direction of growth. iCandy counts Animoca Brands as one of its investors. Animoca is known as the developer of The Sandbox, which is one of the most popular metaverses currently.  Financial institutions, governments and cybersecurity companies have also found use cases in Web3, especially in blockchain technology. Chainalysis, a global blockchain data platform, has been providing this service to government agencies and companies in over 70 countries. Its technology is used in investigation, compliance and risk management tools to solve cyber-criminal cases, says Joshua Foo, regional director for Asean, Hong Kong and Taiwan. “We are seeing an increased demand from law enforcement and regulators in Asean for advanced capabilities in cryptocurrency investigations and transaction monitoring,” says Foo. Adoption of cryptocurrency in Southeast Asia is growing. Governments, meanwhile, are looking at how they can protect consumers while creating a conducive environment for digital assets. Blockchain analysis can help them interpret the public blockchain ledgers and understand the transactions. “For example, our customers can comprehend that a transaction took place between two different cryptocurrency exchanges or between a cryptocurrency exchange and an illicit entity. With blockchain analysis tools and know-your-customer information, law enforcement officials can gain transparency in blockchain activity in ways that aren’t possible in traditional finance,” says Foo. He believes that there are many opportunities for Web3 talent now. “There are companies that are building the Web3 technology itself and there are companies like Chainalysis that have a good mix of Web2 and Web3 technologies,” says Foo. “One trend that we see is many large, traditional Web2 companies diving into Web3 with specific products or teams. It’s definitely an area that will continue to grow in the coming years. This space is still being built and there is a real opportunity to get in right now and make an impact.” There is potential for Malaysia to get into Web3. Wong believes in this because two influential companies in this space were founded by Malaysians: CoinGecko and Etherscan. CoinGecko is one of the biggest independent cryptocurrency data aggregators, while Etherscan is one of the most popular Ethereum blockchain explorers. “We believe that anything that can be tokenised will be tokenised in the future. This means that as cryptocurrency goes mainstream, there will be millions of tokens. People may get confused and they will need a place to make sense of all the tokens listed,” says Bobby Ong, co-founder and chief operating officer of CoinGecko. “We aim to empower the decentralised future by being the foundational infrastructure to help people get the information they need on the millions of tokens that will be listed in the future.” CoinGecko also has an NFT tracker to follow the floor price of NFTs, which Ong expects will grow exponentially in the coming years. The most mature advanced applications of Web3, in his view, are in DeFi now. “Some examples include decentralised exchanges like Uniswap and Balancer, and decentralised lending protocols like Compound and Aave. Gaming and NFT applications are [also] used by many, such as Axie Infinity and StepN,” says Ong. However, most are still at the experimental stage. CoinGecko is looking to hire a site reliability engineer, senior business development associate and software engineer lead, among others. No prior Web3 experience is needed for the roles, Ong says, but they are looking for candidates who are keen to learn in this industry. One of its job openings that explicitly mentions Web3 skills is an internship for software engineers, where the candidate will have a chance to learn Solidity — a programming language for building smart contracts. “There are increasingly more roles available in Web3 these days. We have also observed many tech talents moving from big tech companies such as Facebook, Amazon and Google to Web3 start-ups and decentralised autonomous organisations (DAOs),” says Ong. “Software developers aren’t the only type of tech talent required in Web3 companies or DAOs. Other roles that are high in demand include marketers, community managers and research analysts. With the high growth of Web3, I’m sure many more jobs will be created in the coming years and there will be a persistent lack of talent for companies to recruit from.” Etherscan’s job openings include a .NET web developer, customer support specialist, front-end web developer and content writer. While more companies are venturing into Web3, the demand for such talent is still relatively low in Malaysia, say the interviewees. Individuals who have the requisite skills and sufficient experience will stand out. Competition, however, is fierce. Local companies that want to hire Web3 talent cannot offer as competitive a salary as foreign companies; local tech talent who want to go into Web3 have to compete with global talent. “You are instantly competing globally for talent. Because of the pandemic, working from home is now the norm. Anyone from anywhere can hire. Like us, we are also looking for talent from abroad, like Indonesia, Vietnam and the Philippines, because we are used to working remotely,” says Chan. “It’s difficult [to compete for talent] because our currency is weak. Imagine, you’re a fresh graduate with six months of experience and you want to get a RM6,000 starting salary. A company in the US can easily pay that.” Local talent in Web3 who have sufficient experience is hard to come by, he adds. At most, they learnt Solidity through web tutorials but have no experience in actually creating a Web3 project. “The NFT and crypto space moves extremely fast. If a local talent says they need one month to do [a project], and if an overseas talent says they can do it in three days because they’ve done it before, which one would you choose?” says Chan. Regardless, the interest in Web3 talent is heating up. It is not just Web3 start-ups looking for talent but also traditional companies, says CoinGecko’s Ong. “Banks and fintech companies, such as Visa, Square, Stripe and Robinhood, have been actively hiring to be more involved in Web3. Traditional consumer brands like Louis Vuitton, Gucci, Adidas and Nike have also launched NFTs. They will most likely be expanding further into the metaverse by hiring more talent.” Derek Toh, founder and CEO of Hiredly, observes that in its headhunting services, around 2% of the software developer roles advertised are in the Web3 area.  “On a personal level, I think it’s still not [a] very significant portion of the market. But I do see people talking about it in the market. I have companies from China coming to us and asking if we can find people who can build blockchain. That’s a growing trend,” says Toh. It is important to note, however, that not every Web3 job requires those technical skills. Front-end, back-end and full-stack developers are still needed. Non-tech roles such as community managers and sales executives are also in demand. “Some standard Web2 tech stack is usually required in Web3 development, as a website front-end still needs to be deployed on top of a smart contract for users to interact with the blockchain,” says Ong. What sets a job candidate apart from others is their experience in using Web3 or their familiarity with the community. “If you don’t know what a MetaMask or a wallet is, and you’ve never bought cryptocurrency or NFTs, you will lose out compared with other candidates. Web3 communities are very demanding. They want things to work in a certain way that is natural to them. If you are creating something different, they will ask why your user experience is so bad. It’s important to have the domain knowledge as a user,” says Chan. The community manager, obviously, will need to understand the technology and be able to “speak the language” of the users, he adds. “Smart contract is not very difficult to pick up. But the domain knowledge is harder to learn. If you don’t know what is staking or a liquidity pool, it’s hard for you to have a conversation with people on the team.” It is interesting to note that the Web3 space is borderless and has strong communities. To get a job in this area, the interviewees encourage candidates to be on social media platforms like Twitter and Discord, get to know the key players and engage with communities. “Some people find jobs just by sending a direct message to people on Twitter. It’s the place to go,” says Wong. Hiredly’s Toh adds that the online communities are very eager to share knowledge and Malaysians should tap global networks. “I see people posting about Web3-related meet-ups on LinkedIn and Twitter. If you are very curious, you should start meeting people and sharing ideas.” Meanwhile, Chan advises people who are interested in Web3 jobs in the gaming industry to play NFT games and understand how people use it. “I have found that some people are good at coding but not good at being a user.” Similarly, Ong encourages interested individuals to pick projects that they are interested in and go deep into it. “Utilise and play with the decentralised application, hang out with the community on the Discord server and volunteer your time to show how you can be a valuable contributor to the DAO. If you are sufficiently good, eventually, someone might notice and you might have a better chance of landing a role in a Web3 company or DAO.” Given how new and fast-moving this space is, people should be open to learning and collaborating with others, adds Foo. “It’s important to be able to lean on your colleagues, trust them and be open to learning from them. This collaboration enables the diversity of thought that will make Web3 grow.”   Web3: The vision for a new internet that uses blockchain technology and cryptocurrencies to decentralise ownership of digital assets. Non-fungible tokens (NFTs): Tokens that represent ownership of unique items, which could be art, collectibles or even real estate. It is not interchangeable and can be traded on Ethereum marketplaces. Most NFTs are part of the Ethereum blockchain. Some are built on the Solana blockchain. Ethereum and Solana are two different blockchain platforms. Decentralised finance (DeFi): A new way of providing financial services that uses cryptocurrency and blockchain technology, cutting out the traditional financial institutions. Potential benefits include lower fees, faster transactions and deposit of funds in digital wallets instead of a bank. Decentralised autonomous organisation (DAO): A structure for token holders to participate in decision-making. There is no central authority. Token holders can cast votes, which are posted on a blockchain and available for all to see. The vote could be on matters like whether a code should be implemented to increase the circulating supply. Smart contract: An agreement made between parties is written into code and stored on a blockchain, which automatically executes the agreement when predetermined conditions are met. Decentralised apps (dApps): Decentralised digital applications that run on a blockchain network of computers. Metaverse: A virtual world, which could be powered by virtual reality, where users can interact with each other and enjoy goods and services. MetaMask: Available as a browser extension and app, the cryptocurrency wallet enables users to manage their digital assets such as cryptocurrencies and NFTs, and connect to blockchain-based applications. Staking: A method to earn rewards by holding onto cryptocurrencies. Liquidity pool: A digital pile of cryptocurrency locked in a smart contract to create liquidity and enable faster transactions. Source: Investopedia, Coindesk and others 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/637360

EVENING 5: Five things you need to know today

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EVENING 5: US rate hike sends shockwaves Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today. 1. Bursa Malaysia falls while the country’s daily FX turnover jumps after the US Fed delivered another 75 bps rate hike. 2. India’s Supreme Court refuses to lift a 2018 halt on IHH Healthcare’s open offer for Fortis Healthcare shares. 3. SRC International withdraws its lawsuit against Tan Sri Lim Soon Peng “on the basis of without any admission of guilt or liability”. 4. Bina Darulaman mulls diversifying into the agriculture, renewable energy and telecommunications sectors. 5. Lembaga Tabung Haji posts a total income of RM1.47 billion for 1H22, with total deposits of RM88.09 billion.

https://theedgemalaysia.com/node/658055

From Burger King to banking, 99 Speedmart founder’s intriguing moves

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This article first appeared in The Edge Malaysia Weekly on March 6, 2023 - March 12, 2023 THE emergence of Lee Thiam Wah (pic), founder of retail chain 99 Speedmart, as a substantial shareholder of Alliance Bank Malaysia Bhd last month has piqued the interest of many. While some wonder if there may be more than meets the eye with his move to raise his stake a little past 5%, sources close to Lee say it is purely for the purpose of investment as he believes in the bank’s prospects. A stock exchange filing on Feb 10 showed that Lee, through his investment vehicle Global Success Network Sdn Bhd (GSN), acquired 1.38 million of Alliance Bank’s shares on the open market on Feb 9 at an undisclosed price. This lifted his stake in the lender to 5.076% (or 78.57 million shares) and solidified his position as the third-largest shareholder of Alliance Bank, after Verticle Theme Sdn Bhd (29.06%) and the Employees Provident Fund (10.43%). Industry observers note that it is rare for individual investors to hold more than 5% interest in a Malaysian bank through the accumulation of shares on the open market, given that they would come under Bank Negara Malaysia’s scrutiny. The central bank requires any person who intends to hold 5% or more of a bank’s shares — even if it is through accumulation of shares on the open market — to obtain its approval beforehand. Bank Negara would need to assess if the person is a “suitable” shareholder, as per the requirements set out in its policy document on shareholder suitability issued in August 2016. In general, the person would have to be of integrity, good reputation and sound financial position. If deemed suitable, the person would continue to be held up against Bank Negara’s shareholder suitability criteria on an ongoing basis. Under section 92 of the Financial Services Act 2013 (FSA), no individual is allowed to hold more than 10% interest in the shares of a bank. The only exceptions to this rule would be those whose shareholding had already exceeded this threshold when the FSA came into effect in 2013. These included Tan Sri Azman Hashim of AMMB Holdings Bhd, who currently has 11.83% interest in the banking group; Tan Sri Quek Leng Chan of Hong Leong Bank Bhd (64.51%) and the late Tan Sri Teh Hong Piow of Public Bank Bhd (23.4%). “An investment in a bank is not a typical financial investment as it is so tightly regulated,” a banking legal expert remarks. Hence, it is no surprise that some wonder if Lee’s investment in Alliance Bank is a strategic move. “There’s so much buzz about him becoming a substantial shareholder. People are wondering if he exceeded the 5% threshold by mistake, if at all that is possible. Also, given Alliance Bank’s fragmented shareholding, some wonder if he may be a [friendly party] to other key individual shareholders,” states a banking analyst. Lee declined to comment when contacted. Vertical Theme is 51%-owned by Langkah Bahagia Sdn Bhd, while the remaining 49% is held by Duxton Investments Pte Ltd, whose ultimate shareholder is Singapore state-owned investment firm Temasek Holdings Ltd. Langkah Bahagia is 33.68%-owned by Richard Ong Tiong Sin (who runs private equity firm RRJ Capital), while corporate adviser Seow Lun Hoo and Singapore hotelier Ong Beng Seng hold 33.16% each. They bought their shares in April 2016 from Lutfiah Ismail, an associate of former finance minister Tun Daim Zainuddin. At the time, analysts said the three were believed to be parties friendly to Temasek and, as such, corporate developments down the road could not be discounted. Sources note that Lee began acquiring shares in Alliance Bank at the onset of the Covid-19 pandemic in 2020, when bank shares took a beating. According to the bank’s 2020 annual report, Lee — through GSN — was the eighth-largest shareholder as at June 15, 2020, with a 1.48% stake (22.9 million shares). He went on to accumulate more shares and ended up as the third-largest shareholder, holding 4.8% (74.23 million shares), as at June 30, 2021, the bank’s 2021 annual report shows. His shareholding then crept up to 4.83% (74.82 million shares) as at May 25 last year, based on the latest annual report. “It [his investment] was a build-up over years, not something that happened overnight,” one source points out. A company search on CTOS shows that Lee owns GSN almost entirely, with only one share belonging to his wife, Ng Lee Tieng. The company made a net profit of RM13.81 million in the financial year ended Dec 31, 2021 (FY2021), down 70% from RM46.22 million a year earlier. Revenue fell 14.6% to RM124.95 million from RM146.35 million in FY2020. It made a loss of RM126,502 in FY2018, before returning to the black in FY2019 with a net profit of RM470,574. Alliance Bank shares, which have gained 6.8% over the last 12 months, closed at RM3.44 last Thursday, giving the lender a market capitalisation of RM5.3 billion. At that price, Lee’s stake in the bank is worth RM270.3 million. Wheelchair-bound Lee’s rags-to-riches story is a well-documented and inspiring one as he beat the odds of a physical disability — he suffered from polio as an infant — and lack of higher education to emerge as a successful entrepreneur. Lee, who turns 59 next month, started out in business selling snacks by the roadside before eventually saving enough to start a sundry shop at the age of 23, which launched his career in the retail industry. By Nov 25, 2021, 99 Speedmart had launched its 2,000th outlet, according to its website. In 2015, Lee acquired the Burger King fast-food chain in Malaysia and Singapore from Ekuiti Nasional Bhd for RM74.6 million. He partnered with Datuk Chua Tia Guan, through their investment firm Newscape Capital Sdn Bhd, for that venture. Chua is Asia Business Centre’s head of tax and financial consulting. Lee was part of a consortium that included Singapore-listed wealth management firm iFast Corp Ltd and army credit cooperative Koperasi Angkatan Tentera Malaysia Bhd that had tried to secure a digital banking licence in Malaysia. Through GSN, Lee has a 15.77% stake in Radiant Globaltech Bhd, making him the third-largest shareholder in the retail technology solutions provider. GSN also has a 17.73% stake in digital solutions provider J&C Pacific Sdn Bhd.   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/629281

Making informed decisions

English

KUALA LUMPUR (July 24): The property market has started to show signs of gradual improvement after the reopening of borders and economies around the world. However, external factors such as the Russia-Ukraine war and increasing inflation rate, and internal factors such as mismatch in demand, as well as supply and affordability issues have created uncertainties.  Speakers at The Edge Malaysia RealTalk 2022 gave insights on the current market, as well as tips on investing in properties in a volatile climate. Read more about  what they have to say in The Edge Malaysia weekly’s July 25, 2022 edition. 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/605991

Political comeback of convicted person as PM would have serious implications for Malaysia, says Kit Siang

English

KUALA LUMPUR (Feb 3): The political comeback of a person convicted for corruption as the 10th or 11th prime minister would have serious implications for the future of Malaysia, said veteran politician Lim Kit Siang. In a statement on Thursday (Feb 3), the DAP Member of Parliament for Iskandar Puteri denied that he was being too obsessed with former prime minister Datuk Seri Najib Razak, and said if a convicted criminal of corruption could make a political comeback, then it means that the second effort to save Malaysia from becoming a kleptocracy, kakistocracy and a failed state had failed. On Wednesday, Kit Siang asked if Najib will be Umno’s pick as the next prime minister, while admitting the former leader’s influence and attempt at making a political comeback. Kit Siang claimed the soon-to-be-held Johor election will be a dry run for Najib in his venture to return to helm Putrajaya. He argued the country had veered away from the founding fathers on the question of ethics and integrity. “There was no question about the commitment of the first three prime ministers of Malaysia, Tunku Abdul Rahman, Tun Abdul Razak and Tun Hussein Onn in the battle to fight corruption but today Malaysia is struggling to have a clear break from kleptocracy and no help is coming from the party of Tunku, Razak and Hussein. “It is a sad commentary on the nation-building process that after six decades, many Malaysians still think of themselves as Malays, Chinese, Indians, Kadazans and Ibans first instead of as Malaysian first and it is so easy to spark inter-racial or inter-religious suspicion, distrust and hatred,” he said.

https://theedgemalaysia.com/node/633076

Advancecon gets four-year PPA extension for solar project

English

KUALA LUMPUR (Aug 19): Civil engineering solutions provider and builder Advancecon Holdings Bhd has obtained a four-year extension from the Energy Commission (EC) to the 21-year power purchase agreement (PPA) with Tenaga Nasional Bhd that it was awarded for the development of a large scale solar photovoltaic plant of 26 MW in Kuala Langat. The EC also granted the extension to the financial close date from June 30, 2022 to Sept 30, 2022, while the scheduled commercial operation date was extended to Dec 31, 2023, Advancecon said in a bourse filing. This announcement made Advancecon among Large Scale Solar 4 (LSS4) @ MEnTARI programme project owners that have been granted PPA extension. The others who have obtained similar extension are KPower Bhd, Ranhill Utilities Bhd and MK Land Holdings Bhd. The PPA extension for LSS4 project owners was first reported by The Edge early this month, citing sources. It is understood that the extension was granted by EC after taking into consideration how the viability of certain projects had been affected given that solar panel prices had increased by 30% to 50% since the bids were submitted in 2020. Following the extension, Advancecon said the PPA's tenure will be 25 years. All related agreements and warranties will also be extended to align with the latest effective PPA period. Advancecon's share price closed one sen or 3.7% higher at 28 sen on Friday (Aug 19), giving the group a market capitalisation of RM137.97 million.

https://theedgemalaysia.com/node/653890

成功置地委邬志顺为集团航空CEO

English

（吉隆坡2日讯）大马民航局（CAAM）前总执行长（CEO）拿督邬志顺加入成功置地（Berjaya Land Bhd）董事部。 成功置地发布文告指出，邬志顺受委为集团航空总执行长，即日生效。他将监督旗下航空公司，即Berjaya Air、Asia Jet和Rafflesia Airways。 邬志顺是航空业的资深人士，拥有29年经验，并在2020年至2022年12月担任民航局的总执行长。 他于1993年加入马航，开始他的飞行员生涯，随后于2008年加入亚航。 成功集团（Berjaya Corp Bhd）创办人兼主席丹斯里陈志远表示：“邬志顺在航空业有着良好记录。凭着他丰富的经验和敏锐，我相信集团航空业务将在他的带领下扩张和增长。” 闭市时，成功置地跌0.5仙或1.85%，挂26.5仙，市值报13亿3000万令吉。   （编译：陈慧珊）   English version：BLand appoints Chester Voo as CEO for group aviation

https://theedgemalaysia.com/node/652393

Muhyiddin claims his comments on Anwar's salary as Selangor economic advisor were fair

English

KUALA LUMPUR (Jan 19): Tan Sri Muhyiddin Yassin, who is being sued by Prime Minister Datuk Seri Anwar Ibrahim for defamation, claims that the comments he made regarding Anwar's salary as Selangor's economic advisor — for which he is being sued — were fair and that the matter was of public interest. Anwar is suing the former prime minister for claiming in a ceramah in Padang Serai that Anwar was paid RM15 million for the position. In the suit filed last December, Anwar contended that the words Muhyiddin uttered during the speech he made for the Padang Serai election on Dec 5 claimed that the RM15 million had been paid to Anwar, which both Anwar and the Selangor government have denied. In the statement of defence sighted by The Edge, Muhyiddin, through his lawyer Chetan Jethwani, claimed that the speech contained matters of “legitimate public interest” and denied that the full speech in context was in any way offensive. “The defendant (Muhyiddin) will rely on his full speech and its context during the trial of the matter. In any event, the defendant denies that the statements made by him were in any way defamatory to the plaintiff (Anwar),” the statement read. Muhyiddin also claimed that the speech, which was made during a political rally, was made under qualified privilege. He said he had a legitimate duty to provide information to the party members and electorate within the constituency and to express his opinion on the qualifications of those who hold public office. Conversely, the party members and voters have a corresponding and legitimate social and moral interest in receiving these information and opinions. “Under the circumstances, the defendant had a legitimate duty and/or interest to communicate the impugned slanderous words and/or the matters therein to the electorate within the constituency and the party members, who had a legitimate interest to receive and /or be informed of the same,” it read. The statement went on to state that there should be a frank exchange of information and opinions of those who hold public office, and that curtailing the same would be a breach of Muhyiddin’s freedom of expression under Article 5 of the Federal Constitution. Muhyiddin also denied any intent to disparage, taint, harm, defame, tarnish or injure the reputation, character or image of Anwar. He also said Anwar, as head of the unity government, the leader of Pakatan Harapan and the current Prime Minister, should not take offence at criticisms and queries posed during political speeches. With this, Muhyiddin called for the action to be dismissed by the courts. At a case management on Thursday before Assistant Registrar Nur Shasha Hidayah, the High Court was informed by Jethwani that the statement of defence was filed on Jan 17. Anwar was represented by Datuk Sankara Nair, who was instructed by the court to file Anwar’s reply by Feb 16. She then fixed Fed 23 for the next case management.

https://theedgemalaysia.com/node/653265

In Beijing's backyard, US demonstrates its military might

English

ABOARD THE NIMITZ, South China Sea (Jan 27): Over a few hours under grey skies, dozens of combat planes and helicopters roar on and off the flight deck of the aircraft carrier Nimitz, in a demonstration of US military power in some of the world's most hotly contested waters. MH-60 Seahawk helicopters and F/A-18 Hornet jets bearing pilot call signs like "Fozzie Bear", "Pig Sweat" and "Bongoo" emit deafening screams as they land in the drizzle on the Nimitz, which is leading a carrier strike group that entered the South China Sea two weeks ago. The group's commander, Rear Admiral Christopher Sweeney, said the tour was part of a US commitment to upholding freedom of passage in the waters and airspace of a region vital to global trade. "We are going to sail, fly and operate wherever international norms and rules allow. We're going to do that safely, and we're going to be resolute about that," Sweeney told Reuters on Friday (Jan 27). "It's really just about sailing and operating obviously with our allies and partners in the area and assuring them of free and open commerce and trade in the Indo-Pacific." A US presence in the South China Sea, a conduit for about US$3.4 trillion (RM14.43 trillion) of annual trade, has been welcomed by allies like Japan, South Korea, the Philippines and Australia, but it continues to rile rival China, which sees the exercises as provocations in its backyard. China claims historic jurisdiction over almost the entire South China Sea, which includes the exclusive economic zones of Vietnam, Malaysia, Brunei and the Philippines. Beijing has been conducting regular exercises too, and maintains a large presence of coastguard and fishing vessels far off its mainland, a source of frequent tension with its neighbours. The Nimitz Carrier Strike Group 11 includes the guided-missile cruiser Bunker Hill and the guided-missile destroyers Decatur, Wayne E Meyer and Chung-Hoon. The Chung-Hoon on Jan 5 sailed through the sensitive Taiwan Strait, irking China. That came two weeks after a Chinese navy J-11 fighter jet caused alarm when it came within 10 feet (three metres) of a US Air Force plane over the South China Sea. Sweeney said it is crucial for international rules to be followed, and said the US presence in the South China Sea demonstrated its commitment to its regional allies. "We've operated in the same body of water as the Chinese or the Singaporean navy or the Filipino navy since we've arrived, and it's all been safe and professional," he said. "We're going to sail, fly and operate wherever international waters allow us to, so we're not going anywhere."

https://theedgemalaysia.com/node/668627

Manchester United back in Champions League with 4-1 rout of Chelsea

English

MANCHESTER, England (May 26): Manchester United will be back in action in next season's Champions League after they hammered Chelsea 4-1 on Thursday to secure a top-four finish in the Premier League. Casemiro, Anthony Martial, Bruno Fernandes (penalty) and Marcus Rashford scored for United, who needed a point from their final two league games to officially end Liverpool's fading hopes of securing a spot in Europe's premier club competition. "It's important, this club belongs in the Champions League," manager Erik ten Hag told Sky Sports. "But it's not easy in the Premier League, it's a tough competition, so it's a massive performance when you get this done." Three-time European champions United, who failed to qualify for the Champions League last season, are third on 72 points with one game remaining, six points clear of fifth-place Liverpool. Fourth-placed Newcastle United secured a spot among Europe's elite following a goalless draw against Leicester City on Monday. Chelsea, who have struggled all season, are 12th with 43 points. United, who cap their Premier League season on Sunday by hosting 10th-placed Fulham, won the Carabao Cup in February and will be aiming to complete a domestic double when they face rivals Manchester City in the FA Cup final on June 3. "(The season has been) decent, it's not perfect because we want more," Fernandes said. "But for what we did this season, I think it's great. "Won one trophy, we get to the top four, that was our goal after we saw we couldn't go for the Premier League (title). "Now it's about finish the league well and go to the FA Cup and win." Ten Hag's side are unbeaten in Premier League action at Old Trafford for 17 games, going back to the opening weekend of the season. "They know how important they are for us," Fernandes said of the home supporters. "You could see during the season how important it was in many games, so we just appreciate all the effort." Casemiro scored in the sixth minute with a close-range header off a long free kick. The Brazilian helped set up Martial's goal just before halftime with a no-look chip into the path of Jadon Sancho. Martial was there to slot the ball into the empty net. Interim manager Frank Lampard's Chelsea side collapsed in the dying minutes. After Fernandes had made it 3-0 with a penalty in the 73rd minute, Rashford returned from a two-game absence to score his 30th goal of the season, cutting the ball around keeper Kepa Arrizabalaga. Joao Felix pulled one back for Chelsea in the 89th minute. The one negative on the night for the home side was the loss of Antony, who was left in agony with an apparent foot injury and had to be carried off on a stretcher. Ten Hag said he did not yet know the extent of the injury.

https://theedgemalaysia.com/node/607290

CTOS to stage downtrend reversal soon, says HLIB Research

English

KUALA LUMPUR (Feb 14): Hong Leong Investment Bank expects CTOS Digital Bhd to stage a downtrend reversal soon, pending a double bottom formation as indicators are showing uptick bias. In a technical tracker note on Monday (Feb 14), the research house said CTOS’s medium- to long-term prospects will continue to be supported by the huge growth potential of the ASEAN credit reporting industry, underpinned by a faster growth of a 13.2% compound annual growth rate (CAGR) from 2021-2025 (based on IDC) against the developed countries (the US: 7.5%; the UK: 5.3%) and the ASEAN region (10.8% between 2021 and 2025 to RM1.61 billion). It said this is mainly driven by the combination of increasing demand for credit in ASEAN and low penetration in the credit reporting industry (Malaysia’s credit reporting revenue per capita: RM6.90; the US: RM84.3). “A successful breakout above its neckline of RM1.85 will spur the price towards the RM1.90-RM2.10 territory. “Cut lost at RM1.66,” it said.

https://theedgemalaysia.com/node/650728

OPV 1 project to be completed by March 2023, says Saifuddin

English

PULAU INDAH (Jan 6): The Home Ministry insists that the construction of the first Offshore Patrol Vessel (OPV 1) project belonging to the Malaysian Maritime Enforcement Agency (MMEA) must be completed by March this year, as stipulated in the original commitment. Its minister Datuk Seri Saifuddin Nasution said he and his deputy Datuk Seri Dr Shamsul Anuar Nasarah will closely monitor the progress of the project to ensure that the construction of the vessel is completed within the stipulated time. “However, to be honest, I think they still need time after March (the date of OPV 1 is supposed to be completed), (but) not long; within this year it should be there. “I have clearly expressed the government’s position that the handover date should not be changed or extended for a long period because we cannot compromise,” he told reporters after inspecting the construction of the OPV 1 here on Friday (Jan 6). Prior to this, the media reported that the government had provided a loan of RM152.6 million to ensure that the MMEA’s OPV 1 project would be completed this year, and that the project had now been taken over by the finance ministry. Saifuddin said the additional funds will help complete the project within the stipulated time. “All major components have been (installed), and an escort boat will arrive. Everything is stalled because of the payment. But with the new injection of funds, I hope this (payment) will no longer be a problem,” he said.  Meanwhile, Saifuddin said that the construction of the OPV 2 is expected to be completed in October this year.

https://theedgemalaysia.com/node/608070

Malaysia Smelting Corp net profit jumps four-fold y-o-y in 4Q; soars to record high in FY21

English

KUALA LUMPUR (Feb 18): Malaysia Smelting Corp Bhd (MSC) saw its net profit for the fourth quarter ended Dec 31, 2021 (4QFY21) rise more than four times to RM64.07 million, from RM14.92 million a year ago. Revenue rose 9.67% to RM255.06 million from RM232.57 million in 4QFY20, while earnings per share leapt to 15.30 sen from 3.70 sen. According to MSC's stock filing, its tin mining segment posted a net profit of RM44.1 million for the quarter under review, up almost seven times from RM6.7 million a year ago, mainly due to high tin prices. "For MSC’s tin smelting division, net profit stood at RM10 million against net profit of RM15.4 million in 4QFY20, primarily due to an absence of a reversal of inventories written down of RM21.1 million, which was recorded in 4QFY20.  "The tin smelting division also benefited from higher profit margins from the sales of refined tin derived from its tin intermediates," it said. On a quarterly basis, its net profit almost tripled from RM28.94 million in the third quarter ended Sept 30, 2021 (3QFY21), while revenue rose 16.74% from RM218.48 million, mainly due to higher average tin prices. EPS for the period doubled from 7 sen in 3QFY21. For the financial year ended Dec 31, 2021 (FY21), net profit swelled almost eight times to hit an all-time high of RM118.06 million from RM15.16 million a year ago, while revenue rose 32.36% to RM1.08 billion from RM813.36 million a year ago. "The higher earnings were lifted by favourable average tin prices, which grew 82% to RM130,575 per metric tonne in FY21, from RM71,559 per metric tonne in FY20," said MSC. According to the group, its tin mining division led earnings growth with net profit expanding over five fold to RM109.4 million in FY21, from RM20.6 million in FY20, thanks to higher tin prices and production levels during the year. While its tin smelting division reported lower production of refined tin in FY21 due to disruptions caused by the Full Movement Control Order (FMCO) and the force majeure from June 7 to Dec 20, this was mitigated by a reversal of inventories written down amounting to RM24 million in the first quarter ended March 31, 2021 and higher margins from the sales of refined tin derived from its tin intermediates. Thus, its smelting division's FY21 net profit rose to RM12.1 million, from RM3.2 million a year ago. MSC has proposed a first and final single-tier dividend of seven sen per share, compared with one sen per share in FY20. "The tin supply deficit is forecasted to continue, which will sustain tin prices in the short- to medium term. At the same time, tin demand remains robust, in line with the global growth of electric vehicles, photovoltaic installations and consumer electronics, among others. This bodes well for the group," said its group chief executive officer Datuk Patrick Yong. “With the lifting of the force majeure, we are accepting tin ores from customers to be smelted. At the moment, we are smelting the backlog of tin ore accumulated from the pandemic. We are delighted to update that the Pulau Indah smelting facility has reached 75% capacity and expect full production in 2022. The full commissioning of the Pulau Indah plant is expected to improve extractive yields, lower manpower costs, as well as our carbon footprint.”  ”Concurrently, we are also running the Butterworth smelter in parallel. We plan to de-commission this plant in the next two to three years, when we achieve smooth operations at Pulau Indah. We anticipate our financial performance to improve, as we phase out production at the Butterworth plant. " “Meanwhile, our tin mining business has delivered a strong performance in FY21, being a direct beneficiary of high tin prices. Despite the FMCO, we have successfully increased the daily mining output at the Rahman Hydraulic Tin mine in Klian Intan, thanks to our efforts to mechanise operations and introduce new technologies at the mine. We look forward to an even higher mining productivity in 2022, barring any unforeseen circumstances," he added. MSC closed up 5 sen or 1.24% at RM4.08 on Friday (Feb 18), giving it a market capitalisation of RM1.71 billion.

https://theedgemalaysia.com/node/650885

Erdogan hints Turkey’s election could come earlier than scheduled

English

(Jan 7): Turkish President Recep Tayyip Erdogan hinted on Saturday (Jan 7) that Turkey’s upcoming elections could be held in May, a month earlier than scheduled. “We have five months, no stop for five months,” Erdogan said during a rally in the Mediterranean city of Antalya, urging his grassroots supporters to conduct a door-to-door campaign ahead of presidential and parliamentary elections. Erdogan, who’ll turn 69 in February, has dominated Turkish politics for almost two decades and turned the once-ceremonial post of president into the nexus of executive power. He said on Thursday that the election — originally expected to be held June 18 — could be brought forward. The president is expected to renew the elections under his existing powers, and the country’s Supreme Election Board will then decide on the date. Erdogan needs to win more than 50% of the votes for a first-round presidential victory to avoid a second-round run-off two weeks later. A six-party opposition bloc is yet to declare its candidate, and a leading pro-Kurdish party, HDP, said on Saturday that it will soon declare its own candidate.

https://theedgemalaysia.com/node/646279

EVENING 5: Five things you need to know today

English

EVENING 5: Celcom-Digi merger complete Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today. 1. Axiata Group, Telenor Asia and Digi.com announce the completion of the merger of Celcom Axiata and Digi’s telco operations. 2. Petronas sees its 3QFY2022 net profit surge 88% due to favourable prices for major products and forex impact. 3. CIMB Group Holdings says it’s “firmly on track” to exceed its FY2022 targets as it swings to profit in 3QFY2022. 4. Public Bank's 3QFY2022 earnings rise 16.8% on higher net interest income and lower loan impairment allowance. 5. FGV Holdings books a near 40% year-on-year fall in 3QFY2022 net profit, dragged down by its sugar business.

https://theedgemalaysia.com/node/633586

终止连跌 逢低买盘提振马股高开

English

（吉隆坡24日讯）马股终止连跌走势高开，表明昨日尾盘出现温和买盘支撑后，正出现逢低买进活动。 截至9时06分，富时隆综指上扬2.69点，挂1485.26点。 综指开市报1484.10点，较昨日闭市的1482.57点，攀升1.53点。 上升股160只、下跌股114只，另有199只无起落、1859只无交易，以及7只暂停交易。 成交量1亿8158万股，值7435万令吉。 乐天交易股票研究副总裁Thong Pak Leng指出，昨日午盘出现温和买盘，综指维持在1480点上方。 他向马新社说：“今日而言，我们认为科技和能源相关股的买盘将继续，因有消息称石油输出国组织（OPEC）可能减产，刺激布兰特原油再次升至100美元以上。” “因此，我们预计综指今日可能在1480至1500点区间游走。” 重量级股中，马银行（Malayan Banking Bhd）起1仙，报8.84令吉、大众银行（Public Bank Bhd）和国家能源（Tenaga Nasional Bhd）各升2仙，至4.62令吉和8.60令吉、联昌国际集团（CIMB Group Holdings Bhd）扬6仙，挂5.34令吉，而国油化学（Petronas Chemicals Group Bhd）挫21仙，至8.35令吉，以及IHH医疗保健（IHH Healthcare Bhd）跌3仙，报6.31令吉。 至于热门股，优乐控股（Euro Holdings Bhd）攀1仙，挂14仙、Hibiscus Petroleum Bhd扬2仙，报99.5仙，而Serba Dinamik Holdings Bhd挫2.5仙，至5.5仙。   （编译：陈慧珊）   English version：Bursa Malaysia snaps losing streak, opens higher on bargain hunting

https://theedgemalaysia.com/node/617747

威立拟豪掷1.3亿收购One River Power

Mandarin

（吉隆坡26日讯）威立（KPower Bhd）建议豪掷1亿3000万令吉收购水电站开发商One River Power的全部股权，将通过现金及发行新股解决交易。 根据文告，威立独资子公司KPower RE私人有限公司与Pristine Falcon私人有限公司已签署协议。 威立指出，One River Power主要参与开发位于沙巴的3座水力发电厂，总发电量为29.1兆瓦。 “收购计划将使公司能够扩大收入来源，并进一步加强在可持续能源和公用事业领域的地位。” “因此，预计收购计划将为威立提供可带来盈利的经常性收入来源，有望改善公司盈利，并在长期内提供更好的盈利可见性，从而提高公司股东价值。” 在任何无可预见的情况下，在21年特许经营期内，One River Power的前景将是积极的。 休市时，威立扬1.5仙或2.75%，至56仙，市值为3亿397万令吉。   （编译：魏素雯）   English version：KPower proposes to acquire One River Power for RM130m

https://theedgemalaysia.com/node/645175

马电讯第三季净利下滑2.2%

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（吉隆坡22日讯）马电讯（Telekom Malaysia Bhd）第三季净利下滑2.2%，归因于外汇损失及繁荣税。 马电讯今日向大马交易所报备，截至9月杪2022财政年第三季净利为2亿6520万令吉，略低于上财年同期的2亿7121万令吉。 第三季营业额则从28亿令吉，增长13%至31亿6000万令吉，得益于批发、宽频和企业解决方案业务改善。 该集团在首9个月净赚9亿8311万令吉，较一年前的8亿1527万令吉，上扬21%；营业额由83亿7000万令吉，增9.1%至91亿4000万令吉。 闭市时，该股微跌4仙或0.73%，报5.45令吉，市值达208亿2000万令吉。   （编译：陈慧珊）   English version：TM’s 3Q net profit eases 2.2% due to forex loss on borrowings, higher tax rate

https://theedgemalaysia.com/node/656653

China calls for 'joint action' in debt settlements at G20

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BEIJING (Feb 24): China called on the G20 to conduct a fair, objective and in-depth analysis of the causes of global debt issues and to resolve the problem in a comprehensive and effective manner, at a meeting of the bloc's finance ministers and central bank chiefs on Friday. Liu Kun, China's finance minister, joined the meeting in Bengaluru via video link, a finance ministry statement said on Friday, ending speculation over whether he would meet U.S. Treasury Secretary Janet Yellen on the sidelines. Liu also said that international financial institutions and commercial creditors should follow the principle of "joint action, fair burden" in the debt settlements, according to the statement. The United States has repeatedly criticised China over what it considers to be "foot-dragging" on debt relief for dozens of low-and middle-income countries, now that the country is the world's largest bilateral creditor. China has been consistent in criticising multilateral lenders for not taking haircuts on loans extended to debtor countries while being asked to do so on credit it has extended bilaterally. Officials from the IMF, the World Bank and G7 nations will meet on Saturday on the sidelines of the G20 meeting for the first in-person discussions of a new multilateral sovereign debt roundtable.

https://theedgemalaysia.com/node/650595

Energy Absolute expresses interest to explore Malaysian market, says Anwar

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KUALA LUMPUR (Jan 5): Energy Absolute Malaysia Sdn Bhd, the Malaysian arm of Thailand-based leader Energy Absolute (EA) Public Company Ltd (PCL) Thailand in renewable energy and green technology, has expressed interest to explore the Malaysian market, anchored on the principles such as supporting, investing and driving a pilot project. Prime Minister Datuk Seri Anwar Ibrahim said the company, which has a strong market capital of 380 billion baht (equivalent to RM45 billion), will collaborate with Computer Forms Malaysia Bhd (CFM) to develop green technology in Malaysia and electric vehicle (EV) technology transfer, among others. In his Facebook post on Thursday (Jan 5), the prime minister said the company will build an EV manufacturing facility specifically for the transportation sector such as electric buses, electric school buses, electric boats, electric motorcycles, EV batteries, electric trains, mobile electric cars, and others, worth a total of RM5 billion. "As Asean Economic Community members, with almost similar culture and heritage, the cooperation between Malaysia and Thailand continues to be strong, with high neighbourhood spirit and collaboration in various relevant fields,” he said. Read also: Green transition must promote social, economic equity — Miti

https://theedgemalaysia.com/node/678032

Negeri Sembilan: Not an easy feat for incumbents to defend their turf

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This article first appeared in The Edge Malaysia Weekly on August 7, 2023 - August 13, 2023 SINCE nomination day on July 29, Prime Minister and head of Pakatan Harapan (PH) Datuk Seri Anwar Ibrahim has visited Negeri Sembilan no fewer than three times. The frequent trips indicate that the Barisan Nasional-PH (BN-PH) alliance is not letting its guard down and is defending its turf, which used to be a battleground for the two coalitions. It is worth noting that neither PAS nor Parti Pribumi Bersatu Malaysia (Bersatu) has ever won a seat in Negeri Sembilan’s state legislative assembly. The state has about 864,425 voters, 57.6% of whom are Malay. Two high-ranking party leaders — Umno vice-president Datuk Seri Mohamad Hasan, who is defence minister, and DAP secretary-general Anthony Loke Siew Fook, who is transport minister — are contesting in the state polls. Negeri Sembilan is considered a stronghold for BN. Indeed, it is the only state in which BN won a majority in the 15th general election (GE15), winning five parliamentary seats. PH garnered the remaining three seats. There are 36 seats up for grabs in the upcoming state polls. In Kuala Pilah,  Anwar told voters that the BN-PH alliance was beyond a marriage of convenience, stressing that the unity government was formed to ensure political stability. However, there are views that the BN-PH collaboration may not go down well with hardcore Umno supporters, particularly those residing in the eastern part of Negeri Sembilan. Some voters reveal that the support-BN sentiment might swing as PH leaders are not politicians they support. And that is likely to open the door for the opposition to make inroads in the state. It is worth noting that there are Federal Land Development Authority (FELDA) settlers and Felcra members here, the majority of whom have traditionally been Umno supporters. A Felcra settler acknowledges that while some of them are unhappy with BN’s collaboration with PH due to the strong presence of DAP, her loyalty remains with BN. “My grandmother said BN is parti keramat (sacred party) for the Malays. We have to stay loyal,” she tells The Edge in Felcra Lakai in Pertang. She points out that food prices did not go up much when BN was in power. In Sungai Lui, which is part of the Jelebu parliamentary constituency,  FELDA settlers make up about 80% of the 20,000 voters, according to Umno Youth chief and BN Youth exco for Sungai Lui Hazwan Mohd Nor. In 2018, BN’s Mohd Razi Mohd Ali retained the seat, commanding 62.6% of the votes. However, BN’s share of the votes for Sungai Lui declined to 55.4% in GE15 after Perikatan Nasional (PN) made inroads into the state. The BN-PH collaboration seems to have made the campaigning efforts awkward. For instance, at a BN ceramah session in Lenggeng, there were fewer than five people donning the red PH shirts. Likewise at the Kuala Pilah rally, only a handful were wearing BN’s notable “blue shirts”. When asked whether the BN-PH factor could swing the votes in Negeri Sembilan, BN candidate for Lenggeng Mohd Asna Amin believed otherwise, insisting that the voters in Lenggeng, particularly where he is contesting, believe in the unity government. “Even the 7,000 voters who voted for Parti Amanah Negara’s candidate in 2018 also said they would vote for BN this time around,” he tells The Edge in Kampung Pantai, in the outskirts of Seremban. The Jelebu parliamentary constituency is important to both PH and BN as it is where two of their high-ranking party leaders are contesting. Loke is PH’s candidate in Chennah, while Umno Negeri Sembilan liaison committee chairman Datuk Seri Jalaluddin Alias is standing in Pertang. The Rantau state seat will be one of the most watched, where Mohamad Hasan, fondly known as Tok Mat, will defend the seat for the fifth time. He was the state’s menteri besar from 2004 to 2018. He is in a straight fight with Rembau PAS deputy president Rozmal Malakan for the seat. The challenge among BN supporters there is obviously to accept the unity government. “Before this campaigning period, it was hard to convince them that we [BN] have to join hands with DAP. But now, I think they have slowly accepted this,” says Rahim Daud (not his real name) in Kampung Sega in Rantau. Noting that Tok Mat is a strong political figure in Negeri Sembilan, Sarimah Daud, a businesswoman in Kampung Sawah, says she will continue to vote for him. “Unless BN fields another candidate, perhaps I would vote for PN, because this country needs a change.” Sarimah says the campaign vibe for BN is more vibrant than that of PN, given that the latter’s candidate is the underdog. “The PN candidate should meet the people here. Because if he is not here today, how would I know if he will be here for the people if he wins.” Negeri Sembilan seems to be the one state that PN has difficulty gaining support.  Realising its rivals’ strong grassroots support in Negeri Sembilan, PN is taking a door-to-door approach to introduce the coalition to households and garner votes. Door-to-door visits are commonly used by election candidates, particularly in rural areas. For the Klawang state seat, first-time candidate from PN, Danni Rais, who will face his cousin and incumbent Datuk Bakri Sawir from PH, is going to the ground to meet voters. “As a first-time candidate, I have to introduce myself to the residents here. They may know of PN, but they don’t know the candidate,” he tells The Edge. Having the backing of his father, who was member of parliament for Jelebu from 1999 to 2013, could be an advantage for him, especially among voters who are still on the fence. “We are with PN because Rais Yatim did a lot when he was a minister. He did not forget about people in Klawang,” says Hafiz (not his real name) when met in Klawang. Negeri Sembilan was the one state not impacted by the Green Wave in GE15. Will the incumbents be able to defend their turf at the upcoming state polls? Their voters’ loyalty will be tested, given the unexpected partnership between BN and PH.   THERE have been rumours that Negeri Sembilan Umno liaison committee chairman Datuk Seri Jalaluddin Alias, a familiar name in the state, returned to state politics because he is eyeing the state’s menteri besar (MB) post. The veteran politician, however, declined to say much on the candidate for the post, telling The Edge that his focus now is to ensure that all the electoral machinery work hard and the party gets the mandate from the rakyat. “After the election and when we get the results, then only the top leaders of our parties from BN (Barisan Nasional) and PH (Pakatan Harapan) will decide who will be the MB,” says Jalaluddin. Last month, Prime Minister Datuk Seri Anwar Ibrahim announced that incumbent Datuk Seri Aminuddin Harun would remain MB of Negeri Sembilan should BN-PH win the state election, quashing speculation that Jalaluddin is tipped to hold the state’s top post. Some quarters view this as another litmus test for the BN-PH partnership, as the incumbent MB is from PH. Nonetheless, Jalaluddin is confident that BN-PH will be able to defend their Negeri Sembilan seats in the upcoming polls. He does not see the political agreement between PH and BN affecting support in the state. “During GE15 (15th general election), the country saw an unprecedented event with no single political coalition winning a simple majority to form the government. This shows that the people have differences. As such, our leader has decided for us to form a unity government to ensure stability and growth of this country,” says Jalaluddin. As a matter of fact, he believes that the agreement between PH and BN will give the coalition an advantage in defending Negeri Sembilan in the upcoming state polls. “This is the only point they [Perikatan Nasional (PN)] have against us. They want to play with the people’s emotion because we [Umno] are working with DAP to paint a negative perception of BN. “But both PH and BN have been the state government for Negeri Sembilan and people understand our policies and the work that we [BN-PH] have put in to develop the state,” he stresses, adding that he wants to make Negeri Sembilan the “second Klang Valley” should BN-PH maintain their hold in the state. Furthermore, he disagrees with PN’s rhetoric on the need to have an opposition in the state. He says having representatives from different coalitions serve in the unity government is already sufficient in terms of checks and balances. “But for me, the checks and balances are already happening in the unity government. I don’t think we need to change the political landscape in Negeri Sembilan. “With that in mind, I believe BN-PH could win all the seats we are contesting in Negeri Sembilan,” he tells The Edge. Jalaluddin, who is also Jelebu MP, is the BN candidate for the Pertang seat against PAS’s Amirudin Hassan in the upcoming state election. Jalaluddin won the Jelebu parliamentary seat in GE15 last November.   PERIKATAN Nasional’s (PN) campaign tactic in Negeri Sembilan is to go from door-to-door to meet voters. Negeri Sembilan PN chief Datuk Seri Ahmad Faizal Azumu believes that as the underdog in the state, which has about 864,425 voters, these visits will help the coalition garner support. “I think now people can see that we are giving a good fight,” Ahmad Faizal tells The Edge. The door-to-door strategy is traditionally Barisan Nasional’s (BN) strong suit during election campaigns. “So far, the people have been very welcoming. When we knock on their doors and they see the PN logo, they welcome us to the extent that we are having drinks with them as they talk about their problems and needs. “In the past, when you were with the opposition party, people usually shut their doors. Things have changed a lot,” says the PN deputy chairman, adding that there has been increasing acceptance of the PN coalition. Ahmad Faizal is not contesting in the upcoming polls but he has an uphill task, which is to increase the popularity of PN in Negeri Sembilan — the only state in which the coalition won no parliamentary seat in the 15th general election held about nine months ago. Ahmad Faizal lost to Datuk Seri Anwar Ibrahim in the Tambun parliamentary seat in Perak with a 3,637-vote margin during GE15. “People were making fun of me when I was contesting in Tambun against Anwar. But I went to the ground and did a lot of work. Although I lost, it was by a small margin,” he says. While Ahmad Faizal admits it is tough for PN to make inroads into Negeri Sembilan, he sees an opportunity on the horizon, as Pakatan Harapan (PH) joining hands with BN is a move that is unpopular with Malay voters. He is tight-lipped about the potential candidate for the menteri besar post, should the coalition wrest control of the state. On economic development, Ahmad Faizal reckons that PH could have done more to develop Negeri Sembilan, considering the state’s proximity to the Klang Valley and Selangor, and its abundance of natural resources. “I don’t see the current government exploiting the potential of Negeri Sembilan to raise the livelihood of the people here. “A lot of people who live in Negeri Sembilan are working outside the state. It shouldn’t be that way,” he says. Visit this link for everything about the State Polls 2023. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's App Store and Android's Google Play.

https://theedgemalaysia.com/node/626924

Sime Darby, Pentamaster Corp, Perdana Petroleum, Hibiscus Petroleum, AEON Credit, Mah Sing

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KUALA LUMPUR (July 4): Here is a brief look at some corporate announcements and news flow on Monday (July 4) which include Sime Darby Bhd, Pentamaster Corp Bhd, Perdana Petroleum Bhd, Hibiscus Petroleum Bhd, AEON Credit Service (M) Bhd and Mah Sing Group Bhd. Sime Darby Bhd (SDB) entered into share sale agreements to divest Weifang Port companies in China for RM1.27 billion, with an indicative sum of RM357 million as repayment of shareholder loans. This marked SDB's full exit from the non-core ports business by the fourth quarter of 2022. SDB said the proceeds from the sale will be utilised for future investments in the group's core industrial and motors businesses, for capital expenditure and/or to repay short-term borrowings. Pentamaster Corp Bhd has subscribed for a 29.9% stake, equivalent to 16.61 million new shares, in the enlarged capital of Taiwan-based Everready Precision Industrial Corp for US$6.78 million (RM29.89 million), in a debt-to-equity exercise. Pentamaster said the exercise is intended to expand its business into synergistic technology solutions and applications, particularly a vertical integration for its electro-optical segment. Perdana Petroleum Bhd received a work order extension on June 14 from Petronas Carigali Sdn Bhd worth RM8.4 million for the provision of one anchor handling tug & supply vessel. This is the third contract that Perdana Petroleum has announced this year, and the second from Petronas Carigali. Hibiscus Petroleum Bhd has inked a farmout agreement for 80% interest and operatorship in an exploration permit offshore Australia to ConocoPhillips Australia for US$3 million (RM13.24 million) upfront and well costs of US$35 million. Under the deal, ConocoPhillips Australia will drill an exploration well by February 2025. Hibiscus' 11.68%-owned associate 3D Oil Ltd will contribute 20% of costs in line with its remaining interest in the permit. AEON Credit Service (M) Bhd's revenue dropped 5% to RM390.57 million for the first quarter ended May 31, 2022, from RM410.97 million a year earlier, mainly due to a decrease in average financing receivables. Net profit was little changed at RM163.07 million, versus RM163.09 million previously, thanks to higher bad debt recoveries. Moving forward, AEON Credit said it will continue to monitor and assess inherent credit risks in its financing portfolios. Mah Sing Group Bhd has launched its own homeownership campaign, dubbed "H.O.M.E" (Home Ownership Made Easy), that will run from July 1 until Sept 30. There are 13 participating projects in this campaign with 10 projects in the Klang Valley, one in Johor and two in Penang. Mah Sing said H.O.M.E will provide more sales impetus for its products and put the company on track to achieve its RM2 billion new property sales target for 2022.

https://theedgemalaysia.com/node/669969

my Say: Third-party arbitration financing’s unholy shadow

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This article first appeared in Forum, The Edge Malaysia Weekly on June 5, 2023 - June 11, 2023 Arbitration, international or domestic, is often seen as an expeditious way to seek justice. And increasingly we see investment companies and finance houses offering funding to help people who take their disputes to arbitration. That is called third-party arbitration funding or financing. As informed readers of this publication know, that which is commodified is an asset. And if arbitration or, strictly speaking, justice represented by arbitration, can be commodified, then it too as an asset can be used as a financing tool and can itself be financed. The funders will take a cut of the proceeds of the winnings. However, the promise of returns explicit in the financing agreement can itself be further collateralised or assigned or financed by the funder. The chain can go on and on, subject to very little regulation. This is a field of financing increasingly called “legal finance”. In the now well-publicised ongoing enforcement actions taken by the so-called Sulu heirs against Malaysia for unpaid monies, the arbitrator had ordered an award of approximately RM15 billion against the country. What is perhaps less widely known, is that the claim is funded by Therium, a legal finance company with an international footprint. Without rehearsing the now well-known facts, this piece looks at the potentially pernicious effects of third-party funding in arbitration. The classic approach taken by the funder when deciding whether to fund or not is that consistent with most investment decisions. The funder will assess different factors, such as win prospects, costs, quality of the legal team, the place where the arbitration is to be held, the law in question and the arbitrators. There are of course many who believe therefore that arbitration funding offers up access to justice to those who cannot afford it and is thus a good thing. However, there are also a number of funders who would look to other less salubrious factors or considerations in the quest for greater profit. For example, in cases which are probably unwinnable, the funders might take the view that, despite that, the commencement of a highly public and publicised dispute can compel the other side to settle. Parties are also more inclined to settle because they fear that when third-party funders become involved legal fees would spiral. This is where the access to justice argument, frequently vaunted by third-party litigation or arbitration funders as the public good they serve, fails. In the case of international arbitration, the matter becomes even more acute. Arbitrators are increasingly less and less subject to judicial scrutiny. Again, the orthodoxy these days is that arbitration and arbitrators should be free to make decisions on the cases they have been empowered by the parties’ contracts to adjudicate. There is often no room for appeal to the courts, even where the arbitrator has made an error of law, for example — such is the position of countries that have adopted the UNCITRAL (United Nations Commission on International Trade Law) Model Law. Many countries have adopted the Model Law but perhaps interestingly, one of the most prominent countries in the world for arbitration, England, has not adopted such provisions. This is of course not a sweeping criticism of the Model Law — there are many useful provisions in the Model Law but those provisions are premised on the freedom of the parties to agree specifically as to how and what their purported arbitration should look like. Unfortunately, many contracts are not freely negotiated. The reality of doing business is that often arbitration clauses or agreements are inserted as boilerplate. Moreover, in cases such as the Sulu claim, the “agreement” in question, which was made in a different era (in 1878) between parties who are no longer in existence (Baron von Overbeck and the then Sultan of Sulu), is relied on to fix the terms and parameters for a 21st century arbitration! Arbitrators also do not necessarily have to apply law as we usually understand law to be — they are free, subject to the terms of the contract and sometimes the arbitration laws of the countries where the arbitration is held, to apply “appropriate” principles and norms. In the Sulu case, the arbitrator had seen it fit to apply the UNIDROIT Principles of International Commercial Contracts 2016 to an agreement made in 1878. Notably too, the UNIDROIT Principles are principles, not law, international or otherwise. That shows the breadth of the arbitrators’ powers, admittedly subject to contractual control between the parties. But as in the Sulu claim, Malaysia having inherited the “agreement”, could not have a say in the terms. On a general point, moreover, not many contracting parties pay enough heed during the heady days of business courtship to clauses on what law and rules the arbitrator should apply in the event of a dispute. Hence, cases which seem unwinnable might well be good investments for the funder. I know it is not popular these days to urge caution in trusting this new religion called arbitration which, of course, has been the bread basket for many lawyers and now, for third-party litigation funders. Returning to the theme of this article, what the above seeks to argue is that given the uncertainties of outcomes, there is much pressure on parties under suit to settle, which in turn benefits the third-party funder. There are also important risk factors associated with third-party arbitration and/or litigation funding. There have been a spate of cases supported by third-party funders brought against developing and emerging economies which have limited legal expertise and resources to fight these claims. Indeed, as the Sulu case shows, some of the “agreements” in question had not even been made by those states themselves — they either inherited them from former (and, in some cases, corrupt) governments or their colonial masters. Arbitrators and arbitration lawyers are often one and the same — a person may be an arbitrator in one case and in another, the representing lawyer. A classic example of conflict is where in one case X acts as counsel in a funded case and in another case, as arbitrator in a case funded by the same funder. As X is paid for by the funder as counsel in the former, the risk of bias in the second is palpable. A more nuanced case of potential bias is where X acts as arbitrator in a funded case but as the funder is active in X’s field of practice, X would not wish to prejudice their own chances of being hired in a future case to be funded by the funder. A third situation is where X belongs to a firm which relies on funders for work — that raises the stakes if X in serving as arbitrator in a funded case does not make the “right” decision. Whether or not there is peer pressure from X’s partners and fee earners, X cannot easily free themselves from actual or self-imposed pressure. The short of it is that third-party arbitration funding in such an unregulated market environment, subject to very little judicial control, can lead to an unholy tacit alliance. In the Sulu case, outside the legalities, unfortunately Malaysia finds itself facing the brunt of a two-pronged public relations proposition. One, that third-party arbitration funding is enabling the so-called Sulu heirs access to justice and two, arbitration à la the UNCITRAL model offers the Sulu claimants justice. As to the first, I have tried to show that such a proposition cannot be accepted without questioning. That second proposition is made worse because of our now entrenched institutional belief in the unbridled autonomy of international commercial arbitration. At the risk of over-simplification, all that glitters is not gold. The same can be said for third-party arbitration funding. Prof Dr Jason Chuah is dean of law at Universiti Malaya 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.