The weekly retail pricing of petroleum products from 25 April 2024 to 1 May 2024, using the Automatic Pricing Mechanism (APM) formula are fixed as follows:
(i) the retail price of RON97 remains unchanged at RM3.47 per litre;
(ii) the retail price of RON95 petrol remains unchanged at RM2.05 per litre; and
(iii) the retail price of diesel remains unchanged at RM2.15 per litre.
To protect the consumers from the increase of global oil price, the Government will maintain the ceiling price of RON95 at RM2.05 per litre and diesel at RM2.15 per litre, even though the market price for both products has increased beyond the current ceiling price, the Ministry of Finance said in a statement today (Apr 10).
The Government will continue to monitor the trends of global crude oil prices and take appropriate measures to ensure the continued welfare and well-being of the people.
RAM Ratings has assigned AA3/Stable/P1 corporate credit ratings to Avaland Berhad (Avaland or the Group, formerly known as MCT Berhad).
A mid-sized property player in Malaysia, Avaland’s transformation into a pure play property developer follows an internal restructuring and rebranding after its acquisition by Ayala Land Inc. in 2018. The largest and one of the most established property developers in the Philippines, Ayala Land owned 66.2% of the Group as at end-December 2023. Ayala Land is in turn 51.0% owned by Ayala Corporation, one of Philippines’s largest conglomerates.
RAM said the ratings consider the Group’s business and operational alignment to its parent and improving presence in the domestic property development business. The AA3/Stable/P1 ratings incorporate an uplift arising from Avaland’s close relationship with its parent, Ayala Land, given the entities’ strong operational ties and the solid track record of operational and financial support from Ayala Land since the acquisition. Avaland is one of Ayala Land’s strategic investments and an integral part of its forward plans. This is evinced by the strong board and management representation and past financial support from the parent; as at end-December 2023, shareholder advances stood at RM252.0 mil.
With new management in place at Avaland since 2019, the efforts to revamp its business model and improve processes and systems have translated to successful property launches with healthy take-up rates and a strong pipeline of planned projects despite a short track record. Avaland’s healthy profit margins compare well to its industry’s peers. We anticipate the Group’s growth plans to strengthen its market position and improve its financial performance in the near term. Funds from operations debt coverage is expected to remain adequate at about 0.15 times in the next two years, in line with rising profitability. Its healthy unbilled sales of RM863.3 mil as end-December 2023 (end-December 2022: RM720 mil) also provide good revenue and earnings visibility for the foreseeable future.
The ratings agency expects higher leverage from aggressive planned expansion moderates the ratings. Projected to peak at about 0.90 times this year owing to increased borrowings, the Group’s gearing will stay at around 0.80 times in the next two years. The Group is also inevitably exposed to the inherent cyclical nature of the property sector and the competitive operating landscape within the housing market, which continues to experience an overhang, although there have been recent signs of improvement.
KLCCP Stapled Group held its AGM today where it shared its financial year FY2023 performance where the group recorded a commendable performance, registering a revenue growth of 11.0% from RM1.5 billion to RM1.6 billion, and Profit Before Tax of RM1.2 billion. This is an increase of 16.5% compared to 2022, demonstrating excellent business growth momentum, underpinned by the resilience of the Group’s portfolio strength. The Group also declared a distribution of 40.50 sen per stapled security, the highest recorded since the listing of Stapled Security.
The office segment comprising the PETRONAS Twin Towers, Menara 3 PETRONAS, Menara ExxonMobil and Menara Dayabumi, remained stable with sustained occupancy at 100%, contributing 36% of KLCCP Stapled Group’s overall revenue. These premium office portfolios, with quality tenants and a strong rental profile distinguished by green building ratings, continues to contribute steady cash flows for the Group.
The retail segment, represented by Suria KLCC and the retail podium of Menara 3 PETRONAS continued to provide engaging experience through its unique retail-entertainment concept, which boost customers satisfaction and loyalty. Suria KLCC’s occupancy reached its peak at 98% in December while footfall increased 30% compared to 2022. Suria KLCC achieved the highest-ever MAT tenant sales, registering a 12% growth, during the year. The increase in tenant sales was particularly driven by Fashion, F&B, and General Retail. During the year, Suria KLCC welcomed onboard 35 new tenants, which include first to market brands and exclusive to Suria KLCC.
Mandarin Oriental recorded its highest Average Room Rates and Revenue Per Available Room (RevPAR) in December 2023 supported by the higher YTD average occupancy of 55%.
Looking ahead, the group expects the growth momentum to continue across all its business segments with heightened domestic and international MICE activities, events, and tourism. While certain economic and industry challenges may persist and new ones may emerge, the company will maintain a cautious approach while adopting a more proactive stance in exploring potential opportunities that meet its business criteria.
“We are actively pursuing new business ventures and organic growth opportunities to position the Group for sustained success. We are also heightening our investment in sustainability where we will be establishing a new roadmap as we seek to become a net zero carbon organisation by 2050. We have established a Carbon Reduction Strategy and targets towards the adoption of the recommendations of the Task Force on Climate-related Financial Disclosures or TCFD,” said Datuk Md. Shah Mahmood, Chief Executive Officer of KLCC Property Holdings Berhad.
Under the aims of delivering value to stakeholders, PETRONAS Chemicals Group Berhad (PCG) had ventured through a global economic growth scenario which had slowed, influenced by geopolitical tensions and China’s sluggish post-pandemic recovery last year.
High energy costs and product oversupply worsened the industry’s downturn, with soft demand across the chemicals sector. Additionally, the Company’s commodities business faced internal and external challenges which affected plant utilisation, resulting in lower production.
PCG, today held its 26th Annual General Meeting (AGM) to present the Company’s performance to its shareholders for its Financial Year Ended 31 December 2023.
The AGM was chaired by PCG Chairman, Datuk Ir. (Dr.) Abdul Rahim Hashim, with the Board members, PCG Managing Director/Chief Executive Officer, Mazuin Ismail and also Chief Financial Officer, Mohd Azli Ishak in attendance. During the AGM, Mazuin shared the Company’s performance, growth plans, sustainability agenda, and outlook for 2024.
“Despite the challenges faced, with the diligent implementation of our strategic initiatives, we recorded a production volume of 10.4 million tonnes, including commodities and specialty chemicals, sales volume of 9.6 million tonnes while maintaining its track record on safety. We closed 2023 with a revenue of RM28.7 billion and profit after tax of RM1.8 billion,” said Mazuin.
The company paid a total dividend of 13 sen per share amounting to a total payout of RM1 billion, representing 61% dividend payout ratio.
Delivering growth
PCG’s growth performance has remained stable over the years, supported by its strong financial position. In 2023, among others, the Company achieved Ready for Start-Up (RFSU) phase for two plants; a specialty ethoxylates and polyether polyols plant in Kertih, Terengganu, and a nitrile butadiene latex (NBL) plant in Pengerang, Johor.
The plant in Kertih will enable PCG to meet the growing demand for foam products in the automotive sector, cleaning and personal care products while the production of NBL allows PCG to capture opportunities in the global latex glove market, given Malaysia’s status as the largest glove producer in the world.
There were also several new developments under PCG’s specialty chemicals platform, through its subsidiaries, Perstorp Group (Perstorp) and BRB Group (BRB). Perstorp completed the construction of its Sayakha plant in India in 2023 for Pentaerythritol (Penta) production and International Sustainability and Carbon Certification (ISCC) PLUS certified VoxtarTM M40 to strengthen its market position in the Asia Pacific region.
BRB meanwhile strengthened its capabilities with entry into the food industry through its key certifications for food safety in Malaysia. In addition, BRB has significantly expanded its global footprint and started full operations of its new Lube Oil Additives & Chemicals (LAC) plant in the Netherlands, while strengthening its market presence in the UK and South Korea.
Committed to advancing sustainability agenda
In 2023, PCG made a significant step forward in its Circular Economy agenda to contribute to a sustainable plastics ecosystem by sanctioning the construction of an advanced chemical recycling plant in Pengerang, Johor. The end-of-life plastic for this plant will be collected throughout Malaysia, as it aims to reduce plastic waste ending up in landfills. .
This recycling plant will be able to give a new lease of life to what is otherwise typically end-of-life plastic into pyrolysis oil that can then be used as feedstock in the production of circular plastics.
The chemical industry plays a key role in developing technologies and sustainable solutions that support the transition to a low carbon economy. In addition, PCG, through its specialty chemicals subsidiary Perstorp, continues to grow its sustainable product portfolio with the launch of five new ISCC PLUS certified products such as 2-EH Pro 100 and Valeric Acid Pro 100, which have low carbon footprint and are made from 100% renewable content.
On PCG’s sustainability journey, Mazuin said, “We are pleased to have made good progress on our sustainability ambitions. However, there is still much work to be done as we strive to further integrate sustainability into more aspects of our operations. We remain steadfast in our commitment to reduce our environmental footprint and continue to pursue our net zero emissions ambition, in line with our Net Zero Carbon Emissions (NZCE) 2050 Roadmap.”
“2024 will continue to be challenging but we are committed to strengthening our operational performance with our plant reliability strategy which includes asset risk prioritisation and proactive maintenance implementation to mitigate unplanned events.
“We will also continue fostering stronger relationships with our customers to ensure we deliver the products and solutions in keeping with dynamic market demand. In addition, we will advance our sustainability efforts and explore new growth opportunities.
Through these efforts, PCG will be well-positioned and nimble to capture opportunities during the anticipated economic upcycle when the demand catches up with supply,” added Mazuin.
The rising prevalence of violent behaviour among youths in our communities poses a significant threat to public health and safety. Year after year, the frequency and severity of youth violence incidents appear to escalate, leaving a trail of devastating consequences ranging from physical altercations to the most tragic outcomes such as homicide.
Youth violence in Malaysia, like in any other country, is caused by multi-faceted underlying factors, including socio-economic disparities, exposure to violent depictions in the media, family dysfunction, and limited educational opportunities.
Youth violence refers to any intentional physical or psychological harm inflicted by or upon young people, typically between the ages of 10 and 24. This can include behaviours such as assault, robbery, gang violence, and even homicide, occurring in diverse settings, including schools, neighbourhoods, and communities.
This violent behaviour is more likely to be acquired through social learning or a combination of social learning and biological processes. In other words, youths with violent parents often learn violent behaviour from them rather than inheriting it genetically.
Let’s examine the available data sources, including crime statistics, arrest reports, surveys, and research studies. The trend of youth violence has been characterised by fluctuations and shifts over time, reflecting the complex interplay of underlying socioeconomic factors, cultural influences, and policy interventions.
According to the Department of Statistics (2021), the number of offenses involving minors under the age of 18 was reported to be 4,886 in 2016. Surprisingly, by 2020, this figure had risen to 5,342 offenders. The report highlights a concerning trend of increasing youth-related violence in recent years, particularly in school settings.
In contrast, data from the Adolescent Health Survey 2022indicates a notable decline in self-reported involvement in physical fights and attacks among adolescents compared to the previous year—in 2022, 16.0% of adolescents claimed that they had been involved in a physical fight, compared to 24.9% in 2017. Additionally, 14.8%reported being physically attacked in the preceding 12 months, a notable decrease from 25.3% in 2017.
In addition to national-level data, regional data provide valuable insights into the localised dynamics of youth violence. Johor recently reported increasing trends in youth-related crimes, including but not limited to violence. The state has one of the highest proportions of youth aged 15-30 years, accounting for about 29.1% of its population, based on statistics from the Current Population Estimates Malaysia 2023.
This local trend highlights the unique challenges faced by Johor in addressing youth violence, stemming from factors such as urbanisation, economic disparities, and social cohesion issues specific to the state.
Reportedly, Malaysian youths 15 to 30 years old account for 9.1 million people, which is 27.8% (almost a third) of the total population in the country, underscoring the importance of effectively addressing issues such as youth violence.
Youth violence can result in deaths, injuries, disabilities, and serious long-term health consequences, including mental health problems. Exposure to violence often disrupts a young person’s life and development, greatly detracting from their potential to become valuable human capital.
Arresting the upward trend in youth violence is also in line with Sustainable Development Goal (SDG) 16.1, which aims to reduce all forms of violence and related death rates everywhere. Although an increase in the ageing population observed in many countries, including Malaysia, may lower the risk of homicide, a large youth population can conversely contribute to a short-term increase in such incidents.
World Health Organization (WHO) reports that approximately 176,000 (37%) homicides occur among youths aged 15-29 years each year. Additionally, the homicide rate for the 15-29 age group was the highest among Malaysians in 2019, accounting for 4.3%.
Do you recall the murder case from six years ago involving a marine cadet from UPNM found dead with burn marks and bruises in an apartment? Similarly, just last month, a student from Lahad Datu Vocational College was beaten to death. These tragic incidents, while perhaps the most widely publicised, are certainly not isolated, They exemplify the devastating consequences of homicide—the act of killing another person, which represents one of the most severe forms of violence.
Youth violence and homicide are strongly interrelated due to the complex interplay of socioeconomic factors, cultural influences, and individual vulnerabilities. Factors such as poverty, lack of education, exposure to violence in the community or on screen, and inadequate support systems contribute to the perpetuation of youth violence, thus increasing the likelihood of lethal outcomes.
Violence, when not as fatal as death, will cause a series of serious injuries that often have lifelong impacts on a person – physical, psychological, and social dysfunctionality. Violence-related injuries, including physical trauma and psychological distress, not only will inflict physical harm but also have lasting repercussions on individuals’ well-being and societal cohesion.
According to global statistics, violence-related injuries claim approximately 1.25 million lives annually, including homicides. Furthermore, injuries and violence are responsible for an estimated 10% of all years lived with disability. It underscores the pervasive impact of interpersonal violence on both, the mortality rate and the quality of life.
One poignant example is the case of a boarding school student who nearly became paralysed after being kicked in the head by another student. This incident not only highlights the physical dangers but also underscores the lasting impact on individuals’ lives and the ability to function well in society.
In light of these realities, implementing preventive strategies is paramount to mitigate the devastating impact of violence-related injuries on individuals and communities. Some of the effective approaches may include (but are not limited to) the following:
Implement Cognitive Behavioural Therapy (CBT)
Violent behaviour among youth is often influenced by underlying cognitive distortions, negative thought patterns, and maladaptive coping strategies. Therefore, CBT focuses on addressing these harmful thought patterns and behaviours that contribute to violence and aggression and aims to facilitate positive behavioural change.
Integrating CBT into existing violence prevention programs within various settings, including schools, communities, and rehabilitation centres, is crucial. For instance, in school-based interventions, CBT can be incorporated into the curriculum through workshops or courses focused on teaching students effective coping skills, conflict resolution techniques, and anger management strategies
In Liberia, for example, CBT has been successfully integrated into an eight-week curriculum that combines CBT-informed group therapy and one-on-one counselling. Similarly, in Chicago, CBT sessions have been conducted twice daily over roughly three to four weeks for male youth. These approaches were found to successfully reduce the persistence of participants’ criminal and violent behaviour, along with reductions in readmission rates after release.
Establish Youth Empowerment Hub(s)
Such a hub can serve as a coordinating body, enabling policymakers, relevant stakeholders, NGOs, and local communities to collaboratively plan, implement, monitor, and assess youth violence prevention efforts. The hub should aim to address the root causes of violence and build a safer environment by providing comprehensive support services, educational opportunities, and empowerment programs for at-risk youth.
However, importantly, job training and retraining are essential avenues for empowering young individuals. EMIR Research continuously emphasises that Malaysian youth, facing high unemployment and underemployment rates (which itself can be one of the contributing factors for the heightened violence within this cohort), can be trained to champion national modern, digitally-driven food security while also securing lucrative incomes and ensuring a more secure future for themselves (refer to “4IR enabled farmers: Solving national food security” and “Sail along global agritech trends and empower smallholder farmers at scale!” by EMIR Research).
For example, the state of Johor has not only the highest youth proportion, as indicated above, but also sizable waqf land (second after Perak) that is vastly unutilised or underutilised. These underutilised resources (two Us) can be strategically combined with another U—evergrowing unmet local food demand (Figure 1).
Having already lost many of our youth to a massive brain drain, Malaysia cannot afford to let the remaining ones fall into the trap of the “economics of crime”.
Obviously, stopping youth violence demands our collective commitment, compassion, and wisdom to implement practical measures that will foster a safer and more equitable world for our most precious future generations.
The author is a Research Assistant at EMIR Research, an independent think tank focused on strategic policy recommendations based on rigorous research.
In light of this, Minister of Finance II Datuk Seri Amir Hamzah Azizan, who led a Malaysian delegation to the Joint Investors Meeting in London, United Kingdom from April 20 to 22, 2024 said, “The National Investment Council (MPN) chaired by the Prime Minister is an action integrated that reflects how serious we are in making Malaysia as an investment hub in the region.”
In the meeting with about 70 financial fund investors and corporate members held at the PNB House and Asia House, Amir Hamzah explained the immediate action of the MADANI Government to stimulate strategic investment in key technologies such as:
a) Establishment of the National Semiconductor Strategic Committee (NSSTF) to facilitate cooperation between the Government, industry players, universities, and relevant stakeholders for places the Malaysian semiconductor industry at the forefront and ensure the continued growth of the Electronics & Electrical industry, especially the semiconductor sector, as a major contributor to Malaysian economy;
b) Empowering Malaysia as a preferred green investment destination as well remove barriers and bureaucracy in provision and accessibility to renewable energy especially for the new technology industry, including data centres; and
c) Kerian Integrated Green Industrial Park Development (KIGIP) to support a wider ecosystem of industrial clusters Centralised Electronics & Electrical in the northern region, especially in Bayan Lepas and Batu Kawan Industrial Areas in Penang and Kulim High Technology Park (KHTP) in Kedah.
“The country’s investment prospects have reached an extraordinary level, with approved investment jumps to RM329.5 billion in 2023, marking a historic achievement for the country (2022: RM268 billion). This mainly focused in Electronics & Electrical products and sub-sectors information and communication (ICT),” he said.
He said as many as 74% of manufacturing projects were approved between years 2021 and 2023 have been completed or are in process. In addition, great value of work initial stage construction to be completed in 2023 (RM31.5 billion) and 2022 (RM26.3 billion) shows a positive trend for time investment opportunities in front.
“From a total of 5,101 investment projects approved on year 2023, as many as 81.2% or 4,143 projects are in the services sector, 883 projects in the manufacturing sector, and 75 projects in other related sectors,” he said.
Meetings and dialogue sessions with financial and capital market investors are part of the working visit in conjunction with his presence at the World Bank Group and the International Monetary Fund (IMF) annual Spring Meetings 2024 in Washington D.C., USA from April 17-19 2024. These meetings were also attended by the Bank Negara Malaysia (BNM) Governor Abdul Rasheed Abdul Ghafoor.
Prior, Amir Hamzah met with international investors in New York and Washington DC with the purpose of clarifying direction of the implementation of the MADANI Economic framework to improve investors’ confidence in Malaysia’s economic level and strengthen the perception and investment sentiment of foreign investors towards Malaysia.
Amir Hamzah said: “A high level of confidence and strong investment sentiment will be available increase the inflow of foreign direct investment (FDI) inward.”
After Singapore succesfuly rolled out its QR code immigration initiative, Malaysian under a pilot initiative launching in June, where Malaysians travelling to Singapore on factory buses will be able to clear immigration through QR codes at both of Johor’s land checkpoints.
The scheme, spearheaded by Malaysia’s Ministry of Home Affairs, follows the successful response to the Singapore Immigration and Checkpoints Authority (ICA)’s move to roll out a QR code initiative on Mar 19 for those travelling by car on its side of the land border.
Singapore’s rollout has garnered positive feedback from commuters and this has led to increased calls from Johorean travellers and businesses for the Malaysia government to launch a similar initiative.
CNA said when it contacted Johor’s Works, Transportation and Infrastructure committee chairman Mohamad Fazli Mohamad Salleh told that the pilot will apply to Malaysian citizens who travel to Singapore onboard “bas kilangs” or factory buses. He stressed that travellers with Singapore passports are not yet included in this pilot initiative.
Mr Fazli said these travellers will be able to use QR code clearance at both Bangunan Sultan Iskandar and Kompleks Sultan Abu Bakar, the immigration complexes linked to the Johor-Singapore Causeway and Tuas Second Link respectively.
“The pilot test initiative involves only Malaysians who pass through on board bas kilangs,” said Mr Fazli.
“These travellers are still required to bring their passports because at this point the QR code systems for both Malaysia and Singapore function differently and are not yet integrated,” he added.
Accor recently announced the grand opening of Mercure ICON Singapore City Centre, setting a new benchmark as the largest Mercure hotel globally. Boasting 989 meticulously crafted rooms, this newly built establishment promises an unforgettable stay experience in the heart of Singapore.
Mercure hotels are renowned for their locally inspired ambiance, and Mercure ICON Singapore City Centre is no exception. Drawing inspiration from the vibrant Chinatown and the bustling central business district, the hotel’s design captures the essence of the surrounding heritage-rich environment.
From the expansive lobby adorned with a captivating LED mural to artworks featuring iconic shophouses by local artist Ripple Root, every detail reflects the charm and character of the neighborhood.
Ideal for both leisure and business travelers, the guestrooms offer a tranquil retreat from the city’s hustle and bustle, complete with floor-to-ceiling windows or balconies. Moreover, all rooms come equipped with eco-conscious amenities, including filtered water dispensers and biodegradable bathroom amenities.
Mercure ICON Singapore City Centre distinguishes itself as a culinary destination with six distinctive dining experiences. From the Mediterranean-inspired buffet at Chara Brasserie to the fusion delights at Klara Café and Bar, guests are treated to a gastronomic journey like no other.
Notably, the hotel welcomes the renowned L’antica Pizzeria da Michele from Naples, featuring its signature Margherita and Marinara pizzas, as well as La Table d’Emma offering a blend of Alsace traditions and classic French cuisine.
The hotel’s Landscape Deck serves as an oasis of wellness and relaxation, featuring a swimming pool and a tranquil wellness deck. Fitness enthusiasts can enjoy a well-equipped gym to stay active during their stay.
Commenting on the opening, Accor’s Premium, Midscale, and Economy Division in Asia, Chief Operating Officer, Garth Simmons expressed excitement about Mercure ICON Singapore City Centre’s locally inspired design, experiences, and culinary offerings. He invited travelers to embark on a journey of discovery in the heart of Singapore, highlighting this milestone as a proud achievement for Accor in Asia.
Worldwide Hotels, CEO, Carolyn Choo the owner of Mercure ICON Singapore City Centre, echoed the sentiment, expressing excitement about welcoming guests to the new flagship of the Worldwide Hotels group. She emphasised the hotel’s invitation for travelers to live like locals and experience Singapore’s authenticity and vibrancy.
Mercure ICON Singapore City Centre is a proud member of ALL – Accor Live Limitless, Accor’s lifestyle loyalty program. Guests can enjoy a range of rewards, services, and limitless experiences by joining the program, which is simple and free of charge.
Indonesia’s central bank delivered a surprise rate hike on Wednesday, stepping up efforts to support the rupiah currency which has fallen to four-year lows on rising risk aversion and a delay in the expected timing of any U.S. policy easing.
Bank Indonesia (BI) raised the 7-day reverse repurchase rate by 25 basis points to 6.25%, its highest since the bank made the instrument its main policy rate in 2016.
Six of 35 economists polled by Reuters had predicted the hike, which was BI’s first since October. The rest had expected BI to stand pat, Reuters reported today.
BI also increased the overnight deposit facility and lending facility rates by the same amount to 5.50% and 7.00%, respectively.
Zetrix Foundation and MY E.G. Services Berhad have Memorandum of Understanding with MaiCapital, a licensed virtual asset manager in Hong Kong, to collaborate on the launch of a virtual asset fund or Hong Kong virtual assets exchange-traded fund (ETF) products.
The MoU focuses on a collaboration to issue a Securities and Futures Commission of Hong Kong (SFC) approved ETF, which would consist of a basket of cryptocurrencies, such as Bitcoin and Zetrix, and potentially other suitable cryptocurrencies.
This collaboration follows MYEG-developed Zetrix’s announcement of a strategic alliance with Web3Labs Hong Kong, a powerhouse in Web3 development and investment, alongside venture capital firm Summer Capital. Together, they aim to drive forward Hong Kong’s Web3 ambitions and position Zetrix as the preferred blockchain infrastructure for applications aligned with the Hong Kong government’s objectives, an initiative launched earlier this year.
TS Wong, Managing Director of MYEG, says that this partnership marks another milestone in integrating digital assets into mainstream finance.
“MYEG is pleased to partner with MaiCapital, a leading provider of virtual asset (VA) fund services in Hong Kong, to expand our offerings of cryptocurrency virtual assets fund or ETF options for investors. This collaboration aims to provide investors with additional avenues for diversification across multiple cryptocurrencies, thereby helping to mitigate the risks and volatility associated with owning a single cryptocurrency.”
CelcomDigi Berhad (CelcomDigi) has announced the launch of its Hajj Roaming Pass, tailored to assist customers embarking on the pilgrimage to Saudi Arabia.
The Hajj Roaming Pass, available for all Celcom, Digi, and CelcomDigi prepaid and postpaid customers, aims to ensure seamless connectivity throughout the Hajj journey. Priced at only RM128, customers will enjoy 45 days of Unlimited Internet and 30 minutes of voice calls.
Accessible via the Celcom Life App or the MyDigi app, CelcomDigi’s Hajj Roaming Pass is now available until 30th June 2024.
This initiative underscores CelcomDigi’s commitment to catering to the specific needs of customers during significant religious events, providing convenience and peace of mind during their pilgrimage experience.
Communication Minister Fahmi Fadzil said the newly appointed Digital Minister Gobind Singh Deo will announce the new board of directors for Digital Nasional Berhad and share more updates on the development of the 5G rollout plans.
This comes after Prime Minister Datul Seri Anwar Ibrahim said the issuer pertaining DNB will be shared this week since a scathing news report by Singapore’s Channel News Asia painted a ‘all not well’ scenario for the f=government owned entity.
The exclusive report cited officials on the ministry saying that mobile network operators involved for the new Share agreement have been dissatisfied and have raised concerns on the manner DNB is operating.
CNA said that the government officials and industry executives have acknowledged that after more than four months, both sides have yet to agree on so-called condition precedents (CP), legal parlance for events that must take place before a contract can come into effect. The CPs include the appointment of directors who would represent the private telcos in DNB, and the completion of three confidential audits on the state-owned entity by external experts. The audits would cover its financial standing, due diligence on large contracts the company has signed and a technical evaluation of its 5G systems.
“The audits are ongoing, but there is no agreement on the composition of the board. Nothing is moving because telco’s are starting to have doubts on the path forward,” acknowledged a senior Finance Ministry official, who is monitoring the 5G situation it said.
HSS Engineers Bhd has announced a final single-tier dividend of 1.21 sen per share in respect of the financial year ended Dec 31, 2023 (FY23), a significant increase from the previous year’s dividend of 0.92 sen per share.
In a statement, the engineering and project management consultant said the dividend payout is estimated at RM6.2mil or 30% of FY2023 net profit, in line with its dividend policy targeted at 30% of annual net profit.
The proposed dividend, subject to approval by shareholders at the group’s annual general meeting on June 6, is set to be paid out to shareholders on June 26, with an ex-date on June 10.
Executive vice chairman Tan Sri Ir. Kuna Sittampalam (pic) stated that the group is pleased to offer dividends to its valued shareholders, acknowledging their long-standing commitment to HSS.
“With a robust order book totalling RM1.5bil as at Dec 31, 2023, encompassing projects spanning across renewable energy, data centres, roads, highways, railways, and water, we are poised for continued success.
“Additionally, our outlook is buoyed by the swift progress of mega infrastructure initiatives in Malaysia, propelled by the Government’s endorsement of key projects such as Phase 1B of the Pan-Borneo Highway in Sabah and the Penang Light Rail Transit. These endeavours underscore the significant opportunities ahead.”
Sun Life has unveiled its inaugural “Asia Financial Resilience Index – Malaysia” today, shedding light on the financial behaviors and beliefs of individuals across the region and the challenges they encounter in building long-term financial security. The Index reveals that Malaysian millennials exhibit the highest levels of financial resilience, yet many lack a concrete action plan.
Based on a survey of 8,000 individuals across eight markets including Malaysia, Singapore, mainland China, Hong Kong SAR, India, Indonesia, the Philippines, and Vietnam, key findings indicate:
Millennials Lead in Financial Resilience
In Malaysia, millennials emerge as the most financially resilient generation. They demonstrate higher levels of optimism (69%) regarding their financial futures and are more inclined to base financial decisions on research (65%) compared to older generations (62%). Despite this, only 40% of millennial respondents have a financial plan extending beyond one year, posing a risk to their financial goals.
Sun Life Malaysia, CEO and President/Country Head, Raymond Lew said, “Malaysian millennials stand out as the most financially resilient generation. With their tech-savvy nature, millennials have access to various financial planning tools and are more likely to base their decisions on thorough research. However, the study highlights the concerning trend that many lack a long-term financial plan to achieve their life goals.”
Confidence vs. Preparedness
The Index reveals a disparity between confidence and preparedness in meeting long-term financial goals. While 66% of Malaysian respondents express confidence in achieving such goals (compared to the Asia average of 69%), only 38% have a financial plan extending beyond one year (compared to the Asia average of 40%). Additionally, only 18% have a retirement or pension plan despite retirement and savings ranking as their second highest financial priority.
Lew said, “The Index provides insights into how Malaysian households approach their financial goals and safeguard their future. While optimism is high, a concrete financial plan is essential to translate this optimism into reality. A financial plan offers clear steps toward achieving wealth and health goals.”
Emotion and Trust Influence Decision Making
Emotion and trust play pivotal roles in financial decision-making for over a third (36%) of Malaysian respondents. While social media serves as a common source of financial advice (43%), trust in it remains low (11%). Despite nearly half (48%) expressing a desire to educate themselves more about personal finance, few seek professional help or advice (24%) in managing their finances.
Wealth ≠ Financial Resilience
Even among the wealthiest respondents, gaps in preparedness are evident, including underestimating expenditure and lacking long-term financial planning. The study underscores that being wealthy does not guarantee financial resilience, as lower and high-income respondents exhibit similar tendencies to exceed monthly budgets and lack long-term financial plans.
The Sun Life Asia Financial Resilience Index aims to understand how individuals plan for and overcome unexpected high-impact financial events. Conducted across eight markets, the study measures financial resilience against five key pillars: confidence, behavior, planning, tools, and resources.
Sun Life Malaysia has also launched the “Insure or Unsure: Sun Life Insurance Literacy Survey” to assess Malaysians’ self-perceived level of insurance literacy. The survey results have led to the launch of the InsureLit Campaign, aimed at equipping Malaysians with essential insurance and takaful knowledge and promoting positive financial behaviors.
Principal Malaysia has officially launched the Principal Global Dynamic Income Fund aimed to deliver both income and capital growth by investing in a target fund that strategically allocates across a diversified range of assets and global markets to identify investment opportunities.
The approach it said enables investors to potentially reap attractive returns while navigating market volatility.
“Given the complexities of the macroeconomic and monetary policy landscape, including concerns over interest rates, our investments must dynamically seek opportunities to capture upside potential while mitigating downside risks. Therefore, an actively managed multi-asset strategy can help stabilise portfolio fluctuations, leading to more consistent income generation.
With the introduction of the Principal Global Dynamic Income Fund, investors can potentially enjoy an attractive income stream that aims to withstand market conditions and fluctuations, thereby enhancing their financial well-being,” said Principal, Chief Executive Officer of Malaysia and Global Shariah, Managing Director of Strategic Distribution & Institutional Client Relations (Southeast Asia & Global Shariah), Munirah Khairuddin.
The Fund, which feeds into the Schroder International Selection Fund Dynamic Income, is designed for investors with medium to long-term investment goals, those seeking a well-diversified global portfolio, and those interested in regular investment income.
HSBC Bank Malaysia Berhad (HSBC) has been appointed as the exclusive bank distributor for the Fund for a six-month period. The Principal Global Dynamic Income Fund offers five share classes: Class MYR, Class MYR-Hedged, Class SGD-Hedged, Class USD, and Class AUD-Hedged.
Investors are bracing for key events – release of the US GDP data and Bank of Japan’s (BoJ) policy meeting results – that may shape the trajectory of major currencies in the coming days.
USD/JPY has held steady below the 155.00 mark, mirroring the cautious sentiment prevailing in the market. This calm demeanour belies the underlying apprehension, fuelled in part by Japan’s hinted intervention plans to bolster the yen. Finance Minister Suzuki’s stern warning underscores Japan’s vigilance against excessive currency movements, reflecting growing unease over recent yen weakness.
Meanwhile, EUR/JPY hovers near the critical 165.00 threshold, with euro-zone yields experiencing a modest uptick amid tempered expectations of Fed rate cuts. ECB Vice President Luis de Guindos’ remarks signal a nuanced approach to monetary policy, acknowledging the need for flexibility amidst geopolitical tensions while hinting at a potential shift in June.
In the emerging markets arena, currencies have endured heightened volatility, propelled by a recalibration of Fed rate cut expectations and geopolitical uncertainties. The Indonesian rupiah, Mexican peso, and Philippine peso bore the brunt of selloffs, reflecting investor jitters. However, the Chilean peso and Peruvian sol showcased resilience, staging robust recoveries against the USD.
The prevailing market turbulence prompted a temporary squeeze on popular FX carry trades, exemplified by a flash crash in the Mexican peso following geopolitical ripples from the Middle East. Yet, the MXN swiftly regained its footing, underscoring resilience amidst fleeting disturbances. The broader trend of USD strength persists, fuelled by expectations of a delayed Fed easing cycle and higher US yields.
Market commentary and analysis from Luca Santos, currency analyst ACY Securities
In the fight for integrity within the legal profession, the eradication of touting (activities conducted by unscrupulous persons who receive commissions from law firms in return for securing clients) stands as a crucial battlefront where ethical standards intersect with the pursuit of justice. Due to its corrosive influence on fair legal representation and public trust, The Malaysian Bar Council said eradicating touting demands a concerted effort from all stakeholders involved.
An example of such an effort emerged on 18 April 2024, as detailed in the news report of two bank officers for allegedly soliciting bribes”. The bank officers were arrested by the Malaysian Anti-Corruption Commission for allegedly soliciting bribes amounting to RM316,064 from various law firms. Their modus operandi involved demanding kickbacks in exchange for referring property buyers to these law firms.
While it is crucial that due process, in accordance with the rule of law, be afforded to these individuals, the Malaysian Bar reiterates that the eradication of touting in the Malaysian legal industry is not merely a matter of ethical integrity; it is an imperative for upholding the very foundation of justice and fairness within society.
On top of the criminal offences provided for under the law, Members of the Malaysian Bar who are engaged in touting are subject to section 94(3)(h) of the Legal Profession Act 1976 and Rule 51 of the Legal Profession (Practice and Etiquette) Rules 1978, which expressly define touting as professional misconduct and may result in possible disciplinary action.
Anyone who is aware of or has reason to believe touting activities are being carried out should immediately report such incidents to the Malaysian Bar. All complaints must be sufficiently detailed and should be supported by evidence, where available, to enable action by the Malaysian Bar. The identities of those lodging the reports and all information received on the online report log or email will be kept strictly private and confidential.
It is encouraging that the Malaysian Bar’s initiative to eradicate touting has been met positively by not only its Members but external stakeholders as well. Members of the Malaysian Bar have given positive feedback and pledged their full support towards our initiative. Additionally, the Malaysian Bar has held engagements with external stakeholders, including a major financial institution, where these stakeholders have expressed their commitment to eliminate incidences of touting among their employees.
As part of its long-term goal of eliminating touting, the Malaysian Bar has also made concrete plans to establish a standing committee.
By eliminating touting, we pave the way for a legal landscape built on principles of equality, transparency, and accountability. The Malaysian Bar calls upon everyone, both Members of the Bar and the society at large, to steer clear from the practice of touting, and to inform the Malaysian Bar through the available avenues should such practices come to light. Be the cure and not the cause of this illness. Together, we can turn the tide from touts to trust.
Johor-based wholesaler and distributor of fresh vegetables, food and beverage (F&B) products and other groceries, Farm Price Holdings Berhad (Farm Price) has successfully launched its prospectus today (Apr 24) in conjunction with its initial public offering (IPO) exercise on the ACE Market of Bursa Malaysia Securities.
Farm Price, through its subsidiaries (collectively, the Group), is principally involved in the wholesale and distribution of fresh vegetables, F&B products and other groceries. The Group also operates a retail store in Ulu Tiram, Johor selling fresh vegetables together with F&B products and other groceries directly to end-consumers.
Backed by a 20-year track record in fresh vegetable wholesale distribution, Farm Price currently operates its Senai Centralised Distribution Centre in Johor.
This facility consists of cold room facilities for storage, processing, and packing areas, alongside ambient temperature zones. The Group’s dedication to quality is demonstrated by its ISO 9001[1], GMP[2], and HACCP[3] certifications for its Senai Centralised Distribution Centre’s processing and packing operations.
Additionally, it also has the Halal certification for prepacked and fresh-cut vegetables, ensuring product integrity and larger market reach.
The Group’s operations is supported by 6 regional distribution centres located in Johor, Selangor, Perak, and Penang. These distribution centres focus on the wholesale distribution of F&B products and other groceries. Farm Price serves a diverse customer base, including resellers such as supermarkets, minimarkets, grocery stores, and wholesalers and end-user industries including food service operators, food manufacturers, and individual consumers.
Farm Price Managing Director Dr. Tiong Lee Chian said, “Our prospectus launch marks a pivotal moment for Farm Price. It demonstrates the team’s unwavering dedication for growth and excellence since our humble beginning 20 years ago when my spouse, Mdm. Liew Tsuey Er and I founded this business from scratch. .
“Through grit and perseverance, our reputation for reliability and quality has delivered consistent growth over the years. Now, with the upcoming proceeds from the IPO, we can accelerate our strategic expansion plans to grow much faster and capture the rising demand for fresh produce.”
“As part of our growth strategy, we plan to increase the built-up area of our Senai Centralised Distribution Centre from 78,721 sq. ft. to 149,548 sq. ft., constructing additional office space, cold room facilities, and ambient operational and warehouse areas. We will establish additional regional distribution centres with cold room facilities in Nilai, Negeri Sembilan and Cameron Highlands, Pahang, along with a new sales and marketing office in Singapore.”
Farm Price will also invest in new machinery and equipment to optimise workflow efficiency and automate processes. This is in anticipation of increase in customer orders, while simultaneously reducing reliance on manual labour.
The expected RM24.48 million proceeds to be raised are set to be utilised in the following manner:
The independent market research by Vital Factor Consulting Sdn Bhd states that the fresh vegetable industry is part of Malaysia’s food security agenda as it is an essential industry that directly affects the general population in terms of sustenance of life, health and cost of living.
“Therefore, it is my belief that we play a key role by ensuring stable supply of a variety of fresh produce to the public at affordable prices, demonstrating our commitment to the national agenda. This drives our continuous expansion and innovation efforts,” Dr. Tiong added.
The Group’s IPO exercise comprises the issuance of 102.00 million new ordinary shares in Farm Price constituting 22.67% of the Group’s enlarged share capital. Additionally, a private placement will be conducted for the offer-for-sale of 33.00 million existing shares, equivalent to 7.33% of the enlarged shares.
Out of the 102.00 million shares, 22.50 million Shares are available to the Malaysian public via balloting; 11.25 million Shares for eligible directors, employees and persons who have contributed to the success of the Group (Pink Form Allocations), the remaining 68.25 million Shares by way of private placements to selected investors.
Farm Price will have a market capitalisation of RM108.00 million upon listing based on an enlarged issued share capital of 450.00 million shares and an IPO price of RM0.24 per share.
For the financial year ended 31 December 2023 (“FYE2023”), the Group’s revenue increased 21.00% year-on-year (“YoY”) to RM114.20 million, whereas Profit After Tax (“PAT”) surged 83.28% YoY to RM8.70 million. The improved performance was attributed to higher contributions from both wholesale distribution and retail segments.
Wholesale distribution remains the Group’s primary revenue driver at 93.62%, followed by the retail segment at 6.38%. Geographically, export sales to Singapore comprised 25.46% of Group turnover, with the balance coming from domestic sales.
Meanwhile, the hike in FYE2023 PAT margin to 7.62% from 5.03% was largely attributed to favourable supply condition, revision in selling prices to Singapore and higher efficiency in prepacked vegetables.
Following the prospectus launch, applications for the public issue are open from today and will be closed on 30 April 2024 at 5:00 pm. The Group is scheduled to be listed on the ACE Market of Bursa Securities on 14 May 2024.
Alliance Islamic Bank Berhad is the Principal Adviser, Sponsor, Sole Underwriter and Placement Agent for the IPO Exercise.
Legacy Credit Sdn Bhd announce a substantial investment exceeding 5% stake through a private placement in VCI Global Limited. under this shares placement agreement, Legacy Credit will invest $2.5 million in VCI Global.
This will position the company as a substantial shareholder, reflecting its strategic commitment to enhancing financial solutions and expanding its influence across the ASEAN region.
VCI Global has a proven track record of facilitating SMEs in achieving Nasdaq listings, which is critical for companies aiming to tap into international markets. This partnership is expected to leverage Legacy Credit’s robust financial network and VCI Global’s technical prowess to foster substantial economic growth and innovation.
Mr. Nelson Goh, Director and Chief Executive Officer (CEO) of Legacy Credit commented, “Our significant investment in VCI Global is more than a financial venture; it’s a strategic alliance. With this move, we aim to blend VCI’s esteemed capabilities with our innovative approaches to open up new pathways for ASEAN SMEs on global platforms such as Nasdaq.”
Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global stated, ” We are delighted to welcome Legacy Credit as a valued investor. Their confidence in VCIG underscores our reliability and investment potential. Legacy Credit’s investment will boost our business, accelerate our growth trajectory, and drive long-term value for our stakeholders, demonstrating our commitment for further company growth.”
In the dynamic global trade landscape, the relationship between China and the Association of Southeast Asian Nations (ASEAN) continues to strengthen, pivoting around innovative growth verticals.
For Malaysia, business ties and trade underpin key opportunities for collaboration. For over a decade and a half, China has remained Malaysia’s largest trading partner, a testament to the enduring partnerships and economic resilience between the two nations from 2008 to 2023.
Prime Minister Dato’ Seri Anwar Ibrahim has already made two official trips to China after assuming office in November 2022, forging several memoranda of understanding worth RM200 billion.
These covered commodities and agriculture-based industries, automobile manufacturing, as well as cooperation in the field of technical and vocational education and training. Other areas included collaboration in science and technology and vaccine development technology, warehousing and logistics, and waste-to-energy power plants, amongst others.
This period has seen a robust enhancement in Private Equity (PE) activities within ASEAN. And with China’s keen focus on sectors such as healthcare, telecommunications, business services, the green economy and agriculture, Malaysia, with its combination of policy support and strategic sectoral investments, stands out as particularly attractive for these ventures.
At the recently concluded KL20 Summit 2024, Dr Qi Bin, the Deputy Chief Investment Officer of the China Investment Corporation (CIC), underscored significant insights focused on economic synergies. He highlighted the multifaceted strengths of Malaysia’s labour market, including a noticeable recovery in exports and considerable improvements in connectivity.
These elements synergise well with the escalating private equity engagements in the country, setting a vigorous pace for investment and corporate activities.
China’s pivotal role in Malaysia’s structural transformation is evident. The rapid inflow of Chinese investments and the establishment of Chinese corporate offices in Malaysia reflect a deeper, mutually beneficial engagement.
These efforts are part of a broader strategy by CIC to foster a “win-win” scenario between China and Malaysia and across the global arena. Looking ahead, CIC is committed to reinforcing this platform, which has been diligently built over the years.
Right now, China remains Malaysia’s largest trading partner since 2009, making up 17.1% of Malaysia’s total external trade in 2023, an increase from 13% in 2010 and 4.7% in 2001.
The balance of trade is not one-sided, as Malaysia makes a mark as the second biggest ASEAN country trading with China since 2022, with exports valued at RM102.3 billion—58.6% of total exports—from January to November 2023. Goods exported consisted largely of electronics and electrical products, palm oil, oil and gas, and plastic products.
The goal is clear for the future: to catalyse sustainable economic growth and development that benefits all stakeholders involved. This strategic focus by CIC is set to drive future initiatives, ensuring that the growth trajectory of China-ASEAN economic relations continues to ascend, promising prosperity and stability for the region.
Concerted Effort To Rid Touts In Legal Fraternity
In the fight for integrity within the legal profession, the eradication of touting (activities conducted by unscrupulous persons who receive commissions from law firms in return for securing clients) stands as a crucial battlefront where ethical standards intersect with the pursuit of justice. Due to its corrosive influence on fair legal representation and public trust, The Malaysian Bar Council said eradicating touting demands a concerted effort from all stakeholders involved.
An example of such an effort emerged on 18 April 2024, as detailed in the news report of two bank officers for allegedly soliciting bribes”. The bank officers were arrested by the Malaysian Anti-Corruption Commission for allegedly soliciting bribes amounting to RM316,064 from various law firms. Their modus operandi involved demanding kickbacks in exchange for referring property buyers to these law firms.
While it is crucial that due process, in accordance with the rule of law, be afforded to these individuals, the Malaysian Bar reiterates that the eradication of touting in the Malaysian legal industry is not merely a matter of ethical integrity; it is an imperative for upholding the very foundation of justice and fairness within society.
On top of the criminal offences provided for under the law, Members of the Malaysian Bar who are engaged in touting are subject to section 94(3)(h) of the Legal Profession Act 1976 and Rule 51 of the Legal Profession (Practice and Etiquette) Rules 1978, which expressly define touting as professional misconduct and may result in possible disciplinary action.
Anyone who is aware of or has reason to believe touting activities are being carried out should immediately report such incidents to the Malaysian Bar. All complaints must be sufficiently detailed and should be supported by evidence, where available, to enable action by the Malaysian Bar. The identities of those lodging the reports and all information received on the online report log or email will be kept strictly private and confidential.
It is encouraging that the Malaysian Bar’s initiative to eradicate touting has been met positively by not only its Members but external stakeholders as well. Members of the Malaysian Bar have given positive feedback and pledged their full support towards our initiative. Additionally, the Malaysian Bar has held engagements with external stakeholders, including a major financial institution, where these stakeholders have expressed their commitment to eliminate incidences of touting among their employees.
As part of its long-term goal of eliminating touting, the Malaysian Bar has also made concrete plans to establish a standing committee.
By eliminating touting, we pave the way for a legal landscape built on principles of equality, transparency, and accountability. The Malaysian Bar calls upon everyone, both Members of the Bar and the society at large, to steer clear from the practice of touting, and to inform the Malaysian Bar through the available avenues should such practices come to light. Be the cure and not the cause of this illness. Together, we can turn the tide from touts to trust.