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CelcomDigi Appoints Former Petronas CFO As Director

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CelcomDigi Berhad has appointed Puan Farina Farikhullah Khan as its new independent non-executive director, effective May 14, 2026, following the conclusion of the company’s 29th Annual General Meeting.

The telecommunications group said Farina, 54, brings more than 30 years of experience, primarily in the oil and gas industry.

Farina began her career in 1994 with Coopers & Lybrand in Australia, where she provided accounting, audit, tax and advisory services for three years before returning to Malaysia to join Petroliam Nasional Berhad (Petronas) in 1997.

During her tenure at Petronas, she held several senior leadership roles across strategic planning and finance. Between 2006 and 2010, she served as chief financial officer (CFO) of Petronas Carigali Sdn. Bhd., which operates in more than 20 countries.

She later became CFO of Petronas’ exploration and production business before assuming the CFO role at Petronas Chemicals Group Berhad, the group’s largest listed entity, where she served prior to leaving the Petronas group at the end of 2015.

Farina currently sits on the boards of Lianson Fleet Group Berhad, KLCC Property Holdings Berhad and Petronas Gas Berhad.

She holds a commerce degree in accounting from the University of New South Wales, Australia, is a fellow member of the Institute of Chartered Accountants in Australia, and has completed the Advanced Management Program at Harvard Business School.

CelcomDigi said Farina has no family relationship with any director or major shareholder of the company, and no conflict of interest or securities interest in the group.

US Inflation Hits New High In April, Giving Fed Case To Stay Firm

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U.S. consumer inflation increased further in April, with the annual rate posting its largest gain in three years, heightening political risks for President Donald Trump and his Republican party ahead of November’s midterm elections.   

The consumer price inflation accelerated to +3.8%yoy in Apr-26, up from +3.3%yoy in the previous month. This marked the highest reading since May-23 as the sustained oil shock from the Iran conflict exerts upward pressure on prices. Price surged for the energy sector by +17.9%yoy (Mar-26: +12.5%yoy), recording the steepest rise since Sep-22 led by the surge in gasoline (+28.4%yoy) and fuel oil (+54.3%yoy).

Price for shelter increased by +3.3%yoy, whereas food inflation moderated to +2.3%yoy. On a monthly basis, inflation rose by +0.6%mom (Mar-26: +0.9%mom), though at a slower pace. This was mainly driven by elevated energy prices (+3.8%mom; Mar-26: +10.9%mom). Underlying price pressure surged, with inflation for core CPI (excluding food and energy) also accelerating to +2.8%yoy (Mar-26: +2.6%yoy).  On a monthly basis, core  CPI increased faster by +0.4%mom after recording an unchanged reading of +0.2%mom in the previous two months.

With no clear end to the conflict with Iran in sight, prices are expected to rise further in the coming months, driven mainly by energy-related inflation. The situation is further compounded by shipping disruptions in the Strait of Hormuz, which continue to strain global supply chains. MBSB, in its research note, said core inflation is expected to trend higher as rising costs of jet fuel, diesel, plastics, and fertilizer keep price pressures elevated across the transport and manufacturing sectors.

In addition, the report quoted that fertiliser shortages could contribute to higher food costs. These persistent inflationary pressures, coupled with the larger-than-expected increase in nonfarm payrolls in Apr-26, support the case for the Fed to keep interest rates steady for now, while raising discussions over whether policymakers may need to maintain a tighter policy stance for longer to contain inflationary pressures.

TotalEnergies To Start Construction Of 30 MW Solar Power Plant In Kedah

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TotalEnergies, together with MK Land Holdings Berhad,has announced the Financial Close for its 30 MWac (approx. 50 MWp) solar power plant located in Kulim, Kedah. Awarded by the Malaysian Energy Commission in August 2023 under the Corporate Green Power Programme (CGPP).

The entire output of around 1.5 TWh of electricity will be sold under 21-year long-term Power Purchase Agreements (PPAs) to major technology and industrial players in Malaysia. This reflects the increasing demand from these customers for sustainably sourced electricity, underscoring the project’s strategic importance and its role in advancing the country’s clean-energy agenda.

The solar plant will comprise approximately 80,000 photovoltaic panels installed across 115 acres and will include the development of a new 132 kV loop-in-loop-out (LILO) substation, enhancing Malaysia’s grid interconnection network.

“We are pleased to reach this new milestone for our solar project in Malaysia. By leveraging our extensive upstream footprint in the country and our upcoming 50/50 joint venture with Masdar in Asia, we aim to contribute to the development of renewables to support the country’s decarbonization objectives”, said Gregory Thomassin, Head of Business Development, Renewables APAC, TotalEnergies. “This project also reflects TotalEnergies’ strategy to supply major technology and industrial customers with tailored renewable energy solutions”.

The project financing facility of approximately RM145 million (~$37 million) was arranged with BNP Paribas Malaysia Berhad as the sole mandated lender.

Oil Prices Slip As Iran Ceasefire Wobbles And Trump Heads For China Talks

Oil prices edged lower on Wednesday after three consecutive sessions of gains, as investors weighed a fragile ceasefire in the Iran conflict and looked ahead to a high-stakes meeting between US President Donald Trump and Chinese President Xi Jinping.

Brent crude futures fell 82 cents, or 0.76%, to US$106.95 a barrel at 0051 GMT. US West Texas Intermediate (WTI) crude dropped 66 cents, or 0.65%, to US$101.52.

Despite the dip, both benchmarks have remained above or near the US$100 per barrel mark since the US and Israel launched attacks on Iran at the end of February, with Tehran effectively tightening its grip over the Strait of Hormuz.

Prices had risen more than 3% on Tuesday, extending earlier gains as optimism for a lasting US-Iran ceasefire faded, raising concerns that the key shipping route for about a fifth of global oil and liquefied natural gas flows could remain under threat.

US President Donald Trump said on Tuesday he does not think he will need China’s help to end the war with Iran, even as prospects for a durable peace deal weakened further.

China remains the largest buyer of Iranian oil despite ongoing pressure from Washington. Trump is scheduled to meet Xi in Beijing on Thursday and Friday.

“The length of the disruption and the scale of the supply loss – already more than 1 billion barrels – means oil prices are likely to remain above $80 per barrel for the rest of the year,” Eurasia Group said in a note.

The conflict has also begun to weigh on the US economy, with higher oil prices pushing up fuel costs and fuelling expectations of broader inflation pressures in the months ahead.

US consumer prices rose sharply in April for a second straight month, marking the largest annual increase in nearly three years. That has reinforced expectations the Federal Reserve will keep interest rates elevated for longer.

“The marked increase in inflation across advanced economies has yet to cause real spending to contract, but the widespread decline in consumer sentiment and hiring intentions points to worse to come,” Capital Economics said.

Higher interest rates are expected to weigh on oil demand by increasing borrowing costs and slowing economic activity.

US crude inventories fell for a fourth straight week last week, while distillate stocks also declined, according to market sources citing American Petroleum Institute data.

Official inventory figures from the US Energy Information Administration are due later on Wednesday, with a Reuters poll also expecting another draw in stockpiles.

Reuters

Thunderstorms, Heavy Rain To Lash Several States Till Noon

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The Malaysian Meteorological Department (MetMalaysia) has issued a thunderstorm warning involving several areas in Peninsular Malaysia, Sabah and Sarawak until 12pm on May 13.

Affected areas in Peninsular Malaysia are Kedah (Langkawi), Penang (Southwest and Northeast), Perak (Manjung, Bagan Datuk and Hilir Perak), Melaka, and Johor (Tangkak, Muar, Batu Pahat and Pontian).

In Sarawak, the warning covers Sarikei (Julau and Meradong), Sibu (Sibu and Kanowit), Kapit (Kapit and Bukit Mabong) and Miri (Subis and Miri).

Meanwhile in Sabah, the affected areas are the Interior division (Tenom, Kuala Penyu, Beaufort, Nabawan and Keningau), West Coast division (Papar, Putatan, Penampang and Kota Kinabalu) and Kudat (Kudat), as well as the Federal Territory of Labuan.

MetMalaysia said the warning was issued following signs of thunderstorms with rainfall intensity exceeding 20mm per hour that are imminent or expected to persist for more than one hour.

The department added that thunderstorm warnings are short-term alerts valid for a period not exceeding six hours for each issuance.

Ringgit Opens Higher Against Major Currencies

The ringgit opened higher against a basket of major currencies, including the US dollar, today, ahead of Malaysia’s first quarter (1Q) gross domestic product (GDP) announcement on Friday, Bernama reported.

At 8 am, the local unit inched up to 3.9315/9370 against the greenback, compared with Tuesday’s close of 3.9320/9360.

Statistics Department Malaysia projected Malaysia’s economy to grow 5.3 per cent in 1Q 2026, reflecting its resilience amid global uncertainties, and hence, boosting the ringgit.

Meanwhile, Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.36 per cent to 98.305 points, amid expectations that the US Federal Reserve will maintain its restrictive monetary policy stance in the near term.

“Notwithstanding that, the ringgit appears to be fairly stable relatively,” he told Bernama.

At the opening, the ringgit appreciated against the Japanese yen to 2.4933/4970 from 2.4952/4979. It strengthened versus the British pound to 5.3213/3287 from 5.3231/3286, and rose against the euro to 4.6136/6201 from 4.6189/6236 at Tuesday’s close.

Against regional peers, the ringgit gained marginally against the Indonesian rupiah to 224.2/224.7 from 224.3/224 and was unchanged against the Philippine peso at 6.39/6.41.

The ringgit eased against the Singapore dollar to 3.0910/0956 from 3.0888/0922 and slid versus the Thai baht to 12.1421/1663 from 12.1276/1455.

Bursa Malaysia Opens Steady But Bias Turns Slightly Negative

Bursa Malaysia opened largely steady, with the FBM KLCI edging down 0.05 points to 1,750.51 at 9.04 am as investors tracked cautious regional sentiment following a softer Wall Street close overnight.

Broader market indices were mostly weaker at the open. The FBM70 fell 0.25% to 18,486.49, while the FBMEMAS slipped 0.05% to 12,948.42 and the FBMSHA eased 0.06% to 12,867.14. The F4GBM index also edged lower by 0.05% to 1,045.84.

Sentiment was weighed by a weaker US lead, after the S&P 500 and Nasdaq closed lower on Tuesday as hotter-than-expected US inflation data and renewed geopolitical concerns over the Iran conflict pressured risk appetite. The Nasdaq dropped 0.71% while the S&P 500 fell 0.16%, although the Dow Jones Industrial Average managed a modest gain.

Technology stocks were the main drag on Wall Street, with semiconductor shares leading losses after the PHLX Semiconductor Index declined 3%. Concerns over persistent inflation, linked partly to elevated oil prices and Strait of Hormuz disruptions, also added to expectations that US interest rates may stay higher for longer.

On Bursa Malaysia, trading activity at the open showed mixed sentiment across mid- and small-cap counters. GIIB and GENETEC were among the most active movers, while VS was unchanged and SEALINK and KRONO posted modest gains.

Among index-linked stocks, DKSH and SUNCON were among early gainers, while losses were seen in counters such as HLIND, TM, KESM, PETGAS and TENAGA.

Despite the cautious tone, selective buying in industrial and construction-related names helped cushion broader weakness as investors continued to digest global macroeconomic signals and shifting US rate expectations.

SGX Opens Higher As STI Climbs 0.64% In Early Trade

Singapore equities opened firmer, with the Straits Times Index (STI) rising 0.64% to 4,977.58 at 9.09 am, tracking positive breadth and steady early trading momentum.

Market turnover at the Singapore Exchange stood at S$267.68 million on volume of 248.64 million securities, with advancers slightly outpacing decliners at 121 to 105, signalling a mildly positive start to the session.

Among index movers, banking heavyweights provided support with DBS trading at S$59.47, OCBC Bank at S$22.61 and UOB at S$37.28. Singtel changed hands at S$4.74 while Genting Singapore was at S$0.635 in early trade.

In the broader market, UMS was among the active movers, rising 4.23% to S$2.71, helping lift sentiment in selected technology-linked counters. Frencken traded at S$3.18 as investors rotated selectively within the mid-cap space.

Derivatives activity remained light in early trade, with MSCI Singapore Index Futures last at 455.40 points, while USD/SGD futures traded at 1.2717, reflecting steady currency expectations.

Regional futures also pointed to a broadly stable tone, with Nikkei 225 Index Futures at 62,570 and FTSE Taiwan Index Futures at 3,534.25, indicating mixed but generally supportive regional sentiment.

Indonesia Vows ‘Smart Interventions’ As Rupiah Falls

Indonesia’s central bank pledged “smart interventions” in the foreign-exchange markets as the rupiah fell to a record low.

“Bank Indonesia is committed to remain present in the markets via spot transactions, offshore and domestic non-deliverable forwards, as well as by optimizing all monetary policy instruments to reduce pressures on the rupiah,” Senior Deputy Governor Destry Damayanti said in a mobile-phone message late Tuesday.

High oil prices as well as rising domestic dollar demand to pay for foreign debt, dividend repatriation and the hajj, the Islamic pilgrimage to Saudi Arabia, are weighing on the currency, she said.

“BI estimates these seasonal factors to subside and allow the rupiah to return to its fundamental levels,” Damayanti said, without citing a specific level. Foreign capital inflows into the central banks’ rupiah securities and government bonds are also improving, she said.

A number of Asian central banks, including Indonesia, the Philippines and India, are stepping up the defense of their currencies as oil prices surge due to the Iran war. In Indonesia, concerns over the nation’s fiscal health and the risk of an MSCI Inc. downgrade for local stocks are adding to pressure on the rupiah.

The rupiah fell to a record low of 17,525 per dollar on Tuesday. The currency slid almost 5% this year, among the worst performers in emerging markets.

Bloomberg

Fugitive Financier Jho Low Sought Trump Pardon For 1MDB Fraud

Jho Low, the fugitive Malaysian financier accused by the US of being the mastermind of one of the largest financial frauds in history, has asked President Donald Trump for a pardon.

Low, who was charged in 2018 but has evaded arrest, submitted a pardon application to the US Justice Department this year, according to a notice on the DOJ’s website. He’s accused of being the architect of a scheme that siphoned at least $4.5 billion from Malaysia’s sovereign wealth fund, 1Malaysia Development Berhad, or 1MDB.

Federal prosecutors allege Low, with the help of two former Goldman Sachs Group Inc. bankers, paid about $2 billion in bribes to foreign officials, including former Malaysian Prime Minister Najib Razak, who ended up in prison. Another $1 billion in kickbacks went to the scheme’s participants, with Low pocketing at least $1.42 billion, US officials alleged.

According to the DOJ website, the request for “Taek Jho Low” seeks a “Pardon after Completion of Sentence.” The status of his request was “pending.” No other details were available. A spokesman for the Brooklyn US Attorney’s Office, which prosecuted the 1MDB case, did not immediately return an email and voicemail seeking comment.

The 1MDB fraud toppled the Malaysian government, prompted multiple criminal prosecutions and led Goldman to pay more than $5 billion to settle misconduct claims tied to the convicted bankers. One of the Goldman bankers, Tim Leissner, pleaded guilty and testified at the 2022 trial of former colleague Roger Ng, who was later convicted.

Leissner told jurors that Low assured him that Trump, who was president at the time, was directly involved in talks to end the US criminal probe of the 1MDB fraud. Leissner also said Low told him he’d discussed the matter with Jared Kushner, Trump’s son-in-law and a senior White House adviser at the time, and had support for a deal in which Low and Leissner would avoid criminal charges over their dealings with 1MDB.

Leissner also requested a pardon last year. He was ordered to begin serving a two-year prison term for his role in the fraud in February.

A lawyer for Low did not immediately return a voicemail and email seeking comment about the request.

Bloomberg

Bear Market Mood Deepens For HSIF, Says RHB

RHB Investment Bank Bhd (RHB Research) maintained its bearish stance on the Hang Seng Index Futures (HSIF) after the contract extended losses on Tuesday, with analysts advising traders to keep their short positions intact amid continued weak momentum.

HSIF fell 68 points to close at 26,255 points after trading mostly lower throughout the session. The index opened at 26,316 points before sliding to an intraday low of 26,211 points. During the evening session, it edged up 9 points to 26,264 points.

RHB Research said the latest decline reaffirmed its view that resistance levels remain firm in the current bearish environment, while downside support continues to appear fragile.

The research house noted that the index could trend lower once the ongoing consolidation phase is completed, as bearish momentum remains intact.

Analysts recommended maintaining the short position initiated at 26,367 points on Feb 26, while keeping the stop-loss level unchanged at 26,600 points to manage trading risks.

RHB Research identified the immediate resistance level at 26,600 points, followed by a stronger resistance zone at 27,200 points.

On the downside, support levels were pegged at 25,100 points and 24,500 points.

Wall Street Slips As Inflation Heat, Iran Tensions Rattle Tech Stocks

The S&P 500 and Nasdaq ended lower on Tuesday as investors turned cautious following stronger-than-expected US inflation data and escalating concerns over the Iran conflict, while the Dow Jones Industrial Average managed a slight gain supported by healthcare stocks.

The Nasdaq fell 0.71% to close at 26,088.20, dragged lower by weakness in technology counters and semiconductor stocks. The S&P 500 slipped 0.16% to 7,400.96, while the Dow added 56.09 points, or 0.11%, to finish at 49,760.56.

Investor sentiment weakened after fresh inflation data showed consumer prices rose faster than expected in April, fuelled partly by elevated oil prices linked to ongoing disruptions around the Strait of Hormuz. Concerns also grew after US President Donald Trump reportedly said the ceasefire proposal involving Iran was “on life support”, dimming hopes of a near-term resolution to the conflict.

Technology shares led the decline, with the PHLX Semiconductor Index tumbling 3%, although the sector remains up more than 65% year to date amid continued enthusiasm surrounding artificial intelligence-related stocks.

Healthcare counters provided some support to the broader market. Humana surged 7.7% after Bernstein raised its price target on the insurer by 36%.

Elsewhere, GameStop slid 3.5% after eBay rejected its reported US$56 billion takeover proposal. Zebra Technologies jumped 11.4% after raising its annual sales growth forecast, citing strong demand for automation products.

Markets also increasingly believe the US Federal Reserve may need to keep rates higher for longer. According to CME FedWatch data cited by Reuters, traders are now pricing in a 30.5% chance of a 25-basis-point rate hike by December, up from 21.5% a day earlier.

Investors are also watching Trump’s upcoming visit to Beijing, where discussions are expected to include tariffs, trade tensions, Taiwan and China’s potential role in Middle East negotiations.

Stock Picks: Greatech Technology And NorthEast Group

RHB Investment Bank Bhd (RHB Research) has identified Greatech Technology and Northeast Group as trading ideas after both counters staged bullish technical breakouts.

The research house said Greatech Technology is attempting to extend its bullish trajectory after breaking above the RM2.55 resistance level and forming a fresh “higher high” pattern.

RHB Research said the stock’s strong momentum could see it test the next resistance at RM2.75, followed by RM2.95. However, it noted that a fall below the RM2.35 support level may trigger a correction.

Meanwhile, Northeast Group was flagged for a potential continuation of its upside movement after recording a bullish breakout on strong trading volume.

The stock closed above the RM0.91 resistance level after printing a long bullish candlestick, signalling that bullish momentum remains intact, according to the research house.

RHB Research expects Northeast Group to test the RM0.98 level next, followed by RM1.05 if buying momentum persists. On the downside, a drop below the RM0.84 support level could weaken market sentiment and spark a correction phase.

Local Firms Deploy IoT Smart Facility System At Junior Science College

A locally developed Internet of Things (IoT)-powered smart facility management system has been deployed at Mara Junior Science College (MRSM) Sungai Besar, highlighting growing adoption of automation and digital monitoring technologies within Malaysia’s education ecosystem.

The initiative integrates IoT-based automation, real-time energy monitoring and centralised digital facility management aimed at improving operational efficiency and energy management.

Developed through a collaboration between TVETMARA Petaling Jaya, CodoraTech and EZYIT Solutions (M) Sdn Bhd, the project showcases how locally built technology solutions are increasingly being positioned within Malaysia’s broader digital transformation agenda.

As the primary technology provider, EZYIT Solutions developed the overall IoT ecosystem powering the facility’s smart operations, including automated electrical controls and digital monitoring systems accessible through an integrated platform.

Smart Islamic Centre As-Syafie at MRSM Sungai Besar was officially launched by Deputy Minister of Rural and Regional Development, Datuk Hajah Rubiah Wang.

According to the company, the use of IoT technology can help organisations reduce energy wastage — with energy savings of up to 35% achieved — while streamlining facility management and supporting more sustainable operational practices.

“As the primary technology provider, EZYIT Solutions developed the entire patented Smart Mosque IoT ecosystem that serves as the backbone of operations for the Smart Islamic Centre As-Syafie,” said EZYIT Solutions Chief Executive Officer Zulhisham Mohamad.

Beyond infrastructure management, the project also serves as a practical industry platform under the TeknoUsahawan programme led by CodoraTech and EZYIT Solutions within the TVETMARA ecosystem.

The initiative also reflects rising momentum among local firms in developing homegrown IoT solutions for broader applications across education, public infrastructure and facility management sectors.

Pan Malaysia Unit To Invest In London Hotels Run By MUI Berhad

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Pan Malaysia Corporation Berhad (PMC) announced that its indirect wholly-owned subsidiary, PMRI Investments (Singapore) Pte Ltd, has entered into a preference share subscription agreement to invest in the London hotel operations of Malayan United Industries Berhad (MUIB).

The deal involves the subscription of 500,000 Cumulative Redeemable Non-Convertible Preference Shares (CRNCPS) in London Vista Hotel Limited (LVHL) for a total cash consideration of GBP500,000 (approximately RM2.96 million).

The subscription offers PMC a stable, fixed-income entry into the UK hospitality sector. Upon completion, PMC (via PMRI) will hold 6.0% of the total issued CRNCPS of LVHL, joining other holders such as Regent Corporation and MUI Properties Berhad

In its filing, PMC stated that the 6% coupon provides a predictable income stream that is more attractive than many conventional fixed-income instruments currently available in the market.

Balenciaga Gives The Running Trainer A High-Fashion Twist

Balenciaga is continuing its push into experimental footwear with the launch of the Jet Sneaker, introduced as part of the brand’s Fall 2026 collection, Body and Being.

Designed under Creative Director Pierpaolo Piccioli, the new silhouette blends performance-inspired design with the exaggerated proportions and deconstructed details that have become closely associated with the house.

At first glance, the Jet Sneaker looks like a futuristic running shoe. However, a closer inspection reveals the kind of design details fashion fans expect from Balenciaga. Exposed stitching, raw edges and visible construction elements give the shoe an intentionally unfinished feel, while the layered sole is designed to emphasise grip, balance and movement.

The brand also plays with familiar sneaker codes in unexpected ways. Instead of hiding the sizing and information label inside the shoe, Balenciaga places it on the outside of the tongue as part of the design itself. An elastic lace system wraps around the upper to create an easy slip-on fit, adding to the sneaker’s inside-out look.

The upper combines mesh panels with smoother textures, including recycled polyester materials finished with faded gradients and distressed effects. Branding is kept subtle but visible, with the new Bodies logo, a dedicated Jet emblem and printed sizing details worked directly into the surface.

Like many of Balenciaga’s previous footwear releases, the Jet Sneaker leans into bold proportions without losing its connection to sportswear. The result feels less like a traditional trainer and more like a fashion-focused take on performance footwear.

The Jet Sneaker is now available globally in men’s and women’s sizing through selected Balenciaga stores and online. Colour options range from understated black, eggshell and brown styles to brighter versions featuring blue, lime, pink and pastel accents.

Pemaju Industries Ordered To Pay RM8 Million Plus As Final Award To David Shen

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Permaju Industries Berhad and its subsidiary have been ordered to pay more than RM8 million following a final arbitration award relating to unpaid professional fees and loss of income claims.

The company said it received the final award on 11 May 2026 from sole arbitrator Chong Thaw Sing in an arbitration involving architect David Shen I-Tan, who operates under the name Arkitek Konsult Sabah.

Under the award, Permaju Property Sdn Bhd is required to pay RM2.6 million to David Shen for outstanding professional fees.

Meanwhile, Permaju Industries itself was ordered to pay RM5.13 million for loss of income arising from what the tribunal described as Permaju’s “tort of inducement to breach contract”.

The tribunal dismissed the claimant’s request for pre-award interest.

In addition, the arbitrator ordered Permaju Property and Permaju Industries to bear the arbitration costs taxed at RM241,571.17, with the subsidiary responsible for two-thirds of the amount and Permaju bearing the remaining one-third.

Permaju Property was also ordered to pay party-and-party costs of RM120,000, while Permaju Industries must pay a further RM60,000 in legal costs.

The sums awarded must be settled within four weeks from the date of the award. Failing payment within the stipulated period, further interest of 5% per annum will apply until full settlement is made.

The arbitration stemmed from claims brought by David Shen relating to professional services rendered and alleged contractual breaches involving the respondents.

Indonesia Optimistic Of 5.5% GDP Growth In Q3, Q4 Despite Energy Crisis

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Indonesia’s Finance Minister Purbaya Yudhi Sadewa said on Tuesday that he expects Indonesia’s economy to grow by more than 5.5 percent in the third and fourth quarters of 2026.

“Growth in Q3 and Q4 will be above 5.5 percent. I’m pushing toward 6 percent,” Purbaya told reporters at the Finance Ministry office in Jakarta on Tuesday.

To achieve the target, Purbaya said the government plans to roll out incentives for the purchase of electric vehicles (EVs), targeting 100,000 electric cars and 100,000 electric motorcycles.

For electric motorcycles, the government has allocated Rp5 million per unit. Meanwhile, incentives for electric cars will take the form of government-borne Value Added Tax (VAT) incentives ranging from 40 to 100 percent for EV purchases, depending on the battery type used.

The VAT incentives will apply exclusively to fully electric vehicles and will not include hybrid vehicles. The amount of the incentive will depend on the type of battery used, categorized into nickel-based and non-nickel batteries.

The incentives would apply only to fully electric vehicles and exclude hybrid models. Purbaya said the government aims to implement the policy from June 2026.

Purbaya also said the government would engage export-oriented sectors, including textiles, furniture, and footwear, to discuss the financing access needed by those industries.

“I will call another meeting soon so they can get better and cheaper financing access. I can channel support through the Indonesian Export Financing Agency (LPEI). There is actually a lot of idle funding there,” Purbaya explained.

He added that the government was considering further measures to support lending to the real sector, including potential liquidity injections into banks.

Malaysia To Participate In BRICS Foreign Ministers Meeting In India

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Malaysia will participate in the upcoming BRICS Foreign Ministers’ Meeting to be held in New Delhi on May 14 and 15, marking the country’s continued engagement with the multilateral grouping as a partner nation.

According to reports, Malaysia’s Foreign Minister Mohamad Hasan is expected to arrive in the Indian capital on Wednesday for the high-level meeting hosted by Subrahmanyam Jaishankar.

India’s Ministry of External Affairs said the meeting will focus on discussions surrounding key global and regional issues of common interest among BRICS member states and partner countries. Ministers and representatives are also expected to deliberate on topics related to resilience, innovation, cooperation, sustainability, as well as reforms to global governance and multilateral systems.

Malaysia currently participates as a BRICS partner country. The bloc’s full members comprise Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates.

India is also scheduled to host the BRICS leaders’ summit later this year.

Carimin Petroleum Proposes RM165 Million Privatisation Of Sealink International

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Carimin Petroleum Berhad has proposed to privatise Sealink International Berhad in a cash deal valued at approximately RM165 million, as the offshore services provider seeks to strengthen its integrated marine and energy services capabilities.

In a proposal letter submitted to Sealink’s board on 11 May, Carimin offered RM0.41 in cash for every Sealink share it does not already own, through a members’ scheme of arrangement under Section 366 of the Companies Act 2016.

Carimin currently holds 97.5 million Sealink shares, representing a 19.5% stake in the company. The proposed acquisition covers the remaining 402.5 million shares, equivalent to about 80.5% of Sealink’s issued share capital.

The proposed offer price values Sealink at around RM205 million in total and represents a price-to-book ratio of approximately 0.95 times based on Sealink’s audited net assets of RM214.71 million, or RM0.43 per share, as at 31 December 2025.

Carimin said the proposed privatisation would be funded through a combination of internally generated funds and bank borrowings, adding that the exercise would not fail due to insufficient financial capability.

Upon completion of the transaction, Sealink would become a wholly owned subsidiary of Carimin, with the company intending to seek the delisting of Sealink from the Main Market of Bursa Malaysia.

According to Carimin, the enlarged group would benefit from operational and commercial synergies through a more integrated offshore services platform.

The deal would also bring Sealink’s shipyard operations under Carimin’s direct ownership, allowing the facilities to be deployed for a broader range of third-party fabrication, vessel repair and offshore project execution works.

Carimin said the integration is expected to improve yard productivity, strengthen in-house mobilisation capabilities and enhance the group’s competitiveness in future tender exercises.

The company noted that the privatisation proposal also provides Sealink shareholders with an opportunity to exit their investment at the offer price.

The proposal remains subject to acceptance by Sealink’s board. Carimin has given Sealink until 26 May 2026 to respond to the proposal letter.