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https://theedgemalaysia.com/node/659202

Property developers set to face greater challenges in 2023, says Kenanga

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KUALA LUMPUR (March 15): Real estate developers are expected to face greater challenges this year with limited room to shift higher construction costs to customers whose purchasing power has been eroded by inflation and rising interest rates. “The sector will continue to be weighed down by oversupply and the declining price affordability, as rising interest rates and inflation bite into consumers’ spending power, let alone high-ticket purchases,” said Kenanga Research in a report on Wednesday (March 15). The research firm said although all developers have reported healthy sales last year, they will feel the full brunt of contracts signed at high prices with contractors during the pandemic, no thanks to sky-rocketing construction materials and labour shortages during that period. “With limited room to raise prices amid the declining price affordability and unabated construction cost inflation, players may have to cut back or hold back on new launches,” it said. Hence, Kenanga kept its “neutral” recommendation on the sector, preferring developers that are able to generate consistent sales and hence sustaining their cashflows to anchor good dividends amid a soft market. “Under this highly challenging operating environment, we pick developers with strong cashflows that could anchor good dividends, namely Eco World Development Group Bhd for its strong branding, and IOI Properties Group Bhd for the hidden value in its prime investment properties in the Klang Valley, Singapore and China that could potentially be unlocked via a REIT,” it said. Kenanga has “outperform” ratings for both stocks, with target prices of 83 sen for Eco World and RM1.60 for IOI Properties. Shares of Eco World gained one sen or 1.5% to 67.5 sen as at 9:52am on Wednesday, giving it a market capitalisation of RM1.99 billion. IOI Properties, meanwhile, inched up one sen or 0.9% to trade at RM1.11, valuing it at RM6.11 billion.

https://theedgemalaysia.com/node/651035

National Registration Dept to store 150 million physical records kept since 1869 in digital form, says minister

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(Figure in paragraph five has been corrected to 30 million records). PUTRAJAYA (Jan 9): The National Registration Department (NRD) is in the process of storing 150 million physical records kept since 1869 in digital form for security and preservation, said Home Minister Datuk Seri Saifuddin Nasution Ismail. He said even though most of the records registering births and deaths contained basic information such as the name of the father and mother, name of the child, address and employment, it is a treasure of information on Malaysians that should be preserved. “It is part of the future plans, so that these treasures can be stored safely and in accordance with current technology by digitising the department's records," he said at a press conference after making a working visit to the NRD here on Monday (Jan 9). Besides appreciating the information, he said the electronic record keeping can also be a reference and facilitate searching in the future if needed. According to him, so far about 30 million records have been stored digitally, and the storage process will continue to be implemented by the department until they are completed. During the visit, he was briefed on the overall operation of the NRD, and also presented citizenship approval letters to 28 successful applicants. Also present were Deputy Home Minister Datuk Seri Dr Shamsul Anuar Nasarah, and Home Ministry secretary general Datuk Seri Wan Ahmad Dahlan Abdul Aziz. Read also: Home Ministry sets up special committee to look into citizenship issues

https://theedgemalaysia.com/node/677946

Amazon in talks to become anchor investor in Arm ahead of IPO — sources

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NEW YORK (Aug 9): Amazon.com is in talks about joining other technology companies as a cornerstone investor in SoftBank Group Corp's Arm Ltd ahead of its initial public offering (IPO), people familiar with the matter said on Tuesday (Aug 8). Amazon's potential involvement in the IPO, which has not previously been reported, underscores Arm's significance in cloud computing. Amazon Web Services, the internet giant's cloud business, makes its own processing chip called Graviton, using Arm's design. Arm plans to list on the Nasdaq in early September, according to one of the people. The company is seeking to raise US$8 billion (RM36.7 billion) to US$10 billion, Reuters has reported. Arm and Amazon declined to comment. Arm has been in talks with about 10 technology companies, including Intel, Alphabet and Nvidia, about an investment ahead of its IPO, Reuters has reported. These investors would not gain any board seat or control, according to the sources. Arm is hoping that bringing cornerstone investors onboard will strengthen its ties with top customers and boost the IPO's appeal, one of the sources said. The IPO is expected to be a much-needed boon for SoftBank, which is battling to turn around its massive Vision Fund, after many of its bets on technology startups soured. SoftBank has been targeting a listing for Arm since its deal to sell the chip designer to Nvidia for US$40 billion collapsed last year because of objections from US and European antitrust regulators. Since then, Arm's business has fared better than the broader chip industry thanks to its focus on data centre servers and personal computers that generate higher royalty payments.

https://theedgemalaysia.com/node/667018

Unilateral conversion case: Single mother files appeal against High Court decision

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KUALA LUMPUR (May 15): Single mother Loh Siew Hong has filed an appeal against the High Court decision dismissing her bid to challenge the unilateral conversion of her three children. In the court filing seen by The Edge, Loh's counsel from Srimurugan & Co had filed the notice of appeal on Monday (May 15). Loh is appealing the decision of High Court judge Datuk Wan Ahmad Farid Wan Salleh who on May 11 ruled that the three children — twin girls who are now 14 years old and a boy who is now 11 — had not stopped professing the religion of Islam even under Loh's care. He noted that there was no evidence before him to indicate that the children have reverted to the Hindu religion. Thus, the High Court judge said that for the welfare of the children, the status quo ought to be maintained. Wan Ahmad Farid also found that there was no dispute that the certificates of conversion were issued to the children in July 2020. He said that the certificates were issued after the first respondent, Perlis Registrar of Mualaf, was satisfied that the legal requirements under Section 107(1) of the Perlis 2006 Enactment were adhered to when the children had professed the Syahadah proclamation (Islamic recitation to convert to Islam) willingly. Loh was previously locked in a custody battle with her ex-husband where she claimed that she had been separated from her children since March 2019. She was finally reunited with her children in February last year, when the court allowed her habeas corpus application. She had also filed a judicial review in March last year seeking declarations that her children are Hindu — her ex-husband Muhammad Nagahswaran Muniandy's religion prior to his conversion — and to reverse the registration of her children's conversion to Islam. She was also seeking declarations that the children are legally unfit to embrace Islam without Loh's approval and that her ex-husband is legally unfit to allow the Registrar of Mualaf to convert their children to Islam without her approval. Besides Perlis Registrar of Mualaf, Loh also named state mufti Datuk Dr Mohd Asri Zainul Abidin, the state government and Perlis Islamic Religious and Malay Customs Council (MAIPs) as respondents. Also read : High Court dismisses single mother's bid to reverse unilateral conversion of children to Islam

https://theedgemalaysia.com/node/600004

Aiming to be a digital-first developer

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This article first appeared in City & Country, The Edge Malaysia Weekly on December 20, 2021 - December 26, 2021 Amid the Covid-19 pandemic, S P Setia Bhd has seen a change to its top management team, with Datuk Choong Kai Wai taking over as president and CEO and Datuk Seri Koe Peng Kang as deputy president and chief operating officer. In an email interview, Choong says the group will continue to offer its affordable-range homes in mature townships, with 12 launches being lined up in its existing townships. It will also focus on digital transformation.  The sustainability agenda remains a key priority of the group, building on its reputation as a developer known for projects in that vein. Next year will mark the group’s foray into the hospitality industry, with the opening of two hotels — The Amari Hotels at Setia SPICE Convention Centre in Penang and KL Eco City in Kuala Lumpur. They are slated for opening in the third quarter of next year and will be operated by ONYX Hospitality Group. S P Setia has consistently been among the top developers in The Edge Malaysia Top Property Developers Awards over the last five years. This year, it is also the winner of the award for Best in Qualitative Attributes. Datuk Choong Kai Wai: Beyond a shadow of a doubt, FY2020 was the most challenging year for S P Setia Group as the Covid-19 pandemic caused disruption in the global economy and had an adverse impact on most industries. The property industry was not spared. Despite the ongoing uncertainties, the resilience of Team Setia has prevailed, with the group surpassing its sales target of RM3.80 billion to achieve commendable sales of RM3.82 billion.  In FY2020, 81% of sales were from local projects, while the rest were from international projects. Sales achieved were mainly from developments such as Setia Alam, Setia AlamImpian, Setia Eco Park, Setia EcoHill and Setia Alamsari in the central region, which amounted to RM2.36 billion, supported by a contribution of RM415 million from Setia Tropika, Setia Business Park II and Setia Eco Cascadia in the southern region, and RM312 million from Setia Sky Vista, Setia Fontaines and Setia V Residence in the northern region.  International projects collectively registered sales of RM716 million, largely through Daintree Residence in Singapore, Eco Lakes in Vietnam and UNO in Melbourne. Notwithstanding the Movement Control Orders imposed in Malaysia and the various stages of lockdown imposed overseas, the strong sales numbers recorded across all our projects demonstrated our overall strength and versatility. The group registered revenue of RM3.23 billion, and owing to strategic positioning to move our completed inventories, the group resolved to aggressively reprice the completed units at Setia Sky 88 and Setia Sky Vista, which led to renewed demand. Other than that, following the escalating Covid-19 cases that have disrupted the UK’s economy, Battersea Power Station (BPS) also incurred an impairment provision due to its work in progress.  The impairments incurred would not have impacted cash flow, and if these provisions were excluded, the group would have achieved a profit before tax (PBT) of RM319.2 million. As the nation embarked on recovery on the back of a high vaccination rate, S P Setia registered strong sales of RM3.38 billion for the first nine months of FY2021, representing 89% of our full-year sales target. The group remains positive on the market outlook and will continue to focus on achieving our sales target of RM3.8 billion. This improvement was reflected in our revenue of RM2.73 billion and PBT of RM354 million. Moving on, the group will focus on initiatives to pare down borrowings and strengthen the capital structure, as well as continue to drive digital transformation and champion the sustainability agenda, which will remain the key priorities of the group.  Over the years, Setia has built a reputation for building sustainable developments, which have not just stood the test of time but have also continued to thrive and evolve with the needs of our communities. Sustainability is embedded in our DNA as a living, dynamic cell that guides our business processes, products, and designs and constructions of ‘live-learn-work-play’ environments. This will continue to be a signature marker for all Setia projects and townships. On top of that, we have accelerated our digitalisation drive to become a leading digital-first property developer in the country. The Amari Hotels at Setia SPICE Convention Centre in Penang and KL Eco City in Kuala Lumpur, to be operated by the internationally established ONYX Hospitality Group, are slated for opening in the third quarter of next year. The hotels aim to offer complementary services, amenities and facilities to these integrated developments, catering for locals and international visitors. With the economy on a recovery path, we anticipate that there will be increased travel and demand for amenities such as those offered in these two developments. Keeping an ear to the ground, we will continue to offer affordable-range homes in mature townships, focus on our digitalisation journey and up the game on sustainable developments. On the cards are 12 launches at our existing townships in the central region, ranging from landed homes in Setia Alam, Precinct Arundina in Setia Eco Park, Setia Safiro, Setia Mayuri, Bayuemas, Bandar Kinrara (two launches), Setia Alamsari, EcoHill and EcoHill 2 to shoplots in AlamImpian and apartments in Temasya Glenmarie.  There will be three launches of landed residences in Setia Eco Gardens, Taman Pelangi Indah and Setia Tropika; three commercial projects in Setia Tropika and Taman Rinting; and a shopoffice development in Bukit Indah. Northern region buyers can look forward to terraced, semidee and bungalow launches in Setia Fontaines.  On the international front, the 40%-owned BPS in the UK had achieved a combined take-up rate of 83% for Phase 2 and 3A as at 3Q2021, with the latter being slated for completion by the middle of next year. This mammoth regeneration project recently witnessed another milestone with the official opening of its on-site underground train station as part of the Northern Line Extension (NLE) in London.  The launch of the NLE marks the first major extension, designated in Zone 1, to the London Underground Network in this century and has become one of the most significant milestones to date in the regeneration of BPS. Opened on Sept 20 this year, this riverside placemaking destination will be one of the most well-connected destinations in the capital. We are positive of an economic recovery and foresee greater market demand as buyers seek homes that fulfil new-normal lifestyles such as more space, flexible layouts, better security, safer environments and sustainable features.  Setia has garnered a reputation as a trusted and reliable brand backed by four decades of experience and expertise. We intend to continue meeting buyers’ needs by rolling out the best-possible product layouts and designs, innovative offerings and upgraded amenities in the developments. Setia is also among the early adopters of ESG (environmental, social and governance) standards and to this end, we have already set in place new regulations, best practices, policies and procedures throughout our operations. These have elevated investor confidence — both domestically and internationally — in the Setia brand. We are leveraging information and communications technology (ICT) solutions to make our customer journey seamless from the first touchpoint via digital platforms like social media, websites and virtual exhibitions. For example, we have developed the Setia On The Go app to introduce our vast range of properties to potential homebuyers. Aspiring Setia property owners can browse for homes via Setia Virtual-X, an online exhibition platform complete with virtual tours and walk-throughs, virtual events and virtual show units. We will also continue to deploy other digitalisation initiatives on various platforms. We have observed that past initiatives had generated quality leads and successfully converted bookings into sales. We will continue to make use of the digital platforms and create a more robust digital workplace to improve the effectiveness and efficiencies of the daily operation underpinned by cyber resilience. Sustainability is incorporated right from our blueprints — from building design to the master plan — with a focus on three key areas: energy efficiency, water efficiency and indoor environment quality.  In terms of energy efficiency, some of the systems implemented are:  •     Solar photovoltaic panels;  •     LED lighting, daylight auto-sensors and motion sensors; and  •     Building management systems, especially in our commercial high-rises.  On water efficiency, we harvest rainwater to water the landscape and fit our developments with water-saving sink taps, showers and dual-flush WCs (water closets).  To optimise indoor environment quality, we maximise renewable energy sources such as the sun and wind to provide natural heating, cooling, ventilation and lighting while helping to offset greenhouse gas emissions. We also pay attention to sound insulation, CO monitoring in commercial high-rises, and use low-volatile organic content paint.  Some of our environmental flagship projects that have received due recognition are:  •     D’Network Setia Eco Park — the world’s first ­solar-powered hybrid F&B community hub; •     Setia Corporate HQ — first privately owned office and third building in Malaysia to be certified Green Building Index (GBI) Platinum as well as GreenRE Platinum; •     Setia City Convention Centre — first GBI-­certified Convention Centre; •     KL Eco City — Gold Award at the Fiabci World Prix d’Excellence 2020 Awards in the office category; • Setia Eco Glades, Cyberjaya — achieved GBI ­certification criteria (eco-friendly paint, rainwater harvesting, LED lighting); •     SPICE Convention Centre in Penang — GBI-­certified under Non-Residential, New Construction 2017–2020;  •     Setia’s UNO Melbourne high-rise project in Melbourne, Australia, is one of the first high-rise residential developments in that country to go 100% green with its power supply.  In line with our global sustainability agenda, we will continue to pursue these priorities in our developments. 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/609838

UOBAM launches new solutions to help individuals invest in volatile market

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(March 2): UOB Asset Management Malaysia (UOBAM) launched its SimpleInvest Solutions to help individuals invest in a volatile market through three risk-adjusted, well-diversified funds. The three funds are the United Simple Income Select (USIS), United Simple Growth Select (USGS) and United Money Market Fund.  The USIS seeks to provide income for investors with moderate risk appetite and a medium- to long-term investment horizon. It adopts a fund-of-funds strategy where it invests in a diversified portfolio of collective investment schemes of fixed income, equity and multi-asset funds.  Meanwhile, the USGS is suitable for investors with high risk tolerance and a medium- to long-term investment horizon. It aims to generate potentially higher returns to investors via capital appreciation. It also provides investors with exposure to disruptive and secular growth opportunities in sectors such as automation, robotics, artificial intelligence and healthcare innovation. On the other hand, the United Money Market Fund is the most conservative among the three funds, suitable for risk-averse investors with a short-term investment horizon. It provides them with income and good liquidity by primarily investing in fixed income securities, money market instruments and fixed deposits.  “With the current backdrop of market uncertainty and interest rates remaining at low levels globally, individual investors may face the challenge of building a solid investment portfolio. We aim to address this pain point through the solutions. “Designed to suit a spectrum of risk profiles, the SimpleInvest Solutions enable individuals in different life stages to invest simply and smartly just by selecting the solution that match their risk tolerance levels and investment objectives,” says Lim Suet Ling, the chief executive officer of UOBAM.  The United Money Market Fund is available at selected distributors, while the USIS and USGS are distributed by UOBAM exclusively.  The funds under the solutions are available for subscription in both domestic and foreign currencies, with a minimum initial investment of RM1,000, A$1,000 and US$1,000 respectively.  

https://theedgemalaysia.com/node/667187

Santos aims to bury Asian carbon in Australia

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(May 16): Santos Ltd, Australia’s second-biggest natural gas producer, wants to use carbon capture projects to store emissions for some of Asia’s top industrial polluters. The Moomba facility, in the gas-rich Cooper basin north of Adelaide, in South Australia, is intended to store 1.7 million tonnes of the producer’s own carbon dioxide releases annually from 2024, and the firm sees potential to handle tens of millions of tonnes of emissions from third parties, including customers in Japan and South Korea. It’s a move that highlights how Australia’s A$91 billion (RM273.76 billion) natural gas export industry sees a potential future role in using its expertise — and technology aimed at reducing its own climate impact — to handle pollution generated by some of the region’s most difficult to decarbonise sectors. BP plc, Chevron Corp and Woodside Energy Group Ltd are also among energy companies examining large-scale carbon capture and storage projects intended to offer climate solutions to industrial customers. Australia is seen as a potential key location for the sequestration of emissions because of its geology. The nation’s depleted underground natural gas reservoirs could store carbon dioxide, Woodside chief executive officer Meg O’Neill said on Tuesday (May 16). But a lack of incentives akin to the US Inflation Reduction Act was putting off the necessary investment, she said.  “If we had the right regulatory framework, we’d be accelerating work” on CCS, O’Neill said at a press conference in Adelaide. The Perth-based company was looking at a CCS project that would use the depleted Angel gas field in the North West Shelf complex off the coast of Western Australia, she said.  Meanwhile, Santos has the ability to import carbon dioxide and permanently store the material in South Australia, Brett Woods, president of the company’s energy solutions business, told reporters on Monday (May 15) at the Moomba site.  “Hard to abate sectors such as fertiliser, such as cement, such as steel manufacturing, all require solutions beyond what’s being currently offered,” he said. The producer has sufficient empty gas reservoirs in the Cooper Basin alone to store 20 million tonnes of carbon dioxide a year for half a century, according to Woods. Santos is also developing two other early stage carbon capture facilities in Australia. Still, carbon capture technology has had limited success to date. There were only around 30 projects in operation globally as of last year and Australia’s largest facility — Chevron’s Gorgon — has repeatedly missed targets. Critics accuse the oil and gas sector of pursuing costly, complicated and potentially ineffective carbon capture as a justification for the continued use of fossil fuels.  Santos estimates the first stage of the Moomba CCS facility will cost a total of A$220 million and will be able to sequester emissions produced from its own facilities at a rate of US$24 (RM108.02) a tonne. That’s cheaper than many other locations, though costs at natural gas processing plants tend to be lower because CO2 concentrations are high, according to BloombergNEF.  Global providers are aiming to reduce the cost of carbon capture to as low as US$30 a tonne for industrial sources, BNEF said in an October report. Adelaide-based Santos has set a target to eliminate emissions from its operations by 2040, and has pledged to work with suppliers and customers to reduce its far larger Scope 3 climate footprint.  

https://theedgemalaysia.com/node/673905

Buckling bond market casts pall over stocks

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SINGAPORE (July 7): Asian stocks slid on Friday (July 5) to cap a torrid first week of the quarter for financial markets, with the dollar advancing and bonds crumbling as the resilience of US jobs data has investors bracing for interest rates to head higher still. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8% to a one-month low. Japan's Nikkei fell 0.6%. Overnight, surprisingly strong partial figures on the US labour market sent a selloff in bond markets into overdrive and pushed the S&P 500 stock index 0.8% lower. Two-year Treasury yields burst above 5% and futures pricing started to admit the possibility that the Federal Reserve will raise rates twice before the year is out. Ten-year yields rose more than 17 basis points in two sessions to 4.05%, and selling wrapped around the globe as investors who had positioned for a peak in interest rates bailed out. Germany's two-year bond yield jumped to its highest in 15 years. In Britain, traders are now bracing both for recession and for interest rates heading towards 7%, as selling across the curve drove 10-year gilt yields to post-2008 highs. Three-year and ten-year Australian government bond yields each rose a dozen basis points on Thursday and a dozen more on Friday morning to hit decade highs. "These were pretty savage moves," said Jack Chambers, senior rates strategist at ANZ in Sydney. "It suggests some longs have maybe been squeezed out, and people caught," he said, with signs of strength in the US economy starting to stoke nerves about how high rates could rise. "Are we starting to price in the idea that there should be a higher term structure of rates? Maybe there has to be some reassessment given the resilience of a lot of economies to higher rates so far." Even well-anchored Japanese government bond yields rose on Friday. Private US payrolls jumped 497,000 last month, the ADP National Employment report showed on Thursday, against expectations for a 228,000 increase. Broader non-farm payrolls data is due at 1230 GMT on Friday. S&P 500 futures were steady in the Asian morning. The buckling bond market sent the US dollar slightly higher, although not too far as yields had leapt globally and the fear of intervention has traders too nervous to short the yen. The euro is down 0.2% on the week at US$1.0889. The yen actually rose overnight and is hovering at 144 to the dollar. The Australian dollar was last at US$0.6629 and eying a small weekly loss, following the Reserve Bank of Australia's decision to pause rate hikes this week. The kiwi was at US$0.6161 and eyeing a modest weekly rise. Data on Friday showed Japanese wages rising at their fastest pace in 28 years in May, although it also showed hours worked rising even faster so hourly rates actually dropped. Elsewhere in markets, Hong Kong banking stocks extended losses and are tracking towards their worst week in more than five years on worries about exposure to local government debt. Goldman Sachs has downgraded the sector. The index fell 0.9% on Friday and is down 10% on the week. The Hang Seng fell 1% and markets in South Korea and Australia fell a little further. In commodities, Brent crude futures were steady at US$76.43 a barrel. Gold, which pays no income, was under pressure from higher yields while trading flat at US$1,911 an ounce.

https://theedgemalaysia.com/node/651134

ManagePay jumps 11.5% to eight-month high on plans to launch securities trading mobile app

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KUALA LUMPUR (Jan 10): ManagePay Systems Bhd’s share price jumped by as much as 11.53% in early morning trade on Tuesday (Jan 10), after the group announced its plan to cooperate with Eddid Financial Holdings Ltd on a securities trading mobile application in Malaysia. At 9.01am, its share price had risen to an eight-month high of 14.5 sen. At the time of writing, its trading volume stood at 5.8 million shares. On Monday, it was announced that ManagePay plans to cooperate through a memorandum of understanding (MOU) with Eddid Financial to launch and market the Hong Kong-based firm’s internet-based securities trading mobile application in Malaysia. Both parties will proceed with further negotiations to enter into a formal and binding agreement in respect of the possible collaboration within 360 days from the date of the MOU. Read also: ManagePay to jointly launch securities trading mobile app in Malaysia 

https://theedgemalaysia.com/node/662465

Litrak proposes capital reduction and repayment involving RM275 mil cash distribution

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KUALA LUMPUR (April 6): Lingkaran Trans Kota Holdings Bhd (Litrak) has proposed to undertake a capital reduction and repayment involving a cash distribution of RM275.78 million on a pro-rata basis to entitled shareholders on a date to be determined later. The cash distribution may range from 50.2 sen to 50.91 sen, depending on Litrak’s share base on the entitlement date. This takes into consideration 7.66 million outstanding ESOS options which have exercise prices ranging from 35 sen to 44 sen apiece, Litrak said in its filing. As at latest practicable date (LPD) on March 28, Litrak said it has total cash reserves of about RM235.64 million, of which about RM214.6 million is placed in the custodian account representing approximately 91% of the company’s total cash reserves. As at the LPD, the issued share capital of Litrak is RM285 million comprising 541.62 million ordinary shares, which the group said is sufficient for the capital reduction. Upon completion of the proposed capital reduction and repayment, Litrak will submit an application to Bursa Securities for its proposed delisting. The proposals are subject to shareholders' approval. It expects the proposals to be completed by end-3Q2023. The group has been classified as a cash company after it disposed of its 100% stake in Lingkaran Trans Kota Sdn Bhd for RM2.326 billion cash and its 50% interest in Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint) to Amanat Lebuhraya Rakyat Bhd (ALR). Earlier, Litrak announced that it has no intention to maintain its listing status on the Main Market of Bursa Securities. Therefore, the group is distributing its assets back to its shareholders. Upon completion of the proposed delisting, Litrak intends to voluntarily wind-up the company. “Litrak shareholders will then hold unlisted Litrak shares until the completion of the winding-up process and be entitled to a further cash distribution from the remaining available cash arising from the winding-up process,” the group said. The group had received a further RM57.94 million from ALR that represented the balance of the government compensation receivable pursuant to the share sale purchase agreement. The compensation is a result of the government imposing a toll for any class of vehicle which is lower than the agreed toll rate as stipulated in Litrak’s concession agreements, the group said. With that, the balance disposal proceeds yet to be received relates only to ALR’s warranty claims announced on Tuesday (April 4), Litrak said. “Pending the resolution of the remaining ALR warranty claims, ALR has retained the balance retention sum of RM8.41 million,” Litrak said. The share price of Litrak closed unchanged at 49 sen on Thursday, valuing the group at RM265.39 million.

https://theedgemalaysia.com/node/650532

Hawkish Fed rhetoric fails to lift dollar; Aussie jumps

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SINGAPORE (Jan 5): The dollar struggled to advance on Thursday even though Federal Reserve policymakers reiterated their commitment last month to fighting inflation, while the Aussie rallied after China eased its restrictions on imports of Australian coal. Minutes of the Fed's December policy meeting released overnight showed that while officials agreed that the central bank should slow the pace of its aggressive interest rate increases, they remained focused on curbing inflation, and were worried about any "misperception" in financial markets that their commitment was flagging. Minneapolis Fed president Neel Kashkari also said on Wednesday that he sees the Fed's target interest rate peaking at 5.4%, higher than current market expectations of just under 5%. Yet, that failed to give a boost to the US currency, which slid 1.4% against the Canadian dollar overnight. Sterling was last steady at US$1.2062, after rising 0.76% against the dollar in the previous session, while the euro edged 0.19% higher to US$1.0624, following a more than 0.5% overnight gain. "From the Fed's point of view, it's very, very premature to be thinking about rate cuts in 2023, which is obviously what the market still expects," said Ray Attrill, the head of foreign exchange strategy at National Australia Bank (NAB). Economic data also released on Wednesday revealed that US job openings fell less than expected in November, though a survey from the Institute for Supply Management showed that US manufacturing activity contracted again in December. "Heading into Friday's payrolls, the message is still that the labour market remains in pretty rude health," said Attrill. Against a basket of currencies, the US dollar index fell 0.14% to 104.06, after slipping 0.5% on Wednesday. The Australian dollar rallied 1.7% overnight on news that China's state planner has allowed three central government-backed utilities and its top steelmaker to resume coal imports from Australia, marking the first such move since Beijing imposed an unofficial ban on coal trade with Canberra in 2020. The Aussie was last steady at US$0.6835, while the kiwi rose 0.11% to US$0.6298, after gaining 0.7% in the previous session. "The Aussie dollar has obviously benefitted from the coal story," said NAB's Attrill, adding that most other commodity currencies were supported. The Japanese yen climbed 0.5% to 131.97 per dollar on Thursday, reversing its 1.2% overnight slide, as traders bet that the Bank of Japan may soon fully abandon its controversial yield curve control.

https://theedgemalaysia.com/node/667662

TikTok users file lawsuit to block Montana ban

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WASHINGTON (May 19): Five TikTok users, who also create content posted on the short-video app, filed suit in US District Court in Montana late Wednesday seeking to block the state's new ban on the Chinese-owned platform. Montana Governor Greg Gianforte on Wednesday signed legislation to ban TikTok in the state, effective Jan 1. The five users seek to block the law, which makes it unlawful for the app stores of Alphabet Inc's Google and Apple Inc to offer TikTok within the state. The video app is used by more than 150 million Americans. The lawsuit names Montana Attorney General Austin Knudsen. The TikTok users argue the state seeks to "exercise powers over national security that Montana does not have and to ban speech Montana may not suppress." The suit adds users believe the law violates their First Amendment rights. Knudsen did not immediately comment. "Montana can no more ban its residents from viewing or posting to TikTok than it could ban the Wall Street Journal because of who owns it or the ideas it publishes," the lawsuit said. The suit is assigned to Judge Donald Molloy, who was nominated to the bench by President Bill Clinton, a Democrat, in 1995. TikTok, owned by Chinese tech company ByteDance, said Montana's ban "infringes on the First Amendment rights of the people of Montana by unlawfully banning TikTok," and said it will "continue working to defend the rights of our users inside and outside of Montana." TikTok has faced growing calls from US lawmakers and state officials to ban the app nationwide over concerns about potential Chinese government influence over the platform. Gianforte, a Republican, said the bill will further "our shared priority to protect Montanans from Chinese Communist Party surveillance." TikTok has repeatedly denied that it has ever shared data with the Chinese government and has said the company would not do so if asked. Montana, which has a population of just over 1 million people, said TikTok could face fines for each violation and additional fines of US$10,000 per day if it violates the ban. The American Civil Liberties Union (ACLU) slammed the law as "unconstitutional." An attempt by former President Donald Trump to ban new downloads of TikTok and WeChat through a Commerce Department order in 2020 was blocked by multiple courts and never took effect.

https://theedgemalaysia.com/node/675766

China seeks private investors for US$445b of projects

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(July 24): China is seeking private investment in thousands of projects worth a total of 3.2 trillion yuan (US$445 billion or RM2.04 trillion) in Beijing’s latest efforts to revive the faltering economy. The National Development and Reform Commission (NDRC) has compiled a list of more than 2,900 projects from local governments that private investors can participate in, Luo Guosan, the head of the NDRC’s investment department, told reporters on Monday (July 24). The NDRC also promised to improve funding support for the projects. Local governments typically announce major construction projects during the year, which are funded through a combination of private and public funds, and take months to get off the ground. For investors waiting for stronger policy action, including direct stimulus measures, the NDRC’s steps are unlikely to give an immediate boost to business sentiment.   “A push as powerful as this is a positive sign,” said Ding Shuang, the chief economist for Greater China & North Asia at Standard Chartered plc. “But the recovery of private-sector confidence takes time. Even if investment improves as confidence rebounds, project preparations will take time, too. Therefore, I’d expect effects to be felt next year and beyond.”  Among the key sectors it’s targeting for private investment are transportation, water conservation, clean energy, new infrastructure, advanced manufacturing and modern agricultural facilities. The NDRC, the nation’s main economic planning agency, will soon launch a platform where investors can access information about the recommended projects, Luo said. The latest announcement by the NDRC comes days after Beijing pledged to improve conditions for businesses, which have been bruised by years of strict pandemic controls and regulatory crackdowns on key sectors like technology and property.  Private investment in China has contracted this year, and now makes up just 53% of overall fixed assets investment, down from a peak of 65% in May 2015, official data showed. The NDRC said on Monday its aim is to maintain the share of private investment at a “reasonable level”. Luo said at the briefing that the NDRC had set up a trial programme for investment-loan cooperation with seven banks, including China Development Bank and Industrial and Commercial Bank of China. The agency is preparing a list of private investment projects to guide banks to increase loan support, he added. Qualified private investment projects will be supported to issue infrastructure real estate investment trust (REIT) products to expand the financing channels of private companies, lower their debt-to-asset ratio, and improve their ability to reinvest, according to the agency’s statement.  The NDRC has discussed 71 infrastructure REIT projects this year with the securities regulator, the Shanghai and Shenzhen exchanges and industry experts, including 19 from the private sector, involving shopping malls, solar and wind power, and big data centers, Han Zhifeng, another official of the agency, said at the same press conference on Monday. Private firms will also be encouraged to buy state-owned enterprises’ assets and use infrastructure REITs as a way to exit the investment, Han added. The NDRC official said business confidence was affected by factors including weak demand in the economy. There were also some “unreasonable” restrictions on private firms’ entry into some projects, and their access to funding and land remains limited, Han said. 

https://theedgemalaysia.com/node/666248

TT Vision secures RM14 mil contract

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KUALA LUMPUR (May 9): TT Vision Holdings Bhd said its wholly owned unit TT Vision Technologies Sdn Bhd has secured purchase orders worth US$3.15 million (RM14.02 million) for its solar cell inspection and sorting equipment. The contract, to be fulfilled within eight to nine months, was awarded by a "global leader in solar innovation," the company said, without naming the customer. This is the third contract the Penang-based vision equipment maker has received this year. In March, it received orders worth a total of RM23.6 million, followed by RM6.05 million in April. According to TT Vision’s filing, the latest contract is expected to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2023. TT Vision fell five sen or 4.67%  to RM1.02, translating into a market capitalisation of RM477.36 million. The stock has fallen 20.31% since the beginning of the year.

https://theedgemalaysia.com/node/660862

SC: Total of 77 applications, two denied, under take-overs and mergers code and rules

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KUALA LUMPUR (March 27): The Securities Commission Malaysia (SC) has considered a total of 77 applications for take-over and mergers, of which the regulator declined two applications in 2022, according to the SC Annual Report 2022. Take-overs and mergers are regulated under the Capital Market Securities Act (CMSA), the Malaysian Code on Take-overs and Mergers 2016 (Code) and the Rules on Take-overs, Mergers and Compulsory Acquisitions (Rules). According to the report, the SC cleared 18 offer documents involving a total offer value of RM2.1 billion or an average of RM116.93 million per offer, which represented a decrease of RM6.49 billion against the previous year (2021: 18 offers with total offer value of RM8.59 billion or an average of RM477.17 million per offer).   Of these 18 offers, three offers were undertaken by way of schemes (2021: three schemes). In 2022, the privatisation scheme of Cocoaland Holdings Bhd by Fraser & Neave Holdings Bhd was the largest offer at RM490 million in offer value, representing 23% of the total offer value in 2022. Other notable offers in terms of offer value include Mulpha International Bhd and Hextar Industries Bhd with offer values of RM360 million and RM240 million, respectively. Of the 18 offers in 2022, 16 were in relation to offeree companies listed on the Main Market of Bursa Malaysia Securities Bhd, one was in relation to an offeree company listed on the LEAP Market of Bursa Malaysia Securities Bhd and one was in relation to an unlisted public company.   There were five privatisation exercises in 2022 (2021: seven privatisation exercises), four of which were listed on the Main Market and one was listed on the LEAP Market. All five companies had since been successfully delisted from the stock exchange.   The offer by Jardine Cycle & Carriage Ltd in relation to Cycle & Carriage Bintang Bhd was the offeror’s third attempt to privatise the company, after the offeror’s earlier attempts by way of a selective capital reduction and repayment exercise in 2020 and the subsequent voluntary offer in 2021.   Cycle and Carriage Bintang has since been delisted on Sept 19, 2022. In terms of offer value, the consumer products and services sector was the highest with RM990 million in total offer value, representing 47% of the total offer value and involving five offeree companies or 28% of the total number of offers.   Another sector of significant interest was the industrial product and services sector with a total offer value of RM720 million, representing 34% of the total offer value and involving six offeree companies or 33% of the total number of offers.   The SC also cleared 25 independent advice circulars comprising 18 circulars in relation to take-over offers/schemes and seven circulars in relation to exemptions from the mandatory offer obligation pursuant to the whitewash procedures.   Pursuant to the revised Rules issued on Dec 28, 2021, circulars for whitewash exemptions must be submitted to the SC for the commission’s comments and clearance on the contents relating to the whitewash exemptions. Subsequently, there were three whitewash circulars cleared by the SC in 2022.   Additionally, the SC considered 11 applications for exemptions from having to undertake a mandatory take-over offer, of which six applications related to whitewash exemptions.   The remaining five applications were related to acquisition of additional voting shares or rights by members of a group acting in concert, and the SC did not approve one of these applications as it did not fully meet the factors stipulated in the Rules.   Further, the SC also considered 20 applications for various matters under the CMSA and the Rules, including one application which was not approved. A total of six applications were in relation to extensions of time sought to meet obligations under the Rules. For more SC 2022 Annual Report stories, click here.

https://theedgemalaysia.com/node/649469

MyEG plans to distribute Agmo shares as dividend-in-specie to shareholders

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KUALA LUMPUR (Dec 23): My EG Services Bhd plans to distribute its entire 25.8% equity interest in Agmo Holdings Bhd by way of dividend-in-specie to its shareholders. In a filing with the local bourse, MyEG said the stake, comprising 84 million shares, is currently held via its wholly-owned MY EG Capital Sdn Bhd. On completion of the distribution, based on an entitlement date that is yet to be fixed, MYEG Capital will cease to be a major shareholder of Agmo. The proposed dividend-in-specie is to reward shareholders by allowing them to hold shares directly in Agmo, instead of through the group, said MyEG. “Shareholders will also be able to benefit directly from the future financial performance and distributions to be declared (if any) by Agmo,” said MyEG. MyEG’s carrying amount of the investment in Agmo shares is RM72.7 million. Based on the group's financial statement for the nine months ended Sept 30 2022, it recognised an investment gain of RM61.9 million following the listing of Agmo on the ACE Market of Bursa Securities in August. The proposed dividend-in-specie will be done in two tranches. The first tranche, involving 69.7 million shares, will be distributed once the voluntary moratorium on the sale, transfer or assignment of the shares — which MyEG undertook prior to Agmo's listing, in compliance with listing requirements — is uplifted on Feb 17, 2023. The remaining 14.2 million Agmo shares, which are subject to the moratorium for another six months till Aug 17, 2023, will be distributed once the moratorium ends. The first tranche will be distributed on the basis of 0.0093 Agmo share for every one MyEG share held. The second tranche will be distributed on the basis of 0.0019 Agmo share for every one MyEG share held. MyEG shares closed unchanged at 87 sen on Friday, giving the company a market capitalisation of RM6.51 billion.

https://theedgemalaysia.com/node/636918

RHB IB keeps 'overweight' on healthcare, IHH top pick

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KUALA LUMPUR (Sept 20): RHB Investment Bank Research has maintained its “overweight” rating on the healthcare sector and said despite soft 1H22 earnings, the sector saw encouraging patient visit growth during the period (KPJ Healthcare Bhd: +8%; IHH Healthcare Bhd: +25%), while industry players are poised to leverage on the arrival of international patients post reopening of international borders in April. In a note on Tuesday (Sept 20), the research house said Duopharma Biotech Bhd’s (DBB) near-term prospects should be anchored by consumer healthcare (CHC) and the recent renewal of its RM375 million human insulin procurement contract. On its outlook for the sector, RHB said IHH should fare better in terms of medical tourism, reflecting its state-of-the-art medical facilities and strategic geographical presence in meeting the needs of affluent patients. It said in terms of medical tourism revenue contribution, IHH has higher exposure than KPJ (15% vs 7%), which is in line with house expectations for it to leverage on its vast hospital network within the region, to capture pent-up demand from returning medical tourists. “For DBB, while the CHC segment delivered better-than-expected sales in July/August, FY22 growth may be lukewarm due to the high-base effect in FY21. “We expect its CHC revenue growth to be more meaningful from FY23 onwards, driven by strong brand recognition as well as resilient consumer demand for healthcare and supplement products,” it said. “We continue to like IHH for its better-than-peers’ recovery, stronger strategic advantage to capture the return of medical tourists, and relatively resilient healthcare spending,” it said.

https://theedgemalaysia.com/node/672839

Banking sector’s resilience under-appreciated, says Kenanga Research

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KUALA LUMPUR (June 28): Kenanga Research is “overweight” on the banking sector and said the sector’s resilience is under-appreciated amid looming market-wide concerns. In a note on Wednesday (June 28), the research house said its preferred picks are AMB Holdings Bhd (OP; TP: RM5.05), CIMB Group Holdings Bhd (OP; TP: RM6.55) and Public Bank Bhd (OP; TP: RM4.90) as tactical opportunities amid ongoing share price weakness. Kenanga said cybersecurity is an ever-growing concern given increasing reliance on digital infrastructure in daily life. The research house said sources of cybersecurity threats mostly originate from external individuals and organised groups. It said while motivations may vary, such attacks could stem from monetary objectives or to sell private information for profit or purely for malicious intent. Internal parties do still pose a threat which could involve assailants with deep knowledge of the infrastructure or security systems within the organisation. Kenanga said the majority of materialised attacks appear in the form of phishing, malware or ransomware. These are a form of cyberattack typically disguised as a deceptive email or link that affects its targets by compromising its system integrity to extract data for unauthorised use or with threats to expose such data unless a ransom is paid. Denial of service is also one of the more common cyberattacks which disrupts access and functionality of a computer system or online service. The ramifications of a successful attack may vary but it is found that disruption of service is the key concern as it could extend to material financial losses if a company is unable to execute and deliver on its key protocols, primarily those time-sensitive in nature. Greater safety concerns from customers could also undermine a company’s reputation and translate to longer term challenges. Kenanga said while digitalisation in financial institutions has greatly benefited consumers, the rise of digital banking, the growing adoption of remote work, and the increasing use of multiple devices and apps by customers and other third parties are pushing the boundaries of the financial sector's cyber capabilities. These areas are also exposing new security areas which need specific measures at each level. Looking ahead, Kenanga said financial institutions can expect a more challenging operating environment as innovations such as cloud services and AI become more common, thus heightening cybersecurity risks amid rising expectations of better security and safety. It said adding to the gravity is the shortage of talent in the field of cybersecurity and the legal challenges involved when dealing with different jurisdictions. Hence, cross-organisational and cross-border cooperation is essential to addressing the seamless world of cyberspace. Coordinated surveillance and assessment are crucial not only for effective risk mitigation, but also for the successful arrest and prosecution of perpetrators. One key issue for customers is the return of monies lost in fraudulent transactions. There needs to be better and stronger regulations and laws that compel quicker refunds. While customers themselves are the best defence in the battle against scammers, it is imperative that banks play a bigger role in keeping customers informed and aware of potential private data breaches and scam tactics, it said.

https://theedgemalaysia.com/node/629080

亚股涨跌不一 马股收高

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（吉隆坡21日讯）亚洲股市涨跌不一，在工业产品与服务、科技和种植股买盘带动，马股收高。 闭市时，富时隆综指上涨13.34点或0.93%，收报1450.32点。 综指今早以1441.16点报开，较昨日收盘的1436.98点，扬升4.18点。日内于1440.05点和1451.33点之间波动。 国油化学（Petronas Chemicals Group Bhd）涨17仙，至8.72令吉、齐力工业（Press Metal Aluminium Holdings Bhd）增9仙，报4.39令吉，以及森那美种植（Sime Darby Plantation Bhd）升7仙，挂4.26令吉，合计为综指贡献4.39点。 上升股达589只、下跌股301只，另有396只无起落、1002只无交易，以及8只暂停交易。 成交量21亿3000万股，值13亿8000万令吉，低于昨日的24亿7000万股和14亿1000万令吉。 乐天交易股票研究副总裁Thong Pak Leng指出，由于投资者在欧洲央行货币政策会议前感到焦虑，主要亚股涨跌互见。 “同时，亚洲开发银行下调了亚洲发展中经济体今明两年的增长预期，因俄乌冲突对经济的影响，以及全球央行采取更激进的货币紧缩政策以遏制通胀，加剧了对经济衰退的担忧。” 他向马新社说：“至于本地股市，我们对区域波动加剧持谨慎态度，预计会出现一些套利。” “因此，综指在周末前料在1440和1455点区间横摆，即时支撑位落在1410点，而阻力位是1460点。” 重量级股中，马银行（Malayan Banking Bhd）扬10仙，收于8.70令吉、大众银行（Public Bank Bhd）起1仙，报4.44令吉、IHH医疗保健（IHH Healthcare Bhd）升4仙，至6.47令吉、联昌国际集团（CIMB Group Holdings Bhd）增7仙，挂5.16令吉，以及国家能源（Tenaga Nasional Bhd）攀6仙，报7.98令吉。 热门股方面，Focus Dynamics Group Bhd涨0.5仙，挂2.5仙、顶级手套（Top Glove Corp Bhd）升1仙，报1令吉、迪耐（Dagang NeXchange Bhd）攀1.5仙，至76.5仙，而MMAG控股（MMAG Holdings Bhd）跌0.5仙，挂4.5仙，以及民泰近电（Bintai Kinden Corp Bhd）降1.5仙，报10.5仙。   （编译：陈慧珊）   English version：Bursa ends higher amid mixed sentiments in regional markets

https://theedgemalaysia.com/node/667256

Russia has not made its pledged crude output cuts, the IEA says

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(May 16): Russia hasn’t implemented its pledged crude-output cuts, with exports hitting a postwar high as Moscow seeks to boost energy revenue to fund military spending, according to the International Energy Agency (IEA). The Kremlin promised to cut production by 500,000 barrels a day in March and maintain the curbs for the rest of the year in retaliation for Western sanctions. While Russia’s Energy Ministry said the cuts were close to that target last month, tanker-tracking data have shown record export volumes by sea while domestic crude processing is only beginning to drop amid refinery maintenance. Meanwhile, the government in Moscow has classified oil statistics due to their “sensitive” nature, making it difficult to assess progress of the curbs beyond the assurances of energy officials. Russia’s crude production in April was about 9.6 million barrels per day (mbpd), the IEA said in its monthly report on Tuesday (May 16). That’s only 200,000 barrels below the February baseline for the cuts, according to the agency. “By our estimates, Moscow did not deliver its announced 500,000 barrel-a-day supply cut in full,” the Paris-based IEA said. “Indeed, Russia may be boosting volumes to make up for lost revenue.”  The country’s oil-export revenue rose by US$1.7 billion (RM7.64 billion) to US$15 billion in April, but was still down by 27% from a year earlier, according to the report. To comply with the Kremlin’s pledge, Russian producers would need to cut another 300,000 barrels a day of crude output in May, the IEA said. Russia’s total production, including crude and a light oil called condensate, in April was relatively stable at 10.93mbpd, some 470,000 barrels lower than before the invasion in Ukraine, according to the IEA. The agency revised up its annual estimate for the nation’s production to 10.7mbpd. The discount at which Russian crude trades compared with benchmark Dated Brent narrowed last month to US$24.35 a barrel, according to the IEA. As a result, the weighted-average price of the nation’s seaborne supplies climbed to US$60.12 a barrel, slightly above the crude-price cap set by Group of Seven countries (G7), the agency said. Still, the price of the Russia’s Urals crude blend delivered in the country’s key western ports remained below the cap, according to the IEA estimates, which would allow the use of European insurance and shipping services for those shipments. The figures provided by the IEA are used by the G7 to assess the efficacy of their price caps. The price of ESPO blend, sold into the Asia-Pacific market, averaged at US$73.18 a barrel. It has consistently traded above the price cap since it was introduced. Despite narrowing, the discount on Russian oil is still large enough to encourage strong demand for the nation’s barrels, according to the report. “Russia seems to have few problems finding willing buyers for its crude and oil products,” the IEA said.  

https://theedgemalaysia.com/node/600407

My Say: Why purpose at work is more important than ever

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This article first appeared in Forum, The Edge Malaysia Weekly on December 20, 2021 - December 26, 2021 As companies start to resurface from the Covid-19 crisis, corporate leaders will need to look into more than just securing the lives and livelihoods of their staff. They will need to look closely at the longevity and long-term sustainability of their businesses. They must consider how intentional their company is in living out its corporate purpose, its core reason for being and also its response to definitive questions like: What would the world miss if we were not here? What makes our business so essential (or conversely, non-essential)? Why should a company focus on defining its purpose now, when most people are more preoccupied with survival? Why is a company’s purpose even more important than ever today, when corporate leaders are confronted with so many crippling challenges? Focusing on purpose may seem like a softer approach that lacks the substance and structure needed to help companies navigate their way out of the pandemic and into the new normal. Yet, the commercial case for purpose is compelling. People want to work for companies that put a meaningful purpose behind their operations. A global talent trends survey by Mercer found that the highest­performing employees are three times more likely to work for a company with a strong sense of purpose. Yet, only 13% of the 7,600 respondents surveyed said that their organisation is differentiated by a “purpose-driven mission”. A 2018 survey by Cone/Porter Novelli also showed that 91% of Millennials (born between 1980 and 1994) would switch from a product they typically buy to a new product from a purpose-driven company. However, a purpose needs to be more than just words promoted in posters or PowerPoint slides. In October 2019, Mc­Kinsey surveyed more than 1,000 representative participants from US companies, where 82% of the respondents acknowledged the importance of purpose. However, only 42% said that their company’s stated purpose had much effect. Hence, a purpose needs to be a “living” document that puts purpose to work, and translated into what needs to be done at a company daily. A well-defined purpose has guided many evergreen companies to effect the right changes to endure the challenges they have faced over time. For 40 years, Starbucks has built its business as the “third place” in people’s lives. As long-time CEO and chairman Howard Schultz put it, “At home, you’re part of a family. At work you’re part of a company. And somewhere in between there is a place where you can sit back and be yourself.” As the “third place” where customers could escape, reflect, read, chat or listen, each Starbucks store was designed to be inviting, a place to linger. However, the chain has not been immune to the pandemic. Very recently — last month — Starbucks opened a concept store in Manhattan together with Amazon’s cashierless Amazon Go Markets. The new store is designed to offer mobile ordering and pick-up, without any in-person interaction. It plans to open another two similar locations in the next year. People may not spend time in their stores like they used to, but people have kept going to Starbucks for a coffee. A letter sent to Starbucks stakeholders mentioned, “No matter the format, we know that the Starbucks ‘third place’ experience occurs from the moment a customer envisions their daily Starbucks experience to wherever they enjoy that Starbucks beverage.” Starbucks is acknowledging that the way people live and spend their time today has evolved and seems to be adapting its original purpose accordingly. Daimler, the mother of Mercedes-Benz, has a beautiful purpose statement, “Shaping the future of mobility.” We love it because it is related to what the company does but also goes beyond what it does today. It drives the company to shape and share innovations in sustainable mobility, whether it is mobility by cars, trucks, drones, petrol-driven or electric vehicles. It is also something the world needs, as people everywhere require mobility. Tenaga Nasional Bhd (TNB) was founded more than 70 years ago, with the purpose to power the nation. Now that most of Malaysia has been “powered”, TNB wants to go beyond this. It wants to explore new territories with a range of innovative and sustainable products and services. TNB recently revisited its purpose, transforming it into “Together we brighten lives through innovative and sustainable solutions towards a better world.” A great example of how purpose can evolve and refresh a company’s resolve. So, how can you, a corporate leader, start thinking about your company’s purpose statement? We believe it starts with a sort of personal awakening. As a leader, you must be willing to have a little silence in your life to reflect authentically on essential questions. As author Simon Sinek says, “Start with Why”: Why do I jump out of bed every day? Why do I give so much of my energy, time and other resources, at the expense of other valuable things in my life? Dig deep into your answers to uncover the core, so it is not just a “tick-the-box” exercise. The best-loved purpose statements are never those rolled out through a top down approach. They are co-created by bringing together the ideas and experiences of many people in an organisation. Bringing your people with you from the very start will foster ownership of and enthusiasm for the purpose. The boardroom, with its intellectual knowledge, should initiate and ignite the process. However, the real “gold” is found on the shop floor. It is the company’s heartbeat, where staff (especially the long-timers) interact with customers regularly and know the pain and gain of the daily grind. Listen sincerely to their stories as they have a lot of value to share. Start tough conversations and understand where things really stand to ensure everyone is actually on the same page. Purpose must be clearly articulated and ultimately be translated into steps that drive symbolic emotional changes, steps that people on the shop floor can relate to. Employees need clarity on how they can contribute. At Ritz Carlton’s daily 10-minute “line-up”, they ask employees in each shift to give examples of how they contributed to the higher corporate purpose or how they messed it up. This simple daily sharing of stories is easy to activate but genuinely inspires staff and keeps the big “why” of Ritz Carlton alive. Use behavioural science to assist you, as business is often more emotional than we think. Ultimately, to succeed, corporate leaders need to win the “hearts and minds” of employees, customers, shareholders and all stakeholders. We have had to help our clients “humanise” strategy, and make difficult concepts and data more “human”. Our clients are surprised that the seemingly “fluffy, airy-fairy stuff” can be made concrete and measurable. When anchored and steadied by a strong purpose, behavioural science can provide the scaffolding to help make “hard things soft, and soft things hard”, enabling the company to align the motivations of its people to help it reach greater heights. If you have a strong purpose, it disciplines you. You need to translate it into strategic choices that you make. It means that some things are not doable anymore. You cannot be all things to everyone. It will force you to consider fundamental questions like: Who do we want to serve? What do we want to provide? And not provide? You have to scrutinise your whole product and brand portfolio to see if it is purpose-proof. You may review your portfolio and end up withdrawing or introducing new products and brands, just as TNB, with its change in purpose, is now focusing on renewable energy. You may even evaluate the markets that you serve and your pricing strategy. Google was confronted by these tough questions when it contemplated its march into the massive China market. It eventually decided to stay out of China, a country well known for its restrictive censorship, to stay true to its purpose “to organise the world’s information and make it universally accessible and useful”. Purpose is critical to business today and especially important in these difficult times. In good weather, every captain looks like a fantastic admiral. However, the really exceptional ones show their true mettle in stormy weather. When it is dark around you, people are always looking for light, and light is what purpose provides. When people feel tired, exhausted and hopeless, purpose gives them the positive energy, hope and optimism to carry on. Nur Hamurcu and Wouter van de Weijden lead the Dutch boutique consultancy &samhoud 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/609806

兴业：力新将攀升至历史新高

Mandarin

（吉隆坡2日讯）兴业零售研究指出，力新（Resintech Bhd）将攀升至历史新高，因为该股昨日成交量剧增，而且还反弹并突破98仙即时阻力位。 该研究机构表示，随着出现“更高高点”看涨模式——再加上“十三日无影阳”（White Marubozu）烛台——这表明可能会出现后续看涨势头。 “因此，预计该股将重返1.05令吉历史新高，然后再创下1.10令吉新高。” “相反，跌破90.5仙即时支撑位，可能会触发重新开始向下修正，从而引发‘更低低点’看跌格局。”   （编译：魏素雯）   English version：Resintech set to climb towards all-time high, says RHB Retail Research

https://theedgemalaysia.com/node/603750

Cover Story: Designed for future city living

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This article first appeared in City & Country, The Edge Malaysia Weekly on January 17, 2022 - January 23, 2022 Construction work was being carried out at BRDB Developments Sdn Bhd’s sales gallery in Bangsar when City & Country met up with its CEO Christopher Manivannan to discuss the upcoming launch of its residential project, One Eleven Menerung.  “I wish we could let you see the show unit [of One Eleven Menerung], but as you can see, construction is still going on. Our design team is quite demanding,” says Christopher, adding that the gallery is expected to open in February.  “It is in our DNA. BRDB provides quality, and fine and detailed work. Therefore, we took a longer time coming up with this development.” The developer has taken almost four years to get the project, located in the heart of Bangsar, ready for launch.  “One Menerung [launched 10 years ago] is a project that we are very proud of. This development [One Eleven Menerung] is a stone’s throw from One Menerung, so we wanted to use the One Menerung brand. As the project has 111 units, we named it One Eleven Menerung,” says Christopher. One Eleven Menerung sits on a 0.83-acre freehold site next to the Pusat Bandar Damansara MRT station.  “The land is not flat; it has a little [depression], thus there were more challenges in planning. ­Anyway, it has all been worth it because it is indeed a very beautiful and well-planned project!” he says animatedly.  One Eleven Menerung comprises a single tower of 23 storeys. The low-density residential project has 111 units, with built-ups ranging from 997 to 3,705 sq ft. The selling price starts from RM1,800 psf. According to Christopher, One Eleven Menerung mainly targets young professionals who appreciate a desirable address in the mature ­areas of Bangsar and Damansara. The development’s rooftop facilities include a swimming pool, gym, meditation garden, lawn, viewing terrace and an outdoor dining terrace. As the project sits on hilly land next to the MRT station, One Eleven Menerung needs a longer foundation work period of 18 to 20 months, which means a longer overall construction period. BRDB has obtained approval for a longer construction period of five years. The development is slated for completion in 2026.  “It is actually good news for the younger people who want a home in this address, as you will have a longer runway to build up your earning capacity and prepare for the instalments. A project that sells at RM1.5 million to RM1.7 million in this location is very rare nowadays as development land in Bangsar is very expensive,” says Christopher.  He highlights that the location of One Eleven Menerung is one of its main selling points.  “One Eleven Menerung is sandwiched between two commercial hubs — Bangsar Shopping Centre and Pavilion Damansara [Heights], and next to an MRT station. In doing our part as a developer to reduce the country’s carbon footprint, we offer just enough car park bays at the development.” The developer believes there will be less need for parking space in the city in the future, especially for a project like One Eleven Menerung. Christopher foresees developers providing just a sufficient number of parking bays to fulfil residents’ requirements. He adds that all the units at One Eleven Menerung will come with at least one parking bay, while the bigger units will have up to three bays. There will not be any extra ones for purchase.  One Eleven Menerung is designed for sustainable future city living, as can be seen in its dedicated e-hailing and delivery drop-off and pickup area. “We are relying on delivery and e-hailing services now more than ever. Therefore, we have dedicated an area for that to ensure the overall security within the residential compound,” says Christopher. BRDB’s DNA can be seen in One Eleven Menerung’s clean and contemporary façade, practical and functional layout, as well as a spacious balconies. “Just like most of our previous projects, all units at One Eleven Menerung feature generous balcony space. Many people may think that we do not need a big balcony space in a tropical, humid country like Malaysia, but I still believe having a decent-size balcony in your high-rise home is good. You can enjoy the morning or evening breeze while admiring views of the city in your own home,” Christopher notes. Depending on their size, all units at One Eleven Menerung will have a balcony area of at least 100 sq ft.  As a niche property developer that has focused on mid- and high-end projects for the past 58 years, BRDB will continue to do what it does best, says Christopher. “We are actually changing to become more flexible, with the company’s three pillars in mind — intelligent design, uplifting aesthetics and embracing cosmopolitanism.  “We believe life is beautiful, and beautiful things do enhance the value of life. However, we do not agree that all beautiful things are expensive. Moving forward, we will continue to build beautiful projects that are inexpensive for its quality.” To do that, BRDB first decides on a new project’s final selling price range before looking at the design.  “To be honest, we did not care so much about the final selling price in the past when we planned a new project. We focused more on the design and concept because back then, the market was good and high-end properties were in good demand,” says Christopher. “However, times have changed. We realise we need to be more flexible. However, we will never lower our quality benchmark. To do that, we work the other way around — first, find out what kind of pricing the local market can absorb, and then work on the design according to BRDB’s standards and DNA within that [final selling price] range.” For that reason, he is confident that One Eleven Menerung will be another success story despite the current soft market.  “Given our track record and our brand name in Bangsar, we should be able to hit the 80% mark [take-up rate] within a year of the official launch, which is targeted for the first quarter of 2022. Yes, [we are confident] because of our brand, and because the product will speak for itself. Our pricing is competitive enough,” he says.  Christopher is cautiously optimistic about the local property market as he believes this year will be another challenging one.  “2021 was a lost year as the country underwent another national lockdown. However, BRDB still managed to launch projects with a GDV (gross development value) of RM545 million in 2021 and they were all well received. This year, we are looking to launch projects with a GDV of RM1.44 billion in Malaysia and overseas,” he says.  Some of the upcoming launches are in Taman Duta, Bukit Tunku, Jalan U-Thant and North Kiara in the Klang Valley, as well as in Johor Baru. BRDB is also looking to launch another project in New South Wales, Australia, following the success of Verdana in Miranda, New South Wales.  “Australia is an exciting market. We have completed two projects there so far, Parq on Flinders [in Adelaide] and Verdana. Both were almost sold out. We bought another parcel of land in New South Wales last year and we are looking to launch an apartment project sometime this year. BRDB also has developments in the UK and Pakistan,” says Christopher.  Completed and handed over in 2020, Verdana won the award for Outstanding Overseas Project at The Edge Malaysia Property Excellence Awards 2021 in December last year.  Christopher is not in a hurry to enter new overseas markets. “We are not really looking at more countries for the time being. Too much diversification is not good either, as depth is also very important. Furthermore, this year will not be simple and straightforward. Although many are expecting it to be a better year, my take is that it will be challenging. I’m cautiously optimistic,” he says.  He adds that a key business strategy for BRDB this year will be making fast decisions. “If we linger and wait and see, we may end up missing the boat.” Therefore, BRDB is constantly on the lookout for good sites in Malaysia and overseas.  “We are always looking for land. But at the moment, we haven’t found anything we like, or at the right price. Anyway, we still have 600 to 700 acres of land bank. It will keep us busy for a while,” says Christopher.  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/624437

Petronas delays latest licensing round — report

English

KUALA LUMPUR (June 17): National oil firm Petronas’ Malaysia Petroleum Management (MPM) has delayed the deadline for bid submissions for the ongoing licensing round — Malaysia Bid Round 2022 (MBR 2022). Independent oil and gas industry upstream sector news site Upstream on Thursday (June 16) reported that without elaborating, MPM said the deadline has been pushed back from 30 June to 15 July 2022. The report added that while no reason was given, such moves are typically due to prospective bidders requesting more time to review the available data and prepare their submissions, or potentially because of a lacklustre response to date as the original deadline looms. However, it said this licensing round could also be being affected by the prevailing oil price. When MBR 2022 was launched WTI for March delivery was about US$86 per barrel and the corresponding Brent oil price was about US$89.4 per barrel. However, WTI is now trading above US$116 per barrel and Brent is above US$119 per barrel. MBR 2022 comprises 14 exploration blocks that host a combined 15 discovered fields, six discovered resources opportunities (DROs) consisting of 37 individual DRO, and one long life asset that comprises three fields. Two study areas are also on offer covering four blocks: three in Sabah and one in Peninsular Malaysia. Upstream quoted MPM as saying it was offering prolific basins with proven potential, attractive production sharing contract terms, longer exploration period, drill ready prospects, flexible arrangement, accelerated technical evaluation and proximity and connectivity to production hubs. MPM estimates 21 billion barrels of oil equivalent remain to be discovered across Malaysia, of which about 6 billion boe is located in deep water, mostly offshore Sabah and Sarawak. Only 116 deep-water wells have been drilled offshore Malaysia to date, which is less than 10% of the nation’s total well count. The MBR 2022 virtual data room opened on Jan 27, 2022 in tandem with the round’s launch and had been scheduled close at 5pm local time on June 30, the same date as the original deadline for bid submissions.

https://theedgemalaysia.com/node/621284

Bumi Armada首季净利涨14%

Mandarin

（吉隆坡25日讯）海上能源设施和服务供应商Bumi Armada Bhd截至今年3月杪首季（2022财年首季）净利上涨14.1%至1亿8576万令吉，一年前为1亿6279万令吉，得益于较低的产业、厂房和设备折旧、税收费用和财务成本。 这导致每股盈利从2021财年首季的2.76仙，增至2022财年首季的3.14仙。 然而，2022财年首季营业额微跌2%至5亿2901万令吉，一年前报5亿3974万令吉，主要是去年提供与浮式生产储卸油船（FPSO）相关的一次性工程服务。 按季比较，净利弹升57.4%，2021财年第四季净赚1亿1801万令吉，营业额则从5亿1305万令吉增长了3.1%。 展望未来，该集团表示，强劲的油价对石油与天然气行业来说是个好兆头，整个价值链的活动增加，包括浮动海上解决方案部门。 “集团预计，我们现有的业务在2022年剩余时间内将保持稳定，并正在目标市场寻求新的机会。” Bumi Armada总执行长Gary Christenson在另一份文告中表示，截至2022年3月，未来确定订单总额为132亿令吉，另外可选择延期的订单总值高达90亿令吉。 休市时，Bumi Armada企于42仙，共413万股转手。集团市值达24亿5000万令吉。   （编译：魏素雯）   English version：Bumi Armada sees stable 2022 as 1Q net profit up 14%

https://theedgemalaysia.com/node/635572

Ad spending per user on mobile social media to grow by 19% in 2022 — data

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KUALA LUMPUR (Sept 8): Social media have become the preferred method for marketers to reach customers during the past decade. According to the UK Gambling Commission-regulated SafebettingSites.com, the trend is not likely to change in the coming years. It said companies will spend 19% more money per internet user on mobile social media in 2022. It said that on average, companies will pay US$36.37 (RM163.66) per internet user to advertise on mobile social media in 2022. Citing data available on Statista.com, SafebettingSites.com said companies are expected to spend US$226.01 billion on social media ads in 2022. It said of this figure, 82% will be paid by companies on mobile social media, whereas the remaining 18% will account for desktop social media advertising. Hence, the portal said most of the ad spending on social media is targeted towards the mobile platform. It said the global average ad spending per user on mobile social media has become more than threefold during the 2017-2021 period. It said that in 2017, the average ad spending per user was US$10.11 for mobile, adding that by 2021, this figure had increased to US$30.57, indicating a 202% increase in the space of four years. Meanwhile, the spending on desktop advertising barely moved from US$4.24 to US$7.24 simultaneously. Advertising spending on mobile social media has consistently increased since 2017, and mainly shot up during the pandemic years. The rate of increase in ad spend per user is expected to slow down in the coming years, but nevertheless, ad spending will continue to grow at a substantiate rate. During the ongoing year, the average ad spending per user is expected to increase by 19% to US$36.37. In 2023, the rate is expected to increase further by 14.3% to US$41.56. By 2027, companies will spend US$52.98 per user on mobile social media. In comparison, the spending on desktop advertising will be modest in the future. The average ad spending per user on desktop social media is expected to be US$10.64 in 2027. SafebettingSites.com said the US market attracts the most money in mobile social media advertising. It said marketers are expected to spend up to US$226 per US customer on mobile social media in 2022. In comparison, marketers are expected to spend only US$125.70 per internet user in the UK, and US$64.41 per user in China.

https://theedgemalaysia.com/node/642442

Signature eyes regional expansion with RM160 mil acquisitions

English

KUALA LUMPUR (Nov 3): Signature International Bhd has claimed that it is set to become Asean's largest kitchen and wardrobe company via acquisitions of Singapore-based Corten Interior Solutions Pte Ltd and Areal Interior Solutions Pte Ltd for S$47.8 million (RM160.48 million) cash. In a Bursa Malaysia filing on Thursday (Nov 3), the kitchen and wardrobe manufacturer said it has entered into agreements with shareholders of Corten and Areal respectively, for the purchases. Signature said that under the conditional share sale agreement with Corten shareholder Bernard Lim Leng Foo, the company is to acquire 1.5 million shares or 75% equity interest in Corten for RM151.08 million. Meanwhile, Signature also struck a deal with Lim and Chua Wei Ping to acquire the entire equity interest in Areal or one million shares for RM9.4 million. "The acquisitions will be funded via a combination of internally generated funds and bank borrowings, and are expected to be completed by the first half of 2023," the company in a statement. Corten is principally involved in the design, manufacture and distribution of kitchen and wardrobe systems and interior fit-out, while Areal is involved in the fabrication and finishing of stone and metal products such as, among others, kitchen countertop, basin, bath vanity, and wall cladding. Signature managing director Chiau Haw Choon said the proposed acquisitions are in line with the company's objective of acquiring strategic stakes in profitable companies within the industry to secure strong and sustainable growth domestically and internationally. "Corten, Singapore's largest kitchen and wardrobe company with more than 50% market share of private residential property projects, is a perfect fit with Signature's kitchen cabinet and whole house customisation business," he added. Chiau noted that the company is upbeat about its prospects as the consolidation of Corten and Areal's equity interests will increase Signature's profitability and strengthen its financial position. "There is clear profit visibility as there was no less than S$200 million in Corten's order book as of end-October 2022. This order book will keep the company busy for the next three years, from 2023 to 2026. "In addition, Corten guarantees a profit after tax of no less than S$10 million for the financial year ending Feb 28, 2023 (FY23)," he added. The company noted that the acquisitions are subject to its shareholders' approval at an extraordinary general meeting to be convened. According to Signature, Corten's profit after tax for FY22 stood at RM25.1 million, higher than FY21's RM16.39 million and FY20's RM7.15 million. Revenue also grew to RM172.04 million in FY22, up from RM139.55 million in FY21 and RM151.51 million in FY20. As for Areal, it posted a loss after tax of RM595,000 for FY22, compared with RM1.64 million in FY21 and RM219,000 in FY20. The company reported a revenue of RM14.39 million for FY22 and RM3.14 million for FY21. "There was no revenue recorded by Areal during FY20 as Areal only commenced its business operations in May 2020," Signature noted. Shares in Signature closed eight sen or 3.48% higher at RM2.38 on Thursday, giving the company a market capitalisation of RM702.69 million.

https://theedgemalaysia.com/node/668330

Landowner secures appeal to call four witnesses in Penang 1MDB suit on Air Itam estate

English

PUTRAJAYA (May 24): The Court of Appeal on Wednesday (May 24) has allowed the appeals of 68-year-old landowner Tan Jiak Chye to subpoena four people to testify in his RM330 million suit against 1Malaysia Development Bhd (1MDB) and 1MDB’s counterclaim of RM6 million on him in relation to the Air Itam estate.  The four are Choo Kwang Wah and Choo Kwang Bin, who are children of the late Chor Phaik Sim, the other owner of the estate, and Datuk Seri Th’ng Boon Chye and Wong Kim Fong of the Kek Lok Si temple. Tan and Chor have undivided shares in the estate.  A three-member bench led by Judge Datuk Azizah Nawawi allowed Tan’s appeal to call them as Tan’s witnesses and set aside the Penang High Court decision last year.  Sitting with her were Judges Datuk Che Mohd Ruzima Ghazali and Datuk Wong Kian Kheong.  Wong, who read the broad grounds of the unanimous decision ruled the Penang High Court judicial commissioner had erred in setting aside the subpoena application on the four as the appellate court found they could be relevant to the case at hand.  “The plaintiff (Tan) is entitled to subpoena them, and it is not for the court to determine how the parties would conduct its case. Following that the appeals are allowed,” Wong said.  The bench also ordered Kwang Wah, Kwang Bin, Boon Chye and Kim Fong to pay total legal costs of RM10,000 to Tan.  Tan’s counsel, M Thayalan, had told the bench that the four witnesses are vital in its case to verify the consent judgement in 2018, reached with regards to the shares related to the land as Kwang Wah and Kwang Bin along with Boon Chye and Kim Fong are part of the judgement with regards to the land that had seen a deed of settlement be procured.  Thayalan said it is their case that it can summon any witnesses that are in fact relevant to the issue.  “We are willing to take the risk as it was either we (Tan) or 1MDB that will decide to call them. They know something relevant and material to the case (regarding the land deal),” he said.  Both Datuk K Kirubakaran and Muhammad Iman Johar representing the four witnesses disagreed with Thayalan, telling the court that the five letters with the landowners that were dated in 2007, were not the subject matter of the dispute and does not concern them as it was prior to Tan’s dispute with 1MDB.  Iman further submitted that the Choo brothers (Kwang Wah and Kwang Bin) were not privy to Tan’s dealings with 1MDB and hence, they should not be called as witnesses.  Thayalan in reply said the trial had started in February and would resume in September, and Tan should be allowed to conduct his case and prove their claim properly as all four were signatories in the consent judgement.  The Penang High Court had on April 28 last year dismissed Tan’s application to show the relevance in calling the four of them as witnesses in the civil suit.  1MDB filed the suit in 2019, seeking a return of RM6 million which it claimed for breach of agreement involving the 60 plots of 94.7ha Air Itam land.  The company made an offer to Tan to exchange various plots of land in the Air Itam estate which would see Tan and other holders to become the registered proprietors of 49 acres (19.6ha) of the Air Itam estate and 1MDB occupying the rest.  With 1MDB or its subsidiary company becoming the registered proprietor of the other land, it would then discontinue all current lawsuits faced by Tan and other holders in relation to the land and following that Tan would be paid RM6 million as fees, costs, damages that he and other holders incurred.  Based on the offer made, 1MDB and Tan agreed to a portion of the land in the Air Itam estate to the Kek Lok Si temple.  This proposal was accepted on May 3, 2013, where 1MDB paid RM6 million to Tan.  1MDB was said to have failed to comply with the agreement of being able to discontinue all current lawsuits resulting in losses and damages to have suffered by Tan and this impeded the obligation for him to fulfil the consent judgment entered in between the temple.  Hence while 1MDB is seeking a return of RM6 million, Tan is seeking damages and losses he suffered following the company’s failure to comply with the agreement.  1MDB initially filed the suit in KL, but on Tan’s application the suit is being heard in Penang with Tan’s suit there.  Also read:  1MDB sues Air Itam landowner alleged breach of contract 1MDB suit against landowner transferred to Penang  

https://theedgemalaysia.com/node/651018

Insider Moves: Berjaya Corp Bhd, Central Global Bhd, Bina Puri Holdings Bhd, Time dotCom Bhd, Tenaga Nasional Bhd, ­Dialog Group Bhd

English

This article first appeared in Capital, The Edge Malaysia Weekly on January 9, 2023 - January 15, 2023 From Dec 27 to 30, 2022, notable changes in shareholding for companies listed on Bursa Malaysia included those at diversified conglomerate Berjaya Corp Bhd (BCorp), which saw Kossan Holdings (M) Sdn Bhd — the privately held vehicle of Tan Sri Lim Kuang Sia — emerge as a substantial shareholder with 280 million shares, or a 5.01% stake. Lim is known in Corporate Malaysia as the managing director and CEO of rubber glove manufacturer Kossan Rubber Industries Bhd, in which Kossan Holdings has 48.63% equity interest. The patriarch of BCorp, Tan Sri Vincent Tan Chee Yioun, sold 400 million shares in BCorp during the week in review, trimming his holding to 1.46 billion shares, or 26.24%. The stock hit a 52-week high of 31 sen on Dec 27, 2022, after gaining about 27% over the past five weeks. It closed at 29.5 sen last Wednesday, giving BCorp a market capitalisation of RM1.65 billion. RYRT Holdings Sdn Bhd — the privately held vehicle of Soo Yu Chai and Lee Chee Vui — sold 10.22 million shares in Central Global Bhd, paring its stake in the manufacturing and construction outfit to 10.53 million shares, or 8.16%. RYRT Holdings first emerged as a substantial shareholder of Central Global in April 2022 with 14.47 million shares, or 12.44% equity interest — the consideration for the acquisition of a 70% stake in RYRT International Sdn Bhd by Central Global for RM30.1 million. Central Global’s largest shareholder is MCA politician Datuk Chiew Hian Tat, with a 31.47% stake. The counter closed at 90 sen last Wednesday, giving the company a market valuation of RM127.6 million. Meanwhile, Chai Chan Tong acquired 423.29 million shares, or a 20.38% stake, in construction and property development outfit Bina Puri Holdings Bhd via a private placement as well as acquisitions on the open market. Bina Puri’s largest shareholder is the Tee family, led by managing director Tan Sri Tee Hock Seng. Together with his family members, he owns more than 25% equity interest in the company. For the past 11 consecutive quarters, Bina Puri has suffered losses, dragged down by the challenging operating environment, including labour shortages, increased building material costs, inflation and the weakening ringgit. The counter closed at four sen last Wednesday, giving the company a market value of RM83.1 million. The Employees Provident Fund (EPF) sold 6.6 million shares in Time dotCom Bhd, ceasing to be a substantial shareholder of the company with a stake below the 5% threshold for public disclosure. EPF emerged as a substantial shareholder of the company in September 2017 with 29.27 million shares, or 5.03% equity interest. The stock hit a 52-week high of RM5.35 on Dec 13, 2022, buoyed by an announcement that the company was looking to pay out as much as RM1 billion in a special dividend to shareholders after hiving off its 49% stake in data centre unit AIMS Group for RM2 billion. The payout works out to 54 sen per share. Last Wednesday, Time dotCom closed at RM4.90, for a market capitalisation of RM9 billion. State-controlled utility company Tenaga Nasional Bhd’s share price had gained close to 20% from mid-October to hit a 52-week high of RM9.63 on Dec 30, 2022, before closing at RM9.37 last Wednesday for a market value of RM53.91 billion. During the week in review, EPF mopped up 2.15 million Tenaga shares, increasing its stake to 905.5 million shares, or 15.74%, though it was still lower than the 15.87% it held as at end-June 2022. Kumpulan Wang Persaraan (Diperbadankan), or KWAP, acquired 857,600 shares in Tenaga, raising its holding to 420.84 million shares, or 7.31%. Since hitting a 52-week low of RM1.71 on Oct 17, 2022, ­Dialog Group Bhd’s share price had gained more than 40% to close at RM2.41 last Wednesday. EPF snapped up 291,100 shares in Dialog to increase its stake to 816.94 million shares, or 14.48%, compared with 14.25% in early November 2022. KWAP, meanwhile, bought 8.31 million shares in Dialog, upping its equity interest to 539.48 million shares, or 9.56%, against 9.25% in late October 2022.   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/649258

Aliran Ihsan inks MOU with Jakarta-based Adaro Water to exchange technology

English

KUALA LUMPUR (Dec 22): Private water company Aliran Ihsan Resources Bhd (AIR) has signed a memorandum of understanding (MOU) with Jakarta-based PT Adaro Tirta Mandiri (Adaro Water) to exchange technology to tap into the Indonesian and Malaysian markets, particularly in the areas of water reclamation, non-revenue water (NRW) and wastewater. AIR, which is a member of MMC Corp Bhd, is principally involved in operation and maintenance activities as well as construction and management of water reclamation plants and provision of NRW reduction programmes. Adaro Water's main business is the construction of water treatment plants via a concession business model and the reduction of NRW via a performance-based contract. “AIR is honoured to have this opportunity to work together with a progressive and forward-looking partner the Adaro Group,” AIR’s chief executive officer Adam Saffian Ghazali commented. “This partnership bears [a] strong testament to our expertise in providing [a] full spectrum of water, wastewater, and reclamation treatment for operations, maintenance, rehabilitation of facilities and treatment of water system,” he said in a statement. The signing ceremony took place during the 12th Edition ASIAWATER Expo and Forum at Kuala Lumpur Convention Centre on Dec 8.

https://theedgemalaysia.com/node/657558

Court dismisses Bersatu Four's bid to halt motion on their state seats

English

KUALA LUMPUR (March 2): The High Court on Thursday (March 2) has dismissed an application by four Parti Pribumi Bersatu Malaysia (Bersatu) assemblymen to impose an injunction on the Penang legislative assembly and its Speaker from tabling a motion scheduled on Monday over the status of their seats, which could be declared vacant. In his grounds, Judicial Commissioner Azizan Md Arshad said the court must always give recognition to the doctrine of separation of powers. “The courts have no power to interfere with the internal management of Parliament or any state legislative assembly. This immunity arises from the doctrine of separation of powers between the three principal organs of government, namely the executive, the legislative, and the judiciary. “If these three branches are left unchecked, there will be a clash that will destroy the doctrine of separation of powers which will affect the freedom of the three to act according to their respective jurisdiction,” he said in his decision to dismiss the Erinford injunction which was delivered via email, sighted by The Edge. The four — Dr Afif Bahardin (Seberang Jaya), Zulkifli Ibrahim (Sungai Acheh), Khaliq Mehtab Mohd Ishaq (Bertam) and Zolkifly Md Lazim (Telok Bahang) — are involved in a protracted legal battle following Bersatu’s move to leave the then Pakatan Harapan state government coalition in 2020. Two of the assemblymen, namely Dr Afif and Zulkifli, were previously PKR members who were expelled from the party before joining Bersatu. The Penang legislative assembly had in 2012 passed an anti-party-hopping law, and the four's actions could result in their seats being declared vacant. This follows the Federal Court in August recognising the legality of Penang's anti-party-hopping law, after the matter was referred by Azizan to the apex court for ruling. In December, the Federal Court also dismissed a leave application by the four to appeal. On Jan 12, their originating summons (OS) against the state assembly and Speaker was dismissed by Azizan, who had cited the legality of the Federal Court decision last August as the grounds. Hence, the four wanted to apply for an Erinford injunction for the matter to remain status quo pending the hearing at the Court of Appeal of their appeal over the dismissal of their OS. Azizan, in his Thursday decision, said there is a limit to the power of the court to intervene. “This court has the power to grant an injunction to prevent any authority from doing something that is against the law. At the same time, this court should also be careful not to exceed the jurisdiction given. “The plaintiff (the four assemblymen) in this case has sought that this court use its discretion to prevent the duties of another body, namely the state legislative assembly which is also created under the state constitution. Their application is to prevent the jurisdiction of the defendants (the state legislative assembly) who are expressly vested in their exclusive jurisdiction.” He added the court cannot make any decision that will exceed the jurisdiction of this court. “Any issue related to the eligibility or disqualification of a member of state assembly who has been elected through a valid election process is under the jurisdiction of the state legislative assembly as stated in the state constitution. “In this case, it is under Article 13 of the Penang State Constitution. For this case, it involves Article 14A of the state constitution, which is the state legislative assembly to make decisions. It is within the exclusive jurisdiction of the legislative assembly and the Speaker and cannot be interfered with by the courts. “Even if the courts can intervene, this can only be done and referred to the court after a decision is made by the second defendant (Speaker). In the present case, no decision has been made by the second defendant,” the JC added. In dismissing the injunction, Azizan made no order as to costs. The four assemblymen were represented by Chethan Jethwani while the legislative assembly and Speaker were represented by Surendra Ananth. Read also: Apex court rules Penang's anti-party-hopping law constitutional Bersatu assemblymen fail bid to challenge Penang anti-hopping law at apex court

https://theedgemalaysia.com/node/635047

My Say: Towards an inclusive and sustainable development bargain

English

This article first appeared in Forum, The Edge Malaysia Weekly on September 5, 2022 - September 11, 2022 In Malaysia, this time of year is typically existential. We spend some time taking stock of what we have achieved as a nation — usually along the lines of, “We’ve come so far, but we still have a long way to go” — and where we need to go next as a nation — usually along the lines of, “What reforms we need to make politically, economically, institutionally [and] culturally to take us ‘there’, wherever ‘there’ may be”. These are all important; self-reflection is a crucial part of any journey. This is especially true given recent political events in Malaysia and an imminent general election. The area with which I am most familiar is economic development. And in reading the reflections of others on our economic development, whether in this newspaper or otherwise, there are two ideas that, even if they are not explicitly stated, appear over and over again. They are, first, a complete non-linearity of our collective journey and, second, that how we proceed on this journey really depends on the complex interplay between politics and economics; the two are intertwined, analyses that attempt to separate the two and assume some form of optimal independence, however well-intentioned, are limited. With regard to the first idea, the path from being a low-income country to a middle-income country to a high-income country is rarely ever linear. A reversion to a previous state is entirely possible and not uncommon. Argentina is a clear example. Dani Rodrik, an economist at Harvard University argues, “… igniting economic growth and sustaining it are somewhat different enterprises. The former generally requires a limited range of (often unconventional) reforms that need not overly tax the institutional capacity of the economy. The latter challenge is in many ways harder, as it requires constructing a sound institutional underpinning to maintain productive dynamism and endow the economy with resilience to shocks over the long term.” I think the first is actually pretty analogous to something many Malaysians are obsessed about, Premier League football. The past few years have been a pretty good time to be a Liverpool fan. I wasn’t around in the 1980s, so I never experienced the dominance Liverpool teams of that era imposed on their rivals, both in the domestic league and in the European Cup. So the past few years, the 2021 season aside, have been really fun, being in the mix for trophies, even if state-owned enterprises like Manchester City seem to have all kinds of unfair advantages (irony well-noted). As I said, I never experienced the Liverpool dominance of the 1980s. Instead, for the most part, I experienced the relative mediocrity of the late 1990s, 2000s and mid-2010s. In some sense, mediocrity is not so bad — at least Liverpool never had to weather relegation battles and I could enjoy wins and goals more often than not. But in terms of dominance, what I did experience was the dominance of Manchester United in the 1990s, all the way up to Sir Alex Ferguson’s retirement in 2013. Since then, the Manchester United journey has been really enjoyable too from my point of view. Their dysfunctionality is great. The entitled-ness of their best players and the impact on squad morale has also been fun. Having Ole Gunnar Solskjær at the wheel was especially fun. That being said, does this mean their spell of mediocrity will not end? Of course not. Their dominance from 1993 to 2013 was preceded by 26 years without a league title. And, given their commercial strength in a sport where wages are correlated with league performance, they will come back to win league titles sooner rather than later. The experiences of Liverpool and Manchester United — successful teams that have seen both dynastic periods of success and prolonged eras of mediocrity — are a lesson that success and failure are non-linear. Just because something has gone well for a long time does not mean it will keep going well. The opposite is also true. Just because something has been underwhelming for some time does not mean it will keep on being underwhelming. On the second idea, which is the interplay between politics and economics, a wonderful starting point is a recent book called Gambling on Development by Stefan Dercon, a professor at Oxford University and former chief economist at the UK’s Department for International Development. Without hyperbole, this is probably the most important book on economic development in the past decade or so. The book’s essential thesis, as described by Dercon is, “… for take-off through growth and development, elites with power and influence in poor countries must be committed to growth and development, and be willing to make economic and political choices that reflect this. Such elite bargain is a development bargain.” This idea is similar to Jared Rubin, an economist at California’s Chapman University, who discusses the role of politically legitimising elites in the Middle Ages in explaining the separation in economic and political fortunes and power between the Western world and the Islamic empires in the Middle East. The elite bargain is based on a pretty straightforward assumption — political choices are made according to the interests of the politically powerful. These choices have important consequences for economic growth. According to Rubin, if the politically powerful are the merchant class, such as in Great Britain following the Glorious Revolution, then we can expect commerce- or business-friendly policies. If the politically powerful are the military class, then we may expect more defence-oriented (or offence…) policies. Malaysia’s economic journey would never have hit the heights it did from the 1970s to the Asian financial crisis if it were not also intertwined with the political desire for economic growth (as opposed to say a political desire for military prowess). This is not to say our journey was perfect, or even that elites did not partake in rent-seeking or cronyism, but rather that, as a whole, policies in our politics and economics were, on a nett basis, supportive of stability, growth and development, which in itself requires serious political commitment. Dercon provides a wonderful set of perspectives in different nations, based on his work in those countries, describing how differently elite bargains may turn out. And he certainly is not naive; he points out that, unquestionably, elites have always had self-interests — it is whether those self-interests are aligned with economic development as opposed to an alternative national agenda. Not surprisingly, there are analogies with football as well. Football clubs with owners who prioritise commercial profit, even at the expense of on-the-field performance, will differ in many aspects from football clubs with owners who prioritise both. It is naive to believe that rich owners will not want to make money off of their investments; the question is whether they care about a larger goal than pure profit. Similarly, countries with elites in any economy who care solely about self-interested extraction will have different development equilibriums and outcomes versus elites whose legitimacy also depends on more inclusive growth. The reality of economic development is that, however we feel about them, elites exist and the elite bargain does matter. And an elite bargain that accelerates economic growth may not necessarily be the same bargain that maintains that growth. Growth periods are completely un-linear due to changes in that political bargain. And how we hold elites to account in any country therefore matters; leave them to go unchecked and a country will serve the few at the expense of the many. Have them be accountable to the people — and this is precisely why elections and an independent judiciary are so crucial — and perhaps we have a chance at a development bargain that will be inclusive and sustainable. Nicholas Khaw is an economist and head of research at Khazanah Nasional Bhd Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/652305

Ministry cutting red tape in business applications to woo foreign investors

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KUALA LUMPUR (Jan 18): The Ministry of Domestic Trade and Cost of Living will cut red tape in the application process of local and international companies to conduct business activities in the country. Its minister Datuk Seri Salahuddin Ayub said the government is focused on revitalising the investment environment in the country by shortening bureaucratic protocol in the process of application approvals for the business community. “We will reduce bureaucratic issues so that those seeking approval (to start a business) are comfortable and this will lead to better economic growth,” he said after launching the Paris Baguette Cafe bakery at the Pavilion shopping centre here on Wednesday. He said the administration of the Unity Government as well as political stability that is felt now can also be a catalyst for foreign companies to open businesses in this country. Salahuddin said a total of 360 applications from foreign companies to start businesses in Malaysia were approved in 2021, with the highest number of applications in the food and beverage (F&B) sector. According to him, the cumulative amount of paid-up capital brought into Malaysia by foreign companies in 2021 was RM8.952 billion. He said efforts to make Malaysia one of the main investment destinations in the region would continue to be the focus and, thus, he welcomed more international companies to do business here. Meanwhile, regarding the ceiling price of chicken and (chicken) eggs, Salahuddin said it will not continue once supply recovers in the market. “The supply of chicken in the country has fully recovered while supply of eggs is expected to recover within three months. So it’s just a matter of time before the government retracts this ceiling price, considering that it has been imposed for far too long of more than a year, (now it’s) just waiting for a Cabinet decision,” he said.

https://theedgemalaysia.com/node/674096

Govt committed to Felda's recovery plan, says MOF

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KUALA LUMPUR (July 9): The Unity Government is committed to ensuring the implementation of the Felda recovery plan, which includes the settlement of settlers’ debts as previously announced, is completed. Accordingly, the Finance Ministry said the government has approved a government guarantee of up to RM9.9 billion for the agency to issue sukuk. “From this year, the government has provided an allocation of up to RM1 billion per annum to enable the repayment of Felda sukuk, which among other matters, funds the write-off of settlers' debts,” the ministry said in a statement on Sunday (July 9).  On June 28, the government announced an agreement involving a government guarantee to restructure the agency's loan via the issuance of sukuk and revolving credit as part of efforts to restore Felda's financial position. The major part of the restructuring of Felda's loans is to reduce the principal of the debt to financial institutions by RM7.9 billion.  It would also enable Felda to cancel 80% of the RM8.3 billion settlers' debt.  At the "Temu Anwar" (Meet Anwar) programme in Kedah on Saturday (July 8), Anwar also explained that there was indeed an agreement by the previous government to dispose of the debt involved, but it was not implemented. “Budget 2021 and Budget 2022, tabled by Perikatan Nasional, have no provision to settle and dispose of Felda settlers’ debt. I stand by this record.  “Only in Budget Madani 2023 did I start to set aside over RM990 million as an early allocation to dispose of Felda settlers’ debt, amounting to RM8.3 billion,” he said.  Meanwhile, Felda's new chairman Datuk Seri Ahmad Shabery Cheek admitted that Tan Sri Muhyiddin Yassin had already announced during his tenure as the prime minister, that he would pay RM1 billion a year for 10 years from 2022, but this was not implemented. “It was only promised, not implemented, as there was no formal document with Felda to help settle its debt,” Ahmad Shabery said on Facebook on Saturday. Instead, it was Prime Minister Datuk Seri Anwar Ibrahim’s Unity Government that followed through with the arrangement, he said.

https://theedgemalaysia.com/node/623497

森德包装首9个月净利跌17%

Mandarin

（吉隆坡10日讯）尽管营业额增长，森德包装（Scientex Packaging (Ayer Keroh) Bhd）截至4月杪2022财政年首9个月净利下跌17%至3179万令吉，上财年同期报3814万令吉。 该集团今日向大马交易所报备，首9个月的营业额从4亿6814万令吉，增至5亿8221万令吉。 截至4月杪第三季的净利持平于1031万令吉，或每股3.15仙，相比同期的1026万令吉，或每股3.13仙，因原料成本和其他营运成本上升。 森德包装表示，将通过与品牌方及整合森德集团内部的资源和流程，继续创新和开发符合客户需求和市场趋势的可持续软包装产品。 营运方面，持续的全球供应链挑战和地缘政治不确定性，导致原材料供应波动、船舶延误和集装箱短缺，使到成本上升、生产和交付给客户的交货期延长。 “集团将继续与客户及供应商密切合作，以应对这些营运问题，并履行承诺。” 该集团指出：“除了在缅甸的营运和挑战，大马经济领域和边境重开，将有利于软包装产品的需求。” “集团对本财年的前景持谨慎乐观态度。”   （编译：陈慧珊）   English version：Scientex Packaging cumulative nine-month net profit falls 17% to RM31.79 mil

https://theedgemalaysia.com/node/601727

2021 Newsmakers: Healing the nation

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This article first appeared in The Edge Malaysia Weekly on December 27, 2021 - January 2, 2022 Khairy Jamaluddin Minister of health, coordinating minister of the Covid-19 National Immunisation Programme and member of parliament for Rembau An effective national public health response is critical in saving lives and overcoming the Covid-19 pandemic. First as immunisation minister under the Perikatan Nasional government, then as health minister in Prime Minister Datuk Seri Ismail Sabri Yaakob’s cabinet, Khairy Jamaluddin spearheaded the National Covid-19 Immunisation Programme (PICK) and led the country to achieve one of the highest vaccination rates in the world. Although the handling of the pandemic under the PN government was heavily criticised, Khairy was regularly cited as one of the best performing ministers. Nonetheless, he often came under fire on social media for various shortcomings of PICK and the MySejahtera app. Based on the rollout of PICK, he has done a commendable job as the vaccination rate picked up pace after the initial delay in the procurement and introduction of vaccines. His priorities as the minister tasked with procurement and coordinating the logistics of the biggest vaccination drive in history were vaccinating high-risk groups, protecting frontliners and extending vaccination coverage to the general population. As health minister ­— replacing Datuk Seri Dr Adham Baba, who became a controversial figure after he made a series of gaffes — Khairy was entrusted with both healthcare and vaccinations. A few days after taking office, Khairy wasted no time in explaining the need for long-term plans to deal with Covid-19 after a year of repeated shutdowns that weighed heavily on the economy. He stated that testing was mandatory, the mask mandate was extended indefinitely and home quarantines would be the norm for those infected with the coronavirus. He said action would be taken against companies, factories and government agencies that violate standard operating procedures. In addition, he promised data transparency in the future to change public perception and counter allegations against the Health Ministry that it was secretive and selective with Covid-19 data. Khairy's mission is to steer the nation toward “living with the Covid-19 virus”, which is key to the government's endemic strategy. Now that the endemic strategy is on hold due to the emergence of the Omicron variant, what will his plan be in 2022? — By Syafiqah Salim   The hardship caused by Covid-19 proved too much to bear for many, but it was also during these tough times that many Malaysians went the extra mile to help others less fortunate, simply because they could and cared enough. In its purest form, a white flag — which traditionally signals defeat — became a symbol of hope and of Malaysians helping each other regardless of race or religion. Identified as among the earliest to suggest that people wave a white flag to ask for help, social and political activist Nik Faizah Nik Othman, deputy chief of Tumpat Amanah’s women’s wing in Kelantan, told Channel News Asia in early July that she was saddened by the rise in suicide cases. Others say it was the suicide of a friend that nudged unnamed souls to start the #BenderaPutih movement — which went viral in June this year — to let people know that help was available if they asked. Three computer science undergraduates aged 18 to 22 at Multimedia University made it easy for people to just wave a virtual flag for themselves or others so aid could come their way. Sidharrth Nagappan, Shaun Mak and Cornelius Pang took only four days to build the Bendera Putih crowdsourcing app (rebranded as Sambal SOS on July 5), which also helped people find food banks. As politics seeped in, however, the white flag movement took on a different form. White flags and the rise in suicide cases after more than 1½ years of Covid-19-related lockdowns were recast as signs of a failed “backdoor” government that was not voted in by the people. Reportedly, some who waved white flags as a call for help were even threatened. A #benderahitam (black flag) movement ensued, pushing for the resignation of the then eighth prime minister Tan Sri Muhyiddin Yassin, for the state of emergency to end and parliament to reconvene. Regardless of whether it was indeed political propaganda, there is no denying that Malaysia needs to cast a wider social safety net so that people will no longer be pushed over the edge because they lack money for food and shelter. The updating of the e-Kasih database of people who need help and the setting up of a special poverty unit under the Economic Planning Unit to eradicate hardcore poverty by 2025 are all steps in the right direction. — By Cindy Yeap   Minister of finance Tengku Datuk Seri Zafrul Aziz’s second year as finance minister played out as an endurance run, as the prolonged Covid-19 pandemic and political uncertainty that started in 2020 continued to play out in the background as the country struggles on the road to recovery. The extended pandemic shock in early 2021 meant that Zafrul had to delay certain fiscal reform targets while contending with a downgrade of the country’s economic growth forecasts and sovereign ratings. At the same time, the government focused its tightening resources on saving lives and livelihoods, including via additional economic packages totalling RM225 billion revealed between January and June this year. Billions of ringgit in cash handouts and allocations for hiring programmes and wage subsidies were channelled out, among others. As the country moved towards reopening, Zafrul was appointed the coordinating minister for the National Recovery Plan (NRP) in July. In October, he tabled yet another record federal budget of RM332.1 billion for the year 2022. The minister also had to address key issues constantly raised by the public, the opposition and even MPs within the federal government — including calls for an extension of the loan moratorium, further withdrawals of Employees Provident Fund savings by contributors, and claims of insufficient allocation to combat the pandemic and provide job security to the general public. Meanwhile, the repatriation of 1Malaysia Development Bhd funds by the billions continued this year. The bombshell of a one-off “prosperity tax” on large companies and the push for 5G rollout under a new mechanism via Digital Nasional Bhd were among the highlights of the technocrat’s year in 2021. One of the few ministers who consistently called for political bipartisanship, the senator survived political upheaval and has now served two prime ministers, having been retained in his post by Datuk Seri Ismail Sabri Yaakob after he was appointed prime minister in July. “When lives are clearly at stake and our healthcare is tottering, we must rise above our differences and work together so we can truly bring the country out of the doldrums of this wretched pandemic,” said Zafrul in a commentary. More importantly, the big task at hand will be to facilitate the diversification of the nation’s income, which is still much dependent on oil revenue, at a time when tax collections have dwindled in the economic downturn. Will the ministry bite the bullet and reintroduce the consumption-based tax as part of its long-term tax reform agenda? — By Adam Aziz   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/651949

RM7 billion to RM8 billion in contract procurements expected during LIMA'23 — Mohamad

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KUALA LUMPUR (Jan 16): The Ministry of Defence (MINDEF) expects to achieve an estimated RM7 billion to RM8 billion in procurement and industrial cooperation programme contracts through the Langkawi International Maritime and Aerospace Exhibition 2023 (LIMA'23). Defence Minister Datuk Seri Mohamad Hasan said this was because the exhibition was the place where defence industry players gathered and exchanged views. He hoped that more agreements of understanding could be signed at LIMA'23 as it was not only an exhibition but also a place for international trade. “The amount (RM7 billion to RM8 billion) is an estimate, if we were to look at LIMA'19, MINDEF managed to obtain over RM4 billion. “The organisation of LIMA'23 is one that has been long awaited as it has not been held for four years due to the Covid-19 epidemic,” he told a media conference after the launch of LIMA’23 at the Malaysia International Trade and Exhibition Centre. Mohamad said that would be MINDEF's goal as other countries in the Asia Pacific region would be scrutinising and evaluating to buy assets and also make procurements. Apart from that, he said LIMA’23 was a place for industry players to forge defence technology cooperation. Meanwhile, Transport Minister Anthony Loke said his ministry would find ways to resolve the issue of the lack of ferry trips to Langkawi to accommodate the expected influx of tourists during the event. “Based on my experience, LIMA’19 also attracted many domestic tourists. Our challenge now is to resolve the issue of ferry service to Langkawi because it is quite limited. “We will try to resolve the issue so that it won’t hinder the tourism sector in Langkawi and so that it can give a positive image of our country on the international scene,” he said. According to Loke, his ministry would also facilitate the application process for taxi and e-hailing permits, if necessary. Loke also said that LIMA'23 is an important event for Malaysia’s diplomatic ties with other countries, especially from Southeast Asia. He said this was because the foreign and transport ministers from regional countries would also be invited to attend the exhibition for bilateral discussions. “Through this exhibition, we will have many bilateral discussions that will have a very big impact on our foreign ties,” he said. LIMA’23 gives MINDEF and the Malaysian Armed Forces (MAF) the opportunity to view defence assets from other countries, besides meeting defence strategy diplomacy. Over 50,000 delegates are expected to attend the May 23-27 LIMA’23, which will be participated by over 600 exhibition companies from the local and international defence industries.

https://theedgemalaysia.com/node/600317

Pharmaniaga says deliveries of medicines unaffected by flood

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KUALA LUMPUR (Dec 20): Pharmaniaga Bhd has assured that all its warehouses and logistics operations are safe and unaffected, and will continue to operate as usual despite the severe impact of the flood that occurred in the Klang Valley over the weekend. In a statement on Monday (Dec 20), the firm said an emergency plan has been activated and although some roads might not be accessible due to the flood, alternative routes have been identified to ensure all orders for pharmaceutical products by clinics and hospitals will be delivered accordingly. It said back-up manpower has also been called in to assist the operations as some of the existing warehouse teams were displaced by the flood. Pharmaniaga said the affected employees and families have been evacuated safely and placed temporarily at nearby accommodations. Pharmaniaga said Sunday, it had extended assistance to various communities in Shah Alam and Klang by providing food, basic medicines and other basic necessisites. More assistance will be rendered once the flood has subsided to clean the houses and help the flood victims to ease their difficulties during the challenging situation.

https://theedgemalaysia.com/node/677712

Services unavailable: Maybank looking into issues, apologises to customers

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KUALA LUMPUR (Aug 7): Maybank’s services are temporarily unavailable for the Maybank2u web and mobile banking service, namely the M2U app and MAE, as well as debit and credit card usage.  Via its X account, Maybank apologised to customers for any inconvenience caused, saying it is looking to resolve the matter as soon as possible.  “For assistance, please write to us via private messages or contact our Maybank Group Customer Care at (1300) 88 6688 (Malaysia) or (603) 7844 3696 (overseas),” it said. 

https://theedgemalaysia.com/node/632961

JAKS active, jumps 9% on positive technical outlook

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KUALA LUMPUR (Aug 19): Shares in JAKS Resources Bhd jumped 9.09% in active trade on Friday morning (Aug 19), following a positive technical outlook on the stock. At 9.40am, JAKS was up 2.5 sen to 30 sen, with 15.49 million shares traded. RHB Retail Research said JAKS is attempting to stage a bullish breakout. In a trading stocks note on Friday, the research house said that the stock is consolidating sideways, and its trading volume has been increasing, showing that the positive momentum is gaining traction. “If it manages to break past the 28.5 sen immediate resistance [level], we expect the stock to attract further buying pressure. “In this scenario, it should climb towards the 30 sen mark, followed by 31.5 sen. “Conversely, a fall below the 26 sen support level would indicate that the bears are still in control,” it said.

https://theedgemalaysia.com/node/603963

Wan Abd Razak resigns as TSR Capital non-executive director, citing 'personal reason'

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KUALA LUMPUR (Jan 15): Datuk Wan Abd Razak Ismail has resigned as non-independent and non-executive director of TSR Capital Bhd. In a bourse filing, TSR Capital said the resignation, which was effective on Friday (Jan 14), was due to “personal reason”. According to TSR Capital's annual report, Wan Abd Razak was appointed as the group’s independent non-executive director on July 5, 2006. He was redesignated as executive director on Aug 17, 2007 and appointed as chief operating officer on Nov 1, 2010. Subsequently, he was redesignated as non-independent non-executive director on July 3, 2020.

https://theedgemalaysia.com/node/677507

MST Golf挫至59.5仙 较首发价跌26.5%

Mandarin

（吉隆坡4日讯）甫于两周前在大马交易所主板上市的MST Golf Bhd，今日遭受沉重卖压，大跌17仙或22.2%，收于59.5仙的纪录低位。 该股是第四大下跌股，全天达4448万股易手，大幅高于昨日的234万股。 相较于首次公开募股（IPO）的81仙，该股下跌了26.5%。市值为4亿8842万令吉。 实际上，该股在7月20日上市首日表现低迷，折价3仙或3.7%，之后一直处于下跌趋势。   （编译：陈慧珊）   English version：MST Golf falls to all-time low of 59.5 sen, 26.5% lower than IPO price   相关新闻：出师不利 MST Golf折价13%

https://theedgemalaysia.com/node/676134

Airasia X's 2Q2023 load factor almost doubles, capacity surges 26 times y-o-y

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KUALA LUMPUR (July 26): AirAsia X Bhd recorded a passenger load factor (PLF) of 76% for the second quarter of 2023 (2Q2023), a jump of 47% year-on-year (y-o-y) against 29%, while seat capacity surged by over 26 times y-o-y, hitting 818,422 seats flown. In a statement on Wednesday (July 26), the group attributed the hike in seat capacity to additional aircraft being brought into service and flight network further enhanced compared to the preceding quarter, with 30% growth being reported. Additionally, AirAsia X’s Malaysia operations demonstrated significant operational improvement across all other key metrics, with number of passengers carried totalled 621,984 in 2Q2023, representing a surge of 70 times y-o-y, and 23% against the preceding quarter, slightly surpassing the 21% increase in available seat kilometres (ASK) capacity for the same period. “Over the past 12 months, the company’s operations have normalised, reporting remarkable growth of 25 times higher y-o-y in ASK capacity to achieve 3,509 million,” the group added. AirAsia X Malaysia’s revenue passenger kilometres (RPK) was 2.61 billion, more than 68 times the 38 million recorded a year ago. During the quarter under review, AirAsia X launched flights to Bangkok, Beijing and Gold Coast, alongside ramping up its frequency to fly daily — up to seven times weekly — to Sydney, between Sydney and Auckland, to Melbourne and Osaka, to meet improved consumer demand. Across AirAsia X’s network, the group continues to see stellar performance of over 85% PLF for two of its core routes, namely Tokyo and Taipei. Meanwhile, the group’s associate AirAsia X Thailand carried a total of 311,337 passengers, an increase of over 28 times y-o-y, while ASK capacity grew by 44 times y-o-y to 1.81 billion in 2Q2023. RPK grew 33.8 times to 1.36 billion from just 40 million a year ago. In April 2023, AirAsia X Thailand launched flights to Shanghai, and increased flight frequency for Tokyo to 14 times weekly as medium-haul low-cost travel demand continues to grow, said the group. As of end-June, AirAsia X’s total fleet size stood at 17 A330s, with 11 aircraft now activated and operational, while AirAsia X Thailand’s total fleet size remained at eight A330s, with five aircraft activated and operational. At 3.27pm, AirAsia X shares dropped three sen or 1.65% to RM1.79, translating into a market capitalisation of RM800.3 million.

https://theedgemalaysia.com/node/633818

Genting, GenM see significant narrowing of 2Q losses as revenues jump on border reopening

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KUALA LUMPUR (Aug 25): The reopening of national borders amid strong pent-up demand for gaming and travel has been a boost to both Genting Bhd and Genting Malaysia (GenM), as their latest quarterly performance improved with revenue jumping substantially, narrowing their net losses.   Both also declared dividends on their improved financial performance. Genting announced a seven sen per share interim dividend to be paid on Oct 6, while its 49.5%-owned GenM plans to pay an interim dividend of six sen per share, payable on Sept 29. According to their bourse filings, Genting’s net loss narrowed to RM59.53 million in the second quarter ended June 30, 2022 (2QFY22) from RM563.53 million in 2QFY21, as revenue jumped 93.63% to RM5.69 billion from RM2.94 billion, driven by stronger contributions from its leisure and hospitality business, including those parked under its 49.5%-owned unit, GenM. This resulted in loss per share shrinking to 1.55 sen in 2QFY22, from 14.63 sen in 2QFY21, its bourse filing showed. Compared with 1QFY22, net loss narrowed by 70.18% from RM199.68 million as revenue grew 34.95% from RM4.21 billion. For the six months ended June 30 (1HFY22), Genting trimmed its net loss to RM259.22 million from RM895.29 million in 6MFY21, with revenue jumping 90.77% to RM9.9 billion from RM5.19 billion. Meanwhile, GenM trimmed its 2QFY22 net loss by 96.88% to RM10.85 million from RM348.11 million in 2QFY21, with loss per share dropping to 0.19 sen from 6.16 sen as revenue more than doubled to RM2.18 billion from RM817.87 million. Compared with 1QFY22, GenM managed to narrow its net loss by 91.42% from RM126.53 million as revenue expanded 26.39% from RM1.72 billion. For the cumulative 1HFY22, GenM's net loss narrowed by 83.48% to RM137.38 million from 1HFY21's RM831.7 million with revenue climbing 170.39% to RM3.9 billion from RM1.44 billion. On prospects, Genting said the recovery in international travel demand is expected to continue alongside the easing or removing of travel restrictions and the reopening of markets. However, it is concerned that a weakening global economy might delay its recovery trajectory.   GenM, meanwhile, is cautiously optimistic about near-term outlook of the leisure and hospitality industry but remains positive in the longer term. In Malaysia, GenM plans to continue ramping up its operations following the reopening of the economy and to capitalise on the demand for the offerings of its integrated resorts. Genting shares closed nine sen or 1.95% higher at RM4.70, giving the group a market capitalisation of RM18.22 billion. GenM settled seven sen or 2.41% higher at RM2.98, valuing it at RM17.7 billion.

https://theedgemalaysia.com/node/674723

Shin Yang将于周五易名

Mandarin

（吉隆坡13日讯）航运和造船公司Shin Yang Shipping Corp Bhd将于周五（7月14日）易名为Shin Yang Group Bhd。 该公司今日向大马交易所报备：“股号将保持不变。” 该公司上周宣布，已收到马来西亚公司委员会（SSM）有关注册新公司名称的通知，新公司名称从7月4日起生效。 该公司于6月30日召开股东特别大会（EGM），获得股东批准公司易名。 根据6月8日的议程，该公司表示，此次易名符合品牌重塑、重组和资本重组举措，以更好地反映新企业形象和实体。 “集团正在多元化商业活动及塑造品牌。” Shin Yang截至今年3月杪第三季（2023财年第三季）净利弹升49.6%至4482万令吉，一年前为2995万令吉，营业额则从2亿1017万令吉，上扬11.7%至2亿3484万令吉。 其单一大股东是由Ling氏家族掌控的Shin Yang Holding私人有限公司，持股权高达55.03%。 截稿时，Shin Yang升0.5仙或0.86%，至58.5仙，市值为6亿9600万令吉。   （编译：魏素雯）   English version：Shin Yang Shipping Corp to trade as Ship Yang Group from July 14

https://theedgemalaysia.com/node/628005

次季净利升7.63%至1185万 速远机构派息3仙

English

（吉隆坡13日讯）营运活动提高贡献，刺激速远机构（Zhulian Corp Bhd）截至今年5月杪第二季（2022财年第二季）净利上升7.63%至1185万令吉，一年前为1100万令吉。 然而，季度营业额从3794万令吉，下滑4.07%至3640万令吉，主要是新冠肺炎疫情导致整体消费者情绪低迷所致。 集团宣布，派发每股3仙第二次中期股息，将于今年9月7日支付。 截至今年5月杪首6个月，净利大涨54.87%至3580万令吉，去年同期报2311万令吉。 营业额从7939万令吉，降低10.61%至7097万令吉。 按季比较，净利骤降54.7%，上一季（2022财年首季）报2615万令吉，营业额则增长了5.29%，2022财年首季为3457万令吉。 展望未来，集团表示，其业务与一般消费市场情绪和汇率波动密切相关。 “令吉兑美元升值或贬值，都会影响集团的业绩，因为所有出口收入都是以美元交易。” “集团尽可能适应不断变化的市场需求，以确保业务的可持续性，同时谨慎看待不断增加的通胀压力。” “集团致力于在2022年持续提升业务营运效率及维持充足的现金流。” 速远机构主要生产珠宝和消费品，通过直销网络进行销售。 速远机构以1.95令吉平盘挂收，市值为8亿9700万令吉。   （编译：魏素雯）   English version：Zhulian 2Q net profit up 7.63% to RM11.85 mil, declares three sen dividend

https://theedgemalaysia.com/node/664501

CIMB Thai’s 1Q net profit down 22%, dragged by higher opex and expected credit loss

English

KUALA LUMPUR (April 25): CIMB Group Holdings Bhd’s 94.83%-owned subsidiary CIMB Thai Bank PCL posted a 21.76% year-on-year decline in net profit for the first quarter ended March 31, 2023 (1QFY2023) to 830.1 million baht (RM107.5 million) from 1.06 billion baht, weighed down by higher operating expenditure (opex) and hefty jump in expected credit losses (ECL).  The decline in CIMB Thai’s net profit was mainly due to ECL surging 128.02% to 830.27 million baht from 364.12 million baht previously, further dragged by a 9.56% rise in opex to 1.96 billion baht as compared to 1.78 billion baht. “The increase in ECL was a prudent approach, in line with prevailing economic circumstances,” CIMB Thai president and CEO Paul Wong Chee Kin said in a statement on Tuesday (April 25). “However, the 1QFY2023 cost-to-income ratio improved to 51.2% compared to 51.4% in 1QFY2022 as a result of stronger operating income growth compared to opex,” he added, noting that operating income rose 9.89% to 3.83 billion baht from 3.48 billion baht previously. Net interest income stood largely flat at 2.35 billion baht versus 2.31 billion baht, as a 29.86% rise in interest income to 3.77 billion baht offset a 141.17% rise in interest expenses to 1.42 billion baht.  “Net interest margin (NIM) over earning assets stood at 2.6% in 1QFY2023, compared to 2.8% in 1QFY2022, as a result of higher cost of funds,” CIMB Thai said. The bank’s ratio of non-performing loans (NPLs) declined to 3.1%, versus 3.3% as at end-2022, due to portfolio reshaping in line with the wind down of commercial banking. “CIMB Thai continues to exercise high credit risk underwriting standards and risk management policies,” it said, adding that it also focuses on improving productivity, monitoring collection and managing all accounts closely and effectively. As at 1QFY2023, gross loans stood at 237.4 billion baht, an increase of 0.9% from end-2022, while deposits were down 7.6% to 267.9 billion baht from 289.7 billion baht previously. At the noon break on Tuesday, shares in CIMB Group were down two sen or 0.39% at RM5.17, giving the group a market capitalisation of RM55.14 billion.

https://theedgemalaysia.com/node/615812

Pharmaniaga's growth will be supported by its five-year strategy, says HLIB

English

KUALA LUMPUR (April 11): Hong Leong Investment Bhd said Pharmaniaga Bhd's growth will be supported by its five-year strategy introduced in 2021. In its technical tracker on Monday (April 11), the research house said the strategy will focus on four areas: i) strengthening its logistics and distribution business in Malaysia and Indonesia; ii) expanding its products’ range; iii) aim to become a serious contender in the biopharma industry, particularly in the development of insulin and vaccines; and iv) expanding new international markets. It said that currently, about 20% of Pharmaniaga's total revenue comes from international markets, and Pharmaniaga is planning to capture a higher 50% target via aggressive penetration into the Philippines and Thailand markets (combined population of circa 179 million versus Malaysia population of circa 32.7 million). “Technically, Pharmaniaga is building a sound base near 70 sen-74 sen territory, which we believe would offer a buying opportunity. “A strong breakout above 76 sen (200-day moving average) will spur the prices towards 82 sen-86 sen- 90 sen territory. Cut lost at 70 sen,” it said.

https://theedgemalaysia.com/node/637813

Catcha Digital gets another six-month reprieve to complete regularisation plan

English

KUALA LUMPUR (Sept 26): Digital media group Catcha Digital Bhd has been granted another six months by Bursa Securities to complete its proposed regularisation plan. It now has up to April 5 next year to do so. In a bourse filing on Monday (Sept 26), Catcha Digital said it had sought from the regulator to extend the time by an additional six months from the original Oct 5, 2022 deadline to complete the plan. On April 5, Bursa had approved Catcha Digital’s revised proposed regularisation plan about 19 months after the Guidance Note 2 (GN2) company first proposed its acquisition of iMedia Asia Sdn Bhd in September 2020. Catcha Digital slipped into GN2 status in August 2017 following the sale of its then digital asset — Rev Asia Holdings Sdn Bhd — to Media Prima Bhd for RM105 million. A listed company is classified as a cash company if its assets consist of 70% or more of cash and short-term investments, or a combination of both, and has to comply with the obligations under GN2 or face the risk of getting its shares suspended or delisted. Catcha Digital’s share price closed up 0.5 sen or 2.44% at 20 sen on Monday, giving it a market capitalisation of RM26.29 million. Read also: Bursa approves Catcha Digital’s regularisation plan

https://theedgemalaysia.com/node/677406

About half of US Republicans could spurn Trump if he is convicted — Reuters/Ipsos poll

English

WASHINGTON (Aug 4): About half of Republicans would not vote for Donald Trump if he were convicted of a felony, a sign of the severe risks his legal problems pose for his 2024 US presidential bid, according to a Reuters/Ipsos poll that closed on Thursday (Aug 3). The former president and current front runner in the Republican nomination contest for the November 2024 presidential election, Trump pleaded not guilty in court on Thursday to federal charges he led a conspiracy to overturn his loss in the 2020 election. He has separately been charged in two other criminal cases: one in a New York state court which revolves around hush money payments to an adult film actress; and another in federal court where he is charged with retaining sensitive and classified national security documents after he left office in January 2021. The two-day Reuters/Ipsos poll, which closed before Trump's late-afternoon court appearance, asked respondents if they would vote for Trump for president next year if he were "convicted of a felony crime by a jury." Among Republicans, 45% said they would not vote for him, more than the 35% who said they would. The rest said they didn't know. Asked if they would vote for Trump if he were "currently serving time in prison," 52% of Republicans said they would not, compared to 28% who said they would. Trump has proclaimed his innocence in all the cases against him and accuses prosecutors of conducting a "witch hunt" that aims to derail his campaign. Two of the cases were brought by the US Department of Justice, which ultimately answers to Trump's nemesis, Democratic President Joe Biden, but which has taken steps to insulate investigations from political influence. The New York state case is led by a prosecutor who is an elected Democrat. The new poll showed that Republicans broadly sympathize with Trump's accusations of political persecution. Seventy-five percent of Republican respondents agreed with a statement that the charges against Trump were "politically motivated." 29% disagreed and the rest said they didn't know. About two-thirds of Republicans — 66% — described as "not believable" the accusation in Trump's latest indictment that he solicited election fraud. 29% said it was believable and the rest were not sure. Republican respondents also described themselves as more likely to withhold their votes on Election Day from an unnamed convicted felon than one named Donald Trump. When asked how a felony conviction would affect their voting in an abstract sense, 71% of Republicans said they would not vote for the convict, compared to 52% if it were Trump. Trump has capitalised on his indictments since the first charges were filed in April, increasing his lead in the Republican nomination contest over his closest rival, Florida governor Ron DeSantis. The new poll showed Trump's dominance only growing in that contest, holding onto the 47% of Republican support he also had in a July poll, while DeSantis' share slipped six percentage points to 13%. The Reuters/Ipsos poll was conducted nationwide, gathering responses online from 1,005 US adults. It had a credibility interval, a measure of precision, of about four percentage points.

https://theedgemalaysia.com/node/652306

Zhulian posts first quarterly loss since 2007 listing, declares eight sen dividend

English

KUALA LUMPUR (Jan 18): Zhulian Corp Bhd has slipped into the red in the fourth quarter ended Nov 30, 2022 (4QFY2022) with a net loss of RM3.16 million, compared to a net profit of RM8.93 million a year earlier. This is the jewellery and consumer products manufacturer's first quarterly net loss since its listing in 2007. Zhulian attributed its loss to an impairment loss on plant and equipment of low performance divisions as well as foreign exchange fluctuations. The group also registered a lower share of profit from an associate which saw weaker performance, coupled with higher tax on its foreign-sourced income. Nonetheless, the group declared a special dividend of five sen per share, in addition to a fourth interim dividend of three sen. For the full year, Zhulian posted a net profit of RM38.31 million, down 8% from RM41.64 million in FY2021, while revenue declined 9% to RM136.17 million from RM149.62 million. “The group’s business is closely linked to the sentiments of general consumer market and the fluctuating foreign currency exchange. Strengthening or weakening of the ringgit against the US dollar will have an impact on the group’s performance as all export revenue is transacted in US dollar," said Zhulian. Shares of Zhulian closed unchanged at RM1.92, giving the group a market capitalisation of RM883.2 million.

https://theedgemalaysia.com/node/674428

EPF拟新增第三户头 允许无条件提款

Mandarin

（吉隆坡11日讯）雇员公积金局（EPF）计划新增第三户头（Account 3），允许会员无条件提款。 EPF策略总监Nurhisham Hussein今日在媒体汇报会上表示：“我们希望能够解决会员所面临的一些现金流问题。” 但他补充说，新增第三户头的目的是让会员解决燃眉之急，会员可自行选择是否需要这个户头。 他指出，现有会员将可把第一户头（Account 1）及第二户头（Account 2）的存款转至第三户头，并能够无条件提款。   （编译：魏素雯）   English version：EPF proposes 'Account 3' for informal workers, allowing flexible withdrawals

https://theedgemalaysia.com/node/627553

亚股强劲购兴 刺激马股收高

English

（吉隆坡8日讯）区域股市的强劲购兴，刺激马股在本周最后一个交易日收高。 截至下午5时，富时隆综指涨7.1点或0.5%，挂1425.79点，周四收报1418.69点。   富时隆综指今早高开2.57点，报1421.26点，盘中游走于1420.63点至1427.2点之间。 上升股445只，下跌股343只，另有425只无起落，1027只无交易及8只暂停交易。 马股总成交量降至16亿2000万股，总值11亿2000万令吉，周四则有19亿4000万股转手，总值14亿5000万令吉。 乐天交易私人有限公司股票研究部副总裁唐柏麟表示，随着美国股市上涨，区域股市普遍收高。 日本日经指数升0.1%，至26,517.19点，香港恒生指数涨0.3%，收报21,725.78点，以及新加坡海峡时报指数跌0.1%，挂3126.35点。 他补充称，中国可能出台重大刺激措施，以及决策者能够在不引发全球经济衰退的情况下控制通胀的希望，也提振了股市。 “回到国内，我们认为富时隆综指在反弹的情况下，仍处于超卖位置，因此，我们预计下周将继续上涨。” 他告诉马新社：“因此，我们估计富时隆综指将徘徊于1420点至1450点之间，即时阻力位为1400点，支撑位则在1450点。” 重量级股方面，马银行（Malayan Banking Bhd）及大众银行（Public Bank Bhd）各涨4仙，分别收于8.62令吉和4.40令吉，国油化学（Petronas Chemicals Group Bhd）弹升13仙，报8.47令吉，IHH医疗保健（IHH Healthcare Bhd）扬3仙，至6.36令吉，联昌国际集团（CIMB Group Holdings Bhd）起5仙，挂5.14令吉，以及国家能源（Tenaga Nasional Bhd）挫4仙，至7.92令吉。 美全（Metronic Global Bhd）及Widad集团（Widad Group Bhd）各升0.5仙，分别报9.5仙和37仙，永大集团（Yong Tai Bhd）以8仙平盘挂收，顶级手套（Top Glove Corp Bhd）则降2仙，挂99仙。   （编译：魏素雯）   English version：Strong buying interest lifts Bursa at close

https://theedgemalaysia.com/node/673363

PM: Expand Bitara Madani project, improve public delivery service

English

KUALA LUMPUR (July 3): The Special Task Force on Agency Reform (STAR) has been told to immediately implement and expand the Bitara Madani project, including giving focus on solutions to the difficulties and problems faced by the people. Prime Minister Datuk Seri Anwar Ibrahim said the Malaysia Madani Action Council (MTMM) decided on this on Monday (July 3),  among others, to underline the government’s commitment to improving the quality, efficiency and effectiveness of public service delivery in ensuring the well-being of the people and to ease the process of running businesses.  Anwar, who is also MTMM chairman, said the council will be focusing on two new Bitara Madani projects, namely to upgrade poor facilities under the Health Ministry (MOH) and to expand the implementation of Madani food courts and stalls.  “Under the facility upgrading project, the government is taking immediate steps to improve 436 facilities and health clinics under the Health Ministry, with the target that all facilities will enter the implementation stage by the end of 2023. “Meanwhile, to expand the implementation of the Madani stalls, the improvement method used by Kuala Lumpur City Hall (DBKL) will be implemented to upgrade 20 food courts under selected local authorities,” the prime minister said in a Facebook post on Monday. Anwar said improvements done will help beautify these premises and make them cleaner for the people’s comfort. He said Bitara Madani projects uphold Malaysia Madani principles and adopt the whole-of-government approach, in which project leaders comprise senior civil service officials who are not from the ministries or departments responsible for those identified projects. Anwar said this was to ensure that their implementation was evaluated from a different and more comprehensive perspective.  “With the focus on low costs, the implementation of quick solutions and the use of existing resources, all projects under Bitara Madani are in line with the transformation for reforms in the delivery of public services to be more efficient, and with integrity and quality in serving the community, with the ability to have a direct impact on the people,” he said. Prior to this, Health Minister Dr Zaliha Mustafa reportedly said that one initiative under Bitara Madani is to help reduce patient congestion in the emergency department at government hospitals, with the pilot project implemented at the Tengku Ampuan Rahimah Hospital (HTAR) in Klang and the Bandar Botanic Health Clinic (KKBB). She said in this regard, the MOH had decided to widen the scope of the pilot project by extending operation hours at five other selected health clinics involving the Gombak and Hulu Langat districts, as well as in Ipoh, Johor Bharu and Kuala Lumpur.

https://theedgemalaysia.com/node/659079

Anthony Loke: Sultan Ismail Petra Airport upgrading and expansion project delayed by 25%, but completion still set for Sept 2024

English

KUALA LUMPUR (March 14): The RM440 million expansion and upgrading project of the Sultan Ismail Petra Airport in Kota Bahru, Kelantan has experienced a delay of 25.23%, said Transport Minister Anthony Loke Siew Fook.  As of Feb 25, Loke said the progress of the project that started in the first half of 2021 was at 18.19%, compared to the 43.42% initially targeted.  Despite the delay, the Seremban member of parliament said the contractor has given a commitment to fully complete the project in September 2024.  “This delay was due to the lack of local and foreign labour on site following the Covid-19 virus outbreak. The ministry is working with the contractor to resolve this issue,” Loke said during the oral question and answer session in the Dewan Rakyat on Tuesday (March 14).  The government is implementing the project to improve the airport’s facilities and increase the airport terminal capacity from 1.5 million passengers per annum to four million passengers per annum.  WCT Holdings Bhd's wholly-owned subsidiary, WCT Bhd, bagged the contract from the Ministry of Transport in March 2021. The construction company said work would commence in April 2021, with completion in April 2024. On Tuesday, Loke said the Sultan Ismail Petra Airport is currently the third busiest domestic airport after the Miri Airport and the Sultan Abdul Aziz Shah Airport in Subang Jaya, with a total flight frequency of 136 times a week. He said the number of passengers recorded at the Sultan Ismail Petra Airport has increased in 2022 to more than 1.38 million.  It recorded more than 1.8 million passengers in 2019, but dropped in 2020 and 2021 to 710,000 and 500,000 passengers respectively, following travel restrictions by the government to curb the Covid-19 outbreak.  Read also: WCT bags RM440m Sultan Ismail Petra Airport extension job

https://theedgemalaysia.com/node/632316

Datasonic’s passport supply contract revised upwards to include maintenance services

English

KUALA LUMPUR (Aug 15): Datasonic Group Bhd’s RM318.75 million contract to supply 12.5 million passport chips to the Ministry of Home Affairs has been revised upward to RM350.14 million, to include provision of maintenance services worth RM31.39 million for 2022 and 2023. In a bourse filing, Datasonic said the group is tasked to provide maintenance services on, among others, equipment, software and chip system application,under the revised contract. In November last year, Datasonic secured a two-year extension for three contracts related to the supply of Malaysian passports from the ministry. The contract comprises the supply of the Malaysian passport chips, Malaysian passport documents, and polycarbonate biodata pages to the Immigration Department for a period of 24 months from Dec 1, 2021 to Nov 30, 2023. Shares of Datasonic closed half sen or 1.0% lower at 51 sen on Monday (Aug 15) , giving the group a market capitalisation of RM1.51 billion.

https://theedgemalaysia.com/node/653862

The Edge |  Nawawi Tie Leung Property Consultants Penang housing Property Monitor (3Q2022): New landed homes to cost more at launch

English

This article first appeared in City & Country, The Edge Malaysia Weekly on February 6, 2023 - February 12, 2023 The 3Q2022 Penang residential property monitor has been updated with new formats and schemes sampled. Nawawi Tie Leung Property  Consultants Sdn Bhd executive director and regional head for research and consulting Saleha Yusoff notes that the previous sample set consisted of developments that were mostly more than a decade old, thus accounting for lower buying and rental activity in the market.  “According to our data compilation, selling prices and rental rates tend to be stagnant. Therefore, we recommended a new sample set to include projects and developments that are more active in our basket list to monitor,” Saleha explains. She adds that the samples were selected based on the vibrancy of their location and market activity (primary and secondary). After selecting the sample, the research firm organised its data based on location to ensure sufficient coverage by geography (island versus mainland) and type (landed versus high-rise properties). Saleha believes the new basket of samples could better reflect the current market trend in the Penang residential market. Based on the data, landed home prices were stagnant quarter on quarter in 3Q2022. The exceptions were mostly in the secondary market, including terraced homes in Sungai  Ara (down 1.5% to RM810,000), Bayan Lepas/Batu Maung (up 2.9% to RM842,000), Seberang Perai Tengah (down 9.33% to RM301,000) and Seberang Perai Selatan (up 2% to RM406,000) as well as semi-detached homes in Seberang Perai Tengah (up 11.2% to RM316,000) and detached homes in Seberang Perai Utara (down 8.5% to RM301,000). In the primary market, only one scheme saw price movement — terraced homes in Seberang Perai Selatan (up 6.6% to RM355,000). Saleha says that since landed properties are typically acquired for own occupation, transactions on this type of property are limited as they do not change hands very often. She also expects new landed homes to be more expensive at launch, owing to factors such as high land cost on the island because of scarcity of land, as well as the rise in construction costs and the overnight policy rate over the last few quarters. In comparison, more high-rise developments saw movements in the quarter under review. They include Tanjung Tokong (down 35% to RM626,000), George Town (up 1.9% to RM1.55 million), Jelutong (up 3% to RM840,000), Gelugor (up 13.9% to RM983,000), Butterworth (down 17.8% to RM364,000), Perai (up 2.24% to RM410,000), Bukit Mertajam (up 6.4% to RM332,000), Simpang Ampat (up 28.9% to RM450,000) and Batu Kawan (down 8.9% to RM573,000) in the primary market; as well as Tanjung Tokong (up 8.3% to RM711,000), Jelutong (up 11.4% to RM683,000), Bayan Lepas (up 30.9% to RM724,000), Butterworth (up 3.47% to RM357,000), Bukit Mertajam (down 9.9% to RM327,000) and Simpang Ampat (down 1.5% to RM447,000) in the secondary market.  Saleha explains that new high-rise developments have garnered interest from owner-occupiers and investors. “For owner-­occupiers, high-rises offer modern designs, along with facilities and services that suit their lifestyles as compared to old 1-storey units. Developments in Gelugor, Simpang Ampat and Bayan Lepas tend to have better price appreciation as these are highly sought-after locations, especially [if there are] units for rent,” she says. The third quarter also saw more launches on the mainland, with several projects offering a mix of landed and high-rise units. Interest in these comes mainly from first-time homebuyers and upgraders. Developers behind these projects include Eco World Development Group Bhd, S P Setia Bhd and Scientex Bhd. In terms of approved manufacturing investments, Saleha notes that Penang is among the country’s top contributors, at RM7.9 billion in the first half of 2022. The island state has also been one of the top destinations for industrial players to set up their plants or factories, owing to the readiness of the ecosystem in supporting their activities. One such company is Scandinavian IBS Sdn Bhd, which invested more than RM200 million to expand its operations at a new manufacturing facility in Penang Science Park North in Simpang Ampat. The new 46,450 sq m plant was launched in September. Spanning 15 acres, it aims to boost the production of modular construction materials by about four times more than the previous capacity. Overall, the plant is expected to provide an additional 1,200 jobs. Meanwhile, Bertam Lestari Duta Sdn Bhd proposed an industrial development on 467 acres in Seberang Perai Utara. The initial phase of the project is said to comprise 48 three-storey semi-detached and eight 5-storey detached factories. In Malaysia, data published by the Department of Statistics Malaysia showed that the population of those aged 65 and above is likely to increase from 7.3% in 2022 to 10.7% in 2030. In Penang, the rise of the ageing population is expected to be more significant, almost doubling from 7.5% in 2022 to 14.7% in 2030. Saleha notes that while several developers in Malaysia have introduced the multigenerational-living concept in a township to cater for this market segment, what is lacking in most of these developments are integrated healthcare facilities that address the various needs of the ageing population, such as independent living, assisted living and care residences. “One of the incoming senior-living projects in Penang is Eden at Botanica CT in Balik Pulau. The project is a joint venture between Botanica Hills Sdn Bhd and [Kuching-based] Eden on the Park Sdn Bhd,” she says. “Botanica CT is a 300-acre township about 17km from the Penang International Airport. Besides terraced homes and bungalows, the township has a commercial zone and the Prince of Wales Island International School. Eden at Botanica CT will feature three main components: active-living apartments, a nursing care residence and a medical centre.” The active-living apartments target seniors aged 60 and above who are independent and do not need assistance in day-to-day living. These apartments are expected to be launched in 1H2023 and completed in 2026. They come with flexible services and facilities (such as emergency response call system, personal medical record-keeping and on-site caregivers for immediate-care services) and non-care services (such as housekeeping, laundry and transportation). The units measure 740 to 1,100 sq ft and feature one to three bedrooms, with the selling price starting from about RM420,000. The 100-bed nursing care residence will use the system from Eden’s Australian partner Optimum Aged Care Systems. Meanwhile, the medical centre will offer integrated healthcare services for residents in the active-living apartments and the nursing care residence. Saleha says, “We anticipate more developers will tap into the opportunities of offering senior-living products integrated with a medical centre, as the availability of a reputable medical centre adds value to the attractiveness of a township as a residential location. Thus, there is a critical need for local authorities to review the current planning guidelines on the provision required for senior living products.” 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/605556

BAT falls on Malaysia’s plan to not sell smoking products to anyone born after 2005

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KUALA LUMPUR (Jan 28): British American Tobacco (Malaysia) Bhd's (BAT) share price fell as much as 28 sen or 2.17% to RM12.62 in morning trade on Friday (Jan 28) after Health Minister Khairy Jamaluddin announced a day ago Malaysia’s legislative plans to not sell smoking products to anyone born after 2005. "Announcing Malaysia’s legislative plans for a tobacco generation endgame to not sell smoking products to anyone born after 2005,” Khairy said via Twitter while attending the World Health Organization (WHO) executive board's 150th session this Monday to Saturday. At 10.31am on Friday, BAT shares had pared losses at RM12.80 each, with 87,200 units traded. At RM12.80, the company had a market value of about RM3.65 billion based on its 285.53 million issued shares. Over the past one year, the counter has fallen from its closing share price of RM13.10 on Jan 29, 2021. During the WHO executive board session, Khairy noted that Malaysia would like to highlight the negative impact of tobacco on non-communicable diseases. He said the country hopes to pass in 2022 a legislation which will bring about a generation endgame to smoking by making it illegal the sale of tobacco and other smoking products to anyone born after 2005. “Malaysia feels this will have a significant impact in preventing and controlling non-communicable diseases,” he added. Read also: Malaysia plans to outlaw sale of tobacco products to those born after 2005

https://theedgemalaysia.com/node/651128

8 Conlay将复工 GDB涨7.4%

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（吉隆坡10日讯）8 Conlay综合发展项目主要承包商GDB控股（GDB Holdings Bhd）今早上涨7.4%，因为该集团已收到KSK Land私人有限公司子公司，即项目业主Damai City私人有限公司的部分款项，即将恢复部分工程。 截至早上9时02分，GDB升2仙，至29仙，共565万股转手。 GDB停工，是因为付款问题。 GDB昨日在文告中指出，将恢复Tower A的幕墙工程，并将于4月初全面复工，前提是Damai City按计划结清欠款。   （编译：魏素雯）   English version：GDB rises 7.4% on resuming work on 8 Conlay

https://theedgemalaysia.com/node/655540

1.1 million Covid-19 vaccines expired as of April 2022 — AG’s report

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KUALA LUMPUR (Feb 16): A total 1.1 million doses of Covid-19 vaccines procured by the government — comprising Cansino, Comirnaty and Astrazeneca — was found to have expired as of April 2022.  Within that period, a total of 71.26 million doses of Covid-19 vaccines had been used up. Of the remaining balance of 11.59 million vaccine doses, 1.1 million vaccine doses expired by between one and 212 days, according to the Auditor-General’s 2019 Series 2 report released on Thursday (Feb 16). “However, the value of vaccine doses procured through government procurement that have expired cannot be determined by the audit. This is because the VMS [vaccine management system] check on the vaccines cannot be categorised based on the vaccine procurement method,” the report said.  Of the total expenditure of RM10.691 billion allocated for the pandemic response, the Ministry of Health (MOH) spent about RM8.01 billion as of April 2022, while the remaining RM581.95 million was spent by the Ministry of Science, Technology and Innovation (Mosti).  In terms of vaccine procurement, the MOH spent about RM4.46 billion out of RM5.58 billion to procure 75.88 million doses of Covid-19 vaccines, consisting of Comirnaty, Astrazenecca, Corona and Convidecia vaccines. The total number of vaccines received during this period is 82.85 million doses, the report said. Last week, Prime Minister Datuk Seri Anwar Ibrahim said certain parts of the procurement of the vaccines were signed off by the relevant minister without the approval or consent of the attorney general. Former health minister Khairy Jamaluddin responded by saying that the entire procurement of vaccines was approved by Putrajaya and confirmed by the Public Accounts Committee (PAC), which investigated the matter. On the other hand, 93 ventilators supplied to the MOH by the company known as “260790-T” could not be used, resulting in an estimated loss of RM13.07 million. “Only 28 of the 136 ventilators supplied by the company (260790-T) to the MOH facility can be used. “The remaining 108 ventilators could not be used because they were in unsafe condition and not suitable for use by patients. Of this total, 15 were returned to the manufacturer to be replaced, while 93 of the ventilators failed technical specification testing and performance and quantity testing,"” the report said.  In addition, the report highlighted that there is an overstock of personal protective equipment (PPE) due to the change in procedure for the use of PPE, as well as a lower number of Covid-19 patients.  “The percentage of boot covers and protective suits used compared to the remaining stock is 2.2% and 3.1% respectively, with a remaining stock of 3.08 million pairs and 0.84 million pairs respectively. These two stocks can last up to 639 and 456 days respectively,” the report said.  For more AG’s Report 2021 stories, click here.

https://theedgemalaysia.com/node/673483

Inflation could go up with enforcement of minimum wage, says Rafizi

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PUTRAJAYA (July 4): The government does not rule out the possibility that the enforcement of the RM1,500 minimum wage for employers with fewer than five workers, which began on July 1, will have an impact on the country's inflation rate, said Minister of Economy Rafizi Ramli. Speaking to reporters at the ministry on Tuesday (July 4), Rafizi said the government had carried out the necessary assessments before deciding to enforce it. “The enforcement of minimum wage order comes with a risk (of inflation) but we (the government) always make sure that the increase in the wage rate can help balance the salary and the cost of living of the workers. That’s our focus. “The nature of the economy is such that there is always inflation. In fact, we hope to keep inflation at a healthy level of around 2%,” he said. The minimum wage order for the entire country was gazetted on April 27, 2022, for implementation from May 1, 2022, while the enforcement of the RM1,500 minimum wage for employers with fewer than five workers, took effect on July 1 this year. Rafizi said the country's inflation rate in May 2023 continued to decline to 2.8% compared to 3.3% in April 2023, marking a nine-month consecutive decrease. “What’s important is that inflation can be absorbed by a wage increase that is commensurate with the value of work and the increase in the prices of goods,” he said. Rafizi said the enforcement of the minimum wage order is also to ensure that people's income increased periodically in line with the rising cost of living.

https://theedgemalaysia.com/node/669531

Sri Lanka surprises with 250bps rate cut, signals rebound from crisis

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COLOMBO (June 1): Sri Lanka's central bank cut its key interest rates by 250 basis points (bps) on Thursday amid easing inflationary pressures, signalling that the South Asian nation was emerging from a devastating financial crisis and ready to focus on growth. The Central Bank of Sri Lanka (CBSL) cut its standing deposit facility rate to 13%, from 15.5% previously, and standing lending facility rate to 14%, from 16.5% previously. Most analysts had expected the bank to keep rates steady. The rates are now at their lowest since March 2022, at the start of the crisis. "Policy interest rates reduced in view of the faster deceleration of inflation, benign inflation outlook and the easing of BOP (balance of payment) pressures, thereby reinforcing the rebound of the economy," the CBSL said. "The rate cuts are expected to accelerate the normalisation of the interest rate structure, broadbase economic activity and ease pressures in financial markets helping steer the economy towards a rebound phase." After the announcement, Sri Lanka's rupee currency rose to its highest since April 2022 at 289 to the dollar while three and six-month government treasury bills eased around 5 percentage points each to 19%-20%. The benchmark Colombo Stock Exchange index rose 1.3% to lift away from five-month lows. The rate cut comes after the key Colombo Consumer Price Index rose 25.2% on year in May from 35.3% in April, reducing some stress on the crisis-hit economy which had crumpled under soaring inflation and its worst financial crisis in over seven decades. The index peaked at a 69.8% year-on-year surge in September last year. The national inflation rate was at 33.6% in April, easing from 73.7% in September. Analysts said with the CBSL having successfully dealt with inflationary pressures, it was critical to now boost the economy. "This can possibly be seen as an end to the crisis," said Sanjeewa Fernando, a senior vice-president at Asia Securities in Colombo. "Our projection is inflation will end the year at 5%. Having dealt with inflationary pressures, CBSL is now shifting gears to spurring growth." The International Monetary Fund (IMF) has set Sri Lanka an inflation target of 15.2% for this year but the CBSL is eyeing a more ambitious target of single digit inflation by September. "Headline inflation is forecast to reach single digit levels in early Q3-2023, and stabilise around mid-single digit levels over the medium term," the bank said. Thirteen out of the 15 analysts and economists polled by Reuters had expected the central bank to hold benchmark rates steady at its fourth policy rate announcement this year. The central bank raised rates by a record 950bps last year to tame inflation and by 100bps on March 3 this year. "If the domestic debt restructuring can be finalised as soon as possible then we may see further rate cuts on the cards, perhaps as early as August, bringing down rates at an accelerated pace," said Dimantha Mathew, head of research at Colombo-based investment bank First Capital Holdings. Sri Lanka secured a US$2.9 billion bailout from the IMF in March and aims to complete debt restructuring talks by September, coinciding with the first review by the lender. The IMF expects GDP to contract 3% this year after a 7.8% contraction last year. The CBSL said it expects domestic economic activity to rebound gradually from late 2023. The central bank said faster deceleration of inflation and the lower probability of demand pressure during the economic rebound "creates space for a gradual policy relaxation in the period ahead".

https://theedgemalaysia.com/node/670739

RHB IB upgrades construction sector to 'overweight'

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KUALA LUMPUR (June 12): RHB Investment Bank (RHB IB) has upgraded the construction sector to 'overweight' from 'neutral' mainly due to its upgrade on Gamuda Bhd, which accounts for 36.5% weightage on the KL Construction Index. "Additionally, we take note of dissipating headwinds in the form of a more manageable building material cost environment and reasonable supply of labour to support construction progress,” it said in a note on Monday (June 12). The research house views it as a strategic hedge for any downside risks stemming from the domestic construction sector, with top picks being Gamuda, Sunway Construction Group Bhd (SunCon), and Kerjaya Prospek Group Bhd. Overall, RHB IB believes the three construction groups can weather any downside risks pertaining to local big ticket infrastructure jobs.   It noted that Gamuda has a sizeable presence overseas as over 70% of its order book comes from overseas. Meanwhile, net-cash Kerjaya Prospek has a framework arrangement with Samsung C&T that enables it to be exposed to more private sophisticated jobs.   “We also favour SunCon for its diverse tender book comprising internal jobs plus data centres and factories, under which the Song Hau 2 Power Plant project in Vietnam (pending financial close) could boost the order book by circa RM6 billion,” it added. RHB IB said the value of construction work done in the first quarter of 2023 (1Q2023) reached RM32.2 billion, up 9.2% year-on-year. During this same period, the construction sector’s economic output grew 7.4% year-on-year (y-o-y), marking the fourth consecutive quarter of y-o-y growth, it added. Meanwhile, it noted that as Mass Rapid Transit 3 (MRT3) contract rollout could likely take a longer time — sometime in late 4Q2023 or early 1Q2024 — contractors may fill in the temporary void of local infrastructure jobs by focusing on industrial ones.   “Prospects for industrial properties remain resilient considering foreign investments, eg data centre providers from Singapore relocating to Malaysia,” it added. RHB said the 1Q2023 underperformance was a “temporary blip”, adding that out of the 10 companies that reported results, one came in line, one exceeded expectation, and eight fell below estimates.   “Most contractors had projects that were still at their initial stages. Hence, progress billings have yet to pick up. We believe the adequate supply of labour should result in higher revenue recognitions for projects while building materials cost pressures dissipate as projects without cost escalation clauses — secured before the Russia-Ukraine conflict — approach their tail-end,” it added. RHB IB said near- to medium-term pockets of opportunities may also arise from the rollout of other infrastructure projects, particularly the remaining phases of the Pan Borneo Highway Sabah and Sarawak, and the Bayan Lepas Light Rail Transit.

https://theedgemalaysia.com/node/634698

Rosmah's 11th-hour bid to recuse trial judge dismissed

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KUALA LUMPUR (Sept 1): Datin Seri Rosmah Mansor failed on Thursday (Sept 1) in her 11th-hour bid to recuse judge Mohamed Zaini Mazlan from presiding over her graft trial pertaining to the RM1.25 billion solar hybrid project for 369 rural schools in Sarawak. Dismissing her application in the High Court, Mohamed Zaini said the two documents on which the application was based were opinions written by the court’s research team, which were neither prepared for him nor prepared on his instructions. "They remain just that, opinions. They are not my grounds nor did I seek to rely on or use them as a working draft for my judgement. "I hope the research division will forgive me for saying this. But I did not read their opinion. I did my own research and was assisted by counsel in this case through their well written submissions," he said. "Truth be told, I have always done my own work as laborious as it is," he said, adding that he has written more than 200 judgements to date and they were all written by himself. "Anyone can form their own opinions but at the end of the day, the only opinion that matters is my own that will form the basis of my decision," he said. He added that many don't realise how difficult the job of a judge is. "We are not out here to be popular or make popular decisions. We are here to dispense justice," he said, adding that he bore no prejudice to Rosmah or anyone appearing in his court. He said that if he is wrong in his judgement, the appeal court can rectify the decision. "Whatever personal feelings we have, we leave them at the door once we step onto the bench," he said. Earlier, he quipped: "Sorry if I kept everyone waiting; I couldn't find anyone to write my judgement so I had to write my own," drawing laughter from the reporters at the videolink room.  The judge then proceeded to deliver the much-anticipated verdict, which had to be delayed as the court dealt with the recusal application first. It is understood that Rosmah, the wife of former premier Datuk Seri Najib Razak, had filed the application on Tuesday (Aug 30) afternoon. Besides the trial judge's recusal, she also sought to recuse Mohamed Zaini from hearing or making a decision on the case. She has also asked for a stay order on the announcement of her verdict until the disposal of the application or until the completion of police investigations. Her application revolves around the purported "leaked judgement" last Friday (Aug 26), which is currently subject to police investigations. She also cited articles carried by fugitive blogger Raja Petra Kamarudin’s Malaysia Today portal, where one article contained a link to download the alleged 71-page "judgement" prepared by another party. The document contained two separate "judgements" allegedly prepared by the High Court's research unit.  In her application, Rosmah said the existence of the alleged "judgement" has directly or indirectly caused her to lose confidence in the trial judge. Sri Ram, in a brief submission, asked if the defence would be making similar application if the "leaked judgement" pronounced Rosmah as acquitted. Jagjit replied that he would. Sri Ram said the crux of the issue is whether the trial judge's decision would be independent and that there was insufficient material before the court to reach that conclusion. "The threshold for establishing bias has not been met," he said. He argued that the system of judicial research was a practice "accepted and employed" in the US and also many Commonwealth countries. "Singapore has a system of judicial law clerks who write opinions for the judges. Similarly, law clerks in the US Supreme Court write opinions for the justices of the Supreme Court. The question is whether that opinion is the judgement of the court," he said. Sri Ram, a former federal court judge, said he was also offered a research clerk but declined because that was not his inclination. He submitted that the "leaked judgement" is not an attempt to influence the trial judge. Rather the documents were opinions of the writers equivalent of judicial law clerks. "Even if your Lordship requested for the opinions written by the research unit, even if you have gone through it and produced your judgement, it would be perfectly in order," he submitted. Quoting case laws, he argued that if the trial judge agrees with any research papers he had been given, then the judge is entitled "as a matter of pure judicial practice to employ it as part of [his] judgement". "That does not make you a non-independent judge. That does not bring any discredit to the judicial system. "The important point is whether objectively speaking, the accused has received a fair trial and the views that your Lordship is about to pronounce — which all efforts are being to prevent — are your own view, that's all," he said. Sri Ram also said that Rosmah's application relied on Raja Petra's articles and it was "seriously troubling". "In my respectfully submission, I have these comments to make [about the writer of the articles]. He is a fugitive of justice. Secondly, he is a rogue journalist and thirdly, his views alter according to how he is paid and my learned friend described the two research papers as trash and that is the most apt description of Raja Petra Kamaruddin's [articles]; it is trash," he said in his submissions that lasted 16 minutes. Earlier, during submissions, Mohamed Zaini asked Jagjit to clarify how he would categorise the "leaked documents". To this, Jagjit answered he would call it draft judgement prepared for the court. Justice Zaini: Do you see these two documents [as] opinions or draft judgements. Jagjit: [I would say it is] draft judgement. Justice Zaini: Are you insinuating that I would therefore use this in my judgement. Jagjit: I can't insinuate. [That is why we are saying] there is a real danger of bias. During Jagjit's submissions which lasted for about 1 hour 50 minutes, the senior counsel said he was confident that the "leaked judgement" was not written by Mohamed Zaini, as the style and language was different from the judge's previous judgements. He then added that it is prepared by more than one person. He pointed to the words "we submit" in the document and persistently questioned who these "we" were. However, he argued that as the documents were circulated in social media and "found its way to the length and breadth" of the nation, they were now dealing with the issue of perception. "The question I ask myself is no doubt Your Lordship won't be influenced by this but since it has come out, what do we do about it, we have to face it and deal with it," he said. He said that he was looking at the details of the leaked documents, not as a lawyer but rather from the perspective of an ordinary, reasonable man. As such, it appeared as there was a real danger of bias. He added that Rosmah is entitled to vent those reasons before the court. He also pointed out that the prosecution did not make averments to say that the documents were fake. Rosmah, 70, is charged with soliciting RM187.5 million from Jepak Holding Sdn Bhd’s former managing director Saidi Abang Samsudin for the RM1.25 billion project that was awarded by the Education Ministry between April to August 2016. She was also accused of receiving two payments of RM5 million and RM1.5 million from Saidi — at her private residence in Jalan Langgak Duta and at the then prime minister’s official residence in Seri Perdana between Dec 20, 2016 and Sept 7, 2017. The prosecution team also included deputy public prosecutors Ahmad Akram Gharib, Mohd Mustafa P Kunyalam and Poh Yih Tinn. Also in Rosmah’s defence team were Datuk Akberdin Abdul Kader and Azrul Zulkifli Stork. The Edge is covering the trial live here. Users of The Edge Markets app may tap here to access the live report. Read also: Facing a verdict, Rosmah files another application to recuse judge in solar hybrid graft trial  Rosmah fails in latest bid to challenge Sri Ram's appointment as lead prosecutor in solar graft trial Court lodges report on Rosmah's 'judgement', says it's a move to undermine judiciary Rosmah found guilty of all charges, sentenced to 10 years' jail and record RM970 mil fine Rosmah in tears, pleads for compassion Judge dismisses defence's bid for time to prepare for recusal hearing

https://theedgemalaysia.com/node/633068

EVENING 5: Five things you need to know today

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EVENING 5: Najib discharges solicitors in SRC appeal Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today. 1. Datuk Seri Najib Razak discharges Datuk Zaid Ibrahim's law firm during his final appeal against his SRC International conviction. 2. Carlsberg Brewery Malaysia's 2QFY22 net profit more than doubles amid normalising operations and consumer activities. 3. Pharmaniaga's 2QFY22 earnings slumps 94.7%, mainly due to lower sales for its non-concession segment. 4. Bursa Malaysia expects the foreign shareholding in Malaysian markets to recover, though not to pre-Covid-19 pandemic levels. 5. The government plans to introduce a savings scheme for foreign workers to address the issue of them overstaying.

https://theedgemalaysia.com/node/647289

Coffee Break: Wanted: Legends for future generations to look up to

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This article first appeared in Capital, The Edge Malaysia Weekly on May 23, 2022 - May 29, 2022 On the night of May 12, Malaysians were in agony. Not only because traffic in the Klang Valley had returned to normal (read: horrible) after a week of Aidilfitri bliss, but also because Malaysia failed to qualify for the semi-final of the 2022 edition of the Thomas Cup in Bangkok after losing to eventual champions, India. Yes, you read that right — India. Watching the Malaysia vs India quarter-final match on pay TV that is known for going all fuzzy when there’s a drizzle, never mind rain, one of the commentators said: “Years ago, we could have not slept for 48 hours before meeting India and still won.” Oh, how the mighty have fallen! Just a day after we celebrated the men’s team match against Japan — a recent powerhouse in the sport — our men succumbed to the might of Srikanth Kidambi, Satwiksairaj Rankireddy, Chirag Shetty and Prannoy Haseena Sunil Kumar. Just a decade ago, nobody knew these names, except maybe for Srikanth. Those were the days when Datuk Lee Chong Wei ruled the courts, even though he always looked slightly malnourished. Seriously Datuk, now that you have retired, eat a bit more? Being a 90s kid, I am thankful I had the opportunity to grow up watching and learning from our sporting greats — people such as the Sidek brothers, Nurul Huda Abdullah, Datuk Nicol Ann David, Datuk Mirnawan Nawawi, Datuk Azizulhasni Awang and, of course, Lee. Okay, I know the Gen X-ers and Boomers would say that there were many more sporting giants which Malaysia produced before the 90s, and I agree.  All I’m saying is that since the 90s and the early 2000s, it has been a long time since new legends have emerged to walk among us. And that includes in our political and economic sphere. Who will excite the younger generations and bring about those moments that excite the nation? Just last week, the heads of governments of Southeast Asian countries were hosted by US President Joe Biden in Washington, DC. While our dear prime minister is keen to have Tesla invest in Malaysia, unfortunately, it was Indonesian President Joko Widodo that Elon Musk preferred to meet with. There was a time — albeit long gone — when Bursa Malaysia was the largest capital market in Southeast Asia. Then we lost the crown to Singapore, before slipping behind Thailand. I’m pretty sure that Indonesia has also overtaken us. Even in politics, we are still talking about Datuk Seri Anwar Ibrahim and Datuk Seri Najib Razak – two individuals who like talking to each other so much that they recently spent an evening talking about cake and the size of it.  Hey, at least we can still stand tall when it comes to building mega skyscrapers, right? Never mind if they are fully occupied or not, at least every square inch of the city is being developed. Hurray! 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/673033

Euro zone profits still bigger factor in inflation than wages: ECB

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(June 29): A key measure of corporate profitability in the euro zone rose to a record high last quarter, keeping up pressure on inflation as the long-awaited drop in business margins is delayed further, a European Central Bank (ECB) paper showed on Thursday (June 29). Businesses jacked up prices ahead of cost increases last year to push inflation to double digit territory by the autumn, forcing the ECB into rapid rate hikes to cool demand so firms would have to relent and start absorbing higher wage demands. While the ECB often blames quick wage growth for the inflationary pressures, the GDP deflator — a measure of changes in price of all goods and services — rose to four times its historic average last quarter with profits, not wages, contributing most of this. "In the first quarter of 2023, the annual growth rate of the euro area GDP deflator reached a record high of 6.2%, up from 5.7% in the previous quarter, having stood at a low of 0.6% in the second quarter of 2021," the ECB said in an Economic Bulletin article. "The contribution from unit profits has been particularly large over the last three quarters, accounting for roughly 60% of total growth in the GDP deflator," the ECB added. Traditional economic thinking would have pointed to weaker profits given the bloc suffered a recession over the winter but the unique nature of the shocks overwrote the rule book. Households are still sitting on ample savings accumulated during the pandemic, so they keep spending, while energy price volatility created an easier excuse for firms to raise prices. Anticipation of more energy shocks is motivating companies to buffer against further shocks. Even if a drop in margins is not yet evident, the ECB repeated its long-held view that this will eventually come and businesses will start absorbing some of their workers' extra wage demand, thereby taking pressure off the ECB to raise rates. "Looking ahead, the unwinding of pent-up pandemic-related demand, the easing of supply bottlenecks and the dampening impact of monetary policy tightening should mean that firms are under more pressure to absorb strong wage growth and the ensuing growth in unit labour costs using unit profits," the ECB said.

https://theedgemalaysia.com/node/668871

Rafizi denies PKR offered PAS to join Unity Government

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ISKANDAR PUTERI (May 28): PKR deputy president Rafizi Ramli on Sunday (May 28) denied PAS president Tan Sri Abdul Hadi Awang's claim that PKR had offered the party (PAS) to join the Unity Government. Rafizi, who is also Pandan member of Parliament, said he had never heard of such an invitation despite being directly involved in the formation of the government after the 15th general election. "I have never heard (about PAS being offered to join the Unity Government). I am one of the three individuals in PKR who negotiated on the formation of the Unity Government; the other two were (PKR president) Datuk Seri Anwar Ibrahim and (PKR secretary-general) Datuk Seri Saifuddin Nasution Ismail. "I don't know which year this was, but I can tell you that since the beginning of my involvement in the formation of the Unity Government, I know nothing about this (offer), unless there was someone else (who made the offer)," he said. The economy minister spoke to reporters after attending the engagement session on the 12th Malaysia Plan (12MP) half-term review at the Iskandar Puteri City Council here. On Saturday (May 27), Abdul Hadi claimed that certain people had repeatedly approached him to join the Unity Government. Read also: No plans to revise economic growth projection, says Rafizi