KK MART FOUNDER, WIFE AND SUPPLIER CHARGED WITH WOUNDING

RELIGIOUS FEELINGS OVER ‘ALLAH’ SOCKS ISSUE; PLEAD NOT GUILTY p2

W E D N E S DAY, M A RC H 2 7 , 2 0 2 4 t h e e d g e m a l ay s i a . c o m
ISSUE 740/2024

CEOMorningBrief HOME: Keyfield International eyes new vessels amid growing demand from O&G sector p6
MOT unveils licence application framework for motor vehicle inspection p7
Shahrol: Najib had ‘absolute power’ in SRC decision-making p15
WORLD: Baltimore bridge collapses after being hit by S’pore-flagged ship p16
Cocoa breaks US$10,000 record, with pricier chocolate to follow p18

Court rules The Edge did not defame KomarkCorp

in article on manipulation of penny stocks
Report on Page 4.
ICON OFFSHORE

Yinson’s major shareholder

acquires 50.2% stake in
Icon Offshore; triggers
MGO at 63.5 sen per share
Report on Page 3.
 w e d n e s d ay m a r c h 2 7 , 2 0 2 4
the edge ceo morning brief
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KK Mart founder,
wife and supplier
charged with
wounding religious
feelings over ‘Allah’
socks issue; plead
not guilty
by Izzul Ikram
theedgemalaysia.com
SHAH ALAM (March 26): KK Super-
mart & Superstore Sdn Bhd (KK Mart),
its founder and executive chairman Datuk
Seri Dr Chai Kee Kan, his wife Datin Seri
Loh Siew Mui — a KK Mart director —
and four others were separately charged
with intentionally wounding the religious
feelings of Muslims over the display of
socks bearing the word “Allah” at a KK
Mart 24-hour convenience store.
The case will go to trial after Chai, 57,
and Loh, 53, pleaded not guilty to the
charges after it was read before judge Mu-
hamad Anas Mahadzir at the Shah Alam
Sessions Court on Tuesday.
Both individuals were granted separate
bail of RM10,000 with one surety. The
judge fixed mention of the case on April 29.
The charges were framed under Section
298 of the Penal Code, for wounding the
religious feelings of others and if convicted,
the pair faces a jail sentence of one year,
a fine, or both.
KK Mart and the pair are accused of
deliberately intending to hurt the religious
feelings of Muslims by displaying socks
printed with the word “Allah” on a sales
display rack at a KK Mart in Bandar Sun-
way, Petaling Jaya which was seen by a
31-year-old man at 6.30am on March 13.
The pair was represented by Datuk Ra-
jpal Singh, who was assisted by Datuk Da-
2 TheEdge CEO morning brief
published by
(266980-X)
. 603-77218000
tel
Level 3, Menara KLK, 1 Jalan PJU 7/6,
Mutiara Damansara, 47810, Petaling Jaya,
Selangor, Malaysia
h o m e
KK Mart founder Datuk Seri Dr Chai Kee Kan
(right) and his wife Datin Seri Loh Siew Mui
arriving at the Shah Alam Sessions Court
on Tuesday.
vid Gurupatham, Datuk RS Sodhi, Datuk
Theng Book and James Ee, while depu-
ty public prosecutor Datuk Masri Mohd
Daud prosecuted.
Supplier charged with abetment
in pursuance of conspiracy
KK Mart’s former vendor Xin Jiang Chang
Sdn Bhd, which supplied the socks to KK
Mart, three of the company’s directors —
Soh Chin Huat, 61, his wife Goh Li Huay,
62, and the pair’s daughter Soh Hui San,
36 — were charged with conspiring to
commit the offence.
As a result of their complicity in the “Al-
lah” socks offence, they were charged un-
der Section 109 — an offence committed
in consequence of abetment in pursuance
of the conspiracy — read together with
Section 298 of the Penal Code.
Likewise, the three directors were also
granted separate bail of RM10,000 with
one surety. Xin Jiang Chang and the trio
were represented by lawyer Lau Yi Leong.
Similarly, if convicted, they face one
year in jail, a fine, or both.
The “Allah” socks incident on March 13
was posted on social media, stoking a frenzied
publisher + . Ho Kay Tat
ceo
editor - in - chief
. Kathy Fong
chief commercial officer . Sharon Teh
chief operating officer . Lim Shiew Yuin
editors . Jenny Ng . Tan Choe Choe
Lam Jian Wyn
to contact editors : eeditor@bizedge.com
to advertise : advertising@bizedge.com
sam fong/The Edge
Directors of Xin Jiang Chang Sdn Bhd —
KK Mart’s former vendor — Soh Chin Huat,
who is looking down, and Soh Hui San,
who is his daughter.
reaction from various quarters, with some
calling for a boycott of the KK Mart stores.
Three days later on March 16, Chai
publicly apologised, saying he also could
not accept the sale of socks bearing the
word “Allah”.
Xin Jiang Chang’s Chin Huat had pre-
viously said that the socks were obtained
in a bundle from China which arrived in
a batch of 1,200 pairs at their facility in
Batu Pahat, Johor last year.
He said that the socks were sent out
to various KK Mart premises on Jan 29
and claimed that KK Mart employees had
made the mistake of not scrutinising the
socks. The stocks have since been recalled
from all the stores nationwide.
KK Mart on Monday filed a lawsuit
against Xin Jiang Chang at the Kuala
Lumpur High Court, alleging sabotage
of its business in the supply of the socks.
In the suit, KK Mart, the sole plaintiff,
named Xin Jiang Chang and Chin Huat
as defendants.
Read also: Petrol bomb hurled at
KK Mart in Bidor — report
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4
KUALA LUMPUR (March 26): Yinson
Holdings Bhd’s major shareholder has trig-
gered an unconditional mandatory takeover
offer for the remaining shares in Icon Off-
shore Bhd after purchasing a 50.2% stake
in the offshore support vessel (OSV) pro-
vider for RM172.2 million, or 63.5 sen per
share, in cash.
Singaporean trading and logistics firm
Liannex Corporation (S) Pte Ltd is the
ultimate offeror in the takeover offer. It
also serves as a private vehicle for Lim Han
Weng and his spouse Bah Kim Lian, who
are the parties acting in concert, accord-
ing toYinspn’s exchange filing on Tuesday.
Lim is the group executive chairman at
Yinson, a floating production storage and
offloading vessel (FPSO) and OSV provid-
er, with a 23% indirect shareholding and a
1.5% direct stake in the company.
He acquired the 50.2% stake in Icon
Offshore from Ekuiti Nasional Bhd, the
state-owned private equity firm also
known as Ekuinas.
Following the 50.2% acquisition, Lim
through Liannex also extended its offer to
acquire the remaining shares it does not
own, consisting of a cash offer of 63.5 sen
for a 49.8% stake in Icon Offshore and
100% of its warrants or 130.90 million
warrants for 0.1 sen.
The 63.5 sen offer price represents a
discount of 13% to Icon Offshore’s clos-
ing price of 73 sen on Tuesday. Its 0.1 sen
offer price for warrants showed a whop-
ping discount of 42.86% from its warrants’
closing price of 0.175 sen on the same day.
The new shareholder intends to main-
tain Icon Offshore’s listing status.
Notably, Ekuinas has held the majority
stake in Icon Offshore for over a decade,
since its investment in 2012. It is stated in
KUALA LUMPUR (March 26): Malay-
sia and South Korea on Tuesday officially
resumed negotiation on a free trade agree-
ment to boost bilateral trade and invest-
ment between the two countries.
The Malaysia-Korea Free Trade Agree-
ment is expected to cover areas on digital
economy, green economy, supply chain,
and bioeconomy, the Ministry of Invest-
ment, Trade and Industry (Miti) said in a
statement. Negotiations between the two
countries were suspended in 2019.
In the last few years, bilateral trade
between Malaysia and South Korea “has
shown an upward trend that we must con-
tinue to build on”, said Miti Minister Teng-
ku Datuk Seri Zafrul Abdul Aziz.
South Korea is Malaysia’s eight-largest
trading partner while Malaysia is South Ko-
rea’s 12th biggest trading ally. Both countries
are already parties to the Asean-Korea Free
3 THEEDGE CEO MORNING BRIEF
H O M E
ICONOFFSHORE.COM.MY
Yinson’s major
shareholder
acquires 50.2%
stake in Icon
Offshore; triggers
MGO at 63.5 sen
per share
BY JUSTIN LIM
theedgemalaysia.com
Icon Offshore’s 2023 annual report that
Ekuinas has a total of 56.03% stake in Icon
Offshore via Hallmark Odyssey Sdn Bhd as
at March 30, 2023.
Following the transaction, Ekuinas’
shareholding in Icon Offshore is set to
reduce to about 5.83%.
In a separate statement, Ekuinas chief
executive officer Syed Yasir Arafat Syed
Abd Kadir said that the private equity firm
has made a cumulative realised gain of over
RM500 million, derived throughout Ekui-
nas’ holding period of more than 10 years.
The transaction places Ekuinas as
one of the few investors within the O&G
sector to successfully realise its invest-
Malaysia,
South Korea
restart free trade
agreement talks
BY JASON NG
theedgemalaysia.com
Trade Agreement and the Regional Compre-
hensive Economic Partnership Agreement.
In 2023, total trade with South Korea
totalled RM111.1 billion with Malaysia ex-
porting electrical and electronic (E&E) prod-
ucts, oil and gas, metal manufactures, and
scientific equipment. Malaysia also imports
petroleum products, E&E, chemical prod-
ment, Syed Yasir Arafat added.
“With the investor’s track record and
financial stability in the O&G industry, we
consider the transaction to be a win-win
opportunity, mutually beneficial for both
Ekuinas and Icon Offshore shareholders.
“This strategic divestiture is certainly a
reflection of our commitment to maximise
shareholder value and one that leaves Icon
Offshore in capable hands to chart their
next level of growth,” he added.
Icon Offshore has established itself as an
OSV provider in Malaysia and Southeast Asia
that primarily serves the Malaysian and Bru-
neian coasts with a total of 19 active OSVs.
In FY2023, it recorded an active utili-
sation rate of 75%, with an estimated or-
derbook of over RM300 million.
For the full-year of FY2023 (FY2023),
Icon Offshore’s net profit plunged 97.13%
to RM4.86 million, from RM168.92 mil-
lion in FY2022, while revenue dropped
29.52% to RM199.79 million, from
RM283.48 million during the same period.
The weaker earnings were mainly due
to a decline in gain on disposal of property,
plant and equipment of 99.68% in FY2023
at RM649,861, compared to RM206.33
million in FY2022.
In 2022, Icon Offshore disposed of its
sole jack-up rig to Saudi Arabia-based
ADES Arabia Holding for RM381.65 mil-
lion, which resulted in a gain of disposal of
RM196.3 million, significantly boosting the
group’s financial performance in FY2022.
On Tuesday, Icon Offshore’ share price
closed up 3.5 sen or 5% to 73 sen, bringing
the group a market capitalisation of RM395
million.Year to date, the stock has gained 28%
Yinson’s share price settled eight sen
or 3.3% lower at RM2.35 for a market
capitalisation of RM7.2 billion.
ucts, machinery, and parts from South Korea.
Trade relations between Malaysia and
South Korea “has existed for over four dec-
ades, and we also hope to leverage on this
to help us move our target industries up the
global value chain in sectors such as E&E,
medical devices, pharmaceuticals, the green
economy and chemicals”,Tengku Zafrul said.
In terms of investment, South Korea
has been one of Malaysia’s top sources of
foreign direct investment for the manu-
facturing sector. There were 390 projects
worth about RM40 billion have been im-
plemented as of December 2023.
Most of these investments were in
chemical and chemical products, basic
metal products, E&E, petroleum prod-
ucts and food manufacturing products.
There are also around 500 South Ko-
rean companies operating in Malaysia, ac-
cording to Miti.
 w e d n e s d ay m a r c h 2 7 , 2 0 2 4 4 TheEdge CEO morning brief

h o m e

Court rules
KUALA LUMPUR (March 26):The High is not defamatory,” Hayatul Akmal said.
Court on Tuesday ruled that The Edge “The authorities are going after a group

The Edge did

Communications Sdn Bhd did not defame of individuals behind stock price manip-
KomarkCorp Bhd in an article about pen- ulation, asset shuffling, and other unlaw-

not defame
ny stocks nearly three years ago. ful activities using the listed companies,
KomarkCorp had failed to prove its case including the plaintiff, as their vehicles.

KomarkCorp
on a balance of probabilities, said judge In that context, it cannot be considered
Hayatul Akmal Abdul Aziz in delivering defamatory of the plaintiff,” she added.

in article on
her decision. The legal burden lay on the Further, Hayatul Akmal said Komark-
plaintiff throughout the proceedings to Corp had failed to justify all three essential

manipulation of
prove its claim, she noted. elements of defamation, namely, wheth-
“It was all a matter of truth, and that er the statement is defamatory in nature;

until and unless the plaintiff has discharged
the onus to prove its case, on a balance of
probabilities, the burden did not shift to
the defendant, no matter how unbelieva-
ble the defendant might seem,” she said.
“When the plaintiff failed to prove his
case, it would not avail him to turn around
and say that the defendant has not estab-
lished his,” Hayatul Akmal said. “The de-
fendant can say ‘It is wholly immaterial
whether I prove my case or not, you have
not proven yours’.”
In its lawsuit against The Edge, Komark-
Corp was seeking damages and an injunc-
tion to restrain the publication from pub-
lishing the same or similar words arising
from the article in 2021 which it consid-
ered to be defamatory to the company.
The article was a follow-up to an earlier
one entitled Special Report: Hidden hands
behind penny stock surge published in 2020.
Hayatul Akmal also found that the 2021
article entitled Hidden hands behind pen-
ny stock surge under scrutiny does not re-
fer to KomarkCorp, but instead was re-
porting about authorities investigating a
penny stocks
by Chester Tay
theedgemalaysia.com
group of individuals suspected of using
the plaintiff and other companies for un-
lawful purposes.
KomarkCorp is listed as one of the ve-
hicles the alleged individuals used.
“In my considered view, it (the article)
does the statement refer to the plaintiff;
and, has the statement been published to
a third party.
In construing the statement in the arti-
cle, Hayatul Akmal stressed that “it is nec-
essary to consider the actual words used,
and the context in which it was used” and
whether it was libellous in nature.
“I find on the balance of probabilities,
the plaintiff has failed to prove its case,
and it should be dismissed with costs,”
she said, and fixed a cost of RM35,000
payable within 14 days.
The trial for this lawsuit proceeded for
two days on Feb 5 and Feb 7 this year, with
the decision delivered on Tuesday.
During the trial, The Edge CEO and
publisher Datuk Ho Kay Tat and edi-
tor-in-chief Kathy Fong testified for the
publication, while KomarkCorp executive
director Roy Ho Yew Kee testified for the
self-adhesive label company.
The Edge was represented by Messrs
Kanesalingam & Co while KomarkCorp
was represented by Messrs Chong +
Kheng Hoe.

bernama

KUALA LUMPUR (March 26): Econo-

my Minister Rafizi Ramli reassured that all

All Padu data

data on the central database hub (Padu)
is encrypted to protect it from unauthor-

encrypted, Rafizi
ised access.
With encryption in place, Rafizi said,

even if hackers manage to steal data from
Padu, they would still need to go through
the decryption process.
“Unless hackers possess a supercom-
puter capable of decrypting the data, all
information in Padu remains gibberish due
to encryption,” Rafizi told Parliament dur-
ing the question and answer session on
Tuesday.
Padu, launched by Prime Minister Da-
tuk Seri Anwar Ibrahim on Jan 2, aims to
enhance distribution of resources, especial-
ly government subsidies and assistance to
deserving individuals.
The government has set a deadline for
Malaysians to register and update their de-
tails on Padu on March 31, with no plans
to extend this deadline.
Concerns over data security and priva-
assures
by Choy Nyen Yiau
theedgemalaysia.com
cy have been raised by leaders from Sabah
and Sarawak, prompting the Sarawak gov-
ernment to halt the registration process
in the state, pending improvements to its
implementation.
In response, Rafizi reiterated that
the Padu system strictly adheres to in-
ternational standards such as OWASP
Top Ten and the National Institute of
Standards and Technology.
He also said the system successfully
withstood approximately two million cy-
berattacks per day during the first month
after its launch, with no data breaches.
“Based on the cyberattacks we record-
ed, many originated from abroad, which is
why we decided to implement geo-fenc-
ing,” Rafizi added.
w e d n e s d ay m a r c h 2 7 , 2 0 2 4 5 TheEdge CEO morning brief
 w e d n e s d ay m a r c h 2 7 , 2 0 2 4
KUALA LUMPUR (March 26): Oil and gas
(O&G) services firm Keyfield International
Bhd, which primarily charters accommoda-
tion vessels, plans to acquire new vessels to
ride on growing demand from local oil and
gas firms, subsequent to its initial public offer-
ing (IPO) that would raise up to RM188.06
million.
Group chief executive officer Datuk Dar-
ren Kee said the company aims to strengthen
its market share through the expansion of its
fleet, in addition to broadening its service of-
ferings, which include the chartering of an-
chor handling tug and supply vessels.
Keyfield International has already ac-
quired a vessel earlier this year, he told the
press, adding that it is still eyeing two more
vessels to meet the growing demand from
local firms.
Keyfield International currently possess-
es eleven vessels and has witnessed steady
increase in utilisation rate since 2021. For
9MFY2023, the company registered a uti-
lisation rate of 82%, as compared to 62.4%
in the previous year’s corresponding period.
Its own vessels contributed 67.5% of its
RM310.92 million total revenue during the
same period, while third-party vessels con-
tributed 32.5%.
“After we repay the various instruments
used to buy the few vessels in the past [with
the proceeds], we will be in a good position
to generate cash from our order book and
we intend to use part of that to potentially
look at the new vessels,” chief financial of-
KUALA LUMPUR (Mar 26): Bank Negara
Malaysia (BNM) has not issued any direct
instruction to the takaful industry to repat-
riate its overseas investment income in order
to help strengthen the ringgit, according to
the Malaysian Takaful Association (MTA).
MTA chief executive officer Mohd Radzuan
Mohamed said this may be because takaful
operators generally do not have a significant
overseas exposure in their investment portfolio.
“So far from the association’s point of
view, we have not received any direct instruc-
tion from BNM for us to repatriate [over-
seas investment income],” he said at a media
briefing on Tuesday.
“Most of our assets are placed locally in
Malaysia. Typically, we use overseas funds to
spread our risk so that in the long run our
asset and liability is much more balanced.
It’s just a matter of diversification rather than
really looking for profit making,” Mohd Rad-
zuan added.
On March 20, BNM said it found rising
foreign currency holdings among Malaysian
corporates, exporters and importers, result-
ing in an imbalance that weakened the ringgit
in the short run.
On top of the call to state-owned compa-
nies, the central bank “strongly urged” Ma-
6 TheEdge CEO morning brief
h o m e
Keyfield
International eyes
new vessels amid
growing demand
from O&G sector
by Hee En Qi
theedgemalaysia.com
ficer Eugene Kang told the press after the
prospectus launch.
The company saw an estimated market
share of 23.7% for FY2023, based on the total
number of days per annum Malaysian-flagged
accommodation work boats were chartered.
In comparison, the company saw a market
share of 20.1% in FY2022 and 16.2% in
FY2021.
On the financial front, it posted a net profit
of RM83.35 million or 10.4 sen per share for
9MFY2023, more than double the RM36.05
million or 4.5 sen per share logged in the pre-
vious year’s corresponding period.This trans-
lates to a price-to-earnings ratio of 8.7 times
based on the IPO price of 90 sen per share.
The company reported an outstanding or-
derbook of RM662.6 million as at Feb 29,
2024, with the tenure of contracts ranging
between several months and three years.
Takaful industry
says no directive
from BNM to
repatriate overseas
investment income
by Emir Zainul
theedgemalaysia.com
laysian businesses from all sectors to repat-
riate their overseas investment income and
convert export proceeds back to the ringgit
to support efforts to manage short-term pres-
sure on the local currency.
Then on Monday, the Federation of Ma-
laysian Manufacturers revealed that BNM
also held an engagement session with cham-
bers of commerce, business councils, trade
associations and chief executives of Malay-
sian companies to tell them to defer new
investments and hedge investments abroad
as part of a “whole-of-nation approach” to
help prop up the ringgit.
However, Kee said the biggest challenge
for the group is to find suitable vessels at the
right price, as it faces a shortage of suitable
vessels that meet its tender requirements.
“We are very aware of the opportunities [in
the industry]. At the same time, we are very
careful about what we want to do in terms
of fleet expansion. We don’t want to blindly
buy good vessels at high prices just to fulfil
our orders,” he told the press after the pro-
spectus launch.
Furthermore, Kee noted that the group
faces some resistance from banks in terms
of financing to acquire vessels, partly due to
the last round of downturn. He said the ac-
commodation vessels from the company can
still be used for other activities, even though
it primarily serves the O&G sector.
Keyfield International’s IPO is priced at 90
sen apiece and consists entirely of new shares,
according to its prospectus.The company al-
located 40 million shares to the public, 24
million shares to eligible persons, and 144.96
million shares to Bumiputera and selected
investors through private placement.
The existing shares are not for sale, Kang
told The Edge at the sidelines, as the compa-
ny remains confident in its growth potential.
Applications for the IPO will close on April
3 and listing has been scheduled for April 22.
Read also: Keyfield International begins
taking orders for IPO to raise up to RM188
mil
Takaful fund assets grew 11.6% in 2023
Earlier, MTA chairman Elmie Aman Najas
said takaful fund assets expanded 11.6% year-
on-year to RM55.7 billion in 2023, outpacing
that of the overall insurance sector.
Meanwhile, a total of RM8.74 billion in
benefits and claims was distributed by takaful
operators in 2023, representing a 24.4% in-
crease compared to 2022, Elmie said.
Family takaful accounted for 77.69% of
that, or RM6.79 billion, while general takaful
paid out RM1.95 billion.
“The importance and benefits of takaful are
gaining greater traction, as evidenced by the
consistent inforce certificates following a strong
year in new certificates in the previous year.
“This signifies that participants continue
to fulfil their contribution obligations, indicat-
ing a sustained awareness of financial planning
and retention among participants.The indus-
try-wide awareness initiatives are translating to
tangible outcomes, with takaful products con-
tinuing to be a preferred option,” Elmie said.
Looking ahead, he said MTA expects the
takaful industry to maintain steady momentum
in 2024, reflecting the forecast for Malaysia’s
overall economic expansion.
Read the full story
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4
KUALA LUMPUR (March 26): The
Ministry of Transport has unveiled a
framework for interested parties to ap-
ply for a motor vehicle inspection licence
starting June 1, which would pave the way
to breaking a current monopoly held by
Puspakom Sdn Bhd.
The detailed guidelines will be made
available by April 15, and a briefing session
with stakeholders on conditions required
to apply for the licence is scheduled on
April 23, said Transport Minister Anthony
Loke Siew Fook in a statement on Tuesday.
Applicants are required to be companies
with a minimum paid-up capital of RM10
million and equipped with working capital
of at least RM5 million to ensure sustain-
ability of operations, said Loke.
Licence holders are only allowed to car-
ry out inspections under the Road Trans-
port Act 1987, and are not allowed to offer
services that involve vehicle repair, mod-
ification, sale of spare parts, or sale of ve-
hicles itself or any related transactions, to
avoid conflict of interest.
In terms of locations, Loke said it will
be solely determined by the Transport
Ministry, and every licence-offering will
come with a pair of locations — one each
for urban and rural areas.
“Applicants are required to develop and
operate both locations simultaneously.The
list of locations will be made known during
a briefing session,” he said.
KUALA LUMPUR (March 26): Any
decision on the reopening of the foreign
worker quota will be made only after the
government obtains complete information
on unused quotas by May 31, says Human
Resources Minister Steven Sim.
Additionally, the government will con-
sider the outcomes of the Workforce Re-
calibration Programme 2.0 (RTK2.0),
which concludes on June 30.
Citing the Immigration Department’s
records, Sim mentioned that there are ap-
proximately 2.17 million foreign workers
in the country.
“At the moment, the government is
maintaining the freeze on new quotas for
foreign workers as the number of migrant
workers has almost reached the target out-
lined in the 12th Malaysia Plan (12MP),
which aims to keep them below 15% of
the total workforce by 2025,” Sim told
the Dewan Rakyat on Tuesday.
Sim said that based on findings from
regulatory agencies by sector, the estimat-
ed workforce required is 308,570.
“Thus, the consideration for new quo-
tas will depend on the remaining balance
from the projected 15% of the workforce,
after updating details on the active ones
7 THEEDGE CEO MORNING BRIEF
H O M E
MOT unveils
After an applicant is deemed eligible,
the Transport Ministry and Road Trans-
licence application
port Department (JPJ) will provide an in-
terim approval that spans 24 months, as a
framework for
period of preparation and development of
the service offerings, said Loke.
motor vehicle
“Any party that within this period of
time is found to have failed to complete
inspection
all the preparation processes will have the
interim approval revoked and will not be
granted a licence,” he said.
Parties that successfully complete all
BY CHESTER TAY the development processes and is certified
theedgemalaysia.com by JPJ to be capable of starting operations
will be granted a licence to carry out the
function of motor vehicle inspection for
ZAHID IZZANI/THEEDGE a maximum period of 10 years, with the
ability to continue for another period to
be determined later.
During the entire licensed period, suc-
cessful applicants are required to pay a de-
posit of RM250,000, or equivalent to 5%
of the minimum working capital.
Puspakom, a wholly owned unit of
DRB-Hicom Bhd, has been the only
comprehensive national vehicle inspec-
tion company appointed by the Malay-
sian government since 1994.
Puspakom’s concession is slated to ex-
pire on Aug 31, 2024. Parties interested
to attend the briefing on details of the
vehicle inspection licence application on
April 23, can register their attendance at
https://bit.ly/pemeriksaankenderaan.
Govt awaits
It aims to regularise illegal immigrants
as legally employed foreign workers under
unused foreign
qualified employers, subject to stringent
conditions determined by the govern-
worker quota
ment through collaboration between the
Malaysian Immigration Department and
info, RTK2.0
the Ministry of Home Affairs. Qualified
employers include those in sectors such
outcome before
as manufacturing, construction, agricul-
ture, plantation, mining and quarrying,
deciding on
and security.
Meanwhile, the government has ad-
reopening them
vanced the deadline for the entry of
foreign workers to May 31, shifting it
from the previous deadline of Septem-
ber 2024. Additionally, any unused for-
BY CHOY NYEN YIAU eign worker quotas will be cancelled by
theedgemalaysia.com March 31.
On a separate note, Sim mentioned that
and upon the conclusion of the RTK2.0 a joint committee between the Ministry
programme,” Sim added. of Human Resources and Home Ministry
He said that any unused quota will pri- decided on Jan 16 to implement a more
oritise critical sectors requiring manpow- systematic and less bureaucratic recruit-
er and those capable of generating a high ment process, including reducing the re-
impact on the country’s economy. cruitment process of foreign workers from
The RTK2.0 Programme, initiated by 29 months to 15 months.
the government, serves as a targeted em- “This new policy will commence once
ployment strategy to address the demand the government lifts the freeze on the new
for foreign workers. quota,” he said.
 w e d n e s d ay m a r c h 2 7 , 2 0 2 4
KUALA LUMPUR (March 26)):The De-
wan Rakyat on Tuesday passed the Income
Tax (Amendment) Bill 2024 and the La-
buan Business Activity Tax (Amendment)
Bill 2024.
The bills were approved after the third
reading by Deputy Finance Minister Lim
HuiYing after the committee considered the
proposed motion without any amendments.
Earlier, Minister of Finance II Datuk
Seri Amir Hamzah Azizan presented the
Income Tax Bill aimed at amending the
Income Tax Act 1967 (Act 53).
It involves sections 1 to 9 to implement
amendments for the improvement of tax
policy and administration. Among them,
section 2 aims to replace the definition of
“capital asset” in subsection 2(1) Act 53,
and section 3 aims to amend section 15c
of Act 53 to clarify the disposal of shares
in a controlled company.
These amendments to sections 2, 3, 4,
8, and 9 will come into effect upon the
Malaysia Gold
Association calls for
higher threshold,
lowest tax rate for
gold jewellery in
high value goods tax
by Luqman Amin
theedgemalaysia.com
KUALA LUMPUR (March 26):The Ma-
laysia Gold Association (MGA) is propos-
ing that the government impose a higher
threshold of RM50,000 and a tax rate of
5% — the lower end of the proposed range
— for gold jewellery in the implementation
of the high value goods tax (HVGT).
MGA said that this is crucial to ensure
the survival of thousands of gold jewellers
and traders in the country and to minimise
the impact of the tax regime on the gold
jewellery industry in Malaysia.
The HVGT, formerly known as the lux-
ury goods tax, is slated to be implemented
on May 1 this year — less than two months
from now. The tax rate is in the range of
5% to 10%.
Currently, details regarding HVGT are
scant. The government has yet to define
what would fall under “high value goods”
and the threshold in which the items will
be subjected to the tax.
The newly re-elected president of
MGA, Datuk Wira Louis Ng, said with
8 TheEdge CEO morning brief
h o m e
Dewan Rakyat
passes Income
Tax, Labuan
Business Activity
Tax (Amendment)
Bills 2024
Bernama
enactment of this Act. Sections 5 and 6
are deemed to have come into effect on
Jan 1, 2024, while section 7 will come into
effect for the 2024 assessment year and
subsequent assessment years.
Lim said the intention of implementing
capital gains tax is to broaden the tax base
reuters
the evolving volatility of the precious met-
als market worldwide due to geopolitical
tensions, as well as the ongoing econom-
ic challenges in Malaysia, the association
is inclined to take up important roles to
maintain the stability and survival of the
gold industry in the country.
In addition to this, MGA also pointed out
that with the mandatory implementation of
electronic invoicing (e-invoicing) from Aug
1 onwards, conventional jewellers may face
difficulty adhering to the new ruling.
“Some conventional jewellers may have
difficulties due to challenges in adapting to
new technologies, integrating e-invoicing
with existing systems, and ensuring staff pro-
ficiency in this digital transition,” MGA said.
Beginning Aug 1, taxpayers with an an-
nual turnover exceeding RM100 million
will be mandated to comply with the e-in-
voicing requirements under the first phase
of the initiative.
E-invoicing will be implemented in
phases for different revenue groups and
by July 1, 2025, all taxpayers undertaking
commercial activities will be required to
adopt the e-invoicing system.
and align with international best practices.
Apart from that, the implementation of
capital gains tax is also important to sup-
port fair and equitable tax reform in line
with the aspirations relating to the principle
of social justice, which is a cornerstone of
the Madani government.
Meanwhile, the Labuan Business Ac-
tivity Tax (Amendment) Bill 2024 aims to
amend the Labuan Business Activity Tax
Act 1990 (Act 445), involving two clauses.
These amendments are deemed to have
come into effect on Jan 1, 2024.
Clause 1 contains the short title and
commencement of the proposed Act,
while Clause 2 aims to amend subsec-
tion 22da(6) of Act 445 to require elec-
tronic trading platform providers to issue
self-billed invoices according to the terms
and specifications determined by the Di-
rector-General.
Both bills will not involve the govern-
ment in any additional expenditure.
Increased food prices
at Ramadan bazaars
due to higher rental
cost, not SST — PM
Bernama
KUALA LUMPUR (March 26):The in-
crease in food prices at Ramadan bazaars
is not due to the implementation of the
sales and service tax (SST), but rather
the high rental cost of bazaar lots, Prime
Minister Datuk Seri Anwar Ibrahim said.
Anwar said the high rental costs are
partly due to some traders renting the
lots from agents, who take advantage of
the situation, instead of renting directly
from the local authorities.
“I acknowledge there is a slight in-
crease in the prices, but I don’t think
it’s because of the service tax because
according to the Statistics Department’s
survey, the increase is only around 0.2%,
and Ramadan bazaars have no direct
relevance to the SST,” he said.
Anwar said this in reply to Datuk
Seri Takiyuddin Hassan (PN-Kota Bha-
ru) on the government’s plan the plans
to mitigate the hike in food prices and
Ramadan bazaar operational costs fol-
lowing the increase in the service tax
from 6 to 8%.
The prime minister explained that if
the government does not implement the
SST, it is feared to have negative effects
on the economy and national revenue.
w e d n e s d ay m a r c h 2 7 , 2 0 2 4 9 TheEdge CEO morning brief
 w e d n e s d ay m a r c h 2 7 , 2 0 2 4
KUALA LUMPUR (March 26): Plan-
tation firm Kim Loong Resources Bhd’s
net profit for the fourth quarter ended
Jan 31, 2024 (4QFY2024) fell 32.09%
to RM24.87 million, from RM36.61
million a year ago, on weaker palm oil
prices.
This is the weakest quarterly earnings
in three years since 4QFY2021 when it
delivered a net profit of RM10 million.
Earnings per share for the quarter
under review came in at 2.56 sen against
3.79 sen in 4QFY2023, the group’s
bourse filing showed.
Quar terly revenue also dropped
15.44% to RM365.16 million, from
RM431.82 million a year before.
The planter declared a second inter-
im single tier dividend of five sen per
share, payable on May 15, 2024, tak-
ing the total dividend payout to 13 sen
for FY2024, versus 15 sen in FY2023.
For the full year, net profit dipped
8.97% to RM147.71 million from
RM162.26 million a year earlier, as
full year revenue declined by 20.02%
to RM1.53 billion from RM1.91 million.
KUALA LUMPUR (March 26): Glomac
Bhd’s net profit jumped by over 800%
to RM3.81 million for its third quarter
ended Jan 31, 2024 (3QFY2024), from
RM419,000 a year earlier, driven by higher
revenue from its property development and
property investment business.
Quarterly revenue increased 35.38%
to RM89.35 million from RM66 million
last year, the real estate developer said in
an exchange filing on Tuesday.
On quarter-on-quarter basis, the
group’s net profit saw a similar surge
from RM483,000 in 2QFY2024, while
revenue rose 60.14% from RM55.8 mil-
lion, thanks to improved sales from its
completed projects.
Glomac said it had during the quarter
under review launched Allamanda, the lat-
est phase of double-storey terrace houses
at Saujana KLIA, with a total estimated
gross development value (GDV) of RM35
million.
“The highly successful Saujana KLIA
township has continued to enjoy strong
take-up rates, with all previous phases of
terrace houses and shop offices fully sold.
This includes the preceding phase, Prim-
rose which has been completed, and suc-
cessfully handed over to buyers in Janu-
ary 2024.
“Keys at Lakeside Residences compris-
es 98 semi-detached houses with a total
estimated GDV of RM234 million. The
first release of 42 units met with strong in-
terest. New units are expected to be rolled
10 TheEdge CEO morning brief
h o m e
RM4,898 per tonne and FFB RM920
Kim Loong’s 4Q in FY2023.
On its prospects, the management tar-
net profit falls to gets to achieve at least 5% higher FFB
production for the current financial year
three-year low on ending Jan 31, 2025 (FY2025), after tak-
ing into account the better age profile of
weaker palm oil young palm productive area and on-go-
ing replanting programme.
prices, declares The group has targeted to replant
about 1,000 hectares in FY2025.
five sen dividend For palm oil milling operations, the
management targets to achieve a total
processing throughput of 1.6 million
by Justin Lim tonnes of FFB. It also expects its biogas
theedgemalaysia.com plant at Telupid, which has commenced
supply of power to grid since December
Kim Loong attributed the weaker an- 2023, to contribute positively to revenue
nual performance to a sharp decline in as well as profit from FY2025 onwards.
both the average selling prices of fresh “Based on the above, we expect
fruit bunches (FFB) and crude palm the group to perform satisfactorily for
oil (CPO), which fell by 23% and 22% FY2025,” it added.
respectively. On Tuesday, Kim Loong closed un-
For FY2024, the average selling price changed at RM2.17, valuing the group
(ASP) for CPO stood at RM3,819 per at RM2.12 billion.
tonne, and FFB at RM712. Over the past one year, the stock has
In comparison, CPO’s ASP was gained 23%.
out concurrently,” the group added in a
Glomac’s 3Q net statement accompanying its results.
For the first nine months of FY2024,
profit surges on Glomac’s net profit was down 52% to
RM8.36 million from RM17.41 million
higher property in the same period of FY2023, amid lower
contributions from the property develop-
development ment segment and higher finance costs,
the group said.
revenue Nine-month revenue slipped 2.22%
to RM205.26 million from RM209.93
million.
by Anis Hazim “Revenue for the period was driven by
theedgemalaysia.com steady construction activities at the group’s
ongoing development projects namely, 121
Residences, Plaza@ Kelana Jaya and ongo-
ing phases at Saujana KLIA and RUMA
Glomac’s quarterly financial 33 at Saujana Utama 5,” said Glomac.
performance Commenting on its outlook, the group
said that it is cautiously optimistic about
Net profit/loss Revenue improvement in the property market.
(RM mil) (RM mil) “Despite growing concern over infla-
15 131.1 150 tion, we can see a pickup in sales and sta-
bility in labour supply and interest rates,”
12 120 it noted.
89.4 Meanwhile, the group will remain fo-
9 78.4 90
65.5 cused on the affordable and mid-market
6 60 residential segments, where it has suc-
66.0 60.1 55.8 cessfully built a strong brand with quali-
3 30 ty, innovative and digital lifestyle concepts
5.19 11.8 0.4 13.9 4.1 0.5 3.8 products.
0 0 Glomac’s share price closed up 1.5 sen
1Q 2Q 3Q 4Q 1Q 2Q 3Q
or 4.23% at 37 sen on Tuesday, with a
FY2023 FY2024
market capitalisation of RM296.03 mil-
Source: Bursa Malaysia
lion. The stock has risen 19.35% in the
past one year.
 w e d n e s d ay m a r c h 2 7 , 2 0 2 4
KUALA LUMPUR (March 26): Hong
Leong Investment Bank Bhd (HLIB) and
Phillip Capital Sdn Bhd have kept their
calls on UWC Bhd after the group’s first-
half results missed expectations.
HLIB noted that UWC’s 1HFY2024
core profit after tax and minority interest
(Patami) of RM5 million missed expecta-
tions due to a lower-than-anticipated rev-
enue and earnings before interest, taxes,
depreciation and amortisation (Ebitda)
margin.
Despite the stagnant RM120 million
order book, it cited UWC’s optimistic busi-
ness outlook, as it increases capacity for
front-end semiconductor work and electric
vehicle (EV) projects.
“It targets to complete Phase 2 of its
new facility in Batu Kawan Industrial Park
by December 2024, while the new Taip-
ing facility is ready for fabrication works.
It has commenced mass production for
one of its EV battery tester models and
expects two more in the pipeline to mate-
Analysts’ calls on UWC post-2QFY2024’s earnings
Broker
Phillip Capital
HLIB
Source: Bloomberg, research note
KUALA LUMPUR (March 26): Analysts
have maintained an “overweight” rating
on the construction sector owing to on-
going government projects such as the
Sabah Pan Borneo Highway and flood
mitigation works.
CIMB Securities Sdn Bhd (former-
ly known as KAF Equities Sdn Bhd)
said that tender activities for Phase 1B
of Sabah Pan Borneo Highway seem to
be picking up with the award of several
new contracts.
The Sabah Pan Borneo Highway Phase
1B portion — collectively worth RM15.7
billion — involves 20 work packages with
about RM785 million per package, ac-
cording to CIMB Securities.
“The four packages have been awarded
on March 22, with physical works poised
to start on April 1. As for the balance of
16 packages, the tender exercise should
be wrapped up by this month [physical
work by May],” CIMB Securities said in
a note on Tuesday.
The stockbroking firm noted that 300
companies have applied for the Phase 1B
tender, and it expects that it would take
a few months to shortlist the candidates.
“There is a noticeable absence of list-
ed construction proxies involved in the
construction of Pan Borneo Sabah thus
11 TheEdge CEO morning brief
h o m e
Research houses UWC Bhd
maintain calls 10
Vol (mil) RM
4.0
despite UWC 1H 8
results missing 6 RM3.25
3.5
expectations 4
*RM3.15 3.0
by Isabelle Francis
2
theedgemalaysia.com
0 2.5
rialise in 2HFY2024,” said the bank while Mar 27, 2023 Mar 26, 2024
maintaining a “hold” rating but cutting *As at 11.48am on Mar 26, 2024
Source: Bloomberg
the target price to RM2.99, citing risk-re-
ward fairness.
Meanwhile, Phillip Capital cut its fore- Overall, 6MFY2024 core net profit of
cast on UWC’s earnings in 2024 by 24% RM5.5 million (-88% year on year) missed
due to a protracted recovery and high- our and consensus expectations, account-
er-than-expected costs in the second ing for 10% and 6% of respective estimates.
quarter. “The deviation against our forecasts
was due to slower-than-expected sector
recovery affecting revenue and margin dis-
appointment,” it added.
Recommendation Target price (RM) Despite the challenges, the house reiter-
Buy 4.31 ated a “buy” rating and a 12-month target
Hold 2.99
price of RM4.31, while noting possible
risks such as an extended market recov-
ery and consistent customer order delays.
Holdings Bhd and Malaysian Resources
Analysts keep Corp Bhd (MRCB).
Other contractors with exposure in
‘overweight’ on Sabah (including the supply of pre-cast
products) include Gabungan Aqrs Bhd,
construction Gadang Holdings Bhd, Bina Puri Hold-
ings Bhd, and TRC Synergy Bhd.
sector, favours “From a risk perspective, we highlight
that the project’s margins may be com-
key players in Pan pressed amid stiff competition for the
soon-to-be-awarded work packages un-
Borneo project, der Phase 1B. On the contrary, we pos-
it that it is still possible for some of the
flood mitigation cost-competitive contractors to emerge
as multiple winners when the tenders
close,” it added.
by Anis Hazim
theedgemalaysia.com Flood mitigation projects in focus
On the other hand, RHB Investment Bank
far — most, if not all of the appointed Bhd kept its “overweight” call on the con-
contractors for Phase 1A and the first struction sector on the back of the govern-
four packages of Phase 1B are private- ment’s RM11.8 billion flood mitigation
ly held entities. However, we expect the projects across 33 high-priority projects.
listed contractors to be at the forefront of “Flood mitigation projects remain a
the remaining bids, as the project’s fund- crucial aspect for the country’s infrastruc-
ing mechanism becomes clearer,” it said. ture. This should benefit contractors with
In the meantime, CIMB Securities a track record in flood mitigation works,”
advises investors to focus on contrac- RHB said in a note.
tors with a good track record in Sabah
and possess a strong balance sheet such
as Gamuda Bhd, IJM Corp Bhd, WCT Read the full story
 w e d n e s d ay m a r c h 2 7 , 2 0 2 4
Over 300 cops sacked from
2022-Feb 2024, Senate told
KUALA LUMPUR (March 26): A total
of 302 policemen have been sacked for
various offences between 2022 and last
month, the Dewan Negara was told on
Tuesday. Deputy Home Minister Datuk
Seri Dr Shamsul Anuar Nasarah said the
Royal Malaysian Police (PRDM) would
not compromise with any officer or
member who violates regulations and
laws. “We have the Inspector General of
Police’s Standing Order (PTKPN) and the
Independent Police Conduct Commission
(IPCC). PDRM is serious about ensuring
that officers and members maintain high
levels of discipline and integrity. “Officers
and members found guilty of offences are
subject to disciplinary procedures and
existing laws. All decisions and penalties
are based on the facts of each case by
the PDRM Disciplinary Board and the
Home Ministry,” he said when replying to
a question from Senator Datuk Seri Ti Lian
Ker. — Bernama
Scientex 2Q net profit climbs 33%
as billings rise, new launches help
KUALA LUMPUR (March 26): Malaysian
property developer and packaging
company Scientex Bhd’s net profit
climbed 33% in the second quarter from
a year earlier thanks to higher progress
in billings and sales from new launches.
Net profit for the three months ended Jan
31, 2024, rose to RM141.01 million from
RM106.29 million a year earlier, Scientex
said in an exchange filing. Revenue for
the quarter increased by 12% to RM1.09
billion from RM978.39 million. Looking
ahead, Scientex remains optimistic about
the resilient demand for affordable homes
in FY2024, as the group aims to achieve
the completion of 50,000 affordable
homes by 2028 across seven states.
“As part of our cross-border expansion
strategy, we are committed to expanding
our affordable property presence across
the country, currently spanning seven
states, with ongoing strategic land
acquisitions expected to contribute
positively to future performance,” its
CEO Lim Peng Jin said in a statement.
Scientex’s ongoing implementation of
solar photovoltaic systems across its
factories will help off-set high energy
costs while advancing its sustainability
efforts, Lim said while flagging a
challenging operating environment for
the company’s packaging business due to
rising costs. No dividend was declared for
the quarter. — by Syafiqah Salim
12 TheEdge CEO morning brief
h o m e
news In brief
TIME dotCom CFO Shahnaz
Farouque resigns to pursue other
opportunities
KUALA LUMPUR (March 26): TIME
dotCom Bhd said its chief financial officer
(CFO) Shahnaz Farouque Jammal Ahmad is
resigning from the position effective May
15 “to pursue other career opportunities”.
Shahnaz, 49, was appointed as the internet
services group’s CFO in October 2021.
Prior to that he served as the CEO of CIMB
group’s wholesale banking, and before that since July 2023, has diverse experience
as the banking group’s CFO, noted TIME in accounting, finance and investments,
in a bourse filing on Tuesday. Shahnaz is the group said. Her past experiences
also an independent and non-executive included corporate finance director
director of Touch ‘n Go Sdn Bhd and TNG at Edotco Group Sdn Bhd and vice
Digital Sdn Bhd. TIME said it has appointed president and M&A lead at Axiata Group
its deputy CFO, Karen Ding Ming Nyuk, as Bhd. Shares in TIME closed one sen, or
the group’s acting CFO, effective May 15 0.19%, lower at RM5.17 on Tuesday,
“to ensure continuity of the office”. Ding, valuing the group at RM9.56 billion.
50, who has been the group’s deputy CFO — by Anis Hazim
SSF returns to profit in 3QFY2024, declares half sen dividend
KUALA LUMPUR (March 26): Furniture retailer SSF Home Group Bhd announced its
maiden dividend of half a sen per share or RM4 million, as the group returned to profit in
its third quarter ended Jan 31, 2024 (3QFY2024) on better revenue. Quarterly net profit
came in at RM2 million or 0.25 sen per share, on a revenue of RM37.71 million — up 20%
quarter-on-quarter (q-o-q) from RM31.32 million in 2QFY2024 — on higher sales during
festive seasons. The group booked losses of RM3.64 million or 0.57 sen in 2QFY2024.
The latest quarter pushed SSF back to profit for the nine-month period ended Jan 31
(9MFY2024), with a bottom line of RM988,000 or 0.15 sen on revenue of RM108.34
million. The group opened two retail outlets in the Southern region and one retail outlet in
the Northern region respectively in the fourth quarter of last year. SSF, which was listed on
Oct 12 last year, has earmarked 70% from the RM50 million raised in its IPO for the setup
of six retail outlets each year across a three-year period. The group currently operates 43
retail outlets with the latest additions. Shares of SSF closed half a sen or 1.8% lower at 28
sen, giving it a market capitalisation of RM224 million. — by Adam Aziz
Bursa Malaysia appoints Redza Goh and Sharifatu as new directors
KUALA LUMPUR (March 26): Bursa Malaysia has appointed Redza Goh Aik Meng and
Sharifatu Laila Syed Ali as independent non-executive directors, effective Wednesday.
In a statement on Tuesday, the exchange said Redza brought to the board 39 years of
experience in information technology and digitalisation, while Sharifatu is rejoining
the board with her experience in investment management and capital markets.
Redza previously served as the executive director of Dialog Group Bhd’s subsidiary
Infodasia Sdn Bhd, and as the vice president and group chief information officer at
Petroliam Nasional Bhd (Petronas), where he led significant digital and information
technology initiatives, said Bursa. Redza was also previously the country managing
director of Accenture Malaysia and managing director of Accenture Greater China.
At present, he does not hold any directorships in public companies and listed issuers.
Meanwhile, Sharifatu currently serves as an independent non-executive director of YTL
Corporation Bhd. She has held key positions in notable Malaysian financial institutions,
including at Permodalan Nasional Bhd (PNB), the Employees Provident Fund (EPF) and
Lembaga Tabung Haji, said Bursa. Sharifatu was also previously the managing director
of ValueCap Sdn Bhd, an investment holding company equally owned by Khazanah
Nasional Bhd, Retirement Fund (Inc) (KWAP) and PNB. She is returning to Bursa after
resigning as the exchange’s public interest director and independent non-executive
director in August 2023 “to pursue other interests”. — by Hee En Qi
w e d n e s d ay m a r c h 2 7 , 2 0 2 4 13 TheEdge CEO morning brief
 w e d n e s d ay m a r c h 2 7 , 2 0 2 4
KUALA LUMPUR (March 26): The gov-
ernment will continue to focus on training in
the field of Science,Technology, Engineering
and Mathematics (STEM), especially at the
highest levels, to boost foreign investments in
the country, Dewan Rakyat was told.
Prime Minister Datuk Seri Anwar Ibra-
him said the country’s current weakness
lies in training in mathematics, science,
engineering, artificial intelligence (AI),
and Technical and Vocational Education
and Training (TVET) at the highest level.
“We can do it if we give full focus and
additional allocation (to training in the
STEM field),” he said during minister’s
question time on Tuesday.
Anwar said this in reply to Jimmy Puah
Wee Tse (PH-Tebrau), who wanted to
know the government’s efforts to ensure
that the investment momentum obtained
last year, amounting to RM329.5 billion,
continues to increase in the years to come.
Anwar, who is also finance minister, admit-
ted that the interest of students in STEM is
declining and that is a matter of great concern.
He said the Ministry of Education and
other educational groups have taken vari-
ous steps to urge parents to encourage their
children to engage in STEM education at
the secondary level.
(March 26):Tun Dr Mahathir Mohamad’s
two eldest sons said Malaysia’s anti-graft
agency ordered them to assist with an in-
vestigation into their father, revealing for
the first time that a months-long probe is
targeting the 98-year-old former prime
minister.
“My father is the primary suspect,”
Mokhzani Mahathir, 63, said in a March
23 interview in Kuala Lumpur. “We are
witnesses to whatever it is that they’re in-
vestigating.”
In January, the Malaysian Anti-Cor-
ruption Commission (MACC) ordered
Mokhzani and his elder brother Mirzan,
65, to declare their assets dating back to
1981, the year Mahathir became prime
minister. The orders are part of investi-
gations into offshore business records re-
vealed by a journalism consortium, the
MACC said at the time, without mention-
ing that the main target was Mahathir.
Tan Sri Azam Baki, the anti-graft
agency’s chief, declined to comment on
Mokhzani’s remarks when asked by report-
ers at an event on the outskirts of Kuala
Lumpur on Tuesday. “Let me check the
facts first,” he said.
Mahathir’s office hasn’t responded to
a request for comment.
The brothers are assisting in the inves-
tigation, but the task is onerous and tak-
ing time, they said in the interview, which
14 TheEdge CEO morning brief
h o m e
Bernama
“This is being worked on more serious-
PM says flagging
ly,” said the prime minister.
Besides, Anwar said that in all his meet-
interest in
ings with foreign companies that intend
to invest in Malaysia, he always empha-
STEM worrying;
sised the importance for those companies
to have their centre of excellence located
Malaysia must
in Malaysia to provide skills training to
professionals and local students.
not lose out on
“There must be training here because
we currently lack engineers. The engi-
skilled workforce
neers that we produced, although good
and well-received, are still considered to
be lacking at the highest level of skills or
efficiency.
Bernama “So there is a gap about the required
niche. Therefore, this focus on TVET and
engineering needs to be given attention...I
agree that if Malaysia does not do something
immediately, we will be on the losing end.
“This is because the focus now is no
longer on the low-end industry but on the
high-end industry which requires higher ef-
ficiency than what is available now,” he said.
In that regard, Anwar said he had asked
local universities, starting with Universiti
Teknologi Malaysia (UTM), to establish
an AI Faculty that should coordinate their
activities with all universities that conduct
AI to meet their needs in that field.
the edge
“We did ask, ‘What is the investigation
Mahathir’s sons
on my father about?’ and they were not
able to furnish us with that information,”
say 98-year-old
Mokhzani said. “Can you imagine you’re
being asked to provide information to be
father is target
used to prosecute your parent?”
Datuk Seri Anwar Ibrahim, who finally
of probe
became prime minister in 2022 after falling
short of the top job for decades, is a former
protege of Mahathir who was seen as his suc-
cessor but later fell out with him. Mahathir
by Netty Ismail, dismissed Anwar from all government posts
Niluksi Koswanage & Tom Redmond in 1998 and Anwar was later imprisoned on
Bloomberg corruption and sodomy charges, which he
denied. The developments shocked the na-
tion and turned Anwar into an opposition
figure who pushed for democratic reforms.
Anwar’s government faced criticism
from opposition parties and civil-society
groups last year after the attorney gener-
al withdrew 47 criminal charges against
Deputy Prime Minister Datuk Seri Ah-
mad Zahid Hamidi, a key ally in the ruling
coalition. Anwar has denied interfering in
Mokhzani Mahathir — former PM Tun the case or in the MACC’s investigations.
Dr Mahathir Mohamad's son Anwar’s press office declined to comment.
Mirzan joined by video call. Both have re-
ceived two extensions of the original Feb- Read the full story
ruary deadlines for compliance.
The MACC hasn’t provided the broth-
ers with any details of the investigation into Read also: MACC chief mum on claims
Mahathir, according to Mokhzani. by Dr M’s sons father target of probe
 w e d n e s d ay m a r c h 2 7 , 2 0 2 4
KUALA LUMPUR (March 26): Datuk
Shahrol Azral Ibrahim Halmi, a former
director of SRC International Sdn Bhd,
told the High Court that Datuk Seri Na-
jib Razak had “absolute power” in deci-
sion-making in the state-owned company,
as all matters brought to the board had in
fact been approved and endorsed by the
ex-prime minister.
Shahrol, in his witness statement be-
fore the court testified that Najib was “ac-
tively controlling” and “administering”
SRC through former CEO Nik Faisal
Arif Kamil.
He outlined that Nik Faisal would usu-
ally table papers or proposals to SRC’s
board of directors for their approval. He
said Nik Faisal would also follow up on
action for SRC’s projects and report di-
rectly to Najib.
Shahrol said that he and other SRC di-
rectors were “obliged under the law and by
practice to comply and implement” Na-
jib’s decisions which were represented in
board meetings via Nik Faisal.
“All the directors are compelled to com-
ply and implement the decisions and in-
structions of Najib as represented by Nik
Faisal (to the board) through letters or
documents signed by Najib. Whatever our
comments are, Nik Faisal will tell us that
the projects or matters had already been
approved and endorsed by Najib and/or
the government,” he said, adding that Nik
Faisal was the proxy between Najib and
SRC’s board of directors.
Shahrol was testifying at the SRC In-
ternational civil suit, where the company
is suing Najib and Nik Faisal (currently
at large) over a RM4 billion Retirement
PUTRAJAYA (March 26): The Federal
Court has dismissed Datin Seri Rosmah
Mansor’s bid to challenge the validity of the
late Datuk Seri Gopal Sri Ram’s appoint-
ment as the lead deputy public prosecutor in
her solar hybrid project graft trial, and hence,
a declaration that her trial be deemed as void.
A three-member panel, led by President
of the Court of Appeal of Malaysia Datuk
Abang Iskandar Abang Hashim, dismissed
Rosmah’s leave application, as they found
that there were no novel issues of public
importance in it.
“We are unanimous in our view that
this application does not meet the thresh-
old under [the Courts of Judicature Act
(CJA)]. There is no novel issue that has
been shown that would merit further ven-
tilation,” he said, adding that there were no
issues of public importance that deserve
further consideration by the court.
The others on the bench were Federal
Court judges Datuk Abdul Karim Abdul
15 TheEdge CEO morning brief
h o m e
Shahrol: Najib
had ‘absolute
power’ in SRC
decision-making
by Timothy Achariam
theedgemalaysia.com
Fund Inc (KWAP) loan which was dis-
bursed in the second half of 2011 and
first half of 2012 to SRC. As reported
in this trial, a sum of RM3.6 billion was
immediately transferred out when the
funds came in. Shahrol had also previ-
ously testified in Najib’s 1MDB-Tanore
criminal trial.
Prior to this, two other witnesses —
former BSI banker Kevin Swampillai and
liquidator for SRC BVI Angela Barkhouse
— had testified that the monies had been
transferred to questionable fiduciary funds,
resulting in losses.
Shahrol, who also served as former
CEO of SRC’s parent company 1Malaysia
Development Berhad (1MDB), said that
Najib had “absolute power’ with regards
to decisions and directions for the use of
the RM4 billion loan.
“He had absolute power to make all de-
cisions on the direction, administration and
operations of SRC International, including
how the RM4 billion from KWAP (Retire-
ment Fund Incorporated) would be utilised
and disbursed. As one of the many directors
of the board, I did not have the power to
Apex court
denies Rosmah’s
bid to nullify solar
project graft trial
by Tarani Palani
theedgemalaysia.com
Jalil and Datuk Nordin Hassan.
The court awarded the cost of RM30,000
to the Government and the Attorney Gen-
eral’s Chambers (AGC) on Tuesday.
Rosmah’s previous attempt to disqual-
ify Sri Ram and nullify the solar trial has
already been dismissed by the Criminal
High Court, the Court of Appeal (COA)
and the Federal Court. In brief, the COA
and Federal Court found that the crimi-
make any decision over the RM4 billion.
“All the important decisions involv-
ing such a colossal sum of money, ie the
RM4 billion loan from KWAP, were made
by Najib,” he said of his nine-and-a-half-
month tenure as SRC director from Au-
gust 2011 to May 2012.
According to the witness statement,
Shahrol claimed that Nik Faisal had told
him that the RM4 billion loan to SRC was
for investments in coal mines in Indone-
sia and Mongolia, which turned out to be
false and misleading.
“Najib and Nik Faisal made false and
misleading representations to SRC direc-
tors including me, regarding the true na-
ture and purpose for the disbursements
of the RM4 billion funds from the KWAP
loans,” he said, adding that he denies any
wrongdoing on his part.
SRC International filed the US$1.18
billion suit against Najib and Nik Fais-
al in May 2021. Initially, the suit also
named Datuk Mohammed Azhar Osman
Khairuddin, Shahrol,Tan Sri Ismee Ismail,
Datuk Suboh Md Yassin and Datuk Che
Abdullah @ Rashidi Che Omar as defend-
ants, but they were subsequently dropped,
only for Najib to bring them back again
as third parties.
SRC International has obtained a
judgement in default against Nik Faisal,
who was named as Najib’s proxy.
In the opening statement for the trial,
lead co-counsel Datuk Lim Chee Wee said
that out of the total KWAP loan of RM4
billion, a sum of US$120 million made its
way to Najib’s bank account.
The trial is before High Court judge
Datuk Ahmad Fairuz Zainol Abidin.
nal court has no jurisdiction to grant the
declaratory reliefs sought by Rosmah.
She then filed a fresh application to dis-
qualify the former Federal Court judge via
a judicial review.
The High Court dismissed her leave
application in August 2022, after allow-
ing the AGC and Sri Ram’s preliminary
objections that her application was filed
out of time.
She then appealed at the appellate
court, which later dismissed her applica-
tion in June last year, on grounds that there
was no merit.
Rosmah went on to file a leave applica-
tion to appeal the Court of Appeal’s de-
cision. In civil cases at the Federal Court,
leave or permission has to be granted be-
fore the merits of the case is heard, as to
ensure that the application is not vexatious.
Read the full story
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4
Baltimore bridge collapses
after being hit by S’pore-flagged ship
BY NATHAN HOWARD & ANDY SULLIVAN
Reuters
BALTIMORE (March 26): A 948-foot
container ship smashed into a four-lane
bridge in the US port of Baltimore in dark-
ness early on Tuesday, causing it to collapse
and sending cars and people plunging into
the river below.
Rescuers pulled out two survivors, one
of whom remains hospitalized, and were
searching for more in the Patapsco River
after huge spans of the 1.6-mile (2.57km)
Francis Scott Key Bridge crumpled into
the water.
“The preliminary investigation points
to an accident,” Maryland Governor Wes
Moore said at a briefing, and there was no
credible evidence of terrorism.
Eight people were on the bridge at the
time of the collision and six remain unac-
counted for, the state’s transportation sec-
retary saidhours after the collision, which
closed one of the busiest ports in the Unit-
ed States.
The US Coast Guard reported the col-
lapse at 1.27am and it deployed crews for
an active search and rescue mission after
the Singapore-flagged container ship forced
the trellis-like bridge up into a mangled
mass of metal.
Work crews had been repairing potholes
on the bridge at the time of the collapse and
sonar detected vehicles under the water,
which was about 50 feet deep at that point,
said Paul Wiedefeld, Maryland Secretary
of Transportation.
The bridge was up to code and there were
no known structural issues, Moore said. He
said the vessel’s crew members notified au-
thorities of a power issue on board before
the crash.
President Joe Biden was being briefed on
the collision, the White House said.
Jayme Krause was in the midst of another
night shift at her workplace on shore when
the cart of packages in front of her shook
violently at around 2am. A coworker told
her the bridge had collapsed and she ran
out to look.
“I went over there, and sure as anything,
it was gone, the whole bridge was just like,
there was nothing there,” she told Reuters in
an interview. “It was a shocking sight to see.”
The ship “lost propulsion” as it was leav-
ing port, and crew on board notified Mar-
yland officials they had lost control of the
vessel, ABC News reported, citing an un-
classified US intelligence report.
16 THEEDGE CEO MORNING BRIEF
W O R L D
Tuesday’s disaster may
be the worst US bridge
collapse since 2007
when the I-35W bridge
in Minneapolis collapsed
into the Mississippi
River, killing 13.
Traffic was suspended at the Port of Bal-
timore until further notice, Maryland trans-
portation authorities said. It is the busiest
US port for car shipments, handling more
than 750,000 vehicles in 2022, according
to port data.
The closure of one of the US East
Coast’s major ports threatens to disrupt
supplies of goods from cars, to coal and
other commodities like sugar. It could cre-
ate bottlenecks and increase delays and
costs on the Northeastern seaboard, ex-
perts say. The port handles the most car
imports and is among the largest for coal
exports.
Major thoroughfare
The Francis Scott Key bridge was the main
thoroughfare for drivers between NewYork
and Washington who sought to avoid down-
town Baltimore. It was one of three ways
to cross the Baltimore Harbor, with a traf-
fic volume of 31,000 cars per day or 11.3
million vehicles a year.
The ship was identified as the Dali,
owned by Grace Ocean Pte Ltd and man-
aged by Synergy Marine Corp. Synergy
said the Dali collided with one of the pillars
of the bridge and that all its crew mem-
bers, including the two pilots, had been
accounted for and there were no reports
of any injuries.
REUTERS
Baltimore Mayor Brandon Scott de-
scribed a scene of twisted metal shooting
into the sky. “It was something out of an
action movie. It was something you never
thought you’d see,” he said.
Kevin Cartwright, the spokesperson for
Baltimore City Fire Department, earlier
told Reuters that as many as 20 people could
be in the river along with cars and possibly
a tractor-trailer.
“This is a mass-casualty, multi-agency
event,” he said. “This operation is going to
extend for many days.”
A live video posted onYouTube showed
the ship ploughing into the bridge in dark-
ness. The headlights of vehicles could be
seen on the bridge as it crashed into the
water and the ship caught fire.
Rare event
Tuesday’s disaster may be the worst US
bridge collapse since 2007 when the I-35W
bridge in Minneapolis collapsed into the
Mississippi River, killing 13.
It was the first major collapse of a bridge
from a ship impact in about 40 or 50 years,
David Knight, a specialist at the Institution
of Civil Engineers, told Reuters.
The National Transportation Safety
Board was sending a team to investigate.
Moore, the governor, declared a state
of emergency to quickly deploy federal re-
sources to deal with the emergency. The
FBI in Baltimore said on X its personnel
were on the scene.
Read the full story
Read also: Singapore Port Authority
to cooperate with US Coast Guard on
Baltimore bridge incident
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4
BEIJING (March 26): China on Tuesday
urged the US and Britain to stop politicis-
ing the issue of cybersecurity, slandering
and smearing China and imposing unilat-
eral sanctions on the country.
“It is pure political manoeuvring for the
United States and the United Kingdom
to rehash the so-called cyberattacks car-
ried out by China and to sanction Chinese
individuals and entities,” Chinese foreign
ministry spokesperson Lin Jian said at a
regular press briefing.
“China is strongly dissatisfied with this
and firmly opposes it,” he said.
US and British officials on Monday filed
charges, imposed sanctions, and accused
Beijing of a sweeping cyberespionage cam-
paign that allegedly hit millions of people.
Authorities on both sides of the Atlantic
nicknamed the hacking group Advanced
Persistent Threat Group 31 or “APT31”,
calling it an arm of China’s Ministry of
State Security.
The Chinese Embassy in London called
the charges “completely fabricated and
malicious slanders.”
“Previously, China had made technical
clarifications and responses to the so-called
UK judges delay
Julian Assange
extradition
appeal decision
BY KATHARINE GEMMELL
Bloomberg
(March 26): Julian Assange’s wait to discover
whether he can appeal his extradition lin-
gers on after London judges delayed their
decision, asking the US to give assurances
over his right to use freedom of speech as a
defence against criminal espionage charges.
Two London judges ruled on Tuesday
that Assange can appeal the UK’s decision
to extradite him if the US does not give
“satisfactory assurances” to the court over
his First Amendment rights given that he
is an Australian national. They include that
he must not prejudiced at trial, is afforded
the same protections as US citizens and
the death penalty is not imposed.
“If those assurances are not given, then
leave to appeal will be given and there will
then be an appeal hearing,” the judges said
in a summary of the judgment. A further
hearing will take place on May 20 where
judges will hear any more arguments over
the First Amendment.
17 THEEDGE CEO MORNING BRIEF
W O R L D
China calls
hacking
allegations by
US, UK ‘political
manoeuvring’
BY YEW LUN TIAN
Reuters
REUTERS
Two London judges ruled on Tuesday that WikiLeaks founder julian Assange can appeal the UK’s
decision to extradite him if the US does not give 'satisfactory assurances' to the court over his First
Amendment rights given that he is an Australian national.
If the US does not offer assurances,
lawyers for Assange will only then get the
chance to fully appeal the extradition or-
der. A previous judge initially blocked his
extradition over concerns he would kill
himself if sent to a high security prison.
Assange is charged with criminal espio-
nage for leaking classified documents. His law-
yers argue that sending him to the US would
breach his human rights while other support-
ers say it would be an attack on free speech.
The 52-year-old has been in prison
or in the Ecuadorian embassy in Lon-
APT31 information submitted by the Brit-
ish side. It clearly shows that the evidence
provided by the British side is insufficient
and the relevant conclusions lack profes-
sionalism,” said Lin.
“Regrettably, however, the British side
has not responded further since then,” he
added.
Britain has also accused Chinese hackers
of trying to break into email accounts of Brit-
ish lawmakers who were critical of China.
Lin said China has made solemn rep-
resentations to all relevant parties, “and will
take necessary measures to safeguard Chi-
na’s legitimate rights and interests.”
Several other countries have also lobbed
hacking and cyberattack allegations against
China, all of which the country has denied.
On Tuesday, the New Zealand govern-
ment said it had raised concerns with the
Chinese government about its involvement
in a state-sponsored cyber hack on New
Zealand’s parliament in 2021.
And earlier this year, the US said it
launched an operation to fight a pervasive
Chinese hacking operation that compro-
mised thousands of internet-connected
devices.
BLOOMBERG
don since 2012, as he fought attempts to
send him to face criminal charges first in
Sweden and then in the US. The Swedish
case against him was dropped, but the
US government in 2019 charged him
under spying laws for his role in releas-
ing hundreds of thousands of pages of
classified documents via WikiLeaks, with
the help of US Army intelligence analyst
Chelsea Manning.
The Department of Justice and repre-
sentatives for Assange didn’t immediately
respond to requests for comment.
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4
(March 26): Cocoa futures surged above an
unprecedented US$10,000 (RM47,205)
a tonne, extending a historic rally that’s
already seen prices double this year and
which is raising the cost of chocolate.
The market is being rattled by poor
crops in key West African growers that
has put the world on course for a third
straight annual supply deficit. The in-
dustry is grappling with the legacy of
poor returns paid to cocoa farmers and
fears are mounting about being able to
source enough beans.
As well as concerns about scarce physi-
cal supplies, pressures are also building in
the financial market, where some traders
have sold futures to hedge against physical
holdings. But as they wait for the contracts
to mature they need cash to meet margin
calls on losses on derivatives, and in a ris-
ing market can be forced to close out short
positions, helping to fuel the rally.
Futures jumped as much as 4.5% to
US$10,080 in New York on Tuesday — a
level that seemed unthinkable only a few
months ago. The rally has pushed a tech-
nical gauge of prices into overbought terri-
tory for much of the last couple of months,
though cocoa has continued to soar.
GENEVA/BEIJING (March 26): China
has initiated dispute settlement proceed-
ings against the US at the World Trade Or-
ganization (WTO) to safeguard its interests
in the electric vehicle (EV) industry, the
Chinese permanent mission to the WTO
said on Tuesday.
China said it was contesting “discrimi-
natory subsidies in nature” under the US
Inflation Reduction Act it said resulted
in the exclusion of goods from China and
other WTO countries.
“Under the disguise of responding to
climate change, reducing carbon emission
and protecting environment, [these subsi-
18 THEEDGE CEO MORNING BRIEF
W O R L D
Cocoa breaks
“When we’re at this price, it’s hard to
tell whether these prices are justified,”
US$10,000
said Paul Joules, an analyst at Rabobank
in London. “Whenever we have a dip in
record, with
the market, it seems to shoot straight back
up, which is more to do with the commer-
pricier chocolate
cials, they’ve been net buyers.”
Cocoa’s advance is bad news for con-
to follow
sumers if chocolatiers keep passing on
costs or sell bars that are smaller or have
less chocolate in them. The looming East-
er holiday is a peak period for chocolate
BY MEGAN DURISIN & ÁINE QUINN consumption, and the lag between com-
Bloomberg modity and retail markets mean the brunt
of the impact for shoppers still lies ahead.
There’s a risk the supply situation may
worsen. Incoming European Union rules
Cocoa’s advance — aimed at stopping products that destroy
is bad news for forests from being sold in shops — may
consumers if make it even harder for the bloc’s choco-
chocolatiers keep late makers to secure supplies.
passing on costs or
New harvest
sell bars that are Focus is now turning to West Africa’s up-
smaller or have less coming mid-crop, the smaller of two an-
chocolate in them. nual harvests. Top grower Ivory Coast’s
regulator expects that to shrink this season,
Bloomberg has reported.
“The West African supply situation re-
mains extremely tight going into the start
of the mid-crop harvest next week, and that
continues to underpin cocoa prices,” The
Hightower Report said in a note.
Other growers, like Brazil and Ecuador,
are seeking to ramp up production, but it
takes a few years before newly-planted co-
coa trees bear beans — delaying the relief
to strained global supplies. A ratio of stock-
piles-to-grindings will fall to the lowest in
more than four decades this season, the In-
ternational Cocoa Organization has forecast,
reflecting the market’s precarious position.
Cocoa was up 3.5% at US$9,991 in
New York on Tuesday. In other softs mar-
kets, raw sugar rose 1% and arabica coffee
edged higher.
In London, most-active cocoa futures
have also more than doubled this year.
dies] are in fact contingent upon the pur-
China opens dispute chase and use of goods from the United
States, or imported from certain particular
against US atWTO regions,” the Chinese mission said.
In Beijing, a spokesperson for China’s
over ‘discriminatory Ministry of Commerce said it urged Wash-
ington to “promptly correct discriminatory
subsidies’ industrial policies, and maintain the sta-
bility of the global industrial and supply
chains for new energy vehicles”.
BY EMMA FARGE, There was no immediate response from
GABRIELLE TÉTRAULT-FARBER the Office of the US Trade Representative
& BERNARD ORR in Washington to a request for comment.
Reuters There was no immediate comment from
the WTO.
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4
W O R L D
(March 26): Alibaba Group said on Tues-
day it was offering to buy the 36% of
Cainiao it does not already own for up to
US$3.75 billion (RM17.7 billion), aban-
doning plans for an initial public offering
(IPO) of the logistics business in Hong
Kong.
In the Chinese e-commerce giant’s lat-
est U-turn of its restructuring plan, Alib-
aba, which holds a stake of around 64%
in Cainiao, said it was offering to acquire
the remaining stock.
“Given the strategic importance of
Cainiao to Alibaba and the significant long-
term opportunity we see in building out a
Alibaba to buy
global logistics network, we believe this is
an appropriate time to double down,” said
Cainiao stake
Alibaba group chairman Joe Tsai.
Tsai in a recent earnings call said all
for up to
Alibaba’s planned IPOs, including Cain-
iao’s “were subject to market conditions”.
US$3.75 bil as it
“Market conditions currently are just
not in a state where we believe we can
drops IPO plan
really truly reflect the true intrinsic value
of these businesses,” he said at the time.
In a statement, Alibaba said on Tuesday
that it is offering minority shareholders of
Cainiao an opportunity to sell all the out- BY CASEY HALL & RISHAV CHATTERJEE
standing shares for US$0.62 per share. Reuters
Alibaba has had a tumultuous year since
announcing the biggest shake-up in its 25-
year history by splitting into six units. It
has installed a new CEO, announced and
then abandoned listing its Cloud division
and refocused on its core businesses.
(March 26): The founder of China’s
CATL to keep
world-beating battery manufacturer is
pressing ahead with expansion in the face
expanding in the
of a global slowdown in electric-vehicle
sales growth.
face of slower
Contemporary Amperex Technology Co
Ltd isn’t worried about overcapacity and,
EV growth, says
in fact, will crank up the output of its more
technologically advanced products, said
chairman
Robin Zeng, president and chairman of the
company better known as CATL. In his
first interview with an international news
outlet since 2020, he said his company
has found solutions to get battery-charge
times down to 10 minutes and is working
on reducing them even further.
“It’s a necessary process,” Zeng said
of the dynamics playing out in China’s CATL chairman
electric-vehicle industry. “The Chinese EV Robin Zeng
market, unlike policy-driven overseas mar-
kets that are still stuck at low penetration
rates, is now market-driven.”
Zeng offered his survival of the tech-sav-
viest assessment Monday from Hong
Kong, where he delivered one of the key-
notes at a sustainability conference. His
view that market forces are taking hold in
China is reinforced by the central govern-
19 THEEDGE CEO MORNING BRIEF
BLOOMBERG
“The management reorganisation re-
sulted in more nimble and efficient deci-
sion-making, and we have seen a major posi-
tive impact on our business.We are confident
that the effects of this reorganisation will be
reflected in Alibaba’s operating and financial
metrics in the future,” Tsai said.
Cainiao first filed the IPO paperwork to
the Hong Kong Stock Exchange in Sep-
tember. Tuesday marked the last day of
a six-month window before which it was
required to update its listing status. No
timeline had ever been publicly disclosed.
Alibaba also said it would hold a con-
ference call at 9:30pm Hong Kong time to
discuss the Cainiao announcement.
Read also: Tencent’s next big gaming bets
draw on viral craze ‘Palworld’
BLOOMBERG
ment doing away with national subsidies at
the end of 2022. Around that time, Tesla
Inc fired the opening salvo in a price war
that’s squeezed profit margins for many
manufacturers and put others further into
the red.
“Some companies may fall behind, and
naturally there will be consolidation,” Zeng
said.
CATL supplies batteries to almost every
major automaker, including Tesla,Volkswa-
gen AG and Toyota Motor Corp.The com-
pany based in Ningde, Fujian province,
Bloomberg generated RMB400.9 billion (US$56 bil-
lion) in revenue last year, roughly eight
times its 2020 total.
CATL’s shares gained as much as 4.5%
on Tuesday, the most in over a week and
outperforming a gauge tracking Chinese
growth stocks.
While consolidation among EV man-
ufacturers could lead to a shrinking of
battery makers’ customer bases, CATL’s
technology development gives Zeng
confidence.
Read the full story
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4
Asian economies
have ‘robust’
crisis shields, BOJ
official says
Bloomberg
(March 26): Asian countries are much bet-
ter positioned to weather economic storms
than they were in the past, thanks to strong
foreign reserves and sound financial-mar-
ket development, a top Japanese central
banker said.
“The current Asian economy is so ro-
bust,” Bank of Japan assistant governor
Tokiko Shimizu told a panel session on
Tuesday at the Boao Forum in southern
China. “Even though the US and Euro-
pean countries have faced high inflation
and high interest rates, Asian countries are
almost all in good shape.”
Many Asian central banks have boosted
their foreign reserves over recent decades
TOKYO (March 26): Japan’s busi-
ness-to-business service prices continued
to rise steadily but a key measure of trend
inflation slowed in February, painting a
mixed picture on the price outlook that
may complicate the central bank’s interest
rate hike path.
The services producer price index,
which measures what companies charge
each other for services, rose 2.1% in Feb-
ruary from a year earlier, data showed on
Tuesday, unchanged from January, in a
sign companies continued to pass on la-
bour costs, thanks to prospects for sus-
tained wage gains.
The data underscores the Bank of Ja-
pan’s (BOJ) view that rising service prices
will replace cost-push inflation as a key
driver of price gains, and help sustain in-
flation around its 2% target.
But separate data released on Tuesday
showed Japan’s weighted median inflation
rate, which is closely watched as an indica-
tor on whether price rises are broadening,
slowed to 1.4% in February, from 1.9%
in the previous month.
The trimmed mean inflation rate, which
excludes the 10 highest and lowest tail of
the price distribution, hit 2.3% in Feb-
ruary, slowing from 2.6% in January and
marking the lowest year-on-year increase
since September 2022, the data showed.
The BOJ ended eight years of nega-
tive interest rates and other remnants of
its unorthodox policy last week, making a
20 THEEDGE CEO MORNING BRIEF
W O R L D
REUTERS
in a bid to ensure there’s no repeat of the
crisis that began in 1997, when a run on
several currencies spread more broadly
across other financial markets and trig-
gered deep recessions.
Emerging economies in the region more
than tripled their combined reserves be-
tween 2000 and 2008, even after adjust-
ing for inflation, the Asian Development
Bank estimated.
There’s been a steep increase in ad-
vanced-economy interest rates over the
past two years. In the past, that kind of
move would often push Asian countries
into deep crises but there’s much greater
resilience now, Shimizu said.
One reason for the change is that “thirty
years ago there were almost no local cur-
rency-denominated bond markets”, she
said. “Nowadays, many Asian countries
have developed those”, helping to reduce
South Korea
maturity or currency mismatches that are
“always the source of crisis”.
consumer
What’s more, the swelling of the region’s
foreign-exchange reserves since the Asian
sentiment
financial crisis “means we defend ourselves
based on those very strong FX positions,”
drops on
Shimizu said.
worries about
Japan’s mixed food inflation
inflation picture
complicates BOJ
BY JIHOON LEE
Reuters
rate hike path
SEOUL (March 26): South Ko-
rea’s consumer sentiment dropped
in March on growing worries about
BY LEIKA KIHARA higher agricultural prices, a central
Reuters bank survey showed on Tuesday, two
weeks ahead of the country’s legis-
REUTERS lative election.
The consumer sentiment index
fell to 100.7 in March from 101.9
in February, posting the biggest
monthly drop since October, in the
Bank of Korea’s monthly survey of
consumers.
The fall came as consumers’ in-
flation expectations for the next 12
months rose for the first time in five
months, to 3.2% from 3.0%.
In the survey, 63.4% of respond-
ents said agricultural prices would
drive inflation in the next 12 months,
sharply up from 51.5% in the pre-
historic shift away from decades of mas- vious month.
sive stimulus that was aimed at reviving South Korea’s consumer inflation
the economy. accelerated in February, after three
BOJ governor Kazuo Ueda has said that months of easing, due to supply-side
the timing of future interest rate hikes will pressures, mostly from higher agri-
depend largely on whether trend inflation cultural prices.
will move closer to the bank’s 2% target.
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4
The Galaxy Macau casino and hotel in Macau. Galaxy Entertainment Group Ltd and MGM Resorts
International have been studying potential opening of casino resorts in Thailand as a hedge against
uncertain prospects in Macau.
Thailand can lift
tourism revenue
by legalising
casinos, says study
BY SUTTINEE YUVEJWATTANA
Bloomberg
(March 26): Thailand can lift tourism rev-
enue by about US$12 billion (RM56.22
billion) by legalising casinos housed within
large entertainment complexes and tack-
le chronic illegal gambling, according to
a study.
Average tourist spending may surge 52%
to 65,050 baht (RM8,530) per trip once
the entertainment hubs are built, netting
an additional earnings of as much as 448.8
billion baht, according to a study by a panel
of lawmakers that’s due to be submitted to
parliament on Thursday. The extra income
generated can bolster the country’s gross
domestic product growth by 1.16 percent-
age points, it said.
The report may prompt the House of
Representatives to push ahead with a bill
to legalise casinos and other forms of gam-
bling. The panel of lawmakers headed by
Deputy Finance Minister Julapun Amorn-
vivat has recommended a number of safe-
guards to prevent Thais from getting ad-
dicted to betting.
With Prime Minister Srettha Thavisin,
who has been aggressively pushing policies
to attract foreign direct investment, backing
the move, it may clear parliamentary hurdles
with relative ease. Galaxy Entertainment
Group Ltd and MGM Resorts Internation-
al have been studying potential opening of
21 THEEDGE CEO MORNING BRIEF
W O R L D
BLOOMBERG
casino resorts in Thailand as a hedge against
uncertain prospects in Macau.
Thailand’s planned entertainment com-
plexes in designated areas will not only house
casinos but also five-star hotels, restaurants
and other tourist attractions, Julapun said on
X, the platform formerly known as Twitter.
“The goal is to establish a comprehen-
sive entertainment venue and to promote
tourism in a new way to increase income for
the country and solve the problem of illegal
gambling,” Julapun said.
The Southeast Asian country, already
a major draw among tourists for its pris-
tine beaches, Buddhist temples and nation-
al parks, has a target to more than double
foreign tourist arrivals to 80 million by 2027.
The industry contributes about 12% to the
nation’s US$500 billion economy.
The fast-growing global fun economy in-
dustry is worth about US$13.7 trillion with
the integrated entertainment venue business
forecast to grow to US$2.2 trillion in four
years from US$1.5 trillion in 2022, Julapun
said.Thailand can earn billions of dollars in
taxes and tourism revenue if it successfully
builds such facilities, he said, citing exam-
ples of other Southeast Asian countries such
as Singapore, the Philippines and Vietnam.
Though most types of betting is illegal in
Thailand — a majority Buddhist and con-
servative society — any opening of casinos
will be in line with its recent embrace of a
more liberal landscape to revive its tourism
industry from the pandemic blow. In 2022,
Thailand became the first country in Asia
to decriminalise cannabis though it’s now
moving to ban its recreational use, and is
set to become the first in Southeast Asia to
legalise same-sex marriages.
Read also: Thai February export growth
slows, misses forecasts
UBS to boost
Asia assets, sees
growth from
wealth and asset
management
BY KANE WU & JULIE ZHU
Reuters
HONG KONG (March 26): UBS
plans to increase assets sourced
from clients in Asia with wealth
and asset management sustaining
its growth model, chief executive
Sergio Ermotti said on Tuesday.
Assets sourced from the region
would be up to 20% in five-six
years, from around 15%, accord-
ing to Ermotti who spoke at the
Milken Institute Global Investors’
Symposium held in Hong Kong.
The Swiss banking giant cur-
rently manages US$5.2 trillion
(RM24.5 trillion) assets globally.
“Wealth management and asset
management in general are two in-
dustries that are likely to continue
to grow because of the needs of peo-
ple to save and invest for retirement,
for planning.
“So wealth creation is a secu-
lar trend that sustains our business
model,” he added.
The bank’s wealth operation, the
largest in Asia according to its annu-
al report, aims to hit a US$5 trillion
globally assets target by 2028 from
US$3.8 trillion from end-2023.
The integration of UBS and
Credit Suisse is going to offer an
ability to capture a greater share
in many businesses and geographic
areas where the Swiss bank oper-
ates, he added.
The comment was made just one
year after UBS, in a rescue mission,
moved to merge its embattled cross-
town rival Credit Suisse, which
broadened the bank’s reach while
resulting in consolidation and job
cuts around the globe.
The merger allows UBS to se-
cure an “expanded presence in
North America and Asia” in asset
management business, the bank
said in its latest annual report,
through which it ran US$1.6 tril-
lion assets by end of last year.
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4
BLOOMBERG
Hong Kong
February home
prices ease for
the 10th month,
down 1.7%
BY CLARE JIM
Reuters
HONG KONG (March 26): Hong Kong
private home prices fell for the tenth month
in a row to the lowest since September
2016 in February, and they are expected
to remain suppressed even after the gov-
ernment recently removed the decade-long
curbs for the property market.
Home prices in one of the world’s most
expensive property markets dropped 1.7%
SYDNEY (March 26): Australia’s hous-
ing shortage may be driving prices higher
but is locking out first-time homeowners
and migrants needed to fill skills shortag-
es across the country, the chief executive
officers of Australia’s three largest banks
said on Tuesday.
After years of ultra-low interest rates
pushed home prices higher, Australia faces
a long-term drop in the number of younger
people buying homes, which could mean
more people retiring in weaker financial
positions, according to a 2023 govern-
ment report.
At a banking conference in Sydney, the
heads of Commonwealth Bank, National
Australia Bank and Westpac, Australia’s
top 3 lenders, blamed a housing supply
shortage and urged local governments to
speed up planning approvals.
“For the younger cohort, I think it’s
really a significant problem,” CBA CEO
Matt Comyn told the AFR Banking
Summit, when asked about a housing
market with some of the worst afforda-
bility in the world by a measure of debt
to income.
22 THEEDGE CEO MORNING BRIEF
W O R L D
in February from the previous month, of-
ficial data showed on Tuesday, following a
revised 1.2% fall in January.
In late February, Hong Kong removed
all additional stamp duties for foreign and
second home buyers, as well as on those
selling flats within two years of buying
them, in a bid to boost the city’s depressed
real estate market, and the property mar-
ket immediately celebrated with a jump
in transactions.
Mainland Chinese are also snapping up
homes in Hong Kong, accounting for up
to a third of new property sales, property
developers and agents said, after a pan-
demic-induced lull spanning more than
three years.
For primary sales of luxury residential
properties worth more than HK$30 mil-
lion (US$3.84 million), the percentage was
even higher, accounting for around 70%,
JLL said on Monday, rebounding from
less than 50% before the curbs removal.
The realtor expected mainland Chinese
buyers to remain active.
Housing prices have plunged more than
20% from their 2021 peak due to higher
mortgage rates, an outflow of talent and
a weak market outlook.
Even though sales have risen, analysts
expect prices to remain suppressed, as de-
velopers offer discounts to clear inventory.
S&P Global Ratings estimated that trans-
action volumes this year will recover only
moderately from 2023, as interest rates
remain high.
Australia bank
CEOs call for a
fix to housing
shortage
BY BYRON KAYE & STELLA QIU
Reuters
Westpac CEO Peter King said that pric-
es will go up when you have a supply-con-
strained market, but that the current home
prices “from a societal perspective, it’s too
expensive”.
He, however, added he was “positive
on the housing market” citing “the fun-
damentals of ‘we need more houses de-
veloped’.”
NAB CEO Ross McEwan told the
event the country needed migrants but
“we’ve got to get the impediments out
and get the tradies (tradespeople) in and
get building”.
Japan’s land
prices rise at
fastest pace
since 1991
BY KAORI KANEKO
Reuters
TOKYO (March 26): Japan’s land
prices rose at the fastest pace in 33
years in 2023 and returned to the
level seen before the coronavirus cri-
sis, a government survey showed,
another sign of an improving eco-
nomic outlook as the nation plots a
path out of years of stagnation.
The rise was helped by the eco-
nomic recovery and return of for-
eign visitors after the pandemic, the
survey released on Tuesday found.
Average nationwide land prices
rose 2.3% in the year through Jan-
uary 1, the strongest pace of growth
since a 11.3% gain in 1991 when
land prices started weakening with
the bursting of the late 1980s asset
bubble.
“The upward trend of land pric-
es has strengthened,” said an offi-
cial at the land ministry. “Move-
ment towards the end of deflation
is spreading”.
The positive land price growth
joins other key economic condi-
tions — surging stocks, robust wage
growth and annual consumer infla-
tion staying above 2% for well over
a year — that led the Bank of Japan
to end negative rates last week in a
landmark shift away from decades
of monetary stimulus.
Residential land prices rose 2.0%
for the year, also the fastest pace
since 1991, following a 1.4% gain
in the previous year.
Housing demand for urban areas
and places with good transportation
continued to be solid, while foreign
demand for vacation home and con-
dominium in resort areas such as
northern Furano city in Hokkaido
helped boost prices.
Commercial land prices ad-
vanced 3.1%, up for the third
straight year, and the same rate of
rise seen in 2020, the survey showed.
Read the full story
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4
Fed officials still betting on inflation
slowdown, but caution rising
WASHINGTON (March 25): Federal Re-
serve (Fed) officials said on Monday they
still had faith that US inflation will ease,
with housing price increases in particular
expected to help pull down the headline
pace of price increases, but also acknowl-
edged an increased sense of caution around
the debate.
“Although housing-services inflation
remains quite high, the current low rate
of increase on new rental leases suggests
that it will continue to fall,” Fed Governor
Lisa Cook told an event hosted by Harvard
University in which she endorsed a “cau-
tious” approach to easing monetary policy.
In an interview with Yahoo Finance,
Chicago Fed President Austan Goolsbee
said the persistence of housing inflation
continues to surprise him, but that he also
felt it would ebb.
Noting the slowed progress on inflation
overall this year, after a steady decline in
2023, “the main puzzle has been about
housing”, Goolsbee said, a major compo-
nent in the consumer spending basket that
has accounted for a large share of recent
headline inflation readings.
“We’ve got to get housing inflation com-
ing down closer to where it was before the
pandemic,” he said. “I do think the mar-
ket rents show that there is progress to be
made, but we have yet to see that in the
overall data.”
The Fed last week held its benchmark
overnight interest rate steady in the 5.25%-
5.50% range, and in new quarterly eco-
nomic projections showed the median
policymaker still expects three quarter-per-
23 THEEDGE CEO MORNING BRIEF
W O R L D
BY HOWARD SCHNEIDER &
LINDSAY DUNSMUIR
Reuters
Though investors still
are betting the Fed
will start cutting rates
in June, policymaker
projections issued
last week showed
a seeming drift
towards less monetary
easing this year.
centage-point rate cuts this year.
Goolsbee said he was in that median
group, showing continued faith among
Fed policymakers that inflation will de-
cline enough in the coming months for the
monetary policy easing to proceed.
But the rhetoric and the substance of
the debate have begun to shift since the
steady decline of inflation last year gave
way to a slower pace of progress.
“We’re in a little bit of a murky period,”
Goolsbee said, though in general he said
he agreed with Fed Chair Jerome Powell’s
characterisation last week that the overall
“story” of a continued decline in inflation
had not changed.
“It doesn’t feel to me like we’ve changed
fundamentally the story that we’re getting
REUTERS
back to target,” Goolsbee said, arguing that
the months of steady inflation decline last
year were probably not “just random”.
Others, however, have begun to have
their doubts.
In comments to reporters late Friday
afternoon, Atlanta Fed President Raphael
Bostic said he was “definitely less confi-
dent” than he was in December about con-
tinued progress on the inflation front, and
had trimmed his policy outlook from two
expected quarter-percentage-point cuts
this year to just one.
“We’ve got to stay on top of this to make
sure we understand what these dynamics
are,” Bostic said, noting that the share of
items with prices increasing by outsized
rates were “reminiscent” of what was seen
when inflation jumped to 40-year highs in
2021 and 2022.
Treading carefully
Though investors still are betting the Fed
will start cutting rates in June, policymak-
er projections issued last week showed a
seeming drift towards less monetary eas-
ing this year.
Though the median stayed the same, it
did so only barely, with nine of 19 policy-
makers seeing a higher policy rate of in-
terest at the end of 2024 than the 10 who
determined the median. In addition, poli-
cymakers’ risk assessments shifted slightly
towards concern about higher inflation.
New inflation data is due to be released
on Friday.
Asked whether he thought that data
would confirm steady downward pro-
gress, Goolsbee said “well, it better, and
let’s hope we even start speeding up the
improvement. We have to,” given that cur-
rent inflation is “well above our target”.
The personal consumption expendi-
tures price index excluding food and en-
ergy, which the Fed considers a good in-
dication of underlying inflation, rose 2.8%
in January. Economists polled by Reuters
expect it to have increased at the same
pace in February.
While Cook did not specify her policy
expectations for the year, she agreed the
Fed should tread carefully as it considers
easing monetary policy.
“The risks to achieving our employ-
ment and inflation goals are moving into
better balance,” she said. “Nonetheless,
fully restoring price stability may take a
cautious approach to easing monetary pol-
icy over time.”
 W E D N E S D AY M A R C H 2 7 , 2 0 2 4 24 THEEDGE CEO MORNING BRIEF

M A R K E T S

CPO RM 4,228.00-8.00 OIL US$ 86.42-0.33 RM/USD 4.7205 RM/SGD 3.5120 RM/AUD 3.0926 RM/GBP 5.9722 RM/EUR 5.1233

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
TWL HOLDINGS BHD 96.7 0.000 0.030 0.00 169.5
SAPURA ENERGY BHD 67.3 0.010 0.050 11.11 918.8
FITTERS DIVERSIFIED BHD 63.4 0.000 0.055 10.00 128.8
LAMBO GROUP BHD 52.3 0.000 0.030 50.00 46.2
TCS GROUP HOLDINGS BHD 50.6 0.065 0.195 44.44 83.7
WENTEL ENGINEERING HOLDINGS 50.5 -0.020 0.330 0.00 379.5
SIME DARBY PROPERTY BHD 49.8 -0.005 0.915 46.40 6,222.8
VELESTO ENERGY BHD 49.2 0.000 0.290 26.09 2,382.5
SP SETIA BHD GROUP 46.6 0.070 1.420 77.50 6,323.7
MINETECH RESOURCES BHD 42.3 0.010 0.160 10.34 285.6 World equity indices
PERDANA PETROLEUM BHD 40.3 0.005 0.310 55.00 688.4 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
MALAYSIAN RESOURCES CORP BHD 38.9 0.030 0.665 49.44 2,970.9 (%) (%)
INGENIEUR GUDANG BHD 35.5 -0.005 0.165 26.92 250.2 DJIA * 39,415.39 101.75 0.26 INDONESIA 7,365.66 -12.10 -0.16
YNH PROPERTY BHD 34.1 0.055 0.540 -87.29 285.4 S&P 500 * 5,231.47 13.28 0.25 JAPAN 40,398.03 -16.09 -0.04
TDM BHD 34.1 0.010 0.285 58.33 491.0 NASDAQ 100 * 18,331.15 54.09 0.30 KOREA 2,757.09 19.52 0.71
ECONPILE HOLDINGS BHD 31.3 0.040 0.515 68.85 730.0 FTSE 100 * 7,917.57 8.65 0.11 PHILIPPINES 6,898.17 45.07 0.66
MY EG SERVICES BHD 30.9 -0.005 0.790 -3.07 5,893.0 AUSTRALIA 7,780.23 -31.71 -0.41 SINGAPORE 3,233.33 35.23 1.10
SECUREMETRIC BHD 28.7 -0.020 0.190 31.03 109.6 CHINA 3,031.48 5.18 0.17 TAIWAN 20,126.49 -65.76 -0.33
PAN MALAYSIA HOLDINGS BHD 27.1 -0.015 0.190 100.00 176.5 HONG KONG 16,618.32 144.68 0.88 THAILAND 1,377.23 4.74 0.35
CIMB GROUP HOLDINGS BHD 25.9 0.000 6.500 12.32 69,323.2 INDIA 72,470.30 -361.64 -0.50 VIETNAM 1,282.21 14.35 1.13
Data as compiled on Mar 26, 2024 Source: Bloomberg Data as compiled on Mar 26, 2024 * Based on previous day’s closing Source: Bloomberg

Top gainers (ranked by %) Top losers (ranked by %)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
BORNEO OIL BHD 0.010 100.00 10,686.4 -33.33 119.9 METRONIC GLOBAL BHD 0.015 -25.00 2,274.3 0.00 23.0
TCS GROUP HOLDINGS BHD 0.195 50.00 50,585.6 44.44 83.7 XIDELANG HOLDINGS LTD 0.025 -16.67 773.6 0.00 52.9
SC ESTATE BUILDER BHD 0.015 50.00 741.2 -3.57 48.3 BSL CORP BHD 0.025 -16.67 321.5 -44.44 48.3
MLABS SYSTEMS BHD 0.015 50.00 1,244.5 0.00 21.7 ABM FUJIYA BHD 0.320 -13.51 117.7 -13.51 57.6
ZEN TECH INTERNATIONAL BHD 0.020 33.33 947.6 0.00 58.5 BARAKAH OFFSHORE PETROLEUM 0.035 -12.50 190.6 0.00 35.1
PDZ HOLDINGS BHD 0.045 28.57 1,369.9 -10.00 26.5 GE-SHEN CORP BHD 3.250 -9.72 931.5 180.17 398.2
ALAM MARITIM RESOURCES BHD 0.025 25.00 1,087.3 -16.67 38.3 SECUREMETRIC BHD 0.190 -9.52 28,707.5 31.03 109.6
SAPURA ENERGY BHD 0.050 25.00 67,253.8 11.11 918.8 NI HSIN GROUP BHD 0.100 -9.09 1,605.2 -13.04 52.4
REACH ENERGY BHD 0.030 20.00 145.1 -25.00 63.9 EURO HOLDINGS BHD 0.050 -9.09 309.1 -41.18 64.2
COMPUTER FORMS MALAYSIA BHD 0.150 15.38 6,354.3 -14.29 40.1 FLEXIDYNAMIC HOLDINGS BHD 0.215 -8.51 1,712.4 7.50 64.4
OLYMPIA INDUSTRIES BHD 0.085 13.33 1,312.9 6.25 87.0 INDUSTRONICS BHD 0.055 -8.33 4,510.0 10.00 38.9
TAN CHONG MOTOR HOLDINGS BHD 0.960 12.94 15.0 -1.03 625.7 KANGER INTERNATIONAL BHD 0.055 -8.33 274.5 -15.38 40.2
CHINA OUHUA WINERY HOLDINGS 0.045 12.50 102.8 -18.18 30.1 HO HUP CONSTRUCTION CO BHD 0.175 -7.89 583.8 -30.00 90.7
PROGRESSIVE IMPACT CORP BHD 0.090 12.50 10,096.4 -5.26 59.0 SEREMBAN ENGINEERING BHD 0.650 -7.80 26.2 -5.80 51.8
CLASSITA HOLDINGS BHD 0.045 12.50 336.2 0.00 55.5 TRIVE PROPERTY GROUP BHD 0.060 -7.69 29.0 -25.00 75.8
YNH PROPERTY BHD 0.540 11.34 34,136.2 -87.29 285.4 HEITECH PADU BHD 2.180 -7.63 4,046.4 147.73 220.7
CABNET HOLDINGS BHD 0.295 11.32 3,913.2 28.26 52.7 DFCITY GROUP BHD 0.305 -7.58 0.4 -14.08 32.2
PERMAJU INDUSTRIES BHD 0.050 11.11 263.0 0.00 97.4 PAN MALAYSIA HOLDINGS BHD 0.190 -7.32 27,106.9 100.00 176.5
MTOUCHE TECHNOLOGY BHD 0.050 11.11 270.1 0.00 46.3 WARISAN TC HOLDINGS BHD 1.040 -7.14 0.5 7.22 67.7
JOHAN HOLDINGS BHD 0.055 10.00 179.0 -15.38 64.2 ZELAN BHD 0.065 -7.14 1,517.1 -18.75 54.9
Data as compiled on Mar 26, 2024 Source: Bloomberg Data as compiled on Mar 26, 2024 Source: Bloomberg

Top gainers (ranked by RM) Top losers (ranked by RM)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
MALAYSIAN PACIFIC INDUSTRIES 30.980 0.800 256.7 9.86 6,162.8 UNITED PLANTATIONS BHD 24.300 -0.400 457.4 36.52 10,079.3
DUTCH LADY MILK INDUSTRIES 28.020 0.440 50.3 20.98 1,793.3 GE-SHEN CORP BHD 3.250 -0.350 931.5 180.17 398.2
CHIN TECK PLANTATIONS BHD 7.730 0.230 18.1 2.26 706.2 HONG LEONG FINANCIAL GROUP 16.360 -0.280 301.7 -0.49 18,736.2
AYER HOLDINGS BHD 7.080 0.200 16.5 4.89 530.0 PPB GROUP BHD 15.600 -0.240 1,819.3 7.73 22,192.6
LPI CAPITAL BHD 12.300 0.200 40.2 2.84 4,900.1 UWC BHD 2.990 -0.210 4,321.4 -15.06 3,294.8
VSTECS BHD 2.560 0.190 1,910.3 93.94 912.8 HEITECH PADU BHD 2.180 -0.180 4,046.4 147.73 220.7
PANASONIC MANUFACTURING 18.180 0.180 105.2 1.00 1,104.4 AJINOMOTO MALAYSIA BHD 18.560 -0.140 26.4 16.73 1,128.4
MSM MALAYSIA HOLDINGS BHD 3.430 0.170 6,887.8 113.04 2,411.2 SAM ENGINEERING & EQUIPMENT 4.930 -0.120 424.5 23.50 3,337.5
TECK GUAN PERDANA BHD 1.880 0.140 477.4 9.30 75.4 YTL POWER INTERNATIONAL BHD 3.750 -0.110 23,620.2 47.64 30,386.8
KLCCP STAPLED GROUP 7.500 0.120 22.1 5.78 13,540.0 HEINEKEN MALAYSIA BHD 23.200 -0.100 112.1 -3.89 7,008.7
MISC BHD 7.710 0.120 3,378.5 5.76 34,415.5 FRASER & NEAVE HOLDINGS BHD 29.400 -0.100 76.8 5.03 10,783.3
HENGYUAN REFINING CO BHD 3.120 0.120 1,669.4 1.63 936.0 NESTLE MALAYSIA BHD 117.900 -0.100 160.6 0.26 27,647.6
TAN CHONG MOTOR HOLDINGS 0.960 0.110 15.0 -1.03 625.7 KESM INDUSTRIES BHD 6.180 -0.100 49.3 -12.59 265.8
MALAYSIA AIRPORTS HOLDINGS 9.630 0.110 12,341.9 30.84 16,068.2 APOLLO FOOD HOLDINGS BHD 6.950 -0.090 141.0 20.66 556.0
GUAN CHONG BHD 2.470 0.110 12,763.7 34.97 2,901.1 WARISAN TC HOLDINGS BHD 1.040 -0.080 0.5 7.22 67.7
UNISEM M BHD 3.780 0.100 1,181.7 14.20 6,097.4 YINSON HOLDINGS BHD 2.350 -0.080 5,181.3 -6.00 6,831.6
YOONG ONN CORP BHD 1.930 0.100 124.3 20.63 306.2 IGB BHD 2.430 -0.070 4.1 10.45 3,273.8
IJM CORP BHD 2.440 0.090 19,358.1 29.79 8,555.0 MAXIS BHD 3.400 -0.070 5,475.8 -11.69 26,629.1
SCIENTEX BHD 3.910 0.090 1,325.7 2.62 6,065.5 YTL CORP BHD 2.580 -0.070 20,817.2 36.51 28,293.3
QUALITY CONCRETE HOLDINGS 1.110 0.080 2.0 0.91 64.3 SUNWAY CONSTRUCTION GROUP 2.900 -0.070 5,141.4 49.48 3,739.1
Data as compiled on Mar 26, 2024 Source: Bloomberg Data as compiled on Mar 26, 2024 Source: Bloomberg