ceoMorningBrieffriday, april 3, 2026Issue 1130/2026theedgemalaysia.comBig Caring Group files for Main Market listing to pare debts, fund expansion p3HOME: Foreigners chase Malaysian bonds as war hits emerging markets p2Azam Baki: Probe into Sunway’s takeover offer for IJM completed, papers now with AG p3Malaysia Aviation Group well-hedged, says CEO amid soaring jet fuel costs, cancelled flights p8Batik Air Malaysia cuts 35% of flights in April due to high fuel prices p9WORLD: Tesla’s first-quarter deliveries miss estimates as tax credit expiry weighs p23Cypark tipped to bag RM2 bil contract for Tasik Kenyir floating solar farm — sourcesReport on Page 4.bloombergOil prices surge, allies discuss securing Hormuz, after Trump vows to step up Iran attacksReport on Page 16.
friday april 3, 2026 2 The E dge C E O m o rning briefpublished 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, Malaysiapublisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong managing director, business . Sharon Teh chief operating officer . Lim Shiew Yuineditors . Jenny Ng . Tan Choe Choe to contact editors: [email protected] advertise: [email protected] edge ceo morning briefRead 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 [email protected] chase Malaysian bonds as war hits emerging marketsFood prices under control, says deputy minister(April 2): Global investors are pouring money into Malaysian bonds as the Iran conflict drives oil prices higher, bolstering the outlook for the energy-exporting nation while rattling other emerging-market peers.Global funds bought over US$2 billion in Malaysian corporate and sovereign bonds as of March 19, marking the highest inflow in 10 months, according to the latest data from Bank Negara Malaysia (BNM). By contrast, debt markets in Thailand and Indonesia experienced capital outflows last month.Outflows from some of Southeast Asia’s bonds reflect a broader retreat from the emerging markets. Global emerging-market exchange-traded bond funds recorded a cumulative exodus of nearly US$1 billion in the month through March 27, according to data compiled by Bloomberg.Malaysia’s decoupling stems from a projected oil-revenue windfall that cushions the economy while rising crude prices from the Iran war pressure finances of other nations. The fiscal support also anchors inflation, buoying Malaysian sovereign bonds and the ringgit as regional peers struggle.“Malaysia’s bond market continues to attract foreign demand due to its macro staby Marcus WongBloombergBernamahomebility, a firmer ringgit relative to Asean peers and fiscal consolidation,” said Peerampa Janjumratsang, a portfolio manager for fixed income at M&G Investments in Singapore. She expects Malaysian bonds to remain relatively stable during the Iran conflict and maintains an overweight position.A recent Bloomberg study of five energy shocks since 2022 — ranging from the start of the Ukraine war to the latest Middle East conflict — ranks Malaysian bonds as one of the most resilient in emerging Asia.That performance is underpinned by Malaysia’s commitment to protect local consumers from rising oil prices. The government signalled it will maintain subsidised fuel prices, despite a reduction in the monthly quota. The move contrasts with Thailand’s recent diesel subsidy cuts and a national energy emergency declaration in the Philippines.Malaysia’s fiscal consolidation and expectations of larger oil-related revenue give room for the government to provide support and subsidies against these energy related shocks, M&G’s Peerampa said.Meanwhile, expectations for BNM to stay neutral while hawkish bets build in the region are also supporting local bonds. That’s because BNM expects inflation to remain moderate between 1.5% and 2.5% this year.Ringgit interest-rate swaps price policy rates to remain unchanged for the next 12 months. In contrast, won and baht swaps indicate between one to four 25-basis point rate hikes during the same period, while Philippine peso swaps price a quarter-point increase within three months.“Domestic inflation is cushioned by fuel subsidies, and BNM is likely to look past cost-push pressures in the absence of accompanying demand-pull dynamics,” Winson Phoon, head of fixed‑income research at Maybank Securities, wrote in a note.The bank raised its forecast for Malaysian bonds to “mildly bullish”.BANGI (April 2): The Ministry of Domestic Trade and Cost of Living (KPDN) said it has so far received no reports of sudden price hikes in the market, with food prices continuing to remain under control.Deputy Minister Datuk Dr Fuziah Salleh said that the KPDN was keeping a close watch on prices of goods and services to ensure that consumers were not unduly burdened.“We understand that global geopolitical factors affect costs worldwide, but the ministry monitors prices daily to ensure Fuziah said that the ministry continues engaging with industry players to obtain feedback and views on the current market situation.Recently, the Malaysian Muslim Restaurant Owners Association (Presma) said that restaurant operators were facing an increase in operating costs of between 10% and 30% due to global economic pressures.Meanwhile, the Federation of Malaysian Hawkers and Traders Associations said that food prices could rise by up to 50% due to increasing fuel and operational costs.that no party takes advantage,” she told reporters after the closing ceremony of the National Level Young Entrepreneur Programme 2026 here on Thursday.
friday april 3, 2026 3 The E dge C E O m o rning briefhomePUTRAJAYA (April 2): Malaysia’s anti-graft agency has submitted investigation papers on the takeover of IJM Corporation Bhd (KL:IJM) to the Attorney General’s Chambers for further action.“This investigation has been completed, and we leave it to the deputy public prosecutor to make a decision,” Tan Sri Azam Baki, chief commissioner of the Malaysian Anti-Corruption Commission (MACC), told reporters on the sidelines of an event on Thursday.Azam was asked about a claim by Sunway Bhd (KL:SUNWAY) on March 26 that the company received formal notification from the commission that cleared its ongoing takeover offer for IJM.The probe was one of three investigations involving IJM.On March 24, IJM disclosed that it had received a letter from the MACC clarifying that the investigations were confined to several individuals associated with IJM rather than the group itself.The outcome of the remaining two investigations remained unclear.Azam Baki: Probe into Sunway’s takeover offer for IJM completed, papers now with AGKUALA LUMPUR (April 2): Big Caring Group Bhd, Malaysia’s largest pharmacy chain operator backed by private equity firm Creador, has filed for an initial public offering on the Main Market of Bursa Malaysia.According to its draft prospectus exposed on the Securities Commission website on Thursday, the group intends to use the IPO proceeds to significantly reduce debt incurred from recent high-profile acquisitions and finance a new automated distribution centre.The group, which operates the BIG Pharmacy and CARiNG Pharmacy chains, is led by the husband-and-wife team of Lee Meng Chuan and Lim Sin Yin. Lee is the group managing director cum group CEO, while Lim is an executive director with the group.Both trained pharmacists, they opened their first retail outlet in Damansara Uptown in 2006. Since then, the group has grown rapidly, fuelled by a combination of organic growth and strategic acquisitions, including the merger with RedCap Pharmacy in 2018 and My Pharmacy in 2019. It then acquired CARiNG Pharmacy from 7-Eleven Malaysia Holdings Bhd (KL:SEM) in 2023.Addressing the RM1.3b debt pileAs at Jan 31, 2026, Big Caring Group’s borrowings totalled RM1.3 billion, with an average interest cost of 5.2% per annum (as at June 30, 2025).The bulk of this debt is a RM831.3 million term loan, used primarily for its RM888.33 million acquisition of Caring Pharmacy Group Sdn Bhd and its RM249.4 million purchase of an 89.3% stake in Medispec (M) Sdn Bhd, a pharmaceutical distributor. The group also spent RM32.8 million on a 57.1% stake in physiotherapy chain Your Physio Sdn Bhd.The company said paring down its revolving credit and term loan facilities should generate substantial interest savings and strengthen its balance sheet for future growth.Massive footprint and growth plansThe Big Caring Group now operates 626 outlets under several established brands. Besides BIG Pharmacy and CARiNG Pharmacy, it has outlets under the Georgetown Pharmacy, Wellings and Ting Pharmacy brands.Going forward, it plans to open 40 to 50 new outlets annually over the next three to five years. This expansion will be supported by a new distribution centre, as its existing Bukit Raja facility — currently running at 61% utilisation — is expected to reach full capacity within five years. The new centre will feature advanced automation for inbound handling and pallet storage.The offering and shareholding structureThe IPO will comprise an institutional offering of 1.614 billion shares and a retail Big Caring Group files for Main Market listing to pare debts, fund expansionby John Lai theedgemalaysia.comby Choy Nyen Yiau theedgemalaysia.comOn March 4, Azam said the commission was examining whether there were elements of corruption, abuse of power or governance breaches, noting that the matter involved public funds as both companies have government-linked shareholders.The investigations, meanwhile, have been streamlined into two cases, according to Azam.The first involves an alleged RM2.5 billion money laundering scheme and overseas asset transactions, with the MACC facilitating cooperation with authorities in the UK.The second relates to alleged bribery linked to a project, where the commission is examining certain payments made by the company to external parties.offering of 267.64 million shares. Pricing will be determined at a later date.The listing offers up to 25.5% of the enlarged share base of the company, of which up to 17.5% are from the selling shareholders. The bulk of the offer-for-sale comes from Creador, which is paring its stake by 11.7%, and the founders, who are offering a 5.1% stake in the company.Post-listing, the founders will see their indirect stake, held via Uptown Paradise Sdn Bhd, be reduced from 42.9% to 34.4%. They will retain their direct shareholdings (which will be diluted from 8% to 7.3% for Lee, and 4% to 3.7% for Lim).Iris Pallida Sdn Bhd (IPSB), a special purpose vehicle of Creador, will see its stake reduced from 33.7% to 19.4% post‑listing. But IPSB may divest a further 3.1% stake if an over-allotment option for price stabilisation is fully exercised, which could see its post-listing holding fall to 16.3%. Creador first entered the fray when RedCap Pharmacy merged with BIG Pharmacy in 2018.The Big Caring Group recorded a net profit of RM143.02 million on revenue of RM3.41 billion for the financial year ended June 30, 2025. Same-store sales growth grew to 9.6% in FY2025 from 7.3% in FY2024.The group has appointed Maybank Investment Bank and AmInvestment Bank as the joint principal advisers, joint global coordinators, joint bookrunners and joint underwriters for its IPO. RHB Investment Bank and UBS will serve as joint global coordinators and joint bookrunners.12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to
friday april 3, 2026 4 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 2): Structural shifts in the global economy, driven by geopolitics and technological disruption, are not cyclical but long-lasting changes that Malaysians must be prepared to navigate, Bank Negara Malaysia deputy governor Datuk Marzunisham Omar warned on Thursday.He said the global economy is undergoing “fundamental structural changes” that will have both immediate and lasting implications, saying these developments “are not a transitory development”.“As an open economy, Malaysia definitely will be exposed and will be affected… It is incumbent upon us to prepare ourselves not only to mitigate the challenges, but also to take advantage of the opportunities,” he said at the 2026 BNM Address on the Malaysian Economy & Panel Discussion, organised by the Malaysian Economic Association.Marzunisham identified three key forces driving this structural shift: the rise of geopolitics as a primary economic driver, increasing geo-economic fragmentation and the rapid transformation brought about by technology, particularly artificial intelligence (AI).He said geopolitics is no longer a backdrop, but a central force shaping trade and economic policies, with tariffs and non-tariff barriers increasingly reflecting strategic and security considerations beyond pure economic objectives.At the same time, supply chains are being reconfigured away from efficiency towards resilience, while AI is emerging as a major force reshaping business models, capital allocation and daily economic activity.These shifts, the deputy governor said, are already translating into a more fragmented global environment marked by heightened uncertainty, volatile financial markets and entrenched trade barriers.Marzunisham said the ongoing conflict in the Middle East is a stark example of how geopolitical risks can manifest, with the scale of impact dependent on the duration of the conflict, the extent of damage to infrastructure and disruptions to key supply routes such as the Strait of Hormuz.“We are already feeling and seeing the impact of the conflict globally and even in Malaysia,” he said, noting that higher inflationary pressures are emerging as energy and commodity prices trend upwards, alongside disruptions to global trade flows that are affecting supply availability.Financial markets have also turned more volatile, with the risk of tighter global financial conditions weighing on sentiment among households and businesses.The escalation in the Middle East has driven oil prices sharply higher in recent weeks, with Brent crude breaching the US$100 per barrel level amid concerns over potential supply disruptions through the Strait of Hormuz, a critical chokepoint for global oil shipments.The spike in energy prices has triggered broader volatility across global financial markets, as investors reassess inflation risks and the outlook for monetary policy in major economies.For Malaysia, the impact is mixed, with higher oil prices supporting export revenues but also raising subsidy costs and feeding into domestic price pressures.Brace for permanent global economic shifts, BNM deputy governor tells MalaysiansKUALA LUMPUR (April 3): Cypark Resources Bhd (KL:CYPARK) is expected to undertake a new floating solar farm project at Tasik Kenyir worth RM2 billion in partnership with Tenaga Nasional Bhd (KL:TENAGA), according to sources.The project is part of the 2.5GW Hybrid Hydro-Floating Solar (HHFS) photovoltaic (PV) project at Genco Hydro reservoirs spearheaded by TNB.“Cypark is expected to sign an engineering, procurement, construction and commissioning (EPCC) contract to build a floating solar at the HHFS project,” a source told The Edge.Looking at the size of the contract, the project is a large scale solar farm project.Another source said the contract is estimated to be completed between 18 and 24 months. Cypark declined to comment when contacted.In December 2024, Cypark announced that it was partnering with the Terengganu state government to develop a 500 megawatt (MW) HHFS plant at Tasik Kenyir.The 500MW HHFS project is the first of its kind in Malaysia, harnessing Tasik Kenyir’s water for clean energy generation.“It will be the single largest site in Malaysia that will combine solar energy production, battery storage, as well as unlocking the potential of Malaysia’s extensive bodies of water,” Cypark said at that time.The joint venture, it said, is to be led by TNB Power Generation Sdn Bhd (TNB Genco), which would design, build and Cypark tipped to bag RM2 bil contract for Tasik Kenyir floating solar farm — sourcesoperate the plant. Design for the project was set to begin in 2025.According to TNB’s website, the HHFS project is expected to have a potential to generate 2.5GW power. The utility giant said that the project has the potential to participate under the Corporate Renewable Energy Supply Scheme (CRESS) framework, which was officially open for application by the Energy Commission in September 2024.The HHFS project combines solar PV systems with existing hydroelectric power infrastructure. This integration aims to maximise the use of hydro reservoirs for solar energy production.“The primary objectives of this project are to harness the synergy between solar and hydroelectric power, optimise resource utilisation and contribute to Malaysia’s renewable energy targets.by Intan Farhana Zainul & Justin Cheng theedgemalaysia.comby Emir Zainul & Brandon Pang theedgemalaysia.comBNM deputy governor Datuk Marzunisham Omar12 Things You Must Know About A StockClick to Read the full story
friday april 3, 2026 5 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 2): Lotte Chemical Titan Holding Bhd (KL:LCTITAN) has provided further details of a legal dispute that potentially exposes the group to liabilities of up to RM130 million.In a follow-up bourse filing on Thursday, the petrochemical group said the dispute stems from a distributorship agreement dated May 29, 2019, under which its wholly owned subsidiary — Lotte Chemical Titan (M) Sdn Bhd (LCTM) — appointed Petroleum Logistic Services Sdn Bhd (PLS) as the exclusive distributor for selected chemical products in Malaysia.Under the agreement, LCTM sold products to PLS for onward sale to end-customers, with customers required to pay LCTM directly despite invoices being issued by both parties.But PLS then sought to revise commission rates upward and redirect payments from end-customers through PLS instead of directly to LCTM. LCTM rejected these proposals.In early July 2025, PLS stopped issuing invoices to end-customers, citing “compliance” issues, while LCTM denied any non-compliance. Following the impasse, LCTM terminated the distributorship agreement on Aug 11, 2025. The termination took effect on Oct 11.LCTM then initiated arbitration proceedings on March 5, 2026, seeking RM8.02 million in unpaid invoices and a declaration that the distributor had breached their agreement. In response, PLS filed a lawsuit on March 19 against LCTitan, LCTM and the group’s president Jang Seon Pyo. LCTitan first disclosed this lawsuit on Tuesday.Lotte Chemical Titan details RM130 mil litigation risk over distributor disputeKUALA LUMPUR (April 2): KNM Group Bhd, which was delisted last November, and its subsidiary KNM Process Systems Sdn Bhd have filed a lawsuit of over RM600 million against Tokyo Stock Exchange-listed NGK Insulators Ltd and two executives over the failed sale of its German unit, Deutsche KNM.The suit sighted by The Edge revealed that NGK Insulators officially withdrew from its €270 million (RM1.26 billion) deal to buy Deutsche KNM, which owns Borsig GmbH, on Jan 29, 2026.KNM alleges that NGK Insulators and its executives, Takashi Yamada and Yasushi Morinaga, engaged in tortious conduct that frustrated the sale which was crucial to the group’s restructuring efforts. The funds were needed to repay about RM1.37 billion in debt and support its financial recovery.The group is seeking: RM363 million for alleged loss of listed company value and market capitalisation following the delisting; another €46.5 million linked to alleged bank and guarantee exposures to German syndicated lenders; and RM42.693 million to KNM Process Systems for wasted professional, legal, and transactional costs incurred.KNM claims that NGK Insulators and its executives caused the deal to fail by adding new demands — like extra financial forecasts for financial year 2026 to financial year 2028 — just before the Nov 26, 2025 deadline.The group said these actions delayed the deal and prevented it from being completed, hurting its restructuring plans. It is holding NGK Insulators liable to the tort of inducing breach of contract, unlawful interference in trade and business and conspiracy to injure by unlawful means.The group claimed that KNM took steps, including withdrawing a regulatory appeal and delisting from Bursa Malaysia on Nov 5, 2025, to facilitate the deal. Prior to the filing of the suit, KNM also sent NGK Insulators a demand letter. It proceeded to file the suit when NGK Insulators didn’t respond.The suit by KNM and KNM Process Systems was filed by their solicitor Messrs Jeeva Partnership at the High Court on March 31.Since the lawsuit is against a foreign company, KNM and its subsidiary need the High Court’s permission to send legal papers to Japan.KNM’s Borsig struggles and delistingKNM has struggled to sell Borsig, an asKNM Group files RM600 mil lawsuit against Japanese firm over botched sale of German unitset it acquired in 2008 for €350 million, since 2022.Borsig was supposed to be sold to Vorsprung Industries for €220.8 million in 2022, but the sale deadline was missed. KNM then planned an initial public offering in Singapore aiming for a market value of up to US$300 million (RM1.21 billion), which also didn’t happen.Financially distressed and classified as a Practice Note 17 company in October 2022, KNM planned to sell its German unit, DKNM, to NGK Insulators for €270 million in February 2026 to raise funds. However, Bursa rejected KNM’s restructuring plan in October 2025 due to weak Malaysian operations.KNM and its single largest shareholder, MAA Group Bhd (KL:MAA), initially planned to appeal but dropped it, as the required process for the shareholders’ approval needed for the sale would have delayed the deal. MAA tried to push ahead with the shareholders’ meeting to approve the sale regardless of the regulator’s disapproval, but Bursa took rare legal action to stop it, forcing KNM to postpone the meeting until after delisting.KNM was delisted on Nov 5, 2025, and shareholders approved the sale of DKNM on Nov 6. On Nov 27, KNM said its €270 million sale of DKNM to Japan’s NGK Insulators missed the Nov 26, 2025 deadline. KNM added, however, that the sale agreement was still valid, and NGK Insulators had not formally withdrawn its offer.by Hafiz Yatimtheedgemalaysia.comby John Lai theedgemalaysia.com12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to Read the full story
friday april 3, 2026 6 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 2): MN Holdings Bhd (KL:MNHLDG) has secured a RM128 million contract for the construction of a 275 kilovolt (kV) consumer landing station (CLS) for a data centre located in the central region of Peninsular Malaysia.The contract was awarded to its wholly-owned subsidiary MN Power Transmission Sdn Bhd by a customer that provides infrastructure for hosting, data processing services and related activities.The scope of work includes the construction, supply, installation, testing and commisKUALA LUMPUR (April 2): The privatisation of DKSH Holdings (Malaysia) Bhd (KL:DKSH) (DKSH Malaysia) fell through after minority shareholders voted to decline the buyout offer on Thursday.Singapore-based fund manager Pangolin Investment Management Pte Ltd was among the 100 shareholders representing two-thirds of the votes who rejected the proposal worth RM6.15 per share from Switzerland-based DKSH Holding Ltd at the extraordinary general meeting.Only 51 out of a total of 151 shareholders voted in favour of the offer. By share value, 87.47% voted against the proposal, while 12.53% voted in favour.Following the rejection, DKSH Malaysia will remain listed on Bursa Malaysia’s Main Market.Any potential reconsideration of the selective capital reduction would be subject to compliance with applicable laws and regulations, including any prescribed cooling-off period, a spokesperson representing the company told The Edge.“There are no changes to operations, and it remains business as usual for DKSH Malaysia,” the spokesperson added.DKSH came to Malaysia in 1923 before its independence and has been listed since 1994. Today, the company distributes products in conMN Holdings bags RM128 mil data center-related jobDKSH buyout bid fails as minority shareholders reject offerKUALA LUMPUR (April 2): UEM Group Bhd is set to take UEM Edgenta Bhd (KL:EDGENTA) private after securing shareholder approval, paving the way for full ownership and delisting from Bursa Malaysia’s Main Market by early July.UEM Edgenta shareholders approved the proposal at an extraordinary general meeting on Thursday, with 97.09% of disinterested shares voting in favour, according to UEM Edgenta in a bourse filing.Votes against the resolution stood at 1.33%, below the 10% threshold required to block the proposal under Bursa’s listing requirements.The approval enables UEM Group to increase its stake from 69.14% to 100%.UEM Group will acquire the remaining 30.86% stake, equivalent to 257 million shares, at RM1.10 per share. The acquisition will involve a total cash repayment of RM282 million to shareholders.The selective capital reduction will take effect upon lodgement of a High Court order with the Companies Commission of Malaysia.In a statement, UEM Group said UEM Edgenta is expected to be delisted from the Main Market by early July.It added that full ownership will allow it to set clearer strategic direction and pursue initiatives to strengthen UEM Edgenta’s long-term prospects as the entity faced subdued financial performance and challenging market conditions.Shares in UEM Edgenta were last taded at RM1.08, two sen below the RM1.10 privatisation price, valuing the company at RM898.15 million.UEM Edgenta shareholders green-light privatisation, delisting by Julyby John Lai theedgemalaysia.comby Justin Lim theedgemalaysia.comby Syafiqah Salim theedgemalaysia.com12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to sioning of the CLS, including the building works and related external works, the infrastructure utilities construction and engineering solutions firm said in a bourse filing.The contract began on Feb 10, 2026 and is expected to finish by Dec 17, 2026. MN Holdings has secured RM720 million in new contracts in the financial year to date, which exceeded expectations, prior to this latest contract.According to AskEdge data, MN Holdings currently trades at a 15.7 times trailing price-earnings (P/E) ratio, significantly below most of its peers, such as UUE Holdings Bhd’s (KL:UUE) P/E ratio of 60.7 times, Kinergy Advancement Bhd’s (KL:KINERGY) 27.8 times, Jati Tinggi Group Bhd’s (KL:JTGROUP) 25 times and CBH Engineering Holdings Bhd’s (KL:CBHB) 19.8 times.sumer goods, healthcare, materials and technology for Fortune 500 companies. However, the stock is usually little traded on Bursa Malaysia.Low offerThe deal requires approval by at least a majority in number of minority shareholders and 75% in value of the voting shares, and that no more than 10% of the voting shares held by minority shareholders are against it.Pangolin Investment founder and director James Hay said the offer is too low as he believes the stock is worth significantly more than the proposed price. Pangolin, through its long-term value fund Pangolin Asia Fund, holds 2.71% of DKSH Malaysia.“We intend to hold the company for the long term,” he told The Edge. “Everybody in the room knows that they are holding an illiquid company, but they have a very good investment that was bought cheaply.”For the Minority Shareholders Watch Group, the issue goes beyond the low offer price and into the process itself. DKSH Malaysia’s board was likely aware of the voting stance of key minority shareholders, including Pangolin Investment, ahead of the vote given that their opposition had been publicly reported by The Edge, said chief executive officer Dr Ismet Yusoff.“There should have been some mechanism to manage this, rather than going through the process,” he said. “It could have been handled through engagement or reconsideration with the offeror, to relay these concerns and further discuss whether a better offer price could be put on the table.”
friday april 3, 2026 7 The E dge C E O m o rning briefasean2026SPECIAL EDITIONN AV I G AT I N G O U R F U T U R E, TO G E T H E RCOMPLIMENTARY WITH THE MARCH 30, 2026, ISSUE OFCHARTING NEW FRONTIERS AS THE CHAIR OF ASEAN IN 2025, MALAYSIA CHAMPIONED THE BLOC’S NEUTRALITY AMID GLOBAL GEOPOLITICAL FRAGMENTATION. THE PHILIPPINES HAS TAKEN OVER THE WHEEL AND WILL CONTINUE LEADING THE REGION IN A WORLD DISRUPTED BY TECHNOLOGY, GEOPOLITICS AND CLIMATE CHANGE.
friday april 3, 2026 8 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 2): Malaysia Aviation Group Bhd (MAG) doubled its net profit in 2025, thanks to prudent cost management amid capacity expansion that led to modest revenue growth during the period.Net profit for the financial year ended Dec 31, 2025 (FY2025) more than doubled to RM137 million from RM54 million in FY2024, its third consecutive year of net profit.Revenue rose 6% to RM14.55 billion from RM13.68 billion in the previous year. Passenger revenue was also up 6% to RM11.60 billion, while cargo revenue climbed 7% to RM1.62 billion.“2025 marked the fourth consecutive year of operating profit for the parent company of national carrier Malaysia Airlines Bhd,” president and group chief executive officer Captain Nasaruddin A Bakar told reporters at its annual results presentation.In the year, operating cost rose 7%, slower than its capacity increase where average seat kilometre (ASK) rose 16%, said group chief financial officer Boo Hui Yee.ASK during the period reached RM53.22 billion while operating costs stood at RM14.72 billion.“Even though we invest a lot in our services and products, our cost is actually managed very, very consciously to ensure the airline continues to sustain its profitability,” she said.Boo also noted that the cash balance almost halved to RM1.53 billion from RM3 billion in FY2024, mainly due to higher aircraft maintenance shop visits.On its outlook, Nasaruddin highlighted that the aviation industry, especially the Asia-Pacific market where it operates, remains the fastest growing in 2026, although the razor-thin net profit margin of 1.4% faced by the airline carriers in the region remains a challenge.“In this part of the world, we’ve seen that Asia-Pacific has got one of the highest growth here on traffic, both on passenger traffic and also on cargo traffic. “Having said that, even though there is a big growth in terms of the industry in this part of the world, the margin remains very, very minimal,” said Nasaruddin.KUALA LUMPUR (April 2): Malaysia Aviation Group (MAG) has hedged about one-third of its fuel needs for this year, offering some breathing room for the owner of Malaysia Airlines amid soaring jet fuel prices.In the second quarter alone, the group has a collar hedge for 50% of its fuel requirement, capping its cost at around US$80 per barrel with a floor of about US$60 per barrel, MAG president Captain Nasaruddin A Bakar said at a briefing on Thursday. Apart from jet fuel, insurance premium rates have also increased, he flagged.“More importantly, it is about fuel supply,” Nasaruddin said. Some countries are controlling the amount of refuelling, especially in import-reliant nations such as Manila, which may affect flight frequency, he noted.Jet kerosene prices have surged over 140% to above US$200 per barrel following the outbreak of the Iran war last month. Apart from attacks on oil and gas facilities, the conflict has also disrupted shipping of major commodities from metals to grains.Malaysia Airlines, the national flag carrier, has been forced to take detours around high-risk areas that added flight times for European destinations such as London and Paris.Combined with the costlier jet fuel, the group is seeing additional costs of around Malaysia Aviation Group well-hedged, says CEO amid soaring jet fuel costs, cancelled flightsthough part of the expenses could be passed to travellers through dynamic ticket pricing, according to the company’s estimates.The currency exchange rate also impacts the group’s profitability, Nasaruddin said, with every 10 sen depreciation against US dollar to cut its bottom line by RM203 million.Read also: Malaysia Aviation Group to take 10 new planes as it pushes ahead with expansionby Adam Aziz & Navineshkumar Selvakumar theedgemalaysia.comby Navineshkumar Selvakumar & Adam Aziz theedgemalaysia.comMalaysia Aviation Group’s net profit more than doubles in 2025 on prudent cost, capacity expansionMalaysia Aviation Group president RM115,050 each day, Nasaruddin said. Captain Nasaruddin A BakarFurther, the national carrier is losing up to RM1.6 million in revenue daily as four flights are cancelled each day.To ensure Malaysia Airlines can fly longer distances, the group is “optimising our fleet efficiency to fly the newer aircrafts,” Nasaruddin said. For now, demand has remained strong, he said.London routes, he highlighted, are seeing 90% load factor, meaning that most of the flights are flying full of paying passengers.Every US$1 increase in fuel price could see RM51 million increase in annual costs, Group CFO Boo Hui YeeSam Fong/The EdgeSam Fong/The Edge
friday april 3, 2026 9 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 2): Batik Air Malaysia will cut 35% of its scheduled flights in the first half of April, joining a growing list of global carriers scaling back operations to cushion the hit from soaring fuel costs driven by geopolitical tensions in the Middle East.Chief executive officer Datuk Chandran Rama Muthy said in an internal memo to staff dated April 1 that the reduction is a precautionary move to conserve resources as jet fuel prices climb to historic highs.The Malaysia-based hybrid airline will also offer voluntary unpaid leave to employees, with applications open until April 3 for leave starting April 6. Batik Air Malaysia employs about 3,500 staff.Global jet fuel prices have nearly doubled since late February, according to S&P Global Platts data, with the average reaching US$195.19 per barrel for the week ended March 27, up 104% from a month earlier. The spike has sharply increased operating costs across the aviation sector, while airspace restrictions in the Middle East continue to disrupt global travel patterns.“The aviation industry is currently facing significant headwinds due to escalating geopolitical tensions in the Middle East. These developments have led to extreme fuel price volatility and disrupted global supply chains,” Chandran said in the memo sighted by The Edge.When contacted by The Edge, Chandran confirmed the move, adding that the airline plans to reduce capacity by by Kang Siew Li theedgemalaysia.comBatik Air Malaysia cuts 35% of flights in April due to high fuel prices35% through April 12, after which it will review the situation.He said the cuts will focus on reducing flight frequencies rather than eliminating destinations.“We are taking a careful approach to ensure minimal impact on our operations. For example, instead of operating three flights, we may reduce it to two. While frequencies on certain routes will be adjusted, the destinations we currently serve will remain unchanged,” Chandran said.“Flights between Kuala Lumpur and Penang, for example, will be reduced from five daily services to two, while KL-Kota Kinabalu services will be cut from three to two. Similar reductions have been made on longer-haul routes such as KL-Kathmandu and KL-Perth, where frequencies have been trimmed to limit fuel consumption,” he added.Some planned route launches may be postponed, although the airline is maintaining its expansion plans. Batik Air Malaysia recently launched a KL-Colombo service and is scheduled to begin flights from KL to Shanghai in June.In addition to trimming capacity, the airline has frozen non-essential staff travel and deferred training programmes that are not safety- or regulatory-critical.A number of carriers including Malaysia Airlines, Firefly, Batik Air Malaysia, Hong Kong Airlines, Air India and Hong Kong’s Cathay Pacific Airways Ltd have announced fare and fuel surcharge increases in response to the rising fuel bill.Chandran said while higher fuel surcharges have been implemented, they are insufficient to fully offset rising costs. Fuel, which previously accounted for about 30% to 35% of Batik Air Malaysia’s operating expenses, now represents roughly 50% to 55%.“As Transport Minister Anthony Loke recently pointed out, the government is operating in ‘crisis mode’ in response to the ongoing war in the Middle East. One way for us is to manage our capacity. We cannot be thinking everything is normal and continue doing business as usual, only to find ourselves unprepared tomorrow. This is just a temporary adjustment to our schedule,” he said.No plans to hedge fuel costs despite rising oil pricesDespite the volatility, Batik Air Malaysia has no hedging contracts in place, leaving it fully exposed to fuel price fluctuations.Chandran said the airline is cautious about adopting hedging strategies, citing risks seen in the industry when prices fall below contracted levels.“We have seen airlines that have incurred a lot of loss due to hedging before. As such, we are very careful to go on that route,” he said.Malaysia Airlines suspended its flights to Doha, Jeddah, and Madinah on Feb 28. However, flights to Jeddah and Madinah resumed on March 8, while services to Doha remain suspended until April 15 due to regional airspace closures.Other carriers in the region are also adjusting operations. Vietnam Airlines has reportedly suspended several services from April 1, cancelling 23 weekly flights as it responds to fuel supply pressures.Batik Air Malaysia operates about 1,400 weekly flights to more than 60 destinations across 21 countries. Its fleet includes seven Airbus A330-300 aircraft and 47 Boeing 737-8 and 737-800 aircraft.Chandran said the airline remains financially sound but is taking proactive steps to ensure long-term sustainability amid ongoing uncertainty.“One good thing is everyone in the ecosystem is discussing how we can walk through this together; because we cannot afford to forego one player or another. That is actually a positive spirit that we are seeing today among our suppliers,” he noted.The Edge filepix by Suhaimi YusufBatik Air Malaysia CEO Datuk Chandran Rama Muthy
friday april 3, 2026 10 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 2): Proton Holdings Bhd reported a 13% month-onmonth jump in vehicle sales for March, driven by robust demand across its refreshed internal combustion engine (ICE) lineup and growing traction in the electric vehicle (EV) segment. The national automaker sold 15,706 units in March, up from 13,566 units in February, bringing first-quarter (1Q) sales to 49,140 units — the group’s highest quarterly tally in 22 years. The results put Proton about 24% toward its 2026 sales target of 200,000 units.“Proton’s 1Q sales performance is the result of the investments into its technology, dealer network and after-sales service, which in turn has built customer confidence in our products and services,” Proton Edar chief executive officer Datuk Abdul Rashid Musa said in a statement.Proton estimates its market share reached 25.1% in March and 27.4% year to date, marking its highest levels since 2017.While its ICE models are seeing a sales resurgence, Proton remains mindful of shifting consumer needs amid potential fuel price hikes.“That is why our updated models are more fuel efficient and lower maintenance, and through Proton e.MAS, we offer buyers an easy path to EV and PHEV (plug-in hybrid EV) technology should they want to make the switch,” the group added.Proton Saga still its ICE backbone; e.MAS gains groundProton Saga remained the backbone of the company’s ICE portfolio. The updatProton sales jump 13% in March on new models, EV momentumKUALA LUMPUR (April 2): UMW Toyota Motor Sdn Bhd on Thursday launched its first battery electric vehicle (EV) models in Malaysia, as the carmaker expands its electrification offerings amid gradual adoption in the domestic market.The company introduced three models — the Toyota bZ4X, Urban Cruiser and Hilux BEV — as part of its broader global strategy that includes hybrid, plug-in hybrid, battery EV and fuel cell technologies.UMW Toyota president Datuk Ravindran K said electrified vehicles, comprising battery EVs and hybrids, made up 15% of Toyota’s total sales in Malaysia in 2025, indicating that adoption remains at an early stage.“Our principle is clear to deliver vehicles built on quality, durability and reliUMW Toyota introduces first EV models in Malaysiaby Jazlin Zakritheedgemalaysia.comby Luqman Amintheedgemalaysia.comRead also: EV adoption set to rise as consumers respond to global oil volatility — deputy Miti ministered model, launched in November 2025, sold 5,438 units in March, bringing its 1Q total to 21,770 units — a 38% yearon-year increase.The Proton X50 continued to lead the B-segment SUV category, with 3,265 units sold in March and 7,571 units in the first quarter, up 48% y-o-y.The Proton S70 sedan, introduced earlier this year, gained traction among younger buyers, moving 2,254 units in March. It maintained its position as the best-selling C-segment sedan, outperforming some B-segment rivals.Its flagship seven-seater Proton X90 saw a demand recovery, with 323 units sold in March, its highest monthly volume in over a year, despite a shorter selling period due to the Ramadan festive season.The company’s EV sub-brand, e.MAS, recorded 3,023 units sold in March, led by the e.MAS 5 with 2,071 units. Year to date, EV sales reached 6,701 units.The e.MAS 7 PHEV recorded 646 units in March, its first full month of sales, while the fully electric variant saw volumes rise for a second consecutive month to 306 units.UMW Toyota president Datuk Ravindran K (left) and Deputy Investment, Trade and Industry Minister Sim Tze Tzin (second from right) pose next to an Urban Cruiser. ability. And today Malaysia is still in the early stage of electrification,” he said at the launch ceremony.Ravindran said the company’s approach is aligned with Malaysia’s target of achieving net zero emissions by 2050, supported by policy frameworks such as the National Energy Transition Roadmap and the Low Carbon Mobility Blueprint.He added that Toyota is introducing zero-emission mobility solutions while supporting the gradual development of the EV ecosystem within Malaysia.UMW Toyota, in response to a query from The Edge, said its new battery EVs are CBU (completely built up) models, which are offerings that are imported into the country, and declined to comment on future CKD (completely knocked down) plans for EVs.Deputy Investment, Trade and Industry Minister Sim Tze Tzin, who was present at the launch, told reporters later that consumers pivoting towards EV adoption would be key to offset higher fuel prices as a result of the US-Israeli offensive against Iran.“I think with the background of the Middle East crisis and we see the sudden surge of diesel prices, BEV becomes a very attractive solution for road users,” said Sim.Ravindran said in his speech that Toyota has been operating in Malaysia for over 50 years, producing more than two million vehicles. He said Malaysia also serves as an export base for Toyota, with shipments exceeding RM900 million to various markets.Zahid Izzani/The Edge
friday april 3, 2026 11 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 2): NexG Bhd (KL:NEXG) has appointed two new non-executive directors a day after announcing the departure of two board members amid an ongoing leadership reshuffle.The new appointees are Datuk Ramli Din, 64, a former high-ranking police official, and Mohamad Tirmizi Ishak, 30.Mohamad Tirmizi is the younger brother of Mohamed Najib Ishak, 45, who resigned from the board on Wednesday. Both are sons of executive chairman Datuk Ishak Ismail.According to NexG’s filing, Ramli retired in 2022 after over 35 years with the Royal Malaysian Police (PDRM). His senior roles included director of Bukit Aman’s Crime Prevention and Community Safety Department, as well as the police commissioner for both Sabah and Sarawak.Tirmizi, meanwhile, began his career in banking before moving into business. Over the past five years, he has held management and executive roles across industries ranging from food and beverage, property development, technology start-ups and private investment firms.NexG’s board is now helmed by Ishak as executive chairman, alongside Datuk Abu Hanifah Noordin, who serves as deputy executive chairman and group CEO.The company — Malaysia’s sole supplier of passports and MyKad-related products — has been in the spotlight over the past two months. The scrutiny began in February following reports linking the group to the activities of a supposed “corporate mafia” — an alleged syndicate of businessmen that purportedly used enforcement agencies to pressure directors of listed companies into surendering control.Subsequently, a full-blown boardroom tussle erupted in NexG when Raya Aviation Holdings, linked to Ishak’s sons Police veteran Ramli Din, Ishak’s younger son Tirmizi join NexG’s boardKUALA LUMPUR (April 2): PETRONAS Dagangan Bhd (KL:PETDAG) is expected to face a challenging demand outlook following the government’s recent implementation of retail price adjustment and the introduction of work-from-home (WFH) policies, said MBSB Research.“Based on these developments, fuel demand is expected to be adversely impacted, primarily driven by the phased implementation of work-from-home (WFH) arrangements and the increase in diesel prices,” said MBSB Research in a note on Thursday as it downgraded its call for PetDag from ‘buy’ to ‘neutral’.These factors are likely to moderate commuting-related consumption and weigh on near-term retail volumes.The research house cut its earnings forecast for PetDag for the financial year ending Dec 31, 2026 (FY2026) to reflect a more cautious demand outlook.It now expects a revenue of RM39.76 billion and an operating profit of RM1.76 billion for FY2026. The profit before tax is estimated at RM1.74 billion, with a core Patami (profit after tax and minority interest) of RM1.18 billion.In line with this, it revised its target price on the stock to RM22.20 from RM23.64 earlier.Consequently, to cushion the impact of rising costs, the government has enhanced MBSB downgrades PetDag as diesel price hikes, WFH policy cloud outlookby Justin Cheng theedgemalaysia.comby John Lai theedgemalaysia.comNajib and Mohamad Yusof, emerged as NexG’s largest shareholder with a 20.4% stake on March 4, following its acquisition of Skyelimit Alliance Sdn Bhd and Trendtrove Tradin Sdn Bhd.A day later, NexG suspended Hanifah’s executive powers pending a review of certain investments. During his suspension, Hanifah alleged he was targeted for opposing the outsourcing of government contracts, and claimed abuse of power within the company.His suspension was lifted on March 11, coinciding with the mass resignation of five directors he had sought to remove via an extraordinary general meeting, ending the standoff. Two others had resigned earlier.On March 13, eight individuals proposed by Hanifah — including Ishak, Najib and Muthanna — were appointed to the board. Ishak was redesignated as executive chairman on March 27, while Hanifah assumed the deputy role.NexG shares closed unchanged at 27 sen on Thursday, valuing the group at about RM1 billion.12 Things You Must Know About A StockClick to the Budi Diesel programme, providing an additional RM100 in cash assistance for April 2026, bringing the monthly total to RM300 for eligible recipients.To further reduce domestic fuel consumption, a phased WFH arrangement will be rolled out effective April 15, 2026. This policy will apply to federal ministries, government agencies, statutory bodies, and government-linked companies (GLCs), while private sector employers are encouraged to follow suit.Critical sectors, including healthcare, enforcement agencies (police and military) and the education sector, will be excluded from the WFH policy to ensure operational continuity. 12 Things You Must Know About A StockClick to 0246810152025PETRONAS Dagangan BhdMar 7, 2025 Apr 2, 2026Vol (mil) RM*RM21.44RM16.76*As at noon break on Apr 2, 2026Source: BloombergDespite the downgrade, PetDag is projected to maintain a steady dividend yield. MBSB Research estimates a dividend per share (DPS) of 118.6 sen for FY2026, representing an expected dividend yield of 5.3%.PetDag shares last traded at RM22.00, giving the company a market capitalisation of approximately RM20.84 billion.
friday april 3, 2026 12 The E dge C E O m o rning briefhomenews In brie fDialog takes 25% stake in Cendramas production sharing contractKUALA LUMPUR (April 2): Dialog Group Bhd (KL:DIALOG) said it will hold a 25% stake in the production sharing contract (PSC) for the Cendramas field, located off Peninsular Malaysia. The PSC commences on Sept 23 for a 20-year period. The group will hold the stake via its wholly-owned subsidiary, Dialog Resources Sdn Bhd, while UK-based EnQuest Petroleum Production Malaysia Ltd will hold a similar 25% participating interest, according to Dialog’s bourse filing on Thursday. The remaining 50% will be owned by Medco Asia Pacific Ltd, part of Indonesia’s Medco Energi Internasional, which will serve as the operator. Dialog and EnQuest are designated operating partners in the PSC. The three companies received their letters of award from Petroliam Nasional Bhd (PETRONAS). The agreement provides the partners with the opportunity to extend the life of the producing field beyond the current PSC period and to unlock further hydrocarbon potential, said Dialog. The group said its participation in Cendramas strengthens its upstream portfolio and reinforces integration across upstream, midstream, and downstream segments. The investment, it said, complements existing upstream ventures and operatorship, underscoring the group’s diversification strategy across the energy value chain. The group added that it remains focused on positioning itself to benefit from varying economic and oil price cycles, in pursuit of long-term recurring income. Shares in Dialog closed up 14 sen or 6.6% at RM2.25 on Thursday, valuing the group at RM12.7 billion. Over the past one year, the stock has gained 48%. — by John LaiChin Hin Group Property pulls request for fourth placement extensionKUALA LUMPUR (April 2): Chin Hin Group Property Bhd (KL:CHGP) has abruptly withdrawn its bid to seek for more time to complete its planned private placement to raise RM105 million, just one day after the company filed the application for a six-month extension to finalise the corporate exercise. The corporate exercise’s current deadline falls on April 21. The group had previously put in three requests for more time to complete this private placement. The original deadline for the placement was Oct 23, 2024, which was then extended to April 21, 2025, then to Oct 21, 2025, and later to its current deadline. In a bourse filing on Thursday, the company said the decision was made after taking into consideration “prevailing market uncertainties and the viability of other funding options”. Nevertheless, the company said it will continue engaging potential investors to complete the fundraising before the April 21 deadline. It will also reassess the optimal timing for any new fundraising initiatives. Chin Hin Group Property first announced the private placement on Feb 29, 2024, to issue up to 132 million new shares, representing 20% of its enlarged share base. Proceeds raised were earmarked to fund two residential projects, Aricia and Dawn, under a joint venture with Fiamma Holdings Bhd(KL:FIAMMA). The projects have a combined development cost of RM1.06 billion. The company has so far issued only two tranches totalling 64.3 million shares at RM1.15 each, raising about RM73.9 million. — by Choy Nyen YiauPower engineering firm EI Power gets M&A Securities to back ACE Market IPOKUALA LUMPUR (April 2): EI Power Bhd, a power engineering firm backed by OCK Group Bhd (KL:OCK), has appointed M&A Securities to underwrite its upcoming ACE Market listing. The initial public offering (IPO) is expected to be launched by June, EI Power said in a statement on Thursday. M&A Securities will underwrite the issue shares set aside for the Malaysian public and eligible persons under the so-called pink form allocations. “The signing of this underwriting agreement marks a key milestone as we progress towards our upcoming listing on the ACE Market,” said EI Power chief executive Albert Chang Wan Siong. The IPO “positions us to scale our operations, expand our capabilities, and elevate our presence”, he said. Founded in 2010, EI Power specialises in diesel generation and fuel distribution systems alongside solar photovoltaic solutions. OCK Group — mostly known for providing telecom infrastructure services — and its managing director Datuk Sam Ooi together control 62% of EI Power. Apart from supplying mission critical power systems to data centres that require large scale, complex generation and distribution systems, the company based in Shah Alam, Selangor also offers conventional power solutions for commercial, industrial and residential buildings. The proposed IPO comprises a public issue of new shares and an offer for sale of existing shares which collectively offers investors up to 28.5% in EI Power.— by John Lai12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to Bintai Kinden wins first Tenaga contract post-PN17 exitKUALA LUMPUR (April 2): Engineering firm Bintai Kinden Corp Bhd (KL:BINTAI), which lost some Tenaga contracts in 2023 after entering Practice Note 17 status, has won its first Tenaga contract since recovering — a RM44.65 million electrical project in Bukit Tengah, Penang. The contract was awarded to Kejuruteraan Bintai Kindenko Sdn Bhd (KBK), the group’s wholly-owned engineering services unit, according to a bourse filing on Thursday. The project covers asset replacement and refurbishment works, including the installation of a new 240MVA autotransformer at the Bukit Tengah 275/132kV substation. Bintai Kinden said the project will be completed within 730 days and is expected to boost the group’s earnings during that time. In 2023, Tenaga terminated 10 contracts with KBK due to its inability to perform its contractual obligations. Three were reinstated in May 2025 after negotiations. In a statement, Datuk Tay Chor Han said the TNB contract represents a milestone for the group, signalling renewed confidence in its capabilities. “Over the past three years, we have resolved these issues, rebuilt our financial standing, and strengthened our operations. We are fully prepared to deliver with excellence in our specialised mechanical and electrical works,” Tay said. This marks the group’s second contract win following its successful exit from the Practice Note 17 status in late February. The group secured two subcontract jobs at an industrial park in Johor in March. With the latest win, Bintai Kinden’s outstanding order book stands at RM199 million, while the group currently has RM2.08 billion in active bids under evaluation. Shares in Bintai Kinden ended unchanged at 9.5 sen on Thursday, valuing the company at RM142.7 million. — by Choy Nyen Yiau
friday april 3, 2026 13 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 2): Tenaga Nasional Bhd (KL:TENAGA) is partnering with the Perak government to refurbish major hydroelectric stations along the Temengor, Bersia, Kenering hydroelectric corridor at a total cost of RM5.8 billion.In a statement on Thursday, TNB said the partnership is being executed through its Hydro Life Extension Programme (HLEP) and the development of a centralised workers’ quarters facility, which are expected to enhance operational efficiency to reach a cumulative capacity of 650.75 megawatts (MW).HLEP, implemented by TNB in partnership with a consortium led by Voith Hydro and HeiTech Padu Bhd, will boost hydroelectric generation capacity to 650.75 megawatts, reinforcing Perak’s role in clean energy and attracting potential investment in green technology and data centres.The Edge reported on Feb 24 that the Voith–HeiTech consortium was awarded a PUTRAJAYA (April 2): Federal civil servants stationed in Kuala Lumpur, Putrajaya as well as Selangor and all state capitals with a one-way commute exceeding eight kilometres are eligible to work from home (WFH) beginning April 15.The matter was stated in a circular dated Thursday and signed by Public Service director general Tan Sri Wan Ahmad Dahlan Abdul Aziz, as part of measures to cushion the impact of the global energy crisis arising from the West Asia conflict.KUALA LUMPUR (April 2): Malaysia plans to commission 18 waste-to-energy (WtE) facilities by 2040 as part of efforts to accelerate the country’s transition towards green energy.The initiative is expected to generate up to 600MW of renewable energy, said Housing and Local Government Minister Nga Kor Ming. It is also aligned with the National Energy Transition Roadmap target of 70% renewable energy capacity by 2050, he said.The facilities could reduce up to 85% of solid waste currently being sent to landfills, with the remaining 15% repurposed through circular economy practices.They are also expected to cut more than 259,000 tonnes of carbon dioxide emissions annually — equivalent to emissions from 56,000 vehicles.“This reflects the government’s strong commitment to transforming the country’s solid waste management towards a more sustainable, modern, and green technology-based approach,” Nga said in a statement.Earlier, Nga officiated the groundbreaking ceremony of a WtE plant in Sungai Udang, Melaka, together with Melaka Chief Minister Datuk Seri Ab Rauf Yusoh.The RM660 million plant, expected to be fully operational by 2029, will process up to 1,000 tonnes of solid waste daily and generate up to 22 megawatts of electricity under a 34-year concession.The project is being developed under a private financing initiative model, with Malakoff Corporation Bhd (KL:MALAKOF) as the key strategic investor, strengthening public-private collaboration in waste management.While the plant is under construction, the National Solid Waste Management Department is building a new disposal cell at the Sungai Udang solid waste disposal site at a cost of RM48.5 million to ensure continued and orderly waste management in Melaka.Malaysia to build 18 waste-toenergy facilities by 2040, targeting 600MW outputTNB invests RM5.8 bil to refurbish Perak hydroelectric stations in partnership with state govtCivil servants commuting over 8km to office to work from home three days a week starting April 15 by Choy Nyen Yiau theedgemalaysia.comby Navineshkumar Selvakumartheedgemalaysia.comBernamaRM1.04 billion contract to undertake the core engineering and construction works for the Temengor, Bersia, and Kenering stations.Perak Menteri Besar Datuk Seri Saarani Mohamad said the RM5.8 billion investment by TNB for the HLEP project is expected to revitalise nearby towns like Gerik and the Hulu Perak district, subsequently elevating the area as a dynamic new economic support hub.“The state government is committed to ensuring every phase of this project translates into comprehensive benefits for the people. As such, the empowerment of local contractors and vendor development will be a central pillar in our strategy to strengthen the state’s industrial ecosystem sustainably,” said Saarani at the HLEP project’s groundbreaking ceremony for the workers’ quarters in Bandariang, Gerik. His speech was read out by State Infrastructure, Energy, Water and Public Transport Committee chairman Datuk Seri Mohammad Nizar Jamaluddin.Meanwhile, Perak State Development Corporation (PKNPk) chief executive Datuk Redza Rafiq Abdul Razak added that the development of the centralised quarters, which can house 200 workers, is a critical component for large-scale operational efficiency while maintaining worker welfare and community standards.“The Human Resource Services Circular (PPSM) SR.4.1.2: Work from Home Policy provides for the policy, conditions and regulations governing WFH.“The phased implementation of WFH is a strategic measure by the government to strengthen preparedness in addressing the global energy crisis following the conflict in West Asia,” the circular read.It stated that several sectors are exempted, including security and defence services such as the Malaysian Armed Forces (ATM), Royal Malaysian Police (PDRM), Fire and Rescue Department, Prisons Department, Malaysian Maritime Enforcement Agency, Border Control and Protection Agency (AKPS) and Immigration Department.Healthcare personnel providing critical services, including medical officers, pharmacists, dental officers and nurses, as well as education officers involved in schooling sessions, are also exempted.12 Things You Must Know About A StockClick to 12 Things You Must Know About A Stock Read the full storyClick to
friday april 3, 2026 14 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 2): The Sessions Court on Thursday ordered the forfeiture of RM1.15 million seized by the Malaysian Anti-Corruption Commission (MACC) from a bank account belonging to a petroleum product sales and distribution company.Judge Rosli Ahmad made the ruling after allowing an application by MACC deputy public prosecutor Mohamad Fadhly Mohd Zamry.“The court grants the applicant’s request to forfeit the RM1.15 million to the Malaysian government through the chief commissioner of the MACC under Section 41(1) of the MACC Act 2009,” he said during proceedings.The prosecution team also included deputy public prosecutor Hazel Tan Jia Qi, while lawyers Awang Armadajaya Awang Mahmud and Muhammad Court orders forfeiture of RM1.15 mil seized by MACC in graft probe to govtKUALA LUMPUR (April 2): Bloomberg (Malaysia) Sdn Bhd has applied to strike out the libel suit brought against it (and other parties) by Bestinet Sdn Bhd and its founder Datuk Sri Aminul Islam Abdul Nor, over reports on alleged migrant worker exploitation involving the company.Datuk Amer Hamzah Arshad, acting for Bloomberg Malaysia, informed the court that his clients were erroneously included as defendants in the suit. The court later set June 26 to hear the application.Based on a file search by The Edge, Bloomberg Malaysia, in its application to strike out, contends that it is not the party that published or caused the publication of the impugned article, “Everyone Gets A Cut, And Migrant Workers Pay The Price”.Further, Bloomberg Malaysia also claims that it is not the party which “maintains or exercises any power over” the main Bloomberg website which published the article. They say the website is not maintained in Malaysia, but rather by their parent company, Bloomberg LP based in New York, in the US.“[Bloomberg Malaysia] is a company incorporated in Malaysia, and the nature of its business includes providing local support services for Bloomberg products and services, such as sales and marketing, training and technical support services, as well as news bureau activities including information and data collecting and handling.“For the avoidance of doubt, and to reiterate, [Bloomberg Malaysia] did not publish, upload, or disseminate [the artiBloomberg (Malaysia) applies to strike out Bestinet and its founder’s libel suit over articleby Tarani Palanitheedgemalaysia.comBernamaThe defendants — some of whom have already filed or have instructions to file similar striking out applications — said that they will peruse the SOC amendments before taking the next step.However, Amer clarified that the SOC amendments will not alter Bloomberg (Malaysia)’s striking out application, and they need not wait for amendments to be filed.Besides Blooomberg LP and Bloomberg Malaysia, Bestinet and its founder are suing eight others, including news outlets Malaysiakini, The Edge, former Malaysian Anti-Corruption Commission (MACC) chief Latheefa Koya and Pandan lawmaker Datuk Seri Rafizi Ramli.The suit revolves around Bloomberg’s report in January this year on Bestinet’s operations of the Foreign Worker Centralised Management System (FWCMS) which is used to process foreign worker entry into Malaysia.Bestinet and Aminul Islam claim the statements made in the report were defamatory, untrue, and had severely damaged their reputation.Earlier in February, the High Court had dismissed the plaintiffs’ application for an ex-parte (one-sided) interim injunction barring the defendants from further publishing reports on this issue.Judge Roslan Mat Nor in his decision had said that such an injunction would bar the publication of a matter that concerns public interest and would threaten the defendants’ freedom of speech.He also said that the plaintiffs had failed to show that the publication of those reports had resulted in a loss in business opportunities.Ridhwan Jalaludin represented IPTB Sdn Bhd as the respondent.On Aug 6, 2025, the public prosecutor filed an application to forfeit the sum, which had been seized from the company’s bank account, under Section 41(1) of the MACC Act 2009, read together with Section 376 of the Criminal Procedure Code.The court ordered the forfeiture despite no criminal charges being filed, after being satisfied that the funds constituted proceeds of, or were connected to, an offence under Section 18 of the MACC Act 2009.cle], nor does it have any control over or operate the Bloomberg website on which the impugned article was published,” states the application document.On Thursday, the plaintiffs’ lawyer Ravi Nekoo also informed the court that they would be filing amendments to their statement of claim (SOC) by April 9.
friday april 3, 2026 15 The E dge C E O m o rning briefhomeKOTA KINABALU (April 2): A consultant forensic psychiatrist told the Coroner’s Court here on Thursday that the psychological autopsy into the death of Form One student Zara Qairina Mahathir concluded that the manner of death was most consistent with suicide.Dr Chua Sze Hung, a forensic psychiatrist at Hospital Mesra Bukit Padang, Kota Kinabalu, when testifying before Coroner Amir Shah Amir Hassan, said that the findings and conclusions of the psychological autopsy showed that the deceased had exhibited a predominance of suicide risk factors over protective factors at the time of the incident.Dr Chua, 43, said that the imbalance heightened vulnerability to suicidal behaviour.“The convergence of predisposing and precipitating factors suggests that the final act was likely an act to end suffering, occurring during a state of overwhelming acute distress, impaired judgement and reduced access to normal protective mechanisms, rather than a meticulously planned termination,” he said.The 67th witness of the inquest proceeding said he had prepared, signed and stamped an 84-page psychiatric report, dated Feb 2, regarding his assessment and findings of the case for the court.He said the assessment reviewed multiple documents, including Zara Qairina’s diaries, her primary school report, the high school counselling report, a site visit to the hostel and class, as well as the post-mortem report by consultant forensic pathologist Dr Jessie Hiu.Dr Chua said information from interviews with family members of the deceased, school staff and students of Sekolah Menengah Kebangsaan Agama (SMKA) Tun Datu Mustapha, Papar, was also used as a source of information in preparing the report.“There is information suggestive of emotional dysregulation, intense anger, self-harming behaviour, unstable interpersonal relationships and fear of abandonment. However, it is insufficient to form a diagnosis of personality disorder retrospectively.“While there is information suggestive of depressive symptoms. I do not believe that the deceased was suffering from a diagnosable severe mental illness before the alleged incident,” he said.Manner of Zara Qairina’s death most consistent with suicide, inquest toldKUALA LUMPUR (April 2): The Department of Environment’s director general (DG) and his deputy are expected to be charged with alleged mismanagement of electrical and electronic waste (e-waste) on Friday at the Sessions Court here.Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki said the anti graft agency has already received approval from the attorney-general to press ahead to charge the duo.“They will be charged in court tomorrow if there are no issues,” he told the reporter at the sideline of Malaysian Enforcement Agencies Special Task Force engagement session here.The MACC in January detained the two top officials at the department of environment as part of investigations into alleged abuse of power and corruption linked to e-waste management, believed to have occurred over several years.It submitted its investigation papers to the deputy public prosecutor in March, recommending that the duo be charged.The anti-graft agency has previously said it received information that as many as 3,000 containers of e-waste were illegally brought into Malaysia over the past few years. It also said some authorities may have protected companies importing the e-waste.Environment dept chief and deputy to face charges today over e-waste mismanagementby Choy Nyen Yiau theedgemalaysia.comBernamaHe said suicide is an intentional and self-harming act leading to death, adding that it is a complex phenomenon with multiple determinants and is not always linked to mental illness, as many suicide decedents were without known mental health conditions.Dr Chua also revealed that a study examining data on Malaysian school-going adolescents shows those aged 13 to 15 are at a higher risk of suicide attempts compared to other adolescent age groups, while students whose parents live apart show a higher likelihood of attempting suicide.“In the case of the deceased, the risk factors (predisposing factors) include but were not limited to stressful life events, negative self-perceptions, perceived bullying, unsatisfactory academic achievement, history of substance (e-cigarette) use, anger/aggression (verbal), non-suicidal self-injury, parental separation, conflict with parent, social sensitivity, depressive symptoms, conduct issues and death wishes.“The precipitating factors (direct factors) include a stressful life event (interrogation) and a sense of isolation. Other contributing circumstances include chronic insufficient sleep and disappointment from the BADAR’s reminder,” he said.Dr Chua said it has to be underscored that several suicide risk factors existed before the deceased entered SMKA Tun Datu Mustapha, namely non-suicidal self-injury (NSSI), parental separation or divorce, conflict with parents, social sensitivity, anger or aggression (verbal), history of e-cigarette use and death wishes.The Sabah Attorney General’s Chamber requested a psychiatric assessment of the deceased from the Ministry of Health on Sept 17, 2025, to assist the court in fulfilling the objectives of the inquest.A three-member team, consisting of Dr Chua, together with child and adolescent psychiatrist Dr Nurulwafa Hussain and clinical psychologist Norhameza Ahmad Badruddin, was set up for the purpose.Dr Chua said he has testified as an expert witness in homicide, drug trafficking, and sexual offence cases referred for assessment under Section 342 of the Criminal Procedure Code, and has also testified in the Superior and Subordinate Courts in Peninsular Malaysia and Sabah, as well as in the Syariah Court.Zara Qairina, 13, died at the Queen Elizabeth Hospital on July 17, 2025, a day after being found unconscious in a drain near her school dormitory at around 4am.On Aug 13, 2025, the Attorney General’s Chambers (AGC) ordered the inquest following a review of the police investigation report.On Aug 8, 2025, the AGC issued an order to exhume the girl’s body to allow a post-mortem to be conducted.
friday april 3, 2026 16 The E dge C E O m o rning briefworldWASHINGTON/ CAIRO (April 2): Hopes for a swift end to the Middle East war faded on Thursday after US President Donald Trump vowed more aggressive strikes on Iran, sending oil prices sharply up again in a blow to consumers around the world.Stocks slid and the dollar gained after Trump said military operations would be intensified without offering the timeline that investors had sought for ending hostilities against Iran.“We’re going to hit them extremely hard over the next two to three weeks. We’re going to bring them back to the Stone Ages where they belong,” Trump said in a Wednesday evening prime-time speech.Trump said the US would achieve its military objectives soon but suggested the war could escalate if Iranian leaders did not give in to Washington’s terms during negotiations, with strikes on Iran’s energy and oil infrastructure possible.He has said he may end the war with a deal and told countries that rely on fuel shipments through the Strait of Hormuz, which has been all but closed by Iranian attacks, to “just grab it”.European and other states have said they will only help secure the strait if there is a ceasefire. With pressure growing, some 40 countries were exploring ways to restore freedom of navigation at virtual talks on Thursday.“It can only be done in consultation with Iran,” French President Emmanuel Macron said during a visit to South Korea.Iran’s armed forces responded to Trump with a warning for the United States and Israel of “more crushing, broader and more destructive” attacks in store.The war will continue until the “permanent regret and surrender” of Iran’s enemies, said Ebrahim Zolfaqari spokesperson for the Iranian military’s Khatam al-Anbiya central headquarters, in a statement carried by Iranian media.Countries discuss ways to secure Strait of HormuzFears are growing that the conflict may leave Iran with a stranglehold over Middle East energy supplies now that it has shown that it can block the vital Strait of Hormuz by targeting oil tankers and attacking Gulf countries hosting US troops.Gulf states say they reserve the right to self-defence but have not responded militarily to repeated attacks by Iran over the past month to avoid escalation into a far more devastating all-out Middle East war.Iran’s parliament was reviewing a bill that would formalise the blocking of vessels from hostile countries passing through the strait and the charging of tolls for others wishing to pass, spokesperson Abbas Goodarzi said.Thousands of people have been killed across the Middle East since Feb 28, when the US and Israel began air strikes on Iran, by Steve Holland & Enas Alashray ReutersOil prices surge, allies discuss securing Hormuz, after Trump vows to step up Iran attackstriggering Iranian attacks on Israel, US bases and the Gulf states, while opening a new front in Lebanon.Iran said several people were likely injured when a bridge linking Tehran and the western city of Karaj was hit by air strikes. Some of its largest steel producers and Tehran’s Pasteur Institute of Iran medical research centre had sustained serious damage in the conflict, it said.The country’s Revolutionary Guards said they had targeted US-linked steel and aluminium facilities in Gulf states and would step up such attacks if Iranian industries were hit again.Israel, which shoots down most Iranian missiles, reported new incoming salvoes on Thursday, Saudi Arabia said it had intercepted four drones and Abu Dhabi said it had intercepted a missile, with minor damage near an economic zone.The US embassy in Baghdad urged its citizens to leave Iraq, warning of attacks in the capital by Iran-allied militia in the next 24 to 48 hours.Fuel shortages have already caused economic strains across Asia and they are expected to bite in Europe soon. Italy’s foreign minister said migration flows would increase if the conflict were to drag on.Benchmark Brent crude prices jumped by about 8% to around US$109 per barrel and stocks took a hit, with little reassurance from Trump’s address about how the strait would reopen.Fears are growing that the conflict may leave Iran with a stranglehold over Middle East energy supplies now that it has shown that it can block the vital Strait of Hormuz by targeting oil tankers and attacking Gulf countries hosting US troops.reuters
friday april 3, 2026 17 The E dge C E O m o rning briefworld(April 2): French President Emmanuel Macron said on Thursday it would be unrealistic to launch a military operation to force open the Strait of Hormuz, after US President Donald Trump challenged US allies to work towards reopening it.Thousands of people have been killed across the Middle East since Feb 28, when the US and Israel struck Iran, triggering Iranian attacks on Israel, US bases and the Gulf states, and Tehran effectively closing the waterway that carries about a fifth of global oil and liquefied natural gas supplies.“Some people defend the idea of freeing the Strait of Hormuz by force via a military operation, a position sometimes expressed by the United States, although it has varied,” Macron told reporters during a trip to South Korea.Macron highlights risks of military operation“This was never the option we have supported because it is unrealistic,” he said. international trade, but that it can only be done in consultation with Iran,” he said.Asked about Trump’s criticism of Nato allies and threats to pull the US out of the alliance, Macron said: “I don’t want to provide a running commentary of an operation the Americans have decided on their own with Israel. They can deplore the fact they’re not being helped, but that’s not our operation. We want peace as soon as possible.”Macron also said that Trump’s comments mocking him and his wife Brigitte were “neither elegant, nor commensurate” with the moment.Read also:Asian nations jockey for leverage to reopen Strait of HormuzUAE asks UN to approve measures, including force, to open HormuzMacron says unrealistic to open Hormuz Strait by force(April 2): Around 40 countries are discussing joint action to reopen the Strait of Hormuz, Britain said on Thursday, after US President Donald Trump said securing the waterway was a problem for other nations to resolve.British foreign minister Yvette Cooper chaired the virtual meeting, which included France, Germany, Canada, the United Arab Emirates and India and began around midday in London.“We are focusing on the diplomatic and international planning measures, including collective mobilisation of our full range of diplomatic and economic tools and pressures,” Cooper said at the start of the meeting.The United States did not attend the talks, one official said. The discussions, involving representatives of some 40 countries, took place after Trump said on Wednesday evening that the Strait could Dozens of countries discuss coalition to secure passage through Strait of Hormuzopen “naturally” and it was the responsibility of countries that rely on the waterway to ensure it was open.Focus on diplomatic and military optionsIran has effectively shut down the key waterway, which carries about a fifth of the world’s total oil consumption, in retaliation for US-Israeli strikes which began in late February. Reopening it has become a priority for governments around the world as energy prices soar.European countries initially refused Trump’s demand to send their navies to the area because of fears about being dragged into the conflict.But concerns about the impact of the rising cost of energy on the global economy have prompted them to try to form a coalition to see how they can defend their own interests.European diplomats said putting the coalition together was at an early stage, with Britain and France leading.Officials said the discussions on Thursday would focus on which countries were prepared to participate before military planners meet for talks next week.France’s Armed Forces spokesperson Guillaume Vernet told a news conference on Thursday that the process would be multi-phased and could not happen until hostilities had calmed or ended.by Andrew MacAskill, John Irish & Muvija M Reutersby Michel Rose Reuters“It would take forever, and would expose all those who go through the Strait to risks from the guardians of the revolution but also ballistic missiles,” he said.Macron, who has worked with European and other allies to build a coalition to guarantee free passage through Hormuz once hostilities have stopped, said this could only be done by talking to Iran.“What we say from the beginning is that this strait must be reopened because it is strategic for energy flows, fertilisers and
friday april 3, 2026 18 The E dge C E O m o rning briefworld(April 2): Chinese officials have told private refiners to keep fuel production at 2025 levels — even if they have to incur economic losses as a month-long war in the Middle East upends the global crude oil trade.At meetings earlier this week, the National Development and Reform Commission (NDRC) told executives from the country’s private processors that securing China tells private refiners to keep up fuel output at all costs — BloombergChina’s detentions of Panama-flagged vessels raise concerns, Rubio says(April 2): Gold prices fell on Thursday as the US dollar and oil prices rose after President Donald Trump said the US would continue attacks on Iran, spurring inflation concerns and bolstering expectations of higher interest rates.Spot gold was down 3.6% at US$4,587.55 per ounce as of 9.15am EDT (1315 GMT), after hitting a twoweek high earlier in the session. US gold futures GCcv1 fell 4.2% to US$4,613.30.The dollar rose sharply, making greenback-priced bullion less affordable to other currency holders.“The market is very focused on Trump’s comments, which so far offer little sign of a quick resolution to the energy situation,” said David Meger, director of metals trading at High Ridge Futures.This is weighing on gold and silver prices, as there is less likelihood of rate cuts, he added.Trump said in a televised speech that the US military had nearly accomplished its goals in Iran, but offered no clear timeline for ending the month-long war and vowed to bomb the country back into the “Stone Ages”.Following this, oil prices climbed. Higher energy prices feed through to broader inflation, reducing the scope for central banks to cut rates.Despite its inflation-hedge status, gold struggles when rates are high as it yields no interest. Spot gold has fallen 13% since the Iran conflict started on February 28.Gold drops on stronger dollar, rising bets on higher interest ratesby Ashitha ShivaprasadBloombergBloombergby Katharine JacksonReutersGold bars being melted inside a furnace.bloombergdomestic fuel supply was a priority, which means producing gasoline and diesel at volumes at least equal to last year — at any cost, people familiar with the discussions said.Any refineries that cut run rates and produce lower volumes will have their oil import quotas cut accordingly for the coming years, the people said. They asked not to be named as the discussions are not public.The NDRC didn’t immediately respond to a faxed request for comment.Chinese independent refiners, known as teapots, have been under pressure since the start of war, given their reliance on heavily discounted sanctioned oil from Iran, Russia and Venezuela. The cheaper crude, which larger refiners tend to eschew, has helped navigate a period of paper-thin refining margins. But the bargains all but disappeared after the US issued temporary waivers on curbs on Tehran and Moscow.WASHINGTON (April 2): Detentions of Panama-flagged vessels by China that followed a Panamanian court ruling raise serious concerns, US Secretary of State Marco Rubio said on Thursday.The US Federal Maritime Commission (FMC) said last week it was closely monitoring a surge in detentions of Panama-flagged vessels in China that appears tied to a Panama court ruling against Hong Kong-based CK Hutchison.“China’s recent actions against Panama-flagged vessels raise serious concerns about the use of economic tools to undermine the rule of law in Panama, a sovereign nation and vital partner for global commerce,” Rubio said in a statement.Panama’s Supreme Court in late January invalidated the legal framework supporting the 1997 concession granting CK Hutchison’s Panama Ports Company the right to operate the Balboa and Cristobal terminals on the Pacific and Atlantic sides of the Panama Canal.The cancellation followed mounting US pressure to curb Chinese influence around the strategic canal, which handles about 5% of global maritime trade.“This sovereign ruling upheld transparency, the rule of law, and held private operators accountable to the public interest,” Rubio said.China has said it firmly opposes the ruling against Hutchison’s port concessions, calling it an “act of bad faith.”reutersA drone view of the Panamanian‑flagged Crimson Delight vessel sailing through the Panama Canal in Gamboa March 27, 2026.
friday april 3, 2026 19 The E dge C E O m o rning briefworldUS trade deficit widened in February by less than forecastUS weekly jobless claims fall as layoffs remain lowIMF says Fed has little scope for rate cuts this yearby Lucia Mutikani Reutersby Jorgelina do Rosario Bloombergby Augusta Saraiva Bloomberg(April 2): While US inflation is on course to return to the US Federal Reserve’s (Fed) 2% target in the first half of 2027, policymakers have little room to cut interest rates this year, according to the International Monetary Fund (IMF).IMF staff expect a single rate reduction by the end of 2026, according to the Washington-based lender’s annual review of US economy, known as an Article IV consultation. “On balance, staff see little scope to lower the policy rate over the coming year.”“A larger monetary easing would need to be predicated on a material worsening in labour market prospects and an absence of increasing inflationary pressures, including from higher near-term inflation expectations due to rising oil and commodity prices,” the IMF staff said in the statement.IMF executive directors, in a separate statement on the Article IV, said that with the Fed’s current policy stance being close to neutral, “there is little room to cut interest rates in 2026, particularly given the rise in energy prices, the likely pass-through to core inflation and the upside risks to global commodity prices that are likely to further delay the return to the inflation target”.Under IMF staff’s baseline outlook, the Fed’s benchmark rate will reach a 3.25% to 3.5% target by year end. It’s currently at 3.5% to 3.75%. “This would allow the economy to return to full employment and 2% inflation” by the first half of 2027, the fund said.(April 2): The US trade deficit widened in February by less than forecast as both imports and exports increased.The gap in goods and services trade grew 4.9% from the prior month to US$57.3 billion (RM231.4 billion), Commerce Department data showed on Thursday. The median estimate in a Bloombergsurvey of economists called for an almost US$61 billion deficit.Exports rose 4.2% in February, driven by gold and natural gas shipments. Imports increased 4.3% on more inbound shipments of computers, semiconductors and automobiles. Goods imports rose an almost one-year high.Charges for the use of imported intellectual property also rose, which may reflect a temporary boost from broadcasting rights related to the Winter Olympics.A year since US President Donald Trump unveiled his aggressive tariff regime, the monthly swings in the US trade balance continue to reflect the erratic rollout of the policy. With tariff rates now at the lowest level since April 2025 after the Supreme Court struck down many of his levies, a key question is whether businesses will ramp up imports or shift towards domestic production this year. Following the ruling, the White House was quick to replace some of the import duties.Read also: Iran war exposes frailties of ‘no-hire’ US economyWASHINGTON (April 2): New applications for US unemployment benefits fell last week amid low layoffs, suggesting labour market conditions remained calm in March, though economists have warned that a prolonged war in the Middle East posed a downside risk.Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 202,000 for the week ended March 28, the Labor Department said on Thursday. Economists polled by Reutershad forecast 212,000 claims for the latest week.Claims have moved in a 201,000-230,000 range this year, consistent with what economists describe as a “low hire, low fire” labour market. They have blamed the labour market stagnation on lingering uncertainty caused by President Donald Trump’s aggressive import tariffs.Private nonfarm payrolls have averaged growth of only 18,000 jobs per month in the three months through February.Reduced labor supply because of the Trump administration’s hard-line immigration policy was also hampering job growth, economists said. The month-long US-Israel war with Iran has also added another layer of uncertainty for businesses. Trump on Wednesday vowed more aggressive strikes on Iran.bloombergbloomberg
friday april 3, 2026 20 The E dge C E O m o rning briefworldJAKARTA (April 2): Indonesia has completed key stock market reforms ahead of a self-imposed deadline linked to MSCI’s May index review, a senior official said on Thursday, following mass equity sell-offs triggered by an MSCI warning earlier this year.The proposed reforms were unveiled after index provider MSCI warned in late January that the country was at risk of being downgraded amid concerns about a lack of transparency around stock ownership and trading.Around US$120 billion (RM484.3 billion) of market value was wiped out on Jakarta’s stock exchange (IDX) after the warning. So far this year, the index has dropped more than 17%, putting it among the worst-performing stock markets in Asia, with the Middle East conflict also adding to the pressure.Reforms launched by Jakarta include the release of more detailed shareholder data and the doubling of the minimum “free float” of tradeable shares for listed companies to 15%, a move aimed at increasing liquidity and preventing stock price manipulation.Authorities will publish a list of stocks with high shareholder concentrations after the market closes on Thursday, completing the MSCI-requested reforms, Hasan Fawzi, chief capital market supervisor of the Financial Services Authority (OJK), told reporters.“We are optimistic,” Hasan said, when asked whether authorities believe Indonesia will avoid a downgrade. “As of today, our position is in line, if not even more (transparent) and detailed than the conduct of regional and global markets.”Earlier this week, the OJK introduced a new policy allowing shareholders or global index providers to request information on the beneficial owner of an investor holding a more than 10% stake in a listed company, Hasan said.The Indonesia stock exchange has this week also issued regulations for the free float requirement, giving firms up to three years to comply.The measures were introduced in consultations with index providers, and Indonesian authorities expect to receive feedback about whether the increased level of transparency has met their expectations, Hasan said, adding that officials plan to meet with MSCI in the third week of April.Indonesia had previously said it was also talking to index provider FTSE about its reform agenda.“We will continue firm actions against violations in the capital market, including stock movement manipulation, to restore trust,” Hasan said.The country has also pledged reforms beyond MSCI’s requests, including demutualisation of its bourse, to modernise governance in the market.Indonesia says stock market reform drive completed after February’s sell-offsHANOI (April 2): Vietnam is planning measures to support its stock market and has proposed the establishment of a government-backed stabilisation fund, after sharp declines in share prices due to the Iran war, according to documents seen by Reuters.Other potential actions listed in the March 17 proposal by the Ministry of Public Security to Prime Minister Pham Minh Chinh include incentives for corporate share buybacks, limiting daily trading bands and using influencers to promote positive messaging.The proposals were made in reaction to a 6.5% drop for Vietnam’s benchmark stock index on March 9, the document said.The prime minister’s office instructed the finance ministry and the central bank on March 25 to act on the recommendations, according to a separate document. It was not immediately clear, however, to what extent the recommendations will be adopted.The contents of the documents are being reported for the first time by Reuters.None of the ministries or state institutions cited in this article immediately responded to requests for comment.Vietnam plans stock market support measures due to Iran war turmoil, documents showPolice ministry takes the reinsVietnam’s benchmark stock index tumbled 9.3% in March, making it one of Asia’s worst-performing share markets, as investors fret about fuel shortages and the wider economic fallout from the war. Vietnam sources most of its oil from the Gulf.The proposed measures highlight the growing challenge Asian economies are facing in safeguarding their capital markets in the face of the turmoil from the war.South Korea announced a 5 trillion won (US$3.3 billion) emergency bond buyback last week while central banks in the region have had to dig deep into their toolkits to support their weak currencies.The sharp decline in Vietnamese stocks is “an excessively negative reaction from investors that necessitates a restructuring of the market,” according to the document from the ministry which oversees the police.The ministry is not responsible for economic or financial policy, but it has become increasingly influential since its former head, To Lam, became secretary general of the ruling Communist Party in 2024, the country’s most powerful role.Chinh is expected to retire as early as next week and a new government will be formed, but policies are unlikely to be changed.by Francesco GuarascioReutersby Stefanno Sulaiman & Fransiska NangoyReutersreuters
friday april 3, 2026 21 The E dge C E O m o rning briefworldMUMBAI (April 2): India’s palm oil imports fell nearly 19% in March to a threemonth low as a rally in tropical oil prices, tracking energy markets, prompted refiners to curb purchases and wait for a correction, five dealers said.Lower imports could deplete stocks and support local oilseed prices, but may force the world’s biggest edible oil importer to step up overseas buying in coming months to replenish stocks.Palm oil imports fell to 689,000 metric tons in March, the lowest since December 2025, down from 847,689 tonnes in February, per dealer estimates.Soyoil imports eased 3% month-onmonth in March to 290,000 tonnes, while sunflower oil shipments jumped 36.3% to 198,000 tonnes.India’s overall edible oil imports fell nearly 9% from February to 1.18 million tonnes in March, the lowest since April 2025, as palm oil and soyoil purchases declined, estimates showed.The figures exclude duty-free shipments arriving via land borders from Nepal, the dealers said.India is estimated to have imported 60,000 tonnes of edible oils, mainly soyoil, from Nepal in March, said Rajesh Patel, managing partner at edible oil trader GGN Research at Rajkot, Gujarat.The Solvent Extractors’ Association of India is set to release its March import data by mid-April.Refining margins for crude palm oil turned negative in March after overseas prices surged, prompting Indian buyers to scale back imports, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm.Malaysian palm oil futures jumped 19.47% in March, marking their strongest monthly gain since April 2022, on expectations that a rally in energy prices, driven by the Middle East conflict, will boost biodiesel demand.“Supplies are now coming in from the new-season rapeseed crop, which is also helping to curb imports in the short term,” Bajoria said.India sources most of its palm oil from Indonesia and Malaysia, while soyoil and sunflower oil are imported mainly from Argentina, Brazil, Russia and Ukraine.India’s March palm oil imports fall to three-month low as prices surge(April 2): The Indian rupee jumped by the most in over 12 years after authorities stepped up their push against speculation, extending curbs to offshore derivatives just days after tightening limits on banks’ local positions. The rupee advanced as much as 1.7% to 93.25 per dollar on Thursday — the most since September 2013 — as currency trading resumed after a two-day break. The gains came despite a broad weakness in most regional currencies as US President Donald Trump signalled an escalation in the Iran war.The Reserve Bank of India said late Wednesday that authorised dealers were prohibited from offering non-deliverable derivative contracts involving the rupee to resident or non-resident users. Lenders can still offer deliverable FX contracts for hedging, but users can’t offset those trades with positions taken offshore, according to the statement.The central bank is trying to shore up the rupee by stamping out some of the most popular ways to bet against it, after direct intervention in the market failed to Rupee surges most since 2013 as India’s central bank ramps up currency controlarrest a slide to a record low. Traders have typically used offshore derivatives known as non-deliverable forwards, and arbitrage trades — buying dollars onshore and selling them in the NDF market — to build short positions.“This is a stronger measure to curtail the offshore speculation against the rupee,” said Dilip Parmar, a currency analyst at HDFC Securities. “I expect a sharp appreciation on Thursday.”The new rules take effect immediately and come just days after the RBI took its boldest step in more than a decade by capping lenders’ daily onshore currency positions at US$100 million (RM403.15 million). The directive sent banks scrambling to unwind about US$30 billion of arbitrage trades. People familiar with the matter estimate that between US$4 billion and US$10 billion has been unwound so far.The earlier curbs offered only brief support for the currency. The rupee initially jumped on Monday before reversing course and falling to a new low. It closed at 94.83 per dollar, with the gap between the day’s high and low the widest since 2013.by Bhaskar Dutta & PR Sanjai Bloombergby Rajendra Jadhav Reutersbloombergbloomberg
friday april 3, 2026 22 The E dge C E O m o rning briefworldBEIJING (April 2): China’s central bank has expanded its digital yuan programme by adding a dozen additional banks as operators, confirming a Reuters report last month.The 12 new banks allowed to handle the digital yuan include China Citic Bank, China Everbright Bank, China Guangfa Bank, Shanghai Pudong Development Bank, among others, the People’s Bank of China (PBOC) said in a statement.The move aims to “enhance the inclusiveness of digital yuan services” and meet the public demand for “safe, convenient and efficient” payment options, the bank said.Thursday’s announcement takes the total number of authorised banks to handle the digital yuan to 22.Beijing’s push to put the digital yuan into the real economy has been slow so far since its launch in 2019, with most retail customers already able to make safe and low-cost transactions via platforms such as Alibaba’s Alipay and Tencent Holdings’ WeChat Pay.The strategy comes alongside China’s intensifying crackdown on virtual currencies and a ban on stablecoins that highlights the contrast to the US, where President Donald Trump has promoted cryptocurrencies and banned a digital dollar.“The central bank will continue to expand the number of operating institutions in an orderly manner in accordance with market-oriented and rule-of-law principles,” the PBOC said, adding that it seeks to build an “open, inclusive and fair competitive environment” for the digital currency’s development.China expands digital yuan programme with 12 new bank operators(April 2): Hong Kong’s ambitious plan to build a technology hub near mainland China is getting a cold shoulder from real estate executives.The government is ramping up plans to develop the Northern Metropolis, a sprawling area that it wants to house everything from cutting-edge laboratories to promising startups. In February, local officials said they would pull HK$150 billion (US$19 billion or RM77.08 billion) from the city’s currency defence fund to support the project — a high-profile show of support.But real estate executives aren’t so sure. Although the city’s big developers haven’t publicly criticised the project, privately some of them gripe about the risks of oversupply and the difficulty they face assessing investment opportunities.Their scepticism adds to signs of discord elsewhere. Environmental groups have sounded the alarm about the danger to local wildlife. On a radio show attended by Financial Secretary Paul Chan, a listener complained that the massive investment only benefits Shenzhen, and that more resources should be allocated to Hong Kong residents instead.These signs of frustration underscore the hurdles confronting the Northern Metropolis, first introduced as a solution to the city’s housing congestion in 2021. The project is set to span roughly a third of Hong Kong’s territory, occupying a long-overlooked region bordering Shenzhen.The government is clearly committed to the project. By tapping the currency defence fund for the first time in over four decades, Hong Kong officials were betting the city would reap the benefits of job creation and tax revenue eventually generated from the area, said Tommy Wu, a senior economist at Standard Chartered plc. “Hong Kong focuses on finance and professional services, but we should try not to put all our eggs in one basket,” said Wu. “So having diversity and a new growth engine is a good thing.”But the Northern Metropolis may confront some of the issues that have faced similar megacity projects, said Brian Wong, a researcher at local think tank Liber Research Community. He pointed to projects such as Saudi Arabia’s Neom and Indonesia’s Nusantara, which have encountered problems from delays to land-rights conflicts.“Urban development of this scale around the world follows a pattern,” said Wong. “During the process you’ll find it’s too ambitious — you have to scale back — or you’ll run into debt problems, or the entire project drags on for so long that more issues crop up along the way.”Hong Kong developers sceptical about ambitious tech hubby Shawna Kwan Bloombergby Ethan Wang & Ryan WooReutersA construction site in the Kwu Tung area in Hong Kong's Northern Metropolis.bloomberg
friday april 3, 2026 23 The E dge C E O m o rning briefworld(April 2): Amazon is in talks to buy satellite telecom group Globalstar as it ramps up efforts to build its own low-earth-orbit satellite business to rival SpaceX’s Starlink, the Financial Times reported on Wednesday, citing people familiar with the matter.Globalstar’s shares, which have more than doubled in market value over the past year, surged 12.3% in pre-market trading on Thursday. Amazon shares fell nearly 2%.Globalstar had a market cap of US$8.81 billion (RM35.5 billion) as of the last close.Amazon eyes US$9 bil Globalstar deal to rival SpaceX’s Starlink — report(April 2): Tesla missed Wall Street expectations for first-quarter deliveries on Thursday, as the expiry of US tax credits on the purchase of electric vehicles weighed on demand, sending its shares down nearly 4% in premarket trading.The company delivered 358,023 vehicles in the January-March period, down 14.4% from the fourth quarter, up 6.3% from a year earlier.Analysts on average had expected deliveries of 368,903 vehicles, according to Visible Alpha data.Tesla has posted two consecutive years of declining deliveries for the first time in its history. Analysts have slashed their forecasts for deliveries in 2026, with some also warning of a third straight annual drop.Tesla ceded its title as the world’s largest electric vehicle maker last year, as BYD’s surging battery electric vehicle sales overtook the American automaker for the first time.While Europe weighed on Tesla’s global figures last year, the company has since showed signs of stabilization, gaining market share in key markets such as France in the first quarter of 2026.Tesla’s China-made electric vehicle sales rose for a second consecutive quarter. For the January-March period, sales increased 23.5% from a year earlier, accelerating from a 1.9% rise in the fourth quarter.The expiry of a US$7,500 federal tax credit at the end of September dealt a blow to US electric vehicle demand, stripping away a key incentive for the purchase of an EV.Analysts expect the loss of the credit to hamper EV demand this year, adding to the headwinds Tesla already faces from intensifying competition.The landscape in Europe has grown increasingly intense for Tesla, with legacy automakers and Chinese EV brands squeezing demand for a model lineup that has changed little in recent years.Read also: Tesla’s China-made EV sales rise for second straight quarter(April 2): Alibaba Group Holding Ltd has released its third proprietary AI model in as many days, reinforcing the company’s intent to focus on profiting off its flagship artificial intelligence services.China’s e-commerce leader unfurled the agentic AI-focused Qwen3.6-Plus on Thursday, days after it trotted out upgrades to an image-generation platform and a multimodal model that can understand inputs like voice and images as well as text. All three are closed-source, meaning developers cannot download and access its code, or adapt the technology for their own purposes. That runs counter to the typical practice of many Chinese developers including MiniMax Group Inc and DeepSeek, which prefer to open up their models to promote usage and adoption.Alibaba’s Qwen platforms are among the world’s most popular in part because of their open nature. But the internet pioneer is now driving a major restructuring aimed at generating income off its sprawling AI effort. While Alibaba has emphasised it will continue to release open-source models, going proprietary in select instances allows Alibaba to retain greater control and charge more users directly.Alibaba’s keen to monetise its growing AI portfolio in part to counter weakness in its e-commerce business, which is grappling with fierce domestic competition.Tesla’s firstquarter deliveries miss estimates as tax credit expiry weighsAlibaba unveils third closedsource AI model in focus on profitReutersby Luz Ding Bloombergby Akanksha Khushi ReutersCovington, Louisiana-headquartered Globalstar is known for its low-earth-orbit communication satellites and offers voice, data and asset-tracking services across enterprise, government and consumer markets.Amazon and Globalstar were still negotiating some of the complexities of a potential deal after lengthy talks, according to the report.One complicating factor has been Apple’s ownership of a 20% stake in Globalstar, which has necessitated negotiations between Amazon and Apple, the report said.reuters
friday april 3, 2026 24 The E dge C E O m o rning briefworldSingapore reports first domestic spread of mutated monkeypox strainIndonesia earthquake damages buildings, but tsunami alerts liftedSingapore charges one more individual with AI chip fraudby Gayatri Suroyo, Fransiska Nangoy, Stanley Widianto, Ruchika Khanna, Mrinmay Dey, Kantaro Komiya & David StanwayReutersby Jun Yuan YongReutersby Audrey Wan BloombergSINGAPORE (April 2): Singapore prosecutors charged one more person with fraud on Thursday for making false representations to US server supplier Dell Technologies, linking her to two other individuals charged with similar offences in February last year.Jenny Lim was charged with conspiring with Alan Wei Zhaolun and Aaron Woon Guo Jie in 2024 to commit fraud by misleading Dell that Aperia International would be the end-user of the servers bought from Dell, police said in the charge sheets.Singapore Home Affairs Minister K Shanmugam said in March last year that authorities ascertained that servers involved in the case may contain Nvidia chips.The servers were supplied by Dell and artificial intelligence server maker Super Micro Computer to Singapore-based companies, and were then sent on to Malaysia, although it was not clear if Malaysia was their final destination, he said.The US banned the export of highend chips from Nvidia to China in 2022 amid concerns that they could be used for military purposes. The US later approved the sale of Nvidia’s second-most powerful H200 chips in January this year, with some conditions.In 2024, Singapore was Nvidia’s second-biggest market after the US, accounting for 18% of its total revenue in its latest fiscal year, a February 2025 filing by the chipmaker shows.But Singapore said last year that only 1% of Nvidia’s chips “physically came” to Singapore to be deployed in its data centres.Nvidia classified revenue by the geographical location of their customers’ headquarters in its filing for the 2026 financial year. Sales in the US, Taiwan and China accounted for 98% of its revenue.Separately, three people associated with Super Micro, including its co-founder, were charged in the US in March with helping to smuggle at least US$2.5 billion (RM10.08 billion) of US AI technology to China, violating export laws.(April 2): Singapore said a mutated monkeypox (mpox) strain has spread locally for the first time, marking a new emergence of the potentially deadly virus in Asia while it continues to spread through Africa.Two men aged 30 and 34 are in stable condition after “likely being infected through sexual activities”, according to a statement from Singapore’s communicable diseases agency on Thursday. The pathogen mpox clade Ib, which mainly spreads through intimate or prolonged close contact, was declared a global health emergency in 2024 after a fast-spreading outbreak in Africa.The virus strain has also been detected in Europe and North America. China confirmed its first domestic cluster of the variant in January last year. Travellers from affected regions are at risk of spreading the disease, which causes rashes, chills and blisters. Other symptoms include fever and swollen lymph nodes.JAKARTA/BENGALURU/MEXICO CITY/TOKYO/SINGAPORE (April 2): A magnitude 7.6 earthquake struck in Indonesia’s Northern Molucca Sea on Thursday, killing one person, damaging buildings and triggering tsunami waves, authorities and witnesses said, though monitoring agencies said the likelihood of further casualties was low.Indonesia’s meteorology agency BMKG said there were tsunami waves reported in five locations, the highest at 0.75 metres (2.46 ft) in North Minahasa in North Sulawesi and about 50 aftershocks were monitored, the largest at a magnitude of 5.8.BMKG chief Teuku Faisal Fathani initially said modelling indicated there was tsunami potential for waves of 0.5 metre to three metres (1.6 ft to 9.8 ft) high, but the agency lifted its tsunami warning later on Thursday morning.US tsunami warning authorities also initially said hazardous tsunamis were possible along the coasts of Indonesia, the Philippines and Malaysia, but later lifted the threat warning.One person was killed by falling rubble in Manado city when part of a building used by the local sports authority collapsed, deputy chief of North Sulawesi police Awi Setiyono told reporters.Reutersbloomberg
friday april 3, 2026 25 The E dge C E O m o rning briefMARKETSTop 20 active stocksWorld equity indicesTop 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)V.S INDUSTRY BHD 221.47 -0.015 0.185 -61.86 730.3TOP GLOVE CORPORATION BHD 143.26 0.100 0.760 17.83 6,245.5SUNWAY HEALTHCARE HOLDINGS 86.12 -0.130 2.000 — 23,000.3ZETRIX AI BHD 79.25 -0.005 0.750 -7.41 6,043.6AIRASIA X BHD 64.57 -0.070 1.140 -34.48 3,831.4BUMI ARMADA BHD 59.78 0.015 0.355 24.13 2,104.4TANCO HOLDINGS BHD 54.56 0.060 1.530 31.90 9,385.0DIALOG GROUP BHD 44.90 0.140 2.250 33.93 12,703.5BORNEO OIL BHD 43.46 -0.005 0.005 0.00 76.1PEGASUS HEIGHTS BHD 41.96 0.000 0.010 100.00 108.2PETRONAS CHEMICALS GROUP BHD 39.90 0.570 5.970 66.34 47,760.0SUPERMAX CORPORATION BHD 38.75 0.010 0.305 -8.96 995.7HARTALEGA HOLDINGS BHD 38.12 0.020 1.180 19.19 4,044.6VELESTO ENERGY BHD 33.66 0.000 0.340 23.64 2,800.1PHARMANIAGA BHD 30.42 -0.005 0.255 -10.53 1,672.0GDB HOLDINGS BHD 30.13 0.010 0.380 4.11 391.9CAPITAL A BHD 28.14 -0.015 0.420 1.20 1,877.6OCR GROUP BHD 27.50 0.000 0.045 12.50 150.3BINA PURI HOLDINGS BHD 26.28 -0.005 0.295 0.00 263.4KOSSAN RUBBER INDUSTRIES BHD 25.93 0.060 1.230 12.84 3,146.2Data as compiled on Apr 2, 2026 Source: BloombergNAME CLOSE CHANGE VOLUME YTD MARKET(%) (‘000) CHANGE CAP(%) (RM MIL)CONCRETE ENGINEERING PRODUCTS 2.430 29.95 61.80 125.00 181.3OASIS HARVEST CORPORATION BHD 0.200 25.00 66.10 -11.11 29.4RENEUCO BHD 0.025 25.00 175.00 -37.50 28.6FITTERS DIVERSIFIED BHD 0.030 20.00 730.50 0.00 70.6HLT GLOBAL BHD 0.030 20.00 2,422.80 20.00 37.6NEXGRAM HOLDINGS BHD 0.030 20.00 1,647.40 100.00 29.3ZELAN BHD 0.035 16.67 108.00 16.67 29.6HB GLOBAL LIMITED 0.035 16.67 583.70 -12.50 27.4VSOLAR GROUP BHD 0.035 16.67 21.40 -12.50 17.4EVD BHD 0.035 16.67 100.00 -30.00 15.7TOP GLOVE CORPORATION BHD 0.760 15.15 143,259.40 17.83 6,245.5JASA KITA BHD 0.230 15.00 10.00 -11.54 103.4DIGISTAR CORPORATION BHD 0.040 14.29 15.00 -27.27 25.2GOLDEN LAND BHD 0.350 12.90 2.00 40.00 78.0MALAYAN UNITED INDUSTRIES BHD 0.045 12.50 589.10 -10.00 145.2ENCORP BHD 0.145 11.54 11.20 -12.12 45.9NETX HOLDINGS BHD 0.050 11.11 110.00 -23.08 46.9PAOS HOLDINGS BHD 0.310 10.71 0.10 3.33 56.2PETRONAS CHEMICALS GROUP BHD 5.970 10.56 39,900.50 66.34 47,760.0ES CERAMICS TECHNOLOGY BHD 0.105 10.53 9,047.30 0.00 74.2Data as compiled on Apr 2, 2026 Source: BloombergNAME CLOSE CHANGE VOLUME YTD MARKET(%) (‘000) CHANGE CAP(%) (RM MIL)BORNEO OIL BHD 0.005 -50.00 43,462.80 0.00 76.1FOCUS DYNAMICS GROUP BHD 0.005 -50.00 4,704.40 -50.00 31.9PERMAJU INDUSTRIES BHD 0.005 -50.00 151.40 -50.00 9.8SENTORIA GROUP BHD 0.010 -33.33 188.80 0.00 6.2ADVANCE INFORMATION MARKETING 0.045 -25.00 2.00 -18.18 17.6VINVEST CAPITAL HOLDINGS BHD 0.020 -20.00 14.20 -42.86 19.4VIZIONE HOLDINGS BHD 0.105 -19.23 57.80 -27.59 58.0JOHAN HOLDINGS BHD 0.025 -16.67 10.00 -16.67 29.2XOX NETWORKS BHD 0.025 -16.67 114.50 -16.67 28.4ALDRICH RESOURCES BHD 0.050 -16.67 18.70 -37.50 17.2NOVA TECHNOLOGY SERVICES BHD 0.030 -14.29 1,074.50 -40.00 26.9TECHNA-X BHD 0.030 -14.29 99.30 -25.00 8.2THRIVEN GLOBAL BHD 0.065 -13.33 66.00 -7.14 35.6IQ GROUP HOLDINGS BHD 0.390 -13.33 41.30 -20.41 34.3EVERSAFE RUBBER BHD 0.065 -13.33 20.00 -38.10 15.6MIDTOWN GROUP BHD 0.065 -13.33 2.00 -23.53 12.4BCB BHD 0.230 -11.54 54.00 -11.54 94.9AVILLION BHD 0.040 -11.11 101.00 -11.11 56.7PNE PCB BHD 0.040 -11.11 19.10 0.00 22.4JIANKUN INTERNATIONAL BHD 0.045 -10.00 6.10 28.57 25.5Data as compiled on Apr 2, 2026 Source: BloombergNAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL)Nestlé (Malaysia) Bhd 98.860 -1.840 79.20 -13.28 23,182.7PETRONAS DAGANGAN BHD 21.100 -0.900 654.20 7.98 20,961.9MALAYSIAN PACIFIC INDUSTRIES 29.080 -0.880 40.30 -9.80 6,103.4UNITED PLANTATIONS BHD 34.000 -0.800 1,277.20 13.11 21,228.1FRASER & NEAVE HOLDINGS BHD 29.300 -0.600 48.90 -16.63 10,746.6HONG LEONG FINANCIAL GROUP 19.060 -0.460 178.20 1.07 21,871.7SUNWAY CONSTRUCTION GROUP 6.410 -0.390 2,716.10 14.77 8,512.3WESTPORTS HOLDINGS BHD 5.440 -0.360 17,549.10 -2.18 18,694.4HONG LEONG BANK BHD 22.000 -0.300 4,897.70 0.67 47,689.8HEINEKEN MALAYSIA BHD 22.720 -0.280 54.90 -1.05 6,863.7PETRONAS GAS BHD 18.040 -0.220 436.50 0.67 35,696.3ALLIANZ MALAYSIA BHD 20.680 -0.220 123.50 7.08 3,810.5AMMB HOLDINGS BHD 6.500 -0.210 8,929.00 0.00 21,542.2ALLIANCE BANK MALAYSIA BHD 4.750 -0.210 7,961.00 -5.94 8,218.6MALAYAN BANKING BHD 11.460 -0.200 15,123.30 12.60 138,449.5BRITISH AMERICAN TOBACCO (M) 5.530 -0.190 322.20 32.87 1,579.0ITMAX SYSTEM BHD 4.550 -0.160 2,267.90 -3.99 4,713.2SUNWAY BHD 5.030 -0.150 13,121.90 -7.60 34,231.3HUME CEMENT INDUSTRIES BHD 3.140 -0.150 227.70 -6.55 2,278.0DKSH HOLDINGS(M)BHD 5.650 -0.150 123.70 -4.07 890.8Data as compiled on Apr 2, 2026 Source: BloombergNAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL)PETRONAS CHEMICALS GROUP BHD 5.970 0.570 39,900.50 66.34 47,760.0CONCRETE ENGINEERING PRODUCTS 2.430 0.560 61.80 125.00 181.3KUALA LUMPUR KEPONG BHD 21.880 0.360 1,142.20 11.62 24,422.5PPB GROUP BHD 12.160 0.260 1,001.80 9.95 17,298.8BATU KAWAN BHD 21.560 0.260 87.60 13.36 8,614.0TA ANN HOLDINGS BHD 5.560 0.250 1,000.50 36.34 2,473.3MALAYAN CEMENT BHD 6.610 0.220 3,074.30 -13.01 9,219.6SARAWAK OIL PALMS BHD 4.770 0.160 1,258.30 26.86 4,290.1SD GUTHRIE BHD 6.150 0.140 24,149.70 7.33 42,531.6DIALOG GROUP BHD 2.250 0.140 44,899.90 33.93 12,703.5YTL POWER INTERNATIONAL BHD 3.200 0.120 13,630.00 -3.32 27,828.7GENTING PLANTATIONS BHD 5.250 0.110 58.00 6.69 4,711.1AYER HOLDINGS BHD 7.010 0.110 20.00 0.14 524.7TOP GLOVE CORPORATION BHD 0.760 0.100 143,259.40 17.83 6,245.5JOHOR PLANTATIONS GROUP BHD 1.900 0.100 11,181.20 21.87 4,750.0HI MOBILITY BHD 2.000 0.100 1,539.80 -27.01 1,000.0UMS HOLDINGS BHD 1.960 0.100 10.00 13.29 79.8KLCC PROP&REITS-STAPLED SEC 8.900 0.080 150.40 4.30 16,067.5KUMPULAN FIMA BHD 2.560 0.080 70.10 0.39 738.4FRONTKEN CORPORATION BHD 3.870 0.070 1,255.90 -7.42 6,435.7Data as compiled on Apr 2, 2026 Source: BloombergCLOSE CHANGE CHANGE(%)CLOSE CHANGE CHANGE(%)DOW JONES* 46,565.74 224.23 0.48S&P 500* 6,575.32 46.80 0.72NASDAQ 100* 24,019.99 279.80 1.18FTSE 100* 10,364.79 -11.06 -0.11AUSTRALIA 8,579.49 -92.29 -1.06CHINA 3,919.28 -29.27 -0.74HONG KONG 25,116.53 -177.50 -0.70INDIA 73,319.55 185.23 0.25INDONESIA 7,026.78 -157.66 -2.19JAPAN 52,463.27 -1276.41 -2.38KOREA 5,234.05 -244.65 -4.47PHILIPPINES 5,998.68 49.74 0.84SINGAPORE 4,947.50 -28.33 -0.57TAIWAN 32,572.43 -602.39 -1.82THAILAND 1,465.72 -5.27 -0.36VIETNAM 1,694.82 -8.11 -0.48Data as compiled on Apr 2, 2026 * Based on previous day’s closing Source: BloombergCPO RM 4,794.00 25.00 OIL US$ 108.30 7.14 RM/USD 4.0398 RM/SGD 3.1389 RM/AUD 2.7778 RM/GBP 5.3332 RM/EUR 4.6562