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https://theedgemalaysia.com/node/670011

Cover Story 2: Rumours of a changing of the guard emerge (again) as MAHB MD’s contract expiry nears

English

This article first appeared in The Edge Malaysia Weekly on June 5, 2023 - June 11, 2023 SPECULATION that Malaysia Airports Holdings Bhd (MAHB) is getting a new managing director (MD) has begun again. This rumour has emerged as Datuk Iskandar Mizal Mahmood’s two-year tenure at the helm of the government-linked company is expiring in October. MAHB has had five MDs over the past two decades. Prior to that, the airport operator was helmed by the late Tan Sri Basir Ismail, who had served as executive chairman since its corporatisation exercise in 1992. During his tenure, Basir saw the opening of Kuala Lumpur International Airport (KLIA) in 1998. The company’s first and longest-serving MD was Tan Sri Bashir Ahmad Abdul Majid, who assumed his post in June 2003. Bashir led the company for 11 years, during which time it saw significant growth, as well as the opening of KLIA’s second terminal for low-cost carriers, klia2, in 2014. Bashir stepped down in 2014 and subsequently served as adviser to the board of directors until 2017. Datuk Mohd Badlisham Ghazali succeeded Bashir as MD in June 2014. He left the company after a four-year stint. The two MDs after Mohd Badlisham had shorter stints working at MAHB. Badlisham was replaced by Raja Azmi Nazuddin, who was the company’s chief financial officer from 2016 to 2018. Raja Azmi had been the acting CEO of the airport operator since June 2018, before he was promoted to the position of group CEO in January 2019. However, he stepped down from his post after just over a year. Raja Azmi was succeeded by Datuk Mohd Shukrie Mohd Salleh, who was then the chief operating officer of MAHB, and promoted to group CEO in March 2020 just before the Covid-19 crisis hit. He resigned from his position in October 2021. The end of Mohd Shukrie’s tenure was marred by a dispute between MAHB and property firm WCT Holdings Bhd over the redevelopment of the Sultan Abdul Aziz Shah Airport (Subang Airport) in Subang, Selangor. Iskandar Mizal, 57, has been heading MAHB since October 2021. But critics posit that shorter stints in the top job have a serious impact on the MDs’ or CEOs’ ability to do their job properly. “He or she should be allowed to see through plans that they have laid out,” says an industry analyst. The position of CEO or MD at MAHB is appointed by the Ministry of Finance (MoF) with approval from the prime minister. According to Iskandar Mizal, MAHB’s policy is that an MD above 55 years old can only sign a contract for a period of two years, while those below 55 years old will have a tenure of three years. “I am only focused on what I have to do and I can only do things that are within my control, like making changes to the organisation’s DNA (culture), implementing the transformation plan and looking forward to international expansion and other big-ticket items. I have a plan and I am institutionalising the plan [so that it can proceed] even if I am not here,” Iskandar Mizal tells The Edge. “Of course, every organisation must have continuity. You must see certain things through, but that is not for me to say. As far as I am concerned, I have a plan, a management team and now we need to get all the other people to get involved,” he adds. Critics also point to MAHB’s current board members having no aviation experience apart from its MD, and the board’s past failure to respond quickly over upgrades of the KLIA Aerotrain, baggage handling system, and ageing information technology system and equipment. To this, Iskandar Mizal says: “As a seasoned MD, no matter how experienced your board members are, I still need to adapt. If I need to explain more, then I will. The governance must be there. You must be able to come up with a considered opinion. I cannot just expect whatever I say people will follow.” Since April, MAHB has announced the departure of four directors, leaving the board with eight. They comprise non-executive chairman Tan Sri Zainun Ali (former Federal Court judge), Iskandar Mizal, Wong Shu Hsien (as nominee director of Khazanah Nasional Bhd), Rohaya Mohammad Yusof (as nominee director of the Employees Provident Fund [EPF]), Datuk Zamzuri Abdul Aziz (MoF deputy secretary general [policy]), and independent directors — Datuk Mohamad Husin, Ramanathan Sathiamutty (former MD of IBM Malaysia) and Cheryl Khor Hui Peng (former director of Deloitte Southeast Asia). Khazanah Nasional is the largest shareholder of MAHB, with a 33.24% stake. EPF owns 13.52%, while Kumpulan Wang Persaraan (Diperbadankan) holds a 6.72% stake.    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/671098

发马拟私配 分析员维持评级和目标价

Mandarin

（吉隆坡14日讯）发马（Pharmaniaga Bhd）建议进行私下配售，分析员维持该股的评级，目标价介于30仙和33仙，低于目前的38仙。 这家PN17公司昨日公布，建议私下配售至多10%股权，筹集4454万令吉营运资本。 发马有意向待定的第三方投资者发行至多1亿3102万股，参阅价为每股34仙。 丰隆投资银行研究维持该股的“卖出”评级，目标价30仙不变，这是基于截至明年12月杪2024财政年每股盈利2.6仙的11.6倍本益比。 分析员Sophie Chua Siu Li在报告中指出，计入私配和雇员认股计划，对每股盈利的稀释影响估计约为11%。 她维持发马的评级，因为仅凭这项活动不足以解除其PN17地位，因为股东基金仍处于负值。 “私配一旦完成，目标价也将降至26仙。” 她表示，随着获得新资金，发马的股东基金状况将略有改善，但仍处于负9820万令吉。 “虽然私配将对现有股东产生摊薄影响，但总体而言，我们仍正面看待这一发展，因认为这对发马来说比通过贷款筹资更可行，因借贷成本利息高可能会拖累获利。” 同时，肯纳格研究也维持该股的“低于大市”评级和目标价33仙。 该研究机构指出，这是基于2024财年每股盈利预测较同行折价35%的9倍本益比，因为市值较小。 “我们对这一最新企业活动持中和态度，因为这只是一个权宜之计，同时也在寻找一个全面解决方案，以摆脱PN17地位。” 由于截至3月31日的股东基金为负1亿4300万令吉，影响了派息的能力，因此肯纳格保持谨慎态度。 该机构补充，随着政府寻求更物有所值的合约，该公司可能不得不提供更具竞争力的新费率。 截稿时，发马平盘挂于38仙，市值报5亿443万令吉。   （编译：陈慧珊）   English version：Analysts unmoved by Pharmaniaga's private placement announcement on Tuesday

https://theedgemalaysia.com/node/671167

Murdoch and Conservative rivals circle Spectator, Telegraph

English

(June 14): The sudden prospect of an auction for the Telegraph newspaper and Spectator magazine — two of Britain’s most influential conservative titles — has sparked interest throughout the country’s media and financial elite. Earlier this month, a unit of Lloyds Banking Group plc appointed receivers to seize the holding company for both publications and removed the Barclay family’s directors, after talks over long-running debts faltered. Brothers Frederick and David Barclay bought the Telegraph and the Spectator magazine together in 2004, in a deal worth US$1.3 billion (RM6 billion) at the time. David Barclay died two years ago. Both titles are famous institutions intertwined with the upper echelons of the ruling Conservative Party. The Spectator is the world’s oldest weekly magazine still in print, founded 195 years ago, while the Daily Telegraph dates back to 1855 and claims the scoop for the outbreak of World War II. Media mogul and News Corp chairman Rupert Murdoch has coveted the Spectator for decades, and bid as recently as two years ago at a value of around £50 million (RM290.22 million), according to two people familiar with the matter. Murdoch will be in London next week for senior management meetings at News UK, according to people familiar with his schedule.  It would be trickier for Murdoch to acquire the much larger Telegraph Media Group Ltd, which overlaps in the premium segment of the conservative press with his British papers — the Times and Sunday Times, which he owns along with the Sun tabloid. Any deal would almost certainly face fierce political opposition and an in-depth antitrust challenge. Enders Analysis values the Telegraph at £452 million to £586 million, according to a June 9 note to clients. Although circulation and advertising sales have dropped sharply, the influential titles could command a “trophy” premium, Enders added. It’s unclear whether the paper and magazine would be auctioned together or separately. Another potential suitor for the Spectator is the co-founder of hedge fund Marshall Wace LLP, Paul Marshall, who has told associates of an interest in acquiring the Spectator magazine, according to people familiar with the discussions. A strong advocate of Brexit, Marshall has written polemics in the Telegraph and has funded the opinion commentary website UnHerd, which at the end of last year moved into new offices on the same Westminster street as the Spectator. He’s also backed right-wing TV startup GB News, whose initial founding chair was Spectator chairman Andrew Neil. A spokesperson for Marshall said that “while he doesn’t entirely rule out interest in either title, given his private investments in the UK media, it is too early to say anything meaningful and he is merely watching the situation from afar along with everybody else.” Former Telegraph editor and Murdoch executive Will Lewis, now a media entrepreneur and co-founder of the News Movement, has sounded out potential investors for his former newspaper, although discussions are at a preliminary stage, according to people familiar with the talks. Earlier this month, Lewis was awarded a knighthood by Boris Johnson, the former prime minister who dramatically announced his resignation from Parliament last week and was Lewis’ former star columnist at the Telegraph. A representative for Lewis declined to comment. Johnson’s role is itself the subject of speculation, given a close, career-long association with media titles owned by the Barclay family. Johnson edited the Spectator from 1999 to 2005 and subsequently enjoyed a £275,000-a-year commentator role at the Telegraph. One former government minister said there was a good chance interest in the titles would come from the names on the Conservative party donor list.   A strong contender for the Telegraph newspaper is seen as publisher Daily Mail & General Trust plc (DMGT), which was taken private by proprietor and chairman Jonathan Harmsworth, known as Lord Rothermere. It bid in 2004 and has explored approaches in recent years, according to people familiar with the matter. The Telegraph outsourced its print advertising to the Daily Mail group in 2021. In 2004 DMGT went up against conservative-leaning German publishing giant Axel Springer, before the Barclay family ultimately won out. Springer has continued to be acquisitive and spent at least US$1 billion to buy Politico in 2021. The 2004 auction for the Telegraph also saw the Barclays beat venture capital business 3i and news executive David Montgomery, who now runs the acquisitive but small National World plc. Evgeny Lebedev, who owns the Evening Standard and Independent, informally looked at the Telegraph in more recent years but it never got to the stage of serious negotiations, according to two people. Other possible interest could come from Middle Eastern or sovereign wealth: In 2020 a Qatari businessman bought the Ritz from the Barclays, while a Saudi investor bought 30% in Lebedev’s Independent and Evening Standard.  Belgian media group Mediahuis, which bought the Irish Independent in 2019, signalled interest in buying the Telegraph in 2019, the Financial Times reported, a move which would bring the papers back under former CEO Murdoch MacLennan, now chairman of Mediahuis — though earlier this year the company’s Irish boss expressed skepticism about the longevity of print news. Private equity buyers could also weigh in, but the typical playbook for a buyout, cost cuts, and sale may be limited, according to Enders Analysis. “The Telegraph does not have much fat to trim,” said analysts Alice Enders and Abi Watson. “It has no property assets to sell off; its print operations are outsourced; its print and digital advertising sales functions are outsourced; and the level of staff seems about right.” The media assets’ receivers AlixPartners declined to comment beyond statements made last week. News UK declined to comment. A representative for the Barclay family declined to comment. Representatives for DMGT and Lebedev didn’t respond to requests for comment.  

https://theedgemalaysia.com/node/676053

BlackRock sees ‘huge opportunity’ in cast-off banking assets

English

(July 25): BlackRock Inc is poised to become a bigger buyer of assets that banks unload to improve their capital and liquidity, after concluding that the industry faces years of upheaval brought on by high interest rates, stringent new regulations and possible consolidation. Gary Shedlin, a vice-chairman of the world’s biggest money manager, is leading efforts to position BlackRock funds as sources of capital for banks looking to sell asset-backed securities or large portfolios of consumer, commercial or residential loans. There’s no shortage of supply; lenders are offering assets every day to potential buyers like BlackRock and the pace of big loan sales is ramping up, Shedlin said in an interview. The shifts are part of a long-term secular trend that will see private capital playing a larger role in support of lenders, he said.   “It’s a huge opportunity for BlackRock. It’s a huge opportunity for our clients,” said Shedlin, the firm’s former chief financial officer and previously a financial institutions banker at Morgan Stanley. As part of the plan, BlackRock could start new investment vehicles that target bank assets, he said.  BlackRock will join an increasingly crowded field. Private equity and credit managers have been angling to buy dislocated assets from banks, and some of the country’s largest alternative-asset managers tried to get into the US government process to auction off lenders after four of them collapsed earlier this year. Funds managed by BlackRock executives have long invested in asset-backed securities, and the company has advised financial institutions and regulators for years. The new effort reflects executives’ assessment that there’s more fallout coming from the industry’s recent convulsions. While Shedlin, 59, said the “mini crisis” is now mostly over, banks must still contend with money-market funds that are luring away depositors with higher yields and mismatches between the duration of assets on lenders’ books and liabilities to their clients. Some assets including commercial real estate loans are at risk, he said.  BlackRock chief executive officer Larry Fink has said the collapse of mid-size US banks this year exposed “cracks in the financial system” and recalled the “slow-rolling crisis” of the savings and loan era of the 1980s and 1990s.  BlackRock itself this year was part of an unsuccessful bid by PNC Financial Services Group Inc for First Republic Bank, with the money manager expected to take over residential mortgage assets from the lender. As a result, US regional banks are shrinking balance sheets as the most aggressive interest rate hikes by the Federal Reserve in decades erode the value on some of their holdings.  Western Alliance Bancorp last quarter sold roughly US$4 billion (RM18.24 billion) in assets, while PacWest Bancorp sold a US$3.5 billion portfolio to Ares Management Corp. US Bancorp is making targeted sales and securitising auto loans, and Citizens Financial Group Inc said it’s looking to streamline its balance sheet. “If interest rates rose 500 basis points and banks didn’t change the types of assets they held on portfolio, I’d be more concerned,” said Aaron Klein, a senior fellow at the Brookings Institution. “If banks weren’t making any changes then they wouldn’t be recognising the change in their funding structure.” Still, top US banking regulators are preparing to release a sweeping plan on July 27 to tighten capital standards, a move that’s likely to shake loose more assets. Federal Reserve vice chair for supervision Michael Barr has said the changes will probably result in the largest banks needing to hold an extra two percentage points of capital — or an extra US$2 of capital for every US$100 in risk-weighted assets. BlackRock may find itself bumping up against other financial giants like Blackstone Inc, whose chief executive officer Steve Schwarzman said in May it’s in talks with several US regional banks to explore purchases of assets and loans they originate. While Shedlin doesn’t see an immediate “massive fire sale” of bank assets, he said there will be a migration over the next two to three years to a new relationship between investors and banks. Shedlin foresees banks increasingly pursuing an “originate-to-distribute model,” meaning there will be more loans or assets that banks probably will package into securities or sell in portfolios to investors like BlackRock. “We’re not a competitor to them,” Shedlin said of banks. “We bring, again, unlike a lot of people, incredibly flexible capital to the table.” BlackRock’s existing fixed-income funds, including the Strategic Income Opportunities fund and total return funds, could be potential investors in higher-quality assets offloaded by banks, Shedlin said. BlackRock currently oversees more than US$100 billion in securitised assets across a range of funds and accounts. A more opportunistic investing strategy could focus on scooping up problematic assets from banks that offer higher yields, he said. “Those opportunistic capital pools also both exist today at BlackRock and will exist in the future,” Shedlin said.  

https://theedgemalaysia.com/node/655225

MyEG控股股东Asia Internet 收购客凯易8.8%股权

English

（吉隆坡14日讯）MyEG服务（My E.G. Services Bhd）最大股东Asia Internet Holdings Bhd，收购客凯易（Cuscapi Bhd）约8325万股或8.811%股权。 客凯易今日向大马交易所报备，Asia Internet是于上周五（10日）通过直接商业交易买进公司的股份。目前不清楚卖家身分。 巧合的是，离岸公司Radio Port Ltd脱售了客凯易的5690万股或6.02%股权。 Asia Internet是MyEG董事经理黄天顺的私人公司。他于2019年成为客凯易的股东。 他目前直接持有客凯易的13.209%股权，并通过Asia Internet间接持有8.111%，以21.32%持股权成为最大股东。 其他大股东有Ultimate Quality Success（14.55%）和客凯易执行主席Jayakumar Panneer Selvam（7.44%）。 客凯易今日上升0.5仙，报22仙，市值为2亿787万令吉。 MyEG亦收高于62.5仙，增幅为3.31%，市值达46亿7000万令吉。 在宣布车主和驾驶人士仍可通过其现有渠道更新路税和驾照后，该股收复部分失地。 自上周以来，该股面对沉重抛售，因此前有报道称，所有移民交易将于2025年回归移民局。持有MyEG 12.13%的黄天顺，则在公司股价下跌时买入500万股。   （编译：陈慧珊）   English version：MyEG’s controlling shareholder Asia Internet buys 8.8% stake in Cuscapi

https://theedgemalaysia.com/node/670021

Gold dips, softer dollar limits losses

English

BENGALURU (June 6): Gold prices edged lower on Tuesday, as investors sought more clarity around the US Federal Reserve's policy outlook, while a softer dollar capped further decline, keeping bullion in a narrow range. Spot gold eased 0.1% to US$1,959.59 per ounce by 0427 GMT, while US gold futures held steady at US$1,975.60. The dollar index eased slightly, making bullion more affordable for investors holding other currencies. The yield on 10-year Treasuries fell after weaker US services sector data on Monday.  "The Fed's data-dependent stance will mean that rate expectations may continue to see huge swings due to its higher sensitivity to incoming economic data, with a key look-ahead being the US May CPI report next week," IG market analyst Yeap Jun Rong said. A survey from the Institute for Supply Management showed that the US services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Fed's fight against inflation. Lower interest rates tend to lift gold, as it reduces the opportunity cost of holding the non-yielding asset. "(But) the constantly-shifting narrative around how high the terminal rate will have to be, and the timeline for rate cuts could challenge gold prices' upside for now, until greater clarity is being presented on that front," Yeap said. Traders have priced in a 76% chance that the Fed will hold interest rates at its June 13-14 policy meeting, according to CME Group's FedWatch tool. Reuters technical analyst Wang Tao said spot gold may retest a support at US$1,938 per ounce, as the bounce triggered by this level seems to be ending around a resistance at US$1,964. Spot silver rose 0.1% to US$23.6163 per ounce, platinum added 0.4% to US$1,034.08, and palladium advanced 0.7% to US$1,423.35.

https://theedgemalaysia.com/node/653895

Pestech aborts second tranche of private placement

English

KUALA LUMPUR (Feb 2): Pestech International Bhd has aborted its plan to raise RM6.5 million via the second tranche of a private placement, as the identified investors had failed to complete the acceptance within the stipulated timeframe. The company had proposed to issue 22.8 million new shares at 29 sen apiece under the second tranche, representing 2.4% of Pestech’s total number of issued shares. In a filing to Bursa Malaysia on Thursday (Feb 2), the electrical power technology company said it would not seek an extension of time when the approval from Bursa Securities to complete the entire private placement expires on Feb 10. Under its first tranche of the private placement, completed in March 2022, Pestech raised RM20.3 million through the issuance of 36.8 million shares that represented 3.87% of the company’s total number of issued shares. The issue price was fixed at 55 sen per share. On Monday, Pestech confirmed that its executive chairman Lim Ah Hock and managing director-cum-group chief executive officer Lim Pay Chuan had been charged in court for allegedly abetting the misappropriation of RM10.6 million related to its wholly owned subsidiary Pestech Technology Sdn Bhd. The duo had claimed trial in respect of all the charges against them, the company had said in a filing. Shares of Pestech fell 19.35% or six sen to close at 25 sen on Thursday, valuing the company at RM248.06 million.

https://theedgemalaysia.com/node/651257

CTOS and Nikkei sign MOU to develop news monitoring features

English

KUALA LUMPUR (Jan 10): Credit reporting agency CTOS Digital Bhd signed a Memorandum of Understanding (MoU) with business media group Nikkei Inc to promote the effective utilisation of corporate data and news, according to the group’s statement on Tuesday. “Both parties will develop a news monitoring service on CTOS platforms via scoutAsia. CTOS and Nikkei will also explore the opportunity to power Nikkei products and platforms using CTOS’ global business and information,” CTOS said. ScoutAsia is an Asia-focused news and company data platform, jointly-developed by Nikkei and the Financial Times. The platform combines content and technologies to provide real time Artificial Intelligence-driven insights related to businesses in Asia. “Data and analytics are at the core of everything that we do at CTOS. Being able to expand the types of data that we can offer our clients, while simultaneously increasing the reach of our services across Asia with Nikkei is an important step forward for us in the region,” said CTOS group chief executive officer Eric Hamburger. Meanwhile, Nikkei’s managing executive officer Toshio Machida said, “Nikkei has been investing actively in Asia, developing technologies and building partnerships with best-in-class global information providers. We are thrilled to collaborate with CTOS to explore new ways of providing customers with business insights.” On Tuesday, the share price of CTOS closed unchanged at RM1.43, valuing the group at RM3.3 billion.

https://theedgemalaysia.com/node/619766

经济前景良好 提振马股收高

English

（吉隆坡13日讯）分析员表示，经济前景良好，提振市场情绪，带动富时隆综指收高0.36%。 截至下午5时，综指涨5.61点，挂1544.41点，周四收报1538.8点。 综指今早高开7.18点，报1545.98点，盘中游走于1541.15点至1551.33点之间。 上升股658只，下跌股317只，402只无起落，866只无交易及19只暂停交易。 马股总成交量降至31亿7000万股，总值25亿1000万令吉，周四则有36亿1000万股转手，总值25亿1000万令吉。 马六甲证券私人有限公司高级分析员Kenneth Leong表示，富时隆综指今日反弹，是因为今年首季国内生产总值（GDP）数据优于预期。 国家银行早前宣布，今年首季我国经济增长5%，2021年首季则萎缩0.5%。 国行总裁丹斯里诺珊霞表示，今年国内经济将会继续增长，预计涨幅介于5.3%至6.3%。 Leong告诉马新社：“随着大马本月进入流行病阶段，我们预计未来几个季度的GDP增长将进一步改善。” 重量级股项马银行（Malayan Banking Bhd）跌11仙，收报8.96令吉，大众银行（Public Bank Bhd）挫10仙，挂4.53令吉，IHH医疗保健（IHH Healthcare Bhd）及联昌国际集团（CIMB Group Holdings Bhd）各降1仙，分别报6.44令吉和5.04令吉，国油化学（Petronas Chemicals Group Bhd）涨12仙，至9.99令吉。 热门股方面，Serba Dinamik Holdings Bhd升3.5仙，挂12仙，MNC无线（MNC Wireless Bhd）、DGB Asia Bhd及Techna-X Bhd分别持平于2仙、2仙及11.5仙，科恩马（KNM Group Bhd）扬2仙，收于17.5仙，以及迪耐（Dagang NeXchange Bhd）起7仙，报1令吉。   （编译：魏素雯）   English version：Promising economic outlook lifts Bursa Malaysia higher

https://theedgemalaysia.com/node/663714

EVENING 5: Govt to review US$3.9 bil settlement with Goldman Sachs

English

In today’s edition of Evening 5 — Putrajaya re-evaluates a US$3.9 billion settlement deal reached with Goldman Sachs over the 1MDB scandal, and Global Royalty Trading refiles a US$14.57 million suit against Datin Seri Rosmah Mansor over missing jewellery. Meanwhile, Salutica points to its legal dispute with Apple Malaysia as a possible cause for the recent jump in its share price and volume.

https://theedgemalaysia.com/node/647414

‘Innovate or Die’: How Taylor’s University became Asia’s Top 50

English

Private education has always been a competitive market, but it has become even more so in the last decade. As such, there are now more options for students who wish to take their education to a higher level. With so much choice available, there is always the question of where, which many can find overwhelming. So, when it comes to considering which university to attend, rankings can be a helpful metric. QS World University Rankings remains one of the most widely read university rankings in the world. Therefore, it is a significant achievement for home-grown Taylor’s University to be placed at No 49 in the recent QS Asia University Rankings 2023. This is an improvement from the previous year, when it was No 53. It is the only private university in Southeast Asia to break into the Top 50 of Asia’s best universities list. If you break it down, Taylor’s now sits as the top private university in Southeast Asia for the third year in a row with its No 284 ranking in the QS World University Rankings 2023. This places the institution among the top 1% of the most influential universities globally. The significance of this is not lost on Taylor’s vice-chancellor and president Professor Michael Driscoll, who does not take this achievement lightly. “As great as it is, we are constantly reminding ourselves to not be complacent. As private universities, we can’t afford to do that, and we have to, as they say, innovate or die,” says Driscoll. The university saw growth in eight indicator scores — academic reputation, employer reputation, faculty student ratio, citations per paper, paper per faculty, international students, inbound exchange students and outbound exchange students. According to Driscoll, the key to all of this rests on how Taylor’s treats its student body from the minute they step on campus. When he first joined the education provider, he recalls, he was struck by the dedication that the institution had for the welfare of its students. “The reason we have been able to consistently, year after year, improve our ranking and standing is this intensive focus on our students — on their experience studying at Taylor’s and supporting them to achieve their ambition, both in terms of the qualifications they get and the career they move into after they graduate.” Driscoll adds that it is important that the students find just as rich an experience outside the lecture halls. It is no secret that employers these days are not just interested in the knowledge gleaned in classrooms and laid out in exams. Many human resources managers often speak about the fact that if it comes down to two candidates for a position, the one with more personable soft skills often has the advantage. “We have moved very significantly away from narrowly prescribed courses to open up other parts of the curriculum to students. For example, allowing engineering students to do humanities or social sciences, or vice versa,” he says. For Driscoll, a clear sign that this strategy is gaining traction is that a growing number of students are opting to take a minor, or secondary specialisation, along with the main focus of their degree. “But in addition to that, a lot of the individual modules are increasingly taking a project or problem-solving approach. So, the students can define the problem they are interested in and that allows them to have a much more customised course that reflects their passions and interests, rather than something that is over-designed that they are just passive consumers of,” he explains. In keeping with its mantra of having an eye on the future, the problems that the students often tackle are what the United Nations would deem big world challenges. Namely, climate change, ageing population, poverty and food security, among others. However, Driscoll is quick to point out that the only issue with allowing this kind of freeform education is that it often brushes up against regulations, either from the government or professional bodies, which he says are sometimes a couple of decades behind. “We have to try to reform things as much as possible, and I think we have been reasonably successful,” he says. Driscoll says Taylor’s also gives a lot of weight to what happens after its students graduate. According to him, Taylor’s strongly engages with employers to get their feedback, which helps to shape its curriculum. “You need to remember that 95% of people who go to university do so with the intention of going into the workforce. Very few go on to do PhDs, or to become teachers or researchers. Increasingly, our students are going out and doing placements as part of their degree.” Another big plus for employers is experience abroad. Driscoll says that for Taylor’s students, this is twofold. Not only is the student body increasingly becoming international, with more than 30% of its population now coming from overseas, but students are also given the opportunity to study at universities in other countries as part of their learning experience. “This helps to develop graduates who know how to navigate the world, who know how to deal with disappointments and setbacks and, most importantly, not be held back by that, so they can rise up again and go on to success,” says Driscoll. Other benefits of international exposure, according to Driscoll, is that it will create future employees who embrace collaboration and are happy to work in multicultural workplaces, which is more the norm rather than the exception these days. As the world evolves, it is crucial that the standards and scope of education do as well. Driscoll says Taylor’s embraces this and as such, its future syllabus will include subjects that deal with the metaverse and immersive technology. Taylor’s also wants to make sure that its name is increasingly known on the global stage. Driscoll says in its effort to achieve that goal, Taylor’s hopes to establish branch campuses around the region, which would allow it to offer its expertise to a wider audience. “What I would like to see in 10 years is that the Lakeside campus has become a hub of sorts for specialist institutions. Because we have some high-ranking provisions in the areas of hospitality and tourism. If we really want to use our knowledge and expertise, we have to go beyond Malaysia’s borders,” he adds. That dream does not seem that far-fetched at the moment. Taylor’s is currently No 16 in the world in hospitality and leisure management in the QS World University Rankings by Subject 2022, defending its position as the highest-ranked Malaysian university in the world for the fifth time in a row.

https://theedgemalaysia.com/node/650568

Perodua to leverage growth achieved, expand capacity in 2023

English

KUALA LUMPUR (Jan 5): Perusahaan Otomobil Kedua Sdn Bhd (Perodua) will focus on leveraging the growth achieved so far, and further expand its capacity in 2023. President and chief executive officer Datuk Seri Zainal Abidin Ahmad said for this to come true, the carmaker hopes material prices and fuel prices would remain manageable. “At the same time, we also hope that foreign exchange and interest rates would be favourable to industry growth,” he said in a statement on Thursday (Jan 5). Zainal Abidin said if these factors remain within acceptable levels, Perodua will maintain its vehicle prices. “For now, our priority is to deliver to those who booked their Perodua [cars] within the sales tax exemption period, as the prices for these vehicles will remain as per agreed until the March 31, 2023 deadline,” he added. The company’s production surged by 49.5% to 289,054 units in 2022 from 193,400 units in 2021, while sales saw an increase of 48.2% to 282,019 units against the 190,291 vehicles registered in the preceding year. After-sales saw intakes grew to 2.6 million, which was a 30% increase from two million service intakes in 2021. Moving forward, Zainal Abidin said Perodua would continue to introduce new technologies in its future products and services, as well as to continue to invest in innovations in its operations. “In addition, we will also encourage our partners, namely our suppliers and dealers, to continue to invest in new technologies, so that they can be more competitive and productive. “We will announce the full list of our targets later in January, but I wish to take this opportunity to thank the Government for its continued support, our partners for their dedication, Perodua staff for their sacrifice and hard work, and especially to our valued customers for their loyal support,” he said.

https://theedgemalaysia.com/node/645571

PM appointment spurs Bursa relief rally; ringgit strengthens

English

KUALA LUMPUR (Nov 24): The news on Datuk Seri Anwar Ibrahim, the chairman of Pakatan Harapan, being sworn in as Malaysia’s 10th Prime Minister brought relief to the stock market and lifted the ringgit to RM4.4955 against the US dollar. The FBM KLCI surged 58.38 points or 4.04% to close at a near three-month high of 1,501.88 points, which was a whisker away from the intra-day high of 1,502.11 points.  The big jump, in percentage terms, is the largest since March 20, 2020 when the benchmark leapt 6.85% to 1,303.28 points. The palace’s announcement on Anwar being chosen to be the 10th Prime Minister spurred a relief rally as it unlocked the political impasse caused by the hung Parliament after the 15th General Election on Nov 19. However, some quarters see the relief rally as a knee-jerk reaction. The market is likely to be reacting to initial euphoria, said analyst Alexander Chia of RHB Research, noting that the new unity government has a long way to go to prove its ability to work together as a team. Although another spike in markets should invite some short-term profit taking, he advised investors to re-focus on fundamentals with a preference for large-cap value stocks. “After breaking past the 1,500-point threshold, the index is eyeing to climb towards 1,613 points, followed by 1,696 points,” he added. Among the component stocks, two telcos Axiata Group Bhd and Maxis Bhd led the pack. Axiata rocketed 12.8% or 36 sen to RM3.18 and Maxis soared 12.3% or 45 sen to RM4.11. Gaming and brewery stocks, which tumbled earlier in the week amid uncertainties on which coalition would form the Government, rebounded. At close, Heineken Malaysia Bhd surged RM1.56 or 6.7% to RM24.88 while Carlsberg Brewery Malaysia Bhd gained 94 sen or 4.3% to RM22.94. Magnum Bhd was up 12 sen or 9.3% at RM1.41 and Sports Toto Bhd gained nine sen or 5.6% to RM1.70. Genting Malaysia Bhd climbed 20 sen or 7.9% to RM2.72, and its parent Genting Bhd increased 27 sen or 6.4% to RM4.48. All these six companies took a beating in the last three days of trading, with a combined market value of RM3.38 billion wiped off, as the fear of a possible conservative government being appointed prompted investors’ exit. The ringgit also headed for a strong rebound on Thursday, which strengthened by 1.74% to RM4.4955 against the US dollar from Wednesday’s close of 4.5750, driven by the end of the political impasse. The local unit, which opened at 4.5747 on Thursday against the greenback, also appreciated against a basket of other major currencies. The ringgit gained 1.57% to 5.4376 against the British pound, strengthened 1.09% to 3.2716 against the Singapore dollar, and 0.67% to the euro. “Domestic catalysts for ringgit include political resolution that paves the way for pro-growth policies and domestic reforms, and further OPR hikes,” said Senior Economist Julia Goh from SG-UOB Global Economics & Markets Research. She added that the US dollar and Chinese yuan trends remain prime drivers for the local currency pair, as the ringgit has been highly affected by movements of the yuan against the US dollar since April till mid November. “This is not surprising given that China is one of the key trade partners of Malaysia. A sooner-than-expected easing of China’s Covid-19 measures and new measures to support its troubled property sector after the 20th Chinese Party Congress helped stabilise sentiments in the yuan since early November,” Goh added. The stronger rebound in the ringgit was also driven by US Federal Reserve (US Fed) indications that it would soon moderate the pace of interest-rate increases to mitigate risks of overtightening The US Fed signalled that it leans toward downshifting to a 50-basis-point hike in December. The next key event that will be keenly watched by the market is the Cabinet line-up, and Parliament resumption to re-table Budget 2023, said Dr Yeah Kim Leng, professor of economics at Sunway University Business School. “The new Prime Minister will have to assess each MP that will be appointed to Ministerial posts in the Cabinet. The quicker the Ministers get down to work, the better it is, especially as the country is heading towards a gloomy economic outlook next year,” Yeah told The Edge. He added that the new government is also seen to be making some changes to the initial Budget 2023 by reviewing cash aid that amounted to RM10 billion, tax cuts for middle income groups and SMEs for a total of RM1 billion, subsidies for electricity (RM2.5 billion), and development expenditure (RM95 billion). “The incoming government will take stock of the expenditure, and might entirely review it. I expect the government to reduce some of the one-off cash handouts so that the allocation could be used to assist and rebuild living standards of the low income group for the longer term,” said Yeah. However, without a simple majority in the government, there could be more challenges to push through key reforms that tackle fiscal weaknesses, improve governance and address corruption, said Goh. “This could be due to differences in party aspirations and values, conflicts in policies, or lack of political will. “Therefore, it remains to be seen if key fiscal measures such as reintroducing a consumption based tax (like the Goods and Services Tax), carbon tax, and targeted subsidies will be implemented amid mounting macro headwinds,” said Goh. In any case, Budget 2023 will have to be re-tabled by the new government when Parliament resumes, she added.

https://theedgemalaysia.com/node/653006

TalamT, CLMT, Liihen, Nice, Zelan, Scable, Ranhill, FPGGroup, Rhonema, IGBB, Encorp, PRG, Euro

English

KUALA LUMPUR (Jan 26): theedgemarkets.com highlighted four stocks with positive momentum and nine stocks with negative momentum at Bursa Malaysia's afternoon close on Thursday (Jan 26). 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. However, each stock has an accompanying fundamental score and valuation score to help readers evaluate the attractiveness of the stocks if they want to ride the momentum. For more detailed financial information and reports on the above-mentioned stocks, please subscribe to AbsolutelyStocks at www.absolutelystocks.com

https://theedgemalaysia.com/node/668517

Solar power investment set to surpass oil production spending this year

English

(May 25): Investors will pour more money into solar power than in oil production this year for the first time, signalling the scale and speed of the transition to low-carbon sources of energy. That’s according to the latest report from the International Energy Agency, which sees investments in clean energy technologies soaring past those made in fossil fuels. However, the mix of investment is still far from one that would put the world on course to meet its commitments to limit the increase of global temperatures.  A record of more than US$1.7 trillion (RM7.8 trillion) will be invested in a variety of clean energy technologies this year compared to about US$1 trillion going into fossil fuel supplies and power production, the IEA found. Clean energy spending is set to grow 24% this year, a more rapid pace than the 15% growth in investment for fossil fuels. “Clean technologies are pulling away from fossil fuels,” said Fatih Birol, the IEA’s executive director. The growth in clean energy spending is driven by technologies including solar panels and electric vehicles that are key to cutting dependence on the use of oil, coal and natural gas that are major causes of carbon emissions and lead to climate change. Still, that level of annual investment will need to roughly double by 2030 to put the world on track to have a chance to limit global warming to 1.5C, according to the report.   And while fossil fuel investment falls behind cleaner alternatives, it’s still set to reach the highest level since before the pandemic. That would have to start falling sharply this decade to be in line with the IEA’s scenario that would see the planet reach net-zero emissions by the middle of the century.  This is particularly true for coal, the most polluting fossil fuel. Investment in coal supply is set to rise 10% this year to a fresh record. The vast majority of that is in China, where power shortages have pushed the government to build new coal-fired plants.  

https://theedgemalaysia.com/node/660994

Losses from financial scams totalling RM39m reported from October 2022 to January 2023, says Anwar

English

KUALA LUMPUR (March 27): Losses from financial scams based on the 16,752 calls made to the National Scam Response Centre (NSRC) from October 2022 to January 2023 amounted to RM39 million, said Prime Minister Datuk Seri Anwar Ibrahim. Anwar, who is also the finance minister, said that under existing laws, banks could not place the responsibility for any losses from financial scams on its clients, unless there is sufficient evidence that the client has committed fraud or has not taken precautions to protect financial information at all times. He said this in a written response to Chong Chien Jen [PH-Stampin], which was published on Parliament’s website on Monday (March 27). Chong wanted to know the amount of losses suffered by victims of scams through bank transfers from 2020 to 2022, and the rationale for banks not compensating the victims. Anwar said banks would only be responsible for losses arising from weaknesses in its banking system and risk management practices. “However, if there is evidence that their clients’ security details have been compromised, banks can offer compensation at their own discretion. Victims have the right to accept or reject the offer,” he said. Should there be any dispute on the compensation amount, victims can lodge a complaint with the Ombudsman for Financial Services (OFS), he added. OFS was established under Bank Negara Malaysia, in accordance with the Financial Service Act 2013 and Islamic Financial Services Act 2013, as an independent assistance mechanism that offers free services to clients concerning financial disputes with financial service providers. Meanwhile, Anwar also said that police have opened 751 investigation papers under Section 420 of the Penal Code and 24 investigation papers under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act, and proceeded to freeze RM24.3 million in bank accounts, for the purpose of investigating money laundering. The finance minister reminded users not to download any applications from unreliable sources, whether through websites or social media, and to only download from official platforms such as Apple Store or Google Play Store. Victims of financial scams are also urged to report to banks or the NSRC. For more Parliament stories, click here.

https://theedgemalaysia.com/node/673133

云升控股子公司获续约1年

Mandarin

（吉隆坡30日讯）云升控股（Yinson Holdings Bhd）的岸外业务部门云升生产（Yinson Production），通过与PetroVietnam Technical Services Corporation（PTSC）持股49:51的联营公司PTSC Asia Pacific Pte Ltd（PTSC AP），获得FPSO PTSC Lam Son光船租赁合同延长12个月，并自动延长6个月。 PTSC和PTSC AP签订的附录，概述了租船期限从2023年7月1日延长至2024年6月30日，并进一步自动延长至2024年12月31日。 合同价值（包括自动延期）估计为2730万美元（1亿2790万令吉）。 截至下午3时47分，云升控股跌1.16%或3仙，至2.56令吉，市值达78亿7000万令吉。   （编译：魏素雯）   English version：Yinson's offshore business unit secures 12-month charter contract extension for FPSO PTSC Lam Son

https://theedgemalaysia.com/node/660815

令吉兑美元微跌

Mandarin

（吉隆坡27日讯）经济学家指出，鉴于市场不确定性加剧，令吉兑美元周一早盘微跌。 截至早上9时，令吉兑美元降至4.4270/4310，上周五收报4.4250/4305。 Bank Muamalat Malaysia Bhd首席经济学家兼社会金融主管Dr Mohd Afzanizam Abdul Rashid表示，国际货币基金组织（IMF）总裁Kristalina Georgieva表示，金融不稳定的风险已经增加。 他补充说，在发表上述言论之前，还有更多银行受到了关注，最近的一家是德意志银行（Deutsche Bank），因为其股价暴跌。 “投资界仍然对当局发出的相互矛盾信号感到困惑。” 他告诉马新社：“因此，市场的不确定性已经升高，如果本周出现避险模式，我并不感到意外。” Mohd Afzanizam估计，令吉周一将在4.42至4.43令吉之间窄幅波动。 同时，令吉兑一篮子主要货币普遍走低。 令吉兑欧元下滑至4.7635/7678，上周五收于4.7476/7535，令吉兑英镑则从5.4034/4101，跌至5.4142/4191。 然而，令吉兑日元从3.4099/4144，攀升至3.3848/3881。 同时，令吉兑亚洲货币涨跌互见。 令吉兑印尼盾滑落至292.1/292.5，上周五挂291.90/292.50，而令吉兑新元则从3.3178/3225，减至3.3218/3253。 不过，令吉兑泰铢从12.9610/9835，上涨至12.9252/9421，以及令吉兑菲律宾比索从8.15/8.16，增至8.14/8.15。   （编译：魏素雯）   English version：Ringgit opens slightly lower versus US dollar

https://theedgemalaysia.com/node/634529

马资源次季转亏为盈

English

（吉隆坡30日讯）营运恢复正常，促使营业额和按建筑进度确认的盈利增加，马资源（Malaysian Resources Corp Bhd）第二季转亏为盈。 该集团向大马交易所报备，截至6月杪2022财政年次季净赚1410万令吉，上财年同期则净亏3242万令吉。 次季营业额从2亿2575万令吉，跳涨逾2倍至7亿39万令吉。 马资源补充，尽管劳动和主要建材短缺，但第三轻快铁计划（LRT3）的进度进一步提振集团业绩。 该集团在首半年录得2814万令吉的净利，而一年前净亏2721万令吉，营业额达15亿1000万令吉，相比同期的4亿5246万令吉，增幅为2.3倍。 该股终场升0.5仙或1.45%，收于35仙，市值为15亿4000万令吉。   （编译：陈慧珊）   English version：MRCB returns to the black in 2Q with RM14.1 mil net profit as operations normalise

https://theedgemalaysia.com/node/630178

HLIB downgrades Bursa, cuts target price by nearly 30% to RM5.65

English

KUALA LUMPUR (July 29): Hong Leong Investment Bank (HLIB) Research has trimmed its target price (TP) for Bursa Malaysia Bhd by 29% to RM5.65, from RM7.95 previously, amid weaker average daily trading volume (ADV).  The research house also downgraded the stock to "sell" from "buy", it said in a note on Friday (July 29).  “The seemingly dimming ADV outlook — from US recessionary contagion fears and diminishing probability of an early 15th general election (GE15) — prompts us to lower our ADV assumption.  “Consequently, we cut our financial year ending Dec 31, 2022 (FY22)/FY23/FY24 earnings forecasts by 9%/6%/9%.  “With ADV evaporating, Bursa’s market capitalisation-ADV ratio for July has surged to +3.2 standard deviation above the mean (a 10-year high). Put simply, while ADV has taken a beating, the share price has not adequately corrected to reflect this,” it explained.  According to HLIB, monthly ADV has been trending downwards since June, as investors remained on the sidelines in the face of external woes caused by the US Federal Reserve's (Fed) aggressive monetary tightening, which triggered recession fears in the US and around the world.  “Worryingly, month-to-date July ADV of only RM1.31 billion (down 31% month-on-month) is the lowest monthly showing in almost a decade (since December 2012).  “Although we earlier envisioned an early GE15 providing the much-needed reprieve to ADV in the second half of 2022, this possibility seems to be diminishing given recent political news flows. Management is cognisant of the lacklustre ADV climate, and has assured that it will manage costs prudently,” said HLIB.  Given the gloomier near-term outlook, HLIB lowered its FY22/FY23/FY24 ADV assumptions by 17%/14%/15% to RM2.06 billion/RM2.31 billion/RM2.39 billion. Meanwhile, MIDF Research in contrast said despite the economic uncertainties, it expects that trading activities will rebound once the dust settles around expectations that the Fed will reduce the pace of its rate hikes. “This will improve sentiment and market valuation going forward. Furthermore, we have seen interest from foreign investors starting to return this year. We believe the recent share price decline means that the stock is currently undervalued.  “Therefore, we are maintaining our ‘buy’ call on the stock. However, we revise our TP to RM7.60 (from RM7.45), as we roll over our valuation to FY23. We peg FY23 earnings per share to a price-earnings-ratio of 20 times,” it said.  Bursa was up 1.09% to RM6.50 at the time of writing on Friday, valuing it at RM5.26 billion.

https://theedgemalaysia.com/node/617494

拟进行以股代息计划 Kuchai及Sungei Bagan走高

Mandarin

（吉隆坡25日讯）Kuchai Development Bhd（KDB）上周五建议以股代息（dividend-in-specie），派发Sungei Bagan Rubber Company (Malaya) Bhd（Sg Bagan）的1758万股或26.51%股权给KDB股东，刺激股价今早一度大涨16.7%，至2令吉盘中高位。 截至早上9时24分，KDB报1.95令吉，共20万6100股转手。市值为2亿4131万令吉。该股挤入马股十大上升股排行榜。 Sg Bagan也一度弹升5.71%，至3.70令吉盘中高位，但截至早上9时24分，该股回吐了部分涨幅，报3.55令吉，共2万1400股成交。公司市值为2亿3548万令吉。 截至4月5日，KDB的发行股本为6367万令吉，包括1亿2375万令吉，预计每持有1股KDB股票，可获得分配0.142股Sg Bagan股票。 KDB大股东居銮（Kluang Rubber Company (Malaya) Bhd）的股价今早也一度上扬5.46%，至4.25令吉盘中高位。同时，该股也是十大上升股之一。 成交量为1万1900股。公司市值报2亿6848万令吉。 目前，居銮持有Sg Bagan的32.21%股权。完成上述计划后，估计居銮在Sg Bagan的持股权将提高至43.4%，并触发强制性全面献购（MGO）。不过，居銮无意进行MGO，公司将会向证券监督委员会申请豁免。 完成以股代息计划后，KDB将不再是Sg Bagan的股东，只有居銮是KDB（42.21%）和Sg Bagan（43.4%）的股东。 关于以股代息计划，KDB将会举行股东特别大会（EGM）征求股东批准。   （编译：魏素雯）   English version：Kuchai Development, Sungei Bagan shares trade higher on dividend-in-specie proposal

https://theedgemalaysia.com/node/628321

亚航长程：已补偿逾27万份因疫情取消的航班预订

English

（吉隆坡15日讯）亚航长程（AirAsia X Bhd）今天指出，已通过全额的5年期旅行券，成功补偿过去两年因疫情导致超过27万份航班取消的预订，其中包括所有499令吉的无限通行证（Unlimited Pass）持有者。 亚航长程周五发布文告指出，旅行代金券可用于立即预订目前在销售的任何亚航长程航班（航空公司代码D7）。 “未来，亚航长程将增加更多的航线，包括在2022年将飞往日本、澳州、夏威夷、纽西兰、伦敦、迪拜和伊斯坦堡。” 该集团表示，未来数周将继续优先处理所有剩余的补偿，包括旅行社的预订，并将通过注册的电子邮件联系所有乘客。 亚航长程代集团总执行长丹斯里东尼费南德斯说：“我们兑现了对亚航长程乘客的承诺，并为超过25万份预订归还了价值超过9200万美元的旅行券。这大约是总预订量的80%，我们正在联系最后一批客人，直到每个人都收回他们应得的款项。” “虽然很多人在这期间一直在支持我们，但我理解还有很多人对没有收到航班取消的现金退款表示失望。” 他补充：“由于重组的法律程序，亚航长程无法支付现金退款，但我们努力平衡生存与使用旅行代金券偿还每个人，以便用于现在和将来再次飞往期望的目的地。”   （编译：陈慧珊）   English version：AAX says it has compensated over 270,000 cancelled bookings to date

https://theedgemalaysia.com/node/636505

Highlight: Stepping up our sea turtle conservation efforts

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This article first appeared in The Edge Malaysia Weekly on September 19, 2022 - September 25, 2022 Sea turtles have graced Earth’s oceans for well over 100 million years, covering vast distances while playing a vital role in maintaining the balance of marine habitats. Importance to marine ecology aside, they are also among the gentlest and most beautiful creatures on the planet. However, turtle sightings and beach nesting have dwindled considerably and exponentially over the years. The once-iconic leatherback turtle is virtually non-existent to natives of Terengganu. Globally, the overall number of sea turtles continues to dive to critically low figures. Why is this so important? Many people understand that sea turtles, sadly, are in danger of extinction. But many more do not understand how large an impact this will have on our oceans. Scientists today still do not fully understand the roles that sea turtles played centuries ago when they were in their prime, unaffected by human activity. But what we do know today is that sea turtles play an important role in ocean ecosystems by maintaining healthy seagrass beds and coral reefs. This provides key habitat for other marine life, helping to balance marine food webs and facilitate nutrient cycling from water to land. The cause for the decline of sea turtles has been identified from these three pain points: 1. Irresponsible fishing activities: According to latest reports, 45% of recent turtle deaths recorded in Terengganu were caused by gillnets while 38% were caused by trawl nets. 2. Plastic pollution: Plastic ingestion is one of the key causes of sea turtle deaths. Multiple carcasses were found with plastic in their mouths and stomachs. Plastic debris on beaches also affects sea turtles’ nesting, while debris in nest chambers can prevent their hatchlings from emerging to the soil surface. 3. Turtle eggs remain a local delicacy: There is still a high demand for turtle eggs, which continues to drive illegal poaching. This robs sea turtle foetuses of their chance of seeing the light of day. Sea turtles already have a difficult time surviving, as only one in 1,000 make it to adulthood. To combat this long and worrying trend, the Terengganu state government initiated, on June 1, 2022, a total ban on the sale of all types of sea turtle eggs and mobilised undercover tactics to ensure that no trader would dare to sell sea turtle eggs even discreetly.  There have been many conservation efforts and laws put into place to save our sea turtles, but we recognise that more needs to be done. Determined to address this issue starting with Terengganu, we at the International SeaKeepers Society Asia, a non-profit marine conservation organisation, have banded together with Universiti Malaysia Terengganu (UMT) to step up local conservation efforts further. Also joining our cause are local creative and communications agencies Pinang Films and VoxEureka, as well as community group Kapas Turtles, an ongoing community-based project focusing on turtle conservation in Pulau Kapas, Terengganu. Our united goal is ultimately to bring back the glory days when turtles would nest on Malaysian shores every other day, hence the launch of our recent campaign titled #BringOurTurtlesBack. Through this campaign, the team behind #BringOurTurtlesBack aims to raise RM150,000 by July 2023, which will go towards these three objectives: hatchery research; educational programmes in 10 schools; and habitat monitoring. We also organised a community event in July in Pantai Batu Burok, Kuala Terengganu, where more than 200 Malaysians participated in a community beach clean-up and a turtle sand sculpting contest. All of us are aware that our fight to bring our turtles back is far from over. We fully intend to continue our fight for the survival of our turtles, but we will need all the help we can get. To find out more about how you can help, visit www.bringourturtlesback.com Gail Tay is director of operations and programmes at the International SeaKeepers Society Asia 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/642258

7-Eleven暴跌17% 暂停PDT及IDSS

Mandarin

（吉隆坡2日讯）7-Eleven Malaysia Holdings Bhd暂停日内的自营交易商（PDT）和即日卖空（IDSS）活动，因为股价比参阅价（最后收盘价为2.36令吉）下跌超过15仙或15%。 “PDT和IDSS活动将于2022年11月3日（周四）早上8时30分恢复。” 7-Eleven表示，不知道造成公司股价大涨的原因后，股价今日一度骤降16.95%或40仙，至1.96令吉。 休市时，该股收窄了部分跌势，报2.06令吉，挫30仙或12.71%，市值达25亿4000万令吉。 过去3周，该股弹升了51.28%，10月7日收盘价为1.56令吉。该股在10月31日创新高纪录，报2.38令吉。 然而，该公司称不知道造成股价大涨的原因后，股价迅即回落。   （编译：魏素雯）   English version：Intraday short selling, proprietary day traders suspended for 7-Eleven after stock slumped 17%

https://theedgemalaysia.com/node/671997

Taiwan reports Chinese aircraft carrier sailed through strait

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TAIPEI (June 21): A Chinese aircraft carrier group led by the vessel Shandong sailed through the sensitive Taiwan Strait on Wednesday (June 21), Taiwan's defence ministry said, amid heightened military tension over the island Beijing claims as its own territory. The ministry said the Shandong, commissioned in 2019, had sailed in a southerly direction through the western part of the strait, and it had dispatched "appropriate forces" to monitor the Chinese activities. The aircraft carrier participated in Chinese military drills around Taiwan in April, operating in the western Pacific. In March last year, it sailed through the Taiwan Strait, just hours before the leaders of China and the US were due to talk. China, which has never renounced the use of force to bring Taiwan under its control, has stepped up military activities near the democratically governed island to force it to accept Chinese sovereignty. Taiwan strongly disputes Beijing's sovereignty claims and vows to defend itself if attacked.   

https://theedgemalaysia.com/node/640023

Cover Story: Cementing its position in Seremban’s industrial market

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This article first appeared in City & Country, The Edge Malaysia Weekly on October 17, 2022 - October 23, 2022 It is a sunny afternoon when the TH ­Properties Sdn Bhd team ushers City & Country into the developer’s office and introduces us to its new group CEO, Azman Ibrahim, who took the helm on Jan 3. Azman has a wealth of experience in property development, having worked as a project manager in Bahrain, general manager in Dubai and senior operations manager in Qatar at the start of his career.  Prior to his current post, Azman was the senior general manager of Berjaya Land Bhd. He was also the senior vice-president of property at Tradewinds Corp, senior general manager of Tropicana Corp Bhd and project director of Sutera Harbour Resort Group. He explains his vision and plans for TH Properties. “Our main objective is to try to turn things back around, and go back to what they used to be, where we can see improvements in the overall cycle,” he says. “Nonetheless, we do find that buyers are also becoming more cautious in their spending. “We are looking at ways to improve and develop better, affordable products. The price increase of raw materials does leave us with a dilemma about whether we can deliver the same product [in the same price range]. It’s a Catch-22 situation — as a developer, we are looking to make a profit but, at the same time, we are also looking at ­whether our target market would be able to afford our products,” he says.  “It is a matter of trying to strike a balance. For our projects, we are targeting young families or even families that are originally from the area.” Azman holds a Master’s in International Project Management from the International Academy of Business and Financial Management, and a Certificate in Project Management and Contract Administration from Teesside College of Advance Education, the UK. He graduated with a Bachelor of Arts (Environmental Design) in Architecture from the University of Tasmania, Australia, in 1988. He is also a member of the Malaysian Institute of Personnel Management (MIPM). The construction and property arm of Lembaga Tabung Haji, TH Properties is a diversified business conglomerate in property management, construction and facilities management.  Notable projects by the developer include Warisan Puteri 2 in Seremban, Pesisiran Residences in Kuantan, Pristine, Techpark 1, Techpark 2 and the upcoming Techpark 3 in Bandar Enstek, Negeri Sembilan. The group’s bread-and-butter projects are a mix of 2-storey terraced units, other variations of landed units and industrial factory units catering for small and medium enterprises (SMEs) and businesses.  For FY2022, the group intends to focus on its ongoing, highly anticipated projects in Bandar Enstek: Pristine 1 and Pristine 2, which are sold out; Pristine 3, which is 94% sold; and the upcoming Pristine Premier (formerly known as Pristine 4). The entire Pristine collection has a total gross development value (GDV) of RM95.03 million. “Prior to Pristine Premier, we launched the 2-storey units of Pristine 3 in Bandar Enstek in January,” Azman says. The units in Pristine 3, which has a GDV of RM20.26 million, have built-ups of 1,584 to 1,774 sq ft and are priced from RM576,000 to RM592,800, he adds. “Tierra in Warisan Puteri 2 in Seremban, which was also launched about the same time, comprises freehold, 2-storey terraced units that measure 20ft by 60ft and have built-ups of 1,698 sq ft to 1,838 sq ft. So far, the take-up is 79%. “In terms of our land bank, we have more than 5,000 acres in Bandar Enstek. There have been several offers, but we are studying the market carefully before we get into joint ventures [JVs].”  TH Properties will focus on launching industrial projects in the coming financial year.  Azman says the group has recognised its untapped potential and hopes to roll out more of these projects at its existing technology parks.  He says, “There is certainly demand, based on our observation. Most of our target market are from the existing catchments and are professionals and families who work in the technology parks. The feedback has been encouraging. “As at March 2022, for Techpark 1, we had a total saleable area of 336.44 acres with 326.57 acres, or 97.1%, sold (two plots). Meanwhile, for Techpark 2, we have a total saleable area of 307.34 acres, with 263.78 acres, or 85.53% sold, and a balance of 43.56 acres, or four plots, available. “Targeted to be launched between 4Q2022 and 1Q2023, our upcoming project, Pristine Premier, will be the last one in our Pristine collection,” says Azman. Pristine Premier has a GDV of RM29.77 million and is due to be completed in 1Q2025. The 2-storey units with land sizes between 20’x80’ to 22’x90’, will have an indicative price of RM571,295 to RM863,160.  In FY2023, TH Properties plans to launch Techpark 3, which has a total GDV of RM1.37 billion and a total of six phases — Phases 1A, 1B, 2, 3, 4A (commercial) and 4B (commercial) — and a developmental period of more than 14 years. “For the coming year, we are also exploring going into more JVs and launching a higher-end product in the central region, although details are still being firmed up,” Azman says. Azman says the developer will put its efforts into its industrial parks, which have been ­doing well so far. “We would like to focus predominantly on our tech parks; they are our signature products, and we have experienced a level of success with the previous launches.” According to him, the tech parks have attracted several SMEs and corporations such as Coca-Cola, Ajinomoto and Dutch Lady. “A few F&B-related industries have made a positive impact in the area; it is a stimulus for us to move forward with our tech park launches with the demand.  “We are known as one of the halal hubs [for business] in Malaysia, where the halal bodies and development corporations are being recognised. Among the incentives are income tax exemption over a period, import duty exemption and so on.”  Azman highlights the accreditation of the halal corporations, or HALMAS. “For the HALMAS eligibility requirements, the applicants must play an active part in the halal industries such as F&B, cosmetics and personal care, halal ingredients, pharmaceuticals, modest fashion and medical tourism.  “They can also be in the medical devices and appliances and Muslim-friendly hospitality, logistics services, Islamic finance and vaccines,” he says, adding that the group is also looking to bring in more of the clean and green industries.   In the long term, Azman says, TH Properties aims to roll out more projects in the central region in a bid to ensure the group’s profitability and relevance. Banking on tech parks and supporting halal corporations seem to be the first steps towards achieving that goal and more. 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/612345

LYC Healthcare expands into cosmetics, beauty and wellness industry

English

KUALA LUMPUR (March 17): Healthcare service provider LYC Healthcare Bhd is expanding its business to include cosmetics, beauty and wellness. It said the cosmetics, aesthetic, beauty and wellness industry is synergistic to its existing mother and child related business such as fertility centre, confinement centre, childcare centre and family clinic. "We would be able to leverage our existing customer database to generate cross referrals between the respective businesses," it said in a bourse filing. LYC Healthcare on Thursday (March 17) incorporated a wholly-owned subsidiary known as LYC Beauty & Wellness Sdn Bhd, which will offer cosmetics, personal care and wellness related products and services. LYC Healthcare cited Statista Research Development that there is increasing demand for beauty and personal care products in Malaysia, with an estimated compound annual growth rate of 4% from 2021 to 2025. "Consumers' growing awareness of the importance of health and wellness and increasingly stressful lifestyles are among the key drivers of the wellness economy," it added. It said the incorporation of the new unit does not have any effect on the group's share capital and substantial shareholders' shareholdings. It is also not expected to have any material effect on its net assets, gearing and earnings for the financial year ending March 31, 2022. LYC Healthcare shares closed unchanged at 25 sen on Thursday, bringing a market capitalisation of RM116.13 million.

https://theedgemalaysia.com/node/611197

Bits + Bytes : A Miscellany of Technology

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This article first appeared in Digital Edge, The Edge Malaysia Weekly on March 14, 2022 - March 20, 2022 Financial comparison platform CompareHero.my and credit reporting agency CTOS have partnered to offer Malaysians a free credit score assessment to help them better understand their creditworthiness. The collaboration provides customers with a one-stop solution for quick financial health assessments and comparisons of financial products based on their individual credit standing. In more mature financial services markets, customers are allowed to personalise products according to their specific wants and needs, be it personal loans, credit cards or home loans. The partnership between CompareHero.my and CTOS lays the foundation for personalised financial product recommendations to users via their online platforms. With a common goal of improving financial literacy in Malaysia, the companies arm consumers with the knowledge of their MyCTOS score report, which empowers them to increase their credit scores by paying their bills on time. A high credit score shows that the customer is diligent in paying his bills, leaving banks more inclined to approve credit applications, offer better terms and speed up loan approvals. CompareHero.my will be offering 5,000 CTOS scores on a first-come, first-served basis. Its users will be able to obtain this through the CTOS eKYC solution, which will be integrated into its platform. BigPay Later Sdn Bhd has launched its first digital personal loan scheme as part of its financial services offerings. This personal product is regulated by the Ministry of Housing and Local Government. BigPay co-founder and CEO Salim Dhanani says the digital personal loan product is unique for its level of transparency and credit scoring method, which evaluates customer behaviour apart from the history of past loans. The personal loans offered via the BigPay app have competitive interest rates that are lower than standard credit card rates. Users can generate an instant quote using the in-app loan calculator and then fill in their details via the app to apply for the loan. The simple process enables the company to approve loans within minutes via the app, making it the fastest loan approval in the country. The feature is currently available to selected users, but due to overwhelming demand, it will be rolled out progressively to more customers in the coming weeks. AllSome Fulfilment, a cross-border e-commerce fulfilment solutions company, has launched its on-demand delivery solution “Get Today’s Order Today” to accelerate the adoption of quick commerce. The same-day delivery options are likely to result in higher sales turnover rates for brands. This solution is made possible with AllSome’s artificial intelligence-backed fulfilment platform and the convenience of its 1,000 flash hub locations across 50 cities. The “Get Today’s Order Today” feature is powered by an AI-driven instant order processing system, which ensures that merchant stock is always readily available at its flash hubs and updated in real time. With services like order management, inventory storage, product packaging and management, the company’s flash hubs act as fulfilment centres, meeting consumer demand for a fast and accurate same-day delivery service provided by third-party logistics partners such as Teleport, Pickupp and Lalamove. It also allows merchants to keep up with fulfilment seamlessly. AllSome ensures merchant products are shelved and displayed at its flash hubs, instead of having them stored in warehouses, allowing buyers who prefer physical shopping to have a memorable in-store experience. Moreover, to support brands in widening their reach in the market, AllSome ensures that products are placed in strategic locations such as partnering cafés, salons and gyms to give buyers a chance to experience the products sold. Already successful in onboarding 300 brands on its platform, including RPG Ventures, AllSome aims to partner with retail chains for a wider same-day delivery adoption, while establishing more hubs around Malaysia. The brand is also looking to extend its services to Indonesia to create sustainable avenues for market expansion on behalf of brands in Malaysia and China. NTT predicts that by 2025, some 99% of cloud security failures will be the fault of the customer. In its February Threat report, the global application security company stated that Cloud Security Posture Management (CSPM) is becoming increasingly important, and a clearer understanding of shared responsibility models (SRM) will help minimise cybersecurity risks to cloud computing. As more businesses consume cloud services and scale them across one or more providers, CSPM will help improve the threat or risk visibility, reduce complexity, minimise the risk of breach due to misconfigurations and provide the means to evaluate and demonstrate the effectiveness of security and data privacy efforts, it said. “Throughout the pandemic, the cloud has become a ‘must-have’, not just a ‘nice-to-have’, and we expect CSPM to follow the same trajectory,” says Nicolas Blot, cloud security and European practice manager at NTT. “We expect to see this evolution as more business-critical and sensitive data is stored in the cloud — while in parallel, organisations look to reduce the business and operational risk of a breach to their business. Clear, understood and well-defined roles on security are critical to security risk management in any enterprise.” Local technology group Finexus will invest RM10 million over the next five years in the Creative Digital District @ George Town (CD2@George Town) in support of Penang’s Digital Transformation Masterplan. The group plans to build a sustainable fintech ecosystem in the state alongside collaborators in the financial technology (fintech) and digital industry. Finexus group managing director and CEO Clement Loh says the company is looking to work with venture capitalists, fintech firms, digital start-ups and mid-growth companies by providing them with its ready-to-use MyXaaS collaboration platform. The collaboration platform offers services such as applications-as-a-service, financial products-as-a-service and capital lending, which allows digital companies to build their digital products and services and go to market by leveraging ready-to-use services without having to build many software components from scratch. Apart from the collaborative platform, the MyXaas everything-as-a-service option consists of an extensive range of software and financial services that include remote onboarding, background and credit checks, legal agreement digital signing, cards, wallets and payments acceptance processing, “buy now, pay later” and enterprise resource planning services.   Standard Chartered Malaysia and Mereka Innovative Education have launched the Digital Entrepreneur with Futuremakers programme, dubbed DE x Futuremakers, to nurture a digital-ready and future-proof workforce. Funded by the Standard Chartered Foundation, the programme — which started last month and runs until December 2023 — provides scholarships to B40 (bottom 40% income group) youths for the eight-week course that includes a project placement to build technical skills and a one-year career mentorship. Along with the DE x Futuremakers programme, Digital Business with Futuremakers (DB x Futuremakers) will run concurrently to help small and medium enterprises (SMEs) adapt to the digital economy. Through a one-day workshop, businesses will get exposure to the various ways of growing their business with digital technology and best practices. Upon completing a digital transformation plan, they will be paired with DE x Futuremakers talents for two weeks to bring their plans to life while expanding on their digital presence and tackling growth. Successful graduates who complete both the programme and project placement will receive an allowance of RM600. SMEs do not incur any costs to participate in the programme. Ultimately, the programme aims to create a resilient, digitally equipped workforce for the 21st century by exposing Malaysians to the demands of the modern workforce. Recruitment is currently open to individual scholars and SMEs, with cohorts in February, April, June, July and September. For further details, visit www.mereka.my/digital-business/futuremakers. TEEBAgriFood for Business training programme to help agrifood businesses become more equitable In collaboration with DHI Malaysia, the Capitals Coalition is offering online training sessions to food businesses in Malaysia. The TEEBAgriFood for Business training programme will run online for six consecutive months from March 23. It will provide businesses with the opportunity to dive deeper into their business impact and dependence on nature, people and society to enable better decision-making and management of risks and opportunities. The training programme is free of charge. To sign up, visit us02web.zoom.us/meeting/register/tZwocO-grT8qHd1e_sD_4a7KU-Zts6bNuasZ. For more details, reach out to [email protected] or [email protected]. Digital financing platform Funding Societies Malaysia is offering an exclusive promotion for micro, small and medium enterprises (MSMEs) and the general public in conjunction with its fifth anniversary. MSMEs stand to win up to RM888 worth of e-vouchers for successful business referrals, while investors can win attractive referral rewards with an additional bonus when they refer a minimum of five friends to invest in the platform during the “Arise and Thrive” campaign, which ends on March 31. The general public can also participate in the campaign by referring businesses to the platform’s SME digital financing solutions and stand a chance of winning rewards of up to RM1,000. Apart from monetary incentives, the platform will conduct a masterclass series that features guests and financial influencers who will share insights into their entrepreneurial journey, as well as social media trivia on its Instagram page where participants can win a Xiaomi MI True Wireless Earbuds Basic 2. Funding Societies disbursed RM1 billion in business financing last year and raised US$144 million (RM602 million) in Series C+ funding last month. Regionally, the platform has disbursed RM9 billion in business financing through five million financing deals. For more information, visit fundingsocieties.com.my/promotions.   MetaVerse Green Exchange (MVGX), a digital green exchange, has appointed Eddie Hui as its chief operating officer (COO). Hui will lead crypto-related initiatives with the aim of creating a bridge between traditional finance and the digital asset world. This will allow MVGX’s clients to gain exposure to cryptocurrencies while having the assurance of operating within a regulated framework. Hui has over 20 years of experience in the financial industry and worked for global investment bank Société Générale for most of his career. He graduated in 1999 from Ecole Nationale Supérieure d’Electrotechnique, Electronique, Informatique, Hydraulique de Toulouse, a French engineering school. He holds a Master of Science in engineering. MVGX has recently expanded the application of its Non-Fungible Digital Twin (NFDT) technology to other products and services. It has launched its Carbon Neutrality Management System, which is available to clients alongside cryptocurrencies, and its Carbon Neutrality Token (CNT). It plans to launch a mobile app by next month. Hybrid recruitment platform Hiredly has recruited several leaders to focus on three key areas of the company — artificial intelligence (AI), recruitment and marketing — to drive its vision of revolutionising the industry through its AI-driven hybrid recruitment strategy. Chong Theng Hui has been appointed chief technology officer. He has extensive experience and knowledge working with data and AI. He brings more than 19 years of experience in the technology space, having served most recently as head of innovation technology and projects at PLUS Malaysia. Lau Mun Yee started as vice-president of marketing at the company. She has more than nine years of marketing experience, most recently as Carousell Malaysia’s country marketing manager. She was also country manager of MGAG, a media company.   Violinist and teacher Vera Lytovchenko played her violin in a basement in Kharkiv for her fellow residents who were hiding from the Russian bombing above ground. The video of Lytovchenko playing the Ukrainian song titled The Night is So Moonlit has gone viral on Twitter.    Many of us keep a lot of stuff in our phones — files downloaded ages ago and pictures we do not need anymore, cached items and cookies from websites and just too many applications operating in the background. We usually do not realise it until the device memory is full, at which point the housekeeping of years and years of data becomes a painstaking and time-consuming chore. SHAREit helps to manage files in a phone with its special features, including the phone cleaner, phone booster and battery saver function, to ensure optimal usage of the device memory and overall improvement in user experience. The app helps to clear junk, including duplicates and oversized files, while clearing the cache on WhatsApp. It also helps to retrieve and shut down background applications, something that is usually overlooked when we are on our phones. SHAREit is available as a free download on Google Play and the App Store.   @EpicNewsroom on Twitter Many tech companies are suspending or restricting their operations in Russia after it invaded Ukraine earlier this month. Netflix, PayPal, Adobe, TikTok and Mastercard are among them. Other game publishers such as Nintendo and Ubisoft have also announced that they will be suspending sales in Russia.   Algorithms of Oppression: How Search Engines Reinforce Racism by Safiya Umoja Noble What will you find if you run a Google search for “black girls”? “Big Booty” and other sexually explicit terms are likely to come up as the top search terms. But if you type in “white girls”, the results are radically different. The suggested porn sites and unmoderated discussions about “why black women are so sassy” or “why black women are so angry” present a disturbing portrait of black womanhood in modern society. In Algorithms of Oppression, Safiya Umoja Noble challenges the idea that search engines such as Google offer an equal playing field for all forms of ideas, identities and activities. Data discrimination is a real social problem. Noble argues that the combination of private interests in promoting certain sites, along with the monopoly status of a relatively small number of internet search engines, leads to a biased set of search algorithms that privilege whiteness and discriminate against people of colour, specifically women of colour. Through an analysis of textual and media searches as well as extensive research on paid online advertising, Noble exposes a culture of racism and sexism in the way discoverability is created online. As search engines and their related companies grow in importance — operating as a source of email, a major vehicle for primary and secondary school learning and beyond — understanding and reversing these disquieting trends and discriminatory practices is of utmost importance. An original, surprising and, at times, disturbing account of bias on the internet, Algorithms of Oppression contributes to our understanding of how racism is created, maintained and disseminated in the 21st century. — Amazon   Phygital is the concept of using technology to bridge the digital world with the physical. The goal is to provide a unique interactive experience for the user. For example, McDonald’s has introduced self-ordering kiosks that allow users to order food and beverages and complete the payment process digitally despite being physically present at the fast food restaurant. The system allows routine tasks to be completed quickly and efficiently using digital technology in a specific physical space. 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/657160

S P Setia's posts RM90.3m net profit in 4QFY22

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KUALA LUMPUR (Feb 28): S P Setia Bhd’s net profit fell 26.7% to RM90.31 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), from RM123.31 million a year ago, mainly dragged by higher finance costs and tax. S P Setia’s finance costs had swollen to RM82.35 million in 4QFY2022, compared with RM42.9 million a year ago. Taxation also increased to RM91.19 million, up from RM62.14 million. Revenue for the quarter, however, was up 65.4% to RM1.71 billion, from RM1.03 billion a year ago. This was driven by significant contributions from the property segment, particularly the handover of Australia's UNO Melbourne (Phase 1), which generated a revenue of RM106.2 million, and Sapphire by the Gardens, which contributed RM788.5 million. For the full year, S P Setia reported a net profit of RM308.09 million, an increase of 8.3% from RM284.36 million for FY2021, the property developer said in a filing with Bursa Malaysia on Tuesday (Feb 28). Meanwhile, revenue stood at RM4.45 billion, compared with RM3.76 billion for FY2021. Local projects contributed RM3.58 billion or approximately 87% of sales, while international projects contributed RM525 million or about 13% of sales. On the local front, the sales secured were mainly from the central region of Peninsular Malaysia with RM2.54 billion. The southern region contributed RM615 million, while the northern and eastern regions contributed RM322 million. As for international projects, Battersea Power Station outperformed with sales of RM424 million, while Australia contributed another RM43 million. “The total sales secured were partly complemented by the concerted effort of clearing completed inventories amounting to RM622 million in sales value. As of Dec 31, 2022, the group had secured additional sales in the pipeline of RM385 million," S P Setia president and chief executive officer Datuk Choong Kai Wai said in a separate statement. S P Setia has set a sales target of RM4.2 billion for FY2023, representing a growth of 5% from the preceding year. Shares in S P Setia were unchanged at 62 sen on Tuesday, giving the group a market capitalisation of RM2.53 billion.

https://theedgemalaysia.com/node/665285

My Say: Will the global economy remain resilient and help Asia?

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This article first appeared in Forum, The Edge Malaysia Weekly on May 1, 2023 - May 7, 2023 This year has begun reasonably well in that the global economy has proven to be more resilient than many had thought possible. But if there is one theme that dominates discussions over what will happen for the rest of the year, it is how uncertain the experts are. Financial markets are pricing in rate cuts by the end of this year in the US because they think that a recession is likely there, one that could spread to other parts of the global economy. But other observers look at the same world economy and see good reasons for continued resilience — and they conclude that the international marketplace will not suffer a downturn of any meaningful scale. The reason why there are so many contrasting narratives is because the world economy is going through an unusual cycle. As we discuss below, there are many abnormal features of the business cycle today. With little history to guide us, forecasters are unable to agree on how exactly all these myriad factors will play out and what bottom line they will produce for growth and inflation. Still, our take is somewhat upbeat. If we lay out the known positives and negatives and make reasonable but defensible assumptions about the uncertain factors, further economic weakness is probably unavoidable in the coming months, but that is likely to be followed by a recovery towards year-end. Our starting point is that economic activity around the world has been more resilient than feared. The Organisation for Economic Co-operation and Development (OECD) maintains a weekly gross domestic product tracker that is the best indicator of the current pulse of the world economy that we can find. That metric actually shows a pickup among advanced economies after a slowdown for most of 2022. It also shows that major emerging economies such as India and Indonesia have maintained robust levels of economic activity. Surveys of purchasing managers across the globe also show recovering levels of business confidence in terms of output expectations for the remainder of the year. These surveys show that the services sectors in most major economies are expanding nicely, helping to offset the downbeat prospects in the manufacturing sector. The world may be better than expected right now, but will that last? As a matter of fact, the traditional lead indicators are pointing to a worsening slowdown. • The OECD leading indicator has been falling and so has the US composite lead indicator. • That bad news is corroborated by other technical indicators such as the inverted yield curve — the yield on long-term bonds being below that on short-term securities. • In addition, the outlook for the electronics sector, which is now so important to the world, remains under a cloud — inventories are building up and their ratio to actual shipments of products is at a level that in the past led to a worsening downturn. What we can glean from the statements released by tech companies during their earnings announcements is that a turnaround is likely only towards the end of this year. • The data also shows that, outside travel and tourism, the tailwinds from the release of pent-up demand have largely played out and are not supporting global demand as they did in 2022 and early 2023. Most people have used up the excess savings that piled up during the pandemic when people were unable to spend. But these traditional metrics may not be telling us the whole picture, for many reasons. Indeed, there are many other factors at work that tend to be positive: • China is now a much bigger part of the world economy than in previous cycles. The data through March shows that China’s economy is recovering as a whole even though there are pockets of weakness, such as in real estate. More importantly, the lead indicators — such as the pipeline of new business and business confidence — tell us that the recovery will gain more momentum as the year progresses. • Although oil prices are high by historic standards, they have fallen from year-ago levels, providing some relief to oil-consuming economies. With the Organization of the Petroleum Exporting Countries’ (Opec) recent cuts in production due to take effect, oil prices could rise in the second half of this year — but are unlikely to return to the damaging magnitudes of 2022. • Oil exporting countries enjoyed a windfall last year and oil prices remain high enough to generate large surpluses for these countries. But it is important to point out the structural change in how countries such as Saudi Arabia and the United Arab Emirates are now spending more of their gains than before. As a result, they are recycling their profits back into the world economy and thereby supporting global demand. This is in contrast to the past where their surpluses took years to be spent. In fact, we also see powerful secular forces that were not operating in the past and that we think will help support global demand in general, and capital spending in some cases, in the future: • The Ukraine crisis and rising tensions in the Indo-Pacific region have encouraged many countries to commit to substantial increases in defence spending. Germany and many other European countries have done so, as has Japan. • The US and European Union are two among many other economies that are already implementing sizeable increases in infrastructure spending. After slowing during the pandemic, Asian countries are renewing their infrastructure push as well. • The pressure to de-carbonise business operations and economies is unrelenting. That is also producing new capital spending — for example, on ultra-high voltage electricity grids needed for renewable energy, on charging stations for electric vehicles, and on windmills and solar panels. • Advances in technology — whether in robotics or artificial intelligence or in the biomedical area or in material sciences — are also generating compelling business opportunities and competitive pressures that are pushing companies to step up capital spending even at a time of rising borrowing costs. So far, so good. But what about the downside risks? There are indeed several areas of concern: • We have had the sharpest pace of monetary tightening the world has endured in about 40 years. In addition, the recent turmoil in the banking sectors in the US and Europe have made banks more conscious of the risks of lending — so they are making conditions for loans tighter, deterring borrowers. Even less predictable is the lagged effect of higher interest rates — history tells us that long periods of excessively low rates and ultra-easy money leads to speculative excesses and imbalances that only appear with a lag. The housing sectors in many countries have seen huge price increases; these could well unravel and undermine confidence. There are growing fears, for instance, also about commercial real estate in the US. Others point to the massive amounts of money that have gone into private equity investments, where plummeting valuations have almost certainly not been fully divulged by fund sponsors. • While China’s economy is recovering, it is burdened by imbalances, especially in real estate. Because this sector is highly indebted, further problems there could spark financial stresses as well. The lack of data here makes this a major source of uncertainty. • The outlook for inflation also remains unclear. The worry is that if core inflation resists policy efforts to cool it, we could see central banks confound current market expectations and raise rates aggressively again. That could spark off nasty corrections in bond and equity markets that would undermine the global rebound. • Finally, there is the unpredictable direction of geopolitical tensions among the big powers. Just as the Ukraine war dealt a punishing blow to the world economy, there could be another crisis of similar magnitude that does the same in the future. We simply do not know. These are material concerns that cannot be lightly dismissed. The only point we will make as a source of comfort is that policymakers have demonstrated an ability to act swiftly to mitigate the impact of totally unexpected shocks. That was seen in responses to the Ukraine war, whose impact has been less damaging than it could have been. And that is also why the financial shocks that have erupted every few months in the past year have also been contained. Sure, there is no guarantee that this capacity to contain crises will always prevail but the success so far provides us with some confidence. In the near term, Asian economies should not count on significant support from international trade. The net effect of all the arguments above is that the global slowdown will persist through much of 2023. It will be internal sources of growth instead that will be needed to ride out in 2023. The good news is that there are several such drivers in the region: • Infrastructure spending is being boosted: We see infrastructure spending returning to a healthy pace as countries make up for delays during the pandemic. India, Indonesia and Thailand, among others, have allocated increased budgetary resources for infrastructure. • Foreign direct investment is another reason for optimism: A good portion of the FDI commitments made in 2022 will start materialising this year. This region will continue to benefit from the domestic policy flaws and geopolitical frictions that have undermined China’s relative attractiveness to foreign investors. • Supportive fiscal policy: While Asian governments are unwinding the large deficits generated by the pandemic-era stimulus packages, they are doing so at a cautious pace. Cost-of-living assistance measures in countries such as Malaysia, with its Rahmah initiatives, and Singapore, with its GST vouchers, are attempts to better target fiscal resources towards intended beneficiaries, without overstimulating the economy with large-scale spending. • The political cycle could also help domestic demand in some countries: This year and next will see a series of elections, the most imminent one being parliamentary elections in Thailand next month. Indonesia will see campaigning ramp up for presidential polls in February 2024, while Malaysia and India will see a series of important state-level elections. In India’s case, these will end up in national parliamentary elections in mid-2024. Political motivations will thus lean towards fiscal looseness both in the period before the polls, as well as the short term after as the new governments attempt to bolster their position. Our outlook for specific countries varies with the degree of their dependence on global demand and the electronics cycle: • We see China’s economic growth accelerating modestly in the coming quarters. However, more policy action is needed to manage the headwinds from the real estate sector and to boost the confidence of private entrepreneurs who remain nervous after the regulatory crackdowns in recent times. • The larger economies such as India and Indonesia, where domestic demand plays a primary role, will see their growth outlooks remaining mostly intact. There, the export slowdown, including in commodities, will play a secondary role and its effects masked by continued resilience in domestic activity. • The export-heavy economies of South Korea, Singapore, Thailand and Taiwan will continue to suffer slowdowns. The rebound expected later this year will probably come too late to alter the dismal prospects for 2023 as a whole, though an outright recession still remains unlikely. • The other highly open economies such as Malaysia and Hong Kong will see a fuller post-pandemic recovery and resilience in domestic economic activity offset the slowdown in trade. Manu Bhaskaran is CEO of Centennial Asia Advisors 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/675545

Japan's inflation may have peaked, no imminent change seen to BOJ policy

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TOKYO (July 21): Japan's core inflation stayed above the central bank's 2% target in June for the 15th straight month but an index stripping away the effect of energy costs slowed, data showed, suggesting the prolonged commodity-driven price pressures may have peaked. Yet, with services price growth also slowing last month, policymakers will feel that wage pressures have yet to build up enough to warrant an imminent tweak to the ultra-loose monetary stance. While the data heightens the chance the Bank of Japan (BOJ) will upgrade this year's inflation forecast next week, it may take pressure off the central bank to soon begin phasing out its massive monetary stimulus, analysts say. "Cost-push inflation is finally beginning to peak out. We'll likely see inflation slow in coming months, which would allow the BOJ to keep policy steady for the time being," said Toru Suehiro, chief economist at Daiwa Securities. "While services prices may rise next year, those for goods will stay weak. Inflation could hover around 1% next year." The nationwide core consumer price index (CPI), which excludes fresh food costs, rose 3.3% in June from a year earlier, matching a median market forecast and accelerating from a 3.2% gain in May, data showed on Friday. A hike in utility bills added to a steady increase in food and daily necessity prices, increasing the burden for households. But an index stripping away both fresh food and fuel costs, which is closely watched by the BOJ as a better gauge of trend inflation, rose 4.2% in June from a year earlier, slower than a 4.3% gain in May. It was the first slowdown since January 2022 in a sign the rapid pace of increase seen in the past few months, driven by a flurry of price hikes by companies, was moderating. Services prices, closely watched by policymakers on whether inflation is becoming driven more by higher labour costs, rose 1.6% in June from a year earlier after a 1.7% gain in May. The data comes ahead of the BOJ's closely-watched policy meeting on July 27-28, when the board will release fresh quarterly projections and discuss how much progress Japan is making towards sustainably achieving its 2% inflation target. Core inflation in Japan's capital, set for release hours before the BOJ's policy announcement on July 28, also likely slowed sharply in July, according to a Reuters poll. With inflation having exceeded the BOJ's target for more than a year, markets are simmering with speculation the BOJ could soon phase out its controversial yield curve control (YCC) policy as early as next week. BOJ Governor Kazuo Ueda has stressed the need to keep policy ultra-loose until the recent cost-push inflation shifts into one driven by robust domestic demand and higher wage growth. The key would be whether companies will continue offering higher pay next year, similar to this year, and start translating the rise in labour costs to services prices. "If more firms hike wages and pass on the cost, services prices could overshoot," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "Inflation excluding food and energy will likely moderate ahead, but the pace of slowdown could be gradual." Under YCC, the BOJ guides short-term interest rates at -0.1% and buys huge amounts of government bonds to cap the 10-year bond yield around 0%, as part of efforts to fire up inflation to its 2% target.

https://theedgemalaysia.com/node/669458

CIMB, HLB, PPB, IHH, Capital A, Leong Hup, Guan Chong, Takaful, Duopharma Biotech, Bintulu, EG, Ekovest, Datasonic, Samchem, Radium and YNH

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KUALA LUMPUR (May 31): Here is a brief recap of some corporate announcements that made news on Wednesday (May 31): CIMB Group Holdings Bhd, Hong Leong Bank Bhd, PPB Group Bhd, IHH Healthcare Bhd, Capital A Bhd, Leong Hup International Bhd, Guan Chong Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Duopharma Biotech Bhd, Bintulu Port Holdings Bhd, EG Industries Bhd, Ekovest Bhd, Datasonic Group Bhd, Samchem Holdings Bhd, Radium Development Bhd and YNH Property Bhd. CIMB Group Holdings Bhd’s net profit grew 15.27% to RM1.64 billion for the first quarter ended March 31, 2022 (1QFY2023), from RM1.43 billion a year earlier, driven by sustained operating income growth, strong cost controls and a contained level of provisions. This translated into a strong improvement in annualised return on average equity (ROE) of 10.3%, compared with 9.6% in 1QFY2022. Quarterly revenue rose 5.51% to RM5 billion, from RM4.74 billion last year, driven by non-interest income (NOII) which grew 24.3% year-on-year (y-o-y) to RM1.48 billion on improved investment, foreign exchange, and other income. However, net interest income (NII) dipped marginally by 0.8% y-o-y to RM3.52 billion, due to net interest margin (NIM) compression caused by heightened deposit competition, but was partially offset by strong loan growth momentum. Hong Leong Bank Bhd reported an 18.5% year-on-year growth in net profit for the third quarter ended March 31, 2023 (3QFY2023), thanks to lower impairment losses and better contribution from 18%-owned Bank of Chengdu. Net profit grew to RM929.96 million for 3QFY2023 from RM784.8 million a year ago, despite an 11% decline in net interest income to RM846.65 million from RM947.63 million. For the cumulative nine-month period (9MFY2023), net profit grew by 24% to RM2.95 billion from RM2.38 billion in the previous corresponding period, while net interest income dropped by 1.3% to RM2.79 billion from RM2.83 billion. PPB Group Bhd's net profit for the first quarter ended March 31, 2023 (1QFY2023) jumped 24.53% year-on-year to RM377.54 million from RM303.16 million, as its grains and agribusiness unit returned to the black while its film segment almost broke even. Revenue grew 12.59% to RM1.52 billion from RM1.35 billion, also led by higher contributions from the two segments, its filing showed. No dividend was declared. IHH Healthcare Bhd posted a net profit of RM1.39 billion for the first quarter ended March 31, 2023 (1QFY2023), its highest quarterly profit since its listing in 2012 — thanks to a one-off gain from the sale of the group's medical education arm, International Medical University (IMU), for RM1.35 billion. The record quarterly profit is more than double the RM493.26 million net profit the group reported for the same quarter last year. IHH also recorded its highest quarterly revenue of RM5.14 billion, up from RM4.16 billion in 1QFY2022. The group declared a special dividend of 9.6 sen per share following the divestment of IMU. The dividend will be paid on June 30. Capital A Bhd posted its second straight quarterly net profit of RM57.1 million in the first quarter ended March 31, 2023, as it benefited from the ongoing resurgence of air travel demand. The current quarter's net profit is also due to it recording a share of profit of RM13.5 million from associates, as opposed to a share of loss of RM143.12 million previously and recognised foreign exchange gain of RM44.77 million versus a forex loss of RM52.73 million, thanks to the appreciation of local currencies against the US dollar. Compared with a year ago, the group incurred a net loss of RM903.79 million. The loss was attributed to higher operation costs on fuel and maintenance, as well as a share of loss of RM143.1 million from an associate, following the completion of the restructuring and recapitalisation plan of the associate. Meanwhile, quarterly revenue more than tripled to RM2.23 billion from RM811.78 million a year earlier. Leong Hup International Bhd (LHI) said its first quarter net profit rose 8.67% to RM22.14 million from RM20.38 million a year earlier, on higher contribution from its feedmill segment and a rise in other income. Revenue rose 5.23% to RM2.2 billion from RM2.09 billion in 1QFY2022 on stronger revenue contributions from both its business segments. The higher revenue in Malaysia was primarily due to higher average selling price and sales volume of day-old-chicks (DOC) and eggs, while the Philippines recorded higher revenue from favourable sales volume of dressed chickens. Guan Chong Bhd's net profit fell 55.4% in the first quarter ended March 31, 2023 (1QFY2023) to RM23.76 million from RM53.27 million a year ago, which it attributed to reduced margins and higher finance costs. Operating profit for the quarter dropped 25% to RM56.44 million from RM75.25 million. Finance costs more than doubled to RM26.46 million from RM10.59 million, while its Singapore segment turned a loss. But on a quarter-on-quarter basis, the group saw a rebound in earnings, with net profit up 16.93% to RM23.76 million from RM20.32 million in 4QY2022. This was despite quarterly revenue dipping 2.46% to RM1.13 billion. Syarikat Takaful Malaysia Keluarga Bhd's (Takaful Malaysia) first quarter net profit rose 21.13% to RM93.44 million from RM77.14 million a year earlier, thanks to higher income from fixed income investment assets and lower fair value loss on investment assets. This, however, was partially offset by lower takaful service results due to higher takaful service expenses, and higher net profit expenses from takaful contracts issued. Quarterly revenue rose 18.43% to RM757.38 million from RM639.52 million in 1QFY2022. No dividend was recommended in the quarter. Duopharma Biotech Bhd is likely to get another six-month contract extension for the new approved products list (APPL) to supply pharmaceutical or non-pharmaceutical products to government hospitals and clinics, its managing director (MD) Leonard Ariff Abdul Shatar said. The new contract extension will be awarded at the end of June, prior to the expiry of the existing contract, he told reporters after the pharmaceutical company’s annual general meeting. Notably, the APPL contract contributes about 20% to the group's revenue per year. Bintulu Port Holdings Bhd's net profit for the first quarter ended March 31, 2023 (1QFY2023) fell 45.25% to RM22.48 million from RM41.06 million on the back of higher expenditure. Revenue for the quarter dipped 5% to RM187.89 million from RM198.11 million. Bintulu Port proposed a first interim dividend of three sen per share totalling RM13.8 million in respect of the financial year ended Dec 31, 2023. Electronic manufacturing services player EG Industries Bhd posted an 88.75% year-on-year increase in net profit to RM10.58 million for the third quarter ended March 31, 2023 (3QFY2023) from RM5.6 million a year ago, on the back of higher sales which was achieved despite forex losses and a higher interest rate in the market. Quarterly revenue rose 14.53% to RM350.47 million from RM305.97 million in 3QFY2022, mainly due to higher sales for consumer electronic products, 5G wireless access and photonics modular related products. Ekovest Bhd’s net loss doubled to RM15.86 million in the third quarter ended March 31, 2023 (3QFY2023) from RM7.96 million a year ago, despite improved revenue, as interest expenses rose while it booked a deferred tax expense of RM38.72 milion. The last time Ekovest fell into the red was in 4QFY2022, with a net loss of RM123.81 million. Its latest quarterly net loss swelled due to lower other income as interest expense climbed to RM61.53 million from RM53.74 million. Quarterly revenue rose 31.81% to RM220.18 million from RM167.05 million, mainly on better contributions from its construction, property development, toll operations and property investment businesses.   Datasonic Group Bhd’s wholly-owned subsidiary, Datasonic Technologies Sdn Bhd (DTSB) announced that it has received and accepted the Letter of Extension (LOE) dated May 29, 2023 from the Home Ministry (KDN) for an additional contract value of RM9.94 million. The LOE is in regards to the comprehensive maintenance services of card personalisation centres at the National Registration Department for a period of six months commencing from June 1, 2023 to November 30, 2023. The original contract was valued at RM39.75 million and after including the extension of RM9.94 million, it would bring the total contract value to RM49.69 million, including a 6% sales and service tax. Integrated chemicals and lubricants distributor Samchem Holdings Bhd is in preliminary discussions with several companies to expand its chemical businesses through mergers and acquisitions (M&As), according to chief executive officer Eugene Chong Wee Yip, as a number of small and medium enterprises (SMEs) are looking to leave the industry. “I think we see a lot of opportunities during this period of time — a lot of SME competitors are exiting the business — so we are looking at some of these companies to complement our product reach.” Property developer Radium Development Bhd made a weak debut on the Main Market, slumping to a close of 38.5 sen, or nearly a quarter lower than its initial public offering (IPO) price of 50 sen, and underscoring softer investor interest in property stocks. Still, subscribers to its IPO can take some comfort in an impending dividend as it declared a dividend of one sen per ordinary share for the financial year ending Dec 31, 2023 (FY2023) with the ex date of July 17 and payment date of Aug 15. YNH Property Bhd independent and non-executive directors Ching Nye Mi @ Chieng Ngie Chay, 75, and Ding Ming Hea, 59, have resigned from the property developer’s board, effective May 31. Ching and Ding have both reached the tenure limit allowed for independent directors after serving the company for over 12 years, according to the group’s filing on the local bourse on Wednesday (May 31). Notably, both of them are also independent and non-executive directors of YNH’s sister company Rapid Synergy Bhd, its 2021’s annual report showed.

https://theedgemalaysia.com/node/619617

Cover Story: Charting a net-zero pathway for Malaysia

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This article first appeared in The Edge Malaysia Weekly on May 16, 2022 - May 22, 2022 Globally, governments and businesses are pursuing their own paths to achieve their net-zero goals. Many countries aim to reach net zero by 2050, including Malaysia.  But here’s a problem: details on many of these plans are scarce. This was highlighted in the United Nations Environment Programme’s (UNEP) report last October, which described current net-zero promises as “vague” and inconsistent with most 2030 national climate commitments. In addition, the non-profit Energy & Climate Intelligence Unit, which supports informed debate on energy and climate change issues in the UK, assessed net-zero targets of 4,000 countries, cities and companies last year. It found that only 20% meet the minimum criteria for robustness set out by the United Nations’ Race to Zero Campaign. The use of carbon offsets without firm conditions and lack of specifics on short-term actions were major problems.  If all the net-zero pledges of countries are fully implemented, however, it could reduce the predicted global temperature rise to 2.2°C, according to the UNEP.  Minister in the Prime Minister’s Department Datuk Seri Mustapa Mohamed has said that a net-zero carbon framework, which details how Malaysia plans to reach its goal, may be released later this year. Regardless of what strategy Malaysia chooses to adopt, it will have implications for Malaysian businesses. For effective implementation, the government needs collaboration from the private sector, which would ideally align its net-zero strategies with the national direction. Consequently, consultation between the two stakeholders is crucial.  Some industry leaders in Malaysia have taken it upon themselves to carry out this task. The CEO Action Network (CAN), an informal network of CEOs and board members from 56 leading businesses, and Climate Governance Malaysia (CGM), a network of non-executive directors, organised 14 roundtable sessions with industry players on this topic last year.  The sessions were attended by industry leaders from four sectors: energy, plantation, property and telecommunications. They also engaged with government agencies, including the Ministry of Environment and Water, in the process.  A report on the proceedings of the roundtable sessions was released in late April. In it are recommendations from each sector on how industry players can reach their own — and the country’s — net-zero goals, and how the government can assist in these efforts. The roundtable sessions for 2022 were also launched last month.  “These conversations recognise that we need a whole-of-society approach. No one group can resolve this. We need to widen and deepen the conversation through more roundtable sessions by reaching out to other economic sectors and key stakeholders, such as the states and cities, youth and the Orang Asli,” says Datin Seri Sunita Rajakumar, founder of CGM. According to Malaysia’s biennial update report to the UN in 2020, the major sources of greenhouse gas emissions (GHG) in Malaysia (as at 2016) are from the energy sector (including transport), followed by industrial processes and product use and waste. Over 70% of the emissions are removed by forest land remaining forest land and other land use-related activities.  This means that net-zero strategies will have to tackle these major emissions sources while protecting forests.  Consequently, several of the recommendations from the sessions revolved around increasing the penetration of renewable energy, incentivising the use of low-carbon materials and conserving forests. Several also called for mandatory carbon accounting or an increase in the capacity for measuring GHG emissions.  The report does not seek to provide a consensus on the pathways to net zero but instead, creates a platform for dialogue and crowdsourcing for local solutions, says Sunita.  One of the high-level findings in the report is the importance of access to open and timely data. The industry players also urged the government to provide the right policy signals to lead the way.  Another key message is that businesses are ready to step up. A few of the sectors, for instance, called for the implementation of carbon pricing to incentivise the take-up of low-carbon solutions.  “Every segment of our society and economy will need to step up to meet the very real risks and opportunities which we face today. Concurrently, governmental support by way of policies and incentives are crucial in facilitating this journey,” says Sunita.  “When government policy is explicit and relatively predictable, then we can rely on the private sector to act accordingly to enable a smooth transition for the businesses and public alike.”   Regulations, incentives and improved governance were the main focus of the recommendations from the property and construction sector. These have to be introduced to reduce energy consumption, waste and carbon emissions from the materials used in construction.  According to Malaysia’s biennial update report to the United Nations in 2020, the manufacturing and construction sector was the third biggest contributor of carbon dioxide emissions in 2016.  It is also responsible for 50% of final energy use (excluding industrial buildings), say the sector representatives from the roundtable in an email reply to ESG. “Considering these factors, key areas of focus in the sector for lowering carbon emissions are energy efficiency, renewable energy, low-carbon building materials and waste minimisation.” The secretariats for the sector’s sessions are green building certification body Green Real Estate and Sime Darby Property Bhd. The Ministry of Housing and Local Government, two federal agencies, two non-governmental organisations and 13 associations, including the Real Estate and Housing Developers Association and Master Builders Association Malaysia, were engaged in the sessions.  “The country’s (net zero) plan will likely take time to implement and may likely be quicker to be implemented if it is clear which ministry will be the focal point for driving the carbon neutral (goal),” they say.  Some of the recommendations include enacting the Energy Efficiency and Conservation Act (EECA), making green building certification mandatory with appropriate incentives, reinstating the net energy metering incentive for solar power installation, and implementing staged grid reforms to allow for distributed power generation. In addition, they called for the replacement of concrete with green cement, which is made available at competitive rates, and the introduction of incentives for Industrialised Building Systems (IBS). IBS enables construction with less waste and more accuracy.  The sector representatives hope that any regulations that arise will be implemented across all types of businesses to even the playing field.    In the plantation sector roundtable sessions, many recommendations revolved around the generation of bio-based renewable energy and the efficient use of natural resources.  This is because the sector is a big contributor of methane due to the treatment and discharge of palm oil mill effluent (POME). In addition, the sector produces a lot of biomass waste. Both of these can be used to generate energy, which then reduces the carbon emissions from electricity generation.  “Methane from POME typically accounts for 60% to 70% of a plantation group’s carbon dioxide equivalent annual emissions. It’s one of the more harmful greenhouse gases,” says Datuk Henry Sackville Barlow, independent non-executive director of Sime Darby Plantation Bhd (SDP) and chairman of the company’s sustainability committee. SDP, IOI Corp Bhd, Musim Mas Group and six other organisations and individuals took part in the roundtable sessions.  “Methane capture is done economically in larger mills and used for power generation, but it appears less economical for smaller mills currently. I would suggest the government offer a time-limited scheme where favourable depreciation rates are applied over a few years to encourage plantation groups to eliminate methane emissions from POME,” says Barlow.  At the end of the scheme, the government should introduce an annually increasing tax targeting methane emissions, he adds.  All new palm oil mills from 2014 are already required to install biogas trapping or methane avoidance facilities. According to Malaysia’s biennial update report to the United Nations in 2020, out of 454 palm oil mills, 104 had such facilities in 2017.  “The plantation industry has got to pull its socks up really quickly. There’s a sense that the industry is tending to drag its feet on all this. Now is a time when we have enormously high profits due to the high palm oil prices. There’s no excuse for the industry not to [use this chance] to put things in order. We’ve got a long way to go,” says Barlow. The use of biomass to generate electricity is something that Barlow believes can be extended beyond the sector.  “There might be a case for the industry to work with Tenaga Nasional Bhd and accumulate (surplus organic waste) at a regional centre to generate electricity from renewable sources. That’s something the government ought to look at,” says Barlow.  Other sources of greenhouse gas emissions for the sector are electricity, transport, usage of fertilisers and historical deforestation.  The industry players also suggested the introduction of carbon pricing and improving carbon accounting practices among companies, in light of carbon pricing mechanisms introduced by other countries. The government must lead these initiatives, Barlow adds. “I think there is increasing pressure on the government to take decisive steps and interact more actively with the plantation sector.”  Oil palm plantation companies have been accused of deforestation, draining peatlands and illegal burning over the years, resulting in boycott campaigns. Even if the major plantation companies have zero burning, no deforestation, no peat and no exploitation policies, it can be challenging to monitor the effectiveness of these actions down the supply chain.  With such a context, will investors or consumers trust in these companies’ net-zero targets?  “I think one of the ways the industry can improve its image is to ensure all crude palm oil-related products are produced sustainably,” Barlow suggests. All Malaysian palm oil companies have had to comply with the Malaysian Sustainable Palm Oil (MSPO) standards since 2020, but the industry could go a step further and adhere to the stricter Roundtable on Sustainable Palm Oil standards, he adds.  “I think the government can also start applying pressure to insist that no banking facilities are offered to any plantation company that is not, at the very least, MSPO-compliant. This kind of arrangement should also be extended to the central bank authorities in Singapore and Indonesia.”   Last December, Boston Consulting Group (BCG) and World Wildlife Fund-Malaysia (WWF) launched a report exploring the various pathways Malaysia could take on its path to net zero. The report illustrates several scenarios. With the current trajectory of stated plans, the net-zero goal will not be achieved as absolute emissions continue to rise. The low-carbon ambition pathway models the phasing out of coal instead of following through with the medium-term power development plan, which involves the building of coal plants in the 2030s. In this case, net zero can be reached by at least 2058. To achieve net zero in 2050, there may be a need for carbon removal technology like carbon capture and storage (CCS).  “Achieving net zero emissions by 2050 is technically feasible for Malaysia given the current technology outlook. The country has a strong starting position, given its extensive forest cover and access to various sources of cost-competitive renewable energy, for example. Moreover, there is large potential for the country to also benefit from the jobs and growth created by new green industries,” says Joel Kwong, partner at BCG. “There will need to be widespread sectoral transformation, timely reskilling and transitioning of the workforce from brown to green industries and mobilising of siginificant climate financing.” However, CCS technologies are currently very expensive. Kwong acknowledges that it is challenging without some level of carbon pricing, although the costs of CCS are rapidly declining with increased investments. “Malaysia has some natural advantages in that area because we have some depleted oil fields and saline aquifers, which are ideal storage locations for carbon dioxide.” The report also highlights 10 net-zero priorities for Malaysia. These include protecting the country’s natural assets and carbon sinks, decarbonising the energy sector, accelerating low-carbon transport and pricing carbon.  While there are policies currently in place to promote these trends, news of deforestation is often reported, and the national energy mix comprises more natural gas than renewable energy in the next decade. Many highways are being built even as public transport networks are expanded.  Is Malaysia on the right path to net zero? Kwong says achieving net zero has to be balanced with other goals in Malaysia, such as economic development and energy security.  “For example, natural gas is not a zero-emissions power source, but it has an important role to play as a transition fuel in the power sector, as it enables decarbonisation from coal-fired power while providing grid stability and effective demand response. This cannot be provided by intermittent sources of renewable energy such as solar power.” On the other hand, to avoid “net zero” being used as a greenwashing tool, standards, safeguards and verification bodies are very important, in Kwong’s view.  “Initiatives like the science-based targets initiative are extremely critical, for instance, because they create a common standard that enables the differentiation between efforts that truly contribute to decarbonisation and corporate greenwashing. It is critical that these standards continue to mature and develop, in addition to other safeguards to ensure that real decarbonisation is achieved in the economy,” says Kwong. 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/642575

Hedge fund Elliott warns of more pain to come after 2022 market rout — FT

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KUALA LUMPUR (Nov 4): Florida-headquartered hedge fund Elliott Management believes the global economy is in an “extremely challenging” situation which could lead to hyperinflation. In a report on Thursday (Nov 3), the Financial Times (FT) cited a letter sent to investors (and seen by the newspaper) that “investors should not assume they have ‘seen everything’” because they have been through the peaks and troughs of the 1987 crash, the dot-com boom and the 2008 global financial crisis and previous bear and bull markets. The British daily newspaper said the firm, led by billionaire Paul Singer and Jonathan Pollock, added that the “extraordinary” period of cheap money is coming to an end and has “made possible a set of outcomes that would be at or beyond the boundaries of the entire post-WWII period”. The letter said the world is “on the path to hyperinflation”, which could lead to “global societal collapse and civil or international strife”. Elliott executives estimated that markets have not fallen enough yet and equity markets could drop more than 50% would be “normal”, adding that they couldn’t predict when that would happen. They warned clients that the idea that “‘we will not panic because we have seen this before’ does not comport with the current facts”. They blamed central bank policymakers for the current global economic situation, saying they had been “dishonest” about the reason for high inflation. They said lawmakers had shirked responsibility by blaming it on supply chain disruption caused by the pandemic instead of loose monetary policy imposed two years ago during the Covid-19 peak.

https://theedgemalaysia.com/node/621126

Carlsberg 1Q net profit up 38% to RM91.59m in line with successful CNY campaign and eased Covid-19 restrictions

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KUALA LUMPUR (May 24): Carlsberg Brewery Malaysia Bhd’s net profit for the first quarter ended March 31, 2022 (1QFY22) rose 37.82% to RM91.59 million from RM66.46 million a year ago, on higher revenue thanks to a successful Chinese New Year (CNY) campaign and easing of Covid-19 restrictions. Quarterly revenue increased 22.91% to RM653.85 million from RM532 million a year prior carried by both its Malaysia and Singapore operation segments’ improved sales revenue, the brewer said in a filing on Tuesday (May 24). Its Malaysia operation segment registered a 27.37% sales revenue increase to RM454.12 million versus RM356.53 million in 1QFY21, with growth in both volume and value contributed by a successful CNY campaign and the continued easing of Covid-19 restrictions. Similarly, its Singapore operation segment’s sales revenue climbed 13.83% to RM199.73 million from RM175.46 million, driven by the effective execution of its CNY campaign as well as the aforementioned easing of Covid-19 restrictions. The board of directors announced a first interim dividend of 22 sen per share, with an ex-date of June 8, and payable on June 22. In a separate statement, Carlsberg managing director Stefano Clini said looking forward, the group’s outlook “remains cautious” as it is mindful of escalating commodity prices, which he noted have been further exacerbated by the war between Russia and Ukraine. “Also, we will start seeing the impact of prosperity tax in the remaining quarters. On the other hand, this reopening of the entertainment outlets should create further momentum in our on-trade business,” he added. Clini said that in preparation for headwinds ahead, the group will remain focused on its “SAIL’22” strategy with premiumisation and innovation to continue to deliver growth to its top and bottom line. “We will also intensify our cost control management whilst continuing to reinvest in our brands to fuel growth,” he added. In separate filings on Tuesday, Carlsberg noted that its independent and non-executive chairman Datuk Toh Ah Wah is to resign effective June 1. According to the filing, the 64-year-old is resigning “to devote more time to pursue his personal interest”. The company also noted that Tan Sri Chor Chee Heung will be appointed independent and non-executive chairman effective June 1. Chor is also an independent and non-executive chairman of Star Media Group Bhd. In its filing to Bursa, Carlsberg noted that Chor was previously deputy home affairs minister, deputy finance minister, and housing and local government minister when he was a member of parliament from 1990 to 2013. Carlsberg also announced on Tuesday that it has appointed Chew Hoy Ping as its senior independent director with effect from May 24. It noted that Chew joined the group as an independent non-executive director in May 2014 and currently sits as the chairman of its audit and risk management committees. Carlsberg shares finished down four sen or 0.18% at RM22.10, giving the group a market capitalisation of RM6.76 billion.

https://theedgemalaysia.com/node/675600

Cover Story: Navigating the bumps in the EV industry

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This article first appeared in Digital Edge, The Edge Malaysia Weekly on July 24, 2023 - July 30, 2023 Over the past year, Malaysia’s adoption of electric vehicles (EVs) has gained traction, with the government actively encouraging the transition to green mobility. Attractive rebates such as 100% tax exemptions have been introduced to make EVs much more affordable to consumers, and companies are being incentivised to develop charging infrastructure. Looking beyond consumer adoption, the country is now eager to ascend the EV value chain and attract global manufacturers to set up operations within its borders. In this endeavour, it finds itself in fierce competition with its Asean neighbours for investments and opportunities in the burgeoning industry. Malaysia’s commitment to fostering the EV industry became evident when Prime Minister Datuk Seri Anwar Ibrahim said on July 14 that Tesla Inc CEO Elon Musk had agreed to make “significant” investments in the country, with plans to set up the company’s local headquarters in Cyberjaya, a major technology and innovation hub.  This announcement came as a part of Malaysia’s broader strategy to leverage the growth prospects of various sectors within the EV value chain, namely renewable energy, energy efficiency, energy storage systems, high value technology and software development. Despite the enthusiasm to capture market share, the country has a long way to go before it can solidify its position as a regional hub for EV manufacturing and services. While progress has been made, the adoption of EV could be faster. The biggest challenge appears to be the high cost of the vehicles, which put them beyond the reach of the masses even with the tax incentives and rebates. However, in the last couple of years, the awareness and adoption of EVs have grown exponentially — from just 274 units sold in 2021, to 2,631 units sold last year. This represents an 860% growth, according to Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad at the association’s annual review press conference in January this year, before her sudden passing the following month. However, MAA’s EV sales figure represents EVs bought through official distribution channels. The definition of what constitutes an EV locally is rather broad. Azrul Reza Aziz, CEO of Malaysia Automotive, Robotics & IoT Institute (MARii), explains that from the government’s perspective, EVs include transition vehicles, encompassing energy efficient vehicles (EEVs), battery electric vehicles (BEVs), hybrid electric vehicles (HEVs) and plug-in hybrid vehicles (PHEVs). Taking into account the broad definition of an EV — which Azrul says will eventually transition to a BEV — there were about 7,000 EVs sold in Malaysia in 2021. That number tripled last year to about 21,000. He says of the approximately 2,200 car bookings made at the Malaysia Autoshow 2023 in May, 40% were for EVs, indicating that Malaysians are becoming more receptive to these environment-friendly vehicles. The target is for EVs to account for 15% of the total industry volume (TIV) by 2030. Last year, they accounted for 3% of TIV and with seven years to go, Azrul is confident the country will hit the target. “We are anticipating more completely knocked down (CKD) models coming in and our national carmakers are looking into it as well, so we will see more affordable EVs coming into the market. This will definitely help us achieve the 15% target by 2030,” he says. Datuk Wira Arham Abdul Rahman, CEO of the Malaysian Investment Development Authority (Mida), says the nation has made significant strides in establishing itself as a competitive player in the EV industry. It has witnessed the emergence of local manufacturers specialising in EV components, such as batteries, motors and power electronics. “Local automotive manufacturers, such as Proton, are developing expertise and the capacity to manufacture EVs, and they are in the midst of identifying a suitable model for the market that fulfils customers’ requirements without compromising the price and quality of the car. In April 2023, Proton announced its plans to introduce its first EV to the market in 2025, two years earlier than its original plan,” he says. Malaysia managed to draw Tesla — the world largest EV-exclusive carmaker — under the Ministry of Investment, Trade and Industry’s (Miti) Battery Electric Vehicle (BEV) Global Leaders Programme, which allows the US company to invest and sell its EVs directly to consumers, bypassing the approved permit (AP) system for car imports. The AP system is widely viewed as a protectionist policy that limits competition in the automotive industry.  Over the last couple of years, conversations on sustainability have become louder, especially after the government set the target of becoming a net-zero greenhouse gas emissions nation by as early as 2050. To realise this goal, the automotive sector needs an overhaul. Emissions from the transport sector were recorded as the second-highest sub-category at 25.05% (64,973.10 gigagrams CO2 equivalent) of the total energy sector emissions, according to Malaysia’s Fourth Biennial Update Report under the United Nations Framework Convention on Climate Change submitted in December 2022. Given that Malaysia is currently the third-largest automotive producer in Southeast Asia after Thailand and Indonesia, the government has also set an ambitious target of having 100,000 EVs on the road by 2030. It has introduced various initiatives, including tax incentives, to support the development and adoption of EVs in the country. The foundational policy is the National Automotive Policy 2020 (NAP 2020) under the purview of the Ministry of Investment, Trade and Industry (Miti). Its objective is to drive Malaysia to become a regional leader in manufacturing, engineering, technology and sustainable development in the automotive sector. In addition, there is the Low Carbon Mobility Blueprint (LCMB) — aimed at lowering carbon dioxide emissions, and phasing out the use of fossil fuel internal combustion engine (ICE) vehicles — which is aligned with Thailand’s and Singapore’s commitments as well as global best practices. The LCMB is under the purview of the Malaysian Green Technology and Climate Change Corporation, under the Ministry of Environment and Water (KASA). Moreover, in June, Anwar said the National Energy Transition Roadmap (NETR) and Hydrogen Economy and Technology Roadmap (HETR) were expected to be launched in the second half of this year. These are aimed at ensuring that Malaysia achieves long-term energy security, with environmental and economic sustainability in mind. While the government’s commitment to and consumer interest in adopting EVs are clear, there is still a lot of market share left to capture, both in the manufacturing and consumer segments. It seems only logical that Malaysia’s current EV conversation includes transition vehicles, since the country is facing a three-pronged challenge — consolidating siloed policies, the lack of infrastructure and the lack of affordable EVs in the market. “We have a lot of policies [under different ministries and agencies], but how do we talk to each other? That is why Miti has established the National EV Task Force to make sure that all the ministries and stakeholders involved are aligned to [ensure] that EV adoption is faster,” says Azrul. On investment in the EV industry, Azrul says 54 projects were created between 2018 and 2022, with EV-related foreign direct investment (FDI) and domestic direct investment (DDI) amounting to RM22 billion. In July last year, Samsung SDI Energy Malaysia Sdn Bhd (Samsung SDIEM) opened an EV battery cell manufacturing facility in Seremban, Negeri Sembilan. It was reported that a cumulative RM7 billion investment was injected by the company into the facility, its first production location in Southeast Asia and the first EV battery cell facility in Malaysia. In 2021, South Korean energy and chemical company SK Group committed more than US$700 million in Malaysia. The first investment was via SK Nexilis, which announced a capital expenditure of RM2.3 billion to set up a copper foil manufacturing facility in Kota Kinabalu, Sabah, which will be part of the group’s EV value chain. This is just the tip of the iceberg, says Azrul, as he anticipates more investment inflows in the coming years. “We’re targeting [an inflow of] RM40 billion FDI into Malaysia’s EV landscape. We are seeing good growth on the investment side.” The NAP 2020 and LCMB are expected to be catalysts in the effort to make the Malaysian automotive industry more competitive. It is projected to contribute a significant RM104.2 billion to the nation’s gross domestic product (GDP) by 2030. Industry players and stakeholders are confident that Malaysia’s EV adoption will pick up. With the anticipated entry of Perodua and Proton into the EV landscape and LCMB’s target of having 10,000 charging points in the country by 2025, all players believe that EVs will soon be affordable and accessible to everyone. Given the electrifying growth expected, Digital Edge takes an in-depth look at the automotive industry.   Range anxiety, the concern that a vehicle will run out of battery before reaching a destination, is a major consumer hurdle and remains one of the top reasons people are hesitant to drive electric vehicles (EVs). This is also why many may flock to hybrid electric vehicles (HEVs), says Patrick Tay, deals partner, economics and policy at PwC Malaysia. It is closely linked to the lack of infrastructure such as public charging stations, he adds, especially since Malaysia has a “balik kampung” season where they prefer to drive to their hometowns instead of taking public transport. “Three or four occasions a year, our cities empty out because people drive back to their hometowns and it’s anywhere between 150km and 350km. On the highways, there are charging stations, but the limitation is that each charge takes 20 to 30 minutes, and that is bound to create congestion,” Tay explains. For Malaysians to be comfortable driving EVs, more charging stations are needed, says Azrul Reza Aziz, CEO of Malaysia Automotive, Robotics & IoT Institute (MARii). In 2021, the global average was 10 EVs per charger. The China market is pulling the global average downwards with seven EVs per charger, with 40% of those being fast charging. Malaysia’s EV-to-charging station ratio currently stands at 22, he adds. Malaysian Investment Development Authority (Mida) CEO Datuk Wira Arham Abdul Rahman notes that charging infrastructure, regulatory policies, vehicle service points and road infrastructure are important factors that influence the car-purchasing behaviour of Malaysians, particularly in the context of shifting from vehicles with internal combustion engines (ICE) to EVs. Arham says, however, that efforts are being made to address these challenges. “Ongoing R&D is focused on improving battery technologies, exploring alternative materials and streamlining manufacturing processes to reduce the cost of EV manufacturing.” Shah Yang Razalli, deputy CEO and chief green mobility officer at clean energy company Gentari, says access to home charging at non-landed residential properties, such as condominiums and apartments, as well as to charging facilities along interstate routes also need scrutiny. In the past year, progress has been made in the development of the charging infrastructure network along a few interstate routes, particularly to the north, south and east of Peninsular Malaysia. However, more needs to be done in the East Coast and in Sabah and Sarawak in the short term, Shah Yang adds. “As a country, we will need to do more to address issues regarding the rights of residents in non-landed properties to access charging infrastructure right on their doorstep. Based on our analysis, 80% of charging needs can be met at home. “We are actively collaborating with government agencies to help secure residents’ rights to access charging facilities at their premises. We are also engaging with relevant authorities to establish a balanced approach that enables charging access at multilevel parking spaces,” Shah Yang says. As the government’s goal is to have 10,000 charging points by 2025 from 978 currently, he notes that the number of charging points will need to increase in tandem with the sustained adoption of EVs. He adds that a balance must be struck to ensure access to adequate charging infrastructure for EV users, as well as good utilisation of the infrastructure. Over just nine months, Gentari has deployed more than 160 charging points in Malaysia and has become the largest fast-charging direct current (DC) network in the country. Its goal for 2025 is to have 9,000 alternating current (AC) and 1,000 DC chargers. However, the deployment of charging infrastructure requires substantial investment. Almost 75% of the investment cost is for charging equipment and upgrades to the power infrastructure. Therefore, Shah Yang says it is important for costs to be kept as low as possible. “Support from the government in the form of infrastructure funds to shore up the capital needed for the power facilities upgrade will definitely help with the growth of the charging infrastructure network,” he adds. “Efforts to streamline and shorten the approval process will ensure that our deployment timelines are efficient, as well as keep project costs at an optimum. The approval process efficacy and timelines can be further improved. There are initiatives currently undertaken by the National EV Task Force driven by Miti and Malaysia Productivity Corporation (MPC) that we hope will improve the efficiency of the process further.” Mida’s Arham says the task force is actively working to streamline EV agendas, propose comprehensive policies and attract investment to position Malaysia as a preferred regional hub for automated EV manufacturing. Its key performance indicators include targeting RM20 billion of investments in EVs by 2025 and RM40 billion by 2030. To date, Malaysia has already achieved the 2025 target with RM22 billion in approved investments between 2018 and 2022.   Malaysia’s strategic location in the Asia-Pacific region and Asean means that it has the potential to be a major hub for electric vehicle (EV) manufacturing and export. Malaysian Investment Development Authority (Mida) CEO Datuk Wira Arham Abdul Rahman says the country has signed 16 free trade agreements (FTAs) with other nations, giving it access to a market of over four billion people. “Malaysia’s FTAs with Asean offer up to 98% import duty exemptions on most products. This favourable trade environment makes Malaysia an attractive destination for EV manufacturers seeking to export their products globally,” he explains. In addition to being a signatory to these agreements, Arham says Malaysia possesses other strengths such as political stability, strong economic fundamentals, pro-business policies, an advanced ecosystem, a robust supporting industry and a talented workforce. These factors enhance the country’s attractiveness as a destination for foreign, local and start-up companies, particularly in high-tech and value-added industries, looking to optimise their operations in a dynamic market. “Malaysia’s incentives, strategic location and participation in trade agreements position the country as a promising hub for EV manufacturing and trade, while fostering a conducive business environment for various industries,” Arham says. Development of talent is another area to focus on, as the aftercare and handling of EVs are different from that of internal combustion engine (ICE) vehicles. Looking at the talent heat map, Malaysia definitely has a shortage of talent, and while it might take some time to upskill talent with ICE expertise, it is not difficult to do so, says Azrul Reza Aziz, CEO of Malaysia Automotive, Robotics & IoT Institute (MARii). MARii is working with the Department of Skills Development under the Human Resources Ministry to develop the National Occupational Skills Standards (NOSS) and Malaysian Skills Certificate or Sijil Kemahiran Malaysia (SKM) to include EVs as well as develop standardised educational modules that can be used by industry players to upskill their workers. Azrul says industry players are being consulted as well so that talent gaps will be narrower. But one area that is often overlooked is educating first responders to address incidents involving EVs. Safety is a very important component of upskilling, says Azrul, especially when the vehicle is involved in an accident. “Compared to ICE, EVs have batteries and [different parts of the car] will be conducting high-voltage electricity. First responders need to be equipped to handle road accidents on the highway if we want more EVs on the road.” Shah Yang Razalli, deputy CEO and chief green mobility officer at clean energy company Gentari, says while the government’s policies are leading the country in the right direction, what is also important now is a clear execution road map with more granular leading and lagging targets that are tracked to drive results. “In order to drive sustained adoption and supporting infrastructure deployment, the road map needs to also be able to address how the policies can drive the increase of GDP, investment and economic growth via the creation of a local EV industry that will create jobs.”   Malaysian Investment Development Authority (Mida) CEO Datuk Wira Arham Abdul Rahman says one of the biggest challenges for the electric vehicle (EV) industry, both from the manufacturing and consumer perspectives, is the high cost involved, largely attributed to battery and EV technologies. The price of medium-range EVs in the Malaysian market is between RM100,000 and RM200,000. On top of that, the production of lithium-ion batteries involves complex and resource-intensive procedures. Raw materials such as lithium, cobalt and nickel need to be extracted, which can result in negative environmental effects like habitat disruption and ecosystem degradation, says Arham. The manufacturing process itself consumes substantial energy and emits greenhouse gases. Supply chain constraints continue to be a major challenge. From a global market standpoint, the prices of materials had increased for the automotive industry as a whole, says Shah Yang Razalli, deputy CEO and chief green mobility officer at clean energy company Gentari. In 2021, the price of steel rose 100%, aluminium around 70% and copper more than 33%. Specific to EVs, the price of lithium carbonate increased by 150% year on year, graphite by 15% and nickel by 25%. While some of these constraints will ease, battery supply chains and EV production capacity will have to expand rapidly to continue on the current trajectory. “We have also seen automakers facing the issue of microchip shortages, and this has held back production output and slowed down delivery schedules especially in 2022. The shortage is problematic for EVs, which require around twice as many chips compared to conventional vehicles,” Shah Yang says. He highlights that after the introduction of tax incentives, more EV models came on the market. “Recently, we saw the announcement of the lowest-priced EV, the Neta V, being introduced at just below RM100,000. This is a step in the right direction as the sub-RM100,000 [level] is where the mass-market segment lies. “We hope to see more models introduced within this price segment, which will drive higher EV penetration.” Touching on the tax breaks and incentives announced, Shah Yang says while this is a good start, more can be done. Currently in Malaysia, with regard to the price of an average EV versus that of a vehicle with an internal combustion engine, there is a total cost of ownership discrepancy that needs to be solved. The incentives help bridge this discrepancy. However, Shah Yang points out that more incentives are needed to achieve parity towards the adoption of EV. “From the example of other countries that we have seen with a good adoption trajectory, further incentives such as direct vehicle purchase subsidies as well as preferential rates for toll, parking and electricity were introduced. “As a nation, we will need to continuously look at creative ways to educate and encourage our consumers towards modern yet sustainable transportation, and Gentari can help in this. These policies and incentives need to be sustained, with clear socioeconomic benefits in return arising from the growth of the local EV manufacturing industry and other supporting industries.” One of the more significant tools is the Green Technology Financing Scheme (GTFS), a special programme introduced by the government to support the development of green technology. Through the GTFS, Shah Yang says start-ups will be able to secure capital to develop and assemble EV technologies, invest in research and develoment, as well as create the supporting infrastructure required for their widespread adoption. This could include focusing on designing and manufacturing affordable EVs that cater to the needs of the local population. “This will involve developing advanced battery systems with longer ranges, faster charging capabilities and improved energy storage capabilities. By pushing the boundaries of EV technology, these start-ups will not only elevate the standards within the local market but also position Malaysia as a hub for cutting-edge low-carbon transportation solutions,” Shah Yang says. He adds, “As a result of the GTFS support, we hope to see the growth of the local industry. This effort will contribute to the creation of numerous high-skilled jobs, stimulate economic development and position Malaysia as a regional leader in green technology.” Companies seeking R&D support in Malaysia can engage with Mida for manufacturing and selected services activities. The authority can facilitate collaborations with local universities and research institutions to enable access to expertise, says Arham. “Mida’s Domestic Investment Collaboration Programme (DICP) provides comprehensive support for domestic companies engaged in R&D activities in Malaysia. DICP collaborates with banks to offer financing facilities, connects companies with venture capital and private equity firms, and assists in preparing for IPOs (initial public offerings). This holistic approach ensures that companies receive the necessary financial support to drive their R&D initiatives.” 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/618851

Caely chairman trims stake while two directors come on board

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KUALA LUMPUR (May 6): Caely Holdings Bhd’s executive chairman and major shareholder Datuk Wira Louis Ng Chun Hau has trimmed his stake in the lingerie maker amid two new appointments to its board. According to Caely’s filings on Friday (May 6), Ng had disposed of five million shares or a 1.94% stake in the company via his indirect interest through his spouse Datin Wira Lim Chee Ting in the open market on Thursday (May 5).  Following the shares divestment, Ng still owns a 16.95% direct stake, and a 7.04% indirect stake. Earlier on April 4, Ng had also offloaded 13.13 million shares or 5.1% indirect stake in Caely, held through Public Gold Marketing Sdn Bhd. In a separate filing on Friday, Caely had appointed chartered accountant Ng Mei Choo as an independent non-executive director. The 52-year-old Mei Choo is currently the managing associate of Clement & Associates International Ltd (UK) and Clement & Associates (China) Ltd, an international professional consulting group. Meanwhile, Sin Yoke Hang is appointed as an alternate executive director. The 35-year-old is the daughter of Caely executive director Datuk Seri Sin Hock Min, who was newly appointed on April 25. Caely has come under the spotlight since last month, as one of its subsidiary’s bank accounts had been issued a freeze order by the Malaysian Anti-Corruption Commission (MACC) on April 20. Earlier on April 7, Caely had appointed Virdos Lima Consultancy (M) Sdn Bhd as its forensic auditor to carry out an independent forensic audit on allegations of suspicious and irregular transactions at the group, citing that one of its independent non-executive directors had received an anonymous package containing documents, raising concerns on several suspicious transactions involving Caely as circumstances leading to the forensic investigation. The company had also seen its non-executive director Datin Fong Nyok Yoon filing a suit against the company and six current and former directors on April 26 to prohibit them from allotting and issuing new shares in the company through a private placement exercise. They are executive chairman Louis Ng, independent director Beh Hong Shien, former executive director Lim Chee Pang, former independent director Lim Say Leong, as well as former non-executive directors Datuk Seri Mazlan Lazim and Noor Azri Noor Azerai. Fong was also seeking the resolution to re-designate herself from executive director to non-independent non-executive director of Caely, which was passed at the company’s annual general meeting held on Sept 22 last year, be cancelled. Amid the forensic audits and MACC's freeze order on its bank accounts, Caely’s board had seen many changes with Chee Pang and Say Leong resigning on April 2. On April 28, Caely had appointed businesswoman Jessie Wong Siaw Puie, 39, as executive director of the group. She is currently the national president of the Malaysia Chinese Women Entrepreneurs Association and founder of the Malaysia Influencers Industry Online Association. Caely shares closed lower by one sen or 2.6% at 37.5 sen on Friday, bringing it a market capitalisation of RM96.8 million. Read also: MACC freeze order and forensic audit cast spotlight on Caely  Two more resignations hit troubled Caely  Non-executive director sues Caely, other directors to prevent issuance of new shares via private placement  Caely says unfreezing of bank accounts is top priority

https://theedgemalaysia.com/node/607406

NTU Singapore builds a cloud-enabled Smart Campus with Microsoft

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SINGAPORE (Feb 14): Nanyang Technological University, Singapore (NTU Singapore) has partnered with Microsoft to foster innovation and transform the future of education with its cloud-enabled Smart Campus. Technology plays a key role in powering the 200-hectare campus, which includes a living lab of digital experiments — from running an autonomous electric bus to testing drones for Singapore’s airspace. This forms part of the...(click on link for full story on theedgesingapore.com)

https://theedgemalaysia.com/node/672054

Establishment of Malaysian Media Council does not contradict principles of media freedom

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KUALA LUMPUR (June 21): The proposed establishment of the Malaysia Media Council, which has been described as a regulatory mechanism for the industry, does not contradict the principles of media freedom championed by the government, the Dewan Negara was told on Wednesday (June 21). Deputy Minister of Communications and Digital Teo Nie Ching said that media freedom does not imply freedom without limits, but rather that the media has a responsibility to report from valid sources, and in an ethical and fair manner. “Our neighbouring country, Indonesia, has the Dewan Pers, which is a form of a Media Council, but what we want is for the regulations to come from the industry itself to prevent any abuse of power. “In our context (Malaysia), there is often concern that as the government, we will use existing laws to restrict media freedom, but if the regulations come from the industry itself, I believe it is fairer and can ensure the interests of all parties, including the government, opposition and the public.” Teo said this in reply to Senator Datuk Dr Dominic Lau Hoe Chai, who wanted to know whether the regulatory mechanism for the media industry through the establishment of the Malaysian Media Council contradicted the principles of media freedom championed by the government. Teo said that the Malaysian Media Council would serve as a platform for any party who is uncomfortable or dissatisfied with media reporting, to submit their complaints. To Senator Datuk Juhanis Abd Aziz’s question on the engagement session regarding the proposal, Teo said that a meeting would be held after the protem committee gives its feedback on the draft of the Malaysian Media Council Bill. Furthermore, she said there is a proposal to include another provision in the Bill to ensure that 30% of committee members of the Malaysian Media Council are women, but this matter needs to be agreed upon by the protem committee and relevant stakeholders. “The Communications and Digital Ministry is actively engaging in discussions with the protem committee, which comprises journalists, publishers, broadcasters and news organisations, on the details pertaining to the proposed establishment of the Malaysian Media Council. “These discussions cover various aspects, including the functions and funding of the Malaysian Media Council, which are included in the draft Bill that is currently being updated for approval,” she added. For more Parliament stories, click here.

https://theedgemalaysia.com/node/607381

Book Your Flights! COVID-19 Travel Insurance Has Landed.

English

Eager to travel again but worried about COVID-19? Great news! You can now protect yourself and your family with Tune Protect's COVID-19 insurance whilst traveling to your favourite overseas holiday destinations on any airline. The travel insurance product, Travel Easy, addresses some key concerns of those going abroad. Chief among these are medical expenses if one falls sick. You'll be glad to know that Travel Easy will cover your hospitalization bills abroad especially if you fall sick from COVID-19.  "For most travellers, being hospitalized in a foreign country can be a very expensive affair, costing thousands of ringgit for just one admission. And with the current COVID-19 pandemic, this worry is amplified and that's why we're proud to be among the first few insurers in Malaysia to cover COVID-19 medical expenses for overseas travel", said Rohit Nambiar, Group Chief Executive Officer of Tune Protect. Being hospitalized overseas is indeed no laughing matter. COVID-19 hospitalization in the US for example can go as high as RM198,000¹. In the UK, while COVID-19 treatment is free even for visitors, medical conditions and complications arising from that infection is chargeable. As an indicator, upfront charges for Infectious Diseases can reach RM68,000 while admission for Accident/Emergency is as high as RM12,700². Closer to home, median estimates for COVID-19 admission in Singapore is RM77,900³ while over in Thailand, you can expect to pay about RM2,500⁴ per night in a hospital. With medical costs this high, is it any wonder that getting good travel insurance coverage is absolutely necessary when venturing overseas? Travel Easy's COVID-19 enhancements comes at a time when many countries are beginning to ease entry restrictions. The Malaysian government is also looking at more VTL agreements with its neighbouring countries and this protection plan is designed to meet the immigration requirements of these countries and offers a slew of attractive benefits.   Travel Easy offers two COVID-19 plans, COVID Lite and COVID Plus. The latter is the premium plan and offers coverage for COVID-19 hospitalization expenses (Stages 3 - 5) for the first 30 days of trip duration of up to RM250,000 (per individual) and up to RM750,000 (per family). You can also claim a compensation of RM350 for each full day of hospitalization. If you require evacuation or repatriation back to Malaysia due to COVID-19, Travel Easy will cover the expenses for up to RM500,000 (per individual) and up to RM1,500,000 (per family). What if you're diagnosed with COVID-19 overseas and are quarantined? You'll be glad to know that you can claim a quarantine allowance of RM100 per day. Coverage also includes trip cancellation and trip curtailment (trip cut short) and Travel Easy will even cover the travel expenses for a family member to visit if you're hospitalized overseas. "We want our customers to be well taken care of if they go abroad. We are travellers ourselves and it can be a harrowing experience if you fall sick in a foreign country, that's why we offer comprehensive COVID-19 coverage with Travel Easy so people can enjoy their holiday with peace of mind," Rohit emphasized.  Travel Easy comes with a whole baggage-ful of existing benefits together with the enhanced coverage. For example, you have access to a total of RM300,000 per person to pay for non-COVID-19 medical expenses and up to RM900,000 per family⁵. The list of covers goes on - Personal Accident, Travel Delay, Baggage Damage and Delay, Loss of Travel Documents and Personal Effects and many more. All benefits which you would already be accustomed to as a seasoned traveller. And the price for all of this? As low as RM35 per trip. You enjoy an instant discount of 25% when you purchase Travel Easy insurance online. The rates are especially attractive for those interested in travelling to Europe and the United States. "We're keeping our prices as low as possible whilst ensuring optimum coverage to maximize value for our customers. We're really excited for 2022 and beyond, as we see travel starting to pick up. We want to be there for travellers as they take to the skies again," Rohit concluded. Travel Easy caters for Family and Group travel too and is available for any airline you choose to fly with. To find out more about Travel Easy, its plans and rates, please visit their website. References: ¹ US National Library of Medicine ² UK National Health Service  ³ Ministry of Health, Singapore ⁴ Expat Den ⁵ Combined limit of COVID-19 and non-COVID-19 Medical Expense of not more than RM300,000 per person and RM900,000 per family.

https://theedgemalaysia.com/node/668157

Lima’23: Malaysia supports target to cut carbon intensity in international shipping

English

LANGKAWI (May 23): Malaysia strongly supports the target to cut carbon intensity in international shipping by 40% in 2030, and 70% by 2050. Transport Minister Anthony Loke said it is in line with Malaysia’s commitment to ensure the maritime industry is heading towards long-term environmental sustainability. “For instance, Malaysia is at the forefront of some of these international initiatives through its active role in the International Maritime Organisation (IMO)-Norway GreenVoyage2050 and IMO-Partnerships in Environmental Management for the Seas of East Asia (Pemsea) Blue Solutions projects aimed at reducing maritime transport emissions.” The minister said this in his keynote address during the International Maritime Conference themed Resilient Maritime Southeast Asia: Safe Secure and Sustainable Ocean, held in conjunction with the Langkawi International Maritime and Aerospace Exhibition 2023 (Lima’23) at the Mahsuri International Exhibition Centre here on Tuesday (May 23). Loke said although shipping is considered the most energy-efficient mode of transport, it is still responsible for an estimated 3% of global emissions. He said Malaysia notes the report by the IMO that global shipping is ever increasing and shipping emission is estimated to surge to 130% by 2050. Loke said that in fact, the IMO’s work on developing a non-mandatory Maritime Autonomous Surface Ship (MASS) code to support the functional and operational gaps is laudable. “In this respect, Malaysia supports IMO’s role in taking the lead to address the rapid technological advancement in the development of autonomous commercial ships,” he added.  Read also: Lima’23 opens with airshow by 36 aircraft Lima’23: Malaysia to venture into aerospace grade material production — Miti  Lima’23: Navy needs to be modernised, says defence minister  NCER to promote investment opportunities at Lima’23

https://theedgemalaysia.com/node/616065

Malaysia Retailers Association appealing to govt to stagger minimum wage hike

English

KUALA LUMPUR (April 12): The Malaysia Retailers Association (MRA) said on Tuesday it is appealing to the government to review and stagger the minimum wage hike of 25% come May 1, 2022 for the retail industry. MRA said in a statement that spiralling inflation will result from the drastic increase in labour costs, and this is going to lead to a lower standard of living for the average consumer. Managing the drastic increase of minimum wage may lighten the additional inflationary pressure which is already happening due to hikes in prices of raw materials and transportation costs, it added. It also said further analysis needs to be carried out on the impact of the wage increase without any corresponding increase in productivity or output. "This increase will lead to a hefty increase in operating expenses and the inflationary impact will be quite heavy. Any increase in wages should be in line with an increase in productivity and output to enable businesses to absorb the increased wages without drastically increasing the cost of doing business," it said. It also said businesses should be allowed to include in minimum wages all incentives and commissions and allowances that they pay to their workers in tandem with their industry practices to be able to attract and retain workers while maintaining or improving their business profitability and viability overall. MRA noted at this moment, the retail industry is still struggling to recover from the impact of the Covid-19 pandemic, despite the reopening of economic sectors as announced on Sept 14, 2021. "The impact from the drastic RM300 increase in minimum wage would devastate the already struggling businesses which are already burdened with high labour costs and all the statutory contributions like EPF (Employees Provident Fund), SOCSO (Social Security Organisation), HRDF (Human Resources Development Fund) and EIS (Employment Insurance Scheme)," it said. According to the association, many businesses have already been affected by slowdowns from before the Covid-19 outbreak, which has brought retail businesses, particularly the non-essential sectors, to their knees. MRA said the banking sector already has clamped down heavily and is scaling back loans and trade facilities to the sector as a whole, and this is leading to many businesses scaling back and downsizing, which is going to lead to less employment for workers. MRA also called for an immediate retail stakeholder engagement especially with the National Wages Consultative Council under the Ministry of Human Resources, enacted by Act of Parliament under National Wages Consultative Act 2011 for better understanding of the retail industry practices and why the implementation of this increase in minimum wage must be done in a more gradual and holistic manner. "The government must also take into consideration the variable cost of living in different parts of the country. Urban centres have a higher cost of living and especially Klang Valley has the highest cost of living so salaries here need to reflect this," it said. In smaller towns and rural areas where cost of living is significantly lower, businesses also have lower turnovers and profits and so are unable to pay high salaries, it added. "For people living in these less expensive areas they are able to live with a lower salary (lower living wage) and so it's a win-win situation for businesses to have a lower wage as employment opportunities are ensured and people get a living wage. Otherwise these businesses may need to scale down the number of employees or close down entirely," it said. It also said minimum wage increases over the last decade have not had a positive impact overall and many businesses have been forced to cut down the number of employees and get the remaining workers to increase their work. "Many people including graduates and matured people remain unemployed or underemployed. Compounded with Covid-19 lockdowns measures when many businesses were forced to close temporarily, there was a sharp increase in unemployment," it said. "The government needs to enable businesses to restart and expand their businesses and provide steady regular employment rather than just focus on the minimum wage. The government needs to do all it can to stem inflation, not increase it," it added.

https://theedgemalaysia.com/node/653948

全球乐观情绪 推高马股走势

English

（吉隆坡3日讯）华尔街隔夜表现乐观，意味着购兴可能会外溢至本地股市，提振马股周五早盘高开。 截至早上9时06分，富时隆综指上涨2.81点，至1492.61点，周四收报1489.80点。 富时隆综指今早以1490.56点报开，微扬0.76点。 上升股197只，下跌股137只，另有287只无起落，1549只无交易及20只暂停交易。 马股总成交量为4亿1731万股，总值1亿731万令吉。 马六甲证券表示，全球情绪转佳，购兴可能会蔓延至本地股市，尤其是考虑到华尔街正处于反弹的情况。 “同时，我们相信投资者将为即将到来的报告季，以及2月24日重新提呈的2023年财政预算案做好准备。” “大宗商品方面，布兰特原油价格处于82美元上方，原棕油价格徘徊在3800令吉下方，而金价则企于1900美元上方。” 券商估计，科技板块将受到关注，并在另一个交易日走高，这是从纳斯达克指数中得到的暗示，纳斯达克指数隔夜飙升至关键的12,000点上方。 “我们乐观看待石油与天然气股将维持盈利势头，因此交易员可能会在做好准备。” 马股重量级股方面，齐力工业（Press Metal Aluminium Holdings Bhd）上涨10仙，至5.40令吉，MR DIY Group (M) Bhd攀升5仙，报1.90令吉，IHH医疗保健（IHH Healthcare Bhd）增加5仙，至6令吉，大众银行（Public Bank Bhd）起1仙，至4.22令吉，以及马银行（Malayan Banking Bhd）降1仙，报8.71令吉。 至于热门股，婆罗洲石油（Borneo Oil Bhd）企于2仙，丰成综合（Hong Seng Consolidated Bhd）扬0.5仙，至22仙，大稳控股（Ta Win Holdings Bhd）升0.5仙，报7.5仙，JCY国际（JCY International Bhd）及Nylex (Malaysia) Bhd各涨1.5仙，分别报22仙和64.5仙。    （编译：魏素雯）   English version：Upbeat global sentiment boosts Bursa

https://theedgemalaysia.com/node/671593

Bets for soaring UK interest rates may unravel over 30 hours

English

(June 18): Britain’s bond market is approaching an inflection point, with inflation data and a Bank of England (BOE) decision set to shape the outlook for traders after yields rose to the highest level since 2008. Those two events, due over 30 hours starting Wednesday morning, could bring a halt to upward momentum in interest-rate bets. Official data is expected to show inflation slowed to its lowest in 14 months, while investors are pricing in a 13th consecutive rate hike from the BOE to bring wage-price pressures under control. BlackRock Inc, Invesco Asset Management and Royal London Asset Management are already dipping back into the market. They argue — along with many economists —  that traders are anticipating more hikes than the BOE is likely to deliver, and it’s an opportunity to lock in some of the highest bond yields in the developed world. “The market’s pricing of five more hikes from the BOE is very unlikely,” said Alexandra Ivanova, a fund manager at Invesco. “The Bank has a lot of constraints making it unable to deliver on these expectations. Growth is one of them, and inflation is almost certainly a structural issue.” Britain has the worst inflation problem in the Group of Seven nations but the outlook is improving, thanks largely to a sharp drop in electricity and natural gas prices as well as slower growth in the cost of food.  Economists expect the inflation rate to decelerate to 8.4% in May from 8.7% in April. BOE officials see inflation easing further for the rest of the year. The release will loom large over the Monetary Policy Committee’s (MPC) thinking as it prepares to set rates on Thursday. The median estimate in a Bloomberg survey is for a quarter-point increase to 4.75%, the highest since 2008. “The BOE’s near-term messaging will depend heavily on the inflation print,” said Bruna Skarica, an economist at Morgan Stanley. She is penciling in a 25 basis-point hike, yet doesn’t anticipate “overly hawkish messaging” from the MPC ahead of the August forecasting round. The market is less sanguine. Traders drove up rate expectations over the last few weeks after labor market data showed an unexpected tick down in unemployment, indicating wage pressures will continue for some time.  They now see four additional hikes until the end of the year and attribute a small chance of final move to 6% in early 2024, which would be the highest since the turn of the century. For some investors that means a turning point in interest rates is near. They are moving to lock in returns, betting yields may not rise much further. Invesco bought long-duration gilts last week, when yields surged to the highest since 2008. BlackRock recently ditched a long-held underweight position, while Royal London Asset Management also used the selloff to buy UK government bonds. Another issue the market must weigh is that the tightening priced in now would be a disaster for what’s an already fragile economy. The BOE anticipates medium-term growth around 1%, far lower than the rate of inflation and tightening a cost-of-living crisis. Rates anywhere near 6% would squeeze the economy further, with more than 1 million households due to refinance their mortgages this year. That all points to a stagnating economy with slower price growth, opening the door for the BOE sometime this year to halt its quickest series of rate hikes in four decades.  Still, if inflation keeps pushing higher there’s likely more pain in store for bond holders. The rate has surprised on the upside in each of the three previous reports. “It’s hard to say they are not cheap at the moment,” said Stuart Cole, chief macro economist at Equiti Capital in London. “But there is probably room for them to cheapen a bit further still. If we get a strong CPI number, then I think we will see yields tick higher once more.”

https://theedgemalaysia.com/node/625015

EVENING 5: Five things you need to know today

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EVENING 5: Govt ends subsidies for bottled palm cooking oil Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today. 1. Putrajaya discontinues subsidies for bottled palm cooking oil and removes the ceiling price for chicken and eggs. 2. The EPF’s 1Q2022 total investment income shrinks 17.83% year-on-year as global markets decline. 3. Used-car online marketplace operator Carsome Group reportedly delays its dual listing plans in Singapore and the US. 4. Duopharma Biotech evaluates local and international companies as it finalises its mergers and acquisitions plans. 5. Genting Malaysia ramps up operations in anticipation that the reopening of borders will further support its recovery.

https://theedgemalaysia.com/node/646640

EVENING 5: Five things you need to know today

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EVENING 5: PM Anwar names himself finance minister Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today. 1. PM Datuk Seri Anwar Ibrahim names himself finance minister as he unveils his cabinet line-up. 2. RHB Research says more sectors book results that missed expectations for 3QCY2022 versus 2QCY2023. 3. Muhibbah Engineering gets the Federal Court’s nod to challenge the IRB’s tax assessments. 4. Perodua’s production, monthly and year-to-date sales performances hit new highs in November. 5. Apex Equity's shares leap after the SC initiated legal action to rein in its shareholder, ACE Group.

https://theedgemalaysia.com/node/652193

Oil prices extend gains on optimism over China's fuel demand recovery

English

TOKYO (Jan 18): Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that a relaxation of China's strict Covid-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. Brent crude futures were up 52 cents, or 0.6%, at US$86.44 a barrel at 0151 GMT, following a 1.7% rally in the previous session. US West Texas Intermediate (WTI) crude futures gained 55 cents, or 0.7%, to US$80.73 a barrel, having risen 0.4% on Tuesday. China's gross domestic product expanded 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. But the data still beat analysts' forecasts after China rolled back its zero-Covid policy in December. The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report Chinese oil demand would grow 510,000 barrels per day (bpd) this year after posting in 2022 its first contraction for years due to Covid containment measures. But OPEC kept its 2023 global demand growth forecast unchanged at 2.22 million bpd. "Growing hopes that China's fuel demand will pick up after a recent shift in its Covid-19 policy lent support to oil prices," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd. "OPEC's optimistic outlook on China's demand also supported the market sentiment," he said, predicting a bullish tone for this week. At the World Economic Forum in Davos, China's Vice-Premier Liu He on Tuesday welcomed foreign investment and declared his country open to the world after three years of Covid isolation. Oil was also boosted by a weaker US dollar, which steadied on Wednesday although after falling against major currencies the previous day due to expectations a possible Bank of Japan policy shift could be a precursor a tighter monetary policy. A weaker US dollar makes greenback-denominated oil less expensive for other currency holders and encourages buying. On the supply-side, oil output from top shale regions in the US is due to rise by about 77,300 bpd to a record 9.38 million bpd in February, the US Energy Information Administration (EIA) said in a productivity report on Tuesday. Russia, meanwhile, expects Western sanctions to have a significant impact on its oil product exports and its production, likely leaving it more crude oil to sell, said a senior Russian source with knowledge of the nation's outlook.

https://theedgemalaysia.com/node/666106

美国即将公布通胀率 令吉兑美元微跌

Mandarin

（吉隆坡9日讯）美国将于周三公布通胀率，令吉兑美元今早回落。 截至早上9时27分，令吉兑美元降至4.4370/4395，周一收报4.4360/4380。 Bank Muamalat Malaysia Bhd首席经济学家Mohd Afzanizam Abdul Rashid表示，投资者正处于十字路口，将根据即将出炉的数据做出相应决定。 “美元兑令吉应持平于4.43令吉水平附近，相当接近目前的支撑位4.4254令吉。” 他告诉马新社：“美元兑令吉要突破支撑水平，需要进一步的证据表明美联储可能想要改变货币立场，这似乎取决于周三的4月份通胀报告。” “至于马来西亚，周二的数据点将是2023年3月工业生产指数。” “我们预计增长2.7%，低于3.6%增速，因为出口导向型行业的生产可能不会那么快。” 同时，令吉兑一篮子主要货币走高。 令吉兑英镑上涨至5.5964/5995，周一收报5.6084/6110，令吉兑欧元从4.8960/8982，升至4.8772/8799，以及令吉兑日元从3.2854/2872，上扬至3.2833/2854。 令吉兑亚洲货币涨跌互见。 令吉兑新元微扬至3.3472/3496，周一收于3.3489/3507，而令吉兑印尼盾则企于301.5/301.9，之前为301.5/301.8。 令吉兑泰铢从13.1184/1302，降至13.1420/1545，但令吉兑菲律宾比索从8.02/8.03，增至7.99/8.00。   （编译：魏素雯）   English version：Ringgit opens marginally easier against US dollar

https://theedgemalaysia.com/node/661817

EPF：4月7日起40岁以上会员可用第二户头申请借贷

Mandarin

（吉隆坡3日讯）从4月7日起，40岁及以上的合格雇员公积金局（EPF）会员可利用第二户头盈余，向银行机构申请个人贷款，但须视参与银行的准备情况而定。 第二户头支援措施（Account 2 Support Facility）将分两个阶段进行，首阶段将于本周五（7日）开放，为期一年。EPF在文告中指出，开放给40岁以下会员申请的第二阶段，将在稍后公布日期。 “最高借贷额为5万令吉，根据第二户头存款余额而定，还款期最高10年。参与银行收取的利率（传统银行）或利润率（回教银行）将在4至5%之间，比目前市场的8至15%利率更低和可负担。” 根据这项措施，所有55岁以下的会员都可以提交50岁或55岁提领的提前通知，条件是第二户头至少有3000令吉存款。 “这意味着只有在会员年满50岁或55岁时，才能向银行机构提款，这符合1951年雇员公积金局法令的规定。” “若会员选择50岁提款的提前通知，EPF将在会员50岁至54岁之间（由会员决定）将第二户头的本金和累积利息，支付给贷款银行，摊还期最高10年。” “若会员选择在55岁提款，EPF则在会员55岁时，把本金和累积股息支付给贷款银行。这笔数额将优先结清贷款余额，余下部分则归还给会员。” EPF表示，此措施可让会员的第二户头储蓄保持完整，并继续获得年度股息，从复利中受惠，同时还可解决短期财务需求。 “若会员还清了个人贷款，他们可通知EPF取消50岁或55岁提前提款。在取消通知后，第二户头的申请提款额（本金和累积股息）可用于其他退休前提款用途。” 向参与银行申请 EPF表示，符合资格的会员可通过参与银行，包括马建屋银行（MBSB Bank）和国民储蓄银行（BSN）提出申请。 该局透露，未来可能会考虑让更多银行参与计划。 “银行将根据融资评估和信贷框架，全面管理个人贷款的申请流程。会员可通过参与银行，在网上申请个人贷款。”   （编译：陈慧珊 & 魏素雯）   English version：EPF: Members aged 40 and above can apply for loans using Account 2 from April 7; withdrawals from age 50 allowed for repayments

https://theedgemalaysia.com/node/649937

Deals of 2022: Best share placement - Press Metal rides commodity boom amid Russia-Ukraine war

English

This article first appeared in The Edge Malaysia Weekly on December 26, 2022 - January 1, 2023 PRESS Metal Aluminium Holdings Bhd, which is controlled by Tan Sri Paul Koon Poh Keong and his brothers, raised RM970.6 million from a primary placement exercise, which was announced in March and completed in April this year. Amid the worsening supply disruptions caused by the Russia-Ukraine war, which erupted on Feb 24, the largest aluminium smelter and extruder in Southeast Asia decided to make a bold move to further expand its production capacity. Following the issuance of 163.4 million new shares — representing 2.02% of its outstanding shares, or 1.98% of its enlarged share base — to third-party investors at RM5.94 apiece, Press Metal allocated 66% of its total share sale proceeds as working capital to finance the group’s day-to-day operations. According to Press Metal, this is dues mainly to an increase in raw material purchases because of a general increase in prices, coupled with the disruption of logistics as a result of the Covid-19 pandemic and the Russia-Ukraine conflict, which also resulted in the group having to maintain higher inventory levels. Meanwhile, 21.6% of the proceeds was allocated for capital expenditure (capex) to fund its extrusion operations, smelting operations and sustainability projects, while the remaining 12.4% was for the repayment of bank borrowings. The issue price of RM5.94 per placement share represented a discount of about 3.5% to Press Metal’s five-day volume weighted average price of RM6.156 per share as at March 28. Its marketed price range was between RM5.90 and RM6 per share. In other words, the transaction was ultimately priced close to the midpoint of the range. From the company’s perspective, the timing of the share placement was commendable as it was able to ride the wave of the commodity boom amid the prevailing supply constraints in Europe and China that have been exacerbated by the war in Ukraine. Maybank Investment Bank (Maybank IB), the sole principal adviser and joint placement agent of Press Metal’s equity issuance, highlights that this is the largest-ever primary placement in the Malaysian industrial sector, as well as the largest-ever primary placement in the regional industrial metal sector. Interestingly, it is also Press Metal’s first follow-on equity offering since its listing in 1993. Quite impressively, Maybank IB points out that this is the quickest execution of a primary placement, with the deal announcement, roadshow and deal launch taking place within six market days. “Strong pre-launch demand was sustained and successfully converted at launch, resulting in the book being multiple times oversubscribed, with over 50 accounts from existing shareholders, domestic and foreign long-only investors, government-linked funds and hedge funds participating in the deal,” it says. The book saw an allocation of 94.5% of shares to high-quality long-only funds and 79.8% to domestic investors. The book was tightly allocated, with the top five investors accounting for 64.6% of the book and top 10 investors taking 83.9%. Maybank IB successfully secured 69.7% of the allocations, while the remaining 30.3% was secured by JP Morgan, which acted as the joint placement agent for the offering. JP Morgan notes that the placement is the largest primary placement in Malaysia since July 2021, the largest metal and steel equity offering in Asean in the past five years, as well as the second-largest follow-on offering in Southeast Asia in 2022. Geographically, 79.8% of the allocations were given to Malaysian investors, 12.6% to American investors, and the remaining to investors from the UK, Hong Kong, Singapore and other countries. Suffice it to say, investors initially did not take the news well when the proposed share placement was announced on March 21, as the share price of Press Metal had declined 5.6% to RM5.99 on March 22. Subsequently, the stock regained its lost ground and closed about 7% above its placement price on its listing day — settling at RM6.35 on April 8. Unfortunately, shares in Press Metal have fallen 24% since then, closing at RM4.84 on Dec 9. The group’s financial performance, however, remains strong. Press Metal saw its net profit grow 11% year on year for the third quarter ended Sept 30, 2022, thanks to increased sales, which were driven by a stronger US dollar and higher production output. The group says higher contributions from its associated companies engaged in alumina, silicon and carbon anode manufacturing also partially supported the increase in earnings. Net profit for the quarter rose to RM315.80 million from RM283.33 million a year ago, while revenue grew 33% to RM3.84 billion from RM2.89 billion. For the first nine months of the year, Press Metal’s net profit increased 54% y-o-y to RM1.15 billion, from RM744.63 million, while revenue rose 54% y-o-y to RM11.77 billion, from RM7.63 billion. Acknowledging that the industry is facing short-term market uncertainties, Koon, co-founder and CEO of Press Metal, insists that the longer-term fundamentals for the aluminium industry remain positive, supported by the global decarbonisation drive and green initiatives. In a statement on Press Metal’s financial performance in the third quarter ended Sept 30, 2022, Koon said: “On the external front, we have made a significant development in our partnership with Glencore by inking 10-year alumina supply and aluminium offtake agreements. “Sharing identical philosophies in supporting a low-carbon economy and climate commitment, we leverage this strategic partnership to identify investment opportunities within our value chain.”   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/632842

Govt targets 2.5% rise in 2022 sales under Buy Malaysian Goods Campaign

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KUALA LUMPUR (Aug 18): The government is aiming for a 2.5% increase in sales for local brands through the Buy Malaysian Goods Campaign (KBBM) this year, compared with the RM3.2 billion sales value recorded last year. Deputy Domestic Trade and Consumer Affairs Minister Datuk Rosol Wahid said the ministry is confident that continuous promotions under the campaign can help boost demand for local goods in the market. “With economic recovery getting stronger, the ministry is targetting an increase of 2.5% in sales value for 2022, compared with the RM3.2 billion sales value in local brand products through KBBM in 2021,”  he said at the launch of the KBBN 2022 campaign  at Mydin Seremban 2, Negeri Sembilan. The text of his speech was released here. It was reported that the sales of locally made goods under KBBM reached RM3.3 billion in 2020, and stood at RM2.87 billion in 2019. The campaign was first launched in 1984 under the name Buy Malaysian Made Goods Campaign. The ministry relaunched this programme in 2009 and rebranded it as KBBM to boost domestic spending, following the global financial crisis.

https://theedgemalaysia.com/node/668707

French grocer Casino to talk with creditors as conciliation process starts

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(May 26): French grocer Casino Guichard Perrachon SA is beginning court-supervised talks with its creditors, a process that could clear the way for the debt-laden company to land an equity investment from Czech investor Daniel Kretinsky. It’s also selling stores. The so-called conciliation process will last up to five months, the company said in a statement on Friday (May 26). Casino shares, which had been suspended since before the market opened on Tuesday, dropped 9.7% to €6.11 (RM30.27) at 9.13am in Paris.  Separately, Casino also announced an agreement to sell some stores with about €1 billion in annual sales to retailer Groupement Les Mousquetaires. Casino also will sell another group of markets, with €550 million in sales, to Les Mousquetaires within three years, the company said.  Casino sought the talks to negotiate with creditors in private about a proposal from Kretinsky, who’s an existing shareholder in the company, to fix its balance sheet, as well as a plan to merge Casino assets in France with retailer Teract SA.  Last month, Kretinsky proposed that Casino raise €1.1 billion in equity, of which he would provide €750 million. One of the conditions of the offer is that the grocer needs to buy back unsecured debt and convert a substantial amount into equity. Casino’s consolidated net debt stood at €5.1 billion as of March 31, the latest report available. Casino said at the time that it would consider seeking a conciliation process to win creditor approval for the deal. That could potentially solve Casino’s debt problem, while taking control out of the hands of chairman Jean-Charles Naouri, who has a majority stake via his Rallye SA holding company. Creditors agreed to let Casino ask the Paris Commercial Court to open the conciliation proceedings without it being considered a default, Casino said. Conciliation is a voluntary proceeding in French law in which a company and its lenders renegotiate debt terms under the supervision of a court-appointed agent. Groupe Casino’s acceptance of a future €100 million equity investment from Groupement Les Mousquetaires in return for selling some stores seems to signal that there will be heavily dilutive new equity investment, with Teract and, likely, EP Global Commerce (which has proposed a €1.1 billion equity raise) participating.  This comes in parallel with the opening of conciliation with financial creditors, which implies that despite €4.2 billion in French asset disposals and the €723 million stake sales in Assai, the company’s debt burden is unsustainable. Casino has been struggling in particular with its operations in France, where it’s been burning cash. Last year the company had an average drawdown of €1.23 billion out of the €2.1 billion it had available, pointing to a liquidity stretch.  In the deal with Les Mousquetaires, Casino didn’t disclose how many stores would be sold and for how much. Les Mousquetaires will also take a minority €100 million equity investment in the future financing round of Casino, the grocer said. This won’t clash with Casino’s plan to negotiate a joint venture with Teract, the food-retail startup backed by billionaire Xavier Niel, according to Casino. Casino’s shares have plunged more than 90% over the past decade, touching a record low in March, while its bonds are priced at distressed levels as investors bet a default is looming. The conciliation procedure only applies to the financial debt of the group and some of its subsidiaries including Cdiscount and will have no impact on operational partners including suppliers or company employees, Casino said.  

https://theedgemalaysia.com/node/657980

佳易科技赢4合同总值1600万

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（吉隆坡6日讯）佳易科技（Key ASIC Bhd）获得4份专用集成电路（ASIC）设计服务合同，为期3年，总值1600万令吉。 佳易科技在文告中表示：“在这4份合同当中，两份来自现有客户，另外两份来自新客户，包括香港客户。” “除了非经常性工程费用外，这些项目通常通过出口晶圆或芯片，为收入来源作出多年贡献。” 该公司预计，外包设计服务将会迅速增长。 闭市时，该股企于6仙，市值为8361万令吉。   （编译：魏素雯）   English version：Key ASIC wins four contracts worth RM16 mil

https://theedgemalaysia.com/node/678142

Asian stocks, FX slip ahead of US inflation test

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(Aug 10): Asian currencies and equities tradedsideways on Thursday (Aug 10) as investors erred on the side of caution ahead of the crucial US inflation report. The Thai baht led losses among currencies in the region, losing 0.5% to give up the modest gains made on Wednesday. The currency had been sliding since July 27 due to a string of disappointing economic data and the finance ministry lowering its 2023 economic growth forecast on tepid global demand for Thailand's exports. The Philippine peso appreciated 0.2% while shares lost over 1% after the economy grew at the slowest pace in nearly 12 years in the second quarter and as the central bank hinted at a 'prudent pause' in monetary tightening. Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, said he sees growth in the region's gross domestic product normalising at 5%-6% levels in the coming quarters.  He added he sees a possible 25-basis point interest rate hike in the next policy meeting on Aug. 17, to match with the latest hikes in the US, helping the peso stabilise. However, "a pause cannot be completely ruled out given the softer GDP data recently," he said. Equities in the region traded cautiously in line with the weakness in global markets after data from China showed the world's second-largest economy had slipped into deflation. Investors' focus is now locked on the US inflation data due to be released later in the global day. Taiwan shares led losses in the region, falling as much as 1.6% to their lowest in a month, with equities in Thailand slipping 0.5% while equities in South Korea were down 0.3%.  In India, the central bank, in a widely expected move, held its key lending rate steady for the third straight session but signalled tighter policy as inflation concerns resurfaced.  "Concerns over recent supply-led inflation spikes were apparent in the monetary policy committee's and governor's statements, though the committee decided to look through the surge and wait for more incoming data," an analyst at Barclays wrote in a client note. 

https://theedgemalaysia.com/node/630457

Malaysian based Regent International Schools joins the acclaimed network of Global Schools Foundation (GSF)

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Malaysia's Regent International Schools (RIS) have joined the network of Global Schools Foundation (GSF), which runs a chain of highly-acclaimed and premium international schools in 10 countries, offering best in class education to nearly 31,500 students from 70 nationalities. RIS has presence in four Malaysian states including Selangor, Pahang, Kedah and Kuala Lumpur, which have been providing education to Malaysian students for the past 11 years. As the newest members of the GSF family, RIS will reap the benefits of the strong track record of GSF schools in education excellence. "We are thrilled to welcome the Regent International Schools to the GSF network. RIS has a decade-long history of providing quality education to students in Malaysia. This amalgamation of like-minded international schools shall greatly benefit the Malaysian student and parent communities," said Atul Temurnikar, Co-Founder and Chairman of Global Schools Foundation. The schools under GSF - which is observing its 20th anniversary year in 2022 - offers the best of innovative education practices and capabilities, with emphasis on skills-based learning, through a strong network of international educators. Its brand of holistic education combines innovative, personalised learning with global-mindedness and diversity, while balancing the richness of local traditions. In recent years, GSF students have posted strong results in IGCSE with over 700 students achieving A* stars in all subjects. Its International Baccalaureate Diploma programme has also produced 91 World Toppers and Near-Perfect scorers to date. GSF students have received offers from the top universities around the world. In 2021, GSF announced the raising of US$250 million for investments in K12 education, with capital to be raised in future. In the same year, it entered into a strategic partnership with Dwight School Seoul, a leading premium IB School, with links to its New York campus; and with Waterbridge Global Education in Cambodia. It has also been recognised as the "World's Most Awarded Network of Schools" by the World Book of Records. As of date, GSF schools have won over 400 awards in education excellence from top quality organisations in the world including Malaysia Productivity Council,  for Innovative practices, Performance Excellence, Business Excellence, Green and Sustainable initiatives and CSR activities. It was selected under the Scaleup SG programme by Enterprise Singapore, to further its strategic growth plans which includes business optimisation, internationalisation, market prioritisation and business matching, and has benefitted from the programme's peer sharing and networks. "Regent's journey under the aegis of the GSF will continue to expand and bring top quality school education to Malaysians to nurture them into global citizens," said Dato' Dr. Nelson Renganathan, Regent's founder and former executive chairman, who will continue to serve as Advisor to GSF Malaysia.

https://theedgemalaysia.com/node/638188

ECA Integrated拟创业板挂牌 与大华继显签署包销协议

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（吉隆坡29日讯）配合在大马交易所创业板进行首次公开募股（IPO），自动化制造解决方案供应商ECA Integrated Solution Bhd与大华继显证券（UOB Kay Hian Securities）签署包销协议。 集团在文告中透露，IPO涉及公开发售1亿5000万股新股（相等于26%扩大后股本）以及大股东献售4800万股（相等于8.3%扩大后股本，私下配售给特定投资者）。 在1亿5000万股新股当中，2890万股将供大马公众通过抽签方式认购，1440万股保留给合格董事、雇员及有功人士，其余1亿670万股将私配给特定投资者。 ECA Integrated主要从事提供集成生产系统及独立自动化设备。集团还提供技术支持服务和零配件服务的售后服务。 截至2021年10月31日财年，逾半营业额来自外国市场，包括东欧和西欧、中国、新加坡、越南、菲律宾和美国。 ECA Integrated执行董事兼总执行长Ooi Chin Siew表示，集团通过IPO筹集的资金主要用来投资新高速机械，以扩大能力和产能，并增加营运资本，以支持现有和未来增长。 他说：“通过进入股权资本市场，我们可以加快增长，因为新资金将使我们在扩张计划中更加灵活，以利用未来的前景。” 他表示，鉴于有许多催化剂推动加速采用制造业自动化，集团在本地和海外市场看到许多机会。 “全球大型制造商正在转向智能工厂，以提高效率和生产力，同时减少对体力劳动的依赖。此外，外包和将制造活动转移到东南亚和东欧的热潮正在兴起。” “在国内，政府已根据Industry4WRD拨款支持中小企业进行技术转型。根据Providence Strategic Partners进行的独立市场研究，在2022年至2024年期间，大马的自动化制造解决方案复合年增长率（CAGR）有望达到19.3%。” ECA Integrated将于今年11月在马交所创业板上市，大华继显证券是此次IPO的主要顾问、保荐人、独家配售商及独家包销商。   （编译：魏素雯）   English version：ECA Integrated taps UOB Kay Hian Securities to underwrite ACE Market debut

https://theedgemalaysia.com/node/653078

Zahid: Large scale ‘cleansing’ of Umno to focus on saboteurs

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PUTRAJAYA (Jan 26): Umno will carry out a large-scale “cleansing” of the party by focusing on those found to have sabotaged the party and its candidates in the 15th general election (GE15), party president Datuk Seri Ahmad Zahid Hamidi said on Thursday (Jan 26). He said the matter will be discussed and decided during the Umno Supreme Council meeting on Friday.  “In the recent Umno general assembly, I said we will carry out a large-scale cleansing of the party, including those who sabotaged the party and party candidates in GE15, including those who ‘shot themselves in the foot’ (self-sabotage) during the election.  “When this is done large-scale, it means there is (cleansing done); those who haven’t felt the heat yet, Insya-Allah, they will tomorrow night,” Ahmad Zahid, who is also rural and regional development minister, told a media conference after chairing the rural executive councillors and ministers coordination meeting (Mexclub) here. Asked if the Supreme Council will discuss the membership status of former party youth chief Khairy Jamaluddin, who had been critical of the party leadership, as well as being vocal in wanting the top two posts to be contested, Ahmad Zahid said this will only be known after the meeting. “I can’t reveal things too early; if I share it with reporters, it is no more a strategy, so I have to ‘embargo’ this piece of information until it is time to do so,” the Bagan Datuk member of Parliament said.  The 2022 Umno general assembly recently approved a motion for the president and deputy president posts to not be contested during the party election. However, Khairy claimed that there was an attempt to allow “imported delegates” to push through the motion. Separately, Ahmad Zahid, who is also the deputy prime minister, said the government has yet to decide on whether the Political Funding Bill will be tabled in the next Parliament session. He, however, welcomed support from all political party leaders to be directly involved in drafting the bill. “For me, although this bill has not yet been decided by the Cabinet, I think statements of NGO (non-governmental organisations) leaders and the Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC) Tan Sri Azam Baki should be used as a guide,” he said. Recently, Azam was reported to have said that the MACC will investigate any form of corruption based on the provisions of the law, adding that the matter is not subject to personal interpretation. He went on to describe alms or contributions given to voters during elections as bribes.  Anti-corruption watchdog Transparency International Malaysia (TI-M) has also urged for the Political Funding Act to be expedited, to restore public trust in Malaysia’s democratic process.

https://theedgemalaysia.com/node/636747

SC adds two names to Investor Alert List

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KUALA LUMPUR (Sept 19): The Securities Commission Malaysia (SC) has updated its Investor Alert List. In an alert last Thursday (Sept 15), the commission said the following persons/entities had been added to the list: The Investor Alert List contains a list of unauthorised websites, investment products, companies and individuals, including:

https://theedgemalaysia.com/node/635858

Money matters

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KUALA LUMPUR (Sept 11): To say that the last two years of our lives have been unprecedented is an understatement. No one could have foreseen the magnitude of the Covid-19 pandemic and the impact it would have on our daily lives. While our medical frontliners certainly deserve our eternal gratitude, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz is paying tribute to our economic frontliners, who played a pivotal part in keeping the nation’s economy afloat throughout the pandemic.  In his first book penned as finance minister, Weathering the Economic Storm — A Journey through the Uncharted Waters of Covid-19 cleverly puts in context events of the past 24 months or so by including news articles relating to the Finance Ministry’s decisions to stabilise the economy in such uncertain times, supported by commentary from Tengku Zafrul on why certain actions were taken. Elsewhere in this week’s issue of Options, we feature our pick of 10 watches from the recently concluded Geneva Watch Days showcase, Cartier’s travelling installation Step Into the Wild, and six off-the-beaten-path destinations travel experts recommend visiting this autumn.  It is a busy week for the performing arts too: Chin San Sooi goes into detail about his upcoming production, Water; acclaimed flautist Perambalam Arumugam talks about Nada Seruling, an original composition launched in conjunction with Malaysia Day this Sept 16. Plus, don't miss our recap on RHB Banking Group’s Art with Heart (AwH) exhibition in Bangsar Shopping Centre. And if you feel like a spot of retail therapy is in order, check out our Treasury page for a selection of Made-in-Malaysia items. All this and more in your latest copy of Options, out with The Edge Malaysia weekly's Sept 12 issue. 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/622196

马星首季净赚4318万 新产业销售4.5亿

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（吉隆坡31日讯）马星集团（Mah Sing Group Bhd）首季净利按年上升7.19%，归功于产业发展业务的收入增加。 该集团今日向大马交易所报备，截至3月杪2022财政年首季净利为4318万令吉，或每股1.78仙，相比上财年同期的4028万令吉，或每股1.66仙。 首季营业额亦从4亿1332万令吉，增4.82%至4亿3323万令吉，主要因为产业销售走高和确认建设中产业项目的收入，以及敲定一些建筑合约的建筑成本。 马星指出，首季录得4亿5000万令吉的新产业销售，主要是位于策略地点的可负担项目认购率强劲。 展望未来，马星创办人兼集团董事经理丹斯里梁海金表示，该集团计划从第二季起推出更多项目，再加上合适的营销活动和数字营销努力，有望实现20亿令吉的销售目标。 该股今日跌1仙或1.54%，报64仙，市值为15亿4000万令吉。   （编译：陈慧珊）   English version：Mah Sing 1Q net profit rises to RM43 mil, locks in RM450 mil new property sales

https://theedgemalaysia.com/node/625114

Acute food price rise on abrupt decision to remove chicken, egg ceiling prices

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(June 22): The government's abrupt decision to remove the ceiling prices for chicken and eggs, and subsidies for bottled cooking oil and chicken breeders, is highly irresponsible and would definitely cause an acute rise in food prices from July onwards. If no alternative plans are implemented before the removal of the said ceiling prices and subsidies, the government is in effect putting the welfare of the people and Malaysia's economic recovery in jeopardy. Already, the country's year-on-year inflation in food prices was 4.1% in April 2022, and it would not be surprising if the rate surpasses 6% in the coming months. The prime minister has previously announced that funds allocated for subsidies will be channelled directly to the people instead. Yet, the government has not announced any detail on the amount or mechanism for such aid to the people. I urge the government to immediately announce and implement the promised aid to the people before removing the price ceiling and subsidies. The DAP has also repeatedly urged the government to use the proceeds from the prosperity tax to establish a RM3 billion price stabilisation fund to stabilise food prices. The problem of rising prices and supply of food items is not new and has been highlighted repeatedly to the government since last year. Yet, the government and ministers have failed to institute and enforce proper policies to address the issue. In the past months, the government has failed to channel the subsidies for chicken breeders in a timely and effective manner, choosing instead to blame the chicken breeders for allegedly sabotaging and refusing to apply for the allocated subsidies. Now, the Domestic Trade and Consumer Affairs Minister continues to warn industry players and businesses to not raise prices by threatening action against them under the Price Control and Anti-Profiteering Act 2011. The government should stop playing the blame game and get its act together immediately. It should institute a holistic policy to address the issue instead of ad hoc measures that cause more disruptions to the economy. Khoo Poay Tiong (MP Kota Melaka)

https://theedgemalaysia.com/node/600155

Najib's lawyer Shafee claims 1MDB judge facing pressure to finish the case

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KUALA LUMPUR (Dec 17): Tan Sri Muhammad Shafee Abdullah claimed on Friday (Dec 17) that Judge Datuk Collin Lawrence Sequerah is facing pressure from certain quarters to finish the 1MDB-Tanore trial, as it has faced delays due to the Covid-19 pandemic. Speaking to reporters at a special press conference via Zoom, Shafee claimed that Sequerah felt pressured to get the case going, referring to the judge’s decision to conduct the trial on Thursday despite Shafee and his client former prime minister Datuk Seri Najib Abdul Razak’s “close contact” status on the MySejahtera app. “I think the judge didn’t do it on purpose, [but] because he had pressure from some quarters. This is because the 1MDB trial has been delayed due to Covid. There were times that he (Sequerah) had had to postpone proceedings. There were two or three times he had had to cancel proceedings due to Covid. So there is pressure on him. “Maybe this pressure is because the SRC International case (involving Najib) has also finished at the appeal stage. Maybe he feels the pressure to get this case going,” he said. “I hope there is no pressure on any judge... if there is, it is something that can be detrimental,” he said. Shafee went on to suggest that Sequerah might feel pressured because the case had gone on since 2018, something the judge himself had mentioned previously. However, Shafee thinks it is unfair that there are many cases where people are in jail waiting for their cases to be heard, but “VIP” cases such as Najib’s are being hastened. “We should give priority to those cases where the accused are in jail, but we speed up the VIP cases. As for Najib, he is on bail. So, I think this is unfair. I won’t say what is causing this because I don’t want to make accusations. I hope all judges carry out their duties diligently without favour,” he said. Shafee also said that in his opinion, a judge should not ignore the instructions and restrictions of the Ministry of Health. “This is something that involves the nation, because if the Covid-19 spreads we will be affected. I hope in the future all judges will take into consideration if any lawyers or accused persons have had primary exposure to a Covid positive patient... I feel they can investigate it and ask them about their exposure and ascertain the facts. [The court] must give way,” he said. Shafee also claimed that there were serious issues with the MySejahtera application, which miscalculated his quarantine period. According to the lawyer, both he and his son had had primary contact with a Covid-19 positive patient on Dec 4, and that his son had contracted the virus. Hence, he said he went into self-imposed quarantine from Dec 6 for 10 days, which should end on Dec 16. However, the MySejahtera application miscalculated the dates and issued him a "Home Surveillance Order" that will only end on Monday (Dec 20). “I’ve finished my quarantine, but MySejahtera says I’ve got to quarantine more days. It is the fault of the system and it is the system that is unreliable,” he said. Read also: Shafee's money laundering trial postponed due to his and counsel's MySejahtera status 1MDB-Tanore trial resumes despite Najib’s yellow MySejahtera status  Shafee claims more evidence in SRC case kept under wraps

https://theedgemalaysia.com/node/659578

CFOs diversifying deposits after recent high profile bank failures, says Gartner

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KUALA LUMPUR (March 17): More than one in four chief financial officers (CFOs) plan to diversify their deposits across more banks after recent high profile bank failures. In a poll released on Thursday (March 16), Gartner, Inc said the top actions among CFOs following the failures include educating their boards on current risk exposures and assessing the risk and viability of current funding sources. The consulting firm said it polled over 250 CFOs and senior finance leaders on March 13 on their responses to recent bank failures and financial sector instability. Gartner Finance practice chief of research Alexander Bant said the data shows that CFOs are clearly concerned about second and third-order effects from this unfolding banking crisis. “While the immediate risks may have been stemmed by swift government action, CFOs are rightly assessing potential impacts to their own funding and that of their customers and suppliers. “About one-third of CFOs are taking immediate action to reduce risk and ensure the viability of financing their organisations. CFOs have a short window to ensure security of their assets, payments and funding in case things deteriorate further across the banking sector,” he said. Gartner said 85% of CFOs expressed concern about the impact of bank failures on their current operations, while 18% noted they had some level of exposure to one of the failing banks. It said the top actions that CFOs are taking, or planning to take, include assessing their own funding sources for risk, educating the board on potential exposures and evaluating customer exposure and payment risks. The firm said despite government assurances that uninsured deposits will remain accessible, there is a sense of uncertainty among some CFOs about how the crisis will evolve, and there is a new focus on concentration risk for CFOs and their boards. Bant said this crisis has brought concentration risk into the spotlight, with some companies having upwards of 25% of their cash reserves caught in a failed bank.” “The extent and nature of this crisis is still unclear and despite regulatory assurances, CFOs with concentrated positions at any one institution will prioritise diversifying their deposits as a matter of urgency,” he said.

https://theedgemalaysia.com/node/677088

Commemoration of statesman Tun Dr Ismail Al-Haj at Dataran Merdeka on Aug 2

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KUALA LUMPUR (Aug 2): The “Commemoration of Statesman Tun Dr Ismail Al-Haj: Pillar of National Unity” in conjunction with the National Month celebration is being held at Dataran Merdeka from 9am to 4pm on Wednesday (Aug 2). The event, organised by the Ministry of Communications and Digital (KKD) and to be opened by Prime Minister Datuk Seri Anwar Ibrahim at 2.30pm, aims to educate the young generation about Dr Ismail’s contribution in developing this country. The event, which is targeting 15,000 visitors, showcases three main segments, namely the wall of memories displaying photos, speech texts, Dr Ismail’s apparel and personal collection, as well as traditional performances including the rebab, ghazal and silat. There is also a special documentary by the National Film Development Corporation (Finas), featuring Dr Ismail’s struggle from 1948 until his death on Aug 2, 1973. Visitors will also be entertained by puppet shows in a new form called animatronics (animatronics), which is a combination of puppets and digital technology; by poetry recitation by national laureate Datuk A Samad Said, as well as the Rahmah sales and exhibitions by the relevant government agencies. The programme involves strategic cooperation from 10 agencies and ministries, including the Prime Minister's Department, the Kuala Lumpur City Hall, the Ministry of Higher Education, the Ministry of Youth and Sports, the Department of Federal Territories, the National Archives and the Putrajaya Corporation. Tun Dr Ismail, who was deputy prime minister to second prime minister Tun Abdul Razak Hussein from 1971 to 1973, was among important figures who conceived the five principles of Rukun Negara, when Malaysia faced its darkest episode on May 13, 1969. Read also: Agong calls on Malaysians to appreciate, emulate the late Tun Dr Ismail’s statesmanship

https://theedgemalaysia.com/node/626031

AT Systematization terminates MoU to produce ventilators

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KUALA LUMPUR (June 29): AT Systematization Bhd has called off its memorandum of understanding (MOU) with three joint venture partners to produce medical-grade mechanical air ventilators effective Tuesday (June 28), its Bursa Malaysia filing showed. In a separate filing, the company said the termination of the MoU is due to reduced demand for ventilators, on the back of the improving Covid-19 situation. The group highlighted that the MOU termination will not cause any financial impact to the company or its subsidiaries. “The parties agree that each party shall not make any claim against the other party due to the termination,” it said. To recap, previously in May 2020, the group, together with two Malaysian firms, namely Sanichi Technology Bhd and PNE PCB Bhd, announced that it has forged partnerships with a US-based company, Arzon Solar LLC (ARZ), to produce medical-grade mechanical air ventilators to take advantage of the worldwide shortage of the product. The three Malaysian companies previously said they will hold a shareholding of 30% each in the JV, while ARZ will have a 10% stake. The Malaysian companies said they would be responsible for the production of the ventilators and obtaining the necessary licences and certificates required. ARZ, meanwhile, would be responsible for the distribution and marketing of ventilators for both the domestic and international markets. Shares in AT Systematization settled half a sen or 50% higher to 1.5 sen on Wednesday (June 29), giving it a market capitalisation of RM67.51 million.

https://theedgemalaysia.com/node/673918

Nearly half of US drinking water may contain toxic 'forever chemicals'

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(July 7): Nearly half of US tap water samples contain toxic "forever chemicals," substances used in hundreds of household items from cleaning supplies to pizza boxes to which broad exposure can carry serious health risks, according to a new study. The US Geological Survey (USGS) study tested tap water samples from more than 700 residences, businesses and drinking-water treatment plants across the country for the presence of perfluoroalkyl or polyfluoroalkyl chemicals known as PFAS. At least one such synthetic chemical was detected in 45% of the samples at levels exceeding benchmarks and US proposed regulations, the researchers said. PFAS are water resistant, meaning they do not break down in the environment and last in human bodies for years. Developed in the 1940s with the creation of Teflon, a non-stick cookware coating, today they are used in everything from clothing to plastic products. Previous studies have measured PFAS in ground water, reservoirs and water treatment plants. But analysing tap water allows for a more accurate assessment of what people are drinking, said Kelly Smalling, a USGS hydrologist who led the research. Exposure to high levels of PFAS can disrupt hormones, disturb liver function, increase the risk of kidney or testicular cancer, reduce birth weight in infants and compromise the health of pregnant women, according to the US Centers for Disease Control and Prevention. Tests exist for a fraction of the 12,000 known types of PFAS. The study samples, which came from public supplies and private wells between 2016 and 2021, were tested for 32 types. There was no difference in PFAS exposure between samples from private wells and the public supply, which "was very surprising,” Smalling said. Public water supplies are regulated by the Environmental Protection Agency while private wells are not. Compared with people in rural areas, those in urban areas are at higher risk of exposure to PFAS in drinking water, the study found. In March, the EPA proposed the first-ever national drinking water standard for six PFAS. It would require monitoring of public water systems and disclosure when PFAS levels exceed limits. Almost US$10 billion (RM46.7 billion) was directed to help communities reduce PFAS and other chemical contaminants as part of the Biden administration’s Bipartisan Infrastructure Law.

https://theedgemalaysia.com/node/644604

HLIB: 'Worst-case scenario' for DNeX priced in after Thursday’s heavy sell-off

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KUALA LUMPUR (Nov 18): Hong Leong Investment Bank (HLIB) Research is of the view that the market has pretty much priced in the “worst-case scenario” for Dagang NeXchange Bhd (DNeX) — which is a highly unlikely outcome of its 60%-owned SilTerra Malaysia Sdn Bhd breaching the 55% Malaysian entity regulation set by the Ministry of International Trade and Industry (MITI).  Nonetheless, HLIB is taking the opportunity to reduce SilTerra’s price-earnings multiple to 20 times from 30 times. However, it is still at a premium to Taiwan Semiconductor Manufacturing Co’s (TSMC) five-year mean forward multiple of 17 times, reflecting the scarcity premium of a listed wafer fab foundry on the local stock exchange. With that, HLIB’s target price (TP) for DNeX was lowered to RM1.32 from RM1.74 previously, while maintaining a “buy” call. Note that if were to strip out SilTerra’s entire valuation out of DNeX, its TP would fall to a mere 47 sen. On Thursday (Nov 17), DNeX shares were bashed down by as much as 30 sen or nearly 40%, before settling at 50.5 sen, down 25 sen or 33.11%, slashing its market value to RM1.59 billion. HLIB said the breach of the 55% regulation is highly unlikely because there is no subscription exercise that would lead to Beijing Integrated Circuit Advanced Manufacturing and High-End Equipment Equity Investment Fund Center (CGP) being a 33.3% shareholder of DNeX Semiconductor — a wholly owned subsidiary of DNeX — hence no possible breach in SilTerra’s shareholding structure. “This, in turn, means that the outcome in which SilTerra loses its operating licence seems far-fetched.” DNeX held an analysts’ briefing on Thursday following the commencement of its arbitration proceedings against CGP, a 40% equity partner of SilTerra. The remaining 60% is owned by DNeX. “Throughout the briefing, we were guided that SilTerra’s operations and long-term agreements are not affected in any way. The unit is doing business as usual with its operating licence still intact. We were also told that DNeX’s relationship with CGP is still in good shape. “The group views that the purpose of the arbitration is the best way to settle this impasse between DNeX and CGP. By seeking to have the agreement declared null and void, the matters would be resolved, and this will protect the interest of DNeX shareholders and SilTerra, and avoid any breach in the condition of the licence,” said HLIB. In March 2021, Khazanah Nasional Bhd sold then loss-making SilTerra to DNeX and the China-based equity fund for RM273 million cash. DNeX and CGP have committed to a capital injection of at least RM200 million by way of subscribing to new shares to be issued by SilTerra. Based on DNeX’s 60% stake, the capital injection by DNeX will amount to about RM120 million. Both parties sought to opt for the issuance of irredeemable convertible preference shares (ICPS) in DNeX Semiconductor, amounting to RM100 million, to be issued to and subscribed by MIMAS. This would result in MIMAS holding a 33% stake in DNeX Semiconductor. The point of contention is whether prior approval is needed from MITI for the proposed investment. MIMAS is of the view that such approval is not required, and maintains that the shareholders' agreement and subscription agreement, both dated Jan 21, 2022, are valid and enforceable. However, DNeX disagrees. “Vide MITI’s letter dated Feb 28, 2022, DNeX and CGP learned that prior approval from MITI is required in relation to the proposed investment,” said DNeX in the filing. “DNeX and DNeX Semiconductor consider such approval as necessary, more so in light of the terms and conditions of the shareholders’ agreement and subscription agreement, which provide for MIMAS becoming a shareholder upon issuance of the ICPS and not their conversion. If so, this puts the [manufacturing] licence, and thus operations of SilTerra, at risk.” Read also: DNeX’s one-third market value wiped off on dispute with Chinese partner over SilTerra  

https://theedgemalaysia.com/node/667375

AmanahRaya has managed 27,000 trust accounts worth over RM1.3b since 1921, says group MD

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TELUK INTAN (May 17): Amanah Raya Berhad (AmanahRaya), the country’s premier trustee company, has managed over 27,000 trust accounts worth RM1.3 billion since its establishment in 1921 until April 30 this year. AmanahRaya Group managing director Ahmad Feizal Sulaiman Khan said AmanahRaya also administered approximately 15,700 inheritance files with an estimated asset value of RM1.1 billion while a total of 1.1 million wills have been registered throughout the period. "For the state of Perak, the estimated value of the assets for the inheritance account is RM123 million and the value of the trust accounts managed is RM53 million. As for wills, a total of 2,545 wills have been registered," he said during a press conference after the inauguration of the AmanahRaya Teluk Intan branch office by Orang Besar Jajahan Hilir Perak, Datuk Meor Redwan Mahayudin at Pusat Komersial Sentral Intan here on Wednesday (May 17). Earlier, Ahmad Feizal in his speech said the opening of the 20th AmanahRaya office would help improve the quality of its services in addition to meeting the needs of customers. He said as the company crossed 100 years since its establishment, AmanahRaya had implemented several initiatives to strengthen operational efficiency and improve its service network through various online and physical platforms. "The services offered by AmanahRaya include will-writing, bequest services and also inheritance administration. "Continuous efforts are also made to improve the operations system and ICT infrastructure (information and communications technology) through the creation of the Wills, Trusts and Inheritance System (SWAP) to ensure more efficient services can be offered to the community," he said.

https://theedgemalaysia.com/node/650763

ACE Market-bound Wellspire’s IPO oversubscribed by 11.24 times

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KUALA LUMPUR (Jan 6): Wellspire Holdings Bhd, which is involved in the distribution of consumer-packaged foods in Thailand, said its initial public offering (IPO) was oversubscribed by 11.24 times by the Malaysian public, ahead of its listing on Bursa Malaysia’s ACE Market on Jan 16. The group said it received a total of 7,727 applications for 440.67 million shares, with a value of RM101.35 million, of the 36 million shares made available to the Malaysian public. “For the Bumiputera portion, a total of 3,628 applications for 126.88 million public issue shares were received, which represents an oversubscription rate of 6.05 times,” the company said in a statement.  “For the public portion, a total of 4,099 applications for 313.79 million public issue shares were received, which represents an oversubscription rate of 16.43 times.” Wellspire added that the 10 million shares available for application by eligible directors and employees, as well as persons who have contributed to the success of the group, were also fully subscribed to. Meanwhile, it said that the 78.6 million news shares, as well as the offer for sale of 124.6 million existing shares in Wellspire by way of private placement to selected investors, have been fully placed out. “The notices of allotment will be posted to all successful applicants on or before Jan 13,” Wellspire said.  The company aims to raise approximately RM28.66 million from its IPO, of which RM16 million will be utilised for the acquisition or construction of a warehouse and operational facilities in Thailand, and RM5.96 million for working capital. Another RM6.7 million will be allocated to defray listing expenses. Based on its enlarged issued share capital of approximately 712.13 million shares and IPO price of 23 sen per share, the company will have a market capitalisation of approximately RM163.79 million upon listing.  TA Securities Holdings Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO exercise.

https://theedgemalaysia.com/node/669933

US shale seen holding firm on returns even as Saudis cut supply

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(June 6): US shale producers will stick to their previously announced plans for 2023 — growing output modestly while returning lots of cash to investors — even as Saudi Arabia throttles back supplies in the height of the summer driving season. “Shale producers are still very focused on returning money to investors, which is their new social contract,” energy historian and S&P Global Vice Chairman Daniel Yergin said Monday in an interview on Bloomberg TV.  Even if US operators wanted to boost production beyond the 12.5 million barrels expected per day for 2023, they likely don’t have enough inventory to do so, private equity firm Kimmeridge Energy Management Co’s managing partner Ben Dell said on Monday. “US discipline is here to stay,” Dell said. “I don’t see them deviating from that strategy one bit.”

https://theedgemalaysia.com/node/646660

Comintel, Harn Len, Ireka, Impiana, CN Asia, UEM Sunrise, Meta Bright, FoundPac and Reservoir Link

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KUALA LUMPUR (Dec 2): Here is a brief recap of some corporate announcements that made news on Friday (Dec 2): Comintel Corp Bhd, Harn Len Corp Bhd, Ireka Corp Bhd, Impiana Hotels Bhd, CN Asia Corp Bhd, UEM Sunrise Bhd, Meta Bright Group Bhd, FoundPac Group Bhd and Reservoir Link Energy Bhd.  Comintel Corp Bhd is set to resume trade on Bursa Malaysia Securities on Monday (Dec 5), following the upliftment of the trading suspension of the stock. The regulator said with the completion of Comintel’s private placement, the company’s regularisation plan has been completed. Comintel triggered the Practice Note 17 criteria on March 28, 2019, after its shareholders’ equity fell below RM24 million or less than 25% of its issued capital. Shareholders of plantation group Harn Len Corp Bhd have given their approval for the eight-for-five bonus issue of 399.24 million shares. A resolution pertaining to the bonus issue, on the basis of eight bonus shares for every five existing shares in the group, was passed by the shareholders by way of poll at an extraordinary general meeting (EGM) held on Friday. All shareholders who attended the EGM, who collectively held 140.34 million shares, voted for the bonus issue.   Ireka Corp Bhd is still working on a regularisation plan to address its financial condition after the construction company’s admission into the Practice Note 17 (PN17) list of Bursa Malaysia on March 1. The company has about three months left to submit the plan to the Securities Commission Malaysia and Bursa Securities under the obligations of a PN17 issuer, or face trading suspension and delisting. KAF Investment Bank Bhd is the principal adviser assisting Ireka in the regularisation plan. Impiana Hotels Bhd has announced that the winding up petition served by Axventure Sdn Bhd over an unpaid sum amounting to RM2.26 million relating to a resort redevelopment has been amicably resolved. Impiana said Axventure on Friday filed a notice of discontinuance to discontinue the petition against Impiana’s wholly-owned subsidiary Impiana Cherating Sdn Bhd with liberty to file afresh. It comes just days before a case management via e-review on the matter, which had previously been fixed on Dec 13. CN Asia Corp Bhd has disposed of 54.53 million shares in Zen Tech International Bhd (formerly known as Inix Technologies Holdings Bhd) through the open market. CN Asia disposed of 38.64 million shares on Nov 30, followed by another 15.90 million shares on Dec 1. This brings CN Asia’s stake in Zen Tech to 54.07 million shares, representing a 6.69% equity interest.  UEM Sunrise Bhd is disposing of 17 parcels of land in Perak, measuring a cumulative 1,776.6 acres to Sunsuria Bhd for RM75.52 million, as part of the group’s strategy to monetise non-strategic lands. The property developer’s indirect wholly-owned subsidiary, Symphony Hills Sdn Bhd, entered into three sale and purchase agreements with Sunsuria’s 65%-owned subsidiary, Tapah Land Development Sdn Bhd, for the disposals. Notably, four of the parcels of land, measuring 42.9 acres, are affected by the settlement of a group of indigenous people. Meta Bright Group Bhd, formerly known as Eastland Equity Bhd, has proposed to issue 389.47 million new shares, or 20% of its share capital, to a group of investors, including its biggest shareholder and executive director Datuk Lee Wai Mun. The corporate exercise aims to raise some RM43.8 million by pricing the new shares at 11.25 sen apiece, which is a discount of 9.9% to the stock’s five-day volume weighted average price up to Nov 30 of 12.49 sen. Of the proceeds raised, 42.5% will be used to develop the group’s solar photovoltaic business; 22.8% each for refurbishment of a four-star hotel in Kota Bharu, Kelantan and for other business opportunities; 11% for general working capital, and the remaining RM400,000 for expenses of the placement exercise. Precision engineering parts maker FoundPac Group Bhd is to fork out RM25.5 million to purchase industrial land measuring 8,365 square metres in the Bayan Lepas Free Industrial Zone in Penang, with a double-storey detached factory-cum-office building thereon, to increase its production capacity. FoundPac’s wholly-owned subsidiary FoundPac Technologies Sdn Bhd (FoundPac Tech) entered into a sale and purchase agreement with Zoomic Technology (M) Sdn Bhd, a unit of Iqzan Holding Bhd, to purchase two adjoining lots of industrial land. The purpose of the acquisition is to enable FoundPac Tech [to] increase its production capacity, noting that it envisages no major capital expenditure required to enhance the building to cater for its production requirement. Reservoir Link Energy Bhd’s 51%-owned subsidiary Founder Energy Sdn Bhd has won five solar contracts between October and November this year, with a combined value of RM12.05 million. With these contracts, Reservoir Link’s order book for the solar renewable segment increased to RM51.5 million. These projects — which primarily involve the development of solar energy-related facilities in Kuala Lumpur, Selangor and Perak — are targeted to be completed between end-2022 and mid-2023.

https://theedgemalaysia.com/node/607446

AAX, Capital A, Euro Holdings, HB Global, Lotte Chemical Titan, MAHB, Muhibbah Engineering, NWP, Optimax, Revenue, Sapura Energy, Serba Dinamik, Supermax, Suria Capital, TM, UMW and Uzma

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KUALA LUMPUR (Feb 14): Based on corporate announcements and news flow on Monday, companies in focus on Tuesday (Feb 15) may include: AirAsia X Bhd (AAX), Capital A Bhd, Euro Holdings Bhd, HB Global Ltd, Lotte Chemical Titan Holding Bhd (LCT), Malaysia Airports Holdings Bhd (MAHB), Muhibbah Engineering (M) Bhd, NWP Holdings Bhd, Optimax Holdings Bhd, Revenue Group Bhd, Sapura Energy Bhd, Serba Dinamik Holdings Bhd, Supermax Corp Bhd, Suria Capital Holdings Bhd, Telekom Malaysia Bhd (TM), UMW Holdings Bhd and Uzma Bhd. AirAsia X Bhd (AAX) said it has secured full belly space utilisation for one third of its wide body A330-300 fleet for an initial period of one year, under Teleport, the logistics venture of Capital A Bhd. It said it would use the additional capacity from AAX to fulfil its robust customer requirements, both intra and across the whole of Asia Pacific. AAX’s CEO Benyamin Ismail said the company was also in discussions with several other major global clients that have air cargo requirements, particularly to where it has established bases and flying rights. Meanwhile, AAX’s COO Captain Suresh Kumar Bangah said AAX intends to add a further one plane a month to full service from now and hopes to have a full fleet operational by the end of the third quarter. Euro Holdings Bhd said its proposed special placement of 74 million shares has been called off, as the furniture company expects to comply with Bursa Malaysia’s minimum 25% public spread requirements upon completion of its other corporate proposals. This comes after it had received notification from its major shareholder and group managing director Datuk Seri Lim Teck Boon and his holding companies, SPA Furniture (M) Sdn Bhd, Imponotive Auto Sdn Bhd (IASB) and Supreme Power Auto Sdn Bhd (SPASB) that they will no longer be undertaking the offer of sale. 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 food processing group said the placement entails the issuance of up to 154 million shares, representing 20% of its issued shares of 770 million as of Jan 26. Lotte Chemical Titan Holding Bhd (LCT) said its US associate Lotte Chemical USA Corp (LC USA) has transferred an additional 3.23% of its equity interest in LACC LLC (which owns an ethane cracker plant in the southeastern US state of Louisiana) to Eagle US 2 LLC. The stake was sold for US$89.095 million (RM373.35 million). With this, Eagle US’ shareholding in LACC will rise to 50%, with LC USA holding the remaining 50% stake. LCT owns 40% of LC USA, with the balance 60% owned by LCT’s parent, Lotte Chemical Corp. The High Court has set April 6 to deliver its decision on Malaysia Airports Holdings Bhd (MAHB)'s application to strike out a RM479.78 million suit filed by Capital A Bhd (formerly known as AirAsia Group Bhd) and AirAsia X Bhd (AAX) against the airport operator. Capital A and AAX are suing MAHB's wholly-owned unit Malaysia Airports (Sepang) Sdn Bhd (MASSB) for loss and damages due to negligence at Kuala Lumpur International Airport's second terminal, klia2. Muhibbah Engineering (M) Bhd’s wholly owned unit Citech Energy Recovery Solutions UK (Ltd) has secured purchase orders of RM50.3 million from Siemens Energy of Sweden and Houston. The engineering company said the two orders are for waste heat recovery units. The deal is expected to contribute to its earnings and net assets for the year ending Dec 31, 2022. NWP Holdings Bhd has received a notice of demand from Seri Tiara Development Sdn Bhd, in relation to the outstanding rentals, service charges and late payment interest between Oct 2021 and Feb 2022, totalling RM2.6 million for a premise in Block A, Desa Commercial Centre. The delay in payment is because there are no subtenants for the premise and therefore, no income is being received for the rental payments. Optimax Holdings Bhd has proposed a bonus issue of up to 405 million shares on the basis of one bonus share for every existing share held. The company said the theoretical ex-bonus price of 59 sen was based on the five day volume-weighted average market price of RM1.18. Revenue Group Bhd completed its transfer from the ACE Market to the Main Market of Bursa Malaysia as of Monday. Sapura Energy Bhd said five of its wholly-owned subsidiaries have been served with winding-up petitions by separate petitioners in relation to unpaid contract sums, settlement agreement sums and judgment sums. None of the subsidiaries — Sapura Fabrication Sdn Bhd, Sapura Project Services Sdn Bhd, Sapura Subsea Services Sdn Bhd, Sapura Offshore Sdn Bhd and Sapura Pinewell Sdn Bhd — are major subsidiaries as defined under Chapter 1 of the Main Market Listing Requirements. Serba Dinamik Holdings Bhd has failed in its application for a stay of a court order requiring the group to make public the fact-finding update done by Ernst & Young Consulting Sdn Bhd. Judicial Commissioner Wan Muhammad Amin Wan Yahya made the decision following a hearing in the High Court on Monday. Supermax Corp Bhd has aborted a plan to acquire two pieces of freehold land in Setia Alam, Selangor from S P Setia Bhd's subsidiary Bandar Setia Alam Sdn Bhd for RM73.49 million cash to build an operations headquarters for its wholly-owned subsidiary Maxter Glove Manufacturing Sdn Bhd. The group had failed to obtain approval from the Economic Planning Unit to waive a 30% Bumiputera equity ownership condition prior to transferring ownership of the land on Dec 15, 2021. Suria Capital Holdings Bhd said it has signed a memorandum of understanding with Vandelay Ventures Sdn Bhd to develop the Sabah Maju Jaya Renewable Energy Industrial Complex at Sapangar Bay in Kota Kinabalu. The complex is expected be completed by 2025 and bring in an investment of RM700 million. It will involve a hydrogenated vegetable oil plant to produce sustainable aviation fuel from used cooking oil, waste animal fat and other industrial and agricultural residual products. The development will also involve a palm oil refinery complex to cater to the palm oil industry in Sabah’s West Coast and Interior Division. Telekom Malaysia Bhd's (TM) subsidiary Webe Digital Sdn Bhd has accepted an offer from the Malaysian Communications and Multimedia Commission (MCMC) for spectrum assignment for 20 megahertz (MHz) in the 2,575MHz to 2,595MHz frequency band. TM said Webe had agreed to an upfront fee of RM7.06 million and an annual fee component of RM5.98 million to be paid throughout the assignment period of five years, starting from July 1, 2022. Webe has submitted the acceptance of the spectrum assignment and has paid the upfront fee of RM7.06 million, according to TM. UMW Holdings Bhd’s automotive arm, UMW Toyota Motor Sdn Bhd, said it saw 7,528 combined sales for Toyota and Lexus in January, an increase of 96% compared to the same month last year. The carmaker said Vios reigns as the best selling Toyota model, capturing 28% of January’s sales, while Hilux is its best selling pick-up truck, contributing 38% of total sales.  Uzma Bhd said its wholly-owned subsidiary Uzma Engineering Sdn Bhd has received a contract from ExxonMobil Exploration and Production Malaysia Inc. The scope of work of the contract — for a period of two years until Jan 12, 2024 — comprises non-rig assisted electric wireline logging equipment and services at Peninsular Malaysia waters. Meanwhile, Uzma also announced the appointment of Datuk Farisha Pawan Teh as its new independent and non-executive director.

https://theedgemalaysia.com/node/621454

大流行驱动需求正常化 EPF抛售手套股

Mandarin

（吉隆坡26日讯）新冠肺炎疫情驱动手套需求正常化，促使雇员公积金局（EPF）抛售顶级手套（Top Glove Corp Bhd）、贺特佳（Hartalega Holdings Bhd）及高产柅品工业（Kossan Rubber Industries Bhd）等主要手套股。 顶级手套表示，EPF上周五共抛售了顶级手套的1167万股，分别为1144万股及22万8900股。 EPF仍持有顶级手套的4亿219万股或5.023%股权。 同时，贺特佳指出，EPF上周五分两批（18万2400股和6万9400股）合共脱售了25万1800股。目前直接持有公司2亿7201万股或7.936%股权。 另外，高产柅品工业说，EPF上周四售出200万股，周五再售386万股。 EPF目前仍直接持有高产柅品工业的2亿918万股或8.198%股权。 根据报备，EPF从上周三至周五抛售这3只股。 闭市时，顶级手套跌4仙或2.84%，收于1.37令吉，高产柅品工业亦跌5仙或2.91%，挂1.67令吉。 贺特佳则起2仙或0.49%，报4.12令吉。 截稿时，EPF并没有发表文告说明脱售这些主要手套股的原因。   （编译：魏素雯 & 陈慧珊）   English version：EPF sells glove shares as pandemic-driven demand normalises

https://theedgemalaysia.com/node/671973

Daythree Digital sets IPO price at 30 sen per share to raise RM36.72 mil

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KUALA LUMPUR (June 21): Tech-driven global business services (GBS) provider Daythree Digital Bhd, which is set to debut on the ACE Market on July 26, has set its initial public offering (IPO) price at 30 sen per share to raise RM36.72 million under the listing exercise. At 30 sen per share, Daythree Digital is expected to have a market capitalisation of RM144 million after listing, valuing the company at about 23.1 times based on its net profit of RM6.2 million for the financial year ended Dec 31, 2022 (FY2022). At its prospectus launch on Wednesday (June 21), the group said RM33.12 million of the proceeds will be raised from the issuance of 110.4 million new shares, representing 23% of its enlarged share capital of 480 million shares. Of the 110.4 million new shares, 24 million new shares will be made available to the Malaysian public via balloting, followed by 12 million new shares for its eligible directors and employees, while the remaining 74.4 million new shares are earmarked for placement to selected investors.   The IPO includes an offer for sale of 12 million existing shares by Daythree Digital shareholders to selected investors by way of private placement. Daythree Digital is a GBS provider focusing on customer experience (CX) and lifecycle management services enabled by digital tools developed in-house. It serves clients across industries such as energy and utilities, telecommunications and media, fintech and financial services, construction, e-commerce and retail, healthcare, as well as travel and hospitality.   Of the proceeds to be raised from the public issue shares, the company plans to use RM14.7 million (44.4%) for working capital to recruit an additional 380 CX executives to enhance its capacity to service growing number of contracts. It will also use RM3.02 million (9.1%) to recruit industry experts to capture growth opportunities in the local GBS industry. “Within the short to medium term, we plan to double our headcount from 1,800 people currently,” its managing director Raymond Davadass told reporters at the prospectus launch. Quoting the independent market research by Protege, Davadass said the Malaysian GBS industry is expected to grow from RM24.79 billion in 2023 to reach RM31.74 billion in 2027, representing a compound annual growth rate of 6.3% during the period. With the company occupying less than 1% of the total market share of the local GBS industry, he thinks it is a positive indication that Daythree Digital, which was founded in 2016, is a young and growing company, with tremendous growth opportunities to capture in the huge GBS industry. Daythree Digital is also looking into regional expansion, attracting and serving more regional brands, Davadass added. In tandem with the expansion, Daythree Digital will enter into a lease contract to rent 380 units of computer equipment per CX executive. A further RM7.1 million (21.4%) of the proceeds will be used to part-finance the additional working space required for its growing customer base and the expansion of its headquarters to cater for the rising number of employees as well as to set up a multipurpose facility for internal training and meetings.   It will then spend RM3 million (9.1% of the proceeds) for capital expenditure in networking infrastructure, RM1.5 million (4.5%) for branding marketing and promotional activities, and RM3.8 million (11.5%) to defray estimated listing expenses.     Davadass said the company expects its working capital requirements to increase in tandem with the expected growth in scale of its operations.   "People cost is a significant component in our business and as such, we have allocated 44.4% of the proceeds for working capital for our upcoming projects and/or contracts... This is because the number and size of contracts that we can undertake at any point in time depend largely on the availability of our working capital (and manpower).   Its net profit of RM6.2 million for FY2022 was 35.42% lower versus RM9.6 million in FY2021, despite revenue climbing to RM65.1 million from RM58.1 million. The lower profitability was due to a lower net profit margin of 9.6% for FY2022 — versus 16.6% for FY2021 — dragged primarily by lower earnings from its construction customers. It was also impacted by higher administrative expenses due to listing spending, and higher income tax expense as the effective tax rate was higher at 26.9% than the statutory tax rate of 24% due to its listing expenses.   In FY2020, the group recorded a net profit of RM5.6 million on the back of a revenue of RM47.7 million. The IPO is open for subscription from Wednesday until July 11, 2023. M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.  

https://theedgemalaysia.com/node/625613

Standing tall

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KUALA LUMPUR (June 26): Heidi Shamsuddin says fairy tales travel and move. They come from our past, into our present and are the stories we leave behind for our children. If we stop telling them, they will die and eventually be forgotten. She has researched myths, fables, legends, folklore and magic stories from the region and adapted 61 of them in an anthology, Nusantara: A Sea of Tales. The author has also recorded more than 40 of these stories on her YouTube channel, Nusantara Fairy Tales with Heidi, to bring them to a wider audience. Paraphrasing English writer Diana Wynne Jones, she says fairy tales begin with “what if” questions that let readers walk around a problem “to see the rights and wrongs of it to see if there is a solution”. Shiseido was Japan’s first Western-styled pharmacy when it opened its doors at Tokyo’s Ginza district in 1872. Its first product was a toothpaste. The beauty conglomerate which operates in about 120 countries and regions worldwide, offering women skincare, make-up, suncare and fragrance products, has turned 150. Shiseido Malaysia managing director Elaine Too, the first woman to helm the local operation since it was set up in 2005 and the first to assume a leadership position that had always been held by Japanese men, talks about the brand in the country. Beauty and vanity go together for Too, who admits that aggression was part of the mix in her approach to make Shiseido, “a sleeping beauty” when she joined, better known, and push it forward. Malaysia is excited about the brand’s big birthday too, and has activities lined up to celebrate. One of these involves The Crimson Cloud installation outside Pavilion Kuala Lumpur, inspired by the company’s DNA and designed to show its enduring emphasis on research and development. Guests raised a glass in Bordeaux, France to celebrate the 60th anniversary of Penfolds’ Bin 60A Coonawarra Cabernet Kalimna Shiraz. The legendary 1962 Bin 60A is the Australian wine producer’s star performer, with trophies and gold medals to its name. The sumptuous birthday banquet was held at Bordeaux’s Palais de la Bourse, a magnificent venue befitting the wines, food and entertainment for the evening. To read more, pick up a copy of the June 27, 2022 issue of The Edge Malaysia weekly at news stands. 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/668340

Goldman backs Japan’s biggest taxi app at US$1b valuation

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(May 24): Goldman Sachs Group Inc has made Japan’s leading taxi-hailing provider, Go Inc, a unicorn with its biggest startup investment in the country. Tokyo-based Go was valued at ¥135 billion (US$1 billion) in its latest fundraising round, which will bankroll aggressive acquisition forays and an initial public offering in the near future, according to President Hiroshi Nakajima. The taxi app operator landed ¥10 billion from the Wall Street titan after pitching itself directly to financial institutions. It also secured a ¥3 billion loan line from MUFG Bank Ltd as well as a ¥1 billion line of credit from Sumitomo Mitsui Trust Bank Ltd. Goldman began investing in global startups from a dedicated vehicle in 2022, and Go marks its biggest outlay in Japan under that initiative. It bumped Go’s valuation up by 5% from its previous funding round two years ago. “We wanted to strengthen our arsenal for new business initiatives and diversify our stakeholders by inviting non-Japanese financial players as we target an IPO within the next few years,” Nakajima said in an interview. Go launched its hailing app in 2020 and quickly became the most-used platform in Japan. It had good pedigree, with 45-year-old Nakajima having previously steered online portal DeNA Co’s taxi-ordering app. It also benefited from the country’s ban on the free-for-all ride-hailing model, championed by Uber Technologies Inc, where anyone can start charging for rides, even without a taxi licence. Instead, Nakajima worked closely with the existing taxi companies — and layered on booking and pickup fees to expand revenue overall. Now commanding 70% of the domestic market, according to Nakajima, Go has outpaced Uber, Didi Global Inc and even Sony Group Corp, which operates a joint venture named S.Ride. “Thanks to the law here, the market is well protected and we don’t need to sacrifice revenue to keep market share,” Go’s president said. The firm sells itself as an aid for drivers to make more money rather than a threat. Its relationship with taxi companies and drivers is key, as having a big roster helps it rapidly respond to app users. Go uses artificial intelligence to suggest routes that will maximise the chance of picking up a passenger. It also helps with updates on roadworks and safer-driving navigation tips. Half of the firm’s revenue comes from its business partners. Go’s app has been downloaded more than 14 million times, and its revenue is expected to grow 70% to ¥18 billion in the fiscal year ending this month. “Our goal is to make Go the easiest method to catch a taxi for any customers in Japan and the most reliable partner for drivers to earn more revenue,” Nakajima said. The company has yet to break even, as it spends aggressively on advertising to pull in more customers. Go can turn a profit immediately if it felt the need, Nakajima said, by downscaling its recruitment campaigns. But its stakeholders, including Goldman, are backing Go’s full-throttle marketing strategy. “Mobility is an integral part of our everyday life, and Go is well-positioned to lead digitalisation and innovation of Japan’s taxi market,” said Stephanie Hui, global co-head of growth equity at Goldman Sachs. Japan, where cash is still king, lags other developed countries in the adoption of digital payments and services. Most other nations already have incumbent mobility platforms — like Uber, Didi or Lyft Inc — putting a cap on Go’s expansion potential beyond the home market. Go has no interest in overseas expansion and Japan alone provides ample room for the company to grow, its chief said. “If you look around the world, there’s no doubt that the Japanese mobility market, where only 10% of our business partners’ rides are made through the app, would eventually get fully digitalised,” he said. “Japan is the last undeveloped market in terms of mobility digitalisation, and is big and healthy.” In addition to boosting marketing spend, the company will use the raised cash on new business initiatives, such as a car-management system to nudge reluctant taxi operators to adopt electric vehicles. “It’s difficult to persuade taxi companies to decarbonize just for the sake of the environment, and that’s why we are making an AI-driven software platform that will make EVs more profitable for them,” Nakajima said. The platform will help streamline operational issues such as finding charging stations. Go is actively looking for opportunities in related industries in Japan, such as logistics, which remain largely untouched by digital technology. It’s willing to spend tens of billions of yen for the right deal. “I know that size is a bit of a stretch for a company like ours, but there are a lot of financial tools that we can leverage,” he said. “Our goal is to become the dominant mobility platform in Japan.”

https://theedgemalaysia.com/node/625544

Talent: Making Malaysia future ready for AI

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This article first appeared in Digital Edge, The Edge Malaysia Weekly on June 27, 2022 - July 3, 2022 US chip giant Intel has been a household name and leader in the local tech industry since setting up camp in Malaysia 50 years ago. Eric Chan, vice-president of Internet of Things Group (IoTG) at Intel Corp in Penang, says the company grew as a steward of Moore’s law, which was the primary driving force for the company to continue to progressively develop its semiconductor technology. Moore’s law states that the number of transistors on a microchip doubles about every two years, though the cost of computers is halved. In 1965, Gordon E Moore, a co-founder of Intel, made this observation that became known as Moore’s Law. Last year, Intel CEO Patrick Paul Gelsinger unveiled IDM 2.0, a major evolution of Intel’s integrated device manufacturing (IDM) model. Shweta Khurana, Intel senior director for Asia-Pacific and Japan, government partnerships and initiatives, global government affairs, says this allows the company to have the depth and breadth of everything tech, including software, silicon, platforms, packaging and process at scale. Today, there are four technology superpowers — artificial intelligence (AI), ubiquitous computing, pervasive connectivity and cloud-to-edge infrastructure. More importantly, there is a focus on digital-readiness, which means these superpowers need superheroes, says Shweta. “We are trying to develop human capital according to Intel’s Digital Readiness programme portfolio and delimit everybody’s imagination and empower them with skills on these superpowers,” she explains. Over the past 50 years, Intel has continually invested in Malaysia and recently announced an additional RM30 billion investment. In addition to developing its manufacturing and research capabilities, Intel has also been particularly focused on enhancing Malaysia’s digital talent pool. The rapid development and adoption of technology has made technology quotient as important as intelligence quotient (IQ), as technological processes have been seamlessly woven into our lives. This means digital-readiness is important for everyone, from senior citizens to digital natives. Intel has programmes running in nine countries, says Shweta, where it collaborates with governments to launch and drive large-scale digital-readiness initiatives. These initiatives focus mainly on developing human capital on new age technologies and emerging technologies like AI. “We get talents ready for jobs of the future. We work with the current workforce, future workforce and children in schools as young as 13, just to ensure that we make technology more inclusive. The idea is not to get everybody ready to be a developer but to learn how to live and navigate in a world fuelled by emerging technologies like AI,” she explains. “We’re surrounded by AI, and Intel announced a global goal to expand digital-readiness and really make technology inclusive for 30 million people by 2030 to help nations achieve their SDG (sustainable development goals).” On a local level, Chan says, most companies say talent is never enough, which he believes is a good thing, as it is an indication that the economy is growing and there is still demand for technical skills. He adds that this is something seen around the world as well. “This is exactly why we’re having outreach programmes and working closely with universities, where we share our curriculum. We have a challenge, not just in the industry but in universities as well, to create graduates that are ready to embark on their career and enter the workforce. “On top of making requests to the government, we ourselves have to lean in to make sure that we are helping prepare graduates to be ready for this huge demand.” Shweta concurs, adding that there is a global digital skills crisis. The primary reason is that countries or governments today recognise that AI is going to add value to their gross domestic product (GDP).  But the transformational value of AI for any economy can only be realised when the human capital of that country not only understands but also trusts the technology, she adds. “Otherwise, technology will be there just for the sake of having technology in large-scale projects, which would not make sense. So, keeping that in mind, what Intel has decided to do is develop human capital on emerging technologies,” says Shweta. Intel has built an end-to-end digital-readiness portfolio, tackling many sectors of society. It starts with programmes like AI for citizens, which is basic public awareness of how to get citizens to learn digital skills and trust them, navigate in a digital world and how to use these skills responsibly. Shweta says there are three verticals for digital-readiness — learning and trusting skills, trusting the emerging technology space in entirety and learning how to use it responsibly. She adds that the programme covers topics and issues such as ethics, inclusivity and access to technology. “We also have programmes like AI for youth, which is to allow youth in high school to learn and apply skills to start community projects, and AI for the future workforce, which is for youth who are just about to join the workforce. The most recent programme we launched was digital-readiness for government leaders, because they are the ones who really drive AI for good governance in any given country. So, they need to understand not just the advantages, but also the potential pitfalls,” she explains. According to Oxford Insights’ 2021 AI Readiness Index, which ranks 160 countries by how prepared their governments are to use AI in public services, Malaysia ranked 36th. The index’s researchers also found that nearly 40% of countries included in the index either have published or are drafting national AI strategies, and that East Asian countries showed particular strength in AI, making up one-quarter of the top 20 ranked countries. Chan says Intel’s programmes are open to all and they have been receiving a lot of interest from third or final year students. He adds that Intel also offers development kits and mentorship for students to do their final-year projects on Intel’s platform. Intel has a collaboration with the Ministry of Higher Education for the Innovate Malaysia Design competition, where university students submit their final-year projects to be judged by industry experts. Chan says this provides students with real-world project experience beyond the classroom. “Intel and a lot of other companies over here are leaning in to extend ourselves because while universities have done a good job, when graduates enter the real world, they need a bit of hands-on training. So, we’re bridging the gap and getting them prepared for the real job market.” Intel has also signed a memorandum of understanding with Collaborative Research and Engineering Science and Technology Centre (CREST) — a research institute in Bayan Lepas, Penang — to launch Intel’s AI for Youth in Malaysia. Shweta says the programme is designed to empower non-technical youth with appropriate AI skill sets, mindsets and toolsets.  “We give them enough knowledge and access to tools, where they can identify the challenges they see around them, their schools and communities and come up with solutions using what they learnt.” Shweta says that when the company shares knowledge with students who possibly do not have any prior coding experience, it works because, today, technology has evolved to a stage where people are working with low code or no code applications for AI. The understanding, creativity and ability to be very empathetic towards a problem these students see around them is enough of a starter for them to think of how to use an emerging technology to adapt, adopt and apply. “Last year, at Intel’s AI Global Impact Festival, a global winner came from Malaysia. His idea was to build an AI system, which is embedded in an automobile to monitor the carbon dioxide emissions and send alert messages in case there’s a rise in the level. His aim was noble, which is to reduce one’s carbon footprint by effective monitoring, tracking and contributing to a larger goal of building an eco-friendly system. “What we are now working on is how we do IoT as one of the components. We realise that the projects are coming from youths who are future developers and they need an element of IoT, as many of them are using AI and blockchain, among others. And these ideas come from the ground and we will then help them navigate the learning journey of how to develop those skills and take it further.” What is important here, says Shweta, is to gear the current generation to become technically confident to apply the skills they learn. And while a mobile phone may be enough for students to learn new skills via videos, a device with higher computing power is preferred. She says: “We need people who can create algorithms. We don’t want a generation that only knows how to use technology but want one that also knows how to create new technology. Here, we’re talking about learning technical confidence in AI and enhancing employability, which means it involves social skills where ethics comes into play. “Most importantly, we need to learn how to produce evidence of those skills for employability. For that, they work on capstone projects, like trade applications, insurance fraud detection, predictive maintenance, and that’s not possible on a handphone, unfortunately.” 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/674609

Youngsters make their mark at the Toyota Tour

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In what has been an exciting season so far, the newly established Toyota Tour is on track towards building a sustainable platform that will gear Malaysian professional golfers to push the limits to achieve greater heights, including junior golfers to unearth the next generation of star players. Presented by UMW Toyota Motor as a partnership with Professional Golf Malaysia (PGM) and MST Golf, Toyota Tour is the premier professional golf tournament in Malaysia. The Tour reflects the mobility company’s drive for pushing the limits in the pursuit of perfection. After five completed legs of the Toyota Tour, it is the up-and-coming youngsters have proven beyond a doubt that they are the future stars, going by their amazing abilities and performances on tough, challenging course such as the Saujana Golf & Country Club, Sarawak Golf Club, Sabah Golf & Country Club and the recent Templer Park Country Club. Take for instance, Ervin Chang, the double gold medallist in the 2022 Hanoi Sea Games. He maintains his grip among the top in the Toyota Tour’s Leading Money list following a second-place finish in the Vios Cup at Templer Park. Earlier in May, Ervin stunned the field by recording his first-ever professional victory at the Mirai Cup in Kuching. The 24-year-old lad from Kajang is not only able to hit long drives but he also has an impeccable touch around the greens. After his win in Kuching, Ervin had this to say: “Toyota’s continued support for golf in Malaysia gives the top amateurs an opportunity to perform as well as prepare the professionals to take on the world.” Other rising stars in the men’s category include Edven Ying who won at Templer Park, Paul San, Shahriffuddin Ariffin, Galven Green, Wafiyuddin Manaf, Daeng Abdul Rahman, Danial Faidz and Amir Nazrin. The Toyota Tour also draws in veteran players like 51-year-old Danny Chia who won the opening leg at Saujana; R. Nachimuthu, Sukree Othman, Wilson Choo, Shaifubari Muda, Airil Rizman, Ben Leong, Khor Kheng Wai and Nicholas Fung, a popular winner of the Hilux Cup in Sabah. The lady professionals are not left out with Aretha Pan being among the leading money earners. She created waves by winning the opening leg at the Tun Ahmad Sarji Trophy in Saujana and then finished an incredible second place in the men’s category in Sabah. Jocelyn Chee, who only turned professional in February this year, showed why the Toyota Tour is quickly becoming the best platform for emerging stars when she notched her maiden win at the Vios Cup in Templer Park. The Toyota Tour has created so much buzz and excitement among the professionals and leading amateurs alike. Shahriffuddin, who also plays on the Asian Tour said: “The set-up of each event is masterful. The branding is everywhere; there’s even music at the first and 10th teeboxes.” The Toyota Tour has achieved many firsts: One of Toyota’s objectives is to bridge the gap between professional and amateur golf, thus building a stronger connection to help boost the golf industry. Toyota has launched an Elite Junior programme that will prepare players for the bigger stage, like the Sea Games, Asian Games, Putra Cup, Eisenhower Trophy and finally, professional golf. The programme involves 12 hand-picked juniors from across the country. The six boys and six girls will undergo intensive, holistic training over 15 weeks under the expert eyes of the best professional coaches possible in Malaysia today. Ben Leong recently shared his thoughts about the Toyota Tour. “It is great to have a title sponsor for the tour to elevate professional golf in. I’m overjoyed for the players.” For more info, click HERE.

https://theedgemalaysia.com/node/633994

Budget 2023 to be tabled on Oct 7, says Wan Junaidi

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KUALA LUMPUR (Aug 26): The tabling of Budget 2023 is set to be on Oct 7, three weeks earlier than originally scheduled, according to Minister in the Prime Minister’s Department (Parliament and Law) Datuk Seri Wan Junaidi Tuanku Jaafar.   The government previously had set Oct 28 for the budget tabling, as scheduled in the Parliament’s calendar.   In a statement on Friday (Aug 26), Wan Junaidi said the budget will be tabled during the third session of the 14th Parliament session, which will begin on Oct 3.  The prime minister has exercised his power under Rule 11 (2) of the Standing orders and Rules of Dewan Rakyat, said Wan Junaidi, adding that the changes made were following the need by the government to amend the calendar to allow for the tabling of the budget earlier.  According to him, the upcoming Dewan Rakyat meeting was supposed to take place for 31 days from Oct 25 to Dec 15, while the Dewan Negara meeting was initially scheduled from Dec 8 until Dec 22.   “The new schedule proposed will be between Oct 3 until Nov 29 for the Dewan Rakyat (32 days), and Nov 21 until Dec 7 (11 days) for the Dewan Negara, 23 days earlier than originally scheduled,” he added. Read also: Bringing forward of national budget tabling day a normal matter, says PM

https://theedgemalaysia.com/node/671336

Rafizi: Govt to continue to refine methods to balance economic development in Melaka, N Sembilan

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MELAKA (June 15): The federal government will continue to refine the methods in balancing economic development in Melaka and Negeri Sembilan to close the poverty gap in the two states. Economy Minister Mohd Rafizi Ramli said this includes the provision of allocations in meeting the needs of economic growth in the states, which are located in the middle between the southern and northern routes of Peninsular Malaysia. “Although unlike Kelantan, Terengganu, Kedah, Perlis, Sabah and even Sarawak [where the poverty gap is relatively high], we need to balance the needs of these two states. “This is because they are not like the states of Selangor and Johor, which are fast-paced with industrial and manufacturing activities. That is why in the study of the term and purpose of the 13th Malaysia Plan, we will look at and balance the needs of the states,” he told the media after attending an engaging session of the Mid Term Review of the 12th Malaysia Plan (12MP) 2021-2025 with the minister of economy here on Thursday (June 15). It is clear that these two states also need to wisely use their strategic geographical position, which is capable of becoming two important economic centres in the country, according to Rafizi. “For example, when economic growth increases in Johor and the Klang Valley, it will spill over to Melaka, and directly generate more entrepreneurs in the tourism sector. “These are the things we will refine, and we don't want Melaka to be 100% dependent on the tourism sector alone,” he said. Commenting on the Melaka government's request for allocations under the Fourth Rolling Plan of the 12MP worth RM13.93 billion, Rafizi said the application is currently in the budget screening stage. “As the last party to approve the application, we always give the state government and agencies the opportunity to apply, and it will be officially appointed through the relevant ministry. “This is normal considering that each state government has its priority project, including Melaka, and we will harmonise it between the federal government's needs and the state government's priorities,” he said.

https://theedgemalaysia.com/node/675399

Anwar insists he won’t oppress anyone, especially the Opposition

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TANJONG KARANG: Prime Minister Datuk Seri Anwar Ibrahim has stressed that he will oppress no one, including individuals from opposition parties. Anwar said he knows how life was in prison and will not arbitrarily use his power as prime minister. “(If going by that) I am criticised, I would have taken action long ago. Sometimes, if I were to succumb to my anger, I would have ended up in jail but I never did. Because this country has laws. “Whether they are from PAS or Bersatu, I will not oppress them because I know how miserable it is to be cooped up in prison,” he said at the Tanjong Karang Unity Maal Hijrah 1445H celebration in Kampung Raja Musa on Wednesday (July 19), which was also attended by Selangor Menteri Besar Datuk Seri Amirudin Shari. The prime minister said this after Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor, 48, was charged in two Selayang Sessions Courts on Tuesday (July 18) with inciting the public over his remarks on the appointment of the Selangor menteri besar and the establishment of the unity government, in a political talk last week. The Perikatan Nasional (PN) election director pleaded not guilty to both charges, which were read out separately before judge Nor Rajiah Mat Zin and judge Osman Affendi Mohd Shalleh. Muhammad Sanusi was alleged to have committed acts that had a seditious tendency by uttering words that have a tendency to raise discontent or disaffection among the subjects of a ruler. Meanwhile, the prime minister said youngsters must have the understanding to drive change in the country, as implemented by Prophet Muhammad’s companion Ali bin Abi Talib, who played a major role in the migration of Muslims from Makkah to Madinah. “Young people must not only wave the flag and shout. Follow with understanding. If asked if you agree to support Anwar, or Pakatan Harapan, (or) Barisan Nasional, let it be with understanding,” he said.

https://theedgemalaysia.com/node/644008

Heng Kear Huat ceases to be substantial shareholder of Artroniq

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KUALA LUMPUR (Nov 14): Heng Kear Huat, who previously held 30.55 million shares or a 9.61% stake in Artroniq Bhd, has ceased to be a substantial shareholder in the ICT provider. In a bourse filing, Artroniq said Heng disposed of 14.7 million shares in the open market on Friday (Nov 11). Heng first emerged as a substantial shareholder in the company, which was previously known as Plastrade Technology Bhd, in March 2020 via the indirect acquisition of 76.27 million shares or a 29.04% stake. The acquisition took place a day after he was appointed to the board of Artroniq on March 16, 2020. The company’s founder, Pua Kong Hoi, is the largest shareholder of Artroniq, with a 16.98% stake and a 0.53% indirect stake, according to Artroniq’s 2021 annual report. The share price of Artroniq ended 3.33% or two sen higher at 62 sen on Monday (Nov 14), bringing the group a market capitalisation of RM197.1 million. Read also: Artroniq signs LOI with Cambodian digital bank

https://theedgemalaysia.com/node/661219

令吉兑美元开盘微扬

Mandarin

（吉隆坡29日讯）分析员表示，令吉兑美元周三早上开盘微扬。 截至早上9时，令吉兑美元升至4.3940/3980，周二收于4.3990/4030。 Bank Muamalat Malaysia Bhd首席经济学家Mohd Afzanizam Abdul Rashid表示，美元似乎正在走软，因为欧元和日元等主要货币走强，每欧元兑1.0844美元及每美元兑130.77日元。 他指出，美元指数（DXY）下跌0.42%至102.43点。 他告诉马新社：“此前，美国经济谘商会（Conference Board）发布的3月消费者信心指数高于预期，升至104.2点，市场预期为101点，高于2月的103.4点。” 他补充说，美联储官员似乎也暗示需要继续加息，以降低美国的通胀。 Mohd Afzanizam表示，投资者还将关注将于周五发布的核心个人消费支出（PCE）价格指数数据。 同时，他认为，随着美联储接近达到所谓的最终利率，令吉兑美元将进一步升值。 “目前的支撑位在4.3297令吉，因此，令吉有可能进一步升值。” “今天（星期三）美元兑令吉可能会在4.39和4.40之间波动。” 除了日元外，令吉兑一篮子主要货币下跌。令吉兑日元上升至3.3463/3498，周二挂3.3606/3642。 令吉兑英镑降至5.4209/4258，周二收报5.4046/4095，以及令吉兑欧元从4.7580/7623，下滑至4.7662/7705。 同时，令吉兑亚洲货币上涨，但兑新元持平于3.3100/3132，周二收于3.3100/3135。 令吉兑菲律宾比索升至8.06/8.09，周二挂8.07/8.09，令吉兑泰铢从12.8288/8457，增至12.8277/8458，以及令吉兑印尼盾从291.60/291.90，上扬至291.20/291.60。   （编译：魏素雯）   English version：Ringgit opens slightly higher against US dollar

https://theedgemalaysia.com/node/675005

A US$10 tril stock market rally faces crucial test in earnings

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(July 17): A near-US$10 trillion (RM45.5 trillion) rally for global stocks this year will face a make-or-break moment, as hundreds of companies report earnings over the next few weeks. S&P 500 firms are expected to post a 9% drop in profits in the second quarter, making it the worst season since 2020, according to data compiled by Bloomberg Intelligence. In Europe, it may be even worse, with a projected 12% slump. But with the bar already low — and some indicators suggesting an earnings recovery next year — strategists are split on how the market will react. “I’m sceptical companies will be able to demonstrate the same degree of earnings resilience this quarter,” said Evgenia Molotova, senior investment manager at Pictet Asset Management. “Top-line growth and margin stability will be key to seeing whether profits will be able to rebound in the second half.” Areas of focus for market watchers include the impact of a slumping dollar on big exporters to the US, the substance behind the artificial intelligence buzz that powered the stock rally this year, and clues about how much firms are being affected by higher costs and a consumer squeeze. Here are five things investors are watching: The frenzy around AI spurred the technology-heavy Nasdaq 100 to its best ever first-half. Now, investors will be looking for evidence of the earnings implications of the nascent technology. “If enthusiasm for AI fails to adequately materialize in technology companies’ earnings, we could experience at least a temporary correction in share prices,” said Aneeka Gupta, director of macroeconomic research at WisdomTree. The biggest technology stocks — Apple Inc, Microsoft Corp, Amazon.com Inc, Nvidia Corp and Google-parent Alphabet Inc — are expected to post the best earnings growth among US companies this quarter, according to Bloomberg Intelligence. Signs of cooling inflation have stoked optimism that the Federal Reserve may be able to stop hiking rates soon. For companies, the news isn’t as positive because labor and other costs are still elevated, while they are struggling to raise prices for customers any further. “Headline inflation has slowed faster than wages, which could help consumers, but hurt margins,” said Rob Haworth, senior investment strategist at US Bank Wealth Management. “We will be watching the interaction of wage growth with price inflation for whether businesses remain under pressure.” Nokia Oyj and restaurant chain Cracker Barrel Old Country Store Inc were among those warning about the impact of higher costs in early earnings reports. Market participants said they’re focused on the tone around consumer spending and looking at auto sales and the travel and hospitality sector to assess the health of corporate America. Another area of focus will be company debt loads and refinancing plans, especially for those with weaker balance sheets. “Consumers have propped up the US economy for months, spurred by a strong labor market and excess savings, so any evidence of belt tightening, trading down or fading spend on services will be key,” said Ross Mayfield, investment strategy analyst at Baird. Adjusted for inflation, US consumer spending has largely stalled after surging at the start of the year, and some early signs from companies haven’t been good. Memory-chip maker Micron Technology Inc said it expects a contraction in PC and smartphone markets and German chemicals giant BASF SE warned on profits, blaming slow demand for consumer products. That means forecasts for a swift earnings rebound next year may be too optimistic and leave stocks vulnerable to a selloff if companies sound cautious, according to Morgan Stanley strategist Michael Wilson — one of the most bearish voices on Wall Street. European profits are expected to drop more than those in the US, because of weakness in the manufacturing sector, according to Barclays Plc strategists. Big exporters are also facing a further hurdle as currencies including the euro and Swiss franc strengthen. Watchmaker Swatch Group AG — which has high fixed costs in Switzerland — warned that currency shifts will weigh on sales this year. The equity market began to reflect Europe’s challenges in the April-June period, when the Stoxx 600 underperformed the S&P 500 in dollar terms. While cheaper valuations have made regional stocks attractive again for some, others say a dearth of technology stocks could keep the outlook choppy. China’s stock market has missed out on the global rally this year amid a weak economic rebound, deepening concerns about the property sector and surging youth unemployment. Reports from the country’s automakers are expected to be a bright spot as domestic sales and exports gain momentum, while technology firms’ results may be weak as global chip markets remain lackluster. The stakes are also high for international firms with exposure to China, like Europe’s luxury giants. Burberry Group Plc said on Friday that demand in China helped to compensate for weakness in the US. Investor favorites LVMH and Kering SA — which started to show some cracks earlier this year — will also be scrutinised for their performance in Asia. Fabiana Fedeli, chief investment officer for equities and multi assets at M&G Plc, said beauty and sporting goods firms that sell in China face more risks than luxury companies because of their customer demographic.

https://theedgemalaysia.com/node/669896

Saudi Arabia goes it alone at Opec+ with million-barrel cut

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(June 5): Saudi Arabia will make an extra one million barrel-a-day oil supply cut in July, taking its production to the lowest level for several years after a slide in crude prices. The bold move by the most important member of the Opec+ coalition came at the cost of ceding ground to two key allies: Russia, which made no commitment to cut output deeper, and the United Arab Emirates, which secured a higher production quota for 2024. Oil prices advanced on Monday (June 5). Saudi Energy Minister Prince Abdulaziz bin Salman said he “will do whatever is necessary to bring stability to this market.” As oil prices are hammered by a softer economic outlook, especially in China, achieving this means shouldering the burden of cuts. The rest of the 23-nation group offered no additional action to buttress the current market, but did pledge to maintain their existing cuts until the end of 2024. The kingdom is doubling down after the previous round of curbs — agreed just two months ago — failed to deliver a sustained price rally. The Organization of Petroleum Exporting Countries announced a surprise supply reduction of about 1.6 million barrels a day in early April, but since then weak economic data from China have weighed on oil futures, which fell 11% in New York in May. West Texas Intermediate jumped almost 5% early in the session on Monday before paring some gains to trade above US$73 a barrel. Global benchmark Brent climbed toward US$78 a barrel. Next month’s additional cut could be extended, but the Saudis will keep the market “in suspense” about whether this will happen, Prince Abdulaziz said. The minister has repeatedly sought to hurt bearish oil speculators, warning them to “watch out” in the buildup to Sunday’s meeting. “For the near term, crude prices will largely depend on a test of wills,” said Bob McNally, president of consultant Rapidan Energy Group and a former White House official. It will be a battle “between stability-seeking Saudi Arabia and bearish paper traders.” The Saudi effort to bolster the price of its most important export requires the sacrifice of further market share. Global oil demand is forecast to hit a record high this year, but the additional cuts announced on Sunday will bring Saudi production to about nine million barrels a day in July, the lowest since June 2021 when output was still recovering from the depths of the Covid-19 pandemic.  The main winner from the weekend’s Opec+ talks was the United Arab Emirates, which gets a boost to its production limit for next year at the expense of some African members, which were asked to give up part of their unused quotas. Energy Minister Suhail Al Mazrouei thanked his colleagues for the increase and expressed the country’s loyalty to the cartel. “We will always support Opec and will always stay together,” Al Mazrouei said. It was an important statement from a country that on at least one previous occasion threatened to leave the group if it didn’t get a higher quota. Russia, the second largest Opec+ producer, wasn’t required to make any additional cuts this year, but like other members it extended its existing curbs by 12 months to the end of 2024. Moscow has increasingly been competing with its Middle East Opec allies in Asian markets since Europe banned most imports of its oil. There have also been questions about whether it has fully implemented its pledged production cuts in recent months due to the high volumes of its exports. The announcement of the Opec+ deal was delayed by several hours as ministers haggled over the details. The most contentious point was the revision to the baselines against which the production cuts of several nations are measured. African nations Angola and Nigeria, which have struggled to meet their output targets almost since they were introduced three years ago, were the strongest holdouts, delegates said.  Even though the countries can’t fully utilize their output quotas today, they were unwilling to give them up, delegates said. Several of them are seeking new investments to boost production in coming years and a restrictive Opec+ output quota could undermine their attractiveness to foreign investors. It was a bitter political pill for them to swallow and talks dragged on through late night sessions in Vienna hotels on Saturday and continued in the Opec headquarters on Sunday. In the end, the impasse was resolved and the African countries agreed to lower output limits, subject to an independent review of their production capacities. The other controversy of the meeting was that three news organisations, Bloomberg, Reuters and the Wall Street Journal, were barred from entering the Opec headquarters in Vienna. Asked about the exclusion of journalists, Prince Abdulaziz referred the question to Opec Secretary General Haitham Al Ghais. He offered no explanation for the decision.

https://theedgemalaysia.com/node/635823

Embodying the spirit of Malaysia

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This article first appeared in City & Country, The Edge Malaysia Weekly on September 12, 2022 - September 18, 2022 Malaysia has made great strides since the Federation of Malaysia was established on Sept 16, 1963, with advancements in all segments, especially real estate. The local real estate market is heavily influenced by the country’s cultures, diversity and multiethnic backgrounds, traditions and spectacular food.  We asked local developers what makes their company uniquely Malaysian, what being Malaysian means to them, and their hopes for the country.    Our people make our company uniquely Malaysian. But this goes beyond the context of our citizenship — it is Bon Estates’ shared values, perspectives and culture that bind us. These are elements we incorporate into our work, because we know creating a satisfying environment for Malaysians means understanding a quality of life that uniquely appeals to us, while elevating it to a level that also meets the aspirations of a new generation. Being a Malaysian means the capacity to embrace a diversity of ideas, influences and experiences. Our multicultural heritage makes the word ‘diversity’ our greatest strength, as we are an amalgamation of different voices that have found common purpose and mutual respect in a place we all call home. My hope for the future of our country is harmony, which begins with better governance and accountability for all layers of society. To progress, we must first have the courage to embrace our shared history, so that everyone understands that we are all united with a singular purpose, shared goals and loyalty to each other. With this in place, together we can imagine, innovate and achieve a well-crafted nation.   What we do and who we are make EcoWorld a uniquely Malaysian brand. Through our efforts in nation-building and placemaking, we create environments and opportunities for Malaysians from all walks of life. We are powered by a young and dynamic team that constantly looks for innovative ways to shape the real estate industry. We Malaysians are a passionate bunch. Nothing unites us faster and stronger than a common love for food and sports. So, like my fellow countrymen, I’m all for Malaysian food — undisputedly, the best in the world! I’m also a huge fan of football and enjoy a good badminton match. Malaysia is a truly beautiful country with so much raw potential. I hope that the country I love stays that way so that our children and their children will also be able to enjoy it. This is one of the reasons why it is so important for EcoWorld to create liveable and sustainable spaces that will last for generations to come.   As you know, E&O is a unique Malaysian brand. Our hotel is an emblem of Penang (and indeed, Malaysia) and its myriad cultures, while giving the briefest nod to our colonial past. The company itself features a true diversity of local talent, and we celebrate and respect our many festivals and customs joyfully and equally. Being Malaysian to me means living together happily in the melting pot of cultures — especially when it comes to the cuisine. Where else can you eat a Malay breakfast of nasi lemak, lunch of Indian banana leaf rice and top it off with Chinese bak kut teh for dinner? In the future, I hope that all Malaysians will band together to protect and nurture this beautiful country to greater heights. We are stronger together, and I firmly believe that we can do it, both for ourselves and the generations that follow.   I believe these qualities — sincerity, responsibility and originality — make us uniquely Malaysian. With these three qualities guiding us in everything we do, we are able to work with nature, preserving it and restoring our motherland. With originality, we are able to bring in innovative designs and town-making concepts that suit Malaysian needs. For example, we have brought in many ‘firsts’ to Malaysia, such as New Zealand’s Skyline Luge in Gamuda Gardens, Cove Aerobar at Gamuda Cove and exciting rides and attractions at our upcoming SplashMania rainforest-themed water park to create places that our Malaysian community can be proud of, gather in and get to know one another. I have always felt that the best thing about being a Malaysian is our wonderful multicultural society. At the same time, we care for and respect each other’s uniqueness. Personally, I also like that our society has grown to become more environmental-friendly and hopefully, with time, we will all learn to appreciate and work together to protect the natural beauty surrounding us. My wish is for our people to be more progressive; be people-centric and learn to care for each other, regardless of our differences; and grow our civic-mindedness to nurture a society that cares about the environment.    We’re a Malaysian company with a workforce that reflects the Malaysian demographic. Hock Seng Lee’s employees are 89% Malaysian. And like this country, we have a generally youthful workforce — more than 85% are under 54 years old, with the largest segment (32%) between 25 and 34 years old, which matches Malaysia’s median age of 30 years. As a Sarawakian company, we are most proud that we reflect the region’s racial make-up. Our human resource makes us a Malaysian company.  Being a Malaysian means unity in diversity and a strong ‘can-do’ spirit; this is the true ‘Malaysia Boleh’ mindset. We’re a developing nation and a learning nation. Malaysians have a positive attitude, believing that we can achieve what we aim for. Being Malaysian means being excited that the best is yet to come. And while most countries are only learning to be multiracial, we’ve been multiracial and multicultural since independence.  My hope for Malaysia, and Sarawak within it, is to be harmonious, hardworking and entrepreneurial. Our country is a great melting pot of Asia’s cultures, and with a colonial heritage. Like the best of Asian nations, we can marry the best of east and west; Singapore, Hong Kong, South Korea and Japan come to mind. As a Malaysian company in the ambitiously governed Sarawak, Hock Seng Lee hopes to build on strong foundations for the next generation. Our company motto, ‘We’re Building Your Future Today’, is inspired by Malaysia’s progressive forefathers who gave us independence.   To be Malaysian is to embrace the cultural richness and diversity that exists within the country. Malaysia is a melting pot of cultures where the population comes from individuals from all walks of life. Lest we forget our Malaysian identity, we set to emulate this same identity and implement it within the group.  As I reach the age of 60, I have had the opportunity to see Malaysia grow to where it is now — from an agricultural to an industrial country that is a top producer and exporter of various products. To be able to witness such tremendous change in a lifetime, I, too, was inspired to be part of the change and contribute to the country’s development. It is a way for me to show my respect for my home country.  As Malaysia goes through a tumultuous time amid economic hardships, my aspiration for the country is to overcome these hurdles. I believe we can get back on our feet again, as we have done before. Getting through these challenging times won’t be an easy feat, yet we can all do our part in moving forward together.  With that aspiration, I am committed to bringing our country to greater heights through our expertise in property development and our recent venture into the medical segment.   Malaysia is unique as it has a diversity of race, culture and religion. The upbringing of Malaysians in this environment has created a uniquely Malaysian talent pool. Malaysian talent are well-versed in multiple languages and well-entrenched in diverse cultural practices. Diversity of staff — each drawing their respective strengths, in a mutually inclusive environment — has become a ‘natural’ characteristic of a Malaysian company. The intrinsic ability of our talent to live and work harmoniously among these diversities and be readily inclusive to accept differences make Malaysian companies uniquely Malaysian. While making our mark, Malaysian companies with this intrinsic ability are able to go to global markets to forge excellent business ties, as these companies are readily accepted by international communities. Being a Malaysian means peace-loving, resilient and readily inclusive in accepting the co-living of diversities. The ability and willingness to accept, enjoy and celebrate cultural differences is a natural characteristic of all Malaysians. From our well-established base, I hope that the strong attributes of Malaysians can be further enhanced with ease. I hope that the country will continue to nurture the uniquely Malaysian multitalented talent who will continue to bring the country to the world stage and be proud to be a Malaysian.   Established in the 1940s, the Low Yat Group played a key role in nation-building through the construction of several government and public institutions. After completing The Federal Hotel in Kuala Lumpur in 1957 in time for Merdeka, the company further developed another eight hotels throughout the country in the late 70s and 80s. My late father, Tan Sri Low Yow Chuan, was Fiabci Property Man of the Year in 1994 and received the Mayor’s Commendable Award for his contribution to the country at the Kuala Lumpur Mayor’s Tourism Awards in 2014. Having travelled extensively and experienced different cultures, I take pride in being Malaysian and being able to live in a country blessed with abundance — be it natural resources, amazing cuisine, diversity of rich cultures or, best of all, warm Malaysian hospitality. Without doubt, our future lies with our children and the youth, and how they can be nurtured to learn from history and to preserve what’s worthwhile, propelling towards a sustainable, progressive country and society in which we can all feel proud to be Malaysian. With our talent pool of young professionals and entrepreneurs, I hope we can speed up the momentum in bringing ‘Made in Malaysia’ products and services to the global stage.   One of Mah Sing’s main goals has always been to support the national agenda of providing Malaysians with quality, comfortable and affordable housing. As a responsible property developer, we strive to work hand in hand with the government in building a better nation together. Mah Sing is a multiracial company with a workforce that is ethnically and demographically diverse. Being a Malaysian allows me to live in a multiracial and multicultural country where I can interact with people of different races and cultures. This makes Malaysians more adaptable and capable of embracing and respecting our differences while living harmoniously under one roof. We are also spoilt for choice when it comes to food, whether it is Malay, Chinese or Indian cuisine. As a Malaysian, I fervently wish for the country’s economic and political stability. The economy is on the path of recovery and I am hopeful that the property development industry will also gradually improve. I hope our nation’s leaders and all of its people can work together to accelerate the economic recovery momentum and resolve the challenges that the country has faced following the pandemic, in order to build a better Malaysia for future generations.   Masteron Group is a home-grown company that meets public demands within Malaysia and embraces local culture. Our property development division constantly evolves to solve the needs of Malaysian communities — our most recently launched development KR7 Residences addresses the growing local demand for future-proof homes with enhanced security and lockdown-friendly features.  Our hotel division strives to preserve Malaysian heritage. We fitted out the Four Points by Sheraton Hotel Chinatown KL with distinctively Malaysian Peranakan tiles, stained glass and marble table tops, and we evoke Malaysian nostalgia through offerings like Tau Foo Fah cocktails, Peranakan afternoon tea, and walking tours around Chinatown.  Our investment in the car park management business solves the quintessentially Malaysian problem of scarcity of car parks. Being a Malaysian means that I am spoilt for choice — by the amazing food, diverse cultures and vastly different natural landscapes. Being a Malaysian also means to own one of the most powerful passports in the world, with visa-free access to 180 countries and counting. My hope for Malaysia is to reach its full potential economically and socially, through a government that prioritises the welfare of the people, a private sector that contributes to society and works with the government to nurture and cultivate talent, and individual citizens who can love each other plurally as Malaysians, regardless of race, religion and belief.   We have colleagues from almost all the states, including from East Malaysia. And since food is often close to our hearts, specially priced lunch sets of both halal and non-halal options had been arranged for the past two years to help our colleagues reduce their cost of living while providing them with hygienic food and helping them avoid crowded places. Being a Malaysian means being endlessly curious about each ethnicity that make up Malaysia, learning about and understanding each other. Knowing how religion may only be one part of each other’s voluntary beliefs, guiding oneself to be good and do good, yet have other interests in life, as well as daily habits, we can have so much in common. As for my hope, I grew up hearing stories of how Malaysians celebrated festivals together as a very closely knit community, but I have never experienced that kind of vibe in any public celebrations. What more with “social policing” due to technological advancements and popularisation of digital social platforms, anyone can feel empowered to judge and report any events that happened in front of their eyes (and their gadget’s lens), one can only imagine greater self-restrain and conservatism moving forward. Will we be artificially pulled further apart? I hope not.   OSK Group has come a long way. Its visionary founder, Tan Sri Ong Leong Huat, executive chairman of OSK Holdings Bhd (OSK) — who started off as a humble boy from Kampung Merbau, Perak — grew and nurtured the company from a small stockbroking house into a full-fledged investment bank over a period of four decades, before OSK Investment Bank merged with RHB Banking Group, in 2012. Since then, OSK Group has continued to grow and expand sustainably into what we are today — a diversified conglomerate with five core businesses in property development, construction, financial services, industries and hospitality. The story of OSK is truly a Malaysian dream come true — one that is about integrity, hard work and commitment. Being a Malaysian means living harmoniously with one another, being inclusive, and drawing strength and unity from our diverse cultures and heritage. Our differences do not define us, but instead bring us closer together. We are Keluarga Malaysia. My hope is that every Malaysian will have access to affordable and quality homes, where each of us is able to provide comfortable shelter for our loved ones, and to have a place for all of us to call home.   My late father, chairman Datuk Teo Chiang Quan, saw Paramount as an enabler in nation-building. Based on this principle, we have built schools, universities, homes and offices, guided by our vision of “changing lives and enriching communities” and driven by our core values of TRIBE (Trust. Respect. Integrity. Bravery. Energy). The Paramount culture is also anchored on staying united, taking care of each other, learning to adapt to challenges, and giving back to the community. Over the past two years of the pandemic, Paramount employees kept their jobs and construction workers were also supported when they could not work during the lockdowns. This is how Malaysians help each other, and this is also the Paramount way. My hope is for a united and fair Malaysia, where we are all Malaysians regardless of race or religion. Where good governance is practised, the rule of law is applied equally, and meritocracy is our guiding principle for decisions and policies. For a further democratisation of knowledge and ideas by leveraging technology to accelerate our progress towards becoming a developed nation. Meanwhile, being a Malaysian means nasi lemak for breakfast, char kuey teow for lunch and banana leaf rice for dinner.   SDB was the first Malaysian company to construct and operate the world’s largest tin dredge during the tin mining days decades ago. We have a village named after us, called Kampung Selangor Dredging, which the company contributed to for the benefit of former tin mining workers and their families. Fast forward to the present day, we have carved out a name as a leading boutique property developer with numerous successful projects in Malaysia and across the Causeway in Singapore. By utilising innovative design features that emphasise space, natural lighting and ventilation, our homes are built to complement the equatorial climate and meet buyers’ needs. We emphasise on building spaces that promote communal living and our cultural diversity gives us the unique opportunity to embrace and learn from one another. Being Malaysian also means doing our part for nation-building and the less fortunate members of society. At SDB, we have a very active CSR programme to help this community, including special needs people whom we have provided gainful employment. The younger generation needs to be empowered, as they are the ones who will be the leaders of tomorrow. As a property developer, we want to help them to realise their dreams of owning their first homes. I hope that there will be a more supportive ecosystem with the right policies and incentives to help first-time homebuyers. I also hope that society will be more accepting and inclusive, regardless of a person’s social status or background. As we strive to become a developed nation, we must develop a first-world infrastructure and mindset by empowering and rewarding people based on their efforts and achievements.   As a leading homebuilder, our townships are uniquely Malaysian in character and composition, where we see homeowners from all walks of life. For 50 years, we have been part of generations of homeowners, and we are excited to continue expanding the Sime Darby Property family across the country for years to come. Being a Malaysian means being able to live in peace and harmony in a beautiful country rich in natural resources and greenery, and experience different cultures as well as enjoy the best cuisines in the world. Being Malaysian also gave me many opportunities for self-development and contribute as an individual, as part of a business and as an industry leader. My hope is for everyone to continue living harmoniously and for Sime Darby Property to play its role as a value multiplier for people, businesses, economies and the planet. I hope to see a more prosperous nation that is committed to fulfilling its potential, meeting its goals of becoming carbon-neutral by 2050, and exceeding the 2030 Agenda for Sustainable Development pledges to become a more sustainable, resilient and inclusive nation.   SkyWorld, a city-centric property developer, is wholly owned and operated systematically by groups of innovative hardworking Malaysians of different races, religions and gender. I am proud to say that at SkyWorld, we engage local talent and we grow together in a conducive and sustainable environment with plenty of learning and development opportunities for everyone. Being a Malaysian means I have the privilege to live in this peaceful, friendly, tolerant and beautiful tropical country with all my brothers and sisters of all faiths. We are so “rojak” that Malaysia has become a melting pot of cultures with delicious cuisine and celebrations almost all year round, in the most harmonious and unpretentious settings. Just look at how we celebrate our festive seasons and holidays! Also, our multilingual abilities give us greater ease to communicate locally and around the globe. I sincerely hope the Malaysian economy will return to a stronger footing soon. I wish that our government will put priority on building a stable economy and supporting a sustainable business ecosystem for the property development sector primarily, and others as well, which would greatly improve the livelihood of the rakyat in many positive ways.   From our humble history as a small tin-mining company, we have advanced and risen alongside Malaysians for more than two generations. We are very proud to have a nearly 50-year history of nation-building, and helped develop some of Malaysia’s largest urban communities including in Penang, Ipoh, the Klang Valley and Johor. As a Malaysian company with a team with diverse backgrounds, we are committed to improving and enriching the quality of life of society, and contribute towards making our community and nation a better place for future generations. I like to describe us as a “living community” serving another “larger community”, one that creates resilient and thriving ecosystems where everyone can live, learn, work and play in safe, healthy and connected environments. As a conglomerate with 13 business units, our motivation is inherent and deep-rooted — it is about doing the right things the right way. We do well by doing good.  Being a Malaysian means embracing and celebrating our cultural diversity, remembering our heritage and the purpose of our forefathers in building this country, and working together harmoniously as one nation. It is my hope to see Malaysians come together, and see the advantages of doing so. And only by doing so can we turn our challenges into opportunities, and transform Malaysia to achieve our fullest potential.   The fact that a part of the group is owned by the people of Malaysia means that this plays a big role in our decision-making process and the ventures that we go into. The company runs its operations by what is in Malaysian taxpayers’ best interests. Although the company has global ambitions, we aspire to be a shining example for local companies in our vision, practices, products and governance. We are also very diverse and inclusive in the composition of our workforce, mirroring the melting pot of cultures within Malaysia. Being Malaysian is not just about knowing the national anthem, it’s also about embodying patriotism through our actions and work. It means to be able to punch above our weight and to surpass all expectations. It also means that while we are ambitious and have the drive to succeed, we do not always take ourselves too seriously and see the lighter side of life. I hope for a future where everyone, regardless of class or income level, has equity in a place where they call home. I hope that all Malaysians will eventually have access to housing with comfort, privacy and dignity, and that our country’s prosperity and the communal fruits of labour can truly be shared with everyone.   S P Setia was born and bred as a Malaysian company. Our founders are Malaysian and they intentionally cultivated Malaysian values into our culture. We have also been extremely proud and passionate about promoting our culture through elements in our projects such as the design of the Peranakan Straits homes of Setia Eco Templer in Selangor, which is inspired by the vibrant Baba-Nyonya culture, and the iconic Battersea Power Station in London features Malaysia Square, which showcases our country’s rich and riveting heritage. On a deeper level, we believe what makes Malaysia stand strong is our spirit of unity amid diversity, which is why S P Setia actively works to strengthen this through community building. Each of our projects emphasises spaces for family bonding, flexibility for multigenerational living and intentional design that encourages gatherings between friends and neighbours. It’s all about creating moments of togetherness that act as the glue that bonds us together. Beyond our own communities, we endeavour to serve all Malaysians. Being Malaysian means living in the spirit of solidarity, understanding, togetherness and humanity. As a nation of diverse ethnicities and cultures, our shared values tie us as one people. It is not despite our diversity but because of it that understanding, acceptance and appreciation are values we hold dear. On the lighter side, one thing all Malaysians share is our love of food because we live in a food paradise! Nowhere else in the world are people so lucky to have such a spectrum of tastes and smells to delight their senses every day. We are a young nation with its fair share of trials and tribulations but what makes us uniquely poised to overcome them is our abundance of resources, creative ingenuity, rich ethnic diversity and vibrant entrepreneurial ecosystem. To sustain our nation’s upward trajectory, we must continue to embrace the fundamental concepts of unity and diversity.   Since 1955, YTL has participated in the growth of the country, which had evolved from an agricultural and commodity-based economy to an industrialised economy by the 1990s. Starting from building ammunition depots and garrisons under British rule, we constructed public and private facilities like schools, hospitals, residential and commercial buildings, airports and power plants after independence in tandem with government initiatives to support a new Malaysia. Our company has always strived to be at the forefront of this progress. Leveraging the YTL Group’s core expertise in construction contracting and technological know-how, we continue to play our role in nation-building alongside the government’s efforts to achieve a developed nation status in the new millennium. I’m proud to be Malaysian because there is no place like home. In a country that can only be described as a melting pot of cultures, we are surrounded by a myriad of food and festivals to celebrate. More importantly, being Malaysian means that virtues like respect and tolerance are steeped within us as we have grown up embracing the uniqueness of our diversity among cross cultures. I have always admired how our people come together as one nation during sporting events or any adversity. As we continue to reflect on past leaders who soldiered on in their fight for our independence, it is the shared common hopes for this nation among Malaysians that make me proud to be Malaysian. As we continue to progress, I hope that the three pillars that sustain nation-building — the government, the rakyat and the economy — will pursue and crystallise their full potential in this digital age to achieve our aspirations of becoming a globalised nation. It is also my hope that our country can maintain the peace that we have enjoyed throughout our independent history and continue to safeguard our true cultural and natural heritage. Let us strive to inculcate this legacy of national unity in the minds of future generations. 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/652687

MCMC blocked 1.8 bil scam calls from 2017 to 2022, says Fahmi

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KUALA LUMPUR (Jan 22): The Malaysian Communications and Multimedia Commission (MCMC) blocked 1.8 billion scam calls from 2017 to last year, said Communications and Digital Minister Fahmi Fadzil. Fahmi said he was informed about the matter during his meeting with the National Anti-Financial Crime Centre (NFCC), alongisde MCMC and several other parties. He said that since 2018, a total of 300 million scam messages via SMS had been blocked. “Please be careful during this festive season (because) there will definitely be those who will take advantage of the situation," he told reporters after attending the Chinese New Year open house organised by MCA here on Sunday (Jan 22). Fahmi also advised people who had fallen prey to scams to call the National Scam Response Centre (NSRC) at 997 to make a report, so that immediate action can be taken and to prevent them from losing money.  There are various types of scams at the moment and they are not easy to deal with because when a modus operandi is established, new types of scams will emerge, said Fahmi. "During this festive season, scams such as 'cleaner (house-cleaning agency) scams' (will emerge) on Facebook, for example, so we have to be careful. "If you get any offer, whether work or service, please double check. If it sounds too good to be true, it probably is and so, make a police report or call 997 so that we can help," he said. On scams on Telegram messaging app, Fahmi said he would try to contact its officials to discuss prevention measures.

https://theedgemalaysia.com/node/655327

SC adds four entities to Investor Alert List, one being potential clone

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KUALA LUMPUR (Feb 15): The Securities Commission Malaysia (SC) has updated its Investor Alert List. In an alert on Tuesday (Feb 14), the commission said the following persons/entities were added to the list: The Investor Alert List contains a list of unauthorised websites, investment products, companies and individuals, including:

https://theedgemalaysia.com/node/659320

海利获IOI产业3267万合约 在柔建单层排屋

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（吉隆坡15日讯）海利集团（Haily Group Bhd）获得3267万令吉的合约，在柔佛古来太子城兴建186间单层排屋。 该集团向大马交易所报备，该合约是由JYP Architects私人有限公司，代表IOI产业（IOI Properties Group Bhd）旗下Nice Frontier 私人有限公司，授予其独资子公司海利建筑私人有限公司。 海利指出，工程预计将在15个月或2024年6月26日前竣工。 该集团表示，上述合约料在项目期内对集团的盈利和净资产作出贡献。 海利创办人兼执行董事薛廷海指出，在今年不到三个月的时间里，该集团已经获得了总价值1亿4879万令吉的合约。 “我们很高兴地宣布，仅凭这3份合约，就已经超过了公司去年全年所获的合约总值。” “这使我们有能力实现在2023年取得更强劲业绩的愿景。集团将持续积极争取在今年获得更多高价值项目。” 该股今日收于39.5仙，无起落，市值报6958万令吉。   （编译：陈慧珊）   English version：Haily bags RM33 mil job to build houses in Johor, sees stronger year in 2023

https://theedgemalaysia.com/node/651292

Bursa opens higher but retreats slightly thereafter

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KUALA LUMPUR (Jan 11): Bursa Malaysia opened higher but turned marginally lower thereafter, taking its cue from the mixed regional market performance amid an improved overnight performance on Wall Street, said a dealer.  At 9.05am on Wednesday (Jan 11), the benchmark FBM KLCI had fallen slightly by 0.48 of a point to 1,484.65, from Tuesday's close at 1,485.13. The market bellwether opened 1.91 points better at 1,487.04.     However, on the broader market, gainers surpassed decliners 175 to 113, while 244 counters were unchanged, 1,669 untraded, and 10 others suspended. Turnover amounted to 213.46 million units worth RM62.95 million. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said sentiment on the local bourse remained fragile as investors were sidelined, waiting for more solid catalysts. “As such, we reckon the index to trend within a tight range of between 1,485 and 1,495 on Wednesday, as we notice the 1,500 level remains a strong psychological resistance level,” he told Bernama. Meanwhile, he believes interest in telecommunications and media stocks may emerge, as the sector has underperformed in the broader market so far this year. "Wall Street closed positively as bargain-hunting activities emerged on beaten-up tech stocks, as traders were betting that US inflation may have peaked," he pointed out.  The Dow Jones Industrial Average gained 186 points, while the Nasdaq added 107 points, as the US 10-year yield edged higher to almost 3.62%. Among the heavyweights, Malayan Banking Bhd (Maybank) at RM8.79, Public Bank Bhd at RM4.30, Petronas Chemicals Group Bhd at RM8.30, and CIMB Group Holdings Bhd at RM5.72 were all flat, while Tenaga Nasional Bhd (TNB) was lower by five sen to RM9.48.  As for the actives, Dagang NeXchange Bhd (DNeX) added five sen to 55.5 sen, Tanco Holdings Bhd inched up half a sen to 39 sen and L&P Global Bhd rose half a sen to 58.5 sen, Ancom Logistics Bhd gained one sen to 15 sen, while Berjaya Corp Bhd was unchanged at 35 sen. On the index board, the FBM Emas Index gained 7.08 points to 10,699.68, the FBMT 100 Index strengthened by 5.53 points to 10,401.15, and the FBM Emas Shariah Index widened by 12.51 points to 10,905.85. The FBM 70 Index was higher by 45.33 points to 13,239.17, and the FBM ACE Index gained 19.02 points to 5,395.85.   Sector-wise, the Financial Services Index went up 1.43 points to 16,481.77, and the Industrial Products and Services Index inched up 0.17 of a point to 182.62.  The Plantation index added 17.07 points to 6,941.47, and the Energy Index garnered 1.01 points to 797.07.

https://theedgemalaysia.com/node/645178

Boustead Plantations in the red in 3Q due to lower palm product prices, higher operating costs

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KUALA LUMPUR (Nov 22): Boustead Plantations Bhd (BPB) registered a net loss of RM352,000 or 0.02 sen per share for the third quarter ended Sept 30, 2022 (3QFY22) versus a net profit of RM95.56 million or 4.27 sen per share for 3QFY21 due to the decline in palm product prices and higher manuring costs. Revenue reduced by 18.22% to RM240.25 million from RM293.77 million due to lower fresh fruit bunch (FFB) production following labour shortages and lower palm product prices. In a filing with Bursa Malaysia, BPB declared a third interim dividend of 1.1 sen per share, to be paid on Dec 22. "The profit from operations of RM1.4 million dropped substantially as compared to RM133.1 million achieved in the corresponding quarter last year," noted BPB. According to the group, lower palm product prices also adversely affected the valuations of the FFB, crude palm oil (CPO) and palm kernel (PK). Average CPO price for 3QFY22 decreased to RM4,089 per metric tonne (MT) from RM4,331 per MT in 3QFY21. PK's average price also slipped to RM2,494 per MT from RM2,541 per MT. It said FFB production for the quarter of 227,335 MT was 14% lower than the production in the corresponding quarter last year of 263,276 MT, contributing a yield of 3.4 MT per hectare as compared with 3.8 MT per hectare in the corresponding quarter last year. "Lower production was mainly attributable to lower crops in Sabah and Sarawak as a result of shortage of harvesters," said the group. Its manuring cost rose to RM21.2 million from RM6.2 million due to an increase in fertiliser prices. Furthermore, BPB suffered a loss of RM11.9 million on FFB valuation in the quarter under review versus a gain of RM10.1 million previously as CPO prices plummeted. For the cumulative nine months ended Sept 30, 2022 (9MFY22), the group's net profit jumped three-fold to RM508.02 million from RM156.16 million amid gain on disposal of Kulai Young land of RM364.1 million and gain on government land acquisition at Telok Sengat Estate of RM3.6 million. Revenue for 9MFY22 expanded 28.92% to RM913.37 million from RM708.49 million. Acting chief executive officer Fahmy Ismail said prices of palm oil are expected to remain highly volatile for the rest of the year as stock levels are expected to be high in Malaysia and Indonesia, as both countries are in the high crop season. However, continuous Russia-Ukraine conflict and severe droughts and heatwaves in Europe, China, India and the US may lead to diverting demand towards palm oil due to price spikes of other crops which can potentially create the risk of global crop shortages. "High production cost due to the impact of minimum wages coupled with higher fertiliser and diesel prices will continue to be a challenge in the remaining year. "As we remain resolute to the Reinventing Boustead Strategy and enhancing shareholder value, the group commits to our reform initiatives in transforming BPB into a sustainable technology-based plantation company by ramping up mechanisation efforts, while steadfastly upholding the principles of environmental, social and governance in our operations," Fahmy added. Shares of BPB closed at 67 sen on Tuesday (Nov 22) — down two sen or 2.9% — translating into a market value of RM1.49 billion.

https://theedgemalaysia.com/node/607460

SPH given go ahead to hold scheme meeting to vote on Cuscaden's offer

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SINGAPORE (Feb 14): Singapore Press Holdings, which is the target of a bidding tussle, has been granted the go ahead by the court on Feb 14 to hold a meeting for shareholders to decide if they want to accept an offer by Cuscaden Peak. “As such, the company will continue with its preparations to allow shareholders to...(click on link for full story on theedgesingapore.com)

https://theedgemalaysia.com/node/629370

Kimlun bracing for stronger 2H22, says Kenanga Research

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KUALA LUMPUR (July 25): Kenanga Research has maintained its “Outperform” rating on Kimlun Corp Bhd at 68 sen with an unchanged target price (TP) of RM1.10 and said labour shortage has held players back from bidding aggressively in a market that has yet to see a pick-up in the flow of new jobs. In a note on Monday (July 25), the research house nonetheless said Kimlun is bracing for a stronger 2H as its key job, i.e. the RM780 million Sabah-Sarawak Link Road, moves up the S-curve, while the government is likely to expedite the rollout of public projects ahead of the 15th general election (GE15). “Maintain 'outperform' and TP of RM1.10 for Kimlun based on FY23E PER of 9x, at a 50% discount over our sector leader’s ascribed PER of 18x given Kimlun’s smaller size. “There is no adjustment to TP based on ESG for which it is given a 3-star ESG rating as appraised by us,” it said.

https://theedgemalaysia.com/node/604317

丰隆投行对迪耐展开研究 目标价1.35令吉

Mandarin

（吉隆坡19日讯）丰隆投资银行对迪耐（Dagang NeXchange Bhd）展开研究，并给予“买入”评级和1.35令吉的目标价。 若按1.35令吉计算，这较目前的股价90.5仙，高出49.17%。 迪耐今早交投冠全场，成交量达9917万股。 丰隆投行在报告中指出，目标价是基于综合估值法。 “我们预测迪耐科技业务2023年本益比为25倍，略低于全球同行的26倍加权平均本益比。” “虽然（SilTerra Malaysia）在这行业的规模相对较小，但比全球同行拥有相对有前途的技术，我们相信估值是合理的，因预计SilTerra的增长速度将达28%，高于全球同行的23%。” “基于截至6月杪2023财政年约14倍的整体本益比，我们认为迪耐将引人注目，因在半导体和能源领域均站稳脚跟。” 展望未来，丰隆投行预计迪耐2022至2024财年的税后归属股东核心净利（PATAMI）将分别增加1亿5520万令吉、1亿9780万令吉和2亿7150万令吉，复合年增长率为32%。 该研究机构表示，这不仅是得益于收购SilTerra和Ping Petroleum的股权，还受益于SilTerra较高的平均售价和Anasuria资产的石油产量提高。   （编译：陈慧珊）   English version：HLIB initiates coverage of DNeX with 'buy' call, RM1.35 target price

https://theedgemalaysia.com/node/629364

Oil majors could hike dividends on record profits — report

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KUALA LUMPUR (July 25): The world’s largest international oil and gas companies are expected to accelerate share repurchases, and some could raise dividends next week when Big Oil is expected to report another very strong quarter. Energy portal Oilprice.com in a report on Sunday (July 24) said shareholders could be in for higher returns as Shell, BP, TotalEnergies, Exxon, and Chevron are all forecast to post exceptional and possibly record quarterly earnings for the second quarter due to high commodity prices and multi-year-high refining margins. It said some of the top international oil majors have already announced expectations of blockbuster earnings — especially in their refining divisions — for the second quarter (2Q). The portal said analysts expect at least some of them to step up share buybacks and some even to announce an increase in dividends amid record cash flows and record or near-record earnings. Oilprice.com said the 2Q earnings for the top majors are forecast to be even higher than the already blockbuster earnings reported for 1Q. Oil above US$100 per barrel throughout 2Q and surging refining margins amid rebounding gasoline demand will help Big Oil beat in 2Q the blowout earnings from 1Q, companies signalled and analysts say. The portal said Big Oil’s shareholders could see their returns much improved in the coming months as companies report 2Q earnings over the next week. Previewing 2Q results, firms have said they expect “exceptional” earnings, particularly in their refining divisions, it added.

https://theedgemalaysia.com/node/608537

NCT Alliance ends FY21 on a high note

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KUALA LUMPUR (Feb 22): Property developer NCT Alliance Bhd, formerly known as Grand-Flo Bhd, saw its net profit surge 3.5 times to RM16.96 million for its fourth quarter ended Dec 31, 2021 (4QFY21) from RM4.77 million a year ago, mainly contributed by stronger take-up rate of its Grand Ion Majestic project in Genting Highlands, Pahang. Earnings per share increased to 2.63 sen for 4QFY21, from 1.04 sen for 4QFY20. Quarterly revenue also jumped 236.9% to RM119.61 million, from RM35.5 million a year ago. In a statement on Tuesday (Feb 22), NCT Alliance executive chairman and group managing director Datuk Seri Yap Ngan Choy said key contributors to the group's improved quarterly performance were the sales from its Grand Ion Majestic and Grand Ion Delemen (GID) projects, coupled with recurring income from the leasing of its commercial units at GID. "These two key projects are expected to generate sustainable income and cash flow stream over the next two to three years, further contributing to earnings growth,” he said. The impressive quarterly performance lifted the group's net profit for the 12 months ended Dec 31, 2021 (FY21) to RM34.55 million, 514% higher than the RM5.63 million registered in the previous year. Revenue rose 173.8% year-on-year to RM210.6 million, from RM76.9 million in FY20. In a bourse filing, NCT Alliance said FY21 has been a challenging year for the property sector, given the adverse market conditions left behind during the prolonged Covid-19 pandemic. Moving to FY22, the group is cautiously optimistic of the market sentiments and will focus on monetising its inventories and progressing its development projects for timely completion. "Given the pace of recovery is conditioned on the resiliency of the vaccinated against the emergence of new Covid-19 variants and stability of the building material prices, new product launches will be phased according to the prevailing market conditions. Grand Ion Majestic and Grand Ion Delemen are expected to contribute significantly to the group’s earnings," it noted. NCT Alliance shares closed unchanged at 52 sen on Tuesday, bringing a market capitalisation of RM462.48 million.

https://theedgemalaysia.com/node/668233

Aldrich Resources to diversify into mining, money lending businesses

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KUALA LUMPUR (May 23): Technology and business solution provider Aldrich Resources Bhd has proposed to diversify its existing business to include exploration of minerals, mining and mining-related businesses, as well as money lending business. The group is presently involved in the business of providing computerised maintenance management systems and fintech solutions, as well as corporate secretarial and share registration services.  In February, Aldrich had subscribed for 2.5 million new shares, equivalent to 96.15% of the enlarged issued share capital of a money lending company, Proficient Premium Sdn Bhd, for RM250,000 cash. In a filing with Bursa Malaysia on Tuesday (May 23), Aldrich said it acknowledges the declining revenue and profitability of the group’s businesses in recent years and expects the proposed diversification to help expand its revenue base and improve its financial performance. Aldrich's wholly-owned subsidiary Aldrich Minerals Sdn Bhd had in January 2022 entered into a mineral production sharing agreement with Northern Dolomite Sdn Bhd and Tekad Mulia Sdn Bhd to combine their resources and experiences to carry out a mining production project. "As at May 22, two new mining processing equipment have been installed at the Dolomite mining project site located at Cuping, Perlis. Production commenced in May 2022 with an expected monthly production of 10,000 tonnes of dolomite ores, which is expected to generate an annual revenue of RM7.2 million for the financial year ending June 30, 2023," said Aldrich. Additionally, the group had in May 2020 entered into a memorandum of understanding with local mining operator Enrich Mining Sdn Bhd to jointly explore mining targets for precious metals and develop mining operation at the Gossan Hill area in Jeli, Kelantan, known as “KK Hill”, and manage the gold mining operations located in Jeli. "Enrich's preliminary estimates show that the gold reserves in the KK Hill area is approximately 100,000 ounces, valued at US$198.1 million (RM901.36 million based on a spot price of US$1,981 per ounce). "Subject to the issuance of the proprietary mining licence and favourable test results of the soil sample analysis, Aldrich expects to engage a competent person and competent valuer to assess the viability of the Enrich mining project in KK Hill, and ultimately enter into a definitive agreement with Enrich to pursue the project," said Aldrich. It estimates that the Dolomite and Enrich mining projects may contribute above 25% of the group’s net profit for FY2023 and further into the future. Meanwhile, Aldrich said it intends to vary the utilisation of proceeds raised from a private placement amounting to RM9.6 million that was completed in January last year. It has resolved to vary the balance of the unutilised amount of RM7.44 million towards the money lending and mining businesses. It is also proposing to establish an employees’ share option scheme (ESOS) involving up to 30% of the total issued shares for the group's directors and employees in recognition of their contribution to the company and to enable them to participate in the company’s future growth. Assuming an exercise price of 2.3 sen — being not more than 10% discount from the five-day volume weighted average market price of Aldrich shares up to May 22 of 2.5 sen — the proposed ESOS will result in the company's share capital increasing to 1.45 billion shares worth RM32.99 million from 1.11 billion shares worth RM25.31 million. M&A Securities Sdn Bhd has been appointed as the principal adviser for the proposals. Barring any unforeseen circumstances, the proposals are expected to be completed in the second half of 2023. Aldrich shares closed unchanged at 2.5 sen, giving it a market capitalisation of RM23.2 million.

https://theedgemalaysia.com/node/654401

受亚股情绪影响 马股休盘下跌

Mandarin

（吉隆坡8日讯）交易员表示，受区域股市情绪好坏参半的影响，马股休盘下跌。 休市时，富时隆综指降4.81点，至1471.57点，周二收报1476.38点。 富时隆综指今早高开0.01点，报1476.39点。 下跌股425只，上升股345只，另有442只无起落，962只无交易及9只暂停交易。 马股总成交量为20亿6000万股，总值11亿1000万令吉。 乐天交易私人有限公司股票研究部副总裁唐栢麟表示，富时隆综指正徘徊在一个月低位，应该会很快出现趁低吸纳活动。 他指出，富时隆综指周三可能在1480点至1490点区间内波动，焦点是银行股和能源股。 重量级股方面，马银行（Malayan Banking Bhd）升1仙，至8.64令吉，国油化学（Petronas Chemicals Group Bhd）扬7仙，报8.22令吉，国家能源（Tenaga Nasional Bhd）增8仙，至9.47令吉，大众银行（Public Bank Bhd）降1仙，挂4.15令吉，以及联昌国际集团（CIMB Group Holdings Bhd）挫9仙，至5.49令吉。  至于热门股，MyEG服务（MyEG Services Bhd）涨1.5仙，至71.5仙，Leform Bhd起0.5仙，报24仙，Nylex (Malaysia) Bhd扬5.5仙，挂64.5仙，Velesto Energy Bhd跌0.5仙，至24仙，而沙布拉能源（Sapura Energy Bhd）则企于4.5仙。    （编译：魏素雯）   English version：Bursa stays in the red at midday

https://theedgemalaysia.com/node/620907

联和：董事经理Yap Sing Hock与世长辞

Mandarin

（吉隆坡23日讯）联和（Lien Hoe Corporation Bhd）宣布，董事经理Datuk Yap Sing Hock在上周六（5月21日）与世长辞。 该产业与投资控股公司周一向大马交易所报备，Yap（73岁）自2002年起掌管集团。 “他的职业生涯始于建筑承包商，后来涉足巴生谷及新山的房地产开发。他还积极参与香港和新加坡的房地产投资。” “随着Datuk Yap离世，集团的管理和运营将由执行董事兼总执行长Christine Yap Tse Yeeng领导，并由董事部和管理团队协助。” “集团的业务和运营将照常进行。” 根据集团网站，其子公司的活动包括酒店运营、建筑和土木工程、房地产开发和房地产投资。 休市时，该股持平于36仙，市值为1亿2842万令吉。   （编译：魏素雯）   English version：Lien Hoe announces demise of MD Yap Sing Hock

https://theedgemalaysia.com/node/657735

星辰建筑获WCT颁发3.11亿建筑合约

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（吉隆坡3日讯）星辰建筑（Fajarbaru Builder Group Bhd）通过竞标赢得WCT控股（WCT Holdings Bhd）价值3亿1054万令吉的合约，承接吉隆坡满家乐（Mont Kiara）公寓主楼建筑工程。 星辰建筑向大马交易所报备，独资子公司Fajarbaru Builder私人有限公司，已接受WCT间接子公司Kekal Kirana私人有限公司的决标信。 主楼建筑工程包括3栋公寓楼，共有341个单位，连同四层地下停车场和三层裙楼设施。 合约期限为35个月，从3月15日动工，预计2026年2月14日竣工。 星辰建筑在文告中表示，上述合约预计将为公司截至6月杪2023财政年起的盈利和每股净资产作出贡献。 星辰建筑集团执行主席丹斯里陈广才指出： “经过建筑市场的停滞期后，最新合约对星辰建筑来说是个好的开始，也证明了公司有能力获得和执行高价值的建筑项目。” “我们的目标是尽可能高效和良好地执行这个项目。” 他补充：“公司财务基础稳固，因此有能力继续竞标更多项目，并期待成为我们所服务市场中最有价值的建筑和房产公司。我们也致力于继续为公司的利益相关者创造股东价值。” 该股今日微扬0.5仙或1.75%，收报29仙，市值为2亿1600万令吉。   （编译：陈慧珊）   English version：Fajarbaru secures RM311 mil construction contract from WCT