COFFEE lovers in Malaysia will have something to look forward to as Nescafe Ready-to-Drink brings all things Malaysian with the rebranding of its local coffee drinks to the Nescafe Kopitiam Series and the introduction of two new variants, the Nescafe Kopi-C, and Nesaafe Kopi Cham.

The new Nescafe Kopi Cham is a combination of tea and coffee, while Nescafe Kopi-C has a smoother blend of coffee and milk. These two flavours are recognised as popular coffee choices in the local coffee shops.

7 -ELEVEN MALAYSIA carries on its goodwill by launching ‘Lend a Helping Hand 2021’ campaign to provide relief and help ease the burden of beneficiaries whom are impacted by the Covid-19 pandemic in the country as well as to our heroic frontliners that are working tirelessly to keep us all safe.

From now until July 4, 2021, the public is encouraged to contribute through the campaign by purchasing necessities and supplies from 7-Eleven stores nationwide and placing them into the collection box. Supplies could range from instant food, groceries, beverages, medications, and other household cleaning essentials found in the store. The public may also drop off essential general supplies into the collection box and the contributions will then be channelled by 7-Eleven to the nearest beneficiaries in each area nationwide including government hospitals and medical clinics, other civil service frontliners, charity homes such as those for the elderly and children, public universities, students’ dormitories and more. Contribution handovers will have necessary precautions in place such as minimal interaction between donor and recipients with the collected items dropped off outside the recipient’s facility wherever possible.

7-Eleven Malaysia’s General Manager of Marketing, Ronan Lee, said: “Everybody can play a part to lend a hand during these trying times and we can always count on the extraordinary kind generosity of the public in supporting our efforts of providing any form of relief to the disadvantaged communities as well as our relentless frontliners who have been heroic in the face of unprecedented adversity. We are all in this together and let us all stay strong together and be there for each other as #KitaJagaKita.”

“While the pandemic has been difficult for most Malaysians, there are communities who are more adversely impacted by the pandemic than the others, especially the B40 communities. In acknowledgement of this, it is more critical than ever before for us to shore up our support and deliver the necessary aid to them, not forgetting the frontline workers as well for their resilience, compassion and gallant efforts. At 7-Eleven Malaysia, we want to ensure that no one is left behind in these challenging and unprecedented times,” Lee added.

For more information on ‘Lend a Helping Hand 2021’ campaign, please visit www.7eleven.com.my or follow our official social media pages @7ElevenMalaysia.

THE long wait is nearly over for football fans, as UEFA Euro 2020 finally hits our screens this month! In conjunction, Heineken, the proud official beer partner of UEFA Euro 2020, is encouraging Malaysian fans to join in the fun with its new campaign ‘Enjoy the Rivalry’ and stand to win amazing prizes.

After more than a year of waiting, UEFA Euro 2020, a global event set to have 5 billion viewers, will finally take place from June 12 to July 12, 2021. Twenty-four of Europe’s best teams will compete for the title, reigniting old football rivalries and instigating new ones.

Heineken believes the fun of rivalry doesn’t stop on the field, though – much of what makes football great is the friendly rivalry between fans. After all, unity isn’t what makes football exciting: rivalry does!

Accompanying the campaign is a range of Limited Edition Heineken UEFA Euro 2020 bottles and cans, featuring the flags of participating teams.

Available in special combo packs at participating supermarkets, hypermarkets, convenience stores and on Drinkies – Heineken Malaysia Berhad’s home delivery service – the Limited Edition designs are the perfect way to show your support and let the rivalry commence!

Bring the rivalry fun to the next level from June 10 to July 4 with the Heineken Rivalry Stadium (www.heinekenrivalrystadium.com.my), and stand to win a once-in-a-lifetime final viewing experience in the comfort and safety of your own home.

Pick a celebrity opponent, challenge them, and try to outsmart their predictions on a series of matches to be in the running to win an exclusive Heineken Home Stadium, with everything you need to watch the UEFA Euro 2020 final in style!

With opponents like football legend Datuk Soh Chin Aun, futsal player Steffi Sidhu, TV football pundits Michelle Lee and Mark O’Dea, and content creator duo MusangKing to challenge, the rivalry will be fierce!

“UEFA EURO 2020 is just around the corner and what better way to celebrate than with Heineken and your best rivals by your side. At Heineken, we believe that rivalry is at the core of football – there’s fun in being rivals because it makes the games that much more exciting for us as fans. As the official beer partner of Europe’s most prestigious international football tournament, Heineken and Heineken 0.0 are the perfect choices when it’s time to reach for a beer during a match,” said Pablo Chabot, Marketing Director of Heineken Malaysia Berhad.

YAYASAN PETRONAS is distributing devices with data connectivity to 12,000 students nationwide which will enable them to have better access to online learning as the education landscape in Malaysia shifts to one of hybrid teaching and learning.

The RM30 million worth of digital devices are being supplied to 81 schools in 69 districts, from May 17 until mid-June as part of Yayasan Petronas’ commitment to Cerdik.

Announced in Malaysia’s Budget 2021, Cerdik is a pioneering corporate social responsibility (CSR) initiative by government-linked companies (GLCs) and government-linked investment companies (GLICs), which is aimed at supporting lower-income families to better adjust to the new normal of online lessons, e-learning and other forms of remote teaching. Working in partnership with the Ministry of Education (MoE), the Ministry of Finance (MoF), and Yayasan Hasanah (the Secretariat), as well as other GLC and GLIC partners, Yayasan Petronas prioritised schools with a majority of students from B40 households.

The devices provided through CERDIK are designed to support the students’ learning requirements for three academic years, and are fitted with data services, maintenance, warranty and technical support.

“Through CERDIK, we want to provide equitable access to quality education for students as it is the first step to close the digital gap towards enriching their educational experiences and lives,” said Yayasan Petronas Chief Executive Officer Nelly Francis Shariah.

“With these devices and Internet service, we hope more students – especially those from underprivileged and rural communities – can better participate in online lessons.”

According to a survey of 900,000 students conducted by MoE last year, 37% indicated that they did not have appropriate devices at home to participate in online lessons last year.

“During these difficult times, we must help ensure that no one gets left behind in the pursuit of education,” Nelly added, recognising that many families are facing financial pressures from the Covid-19 pandemic restrictions.

“We thank Yayasan Petronas for their support to Cerdik, one of the most comprehensive pilot initiatives on digital learning in public schools nationwide. Despite logistics issues due to the movement restrictions around the world, we are still on track to deliver the devices based on the stipulated timelines,“ said Shahira Ahmed Bazari, Managing Director of Yayasan Hasanah.

The contribution to Cerdik complements Yayasan Petronas’ various education outreach initiatives benefitting students and teachers. These include the recent Back To School programme in March 2021, where school supplies and personal hygiene kits were distributed to 21,000 students from underprivileged families nationwide.

The foundation also rolled out its signature Program Duta Guru, a collaboration between Yayasan Petronas and MoE. Earlier this year, Science, Technology, Engineering, and Mathematics teachers were provided with online teaching kits and guidance in delivering lessons for improved learning outcomes.

CLOSE to one million youths have successfully claimed their eBelia credit via ShopeePay. As of June 7, the programme has succeeded in generating sales amounting to 120% of the total amount disbursed by the Ministry of Finance (MOF) through ShopeePay. Additionally, some 140,000 sellers and traders that accept ShopeePay have already benefited from the eBelia programme.

Head of ShopeePay Malaysia Alain Yee said: ”As one of the newest mobile wallets to enter a crowded space, it is indeed humbling to receive the resounding support from eligible eBelia participants. When compared against MOF’s announcement, the bulk of the 1.7 million successful applicants have chosen ShopeePay. This is possibly because our e-wallet can be used both online and offline nationwide, with a reach as far and wide as Semporna, Sabah; Miri, Sarawak; Kemaman and Gong Badak in Terengganu and Bachok, Kelantan.”

Yee added that based on the preliminary data from June 1 till 7, user behaviour amongst eBelia recipients suggest that the programme has driven adoption of e-wallets and is likely going to lead to long term usage.

“Of the total successful eBelia applicants via our mobile wallet, about 40% are new ShopeePay users that activated their e-wallet just for eBelia. Additionally, we are positive that customer retention rate amongst these new users will be high as over 20% have already topped up their e-wallet at least once within the first week of using ShopeePay,” he explained.

On what the recipients have been spending on, Yee shared that many were seen to be using the eBelia credit on very practical purchases: daily necessities, food and beverages, books, as well as home and living items, among others. A closer look into the spending pattern of these eBelia youths for the past week reveals the following (Observations are made based on top 100 merchants by transactions recorded offline, online (merchants’ webstores and Apps), and on Shopee.

SINCE it was founded in 1994, aviation has always been a passion for Bell & Ross. Over the years, the watch brand has become a leading benchmark in the instrument watch field.

In 2011, the brand launched the eye-catching Red Radar. This year marks the return of this watchmaking UFO. The style of the new BR 03-92 Red Radar Ceramic version is as modern as ever, and brings its own innovative reinterpretation to the watch display. Its display breaks the traditional watchmaking codes by revisiting the graphics of an aircraft control radar.

The time can be read via a system of rotating discs, combined with an analogue hand. The dial is topped with a red sapphire crystal. The newcomer adopts the BR 03 case, which is 42 mm in diameter.

In constant pursuit of innovation and performance, on this occasion Bell & Ross has chosen to use ceramic. This high-tech material is scratch-resistant, yet soft to the touch.

HEINEKEN MALAYSIA BERHAD (Heineken Malaysia) recently announced that it had achieved a significant sustainability milestone in its mission to balance more than 100% of water used in its products.

Thanks to strides made under its Every Drop water strategy, the company was able to achieve this goal last year, 10 years ahead of schedule.

Speaking at the virtual launch of the Company’s Water Balancing Report 2020, Heineken Malaysia managing director Roland Bala said: “Water is central to Heineken and indeed a precious resource that is essential to all life. Our efforts in protecting our water resources over the years have enabled us to fully balance water used to brew our beers and ciders.

“We have an ambitious target to balance 1.5 litres for every 1 litre of water used in making our products.”

He added that last year, through initiatives like river and peatland conservation, rainwater harvesting, reforestation, and other community initiatives, Heineken Malaysia exceeded its water balancing target by 267%.

Heineken Malaysia’s water balancing achievements are quantified in line with international industry-standard methodologies consistent with the Volumetric Water Benefit Accounting framework published by the World Resources Institute. The results are independently validated and verified by LimnoTech, a leading international environmental science and engineering firm based in the USA.

Also at the launch were Heineken Malaysia corporate affairs and legal director Renuka Indrarajah and mananger for the RIVER Care Programme of GEC Dr. Kalithasan Kailasam, who spoke at length about the company’s various other initiatives under the W.A.T.E.R Project, a partnership between SPARK Foundation and GEC, which started in 2007.

Among the success stories were:

● The rehabilitation of Sungai Way, an urban river in an urban industrial zone, resulting in the improvement of the river’s water quality from Class IV – V (extremely polluted, not suitable for living organisms) to Class III (suitable for living organisms);

● Construction of a 305m clay dyke at the Raja Musa Forest Reserve that stores up to 136.1 million litres of water annually, contributing to the long-term sustainability of Sungai Selangor;

● Installation of over 1,000 water thimbles for more than 500 households in the Klang Valley, which resulted in water savings of 19 litres per capita per day on average;

● Installation of 16 rainwater harvesting systems for communities in Selangor, thus providing them with an alternative water source and reduce reliance on treated water for non-potable usage as well as relieving pressure on our water resources;

● Reforestation of one hectare of degraded peatland at the Raja Musa Forest Reserve, which reduces the risk of peat fires and increases the peatland’s water table, contributing to the health of Sungai Air Hitam within the Sungai Selangor watershed.

Roland added that he was optimistic that the company, buoyed by this recent achievement, would achieve the rest of its planned sustainability targets going forward.

“It is challenging,” he said, “but we believe in Heineken’s [mission]. We can do it as an organisation, and we are committed to do what we need to get there.”

Heineken Malaysia’s Water Balancing Report 2020 is available to the public via this link.

WITH working from home being the new norm, the hours tend to blur and we often find ourselves looking for a pick-me-up to get through the day.

Now, working responsibly while enjoying a cold one is made possible with Heineken 0.0 – a beer minus the guilt and the alcohol.

In line with the brand’s advocacy of responsible consumption, Heineken is giving away 10,000 Heineken 0.0 four-can packs to refresh your next long day of work.

To kick-start a “work smart, drink smart” routine, simply sign up at www.heineken00drinksmart.com.

As you drag the Heineken 0.0 can into the calendar within the site, a redemption form will pop up and a free four-can Heineken pack 0.0 will be making its way to your doorstep.

“Our days are often filled with back-to-back meetings and long checklists to complete,” said Heineken Malaysia Bhd marketing director Pablo Chabot.

“There are times we cannot even pause to take a break.

“We hear you, hence we are giving away 10,000 free four-can packs of Heineken 0.0 for you to enjoy while you work.

“Gone are the days where you cannot have a beer while working, when you can now work smart and drink smart with Heineken 0.0,” he added.

The free four-can packs are available on a first come, first served basis and subject to eligibility.

Only one redemption per person is allowed, while stocks last.

Those who miss out on this giveaway can purchase the packs via the Drinkies app (available on both iOS and Android) or www.drinkies.my.

For more information, visit www.heineken00drinksmart.com.

(Heineken 0.0 and all promotions and giveaways are for non-Muslims aged 21 and above only.)

THERE is good news for close to 15,000 University Malaya [UM] undergraduates returning to campus this October – homegrown retailer MR DIY will be distributing RM300 to each student to help them purchase essential supplies to facilitate their return to campus.

Dubbed #DIY4UM, the RM4.5 million cash aid distribution programme is being implemented in partnership with Touch ‘n Go via its eWallet platform.

The cash aid will be made to students on their Touch ‘n Go eWallets in three equal payments of RM100 each on Nov 1 and 30, and Dec 30.

Announcing the #DIY4UM aid programme, MR DIY CEO Adrian Ong said the programme was aimed at helping students make the back-to-campus transition as smooth and worry-free as possible.

He said: “The reopening of campuses is a major milestone for university students. After many months of lockdown, they will finally be able to reconvene on campus to fully benefit from the in-person learning experience and enjoy the academic social interaction with lecturers and fellow students alike.

“We believe it’s important that they are well equipped with protective and learning essentials to keep themselves safe while staying focused on their studies, which is why we are distributing this cash aid to undergraduates at University Malaya.”

He said students will be able to easily equip themselves with everyday student essentials, Covid-19 protective equipment and a wide range of stationery items at MR DIY retail stores as well as its online platform using the cash credit given.

In addition, the first 11,000 students who utilise the funds will be entitled to RM10 cashback when they spend a minimum of RM20 using the Touch ‘n Go Wallet.

The promotion applies at MR DIY Group stores, MR DIY Online, as well as the MR DIY mini programme available on Touch ‘n Go eWallet.

The programme is part of a strategic collaboration between MR DIY and Touch ‘n Go which was inked in July this year.

Commenting on the aid programme, Touch ‘n Go group chief executive officer Effendy Shahul Hamid said: “We are extremely pleased that the partnership between our companies has been extended into a benefit for society, in this case, students of University Malaya.

“We stand ready to support this initiative and we commend MR DIY for stepping up during these challenging times.”

All active Malaysian undergraduates at University Malaya are eligible for the aid. They are required to register online via Portal Maya UM by Oct 3, and ensure they have a valid Touch ‘n Go eWallet.

The initiative was lauded by Universiti Malaya’s Vice-Chancellor, Professor Dato’ Ir. Dr Mohd Hamdi Abd Syukor who said: “We are confident this initiative will be of great help to students as they return to campus.”

The #DIY4UM initiative is the latest in a series of collaborations between MR DIY and University Malaysia. MR DIY has for the past four years joined hands with UM and the Ministry of Education to organise the “DIY Made Simple” competition for schools with UM’s Community and Sustainability Center (UMCares).

The competition is a CSR initiative to cultivate awareness of sustainability among schoolchildren.

Visit MR DIY’s website at www.mrdiy.com, e-commerce platform at www.mrdiy.com.my, and social media channels on Facebook and Instagram.

STARBUCKS is once again collaborating with Stacey Bendet, CEO and Creative Director of top fashion house alice + olivia to offer a stylish designer merchandise collection, available for a limited time at select Starbucks stores across Malaysia.

With Stacey’s fun and sophisticated eye for design, the highly anticipated Starbucks X alice + olivia collection showcases two whimsical designs, including the iconic Stace Face, and a modern interpretation of the Stace Face with a colourful twist.

“Starbucks and Stacey Bendet are united by their aspiration to create unique and delightful experiences,” said Erin Silvoy, vice president, Product and Marketing, Starbucks Asia Pacific.

“Since our very first collaboration with alice + olivia, our customers have kept asking for more. Now, we’re excited to launch a new Starbucks X alice + olivia collection with bold, yet chic designs fit for everyday occasions, to encourage our customers to embrace self-expression and give them the confidence to live a life in style.”

Bendet herself added: “Both Starbucks and alice + olivia love creating unique and empowering experiences.

“With our rainbow Stace Face designs we hope to bring some colourful fun to the world!”

The exclusive collection will bring fashion and style to life once more, with a unique lineup that includes mugs and waterbottles, such as:

► Small Tote – The timeless look of the humble tote bag is reimagined with a modern interpretation of the ‘Stace Face’ with a colorful and stunning twist. Featuring an interior pocket that is lightweight, this bag is great for on the go.

► Bearista Bear – A soft and fluffy reinterpretation of the Bearista Bear wearing a custom sweater designed in the renowned alice + olivia style, which is matched only by the embroidered alice + olivia shoes.

► 12oz Ceramic Mug – The glossy clear-glazed stoneware gives this mug its special character. The handle is painted by hand with the mug body available in two different designs, one with the colorful spectrum of the Rainbow Stace Squad, and one of the Iconic Stace Face.

► 16oz Stainless Steel Tumbler – This tumbler is sure to keep your beverage at a perfect temperature whether it’s hot or cold with the innovative thermo 3D Double Wall vacuum insulation technology, as well as the medical-grade stainless steel so that there is not transfer of flavours or metal after taste. Available in two designs, the Rainbow Stace Squad and Iconic Stace Face.

► 16oz Ceramic Double Wall Traveler – Insulated with a double-wall construction with flat-white paint and an opaque black lid, which uses a slide open/close function for convenient use. Available in two designs, the Rainbow Stace Squad and Iconic Stace Face.

The limited-edition designer collaboration will be available beginning Sept 28, and priced from RM98 onwards, at select Starbucks stores across Malaysia, while supplies last.

PETALING JAYA: TM Global, the wholesale business arm of Telekom Malaysia Bhd (TM), will expand its Klang Valley Data Centre (KVDC) in Cyberjaya and Iskandar Puteri Data Centre (IPDC) in Johor, addressing the growing demand for domestic and international data hosting services.

This is the next phase in TM’s strategic roadmap to grow its infrastructure ecosystem and position Malaysia as a preferred digital hub in Southeast Asia, aligning with its aspiration to become a digital powerhouse by 2030.

These expansions and TM’s partnership with Nxera to develop a hyperconnected, artificial intelligence-ready data centre, lays the foundation for digital services such as cloud, advanced analytics, AI and the Internet of Things.

Scheduled to begin commercial operations in 2025, the second phase of both KVDC and IPDC will deliver a combined IT load of about 20MW. The expansion will meet Uptime Institute’s Tier-III standards, and the Leadership in Energy and Environmental Design Silver Rating for long-term sustainability, a globally recognised green building certification.

TM Global executive vice-president Khairul Liza Ibrahim said, “KVDC and IPDC are integral infrastructures in Malaysia’s digital ecosystem, serving as international gateways and interconnected points to support 5G networks. This second phase of our data centre expansion will feature sustainable designs, boosting our capacity to support hyperscalers,

OTT players, cloud and next generation AI providers, as well as enterprises.”

TM Global’s data centres are complemented by seven regional Edge Facilities located throughout the country. These support high-performance computing and co-location services to bring content closer to end-users with minimal latency.

“We have enhanced our data hosting services with a recent acquisition of the Facilities-Based Operator licence in Singapore, allowing us to provide seamless, secure data centre-to-data centre connectivity through our extensive domestic fibre optics network and international submarine cable systems. This enables us to meet the growing connectivity demands across the region, linking data centres from Thailand to Malaysia, Singapore, and Batam in Indonesia,” Khairul Liza said.

TM Global offers a comprehensive suite of platform-based services, including multi-edge computing and content delivery, to elevate data hosting solutions. These services are tailored to optimise performance and efficiency, ensuring a robust and reliable data-driven network for customers. Leveraging its extensive network infrastructure, TM Global equips carriers, enterprises, hyperscalers, over-the-top services, and next-generation AI application providers with the tools necessary to drive innovation and seamless digital integration.

KUALA LUMPUR: AutoCount Dotcom Bhd (ADB), via its wholly-owned subsidiary Auto Count Sdn Bhd (ACSB), partnered with IAB LCCI Ltd, a collaboration formed following the Institute of Accountants and Bookkeepers’ (IAB) acquisition of the London Chamber of Commerce and Industry (LCCI) qualifications.

This agreement sets the stage for Asia’s first Cloud Accounting Certification Program, which will equip finance professionals with essential skills for the digital era.

The program will be launched on January 1, 2025, marking a significant step forward in modernising the region’s accounting landscape.

Under this collaboration, ADB will design the certification curriculum around its AutoCount Cloud Accounting software.

The syllabus will be submitted to IAB LCCI for accreditation.

IAB LCCI is regulated by the UK’s Office of Qualifications and Examinations Regulation (Ofqual), enhancing the certification’s credibility and alignment with global standards.

With LCCI’s extensive reach across Asia, the certification will be accessible through its network of educational centres and partner institutions, providing aspiring accountants with in-demand cloud accounting expertise.

ADB CEO Yan Tiee Choo said this collaboration with IAB LCCI allows the company to empower the next generation of accountants across Asia.

“Our goal is to provide a practical and accessible path to certification in cloud accounting, supporting not only recent SPM (Sijil Pelajaran Malaysia) graduates but also those seeking to upskill in a fast-changing industry.

“Together, we are paving the way for a more adaptable, technology-driven accounting workforce across the region,“ he said.

Bursa Malaysia-listed ADB is a leading provider of accounting and business software solutions.

IAB Group and IAB LCCI CEO Sarah Palmer said LCCI has been a leader in offering globally recognised qualifications for over 120 years.

“Our partnership with ADB reflects our shared commitment to advancing the accounting profession by equipping future finance professionals with relevant, high-quality skills.

“By collaborating with ADB, a pioneer in cloud accounting solutions, we ensure that this certification meets the industry’s evolving needs and helps individuals succeed in a digital-first finance sector,“ she said.

The certification offers a clear advantage for students and professionals looking to expand their accounting capabilities.

By learning on ADB’s cloud platform, candidates will gain hands-on experience in digital accounting practices, preparing them for careers in an increasingly automated finance landscape.

With the signing of this agreement, ADB solidifies its position as a leader in cloud accounting solutions and furthers its commitment to innovation in financial technology and education.

This partnership aligns with ADB’s vision to become Asia’s top business software provider, fostering a future-ready workforce and advancing the region’s digital transformation.

KUALA LUMPUR: Malaysia’s government is monitoring developments in the United States for potential changes in policies as a new administration prepares to take office in Washington, said Economy Minister Rafizi Ramli.

He said that given the influence the US has on the global economy, any country in the world would conduct some level of due diligence on the impacts a change in the US administration might bring.

“That is part and parcel of planning. While we await the next few announcements, we will observe how the Trump administration will impact the global economy and ours,” he told reporters after the Sesi Libat Urus Industri Rancangan Malaysia Ke-13 today.

Rafizi said Malaysia must be nimble and agile to react and respond to any geopolitical and international developments that may arise from a change in administration, not only in the US but in any of its large trading partners. “And the US is a very large trading partner for us,” he pointed out.

However, Rafizi noted that many of Malaysia’s plans concerning semiconductors and energy transition are driven by domestic needs and are largely structural. “That means it’s something we have to go through to prepare our industry and economy to be more robust. So in that sense, I think all the key reforms that need to be done still have to be done.”

Additionally, he said, Malaysia’s 13th Malaysia Plan will include initiatives to position the country as a global provider of a comprehensive artificial intelligence-driven data centre ecosystem. “The government’s focus has always been to tap into the opportunities presented by the data centre boom.”

Rafizi emphasised that Malaysia aims to avoid simply attracting data centre without integrating into the data centre value chain and supply chain. “We have been working on a few catalytic interventions to create the ecosystem.”

Rafizi said that by the end of this decade, Malaysia aims to participate in the entire data centre value chain, first benefiting from existing and future data centers in the country. “But more importantly, for us to begin exporting our own data centers around the world.”

For the 13th Malaysia Plan that is being prepared, Rafizi said, the Ministry of Economy is not only holding engagement sessions with state governments but also ensuring that it includes input from key strategic industries.

The sessions focus on the electronics, aerospace and automotive industries, and the process will continue to align government and industry planning. “The main goal is to transition our industries from assembly-based to innovation and creation-based industries,” Rafizi said.

KUCHING: Ibraco Bhd’s wholly-owned subsidiary, Ibraco Ascent Sdn Bhd, completed its first delivery of mild steel cement-lined (MSCL) pipes from its new manufacturing plant at Demak Laut Industrial Park Phase III.

The inaugural delivery of MSCL pipes will be used to develop the water infrastructure within the Kuching Urban Transportation System (KUTS) project.

MSCL pipes are usually used for water developments due to their resilience and reliability in corrosive conditions.

The completion of this first delivery marks the full operational readiness of Ibraco Ascent’s pipe manufacturing plant to cater to the expansion of water infrastructure in Sarawak.

Ibraco Ascent’s pipe manufacturing plant was set up to facilitate Sarawak’s Water Supply Master Plan.

The plan is designed to meet the state’s growing water infrastructure needs and focus on achieving 100% water supply coverage across Sarawak.

The Sarawak Water Supply Master Plan has outlined the development of Sarawak’s water supply for the periods until 2025, 2040, and 2070, incorporating three strategic cores: water demand, water treatment and distribution, and water quality and sufficiency for both raw and treated water.

In addition to helping meet Sarawak’s strategic water needs, Ibraco Ascent’s pipe manufacturing plant is also sustainability-oriented in tandem with the Ibraco Group’s commitment to embrace ESG across its operations and generate tangible value creation for all its stakeholders.

Currently employing 35 local staff, Ibraco Ascent plans to expand its workforce to over 60 employees by 2025, broadening its production to include pipe fittings such as bends, tees and reducers.

This growth reflects the company’s commitment to community development and local employment.

Ibraco Ascent’s manufacturing plant is also equipped with advanced technologies, including automated welding systems, hydrostatic pressure testing, and bitumen coating stations, ensuring each pipe is built to last.

The company adheres to rigorous quality control measures, employing ultrasonic thickness gauges, hydrostatic testing equipment, and radiographic testing to maintain high production standards.

KUALA LUMPUR: Building and infrastructure construction services provider TCS Group Holdings Bhd (TGB), as the main contractor via its wholly-owned subsidiary, TCS Construction Sdn Bhd (TCSB), for the J Satine mixed development project, has clarified the recent incident involving cracks in the building.

TGB managing director Datuk Ir Tee Chai Seng expressed concern about the incident and said the company is working closely with the developer and consultants to determine the root cause.

“Thankfully, there were no casualties as a result of the incident. We want to reiterate that health and safety have always been paramount in our projects.

“We want to assure all stakeholders that we have adhered strictly to all health and safety standards and protocols throughout the construction process,“ he said in a statement.

Tee said the group is cooperating fully with the relevant authorities to investigate the cause of the incident.

“Initial findings suggest that we do not cause the building cracks.

“For all our projects, we are committed to ensuring the safety and well-being of all involved and to deliver projects that meet the highest standards of quality and integrity,” Tee added.

He urged the cooperation from the public to stop sharing any unauthorised videos or images and speculating any unverified information related to this project development.

KUALA LUMPUR: Sabah-based infrastructure construction player Azam Jaya Bhd (AJB) aims to bid for more projects by capitalising on the state’s substantial growth in the construction industry, especially in regions where infrastructure development is much needed.

Executive director Datuk Jessica Lo Vun Che said the company plans to enhance its construction capabilities, strengthening its capacity to take on larger projects as part of its long-term strategies.

“We are committed to raising construction standards in Sabah to meet the region’s growing infrastructure demands.

“We are particularly encouraged by the federal government’s commitment to advancing development in Sabah, notably through the Budget 2025 allocations, in which Sabah received the highest development funding among the states.

“Azam Jaya welcomes the recent allocation of RM10 billion under Budget 2025 to complete the Sabah portion of the Pan-Borneo Highway, alongside the additional RM6.7 billion for development in Sabah,“ she said at the company listing on the main market of Bursa Malaysia yesterday.

This robust debut follows an IPO oversubscription of 23.00 times, reflecting strong confidence in Azam Jaya’s business operations and growth potential.

At the opening bell, Azam Jaya’s share price debuted at RM1.00, representing a premium of 28.21% over the issue price of RM0.78, with an opening volume of 5,126,000 shares.

The rose as much as 48.72% to touch its intra-day high of RM1.16 and closed at RM1.09.

“With the proceeds from our IPO totalling RM61.5 million, we are poised to accelerate our growth strategies in exciting ways.

“We are committed to enhancing our construction capabilities by expanding our fleet of machinery and equipment, ensuring we have the tools necessary to meet the demands of our expanding projects,“ Lo said.

Azam Jaya specialises in constructing large-scale road infrastructure in Sabah, including roads, highways, bridges, flyovers, and tunnels.

With over 30 years of experience in the industry, the group has a proven track record, having completed over 50 construction projects in the region.

“The listing of Azam Jaya is a testament to over 30 years of industry expertise navigating the complexities of road construction in Sabah.

“With fresh capital, we are well-positioned to accelerate our growth and seize new opportunities,“ Lo said.

On the financial front, Azam Jaya’s revenue grew from RM231.5 million in the financial year ended December 31, 2021 (FY21) to RM280.8 million in FY23, representing a 2-year compound annual growth rate (CAGR) of 10.1%.

Regarding dividend policy, Azam Jaya aims to distribute at least 30% of its net profit to shareholders.

From the proceeds raised, RM8.0 million (13.0%) will be allocated to boost construction capabilities and operational efficiencies by acquiring new machinery, equipment, and technological upgrades.

RM28.4 million (46.2%) has been set aside for working capital purposes, RM20.0 million (32.5%) is earmarked for repayment of bank borrowings, and RM5.1 million (8.2%) will be used to defray listing expenses.

Inter-Pacific Securities Sdn Bhd is the principal adviser, sole underwriter and sole placement agent for the IPO exercise.

KUALA LUMPUR: Integrated palm oil milling services provider Ecoscience International Bhd (EIB), via its wholly-owned subsidiary Ecoscience Manufacturing & Engineering Sdn Bhd, has accepted a letter of award (LoA) for a RM200 million engineering, procurement, and construction (EPC) contract from renewable energy company, Wilhelmina Energy Malaysia Sdn Bhd (WEMSB).

Under the LOA, EIB will provide comprehensive EPC services for the TG2 black pellet plant in Kuantan, Pahang.

These services will include design and engineering, sourcing and quality assurance of equipment and materials, plant infrastructure construction, and testing and start-up activities to support commissioning and ensure operational standards are met.

The specific terms and conditions of the EPC works will be outlined in a binding EPC agreement, which is expected by November 30, 2024.

The LoA was built upon the collaboration agreement (CA) with WEMSB in March 2024, aimed at transforming agricultural waste into sustainable energy, thereby reducing coal consumption and carbon emissions.

EIB managing director Wong Choi Ong expressed confidence in delivering a robust waste-to-energy solution that aligns with WEMSB’s vision for sustainable energy transformation.

“This project is a strategic fit for our expansion into environmental and energy efficiency sectors, building on our core strengths in constructing palm oil mills, supporting facilities, and equipment fabrication.

“As the largest project to be undertaken in our corporate history, we see this as a valuable opportunity to broaden our customer base, enhance our project portfolio, and strengthen our market position.

“The LoA will significantly boost our order book, providing our group with healthy earnings visibility over the next two years,“ he said.

The TG2 black pellet plant will convert oil palm empty fruit bunch (EFB) waste into TG2 black pellets – a drop-in coal replacement fuel.

TG2 black pellets are an advanced type of biofuel pellet, providing benefits over traditional biomass pellets, including enhanced grindability, water resistance, and higher energy density.

As a drop-in fuel, it is renewable and can be used in existing pulverised coal power plants without requiring significant infrastructure modifications.

EIB will continue supporting WEMSB as it expands TG2 black pellet plants across the region.

“Beyond the EPC scope for the TG2 black pellet plant, the CA signed in March 2024 also outlined the possibility of WEMSB outsourcing the plant’s operation and maintenance (O&M) to EIB.

“We are currently exploring this opportunity, and both parties will decide in due course.

“This potential arrangement, if materialise, would create a new, recurring revenue stream for us, complementing our current project-based work,“ Wong added.

WEMSB is a subsidiary of the Netherlands-based renewable energy company Maatschappij Wilhelmina NV, specialising in converting agricultural waste streams into sustainable energy using TG2 black pellets.

The EPC works are expected to commence by December 2024, with an expected project completion timeline of 24 months from the commencement date.

CYBERJAYA: Pure play enterprise Internet of Things (IoT) solutions provider SMRT Holdings Bhd (SHB) posted a net profit of RM7.04 million for the first quarter (Q1) ended September 30, 2024, an increase of 0.82% from RM6.99 million posted in the same quarter last year.

The increase was due to a higher-margin revenue mix, realisations of economies of scale from the higher number of managed sites and reduced administrative expenses.

Revenue for Q1 decreased 10.4% to RM16.5 million compared to RM18.42 million posted in Q1 last year.

SHB group managing director Maha Palan said the company’s key markets in Malaysia and Indonesia continue to show growth trajectory.

“Our previous strategic entry into the Philippines’ financial services sector has laid the foundation for further growth, and we are now actively exploring new opportunities in the country,“ he said.

On the venture into new verticals, Palan said the group’s IoT deployments for the water utility sector are delivering positive results and will tangibly contribute to results in this financial year.

Meanwhile, SHB has appointed Au Wong Lian (Kit) as its new group CEO, effective November 8, 2024.

Au brings over 30 years of experience in the technology and telecommunications industries, during which he has held leadership positions in various leading companies, including TimeDotCom and Microsoft Malaysia.

“Given Au’s extensive experience, deep domain expertise, and proven track record in driving growth and profitability, I am confident he will help lead SHB to the next level.

“More importantly, there is a strong alignment in corporate culture and core values between Au and our team, ensuring a smooth integration that will support our shared vision of leading the provision of IoT services across the Asean region,“ Palan said.

BATU KAWAN: US-based medical devices company Dexcom Inc has officially opened its manufacturing facility, also its first offshore manufacturing site outside the United States, in Batu Kawan, Penang.

Penang Chief Minister Chow Kon Yeow said the RM2.83 billion strategic investment will bring more than 3,000 jobs to the state, contributing to a workforce set to positively impact the lives of over three million people worldwide.

Dexcom, founded in 1999, is a global leader in continuous glucose Monitoring (CGM) technology for individuals living with diabetes.

“The establishment of this new facility highlights Dexcom’s continued commitment to take control of health through innovative CGM systems. It also reaffirms Penang’s reputation as a global hub for advanced technological industries, reinforcing its position as a preferred destination for high-quality manufacturing and innovation,” the chief minister said in his speech at the opening ceremony here today.

Chow said Penang is on the right path towards becoming the medical technology (medtech) hub of Southeast Asia by leveraging on the state’s over 50 years of industry excellence.

“Housing the largest number of medtech companies nationally and regionally, Penang remains a highly attractive location for its infrastructure availability and ecosystem that meet the needs of the medtech industry.

“For the past five years (2019-2023), Penang garnered a total of RM5.8 billion worth of investments in the scientific and measuring equipment sector, representing 45% of the nation’s total investments in this sector, involving 33 projects and generating an estimated 4,630 employment opportunities,” he said.

Dubbed the Silicon Valley of the East, Penang has the highest concentration of medical technology companies in Malaysia and Southeast Asia to date. – Bernama

KUALA LUMPUR: Bursa Malaysia Bhd is experiencing a resurgence in IPOs as 2024 draws to a close, reflecting renewed investor confidence in the local bourse.

With 44 initial public offerings to date, Bursa Malaysia has outpaced other markets in Southeast Asia, emerging as an attractive IPO destination amid a stable economic and political landscape.

According to Mohd Sedek Jantan, UOB Kay Hian Wealth Advisors’ head of investment research, several factors have contributed to this surge. “The risk of doing business in the fourth quarter has subsided as major economic and political uncertainties have passed, such as the US presidential election while Malaysia’s active role in international forums has bolstered the country’s global standing,” he told Bernama.

He reckons that Malaysia’s stable economic indicators, including positive trade figures, healthy employment rates and steady industrial production have fostered a predictable business environment that encourages IPO activity. “Political stability and a clear government policy framework further enhance investor confidence,” he said.

The surge in IPOs on Bursa Malaysia underscores the local bourse’s resilience compared to other regional markets.

Mohd Sedek noted that Malaysia has recorded 36 IPOs so far this year, raising about US$450 million in the first half alone, which accounts for 33% of Southeast Asia’s total IPO proceeds.

“This stands in contrast to a subdued IPO market across the Asia-Pacific, where proceeds have dropped by 63%, largely due to challenges in China and Hong Kong.

“Malaysia has outperformed both Indonesia and Singapore in IPO activity this year,” he pointed out, highlighting that Indonesia faces political uncertainty following its recent presidential election, while Singapore has seen a slowdown in activity due to high regulatory costs and weak investor demand.

In contrast, he said Malaysia’s IPO market benefits from a stable macroeconomic backdrop, business-friendly regulations, and the supportive Madani Economy Framework.

Mohd Sedek said the growth in IPOs reflects optimism in key Malaysian sectors, with recent listings from the construction, manufacturing, and healthcare industries.

He said in the construction sector, which expanded by 22.9% in the third quarter, private and public investments in residential, non-residential, and large-scale infrastructure projects are expected to drive further growth. “Key government initiatives, such as RM9 billion for private finance initiatives and RM25.5 billion from government-linked investment companies are expected to sustain this momentum,” he added.

In the manufacturing sector, Malaysia’s transformation under the New Industrial Master Plan 2030 aims to drive growth in high-value, technology-driven industries. “The government’s focus on digitalisation, green technology, and advanced manufacturing techniques is expected to attract further investments, solidifying Malaysia’s position as a competitive manufacturing hub in Asean,” he said.

Malaysia’s healthcare sector is also expanding due to demographic shifts and rising health awareness. The integration of technology, such as telemedicine and digital health solutions, is anticipated to boost the sector’s growth by improving care accessibility and efficiency. “This trend, coupled with government support for medical tourism, positions Malaysia as a key player in the healthcare industry in the region,” Mohd Sedek said.

Bursa Malaysia CEO Datuk Muhamad Umar Swift expressed satisfaction with the IPO momentum, noting that three Main Market IPOs were listed this week alone.

“This surge reflects a thriving capital market with strong regulatory support and a diverse investor pool. Malaysia has experienced a bull run, making us the Asean exchange with the highest number of IPOs to date this year,” he said.

Echoing this sentiment, the exchange regulator’s chairman Tan Sri Abdul Wahid Omar highlighted the significance of Monday’s listings, which took place on the auspicious date of 11.11. (Nov 11)

“Both companies chose that date for its auspicious nature, marking a rare occasion of two listings on the same day. The last time Bursa hosted two listings on a single day was in November 2017, following the demerger of Sime Darby Group, which saw both Sime Darby Plantation Bhd and Sime Darby Property Bhd debut together,” he said.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the strong IPO pipeline signals positive prospects for the Malaysian economy, as stable policies and a clear path towards becoming a high-income nation attract investor interest.

“Malaysia’s equities are undervalued, offering upside potential. The economic and policy stability enhances investor confidence, while companies’ growth trajectories inspire optimism for the market’s future,” he said.

Mohd Afzanizam said that as Bursa Malaysia continues to attract IPOs, he expects the exchange’s momentum to inspire small and medium enterprises to pursue similar growth opportunities. “The record-setting IPO activity underscores Malaysia’s resilience and strong capital market position in Asean, providing a positive outlook for 2025,” he added. – Bernama

KUALA LUMPUR: As the takaful industry contends with escalating medical inflation and the rising costs of healthcare, the Malaysian Takaful Association (MTA) has called for increased government and private sector collaboration to ensure affordable, accessible protection options for all Malaysians.

MTA CEO Mohd Radzuan Mohamed envisions takaful becoming a leading option for Malaysians seeking protection.

With only 60% of the population currently insured or covered by takaful, he sees untapped potential among the remaining 40%, primarily in underserved and unserved communities.

“Our goal is to make takaful an accessible option, particularly for groups like the BM40 (top 20% of B40 and bottom 40% M40), who often do not receive enough attention from traditional agents,” he told SunBiz at the recent launch of Hijrah27.

Radzuan said the takaful sector has struggled to expand its market share, currently at about 20% after four decades.

In response, he said, they are considering how digital transformation, distribution enhancements and technology can address these challenges.

“Malaysia’s transformation plan and recent initiatives, like the financial sector blueprint, outline steps to close this gap by focusing on underserved communities, leveraging financial literacy campaigns, and engaging technology to make takaful accessible,” he added.

Additionally, he said co-payments, a shared cost model between the insurer and the insured, is seen as a potential solution to rising premiums fuelled by medical inflation.

“Collaborating with the Ministry of Health and Bank Negara Malaysia, takaful providers aim to develop cost-sharing models that help balance affordability and coverage. With co-payments, premiums could become more manageable, helping to mitigate the effects of medical inflation and making Takaful accessible for more people.”
While the adoption of co-payments is currently optional, Radzuan said, making it mandatory could have far-reaching implications on the takaful industry. “A balanced co-payment structure can be beneficial, but affordability must remain a priority to avoid defeating the purpose of protection,” he emphasised.

Looking forward, Radzuan said the association is exploring new technology-driven initiatives, such as the Hijrah27 framework, to improve customer service and operational efficiency. “Collaborations with fintech firms and the rise of AI-based solutions also show promise in elevating the industry’s standards and expanding reach,” he added.

KUALA LUMPUR: Malaysia’s goal of reaching 50% electric vehicle (EV) adoption by 2040 and 80% by 2050 in terms of total industry volume (TIV) is within reach, according to Deputy Investment, Trade, and Industry Minister Liew Chin Tong.

Liew said that the target – in accordance with the National Energy Transition Roadmap – aligns with the global shift towards sustainable transport.

“According to the International Energy Agency in the Global EV Outlook, globally in 2018, only 2% of total global sales was from EV, but by 2022, it was 14%, and by 2023, 18% of total global sales of cars comes from electric vehicles. In China this year, there were several months that EV overtook internal combustion cars, ICE cars. So these are all possible,” he told reporters at E-Mobility Asia 2024 (EMA 2024) today.

To achieve the target, Liew said that Malaysia needs to work together to develop a national effort to electrify its vehicles as much as possible.

He added that this is necessary to reduce national oil consumption and create more opportunities for various forms of manufacturing, including crossings of semiconductor and automotive industries.

Additionally, he said that the government is hoping that Malaysia will not just manufacture parts of the cars, but it is hoping that there will be horizontal crossing between the automotive industry and the semiconductor industry.

“So that one day, we are also known for designing chips for the automotive industry. That is one of our aspirations,” he remarked.

Liew said that another aspiration is to take advantage of the electrification of mobility, so that through this transition, Malaysia can reduce its overall national petroleum consumption.

“In most of our discussions, we are talking about shifting the burden of who pays for the petroleum consumption in this country. To address the question of the RON95 subsidy, I think E-Mobility has a big role to play. Electrification has a big role to play,” he added.

The event, EMA 2024 unveils electromobility and sustainable solutions as the way forward to reduce global emissions and tackle climate change.

China’s electric car manufacturers BYD, Chery and GWM are showcasing their latest models at the event, while Malaysia’s Eclimo is unveiling its new bikes.

EMA 2024 comes as EV demand surges in Southeast Asia and amid the global outlook that more than one in four vehicles on the road will be electric by 2035 according to the International Energy Agency.

Liew officiated the opening of the event that has drawn stakeholder and industry support including the state-owned Malaysia Automotive, Robotics & IoT Institute, and Electric Vehicle Association of Malaysia as strategic partners.

KUALA LUMPUR: The shift towards subscription-based services is gaining traction in Malaysia, aligning with a broader global trend that redefines how consumers access products.

This model provides an appealing option for many Malaysians, particularly young families and newlyweds, who face rising living costs.

Offering high-quality appliances on a subscription basis eases the financial burden of ownership, allowing consumers to enjoy premium products without the pressure of a large upfront investment.

One notable brand offering subscription-based home appliance services is the South Korean brand, LG.

LG Malaysia product director of subscription business Hojin Jung said the introduction of the LG Rent Up Subscription in Malaysia is a natural progression of the company’s commitment to providing innovative and accessible solutions tailored to the evolving needs of modern consumers.

“LG Rent Up Subscription is inspired by our success with subscription models in South Korea, where we saw significant growth, driven by increasing demand for convenience and affordability.

“Recognising similar trends here, we noticed a growing interest in flexible ownership models in Malaysia, spurred by the need for more cost-effective solutions amidst rising living expenses and fuelled by shifting consumer preferences.

“Since its launch in March 2024, the market response has been encouraging. We have seen growing inquiries from customers who have signed up for our water purifier subscription model and are now exploring subscriptions for other high-demand appliances such as refrigerators, washing machines and TVs.

“This shift highlights a changing mindset in how Malaysians approach home appliance ownership – especially among younger, urban consumers who prioritise access over ownership, seeking premium products without the upfront financial commitment,” Hojin told SunBiz.

He said urbanisation and the desire for more sustainable, convenience-focused living have made subscription services an attractive option.

“By offering top-tier technology on a subscription basis, we make high-end living more accessible while emphasising affordability and environmental responsibility. LG’s Rent Up Subscription model meets Malaysians’ evolving needs, allowing them to enjoy premium technology without the burden of ownership,” he said.

Hojin said the subscription model is gaining popularity among young Malaysians, especially urban professionals and families facing high living costs and limited space.

This trend, he said, reflects a growing shift toward a ‘sharing economy,‘ where access to energy-efficient appliances without the financial strain of ownership is valued.

LG Rent Up Subscription’s launch saw a strong uptake in Kuala Lumpur and major cities, where 40% of tech-savvy millennials prefer renting to stay updated with technology affordably.

Elaborating on the model further, Hojin said that although subscription services share similarities across markets, the Malaysian context has distinct differences.

“In South Korea, for example, the rental model for water purifiers is well-established, with over 70% market penetration. Malaysia, meanwhile, is still in its early phase, but consumer awareness is rising quickly. Moreover, this trend is not isolated to Malaysia. LG is actively preparing to introduce the subscription model in other markets, including Taiwan and Thailand, by year-end.”

Touching on the vision for LG Rent Up in Malaysia, Hojin said the LG Rent Up Subscription is just the beginning of a transformative journey in how it engages with consumers in Malaysia.

“As we look ahead, we plan to expand our subscription offerings to include a wider array of smart home appliances and electronics, reflecting the growing demand for connected living solutions.

“Our vision for LG Rent Up Subscription is to enhance the customer experience by offering seamless integration with our LG ThinQ technology, which already empowers our appliances to be more intuitive and user-friendly. This will allow our customers to enjoy a smart, responsive lifestyle, further elevating the convenience and efficiency of their homes,” he explained.

Hojin said that as the subscription economy continues to evolve, particularly among tech-savvy and environmentally conscious consumers, LG Rent Up Subscription aims to play a pivotal role in making premium technology more accessible.

“Our ultimate goal is to foster a circular economy model in which subscribing to high-quality appliances reduces the financial burden on consumers and contributes to sustainability by extending product lifecycles and minimising waste.

“The more we enhance our subscription model, the more committed we are to making innovative technology more attainable. We ultimately aim to enrich the lives of our customers while promoting responsible consumption and environmental stewardship,” Hojin said.

KUALA LUMPUR: The ringgit opened marginally higher against the US dollar today despite the US Dollar Index’s (DXY) strengthening, which should accelerate demand for the greenback.

At 8 am, the local note traded slightly better at 4.4330/4465 against the greenback compared with Tuesday’s close of 4.4365/4400.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said higher demand for the US dollar is expected as comments from US Federal Reserve (Fed) officials indicated that the prospect of an interest rate cut highly depends on upcoming economic data.

“Minneapolis Fed president Neel Kashkari suggested that he will look at the upcoming inflation data before making any decision on the interest rate.

“As such, ringgit and other emerging market currencies will likely stay weak in the near term,” Mohd Afzanizam told Bernama.

He added investors will monitor the US Consumer Price Index (CPI) print tonight, with consensus pencilling in a 2.6 per cent rise in October from 2.4 per cent previously, while Core CPI may be sustained at 3.3 per cent.

At the opening, the ringgit traded higher against a basket of major currencies.

It was higher against the British pound at 5.6463/6635 from 5.6889/6934 at Tuesday’s close, better against the euro to 4.7061/7204 from 4.7111/7148 and firmer against the Japanese yen to 2.8661/8752 from 2.8788/8812.

The ringgit also traded higher against ASEAN currencies.

Against the Thai baht, it rose to 12.7162/7637 from 12.7456/7608 at Tuesday’s close and strengthened against the Singapore dollar at 3.3107/3210 from 3.3143/3174.

The local unit marginally increased vis-a-vis the Philippine peso to 7.53/7.56 from 7.54/7.55 and was slightly higher against the Indonesian rupiah to 280.8/281.9 from 281.0/281.5 previously.

KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim’s official visit to Egypt has bolstered Malaysia-Egypt bilateral relations, unlocking RM4.8 billion (US$1.1 billion) in potential export opportunities for Malaysia, according to the Ministry of Investment, Trade and Industry (MITI).

MITI stated that this export potential was largely generated through a roundtable meeting attended by 60 industry and business leaders from 47 Egyptian firms and key business associations, as well as 40 representatives from 20 Malaysian companies.

“During the session, productive discussions between Malaysian and Egyptian companies identified export potential worth RM4.8 billion (US$1.1 billion), particularly in high-value sectors such as automotive, chemicals, oleochemicals and renewable energy,” MITI said in a statement.

Egyptian companies also expressed interest in investment opportunities in Malaysia, particularly in medical devices and pharmaceuticals, MITI added.

The official visit took place from Nov 10-12, 2024.

In a bilateral meeting during the visit, MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz and Egypt’s Minister of Investment and International Trade Hassan El Khatib agreed to reactivate the Malaysia-Egypt Joint Trade and Investment Committee (JTIC).

Malaysia will host the second JTIC Meeting in early 2025, focusing on collaboration in the semiconductor sector, renewable energy, the halal industry and digital transformation.

The two ministers further agreed that Malaysia’s Investment Development Board (MIDA) and Egypt’s General Authority for Investment and Free Zones (GAFI) should sign a memorandum of understanding to enhance bilateral investment relations.

To support Malaysian exporters’ access to North African and Arab markets, MITI noted that Malaysia’s trade office in Cairo, managed by the Malaysia External Trade Development Corporation (MATRADE), was upgraded in January 2024, offering improved market access and export support services.

Meanwhile, national carmaker Proton has expanded into the Egyptian market with a local assembly plant.

Assembly activities began with the first delivery of Proton’s completely knocked down (CKD) vehicles in September 2024, and sales are expected to start in January 2025, with a target of 16,000 units for the period 2024–2026, MITI reported.

Bilateral trade between Malaysia and Egypt from January to September 2024 rose 21.4% year-on-year to RM3.0 billion (US$648 million), compared to RM2.4 billion (US$545.5 million) in the same period last year.

Egypt was Malaysia’s fifth-largest trading partner in Africa in 2023.

Tengku Zafrul said MITI is confident this bilateral relationship will continue to grow, positively impacting the economy and supporting the objectives of the New Malaysian Industrial Master Plan (NIMP) by 2030.

“MITI and its agencies will take prompt follow-up action to ensure that all agreed initiatives are implemented efficiently,” he added.

KUALA LUMPUR: A group of planters and stakeholders in the East West One Group (EWOG) schemes urgently calls on Pacific Trustees Bhd (PTB) to release the funds necessary for the company’s approved rehabilitation and restructuring (R&R) exercise.

The majority of EWOG’s investors, represented by Thirunavukarasu Illamurugan, Yong Chin Koi, and Mahadevan Kathirgamathamby, are concerned that PTB’s continued withholding of these funds could further damage the company’s financial health, potentially leading to irreversible losses.

To recap, EWOG obtained planters’ approval of the company’s R&R exercise across all three schemes: East West One Planter’s Scheme (EWOP), East West Horizon Planter’s Scheme, and East-West Planter Scheme 1.

EWOG, in a statement, said the past few years have seen significant challenges that have severely impacted plantation operations, including the global Covid-19 pandemic, La Niña weather phenomena, industry-wide labour shortages, land disputes with landowners, and repeated injunctions that prevented timely convening of planters’ meetings from addressing these issues.

These cumulative challenges have compounded the company’s cash flow problems, resulting in an inability to meet payment obligations.

According to a statement by EWOG, despite the overwhelming support for the R&R plan from planters and stakeholders at the August 12 Planters’ Meeting, critical rehabilitation work on EWOG’s plantation assets remains stalled due to this delay.

For over a year, the plantation palms have relied solely on natural soil fertility, with no structured fertilisation or agronomic practices.

Prompt initiation of the R&R program is essential to restoring the plantation’s productivity.

This program leverages enhanced agronomic practices and inputs to increase fresh fruit bunch (FFB) production.

With crude palm oil (CPO) prices currently above RM4,000 per ton and projected to hold through 2025, the company has a unique window to capitalise on these favourable market conditions.

Proceeds from FFB sales could also partially offset ongoing rehabilitation costs, creating a sustainable pathway to recovery.

“Every day of delay further impacts our ability to restore the plantation and diminishes potential returns for all investors,” said Thirunavukarasu in the statement.

“These funds, specifically held in trust for the plantation’s rehabilitation, need to be released without further delay,“ he said in the statement.

According to a recent court filing by East West Horizon Plantation Bhd, the management continues to face challenges due to PTB’s reluctance to finalise necessary trust deeds despite ongoing efforts from EWOG’s management and legal team.

This impasse prevents the release of funds crucial for the R&R efforts, posing increased risks to the plantation assets and investor returns.

The investors’ representatives stressed that “a swift resolution is essential to launch the rehabilitation efforts and generate returns for all stakeholders.”

“It is time to move past the standstill and allow the EWOG group to implement the R&R plan for the benefit of all involved.”

KUALA LUMPUR: Malaysia’s cross-border renewable energy auction for Singapore’s energy importer, under Energy Exchange Malaysia (ENEGEM), will begin by year-end, Deputy Prime Minister Datuk Seri Fadillah Yusof said.

He explained that, through efforts to integrate regional power grids, the country aims to strengthen energy security across ASEAN member states.

“Further to the regional integrated grid, it can also serve as an economic catalyst in fostering regional cooperation through cross-border renewable energy trade.

“By sharing excess energy, the country can reduce reliance on fossil fuels while building an integrated ASEAN energy infrastructure,” he said in his opening address at the 2nd Sustainability Environment Asia (SEA) 2024.

Fadillah, who is also the Energy Transition and Water Transformation (PETRA) Minister, confirmed that coal-fired generation will be gradually phased out, with no new coal power plants to be established.

He cited the International Energy Agency’s clear stance that reducing coal dependency is crucial to limiting global warming and stressed Malaysia’s commitment to this objective.

“We will continue to enhance grid flexibility by investing in and developing smart grids, digitising the power system, and expanding energy storage systems.

“By 2035, we aim to increase grid flexibility by 20%, enabling greater integration of renewable energy sources,” he added.

Under the National Energy Transition Roadmap, the government aims to raise renewable energy’s contribution to Malaysia’s installed power capacity to 70% by 2050, up from the current 28%.

Meanwhile, he outlined plans to restructure Malaysia’s water services over the next decade in collaboration with the National Water Services Commission (SPAN) and the Malaysian Water Association.

“As of 2023, 97.1% of urban and rural areas had access to water supply, while sewerage services covered 86.9% of major cities.

“Malaysia aims for 98% rural clean water coverage and a 31% non-revenue water rate by 2025 through Integrated Water Resource Management (IWRM),” he said.

Malaysia remains committed to fostering a healthy environment, driving economic prosperity, and improving the quality of life for its people and future generations.

As the country strives toward its net zero carbon goal by 2050, it is vital to capitalise on every opportunity to navigate a sustainable transformation and embrace a circular economy.

“I invite businesses to partner with the government and explore all options for collaboration,” he added.

PETALING JAYA: The latest AHK World Business Outlook Fall 2024 Survey conducted among German companies in Malaysia reveals an optimistic forecast for 2025, with positive sentiment about both current conditions and prospects.

The survey highlights key insights reflecting the resilience and growth expectations of German businesses operating in Malaysia.

When asked to assess the current performance of their company, 92% of German businesses in Malaysia report conditions as “good or satisfactory”, which marks a significant increase of 10% compared to the same period last year.

Strong economic development and confidence among German businesses in Malaysia are expected to continue into next year, with 97% of respondents describing the outlook for 2025 as “favourable or stable”.

While Malaysia has always been recognised for its strong economic foundation, this year’s survey results demonstrate a significant boost in confidence, surpassing expectations from last year’s outlook and highlighting the continued resilience of Malaysia’s economy.

Reflecting this confidence, more than 63% of companies expect positive business development over the next 12 months, while 35% anticipate the current stability will be maintained. Only 1.8% predict a decline in performance, showcasing a predominantly positive outlook for the year ahead.

Additionally, four in 10 companies intend to increase investments in the coming year, suggesting a commitment to further growth within the business community.

Employment plans also appear to be promising, with almost half of the German companies in Malaysia indicating plans to ramp up hiring. An equal percentage (47%) intend to retain their current workforce, emphasising a dual approach to growth and stability in human resources.

While the survey paints a generally encouraging outlook for businesses in Malaysia, respondents identified several challenges that could potentially impact their economic development in the coming years.

Survey participants view demand, economic policy conditions, and lack of skilled workers as potential challenges. These insights underscore the need for ongoing vigilance and strategic planning as companies navigate both opportunities and uncertainties in a highly competitive and volatile global market.

Overall, the findings of the survey illustrate a strong confidence among companies in Malaysia, highlighting a positive trajectory for business development and economic growth in the coming year.

Malaysian-German Chamber of Commerce and Industry (MGCC) executive director Jan Noether said, “The results of the AHK World Business Outlook Fall 2024 Survey align perfectly with our expectations for the future of German business in Malaysia. The strong sentiment and optimism reflected in the survey highlight the positive situation we are experiencing here and underscore our confidence in Malaysia’s economic stability and growth prospects. German companies are comfortable and committed to the Malaysian market, with a clear outlook for continued success and expansion in the year ahead. Moreover, Malaysia’s stable economic environment and supportive policies play a key role in stimulating further investment, reinforcing our belief in the country as a reliable and attractive hub for business growth.”

In Malaysia, the survey was conducted between Sept 23 and Oct 16, with 111 respondents from MGCC member companies, comprising mostly German companies with branches or subsidiaries in Malaysia, primarily from the manufacturing, trade, and services sectors.

The survey is part of the broader AHK World Business Outlook, a biannual global research initiative conducted by the German Chamber of Commerce and Industry. It surveys member companies from the network of German chambers of commerce abroad (AHK), which represent more than 40,000 companies in 93 countries.

PETALING JAYA: The Cisco 2024 AI Readiness Index revealed that only 14% of organisations in Malaysia are fully prepared to deploy and leverage artificial intelligence-powered technologies, up slightly from 13% a year ago.

This underscores the challenges companies face in adopting, deploying, and fully leveraging AI. Given the rapid market evolution and the significant impact AI is anticipated to have on business operations, this readiness gap is especially critical.

The Index is based on a double-blind survey of 3,660 senior business leaders from organisations with 500 or more employees across 14 markets in Asia-Pacific, Japan, and China (APJC). These leaders are responsible for AI integration and deployment within their organisations. The AI readiness index is measured across six pillars – strategy, infrastructure, data, governance, talent, and culture.

AI has become a cornerstone for business strategy, and there is increasing urgency among companies to adopt and deploy AI technologies. In Malaysia, 98% of companies report an increased urgency to deploy AI in the past year, driven primarily by the CEO and leadership team. Additionally, companies are committing a significant amount of resources towards AI, with 55% reporting that as much as 10% to 30% of their information technology (IT) budget is being allocated to AI deployment.

Despite significant AI investments in strategic areas such as cybersecurity, IT infrastructure, and data analytics and management, many companies report that returns on these investments are not meeting their expectations.

“As companies accelerate their AI journeys, it’s critical they adopt a comprehensive approach to implementation and connect the dots to link AI ambition with readiness,” said Cisco Malaysia managing director Hana Raja.

“This year's AI Readiness Index reveals that to fully leverage the potential of AI, companies need a modern digital infrastructure capable of meeting evolving power needs and network latency requirements from growing AI workloads. This must be supported with the right visibility to achieve their business objectives.”

Anupam Trehan, vice-president, people and communities APJC, at Cisco, said: “As the race to adopt AI picks up pace, talent will be a key differentiator for companies. There is already a shortage of skilled talent across various aspects of AI. This means companies will need to invest in their existing talent pool to meet the growing demand. At the same time, it is crucial that all stakeholders – the private and public sectors, educational institutions, and governments – work together to develop local talent so that the entire ecosystem can benefit from the immense potential that AI offers.”

KUALA LUMPUR: Sabah-based beverage manufacturer Life Water Bhd’s new manufacturing plant in Keningau, set to begin operations by December, is projected to increase the company’s annual production capacity to 448 million litres of drinking water, with plans to double this output by 2027.

Managing director Liaw Hen Kong said, in addition, the Kota Kinabalu Industrial Zone 8 Plant 2, planned for completion in 2027, will support the company’s transition to more advanced manufacturing processes, including relocating existing lines and expanding plastic packaging capabilities.

“These investments and expansion reflect our confidence in the market and our ambition to meet future demand. We are not just expanding capacity. We are laying the foundation for a sustainable future by integrating advanced warehousing systems and leveraging modern technologies.

“Beyond manufacturing, we are also exploring new market opportunities in Sarawak and Brunei. Our goal is to replicate our success in Sabah by bringing the same commitment to quality and customer service to new markets,” he said at Life Water’s listing on Bursa Malaysia’s Main Market today.

He said Life Water has strong logistics and distribution capabilities, with a fleet of 75 trucks, ensuring that beverages are delivered efficiently to over 3,250 retail outlets, 520 food service outlets, 150 wholesalers and 100 hotels across Sabah.

“Additionally, with distribution centres in Sandakan, Lahad Datu, Kota Kinabalu and soon in Tawau, we are well-positioned to expand our reach and serve our growing customer base.

“This strategic network supports our goal of making our products accessible to consumers everywhere,” he said.

Liaw said over the past three years, Life Water achieved a compounded annual growth rate of 17.2%, with total revenue rising from RM103.5 million in 2021 to RM166.5 million in 2024.

Similarly, Life Water’s customer base grew from 2,815 to 3,460 customers, highlighting the steady expansion of the company’s footprint in the region.

Liaw said the implementation of the sugar tax announced in Budget 2025 will not affect the carbonated beverages manufactured by Life Water.

He explained that the sugar content in Life Water’s carbonated drinks is below 5g per 100 millilitres (ml). “Our recipe (for the carbonated drinks) is below the threshold of 5g per 100 ml. So we are not affected by the sugar tax.”

Life Water opened at 77 sen in its market debut, a 12 sen or 18.5% premium from the initial public offering price (IPO) of 65 sen. It closed at 94 sen, 29 sen or 44.6% above the IPO price on volume of 233.4 million shares.

The company raised RM63.42 million through a public issuance of 97.56 million new ordinary shares, priced at RM0.65 each.

From the total proceeds, Life Water has allocated 30.0% or RM19 million to set-up an additional drinking water production line at its Sandakan Sibuga Plant 1, 18.9% or RM12.0 million for purchasing a new drinking water manufacturing line at Sandakan Sibuga Plant 2, and 19.9% or RM12.6 million will go toward setting up a second distribution centre in Sandakan.

Furthermore, 15.2% or RM9.6 million is designated for expanding the existing plastic packaging facilities in Kota Kinabalu.

The remaining proceeds of 6.6% and 9.5% or RM4.2 million and RM6 million, respectively, are allocated for working capital and to defray listing expenses.

Holding an 11% share of Malaysia’s bottled water market, the company is also putting focus on automating key manufacturing processes to boost efficiency, reduce wastage, and ensure quality consistency.

The company’s shares are classified as syariah-compliant by the Shariah Advisory Council of the Securities Commission Malaysia.

The company’s public issue portion, made available to the Malaysian public via balloting, was oversubscribed by 32.2 times.

MIDF Amanah Investment Bank Bhd is the principal adviser, underwriter and placement agent for Life Water Bhd’s IPO exercise.

Earnings of diversified conglomerate San Miguel Corp. rose by nearly a fifth in the nine months ending September on the back of strong revenue growth across its businesses.

Higher system-wide sales and contributions of recently acquired South Korean value coffee brand boosted earnings of Asian food conglomerate Jollibee Foods Corp. by nearly a quarter in the nine months ending September.

Flag carrier Philippine Airlines sustained a 55-percent drop in its profit in the nine months to September, dragged by declining passenger revenues and spiking aviation costs.

As soon as it was certain that Trump had won the elections, business news media started publishing a lot of stories about worried investors in China-based manufacturing facilities as well as US marketing companies dependent on their China supply chain.

City of Dreams Manila, part of the Melco Resorts and Entertainment Group, has taken the initiative to promote and observe responsible gaming practices in the Philippines.

Member savings collections of the Home Development Mutual Fund, commonly known as Pag-IBIG, reached almost P100 billion as of the third quarter, allowing the agency to finance the higher demand for home loans.

Earnings of Cosco Capital Inc., the listed retail holding firm of tycoon Lucio Co, increased by 10 percent in the nine months ending September on the back of strong operating performance across all its business segments.

The Bangko Sentral ng Pilipinas has launched an investigation into G-Xchange Inc., the operator of GCash, following numerous complaints from users reporting unauthorized deductions on their e-wallet accounts.

The Keepers Holdings Inc. of tycoon Lucio Co is gobbling up a local beer importer, further boosting the company’s extensive portfolio.

Digital lender Maya Bank, in partnership with Landers Superstore, has issued over 50,000 credit cards in just three months, making it one of the fastest growing credit cards in the country.

The Philippines is pursuing a partnership with Norway to unlock the potential of natural gas in sectors beyond power generation, including logistics and aviation.

Lower profits in its sugar and renewables business weighed down the performance of Gokongwei-led food and beverage firm Universal Robina Corp. in the nine months ending September.

The Department of Trade and Industry probe into the rising influx of imported cement is seen as essential for strengthening the struggling local cement industry that has faced increasing competition from imports.

Earnings of Philippine banks rose by 6.4 percent to P290 billion from January to September compared to last year’s P273 billion, according to the Bangko Sentral ng Pilipinas.

The Bangko Sentral ng Pilipinas is finalizing a regulatory framework to ensure the efficiency of clearing switch operations within the national payment system, particularly the automated clearing houses under the National Retail Payment System.

The Bureau of Customs saw its collections rise to P90 billion in October as it ramped up proper tax verification on various imported goods.

Philippine Airlines posted a Q3 net income of P789 million, down 82% y/y from its Q3/23 net income of P4,278 million, and down 70% q/q from its Q2/24 net income of P2,590 million.

Jollibee posted a Q3 net income of P2.98 billion, up 18% y/y from its Q3/23 net income of P2.53 billion, and down 6% q/q from its Q2/24 net income of P3.19 billion.

The Keepers is planning to acquire 100% of the outstanding shares of Booze On-Line Inc (BOLI).

Asia-Pacific will require 19,500 new aircraft by 2043, Airbus announced on Wednesday, November 13 at a regional aviation summit.