The Edge - 08 March 2024

CEOMorningBrief FRIDAY, MARCH 8, 2024 ISSUE 730/2024 theedgemalaysia.com The Legendary Designs ofJean Schlumberger Visit Our New Store at The Exchange TRX

Bird on a Rock Visit Our New Store at The Exchange TRX

HOME: PAC to summon three ex-LTAT top executives over the fund’s finances p6 AG: Financial audits now the key priority to address governance shortfalls p8 Putrajaya to launch ‘fresh and inclusive’ 10-year plan for Bumiputera in June — Rafizi p8 Goodyear shuts Shah Alam plant but says will continue to sell tyres in M’sia p10 Khoo Kay Peng to cede control of Pan M’sia Holdings to Exsim’s Lim brothers in RM36.7 mil deal p11 CEOMorningBrief FRIDAY, MARCH 8, 2024 ISSUE 730/2024 theedgemalaysia.com INDONESIAN STOCKS RISE TO RECORD ON OPTIMISM OVER FASTER GROWTH p17 Steady OPR to support ringgit recovery by 2H2024, economists say as BNM holds rate Report on Page 2. PNB, EPF bag RM12.55 bil in FY2023 dividends from top 50 public listed companies Report on Page 4.

friday march 8, 2024 2 The E dge C E O m o rning brief published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] Steady OPR to support ringgit recovery by 2H2024, economists say as BNM holds rate KUALA LUMPUR (March 7): As Bank Negara Malaysia (BNM) kept the Overnight Policy Rate (OPR) unchanged at 3% for the fifth time on Thursday, economists expect continuation of the steady benchmark interest rate to help narrow the negative gap with US rates, and in turn, support a further recovery in the ringgit by the second half of the year. This is in addition to ongoing and coordinated efforts by the government and BNM to enhance foreign exchange conversion as the year proceeds, said UOB Global Economics & Markets Research. UOB was referring to BNM’s statement, saying that the government and central bank are taking “coordinated actions to encourage repatriation and conversion of foreign investment income” by government-linked companies (GLCs) and government-linked investment companies (GLICs). These actions, according to BNM, are contributing to greater inflows, lending support to a firmer ringgit. “Other key drivers of ringgit appreciation include an anticipated broad US dollar weakness starting in 2Q2024 that likely comes ahead of the first [US Federal Reserve] rate cut in June, and gradual stabilisation in China’s economy towards the end of the year,” UOB wrote in a macro note on Thursday. Earlier in the day, after its second Monetary Policy Committee (MPC) meeting of the year, BNM announced that the OPR would remain unchanged at 3%, a decision that was widely expected and was correctly predicted by 19 economists surveyed by Bloomberg. Maintaining the sentiment expressed in January, the central bank said the current OPR level remains supportive of the economy and is consistent with its assessment of inflation and growth prospects. The MPC has maintained the OPR at 3% since its July 2023 meeting. The headline rate was last raised by 25 basis points in May 2023. hom e by Emir Zainul theedgemalaysia.com Read also: Malaysia’s international reserves down nearly 1% to US$114.3 bil as of Feb 29 — BNM Ringgit may continue to underperform until external conditions improve, says HSBC Following the announcement, economists maintained their initial projection that the OPR will be kept intact at 3% for the rest of the year. They also noted BNM’s continued neutral tone on both growth and inflation. Comparing the latest and previous OPR statement from the central bank, BNM has kept its assessment of continued global growth albeit moderately, with improvement in regional economies as global tech upcycle gains momentum, despite modest China growth. According to HSBC Global Research, there is little reason to sound hawkish, as growth is still at a nascent stage of recovery and inflation remains largely benign. While GDP is expected to grow further in 2024, HSBC pointed out that Malaysia has seen a delayed recovery in the trade cycle, as the gross domestic product (GDP) in 4Q2023 evidently indicated a major drag from external weakness. “Even with a delayed recovery, we expect the trade upturn will mainly accelerate Malaysia’s growth, likely from 3.7% in 2023 to 4.5% in 2024. The cautious optimism on growth prospects have been consistently stressed by BNM,” it added. However, economists highlighted the shift in tone with regards to BNM’s assessment of the ringgit. Maybank Investment Bank’s economics research team said BNM has “upped the ante” by shifting the narrative from “ringgit weakness vs US dollar being due to external factors rather than current domestic economic performance and outlook” to stating outright that the “ringgit is undervalued vs economic fundamentals and growth prospects”. “Our FX Research maintains the house view of ringgit ending this year firmer vs USD at 4.40. Within the next 6-9 months, ringgit-positive factors include the signs of improving economic growth prospects, as per the exports rebound in January 2024 of +8.2% year-on-year after 10 straight months of decline (Dec 2023: -10.1%),” Maybank said. Similarly, MIDF Research also believes that the ringgit is in a good position to strengthen, supported by an upbeat domestic economy and the country being a net commodity exporter of oil and gas and palm oil. “Ringgit stands to gain from the supportive global commodity prices and sustained trade surplus. Most importantly, the [US Federal Reserve] and other major central banks have shifted its monetary stance from hawkish towards dovish, and thus interest differentials would narrow in 2024. We expect USDMYR to average at RM4.38 and reach RM4.20 by year-end 2024,” MIDF said. The next MPC meeting is scheduled to be held on May 8 and 9. bloomberg

FRIDAY MARCH 8, 2024 3 THEEDGE CEO MORNING BRIEF www.prolintas.com.my

FRIDAY MARCH 8, 2024 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 8): Permodalan Nasional Bhd (PNB) and the Employees Provident Fund will be receiving a total of RM12.55 billion in FY2023 dividends from the top 50 Malaysian public-listed companies (PLCs) with substantial stake held by government-linked investment companies (GLICs), with PNB reaping RM6.6 billion, and the pension fund RM5.95 billion. Indeed, in the wake of rising prices and a weak ringgit, those who remained invested in these 50 companies would have been pleased with the average 6% growth in dividend payout for FY2023 over the year before. The 50 dividend-paying companies listed on Bursa Malaysia – selected based on their contribution to GLICs – declared a total of RM42.8 billion in dividends for their last financial year, up by RM2.42 billion from FY2022, according to data compiled by The Edge. The increase comes on the back of higher dividend per share (DPS) paid by 31 of the 50 companies, against 15 who paid lower dividends and four whose DPS were unchanged. Of the RM42.8 billion, Malaysia’s six GLICs will collect RM18.03 billion, up RM1.5 billion or 9.07% from RM16.53 billion received from the same companies for FY2022. Five GLICs, namely PNB (RM6.6 billion), EPF (RM5.95 billion), Khazanah Nasional Bhd (RM2.8 billion), Kumpulan Wang Persaraan (Diperbadankan) (KWAP) (RM2.14 billion), and Lembaga Tabung Haji (RM369 million), will be receiving more dividends from these companies compared with last year. The Armed Forces Fund Board (LTAT) is collecting an estimated RM66 million — after excluding any payment from Boustead Plantations Bhd, currently being taken private by the fund coupled with weaker dividends from Affin Bank Bhd. Khazanah-linked stocks post biggest jump The biggest jump in dividend payout came from Khazanah-linked companies namely CIMB Group Holdings Bhd (43 sen per share; payout higher by RM1.84 billion or 65%); IHH Healthcare Bhd (18.6 sen, higher by RM1.02 billion or 165%); and Time BY ADAM AZIZ theedgemalaysia.com PNB, EPF bag RM12.55 bil in FY2023 dividends from top 50 PLCs How much each GLIC is receiving from its top contributors PNB (RM5.86 bil) (RM mil) Malayan Banking 3,143 Sime Darby Plantation 569 CIMB 532 Tenaga Nasional 469 Sime Darby 395 Gamuda 203 Telekom Malaysia 151 Axiata Group 150 RHB Bank 126 Petronas Gas 120 EPF (RM4.08 bil) (RM mil) Malayan Banking 873 RHB Bank 692 CIMB 615 Public Bank 551 Tenaga Nasional 456 MISC 198 Petronas Gas 185 IHH Healthcare 179 Axiata Group 166 Telekom Malaysia 164 Khazanah (RM2.9 bil) (RM mil) CIMB 1,055 Tenaga Nasional 597 IHH Healthcare 425 Axiata Group 337 Telekom Malaysia 193 TIME dotCom 166 Malaysia Airports 60 Astro* 32 UEM Sunrise 26 UEM Edgenta 11 KWAP (RM1.6 bil) (RM mil) Malayan Banking 360 CIMB 292 Tenaga Nasional 196 Public Bank 150 Petronas Gas 142 TIME dotCom 111 RHB Bank 103 Telekom Malaysia 92 MISC 87 Sime Darby Plantation 69 Tabung Haji (RM283 mil) (RM mil) Bank Islam 174 Syarikat Takaful Malaysia 33 TIME dotCom 30 Gamuda 24 Tenaga Nasional 22 *These companies’ financial year ends in Jan/March/April Payout to GLICs based on latest available shareholding Figure for Khazanah includes shareholdings held by its subsidiaries Figure for PNB includes shareholdings held by its funds Data as at March 6, 2024 Source: Asia Analytica, Bloomberg, Bursa Malaysia, company filings dotCom Bhd (85.8 sen per share, higher by RM1 billion or 175%). Two more Khazanah-linked counters UEM Sunrise Bhd and Telekom Malaysia Bhd also raised their dividend payout by 50% in FY2023, compared with FY2022. Staple names continued to be the biggest contributors, led by Malayan Banking Bhd (RM4.3 billion of RM7.2 billion FY2023 dividends paid to the six GLICs) and CIMB (RM2.5 billion out of RM4.6 billion). Maybank is the biggest contributor for PNB (RM3.14 billion for a 43% stake), EPF (RM872 million for a 12% stake), and KWAP (RM359 million for a 4.97% stake). CIMB is the biggest contributor for Khazanah (RM1 billion for 23%), and the second biggest for EPF (RM615 million for 13.4%) and KWAP (RM291 million for 6.4%). In third place is Tenaga Nasional Bhd, whose FY2023 dividends was unchanged from 46 sen per share last year, channelling around RM1.7 billion to the GLICs, followed by RHB Bank Bhd (RM920 million, of which RM691 million will go to EPF for its 40% stake in the bank). Coming after Sime Darby Plantation (RM800 million to GLICs) and IHH Healthcare Bhd (RM701 million) at sixth place was Public Bank Bhd, where 19% or RM701 million of its RM3.7 billion FY2023 dividends will go to the EPF (RM551 million for its 14.9% stake) and KWAP (RM150 million for 4%). For Tabung Haji, Bank Islam Malaysia Bhd remains its biggest dividend contributor (RM234 million for its 48% stake, out of the total payout of RM361 million); Bank Islam declared an improved dividend of 16.81 sen per share, from 13.8 sen previously. Tabung Haji’s only other controlling stake is in TH Plantations Bhd, which will provide it with RM13 million or two sen per share for FY2023. From Syarikat Takaful Malaysia Bhd, TH will receive RM33 million for its 28% stake, based on FY2023 dividend of 14 sen per share, slightly more than the 13.5 sen paid in FY2022. PetChem, Affin Bank lead laggards The biggest dividend laggards include Petronas Chemicals Group Bhd (down by RM2.24 billion) as petrochemical prices and demand dipped from a peak, as well as Affin Bank Bhd (down RM541 million) and IJM Corp Bhd (down RM466 million), CONTINUES ON PAGE 5

FRIDAY MARCH 8, 2024 5 THEEDGE CEO MORNING BRIEF HOME both having paid a one-off special dividend the year before. Others who declared smaller dividends include Kuala Lumpur Kepong Bhd (down by RM431 million) and Maxis Bhd (down RM312 million). Sector-wise, weaker dividends came from plantation companies such as IOI Corp Bhd, Genting Plantations Bhd and Sime Darby Plantation Bhd. Axiata Group Bhd also declared a smaller dividend of 10 sen per share or RM917 million, from 14 sen or RM1.28 billion last year, hurt by the robust US dollar and strong competition. Nonetheless, SimePlant came in fifth (RM800 million) and Axiata eighth (RM684 million), in terms of total contribution to the GLICs, by virtue of circa 75% of their shareholdings being held by the GLICs. Similarly Astro Holdings Bhd – also linked to Khazanah – was hit by the strong greenback and stiff competition in the local streaming market. It changed its dividend policy just before posting its first quarterly loss last year. Others with big DPS improvements Some companies’ total payout was smaller than the headliners, but notable for the huge jump in dividends on a per share basis. Those outperformers include United Plantations Bhd, YTL Power International Bhd and YTL Corp Bhd (EPF owns around 5% in these companies), as their dividend payout rose by a third from a year ago. AMMB Holdings Bhd was another standout as it paid 18.3 sen per share for the year ended March 31, 2023, from five sen for FY2022 (up RM431 million). AMMB has declared six sen in dividends for FY2024 so far, unchanged from the same period last year. Big jumps in dividends per share were also seen in Khazanah-linked Malaysia Airports Holdings Bhd (to 10.8 sen in FY2023, from 3.91 sen in FY2022) as well as UOA Development Bhd, in which EPF holds a 12% stake, as it doubled its payout to 20 sen, from 10 sen before. Meanwhile companies in the electrical and electronics (E&E) segment lagged slightly, but it is worth noting that some usually announce their final dividend much later. A worthy mention was Velesto Energy Bhd, who issued its maiden dividend of 0.25 sen per share or RM2.5 million, marking a successful turnaround by the rig operator, some six years after it initiated a restructuring that saw PNB pay RM800 million to subsequently own a controlling stake in 2017. Dividends by Gamuda Bhd, whose financial year ended in July, also rose by RM1 billion or over 300% to 50 sen per share in FY2023, thanks to a special dividend payment following its highways divestment last year. It has declared six sen per share in dividends so far for FY2024. Separately, utility group Malakoff Corp Bhd’s dividends for FY2023 fell to 1.5 sen per share, from 5.25 sen for FY2022, on the back of its first annual loss since listing, led by a weaker overseas performance, and the impact of coal price swings in the year. FROM PAGE 4 RM18 bil for GLICs from their top 50 companies for FY2023 Company Cumulative FY23 Payout Share Market GLIC holdings to GLICs price cap FY22 FY23 FY22 FY23 (%) (RM mil) (RM) (RM bil) Malayan Banking 58 60 6,968 7,236 60.5 4,375 9.70 117.05 CIMB 26 43 2,748 4,586 54.4 2,495 6.52 69.54 Tenaga Nasional 46 46 2,646 2,646 65.8 1,741 11.16 64.59 RHB Bank 40 40 1,694 1,715 53.7 920 5.63 24.13 Sime Darby Plantation 16.04 15 1,109 1,037 77.1 800 4.30 29.74 IHH Healthcare 7 18.6 616 1,638 42.9 702 6.00 52.84 Public Bank 17 19 3,300 3,688 19.0 701 4.30 83.47 Axiata Group 14 10 1,285 918 74.6 684 2.69 24.69 Telekom Malaysia 16.5 25 628 959 63.7 611 5.94 22.80 Sime Darby 11.5 13 783 886 66.5 589 2.63 17.93 Petronas Gas 72 72 1,425 1,425 32.1 457 17.80 35.22 TIME dotCom 31.03 85.8 570 1,570 27.5 432 5.32 9.84 MISC 33 36 1,473 1,607 25.2 405 7.50 33.48 Gamuda 12 50 304 1,310 29.7 389 5.06 14.00 Bank Islam 13.8 16.81 300 362 64.9 235 2.59 5.87 Petronas Dagangan 76 80 755 795 22.0 175 22.22 22.07 KLCCP Stapled Group 38 40.5 686 731 23.0 168 7.42 13.40 Maxis 20 16 1,566 1,253 12.8 161 3.58 28.04 IOI Corp 14 11 870 683 22.3 152 4.00 24.81 Petronas Chemicals 41 13 3,280 1,040 13.8 144 6.94 55.52 IJM Corp* 21 8 747 281 46.2 130 2.20 7.71 Sime Darby Property 2 2.5 136 170 68.0 116 0.77 5.20 Kuala Lumpur Kepong 100 60 1,078 647 16.4 106 21.90 24.01 Malaysia Airports 3.91 10.8 65 180 51.8 93 8.34 13.92 Sunway REIT 9.22 9.3 316 319 26.8 85 1.54 5.27 UOA Development 10 20 241 485 17.2 83 1.80 4.48 Bermaz Auto* 8.75 22 102 257 30.6 78 2.43 2.84 AMMB Holdings* 5 18.3 166 605 12.1 73 3.95 13.07 Nestle Malaysia 262 268 614 628 11.7 73 122.30 28.68 Affin Bank 30.39 5.76 677 135 54.0 73 2.57 6.03 IGB REIT 9.86 10.47 354 377 18.6 70 1.72 6.20 Syarikat Takaful Malaysia 13.5 14 113 117 57.9 68 3.70 3.10 Fraser & Neave Holdings 60 77 220 282 23.5 66 29.02 10.64 Bursa Malaysia 26.5 29 214 235 27.6 65 7.42 6.00 Pavilion REIT 8.37 9.01 256 307 20.6 63 1.28 4.68 Dialog Group 3.4 3.7 191 208 29.4 61 2.11 11.91 Axis REIT 9.75 8.65 160 151 35.9 54 1.78 3.11 Astro Holdings* 6.75 3 352 156 26.2 41 0.34 1.77 SP Setia 1.47 1.34 60 54 75.0 40 0.92 4.10 Genting Plantations 34 21 305 188 20.7 39 6.13 5.50 Alliance Bank Malaysia* 18.5 22 286 341 10.2 35 3.59 5.56 Capitaland M Trust 4.01 4.17 87 110 25.7 28 0.64 1.75 UEM Sunrise 0.5 0.75 25 38 69.6 26 1.00 5.03 Al-’Aqar Healthcare REIT 8.1 7.9 73 71 36.0 26 1.26 1.06 MRCB 1 1 45 45 45.7 20 0.58 2.57 MNRB* 2.5 4.45 20 35 53.9 19 1.75 1.37 Malakoff Corp 5.25 1.5 257 73 22.3 16 0.62 3.01 Mah Sing Group 3 4 73 97 15.8 15 1.00 2.43 Yinson Holdings* 6 2 101 58 23.4 14 2.41 7.01 Panasonic Manufacturing* 83 122 50 74 17.7 13 17.80 1.08 *These companies’ financial year ends in Jan-May Payout to GLICs based on latest available shareholding Companies chosen based on highest contribution to GLICs, with at least one GLIC holding a substantial stake FY22 DPS are not adjusted to share splits/bonus issue/consolidation Data as at March 7, 2024 Source: Asia Analytica, Bloomberg, Bursa Malaysia, company filings DPS (sen) Payout (RM mil)

friday march 8, 2024 6 The E dge C E O m o rning brief home KUALA LUMPUR (March 7): Defence Minister Datuk Seri Mohamed Khaled Nordin said the Armed Forces Fund Board (LTAT) intends to continue holding a ‘significant’ stake in Affin Bank Bhd, with the expectation of benefitting from potential value increases brought by new investors. In a parliamentary written reply to Datuk Seri Ikmal Hisham Abdul Aziz (PN-Tanah Merah), Khaled said that the proposed disposal of LTAT’s stake in Affin Bank is a reasonable and strategic investment decision aimed at generating competitive and sustainable dividend returns for contributors. This move, Khaled said, was part of LTAT’s effort to rebalance its investment portfolio in alignment with the targets set in the LTAT Strategic Asset Allocation Framework (SAA). “Currently, LTAT holds an effective stake of 48.7% in Affin Bank. “Proposed partial release of interest to stakeholders who have strong financial ability will give added value higher to the bank in the form of business growth and increased profitability for the long term,” added Khaled. Under the current listing ruling, a substantial shareholder is defined as one who has an interest (or interests) in the voting shares in the corporation that is not less than 5%. Currently, LTAT is the largest shareholder in Affin Bank, holding a 28.78% stake, while its wholly-owned unit Boustead Holdings Bhd holds an additional 20.02%. As a military pension fund, Khaled emphasised that LTAT prioritises asset diversification and manages investments for fund stability and continuous returns. Without giving details, Khaled said that any shareholding transfer in future is subject to the approval of regulatory bodies, including Bank Negara Malaysia (BNM), as a compliance Minister: LTAT intends to keep a significant stake in Affin Bank to ride on value growth KUALA LUMPUR (March 7): The Public Accounts Committee (PAC) is set to summon three senior management officers of the Armed Forces Fund Board (LTAT) who recently resigned to explain the financial position of the military pension fund. The three former top senior management officers are chief executive officer Datuk Ahmad Nazim Abd Rahman, chairman Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, and senior strategic director Dayana Rogayah Omar. This impending summons follows the 2022 Auditor General’s Report, which revealed that LTAT has recorded a deficit in its reserves since 2020, raising concerns about its ability to pay dividends to contributors. During a news conference in the Parliament building on Thursday, PAC chairperson Datuk Mas Ermieyati Samsudin did not rule out the possibility of summoning Defence Minister Datuk Seri Mohamed Khaled Nordin, who is responsible for LTAT. “PAC is very concerned about LTAT’s financial position and will call in all parties related to LTAT,” she said. She added that the LTAT proceedings will be scheduled after the Hari Raya Aidilfitri celebration. According to the Auditor General’s Report, LTAT’s reserves were at a negative RM376 million in 2020, RM258 million in 2021, and RM338 million in 2022. The rePAC to summon three ex-LTAT top executives over the fund’s finances by Choy Nyen Yiau theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com port also highlighted 41 old stock portfolios with an unrealised loss of RM662 million as of Dec 31, 2022, contributing to the deficit. Meanwhile, Mas Ermieyati mentioned that the PAC will decide whether to summon the Federal Land Development Authority (Felda) and PR1MA Corp Malaysia (PR1MA) after completing the LTAT proceedings. She added that the PAC will present six additional reports covering various topics in this parliamentary session. These include the reports of UiTM Holdings Sdn Bhd, Langkawi Development Authority’s (Lada) management of property development, Property Development Management of Langkawi Development Board, the National Flood Forecasting and Warning Program (PRAB), upgrading and redevelopment of dilapidated school buildings, the management of the Covid-19 outbreak, and the receipt and payment under social obligations of the concession agreement for the national padi and rice industry management. measure for LTAT’s corporate governance. On Jan 31, The Edge reported that the Sarawak state government plans to increase its stake in Affin Bank through its investment arm, State Financial Secretary Sarawak, to approximately 30%, up from the current 4.8%. This move would surpass LTAT, making the state government the largest shareholder in the banking group. To achieve this, according to a source, Sarawak aims to acquire the entire 20.02% stake held by Boustead Holdings, as well as a portion of LTAT’s stake. February reports brought attention to comments by Sarawak Premier Tan Sri Abang Johari Openg, in which he stated that the state government is nearing the end of negotiations with LTAT. However, he refrained from further commentary given that Affin Bank is a publicly listed company. Simultaneously, Bank of East Asia Ltd (BEA), based in Hong Kong and holding a 23.93% equity interest in Affin, was reportedly to have attracted interest from parties affiliated with the state. This interest aims to provide Sarawak with a degree of control over the banking group. As per the Financial Services Act 2013, any party seeking to acquire multiples of 5% stakes in a bank requires approval from Bank Negara. Defence Minister Datuk Seri Mohamed Khaled Nordin said the proposed disposal of LTAT's stake in Affin Bank is a 'reasonable' and strategic investment decision aimed at generating competitive and sustainable dividend returns for contributors.

FRIDAY MARCH 8, 2024 7 THEEDGE CEO MORNING BRIEF MALAYSIA March 11, 2023 / OPTIONS / OPPB Luxury jeweller Tiffany & Co. opens its latest store at Kuala Lumpur’s newest retail destination, The Exchange TRX, and it promises an even richer shopping journey as visitors delve into the enchanting world of Tiffany. The store’s façade — the work of legendary architect Peter Marino — marks the first of three Tiffany & Co. stores in the region to feature designs by Marino. Elegant hammered panels adorn the exterior of the store, which is located on the ground floor of the expansive mall, evocative of the artistry and craftsmanship synonymous with the brand’s legacy. This latest design rendition by the maison artfully melds its signature rich heritage and modern sensibility. Upon entry, you will be greeted by bespoke fresco walls that extend throughout the store’s interior, each panel an intricate expression that lends the store a harmonious, yet distinctive, aesthetic that speaks of the jeweller’s uncompromising attention to detail. Luxurious gold stripes, inspired by the iconic New York City skyline and Tiffany’s art deco heritage, also bedeck the walls and paravents of the store’s windows to introduce a synergistic balance of light and texture, a reflection of the prestige that the storied American brand stands for. Look up, and a visual feast awaits — illuminating the space are hand-cut sapphire blue chandeliers positioned atop glass displays of Tiffany & Co.’s iconic collections and diamond designs. Visitors are then invited to get immersed in the awe-inspiring worlds of Tiffany High Jewellery, Love and Engagement, Icons and Home & Accessories. A date with Tiffany & Co. An intimate experience awaits you at the jeweller’s new The Exchange TRX store Hand-cut sapphire blue chandeliers illuminate displays of Tiffany & Co.’s iconic collections and diamond designs Elegant hammered panels adorn the façade of the new Tiffany & Co. store at The Exchange TRX, designed by legendary architect Peter Marino A private salon features a soft orchid mural that spans the walls using a graphic by acclaimed photographer Jason Schimdt Tiffany & Co. is at G94-96, The Exchange TRX, Tun Razak Exchange, Kuala Lumpur. Call (1 800) 88 9118 for enquiries. Within the store, you will also be treated to a showcase of Tiffany-branded artworks recreated from vintage advertisements using computer-generated imagery, with the Love and Engagement range taking centre stage. These are juxtaposed against a jacquard fabric designed by Marino and crafted by the historic Venetian maker of furnishing products, Rubelli. The brilliance of the diamonds and the riveting blue hue of the artwork are truly a sight to behold. Equally delightful are the store’s two uniquely designed private enclaves that provide clients with an intimate shopping experience, thus making their visit to the store a treasured memory. The first salon boasts a scene-stealing artwork by German artist, Caspar Jansen, while the one next door sees a gentle orchid mural filling up the space, using a graphic by prominent photographer Jason Schmidt. Both are a sumptuous blend of art and luxury that offers visitors a breath-taking moment of wonder. Visitors to the new Tiffany & Co. store at The Exchange TRX can expect the unparalleled, impeccable service that the brand is renowned for. Whether you are looking for the ultimate piece of jewellery for a loved one or simply to reward yourself, knowledgeable Tiffany advisers will be on hand to help you pick out the perfect gift or provide styling advice. An exceptional luxury experience awaits you.

friday march 8, 2024 8 The E dge C E O m o rning brief home AG: Financial audits now the key priority to address governance shortfalls Putrajaya to launch ‘fresh and inclusive’ 10-year plan for Bumiputera in June — Rafizi by Izzul Ikram theedgemalaysia.com Bernama KUALA LUMPUR (March 7): Financial statement audits of government entities are the core priority for the National Audit Department (NAD) starting this year, to address the issues of non-compliance and internal management shortfalls, said Auditor General Datuk Wan Suraya Wan Mohd Radzi. “Financial statement audits will become a core and important part of our (NAD) work, especially beginning this year,” Wan Suraya told the audience at the Bank Audit Conference 2024 during her keynote address. “The rationale for this is to respond to the concern by the government over instances of non-compliance and internal control weaknesses that are repeatedly mentioned in the annual audit reports in the past,” she added. Wan Suraya said this forms one of NAD’s priorities towards becoming more stakeholder-focused and delivering value in the audit services it provides. She noted that overall, the NAD conducts over 400 financial audits a year on federal agencies, federal and state statutory bodies, local governments and Islamic religious councils. Through this, the auditor general said the NAD plays a focal role in the machinations of Malaysia’s parliamentary system in its duty to ensure the management and accounting of public funds are done in an economic, efficient and effective manner. “Parliament, the government and the public service are guardians of public funds entrusted to them to deliver programmes and services to benefit the public. “A key element of people’s confidence in our democratic institutions is the belief that public funds are being spent wisely and effectively and by [NAD] helping the parliamentarians to discharge their duties as our representatives and assisting the government in the management of public funds,” she added. The release of the Auditor General’s Report on Federal Agencies 2022 on Wednesday (March 6) flagged concerns about the financial positions of a couple of federal agencies. In particular, the report disclosed that the Federal Land Development Authority (Felda) bled heavily in 2022 while having hefty loan repayment commitments, while PR1MA Corp Malaysia is struggling to pay off the RM1.75 billion second tranche of its sukuk maturing in October this year, given its loss-making position in 2022. Meanwhile, it highlighted that the Armed Forces Fund Board (LTAT) has logged a deficit in its reserves between 2020 and 2022. The fund’s deficit was RM376 million in 2020, RM258 million in 2021, and RM338 million in 2022. The Bank Audit Conference 2024, hosted by the Asian Institute of Chartered Bankers (AICB) and Chief Internal Auditors Networking Group (CIANG), provides a platform for internal audit professionals to discuss trends shaping the audit and risk management landscape, regulatory developments, and how to further elevate the standards of internal audit practices in Malaysian financial institutions. The conference will feature over 30 bankers, regulators and internal audit experts shedding light on the notable global trends in the industry, including digital disruption and cybersecurity, the increasing importance of ESG issues in business coordination, and sustainability reporting. Read also: Azman Hashim lauds AG for ‘independent, transparent’ 2022 audit report Country facing serious subsidised diesel leakages — Amir Hamzah Auditor General Datuk Wan Suraya Wan Mohd Radzi: Financial statement audits will become a core and important part of our (the National Audit Department) work, especially beginning this year. Sam Fong/The Edge KUALA LUMPUR (March 7): The government will launch a more “fresh and inclusive” Bumiputera plan for the next 10 years in June, in a bid to boost the community’s socioeconomic level in several fields and sectors. Economy Minister Rafizi Ramli said all input, suggestions and views from the Bumiputera Economic Congress (KEB) 2024 would be examined and included in this new direction of Bumiputera empowerment. “The government will focus on empowerment efforts, (such as) the empowerment of the Bumiputera middle class who are able to create value for the economy. “This will involve a shift from the current situation, from earning salaries to creating value. As such, more Bumiputera middle class will participate in business and increase income, instead of only relying on salaried jobs,” he said at the Minister's Question Time session in the Dewan Rakyat on Thursday. He was replying Zahir Hassan's (PH-Wangsa Maju) question about the direction and new approach being drawn up, as a result of KEB 2024, to boost the community’s socioeconomic level in order to remain competitive. According to Rafizi, the Bumiputera middle class produces highly experienced professionals, but lags in terms of creating value, compared with the non-Bumiputera professionals in the country and also the middle class abroad. “This focus means that we will encourage more professionals (to participate in businesses). Additionally, we need to depend less on capital mobilisation driven by government agencies. "That's why I believe we need to shift to creating a policy that is not solely focused on agencies or large funding from the government. “This is done through the private sector in which the creation of value will be funded via new enterprises together with the (Bumiputera and non-Bumiputera) middle class,” he explained. Read the full story Read also: Merger of PHB into Bumiputera Investment Fund is underway — PMO

friday march 8, 2024 9 The E dge C E O m o rning brief home Witness: BSI didn’t double check Jho Low’s ‘name-drops’ Ismail Sabri urges govt to clarify Najib’s home detention application and outcome by Choy Nyen Yiau theedgemalaysia.com by Tarani Palani & Timothy Achariam theedgemalaysia.com KUALA LUMPUR (March 7): The government is urged to clarify whether jailed former prime minister Datuk Seri Najib Razak has applied for home detention with the Federal Territories Pardons Board, and if he has, to disclose the outcome. During the debate on the royal address in Dewan Rakyat on Thursday, Bera Member of Parliament and former prime minister Datuk Seri Ismail Sabri Yaakob said he had learnt that there was an “attachment” submitted to the Pardons Board that sought to relocate Najib from Kajang Prison to home detention, in addition to the petition for a royal pardon that was submitted previously. “I understand that there is an attachment, along with the royal pardon petition, to change Najib’s place of detention from Kajang Prison to home detention. “Thus, my question to the government is whether this is true. If so, was it discussed in the recent Pardons Board meeting, and what is the outcome?” said Ismail Sabri. Recent news reports have suggested that Najib might be granted home detention, following Home Minister Datuk Seri Saifuddin Nasution Ismail’s statement that the government has agreed in principle to implement Licensed Release of Prisoners (PBSL) through home detention for those serving sentences of four years and below. However, Saifuddin reportedly refuted this claim on Saturday, stating that Najib is not on the list of prisoners eligible for home arrest, as the programme is only applicable to those serving sentences of less than four years. Najib, who was serving a 12-year prison sentence in Kajang after the apex court dismissed his final appeal in the RM42 million SRC International Sdn Bhd case in August 2022, was also fined RM210 million. However, in early February, the Pardons Board announced a reduction of his jail time to six years and the fine to RM50 million. KUALA LUMPUR (March 7): Despite his notorious reputation for name dropping, merchant bank BSI did not double check fugitive Low Taek Jho’s claims that he was acting on former premier Datuk Seri Najib Razak’s instructions when it came to SRC International Sdn Bhd. Former employee of the now defunct Singapore branch of the bank, Kevin Swampillai told the High Court this on Thursday during the hearing of SRC’s US$1.18 billion civil suit against the former finance minister. Najib’s counsel Tan Sri Muhammad Shafee Abdullah pointed out that Swampillai had testified in court that Jho Low had name dropped Najib’s name to the institute’s senior management. Shafee: The name dropping was never checked by the bank. Swampillai: It was never counter checked. Shafee: Name dropping is quite a [common] culture in Malaysia. I don’t know about Singapore. It is called “jual nama”. Swampillai: I’m aware of it. Shafee then pointed out that Jho Low had previously also named dropped the Sultan of Terengganu Sultan Mizan Zainal Abidin’s name as they were involved with Terengganu Investment Authority (TIA), 1Malaysia Development Berhad (1MDB)’s predecessor. The senior lawyer claimed that the fugitive had “used and abused” the Sultan’s name until the royalty had remarked that Jho Low was an “unsavory” character. To this the witness said that he was unaware of it. Shafee: Nobody made a determination for such a huge amount of money, whether the government of Malaysia through Najib was in fact aware of what was happening? If Jho Low was acting on behalf of SRC on Najib’s countenance? Swampillai: Yes. Shafee: You agree with me that a simple check may have prevented this fiasco? Swampillai: Yes. Jho Low’s penchant for name dropping has notably come up several times during the SRC and 1MDB’s criminal trials, with witnesses like former central bank govenor Tan Sri Zeti Akhtar Aziz and former AmBank relationship manager Joanna Yu having had also testified that Jho Low would “name drop” to indicate the famous people he purportedly knew including middle eastern royalty. Witness: Prevalent thought was that one couldn’t go ‘higher than Jho Low’ Swampillai also said that at that material time, it was the prevalent thought that one couldn’t “go higher than Jho Low”. Shafee: [Jho Low] was layering information. Swampillai: Working with BSI bank at that material time, quite fairly everyone thought you couldn’t go higher that Jho Low. So no attempt was made, they accepted that Jho Low was the key mind when it came to these transactions. Shafee also pointed out that the instructions to the banks were “micro level” issues, but Swampillai could not with confidence say that Najib was aware of these instructions. To this the witness agreed with the defence counsel. The witness, who turns 60 this year, also agreed with Shafee that there were documentary evidence of these representations the ex banker said was only made orally. On Thursday, Shafee once again repeated his argument that the Board of Directors (BOD) was the ultimate decision-making organ in a company and said that the board did not perform its duty as it had inquired on these transactions. To this, the witness said given the unique situation involved with the Ministry of Finance, Swampillai thought that the then Minister of Finance would be aware of ins and outs of what was happening with the funds. Kevin Swampillai Zahid Izzani/The Edge Read the full story

friday march 8, 2024 10 The E dge C E O m o rning brief home Look at Malaysia as top-tier investment, capital destination — Anwar Goodyear shuts Shah Alam plant but says will continue to sell tyres in M’sia LC Titan says parent LC Corp mulling ‘strategic measures’ amid stake sale talks by Syafiqah Salim theedgemalaysia.com by Chester Tay theedgemalaysia.com Bernama (March 7): American tyre company Goodyear said on Thursday it will continue to sell their products in Malaysia following the closure of its manufacturing plant in Shah Alam, Selangor. “We will continue to serve the Malaysia market with our industry-leading products and solutions from other manufacturing sites within Goodyear’s footprint,” the spokesperson said on Thursday. The company plans to begin shutting down its Shah Alam manufacturing operations by June 30 in a move that will result in the loss of 550 positions within the plant, according to an internal memo written by Nathaniel Madarang, president of Goodyear Asia Pacific, sighted by The Edge. The move mirrors electrical home appliance maker Panasonic Manufacturing Malaysia Bhd’s decision last year to close two product manufacturing departments in Shah Alam. In 2016, cigarette firm British American Tobacco Malaysia Bhd wound down its factory operations in Malaysia and started importing regionally. Goodyear’s presence in Malaysia dates back to 1908 when The Goodyear Orient Company, a rubber buying firm, was established in Singapore to purchase rubber from plantations in then Malaya and Indonesia. Goodyear began selling its products in Malaya in 1929, according to its website. Goodyear’s Madarang said the entire closure process is anticipated to complete by the end of the year. The move, he said, is part of the socalled Goodyear Forward, the company’s transformation programme to optimise its footprint and portfolio and deliver significant margin expansion. The programme includes “specific actions” to deliver annualised cost reductions of US$1 billion by 2025, according to Madarang’s memo. Read also: Goodyear’s restructuring affects other countries, not only Malaysia, says Selangor MB KUALA LUMPUR (March 7): Prime Minister Datuk Seri Anwar Ibrahim on Thursday called on the international investment community to look at Malaysia as a top-tier investment and a capital destination. During his keynote address at the Invest Asean Conference in Melbourne, Australia, on Thursday, he delivered a resounding vote of confidence in Malaysia’s economy, anticipated improvements in investment, economic performance, and improved prospects for the ringgit this year. Highlighting key economic indicators which underscored the sound and improving fundamentals of the Malaysian economy, Anwar, who is also the Finance Minister, said the Malaysian economy continues to display both resilience and steady growth. “Malaysia is back in business. I am confident in Malaysia’s economic prospects and our future as a people and a nation. For 2023, we realised a 23% surge in approved direct investments to an all-time high of RM329.5 billion. “We have every confidence this number will improve across 2024, with accretive benefits for the people, as committed investments translate into new projects, new KUALA LUMPUR (March 7): Lotte Chemical Titan Holding Bhd (LC Titan) said its parent company Lotte Chemical Corp (LC Corp) is considering various “strategic measures” related to the Malaysian unit. LC Titan said this in a filing with Bursa Malaysia on Thursday after the Korea Economic Daily reported a day earlier that LC Corp had embarked on the process of selling its shareholding in the Main Market-listed petrochemicals producer. “We wish to clarify that after making due enquiry, we understand that LC Corp is considering various strategic measures related to the company without making any decision thus far,” said LC Titan. LC Titan’s shares closed three sen or 2.6% lower at RM1.13 on Thursday, giving the company a market capitalisation of RM2.61 billion, and valuing LC Corp’s stake at some RM1.98 billion. LC Titan booked its seventh consecutive quarterly loss for the quarter ended Dec 31, 2023 (4QFY2023). The RM186.48 million net loss was however narrower than its RM333.64 million net loss from a year earlier, amid lower feedstock costs and forex gains. Nonetheless, full-year net loss widened to RM780.29 million from RM731.06 million in FY2022, as revenue declined 23.68% to RM7.65 billion from RM10.19 billion. The group attributed the weaker performance to a decline in margin and share of loss from Lotte Chemical USA Corp. LC Titan was listed on Bursa Malaysia in July 2017, raising RM3.77 billion with an IPO price of RM6.50 per share. high-paying jobs, new opportunities for technology transfer and upskilling and yes, an improvement in the prospects for the ringgit,” said the Prime Minister at the conference, attended by CEO-level officers there. Conveying the dynamic transformation programme currently being implemented by the Malaysia Madani Government, Anwar also emphasised how these translated into an improved political, economic, and social environment conducive to international investors. “Malaysia Madani is much more than a return to traditional values, or pure inculcation of new values. It is a comprehensive, deep-bench programme of government that seeks to develop fundamentally positive, yet transformative changes in fiscal policy, subsidy reforms and a heightened sense of governance alongside the improved performance of private economic participants. “Within our Madani transformation programme are new economic pillars: an Energy Transition Roadmap and New Industrial Master Plan, which will underpin our transformation to a greener, more sustainable and more prosperous 21st Century economy,” Anwar said. The Prime Minister was in Melbourne, leading the Malaysian delegation to the second Malaysia-Australia Annual Leaders’ Meeting (2nd ALM) on March 4 and the Asean-Australia Special Summit, hosted by Australia, held from March 5-6, 2024, to commemorate the 50th Anniversary of Asean-Australia Dialogue Relations. Anwar is currently in Canberra as part of his back-to-back official visits to Australia, at the invitation of the Australian Prime Minister Anthony Albanese.

friday march 8, 2024 11 The E dge C E O m o rning brief home Star Media’s dispute with JAKS goes back to High Court six years after it started Khoo Kay Peng to cede control of Pan M’sia Holdings to Exsim’s Lim brothers in RM36.7 mil deal by Anis Hazim & Chester Tay theedgemalaysia.com by Hafiz Yatim & Chester Tay theedgemalaysia.com KUALA LUMPUR (March 7): Property developer Exsim Group’s founders, the Lim brothers, are acquiring a 65.9% stake in Pan Malaysia Holdings Bhd (PM Holdings) from three companies linked to prominent businessman Tan Sri Khoo Kay Peng for RM36.73 million or six sen a share. This confirms a report in Jan 22-28 edition of The Edge Malaysia that several parties were looking to take up a block of shares in PM Holdings. The purchase price represents a 45% discount to PM Holdings’ closing price of 11 sen on Thursday, valuing the group at RM102.17 million. The Lim brothers, through Exsim Hospitality Holdings Sdn Bhd, entered into an agreement on Thursday to buy a 38.59% stake in PM Holdings from Loyal Design Sdn Bhd, an 18.4% stake from MUI Media Ltd and an 8.91% stake from Megawise Sdn Bhd, according to PM Holdings’ stock exchange filing. Exsim Hospitality is obliged to extend an unconditional mandatory takeover offer to buy up all the remaining shares in PM Holdings at six sen per share in cash, added PM Holdings. Exsim Hospitality, however, intends to maintain PM Holdings’ listing status on Bursa Malaysia. Loyal Design and MUI Media are wholly-owned subsidiaries of Malayan United Industries Bhd (MUI), while Megawise is wholly-owned by cocoa-based biscuits maker Pan Malaysia Corp Bhd (PM Corp), which in turn is 51%-owned by MUI. Khoo is deemed to have a 41% indirect interest in MUI, through Cherubim Investment (HK) Ltd, Norcross Ltd, Bonham Industries Ltd and KKP Enterprises Sdn Bhd. Exsim Hospitality, meanwhile, is 25%-controlled by Lim Aik Fu, with the remaining stake equally owned by his elder brothers Lim Aik Hoe and Lim Aik Kiat. Aik Hoe and Aik Kiat are both managing directors of Exsim Group, while Aik Fu is the deputy managing director. The brothers founded the real estate development group in 2008. PM Holdings became a takeover target after the divestment of its stockbroking and asset management subsidiaries PM Securities Sdn Bhd, PCB Asset Management Sdn Bhd and Miranex Sdn Bhd to NewParadigm Capital Ventures Sdn Bhd for RM90 million last November. After the divestment, PM Holdings was left with the 10-storey Corus Paradise Resort in Port Dickson and the surrounding land, which had a book value of RM34.83 million, according to the group’s annual report for the year ended June 30, 2023. PUTRAJAYA (March 7): The legal dispute between Star Media Group Bhd and JAKS Resources Bhd on the development of a parcel of land in Section 13, Petaling Jaya, has been reverted back to the High Court for trial. A three-member Federal Court bench on Thursday unanimously dismissed Star Media Group’s appeal against a decision unfavourable to the media company issued by the Court of Appeal in 2021 — which set aside a prior High Court’s summary judgement in 2020 for JAKS to pay RM134.5 million balance of the purchase price of the land and RM50.54 million in late payment interest, and upheld the appellate court’s order for the matter to go back to trial at the Kuala Lumpur High Court. “The court finds no merit in the appeal... The appeal is dismissed with costs,” said Federal Court judge Datuk Zabariah Mohd Yusof, who led the bench, as she delivered the oral judgment after hearing the oral submissions from both sides in the case. The bench also ordered Star Media to pay RM150,000 as costs to JAKS Resources and its subsidiary, while the case will proceed to High Court for trial on Aug 25, 2025. The legal dispute, which started six years ago, is over Star’s divestment of the land in 2011 to JAKS, in return for the construction of a 15-storey office tower on the land. JAKS’s unit JAKS Island Circle Sdn Bhd (JIC) committed to a RM50 million bank guarantee to assure the completion and delivery of the office tower. On top of that, JAKS provided its own corporate guarantee in favour of Star Media. But JAKS allegedly missed the deadline in delivering the office tower, with the delay lasting 28 months. Star Media made a demand for the bank guarantee in 2018, claiming that JIC had failed to deliver the office tower, which the latter disputed. But it later released the sum to Star Media in January 2019. Star Media, however, still brought the matter to court by filing a suit against JAKS on April 30, 2019, claiming JAKS had failed to perform its obligation under its corporate guarantee for JIC to deliver the office tower. Star Media wanted RM134.5 million from JAKS as the balance purchase price for the land, along with late payment interest of RM43.22 million. JAKS then filed a counterclaim for the return of the RM50 million bank guarantee, together with RM248.24 million in liquidated and ascertained damages, and to claim RM297.04 million for loss of proceeds from a corporate fundraising as it claimed Star Media’s suit against the company had affected its fundraising. As Star sought preliminary determinations on these suits, both parties made a total of three appeals against decisions not favourable to them, before the Federal Court’s latest decision, which effectively reverted the dispute back to the High Court for trial. Datuk Dr Cyrus Das, who appeared for Star Media in the case, told the apex court that both High Court judges’ decisions in the case — which favoured Star Media — should stand as adjudged or res judicata, on the basis that the High Court judge Datuk Nordin Hassan (now Federal Court judge) at the time had ruled that the proposed completion date and delivery of the tower should be in February 2018, and not June 2020. Read the full story

FRIDAY MARCH 8, 2024 12 THEEDGE CEO MORNING BRIEF HOME NEWS IN BRIEF PLS inks deal with China’s Guangzhou Jiangnan to build a onestop wholesale market in Johor KUALA LUMPUR (March 7): PLS Plantations Bhd has inked a deal with Chinabased Guangzhou Jiangnan Agriculture Development Co Ltd to build a regional one-stop wholesale market in Johor for the processing and marketing of Malaysian agricultural produce. In a statement on Thursday, PLS said the companies signed the agreement in conjunction with the official visit to China by a Johor delegation led by Menteri Besar Datuk Onn Hafiz Ghazi. PLS said the regional wholesale markets, which will be built in Pasir Gudang in Johor, is a significant step toward boosting Malaysia’s food security programme. PLS executive vice chairman Tan Sri Lim Kang Hoo said that the one-stop offtake centre in Pasir Gudang will serve as a hub for farmers and other food producers seeking support services, market access and logistical assistance. “The aim is to streamline the supply chain process, provide convenience and efficiency for producers and consumers alike. It will handle all aspects of agriculture, aquaculture and meat production for both local consumption and export markets,” he said. — by Surin Murugiah Teo Seng to distribute one treasury share for every 67 shares after record earnings KUALA LUMPUR (March 7): Teo Seng Capital Bhd on Thursday declared noncash dividend as its fourth interim dividend following the poultry company’s recordhigh earnings in the year ended Dec 31, 2023. The dividend-in-specie will be in the form of treasury shares of the company, distributed on the basis of one share dividend for every 67 Teo Seng shares held by shareholders, according to an exchange filing. The ex-date will be on March 27, while the entitlement date will be on March 29, the same date that the shares dividend will be transferred to shareholders. The shares will be credited on April 15. Teo Seng had on Jan 18 declared a third dividend of three sen per share, bringing total cash dividend to eight sen per share for FY2023. For FY2023, the company reported a sevenfold jump in net profit of RM155.8 million from the RM21.64 million it made in FY2022, as it sold more eggs at better prices and received subsidies from the government. Cumulative revenue for FY2023 rose 16.72% to RM760.98 million from RM651.97 million. Earnings per share jumped to 22.8 sen from 4.43 sen. — by Emir Zainul Merely 2% of JKR projects nationwide identified as ‘sick’, says Ahmad Maslan GEORGE TOWN (March 7): Deputy Minister of Works Datuk Seri Ahmad Maslan revealed that among the 746 projects nationwide under the ministry, only 16 have been categorised as “sick projects” due to construction delays by contractors. He stated that the primary factors contributing to these delays include financial issues faced by contractors, along with challenges such as the impact of Covid-19, material shortages and problems in appointing subcontractors. “These ailing projects are often highlighted, but their percentage is minimal — only 16 or 2.14% out of the total 746 projects. Based on last month’s report, the percentage was 2.88%, but it has decreased to 2.14% this month. “This clearly indicates that the Public Works Department (JKR) has demonstrated exceptional efficiency in carrying out its responsibilities and successfully completing these projects,” he explained on Thursday. He was speaking at a press conference after visiting the upgrading and maintenance of the Penang High Court project site. — Bernama Read also: China appreciates Anwar’s stance on ‘China-phobia’ Sapura Energy, subsidiaries get nod from court for debt restructuring KUALA LUMPUR (March 7): Sapura Energy Bhd and its 22 wholly-owned subsidiaries have obtained new convening and restraining orders from the High Court for a period of three months effective March 11, allowing it to proceed with its debt restructuring. In a filing with Bursa Malaysia on Thursday, the group said the orders, sanctioned under the Companies Act 2016, allow it to take critical steps in its debt restructuring plan through multi-currency financing of approximately RM10.8 billion and outstanding payments to trade creditors amounting to about RM1.5 billion. Under these orders, Sapura Energy and its subsidiaries can convene meetings with creditors to discuss and approve a proposed scheme of arrangement and compromise without being disrupted by the threat of litigation. — by Luqman Amin China keen on mutual permanent visa-free policy with Malaysia, says envoy KUALA LUMPUR (March 7): China and Malaysia are actively working toward a reciprocal permanent visa-free policy, according to Zheng Xuefang, minister at China’s Embassy in Malaysia. The introduction of reciprocal visa waivers between China and Malaysia has helped to promote tourism and people-to-people exchanges. Zheng said this in a meeting with Bernama’s chairman Datuk Seri Wong Chun Wai during his courtesy visit to the national news agency, here on Wednesday. Last December, the Malaysian and Chinese governments announced implementation of the mutual visa-free facilities for citizens of both countries for one year to further promote tourism, trade and cultural exchanges. Malaysia has become a hotspot for Chinese tourists for years. Zheng also highlighted on the achievement of economic and trade cooperation between both countries, noting that at the beginning of the diplomatic relations, the total bilateral trade volume was only US$200 million (RM941 million). In 2002, the amount exceeded US$10 billion, and last year, it reached US$190.24, making China Malaysia’s largest trading partner for 15 consecutive years. — Bernama ANZ now holds 5.17% in AMMB after completion of share sale KUALA LUMPUR (March 8): Australia & New Zealand Banking Group Ltd’s ANZ Funds Pty Ltd, has completed the disposal of 16.5% or 545.83 million AMMB Holdings Bhd shares, reducing its stake in the lender to 5.17%, according to a filing to Bursa Malaysia on Thursday. The disposal was pursuant to the block trade agreement dated March 5, 2024 entered into between ANZ Funds Pty Ltd, Merrill Lynch (Singapore) Pte Ltd and CIMB Investment Bank Bhd. It was reported that the share sale, priced at RM3.85 per share or over RM2.1 billion, had been upsized from its initial plan to sell a 9% stake in the company also known as AmBank previously reported by The Edge. Once completed, the sale will reduce its shareholding in AmBank to 5.2% from 21.7%, “in line with ANZ’s strategy of simplifying the bank”, ANZ said in a statement on Wednesday. — by Isabelle Francis

friday march 8, 2024 13 The E dge C E O m o rning brief home KUALA LUMPUR (March 7): The Securities Commission Malaysia (SC) has launched its 30th anniversary book Capital Market in Malaysia — Past, Present & Future, which captures the insights of all the chairmen who have helmed the regulator in the past three decades through significant global events. “Living history comes not only from the recounting of facts and events but rather from the memories of those who lived through those times. We were lucky. We managed to get all six previous chairmen to contribute,” said SC chairman Datuk Seri Dr Awang Adek Hussin during his welcoming remark at the book launch on Thursday. He further recounted the impact that the commission had made in terms of how markets are regulated on the international level under their leadership, including its involvement in the Asean Capital Market Forum and the International Organisation on Securities Commission (IOSCO). The past six chairmen of the office were Tan Sri Dr Mohd Munir Majid (1993-1999), Datuk Ali Abdul Kadir (1999-2004), Tan Sri Mohd Nor Yusof (2004-2006), Tan Sri Zarinah Anwar (2006-2012), Tan Sri Ranjit Ajit Singh (2012-2018), and Datuk Syed Zaid Albar (2018-2022). Sultan of Perak: ‘Strengthening institutions goes hand in hand with empowering their people’ Notably, The Sultan of Perak, Sultan Nazrin Muizzuddin Shah ibni Almarhum Sultan Azlan Muhibbudin Shah, graced the book launch with his presence. In his royal SC launches 30th anniversary book, capturing tales from past six chairmen PUTRAJAYA (March 7): The prosecution has filed a notice of appeal against the Court of Appeal’s decision on Wednesday to acquit former Felda chairman Tan Sri Mohd Isa Samad over his nine graft charges of RM3.09 million over the purchase of the Merdeka Palace Hotel Suites (MPHS) in Kuching, Sarawak, 10 years ago. A source from the Attorney General Chambers, confirmed with The Edge that the notice was filed on Thursday. “I understand that the notice of appeal has been filed today,” the source added. The prosecution’s appeal would go to the Federal Court. A separate source with Isa’s lawyers also confirmed that the notice had been filed. On Wednesday, the Court of Appeal had unanimously allowed the 73-year-old Isa’s appeal to set aside his conviction and sentence in ruling that the High Court had erred in its decision. Justice Datuk Vazeer Alam Mydin Meera who sat with Datuk Ahmad Zaidi Ibrahim and Datuk SM Komathy Suppiah, in setProsecution files appeal against Isa Samad’s acquittal by Hafiz Yatim theedgemalaysia.com by Hee En Qi theedgemalaysia.com address, he highlighted the human moments featured in the book which provided insights into how lives were touched by global events and how personal and economic matters intersect. “How typical, for instance, that the Asian Financial Crisis should begin in earnest just as Tan Sri Ranjit Singh set off on his honeymoon. How wonderfully down-to-earth that, in the midst of the Covid-19 pandemic, Datuk Syed Zaid Albar decided that staff could swap suits for jeans and sneakers, to make everyone feel as comfortable as possible in an unprecedentedly stressful time,” he said. “Strengthening institutions goes hand in hand with empowering their people,” he remarked. The Sultan further commended the SC for its incredible foresight as depicted in the book, which detailed how the commission had advised caution at the national and international levels just before a crisis struck. “Tan Sri Munir Majid saw the warning signs of the market ‘super boom’ ahead of the Asian Financial Crisis in 1997. The SC’s report on the causes and effects of this financial crisis called for the regulation of international hedge funds around a decade before the Global Financial Crisis in 2007. “Although the advice was not necessarily acted upon, it rightly earned the SC global credibility and influence in retrospect,” he said. The book, which saw Jennifer Jacobs as its main writer, featured over 25 named individuals ranging from the senior management team, key industry partners and stakeholders around the world. ting aside the six years jail sentence and RM15.45 million fine, said the appellate court found the High Court’s findings over the demand of payment by (Mohd) Isa through his aide Zahid Md Arip, and that former Gegasan Abadi Properties Sdn Bhd director Ikhwan Zaidel made nine payments through Zahid to the then Felda chairman was not borne by credible evidence. Vazeer said the evidence showed Ikhwan made the payments to Zahid but there was no evidence that (Mohd) Isa had received them. The appellate court also agreed with the defence that the prosecution should not change the goalpost midstream in the trial where it alleged that Mohd Isa had sought the payments to approve the purchase and then later, changed the narrative to seeking an inducement so as not to interfere in the purchase. “They must keep the particulars stated in the charges stand,” he said, adding that the bench ruled that Mohd Isa’s call for defence should not have been called in the first place. “The bench found there are merits in the appeal that warranted appellate intervention and the conviction is not safe. Hence, the bench discharges and acquits the appellant,” Vazeer said. Mohd Isa, was found guilty by the High Court on Feb 3, 2021 on nine bribery charges amounting to RM3.09 million in Felda’s acquisition of the MPHS in Kuching, Sarawak between July 21, 2014 and Dec 11, 2015, whereby the offence took place on the 49th floor of Menara Felda, Platinum Park, No 11, Persiaran KLCC, Kuala Lumpur. The Sultan of Perak, Sultan Nazrin Muizzuddin Shah ibni Almarhum Sultan Azlan Muhibbudin Shah with Securities Commission Malaysia chairman Datuk Seri Dr Awang Adek Hussin at the launch of its 30th anniversary book "Capital Market in Malaysia — Past, Present & Future" on Thursday (March 7). Suhaimi Yusuf/The Edge

friday march 8, 2024 14 The E dge C E O m o rning brief world WASHINGTON (Mrch 7): The US House Committee on Energy and Commerce on Thursday is expected to vote on legislation giving China’s ByteDance six months to divest from short video app TikTok or face a US ban. Committee approval would set up a vote by US House of Representatives that represents the first significant momentum for a US crackdown on TikTok, which has about 170 million US users. Representative Mike Gallagher, the Republican chairman of the House select China committee, and Representative Raja Krishnamoorthi, the panel’s top Democrat, on Tuesday introduced legislation to address national security concerns posed by Chinese ownership of the app. “TikTok could live on and people could do whatever they want on it provided there is that separation,” Gallagher told reporters Wednesday, urging US ByteDance investors to support a sale. “It is not a ban — think of this as a surgery designed to remove the tumour and thereby save the patient in the process.” The bill would give ByteDance 165 days to divest TikTok; if it did not, app stores operated by Apple, Google and others could not legally offer TikTok or provide web hosting services to ByteDance-controlled applications. “This bill is an outright ban of TikTok, no matter how much the authors try to disguise it,” a company spokesperson said. “This legislation will trample the First Amendment rights of 170 million Americans and deprive 5 million small businesses of a platform.” White House press secretary Karine Jean-Pierre on Wednesday praised the proposal, saying the administration wants “to see this bill get done so it can get to the president’s desk” saying it supports addressing “the threat posed by certain technology services operating in the United States.” The app is popular and getting legislation approved in an election year may be difficult. Last month, Democratic President Joe Biden’s re-election campaign joined TikTok. New push in Congress to ban TikTok or force Chinese divestiture gains steam (March 7): China’s foreign minister blasted the US for imposing a “bewildering” level of trade curbs on the Asian nation, as President Joe Biden’s campaign to block Beijing from advanced tech undermines a steadying of ties between the world’s largest economies. “The US has been devising various tactics to suppress China and keeps lengthening its unilateral sanctions list, reaching bewildering levels of unfathomable absurdity,” Wang Yi said at the Foreign Minister’s annual press briefing in Beijing on Thursday. “If the US is obsessed with suppressing China, it will eventually harm itself,” Wang added, warning Washington against trying to keep his country at the bottom of the value chain. The top diplomat’s comments come as the Biden administration is pressing allies including the Netherlands, Germany, South Korea and Japan to further tighten restrictions on access to semiconductor technology. The US says its sweeping controls on Beijing’s ability to access sophisticated chips are based on national security concerns that such technology could be used to bolster Beijing’s military power. Wang said that while tensions with the US have improved since President Xi Jinping met Biden in San Francisco last November, the US had failed to fulfil all the “promises” it made during that summit, without elaborating. The nuclear-armed superpowers are still at odds over Russia’s war in Ukraine, Beijing’s territorial claims over Taiwan and trade, despite the recent fragile stabilization. Access to advanced technology has stood out as a major sticking point as China seeks to become a leader in high-end chips to ensure long-term growth for its ailing economy. China’s announcement of an around 5% growth target for 2024 this week was met with broad skepticism, underscoring the challenges policymakers face in the months ahead. Wang stated that blocking China from artificial intelligence could have “historical consequences,” and said Beijing will submit a proposal on strengthening international cooperation in this field to the United Nations General Assembly. A member of the 24-seat Politburo, Wang resumed the foreign minister post after Qin Gang was ousted in July without explanation, just seven months into the job. At the same press conference last year, Qin warned soaring US-China tensions risked blowing past any guardrails in the relationship. That briefing came just weeks after an alleged Chinese spy balloon derailed what was then a nascent rapprochement. China warns ‘absurdity’ over trade curbs will harm US Bloomberg by David Shepardson Reuters reuters

friday march 8, 2024 15 The E dge C E O m o rning brief world BUCHAREST/BRUSSELS (March 7): European Commission president Ursula von der Leyen on Thursday won the backing of the EU’s leading political group, the centre-right European People’s Party, to head the bloc’s powerful executive for another five years. The only candidate in the party’s ballot, von der Leyen listed the war in Ukraine, the crisis in Gaza destabilising the Middle East, and the rise of China as key challenges for the 27-nation European Union, a wealthy grouping of 450 million people. “And here at home, (Russian President Vladimir) Putin’s friends are trying to rewrite our history and hijack our future. They are spreading hate from behind their keyboards,” she told a party caucus in Bucharest. “Our peaceful and united Europe is being challenged like never before by populists, by nationalists, by demagogues.” Von der Leyen won with 400 votes in favour and 89 against, an EPP official said, as U2 song Beautiful Day blasted from the speakers. The backing comes ahead of an EUwide parliamentary election in June that will lead to the appointment of a new slate of top EU officials — including the head of the Brussels-based Commission. Currently seen as a clear favourite to lead the Commission again, von der Leyen would begin a new term as Europe looks to strengthen its security and defence while Russia wages war on its borders and Donald Trump eyes a return to the White House. EU’s von der Leyen wins conservatives’ backing to lead bloc for five more years FRANKFURT (March 7): The European Central Bank left interest rates unchanged as expected on Thursday but acknowledged that inflation is easing faster than once thought, potentially opening the way for rate cuts later this year. The ECB has held borrowing costs at record highs since September and has so far batted back any call for a rate cut, even if policymakers are now openly acknowledging that such a move is coming and only the timing is up for debate. “Inflation (projections have) been revised down, in particular for 2024 which mainly reflects a lower contribution from energy prices,” the ECB said in a statement. The more benign outlook comes as the bank lowered its inflation projections for the second consecutive quarter, putting price growth at 2.3% this year and at its 2% target next year. Inflation has been on a downward trend for months as energy prices dip and the 20-country euro zone economy stagnates ECB keeps rates on hold but acknowledges some inflation cooling by Balazs Koranyi Reuters by Luiza Ilie & Gabriela Baczynska Reuters for the second year in a row. But underlying price pressures, particularly from wages in the bloc’s vast services sector, remain uncomfortably high, raising the risk that price trends could reverse. That is why the ECB has insisted that rate cuts will only come once the bank is sure that wage restraint is becoming established and the inflation slowdown is durable. “Although most measures of underlying inflation have eased further, domestic price pressures remain high, in part owing to strong growth in wages,” the bank added. Investors see a total three or four rate cuts this year with the first move in June, taking the 4% deposit rate down to 3.25% or 3% by December. While only a few policymakers have discussed specific dates for a first rate cut, several have mentioned June and others have said any move should come only after crucial wage data becomes available in May. If approved by leaders of the EU’s 27 member countries, she will have another term charting the bloc’s policies on everything from big tech and state aid to Chinese investment screening and sanctions against Russia. She vowed to advance EU economies, clamp down on smugglers driving irregular immigration to the bloc, strengthen competitiveness and businesses, as well as supporting farmers as costs of living rise. Von der Leyen also promised more financial and military aid to Ukraine, which has been fighting against Russian invasion for more than two years. “Prosperity, security, democracy — this is what people care about in these difficult times,” she said. “In times of change, Europe has your back.” reuters reuters

friday march 8, 2024 16 The E dge C E O m o rning brief world (March 7): US share buybacks are set to surpass US$1 trillion (RM4.71 trillion) next year for the first time ever, thanks to strong megacap technology earnings, strategists at Goldman Sachs Group Inc said. For 2024, the bank expects S&P 500 stock repurchases to grow by 13% to US$925 billion and a further 16% in 2025 to just over US$1 trillion, rebounding from last year’s decline. Easier lending conditions as central banks cut rates, as well as the removal of political uncertainty after the US election should also help, Goldman added. Technology revenue “will be supported by strong consumer spending and increased demand for AI-related products,” Goldman Sachs strategists including Cormac Conners and David Kostin wrote in a note. As improving profit growth and expectations of interest rate cuts from the Federal Reserve prompt companies to ramp up share repurchases, Goldman sees cash-rich big tech firms in particular contributing a “substantial portion” of buybacks in 2024 and beyond. A rally across tech stocks has boosted the S&P 500 Index to a record levels this year as investors continue to gravitate toward money-making businesses, while the economy remains resilient. Recently, Goldman Sachs upgraded its S&P 500 earnings-per-share forecasts for 2024 and 2025 thanks to stronger-than-expected profits across the biggest US tech stocks. US stock buybacks to hit US$1 tril in 2025, Goldman says (March 7): Australia’s main securities exchange ASX Ltd was fined by the markets watchdog for more than eight thousand lapses in trade order transparency. ASX paid A$1.05 million (RM3.2 million) to the Australian Securities and Investments Commission — the first time the regulator has slapped a market operator with an infringement notice, ASIC said in a statement Thursday. The exchange breached the rule requiring so-called pre-trade transparency on 8,417 occasions between April 2019 and December 2022, meaning information about orders was not available for some equities products, the commission said. “ASX strives towards the highest standards and this includes providing appropriate pre-trade transparency at all times,” Helen Lofthouse, ASX chief executive officer, said in a separate statement. “The availability of pre-trade information is fundamental to a fair and transparent market, and we take seriously any impairment to this. We are very disappointed this error happened.” The penalty is just the latest in a protracted list of woes at the Australian bourse. ASX ditched a plan in 2022 to replace its aging clearing and settlement platform with a blockchain-based system and last year moved to hire Tata Consultancy Services to build a replacement platform. (March 7): Two Nvidia Corp directors sold about US$180 million (RM846.9 million) in shares of the chipmaker in recent days, becoming the latest insiders to cash in as the stock continues to push deeper into record territory. Tench Coxe, a former managing director at venture capital firm Sutter Hill Ventures who has been on Nvidia’s board since 1993, sold 200,000 shares on March 5 at US$850.03 to US$852.50, according to a filing. Coxe still holds more than 3.7 million shares. Mark Stevens, a director since 2008, sold 12,000 shares on March 4 at US$852.06 to US$855.02. The sales come amid a blistering rally for Nvidia that’s seen the stock soar 79% this year on optimism that brisk sales of its chips used for artificial intelligence computing will continue unabated. Nvidia closed at another record on Wednesday as it extended its win streak to a fifth day, and now boasts a market value of US$2.2 trillion, trailing only Microsoft Corp and Apple Inc in the S&P 500 Index. Last month, other directors unloaded 99,000 shares after Nvidia’s blowout earnings report. The shares sold were worth about US$80 million at the time. Shares in the chipmaker were up 1.2% in premarket trading on Thursday. Read also: Nvidia ‘bubble’ talk spreads to ESG fund managers who rode highs Australia’s main exchange fined for over 8,000 trade lapses Nvidia directors reap windfall with US$180 mil share sale by Harry Brumpton Bloomberg by Jeran Wittenstein Bloomberg by Julien Ponthus & Sagarika Jaisinghani Bloomberg reuters

friday march 8, 2024 17 The E dge C E O m o rning brief world (March 7): Singapore Telecommunications on Thursday said it has sold a 0.8% stake in India’s Bharti Airtel for S$950 million (RM3.4 billion) to US investment firm GQG Partners. The deal is the latest of Southeast Asia’s largest telecom operator’s efforts to recycle capital, which brings the total to S$8 billion since its strategic reset in 2021. SingTel, through its unit Pastel, sold 49 million or 0.8% of the outstanding shares in Airtel, also effectively reducing its stake in the telecom operator by 0.8 percentage points, it said in a statement. Post the transaction, SingTel will hold an effective stake of 29% in Airtel, which would be valued at around S$33 billion. The telco has been selling shares in Airtel for a while, including a direct 3.3% stake sale for S$2.54 billion in 2022. “The group is now in an even stronger position to execute our disciplined capSingTel sells 0.8% stake in India’s Bharti Airtel for S$950 mil (March 7): Indonesian stocks rose to a record high, buoyed by optimism over the country’s prospects amid a push by leaders for faster economic growth. The Jakarta Composite Index advanced 0.6% to 7,373.964, surpassing a peak set in January. Materials and infrastructure stocks were among the biggest gainers. Defence Minister Prabowo Subianto — who secured majority support in February’s presidential election, based on quick counts — is targeting economic growth (March 7): SK Hynix Inc is ramping up its spending on advanced chip packaging, in hopes of capturing more of the burgeoning demand for a crucial component in artificial intelligence (AI) development: high-bandwidth memory. The Icheon-based firm is investing more than US$1 billion (RM4.71 billion) in South Korea to expand and improve the final steps of its chip manufacture, said Lee Kang-Wook, a former Samsung Electronics Co engineer who now heads up packaging development at SK Hynix. Innovation with that process is at the heart of HBM’s advantage as the most sought-after AI memory, and further advances will be key to reducing power consumption, driving performance and cementing the company’s lead in the HBM market. Lee specialises in advanced ways of combining and connecting semiconductors, which has grown in importance with the advent of modern AI and its digestion of vast troves of data via parallel processing chains. While SK Hynix has not disclosed its capital expenditure budget for this year, the average analyst estimate puts the figure at 14 trillion won (RM50 billion). That suggests advanced packaging, which could take up a 10th of that, is a major priority. “The first 50 years of the semiconductor industry has been about the front-end,” or the design and fabrication of the chips themselves, Lee said in an interview. “But the next 50 years is going to be all about the back-end”, or packaging. Indonesian stocks rise to record on optimism over faster growth SK Hynix investing US$1 bil to widen lead in AI memory chips by Eduard Gismatullin Bloomberg by Yoolim Lee Bloomberg by Rishav Chatterjee Reuters ital approach of balancing investing for greater growth and delivering strong, sustainable returns for our shareholders,” SingTel finance chief Arthur Lang said. The group said it expects to record a gain of around S$700 million from the stake sale, without elaborating on the difference with the divestment price. of 8% in the next five years. He has also pledged to maintain fiscal discipline and continue with existing economic policies. “The clarity over elections supported an already compelling macro story with investors now assuming that economic policy would be largely unchanged,” said Sat Duhra, a fund manager at Janus Henderson Group. The official results of the vote will be announced by March 20. A stronger economic outlook is also helping to boost the Southeast Asian country’s banks, which is the best performing sector on the stock gauge so far this year. Financial shares have drawn “more than seven trillion rupiah (RM2.1 billion) of net foreign buying in January alone,” according to Tareck Horchani, head of prime brokerage dealing at Maybank Securities Pte. “There is also confidence in Bank Indonesia in continuing to manage well the inflation and start the cut cycle soon, toward the end of” second quarter, Horchani said. reuters bloomberg

friday march 8, 2024 18 The E dge C E O m o rning brief world BEIJING (March 7): China’s export and import growth in the January-February period beat forecasts, suggesting global trade is turning a corner in an encouraging signal for policymakers given protracted weakness in manufacturing has been a drag on the economy. China’s exports in the two months were 7.1% higher than a year before, customs data showed on Thursday, beating a Reuters a poll that expected an increase of 1.9%. Imports were up 3.5%, compared with a poll forecast for growth of 1.5%. Exports had risen 2.5% and at a far quicker pace in December, buoyed by a cyclical rebound in consumer demand overseas for semiconductors and electronics. The customs agency publishes combined January and February trade data to smooth out distortions caused by the shifting timing of the Lunar New Year, which this year fell in February. China’s JanuaryFebruary trade beats forecasts, signals global trade rebound BEIJING (March 7): China should set up a fund using pre-sale proceeds from residential projects to help property developers with liquidity and ensure they finish construction projects, state media reported Thursday, citing former central bank governor Yi Gang. In China, developers are allowed to sell residential projects before completion but are required to put those pre-sale funds in escrow accounts. Local city governments permit the developers to withdraw a portion of these funds, depending on the progress of construction. But as defaults rippled across the sector, many local governments have curbed developers’ withdrawals amid pressure to make sure homes are completed, leaving developers short of cash. “It’s necessary to focus on supporting the sustained and stable operation of most China should establish property pre-sale fund to support developers, former PBOC chief says real estate enterprises, especially top privately owned real estate enterprises, to strive to solve their liquidity difficulties,” state media quoted Yi, deputy head of the economic committee of the Chinese People’s Political Consultative Conference (CPPCC), as saying. China should support developers to finish the construction of homes and deliver to buyers on time, Yi said at the annual session of China’s top political advisory body CPPCC. Yi suggested that the government or the central bank can withdraw about 1% of escrow funds each year, or an estimated 10 billion yuan (RM6.5 billion), to inject into the fund. This can be initially conducted during the next three years, Yi added. Developers can access the fund to ensure home delivery or compensate related parties if they have unfinished projects, said Yi. In addition, developers should be allowed to access a certain proportion of escrow pre-sale funds in accordance with the law to relax liquidity stress. It is estimated one trillion yuan of escrow proceeds can be immediately used by developers, said Yi. That would help developers get through difficulties to a certain degree and make a transition to a sales model of mainly selling existing homes during the coming three years, said Yi. by Ziyi Tang, Liangping Gao & Ryan Woo Reuters by Joe Cash Reuters China should support developers to finish the construction of homes and deliver to buyers on time.” — Yi Gang Chinese Premier Li Qiang on Tuesday announced an ambitious 2024 economic growth target of around 5% and promised to transform the country’s development model, which is heavily reliant on exporting finished goods and industrial overcapacity. The world’s second-biggest economy has been grappling with sub-par growth over the past year amid a property crisis and as consumers hold off spending, foreign firms divest, manufacturers struggle for buyers, and local governments contend with huge debt burdens. Policymakers have pledged to roll out further measures to help shore up growth, after the measures implemented since June had only a modest effect, but analysts caution Beijing’s fiscal capacity is now very limited while Li’s address to the annual meeting of the National People’s Congress failed to inspire investor confidence. Many analysts worry that China may begin flirting with Japan-style stagnation later this decade, unless policymakers take steps to reorient the economy toward household consumption and market-allocation of resources. China’s trade surplus grew to US$125.16 billion, compared with a forecast of US$103.7 billion in the poll and US$75.3 billion in December. reuters

friday march 8, 2024 19 The E dge C E O m o rning brief world (March 7): Apple Inc will face questions from European Union regulators over accusations it barred Epic Games Inc from opening its own app store for iPhone customers in Europe — the latest twist in a long-running fight between the two companies. Epic said that Apple had terminated its developer account on Wednesday, preventing the gaming company from bringing Fortnite and the Epic Games Store to Apple’s iOS devices in the EU. Epic chief executive officer, Tim Sweeney, accused Apple of violating the EU’s sweeping new Digital Markets Act rules, which take full effect Thursday. The move increases the prospect of another fractious legal battle between Apple and Brussels regulators, leading to the threat of heavy penalty, just days after the company was slapped with a €1.8 billion (RM9.4 billion) EU fine for shutting out music streaming rivals. An EU commission spokesperson confirmed it had requested further explanations from Apple concerning its conduct with Epic’s game developer account under the bloc’s DMA. The new regulation will force the likes of Alphabet Inc’s Google Search, Apple’s App Store, Amazon. com Inc’s marketplace and Meta Platforms Inc’s Facebook to heed a strict list of do’s and don’ts — or face the threat of significant penalties. Fines for violating these rules can be as much as 10% of a company’s total annual worldwide revenue, and 20% for firms that repeatedly flout the rules. Apple set to be quizzed by EU over ‘Fortnite’ maker shutout BRUSSELS (March 7): From overhauling online platforms to backroom engineering, Google, Apple, Amazon, Microsoft, Meta and TikTok owner ByteDance have scrambled over the last six months to comply with landmark European Union (EU) tech rules that come into force on Thursday. The Digital Markets Act (DMA) is one of the most comprehensive regulatory actions to rein in so-called “Big Tech” and is expected to reshape the global technology industry after decades of unfettered growth. Criticism from rivals and users and cautionary comments from watchdogs suggest a couple of the six companies may be in the regulatory crosshairs over potential non-compliance in the coming months. If any of the six tech giants are not compliant with the Digital Markets Act (DMA) by the EU’s Thursday deadline, they could face fines up to 10% of their global turnover. Apple is the most affected by the DMA, which forces the iPhone maker to open up its closed ecosystem such as allowing software developers to distribute their apps to users in the EU outside of its own App Store. Yet its introduction of new fees such as a “core technology fee” of €0.50 (RM2.56) per user account each year even if developers opt not to use Apple’s App Store or payment system has already caught EU antitrust chief Margrethe Vestager’s eye. Vestager said on Monday that novel fee structures should not undermine the incentives for businesses to switch to rivals, after handing a €1.84 billion fine to Apple for thwarting Spotify from showing other payment options outside its App Store. Apple has said it will appeal the decision and declined to offer further comment. Rivals such as Swiss email service Proton, meanwhile, have said Apple’s compliance efforts do not go far enough. With eight core platform services subject to the DMA, more than any other company, and despite putting thousands of tech engineers to work on its compliance efforts, Alphabet’s Google also runs the risk of a potential investigation. The company’s mandatory overhaul of its search results will benefit aggregators such as Booking.com and Expedia, which will gain more prominence and hence online traffic due to their intensive lobbying with Google. That has already caused friction with hotels, airlines and restaurants, with some expecting to lose as much as 50% of their online traffic and possibly millions of euros in revenues as users are lured to large online intermediaries. Google declined to comment. Meta, which said Instagram and Facebook users will be asked if their data can be shared between its services, could also run the risk of an investigation. Meta declined to comment. Microsoft, Amazon and ByteDance may face less scrutiny initially as EU regulators focus their resources on one or two cases and ensure a case able to withstand a legal challenge, people familiar with the matter said. Microsoft and Amazon declined to comment while ByteDance did not respond immediately to a request for comment. As Big Tech scrambles to meet EU rules, investigations seen as likely by Foo Yun Chee Reuters by Samuel Stolton Bloomberg reuters reuters

friday march 8, 2024 20 The E dge C E O m o rning brief world Fed’s Daly says rising housing costs drive inflation higher (March 7): UK businesses are expecting to face stubbornly high wage growth of over 5% over the next 12 months, a level seen as unsustainable by the Bank of England (BOE). A BOE survey of chief financial officers found expected pay growth remained at 5.2% on average in the three months through February, even as the cost-of-living crisis fades. The Decision Maker Panel gauge has not cooled since last summer and has remained above 5% for 20 months. The findings will be a concern for the BOE, which needs pay rises to moderate to achieve its 2% target sustainably. It sees wage growth at around 3% to 3.5% as consistent with stable prices. BOE rate-setters have repeatedly pointed to pressures in the labour market for their cautious approach to loosening policy, with markets not expecting the first rate cut to arrive until the second half of 2024. Investors have scaled back their expectations of how far the BOE will cut interest rates. Markets are pricing in two quarter-point reductions this year, with a 50% chance of a third. As recently as January, they were all-but betting on five. While a persistently tight labour market is expect to boost wages, firms’ one-year ahead CPI inflation expectations edged down 0.1 percentage point to 3.3% in February. The three-month average fell to 3.6%, down 0.3 percentage points compared to the three months to January. Businesses expect their own output prices to rise 4.3% over the coming year. While inflation is on course to slip below 2% in the coming months, it is forecast to pick up again given the stubbornness in services inflation and wage growth. Chief economist Huw Pill warned last week that he is still “some way off” voting to cut rates and cautioned against a “false sense of security” as headline inflation falls. LONDON (March 7): Global banking regulators proposed measures on Thursday to crack down on “unacceptable” attempts by the world’s biggest banks to game rules in a bid to avoid heavier capital requirements. About 30 globally systemic banks (G-SIBs), such as JPMorgan, HSBC, BNP Paribas and Morgan Stanley, must hold more capital than smaller domestic peers, based on a range of factors, which determines which “bucket” they are slotted into, and therefore how much extra capital they must hold. The rules were introduced a decade ago after many lenders were bailed out by taxpayers in the global financial crisis. “The proposed revisions aim at constraining banks’ ability to lower their G-SIB scores through window-dressing,” the Basel Committee said in a statement. The aim is to stop “regulatory arbitrage behaviour” that seeks to temporarily reduce banks’ perceived systemic footprint around the reference dates used for the reporting and public disclosure of G-SIB scores. UK firms expect stubborn wage growth of over 5% despite CPI fall Global banking watchdog cracks down on big lenders gaming capital rules by Tom Rees Bloomberg by Huw Jones Reuters by Catarina Saraiva Bloomberg “This will be achieved by requiring banks participating in the G-SIB assessment exercise to report and disclose most G-SIB indicators based on an average of values over the reporting year, rather than year-end values.” The proposals are out to public consultation until June 7. “The Committee sees the benefits of a wide application of the revisions to all banks participating in the G-SIB assessment exercise, but it is also seeking feedback on options that would apply those changes to a narrower set of banks to reduce the reporting burden,” the committee said. Basel is proposing a start date of January 2027 for the proposed changes. Banking regulators from the world’s main financial centres are members of the Basel Committee and commit to applying agreed rules in their national handbooks for lenders. The Bank for International Settlements in Basel, Switzerland, where the Committee is based, said in a 2021 paper that up to 13 banks in the European Union would have faced more intense supervision and higher capital requirements in the absence of window dressing. The committee published a study on Thursday on how implementation of its G-SIB rules have evolved over the past decade, saying it showed that the banks have seen their role shrink across all categories of systemic importance. “G-SIBs appear to have adjusted their balance sheets after the introduction of the framework,” the study said. (March 7): Federal Reserve Bank of San Francisco president Mary Daly said rising housing costs have contributed to higher inflation, calling the sector “broken.” Unaffordable housing, driven in part by a lack of supply, have helped drive up prices beyond the Fed’s 2% target, Daly said Wednesday in prepared remarks for a conference in Portland, Oregon. “Rising housing costs have been a key driver of these misses, boosting inflation and worsening affordability,” Daly said. While the Fed’s high interest rates also contribute to making housing less affordable, that policy is temporary, she said. Daly, a voter on interest-rate policy this year, didn’t comment on the outlook for rates. bloomberg

friday march 8, 2024 21 The E dge C E O m o rning brief world TAIPEI (March 7): China has stepped up grey-zone warfare against Taiwan, aiming to make the areas around the democratic island “saturated” with balloons, drones and civilian boats, a Taiwan defence ministry report said on Thursday. Taiwan, whose government rejects Beijing’s sovereignty claims, has complained in recent years that China has been using so-called grey-zone warfare, which wields irregular tactics to exhaust a foe without resorting to open combat. In a report sent to parliament, a copy of which was reviewed by Reuters, the ministry said Beijing has launched “multi-front saturated grey-zone” tactics to harass Taiwan, including increased patrols of ships and planes. China has attempted to “increase burdens of our naval and air forces and to obscure the existence of the median line in the strait”, the report said, referring to an unofficial border between the two sides, which China’s forces have began regularly crossing in recent years. It added China has also incorporated research and militia vessels in a move to “disguise military activities with civilians”. China’s Taiwan Affairs Office did not immediately respond to request for comment. China steps up grey-zone warfare to exhaust Taiwan, defence report says HONG KONG (March 7): The Hong Kong government will send the “Article 23” national security bill to the legislature on Friday (March 8), possibly cracking down further on dissent in the former British colony, with city leader John Lee calling for it to be passed “at full speed”. The move to enact new laws encompassing espionage, state secrets and sedition comes little over a week after a month-long public consultation period for the bill ended. It will still require several rounds of debate in the Legislative Council, and the convening of a special meeting for first and second readings, with the entire process possibly taking weeks. “The geopolitics has become increasingly complex, and national security risks remain imminent,” a government statement said. “The means taken to endanger national security can come in many different forms and the threat can emerge all of a sudden,” it said, saying the security loopholes must be plugged. The government said the security bureau and justice department had been working “at full steam” to complete the bill drafting. “Completing the legislative work even one day earlier means we can more effectively safeguard national security one day earlier,” Lee said, calling for it to be passed “at full speed”. Critics including the US government say the law will further narrow freedoms in the global financial hub, with proposals that are too broad and vague. Hong Kong pushes new security bill at full speed, citing ‘imminent’ risks by James Pomfret & Jessie Pang Reuters by Yimou Lee Reuters Article 23 could be used to “eliminate dissent through the fear of arrest and detention”, the US State Department said in a statement in late February. The “gazetting” of the bill on Friday will give the first detailed view of the full scope of the legislation, including details on proposed lengths of sentencing. It will also reveal the extent to which authorities address fundamental rights concerns as called for by some diplomats, legal scholars and rights advocacy groups including media associations. The law targets crimes including treason, theft of state secrets, espionage, sabotage, sedition and external interference. It will also have “extraterritorial” effect, giving rise to fears it could be used to intimidate and restrict the free speech of residents outside Hong Kong. With the city’s legislature dominated by pro-Beijing lawmakers, the bill is expected to be approved. The Hong Kong government has pointed out that many Western nations have similar legislation, and that these laws are required to plug “loopholes” in the national security regime, which was bolstered in 2020 by another national security law imposed directly by China. While Chinese and Hong Kong government officials said the 2020 law was vital to restoring stability after sometimes violent pro-democracy protests a year earlier, the new package has long been required under Hong Kong’s mini-constitution, agreed with Britain, known as the Basic Law. That document guides the city’s relationship with Beijing since its 1997 return to Chinese rule. Article 23 stipulates that the city “shall enact laws on its own to prohibit acts and activities that endanger national security”. Article 23 comes as Hong Kong tries to improve its image, and economy, amid international criticism of the China-led crackdown on freedoms which has sent many pro-democracy politicians and activists into jail or exile. Critics say the law will further narrow freedoms in the global financial hub, with proposals that are too broad and vague. reuters A man checks his phone at the waterfront, with a tourist junk boat in the backdrop in Hong Kong. The Hong Kong government will send the 'Article 23' national security bill to the legislature on Friday for it to be passed. The new law targets crimes including treason, theft of state secrets, espionage, sabotage, sedition and external interference.

friday march 8, 2024 22 The E dge C E O m o rning brief world COLOGNE (March 7): Germany faced strikes on several fronts on Thursday, as train drivers and airport workers walked off the job, causing chaos for millions of travellers and adding to the country’s economic woes at a time of looming recession. The strikes are the latest in a wave of industrial actions to hit Germany, where high inflation and staff bottlenecks have soured wage negotiations in key parts of the transport sector, including national rail, air travel and public transport. Industry has warned about the costs of such strikes, after Europe’s largest economy contracted by 0.3% in 2023 and the government warned of a weaker-than-expected recovery. A one-day nationwide rail strike costs around €100 million (RM503.4 million) in economic output, Michael Groemling, head of economic affairs at IW Koeln, told Reuters during GDL’s last strike in late January. Train drivers began a fifth round of strikes in a long-running dispute at 2am (0100 GMT), after a walkout in the cargo division started on Wednesday evening. Also on strike were airline ground staff at Lufthansa and security staff at some airports. These included Germany’s busiest Frankfurt hub, whose operator Fraport said 650 of Thursday’s 1,750 planned flights had been cancelled. The train drivers’ walkout, set to last until Friday afternoon, marks the beginning of a series of strikes planned by GDL as it pushes for reduced working hours at full pay. “The motivation is high to follow through with the conditions that we have set as GDL members,” said train driver Philipp Grams at the picket line in Cologne. Just one in five long-distance trains was running, rail operator Deutsche Bahn said, but passengers showed some understanding. “I don’t like it much, but if it makes a difference, if people want to change something, why not?” said Katerina Stepanenko, standing on the platform at Cologne’s main station. Deutsche Bahn has accused the union of refusing to compromise. “The other side doesn’t budge a millimetre from its maximum position,” spokesperson Achim Stauss said. Read the full story Strikes hobble German railways, airports as disputes mount CAIRO (March 7): A Hamas delegation left Cairo on Thursday, but will continue with Gaza ceasefire talks until an agreement is reached with Israel, the Palestinian group said in a statement, with a Hamas official blaming Israel for the lack of progress. “Hamas’s delegation left Cairo this morning for consultation with the leadership of the movement, with negotiations and efforts continuing to stop the aggression, return the displaced and bring in relief aid to our people,” the Hamas statement said. But senior Hamas official, Sami Abu Zuhri, said Israel had been “thwarting” efforts to conclude a ceasefire deal mediated by Qatar and Egypt during four days of talks hosted by Cairo. Abu Zuhri told Reuters that Israel was rejecting Hamas’s demands to end its offensive in the enclave, withdraw its forces, and ensure freedom of entry for aid and the return of displaced people. There was no immediate comment from Israel. Negotiators from Hamas, Qatar and Egypt — but not Israel — have tried this week to secure a 40-day ceasefire in time for the Muslim fasting month of Ramadan, which begins early next week. The deal presented to Hamas for Gaza would free some of the hostages it still holds following the Oct 7 attack, in which Israel said 1,200 people were killed and 253 abducted. Palestinian prisoners held in Israel would also be released. Hamas delegation leaves Cairo with ceasefire talks ongoing until agreement — statement Hamas pledged to continue the Cairo talks, but officials in the Palestinian militant group said a ceasefire must be in place before hostages are freed, Israeli forces must leave Gaza and all Gazans must be able to return to homes they have fled. A source had earlier said Israel was staying away from the Cairo talks because Hamas refused to provide a list of hostages who are still alive. Hamas says this is impossible without a ceasefire as hostages are scattered across the war zone. Despite earlier comments negotiations were at an impasse, the US said on Wednesday that a truce accord was still possible. “We continue to believe that obstacles are not insurmountable and a deal can be reached ... so we’re going to continue to push for one,” US State Department spokesperson Matthew Miller said in Washington. Health officials in Gaza said the number of people confirmed killed in Israel’s offensive had now passed 30,800. It reported 83 deaths in the past 24 hours and witnesses said the Israeli bombardments continued in Khan Younis, the southern city of Rafah, and areas in central Gaza. They said Israel had on Thursday returned 47 bodies of Palestinians it had killed earlier during the military offensive, through its crossing with the enclave in the southern Gaza Strip, before they were buried. by Nidal al-Mughrabi Reuters by Andi Kranz & Stéphane Nitschke Reuters An ODEG train arrives at the main train station during a nationwide strike called by Germany’s train drivers union GDL over wage increases, in Berlin March 7, 2024. reuters

friday march 8, 2024 23 The E dge C E O m o rning brief MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) Powerwell Holdings Bhd 90.70 0.055 0.365 55.32 211.9 Widad Group Bhd 78.20 0.000 0.095 -80.41 294.2 TWL Holdings Bhd 61.30 0.000 0.035 16.67 192.3 Econpile Holdings Bhd 47.90 0.045 0.410 34.43 581.2 Velesto Energy Bhd 46.50 0.010 0.280 21.74 2,300.4 Thriven Global Bhd 36.40 0.020 0.125 19.05 68.4 AMMB Holdings Bhd 35.20 -0.040 3.950 -1.50 13,066.8 Harvest Miracle Capital Bhd 32.90 -0.005 0.115 -4.17 141.0 Vizione Holdings Bhd 31.60 -0.010 0.045 -25.00 92.1 YTL Power International Bhd 30.30 -0.010 3.830 50.79 31,035.1 Matang Bhd 29.70 0.010 0.100 11.11 238.9 YTL Corp Bhd 28.40 0.010 2.590 37.04 28,402.9 TDM Bhd 28.40 0.020 0.280 55.56 482.4 My EG Services Bhd 28.00 -0.005 0.790 -3.07 5,893.0 Ekovest BHD 26.50 0.010 0.455 -7.14 1,349.3 S P Setia Bhd Group 25.60 0.000 0.920 15.00 4,095.2 GFM Services Bhd 23.60 0.025 0.305 8.93 231.6 Public Bank Bhd 22.30 0.000 4.300 0.23 83,466.0 Dialog Group Bhd 22.00 -0.030 2.110 1.93 11,905.8 Bintai Kinden Corp Bhd 19.50 0.000 0.075 -16.67 91.4 Data as compiled on March 7, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) Supergenics Bhd 0.510 121.74 25.0 0.00 59.0 Fintec Global Bhd 0.010 100.00 519.1 0.00 59.2 TECHNA-X Bhd 0.015 50.00 3,632.0 0.00 33.2 Hong Seng Consolidated Bhd 0.015 50.00 5,167.4 -40.00 76.6 Compugates Holdings BHd 0.015 50.00 1,000.0 0.00 82.5 Metronic Global Bhd 0.020 33.33 5,384.7 33.33 30.6 MQ Technology Bhd 0.020 33.33 798.2 -20.00 30.4 Sapura Resources Bhd 0.315 26.00 224.3 -16.00 44.0 Lambo Group BHD 0.025 25.00 40.8 25.00 38.5 G3 Global Bhd 0.025 25.00 30.1 0.00 94.3 Fitters Diversified Bhd 0.055 22.22 13,794.5 10.00 128.8 Infraharta Holdings Bhd 0.165 22.22 3,377.7 57.14 63.4 Xidelang Holdings Ltd 0.030 20.00 590.0 20.00 63.5 XOX Networks Bhd 0.030 20.00 30.0 -14.29 34.1 Reach Energy Bhd 0.030 20.00 0.6 -25.00 63.9 Thriven Global Bhd 0.125 19.05 36,402.1 19.05 68.4 Powerwell Holdings Bhd 0.365 17.74 90,738.7 55.32 211.9 EVD Bhd 0.170 17.24 4,910.3 47.83 72.10 MMAG Holdings Bhd 0.120 14.29 19,075.4 26.32 203.5 PDZ Holdings Bhd 0.045 12.50 345.6 -10.00 26.5 Data as compiled on March 7, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) Pegasus Heights Bhd 0.005 -50.00 261.1 0.00 54.1 XOX BHD 0.010 -33.33 452.7 -33.33 51.9 Mlabs Systems Bhd 0.010 -33.33 1,500.2 -33.33 14.5 Vizione Holdings Bhd 0.045 -18.18 31,582.2 -25.00 92.1 Bertam Alliance Bhd 0.115 -17.86 10.0 -23.33 37.1 Avillion BHD 0.050 -9.09 130.1 0.00 56.7 Johan Holdings Bhd 0.050 -9.09 1,657.9 -23.08 58.4 Seremban Engineering Bhd 0.650 -8.45 45.5 -5.80 51.8 Kanger International Bhd 0.055 -8.33 376.5 -15.38 40.2 OCR Group Bhd 0.055 -8.33 371.4 -8.33 76.2 Zelan Bhd 0.055 -8.33 2,487.1 -31.25 46.5 Eduspec Holdings Bhd 0.115 -8.00 6,826.9 21.05 134.9 Pan Malaysia Corp Bhd 0.180 -7.69 746.8 -7.69 138.9 Industronics BHD 0.060 -7.69 2,085.0 20.00 42.5 South Malaysia Industries Bhd 0.585 -7.14 10.3 -7.14 122.8 Fast Energy Holdings Bhd 0.070 -6.67 14,520.7 -42.01 16.3 AE Multi Holdings Bhd 0.145 -6.45 977.9 -3.33 31.4 Boustead Heavy Industries 0.450 -6.25 30.3 -6.25 253.9 HLT Global Bhd 0.150 -6.25 1,646.4 -33.33 116.3 Asdion Bhd 0.080 -5.88 1,335.9 -23.81 40.9 Data as compiled on March 7, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) LPI Capital Bhd 12.680 -0.100 100.4 6.02 5,051.5 Kotra Industries Bhd 4.890 -0.090 4.3 1.24 725.3 Petronas Gas Bhd 17.800 -0.080 945.5 2.30 35,221.4 Kesm Industries Bhd 6.400 -0.080 13.2 -9.48 275.3 Yinson Holdings BHD 2.410 -0.060 4,074.4 -3.60 7,006.0 Hong Leong Financial Group 16.560 -0.060 112.9 0.73 18,965.2 Oriental Food Industries 1.960 -0.060 455.3 20.99 470.4 AME Real Estate Investment 1.320 -0.060 46.9 1.54 692.7 ITMAX SYSTEM Bhd 2.240 -0.060 1,823.2 25.14 2,305.0 Master-Pack Group BHD 3.510 -0.060 29.1 15.84 191.7 Seremban Engineering Bhd 0.650 -0.060 45.5 -5.80 51.8 APM Automotive Holdings Bhd 2.950 -0.050 193.3 18.00 576.7 Frontken Corp Bhd 3.700 -0.050 1,983.4 14.20 5,819.8 South Malaysia Industries Bhd 0.585 -0.045 10.3 -7.14 122.8 AMMB Holdings Bhd 3.950 -0.040 35,210.2 -1.50 13,066.8 Hartalega Holdings Bhd 2.430 -0.040 2,773.3 -10.00 8,294.2 FAR East Holdings BHD 3.510 -0.040 0.2 -2.50 2,084.4 Sungei Bagan Rubber 4.440 -0.040 13.2 36.62 293.8 Petra Energy Bhd 1.220 -0.040 2,766.5 34.16 391.5 Knusford BHD 0.860 -0.035 10.0 3.61 85.7 Data as compiled on March 7, 2024 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Nestle Malaysia Bhd 122.300 1.300 124.1 4.00 28,679.4 Heineken Malaysia Bhd 23.420 0.500 169.7 -2.98 7,075.1 Ta Ann Holdings Bhd 4.090 0.300 3,761.3 11.75 1,801.5 Supergenics Bhd 0.510 0.280 25.0 0.00 59.0 Ajinomoto Malaysia Bhd 18.940 0.280 60.1 19.12 1,151.5 Amway Malaysia Holdings Bhd 8.180 0.280 160.3 39.12 1,344.7 PPB Group Bhd 15.640 0.240 350.9 8.01 22,249.5 Malaysian Pacific Industries 28.800 0.200 187.4 2.13 5,729.2 ViTrox Corp Bhd 7.260 0.180 259.8 -0.41 6,863.8 Petronas Dagangan Bhd 22.220 0.160 435.6 1.74 22,074.5 Sarawak Oil Palms Bhd 3.220 0.150 1,389.3 24.32 2,866.9 Guan Chong Bhd 1.700 0.110 4,233.7 -7.10 1,996.7 Sunway Bhd 2.920 0.100 18,074.9 41.75 16,074.1 Fraser & Neave Holdings Bhd 29.020 0.100 25.8 3.67 10,643.9 Pimpinan Ehsan Bhd 1.280 0.100 2.0 0.00 88.5 NPC Resources BHD 1.800 0.100 6.3 0.00 204.7 CELCOMDIGI BHD 4.280 0.100 1,838.2 4.90 50,210.9 Teck Guan Perdana BHD 1.680 0.080 5.6 -2.33 67.4 Syarikat Takaful Malaysia 3.700 0.080 341.9 0.00 3,098.0 Jaya Tiasa Holdings BHD 1.470 0.080 18,402.2 61.54 1,422.9 Data as compiled on March 7, 2024 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 38,661.05 75.86 0.20 S&P 500 * 5,104.76 26.11 0.51 NASDAQ 100 * 18,017.57 119.70 0.67 FTSE 100 * 7,679.31 2.42 0.03 AUSTRALIA 7,763.71 30.18 0.39 CHINA 3,027.40 -12.53 -0.41 HONG KONG 16,229.78 -208.31 -1.27 INDIA 74,119.39 33.40 0.05 INDONESIA 7,373.97 44.16 0.60 JAPAN 39,598.71 -492.07 -1.23 KOREA 2,647.62 6.13 0.23 PHILIPPINES 6,837.34 -41.20 -0.60 SINGAPORE 3,133.78 -2.36 -0.08 TAIWAN 19,693.52 194.07 1.00 THAILAND 1,372.16 1.61 0.12 VIETNAM 1,268.46 5.73 0.45 Data as compiled on March 7, 2024 * Based on previous day’s closing Source: Bloomberg CPO RM 4,071.00-10.00 OIL US$ 82.70-0.26 RM/USD 4.7052 RM/SGD 3.5223 RM/AUD 3.1041 RM/GBP 5.9995 RM/EUR 5.1297