The EDGE - 04 March 2025

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CEOMorningBrief TUESDAY, MARCH 4, 2025 ISSUE 920/2025 theedgemalaysia.com NATIONGATE CLOSES AT LIMIT-DOWN LEVELS AMID SINGAPORE’S PROBE INTO SERVER SHIPMENTS p3 HOME: Pantech Global closes 15.4% below IPO price on Main Market debut p6 Grab buys operator of Everrise supermarkets from Navis p7 Asian Pac to buy Jaya Shopping Centre in Petaling Jaya for RM100 mil p7 WORLD: Trump heads towards tariff barrage on Canada, Mexico, China p18 Bubble-tea giant Mixue surges 43% after HK’s biggest IPO of year p21 MACC: Ismail Sabri a ‘suspect’ in probe involving RM700 mil Keluarga Malaysia promotion campaign Report on Page 2. Report on Page 4. MP calls for ban on private hospital IPOs, urges nationalisation of IHH and KPJ SHAHRILL BASRI/ THEEDGE The seized cash and gold bars seen arrayed alongside heavily armed guards at the MACC press conference on Monday.

TUESDAY MARCH 4, 2025 2 THE EDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] MACC: Ismail Sabri a ‘suspect’ in probe involving RM700 mil Keluarga Malaysia promotion campaign PUTRAJAYA (March 3): Former prime minister Datuk Seri Ismail Sabri Yaakob is a “suspect” in the Malaysian Anti-Corruption Commission’s (MACC) probe into the RM700 million funds spent under the “Keluarga Malaysia” promotion campaign, according to MACC chief commissioner Tan Sri Azam Baki. Azam said Ismail Sabri is considered a suspect given his close association with the RM177 million cash (in various currencies) and gold, as well as other valuables such as jewellery and luxury watches of undetermined value, that the MACC announced on Sunday it had seized following a raid on “safe houses” linked to his former aides. “In this matter, I can say that he (Ismail Sabri) is a suspect in this case, because firstly, Section 36 [of the MACC Act] was provided to him for him to declare his assets, and secondly, when the cash was found, he was among those associated, so we must get his clarification on the discovery of the cash found,” Azam told a press conference at the anti-graft body’s headquarters here on Monday. The RM177 million worth of cash and valuables were confiscated by the MACC from one of four safe houses it raided on Feb 21. On the same day, four senior officers who served under the former prime minister were arrested, after the agency received new information and intelligence reports. Keluarga Malaysia was a concept introduced by Ismail Sabri BY IZZUL IKRAM theedgemalaysia.com in August 2021 during his inaugural speech as the prime minister. The idea was to encourage Malaysians to put aside their differences and work together to rebuild the nation, following the Covid-19 pandemic. Ismail Sabri to give statement again on Wednesday On Monday, Azam said only RM14 million of the cash seized was in ringgit, while the remainder was in foreign currencies. Ismail Sabri had declared his assets on Feb 10 and provided his statement to the MACC on Feb 19, said Azam. Azam said the former prime minister will be called in again on Wednesday to have another statement recorded. However, this will be subject to his health condition, Azam said, noting that Ismail Sabri had, a day after the raids on Feb 22, collapsed at home and subsequently hospitalised for blood pressure-related problems, according to news reports. The investigation into the funds spent under Keluarga Malaysia’s promotional campaign was opened back in early 2024, under the MACC Act, according to Azam. A separate investigation paper has now been opened under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA), said the MACC chief, following the asset seizure. “My officers will immediately conduct a detailed investigation to trace other assets and undertake financial tracing [of the confiscated assets],” he said. Under the Keluarga Malaysia probe, the MACC has recorded statements from 31 witnesses, while 10 more witnesses are slated to be called to provide statements. Besides the confiscated cash and gold, 13 bank accounts with a total of RM2 million in them belonging to undisclosed individuals have also been frozen. According to Azam, neither Ismail Sabri nor Keluarga Malaysia’s bank accounts have been frozen. MACC chief commissioner Tan Sri Azam Baki. Datuk Seri Ismail Sabri Yaakob SHAHRILL BASRI/THE EDGE HOME

TUESDAY MARCH 4, 2025 3 THE EDGE CEO MORNING BRIEF HOME (March 3): Singapore is investigating whether Dell Technologies Inc and Super Micro Computer Inc servers shipped to Malaysia housed Nvidia Corp chips barred from China, outlining a case that’s highlighted the role of middlemen in funneling high-end semiconductors. The country’s law minister on Monday outlined specifics of the probe after local media reported police arrested several people for their alleged roles in procuring and shipping Nvidia chips in violation of US sanctions. They stand accused of misleading server suppliers of the actual end-users of the hardware, which were shipped from Singapore to Malaysia, Law Minister K Shanmugam told reporters. Authorities are now investigating if the servers, made by Dell and Super Micro, made their way to other countries, he said. The case is casting a spotlight on Singapore-based entities’ role in channeling Nvidia chips to China and potentially other countries restricted by the US. The case comes weeks after Bloomberg News reported that the US was investigating whether Chinese artificial intelligence sensation DeepSeek had circumvented US chip curbs with help of third parties in Singapore. Singapore has requested further information from Malaysia and the US to determine the final destination of the servers, Shanmugam said. “The question is whether Malaysia was a final destination or from Malaysia it went to somewhere else, which we do not know for certain at this point,” he said. A preliminary investigation found that the chips in those servers could potentially subject the devices to US export restrictions. “We assessed that the servers may contain Nvidia chips,” Shanmugam said, stopping short of confirming that. Representatives of Dell, Super Micro and Nvidia didn’t immediately respond to requests for comment outside regular US business hours. Singapore probing potential fraud in Nvidia AI chip shipments to Malaysia KUALA LUMPUR (March 3): Shares of NationGate Holdings Bhd (KL:NATGATE) succumbed to panic selling and closed at limit-down levels on Monday, following news reports that three men were charged with fraud in Singapore over alleged movement of Nvidia chips. Singapore is reportedly investigating if Dell and Super Micro servers shipped to Malaysia housed banned Nvidia chips, highlighting the role of middlemen in funnelling high-end semiconductors. NationGate’s share price plunged 55 sen or 29.7% to RM1.30, erasing all gains made since December 2023. Trading volume reached 48.85 million, being one of the most actively traded stocks on Bursa. At RM1.30, the company was valued at RM2.96 billion, with a trailing 12-month price-earnings ratio of 18.47 times. NationGate co-founder and managing director Datuk Ooi Eng Leong told The Edge that the court case was associated with a company that is an Nvidia Cloud Partner (NCP) and has nothing to do with NationGate. “We are a manufacturer for Nvidia. NCP is one of the end-users; they are not our customers,” he explained. Last Thursday (February 27), NationGate reported record-high net profit and revenue for the fourth quarter ended Dec NationGate closes at limit-down levels amid Singapore’s probe into server shipments BY JOHN LAI theedgemalaysia.com BY GAO YUAN & MACKENZIE HAWKINS Bloomberg 31, 2024 (4QFY2024), boosted by its data computing segment associated with the assembly of artificial intelligence (AI) servers for Nvidia. Quarterly net profit jumped four times to RM64.06 million from RM15.92 million in 4QFY2023, as revenue surged nearly 18 times to RM3.03 billion from RM171.58 million a year ago. For the full FY2024, the group’s net profit jumped 2.6 times to RM160.19 million from RM60.81 million, as revenue jumped more than eight times to RM5.27 billion from RM638.3 million. Following the strong earnings, two research firms, Kenanga Investment Bank and UOB Kay Hian, upgraded their recommendations from “hold” to “buy” and revised their target prices (TPs) higher. UOB increased its TP to RM2.33 from RM2.10, while Kenanga revised upward its TP to RM2.21 from RM2.15. In total, there are currently five “buys” and one “hold” on NationGate, with an average target price of RM2.66. These target prices range from Affin Hwang Investment Bank’s RM2.12 to Macquarie’s RM4.00. Read also: Miti says looking into allegation Nvidia’s AI chips shipped to Malaysia from Singapore Nvidia relies on companies such as Dell, Super Micro and Hewlett Packard Enterprise Co to make the servers that house its coveted AI chips. Those companies then sell the servers either directly or through intermediaries to data center operators across the world. Super Micro and Dell were already among companies scrutinised for their potential role in how Nvidia chips subject to US export controls end up in China. Nvidia asked Super Micro and Dell to audit customers in Southeast Asia to verify that they still possess the Nvidia-powered servers they bought, the Information reported in December, citing a person close to the US.Department of Commerce. NationGate Holdings Bhd Feb 9, 2024 March 3, 2025 RM *RM1.30 0 1 2 3 *As at market close on March 3, 2025 Source: Bloomberg RM1.42 12 Things You Must Know About A Stock Click to Read the full story

TUESDAY MARCH 4, 2025 4 THE EDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Mac 3): The Attorney General’s Chambers (AGC) has determined that there is insufficient evidence to charge former Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz over the alleged transfer of billions in 1Malaysia Development Bhd (1MDB) funds overseas. In a written parliamentary reply on Feb 27, Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said the police’s Anti-Money Laundering Crime Investigation Team had not opened an investigation paper on Zeti or her family. However, she confirmed that the Anti-Money Laundering Crime Investigation Team is actively investigating Zeti’s husband, Datuk Tawfiq Ayman, following a police report lodged at the Dang Wangi police station against him. Currently, Tawfiq is being investigated under Section 4(1)(a) of the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001 (AMLA). This section applies to anyone who directly or indirectly engages in a transaction involving proceeds from unlawful activities or crime-related assets. Azalina added that AMLA officers had recorded statements from Tawfiq and the couple’s children, Aziz Ayman and Alif Ayman, to assist in the 1MDB investigation. “I am responding on behalf of the AGC. Based on the feedback received, the available evidence is insufficient to bring charges against Zeti,” she said. Azalina was replying to Lim Lip Eng (Pakatan Harapan-Kepong), who questioned why no action had been taken against Zeti and whether a full investigation was being conducted into her assets, as well as those of her husband and children. Azalina reiterated that the police’s Commercial Crime Investigation Department had Parliament: Zeti not charged in 1MDB fund transfer case due to insufficient evidence, says Azalina KUALA LUMPUR (March 3): Bayan Baru member of Parliament Sim Tze Tzin has urged the government to consider banning private hospitals from going public to curb profit-driven healthcare. He also suggested that Malaysia’s sovereign wealth fund Khazanah Nasional Bhd and the Employee’s Provident Fund (EPF) consider delisting the private hospitals that they have stakes in on Bursa Malaysia, to make them fully government-owned. Citing South Korea’s ban on hospital operators from going public as an example, Sim argued that hospitals should prioritise “saving lives”, rather than pursuing higher profits. “Listed private hospitals are required to disclose their financial performance every three months, which pressures them to maximise profits. This is an unhealthy situation,” Sim said during the Supplementary Supply (2024) Bill debate in Dewan Rakyat on Monday. Khazanah currently holds a 25.92% MP calls for ban on private hospital IPOs, urges nationalisation of IHH and KPJ BY CHOY NYEN YIAU theedgemalaysia.com BY CHOY NYEN YIAU theedgemalaysia.com indirect stake in IHH Healthcare Bhd (KL:IHH), which operates several hospital brands in Malaysia, including Pantai, Gleneagles, and Prince Court. Meanwhile, EPF owns a 10.19% direct stake in IHH. EPF also owns 11.87% in KPJ Healthcare Bhd (KL:KPJ), whose largest shareholder is Johor’s state investment arm, Johor Corp, with 35.86%. “Why not delist these private hospitals and keep them private, so they are not pressured by shareholders demanding higher profits?” Sim questioned. Sim, who has been vocal about rising medical costs in the country, also urged the Ministry of Domestic Trade and Cost of Living to investigate private hospitals for engaging in “clearly excessive profiteering”. He highlighted alleged overcharging, citing the example of a disparity in pricing between medical gloves at private hospitals, which are going for RM20 a pair, and the market price for a box at RM10. “Malaysia is one of the world’s largest glove producers, so why are private hospitals charging RM20 for a single pair? This is absolutely ridiculous,” he said. 12 Things You Must Know About A Stock Click to conducted a thorough investigation into the 1MDB scandal, rather than focusing on specific individuals. She also emphasised that there is no time limitation for criminal action to be taken against any party. Zeti was a key prosecution witness in the 1MDB-Tanore trial of former prime minister Datuk Seri Najib Razak. Last December, Najib had questioned in court why prosecutors had not pursued Zeti and her husband, alleging that her family had received funds from 1MDB scandal mastermind Low Taek Jho, better known as Jho Low. Zeti had, during the trial, testified that her family had never received any funds from 1MDB. Tawfiq had also refuted former Goldman Sachs banker Tim Leissner’s bribery allegation against him. Leissner, who had pleaded guilty to participating in the massive 1MDB fraud, had accused Zeti’s husband of receiving kickbacks to get billions of dollars wired overnight to Malaysia for the 1MDB-Petrosaudi International Ltd joint venture. Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. BERNAMA

TUESDAY MARCH 4, 2025 5 THE EDGE CEO MORNING BRIEF Tan Sri Datuk Seri Lim Keng Cheng Lim Pak Lian Lim Keng Hun Datuk Lim Keng Guan Unless otherwise defined, the terms used in this advertisement shall have the same meaning as the terms used in prospectus dated 28 February 2025 issued by Lim Seong Hai Capital Berhad (“Prospectus”). All applications for the Offering Shares under the Retail Offering must be based on and comply with the terms stated in the Prospectus and the Constitution of Lim Seong Hai Capital Berhad. Applications of the Offering Shares under the Retail Offering must be submitted using one (1) of the following methods: • The application form accompanying the Prospectus must be used and completed in accordance with the notes and instructions contained in the respective category of the application form, and dispatched by ordinary post or delivered by hand to Malaysian Issuing House Sdn Bhd; or • Electronic share application through an automated teller machine (ATM) of a participating financial institution and their branches, namely Affin Bank Berhad, Alliance Bank Malaysia Berhad, AmBank (M) Berhad, CIMB Bank Berhad, Malayan Banking Berhad, Public Bank Berhad and RHB Bank Berhad; or • Internet share applications through the internet financial services website of an internet participating financial institutions namely, Affin Bank Berhad, Alliance Bank Malaysia Berhad, CGS International Securities Malaysia Sdn Bhd (formerly known as CGS-CIMB Securities Sdn Bhd), Malacca Securities Sdn Bhd, Malayan Banking Berhad, Moomoo Securities Malaysia Sdn Bhd and Public Bank Berhad. Investors are advised to read and understand the contents of the Prospectus. If in doubt, please consult a professional adviser. Investors must consider the specific risk factors listed in Section 8 of the Prospectus. The printed Prospectus with the application form can be obtained from AmInvestment Bank Berhad, participating organisations of Bursa Malaysia Securities Berhad, members of the Association of Banks in Malaysia, members of the Malaysian Investment Banking Association, Malaysian Issuing House Sdn Bhd, and Lim Seong Hai Capital Berhad, subject to availability. Public investors can also view and download the Prospectus from Bursa Malaysia Berhad’s website at https://www.bursamalaysia.com Public Offering Price: LIM SEONG HAI CAPITAL BERHAD 202001036664 (1392985-A) Applications close on 6 March 2025 at 5:00 PM LIM SEONG HAI CAPITAL BERHAD Transfer Listing from LEAP to ACE Market (Stock Code: 0351) Open for Subscription RM0.88 per share

TUESDAY MARCH 4, 2025 6 THE EDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 3): Pantech Global Bhd (KL:PGLOBAL) said on Monday its US clients continued to place orders from the newly listed steel pipe manufacturer despite new import tariffs. The company has been in constant contact with its customers in the US, “and none of them have shown any sign of concern”, said managing director Adrian Tan. The US is the single largest market for Pantech Global, contributing 47% to revenue for the year ended Feb 29, 2024 (FY2024). “US business unaffected by tariffs for now, demand still resilient” KUALA LUMPUR (March 3): Pantech Global Bhd (KL:PGLOBAL) made a lacklustre debut on the local bourse on Monday, becoming the first new listing this year to close below its initial offering price (IPO) on the first trading day. Pantech Global settled down 10.5 sen or 15.44% at 57.5 sen — from its IPO price of 68 sen — after the pipe manufacturing company raised RM178 million from its initial share sale on the Main Market of Bursa Malaysia. The stock opened 32% lower at 46.5 sen on its first trade and sank to as low as 40 sen in the morning session. At its closing price of 57.5 sen, Pantech Global was valued at RM489 million. It was the most active counter on Bursa Malaysia with 86.06 million shares traded. With Pantech Global’s listing, Bursa Malaysia has seen nine IPOs so far this year. “We remain committed to strengthening our capabilities, expanding our market reach, and driving sustainable value for our stakeholders,” Pantech Global group managing director Adrian Tan said in a speech during the company’s listing ceremony. Demand during the IPO of Pantech Global, a spin-off of Pantech Group Holdings Bhd (KL:PANTECH), was strong ahead of the listing, with shares set aside for the public oversubscribed by nearly 45 times.Pantech Global shrugged off the US tariffs of 25% on steel and aluminium imports announced shortly after the Pantech Global closes 15.4% below IPO price on Main Market debut BY JUSTIN LIM theedgemalaysia.com BY JUSTIN LIM theedgemalaysia.com Pantech Global Bhd 9am 5pm March 3, 2025 RM *57.5 sen 40 50 60 70 *As at market close on March 3, 2025 Source: Bloomberg 46.5 sen IPO price: 68 sen Demand is still resilient, and “we have built our reputation as an exporter, so people know who we are”, Tan added. The comments come after the company’s shares fell 32% in its first trade on Monday. Pantech Global, a spin-off of Pantech Group Holdings Bhd (KL:PANTECH), raised RM178 million during its initial public offering. Both investors and the steel industry are increasingly worried about US import tariffs on steel, which may cause a diversion and flood Southeast Asia with excess products. Tan said he was disappointed with Pantech Global’s performance on its maiden trading day, stressing that its fundamentals are solid and the company is expected to remain profitable. He also reiterated that the absence of exemptions or exceptions creates a level playing field for the industry. Apart from the US, the company is also expanding business in the European Union, South America, the Middle East and North Africa, Tan added. company launched the IPO, noting that the nature of the tariffs that come without any exemptions or exceptions would provide a level playing field. The company commanded about twothirds of Malaysia’s export market share for butt weld pipe fittings, and 16% of the country’s production market share for stainless steel welded pipes in 2023. The company has earmarked 74% of the IPO’s proceeds for expansion and capital expenditure, 13% for working capital, and 8% for loan repayment. The rest will be set aside to cover estimated listing expenses. There was no sale of existing shares, meaning that the company’s main shareholders held on to their stakes. Alliance Islamic Bank Bhd is the principal adviser, underwriter, and placement agent for the IPO. 12 Things You Must Know About A Stock Click to (From left) Alliance Bank Malaysia group chief corporate and institutional banking officer Teoh Chu Lin, Alliance Islamic Bank CEO Rizal Il-Ehzan Fadil Azim, Pantech Global deputy MD Kong Chiong Lee, MD Adrian Tan, independent non-executive directors Doreen Tea Sor Hua, Mark Wong Kah Kit, Sam Ong Ken Wai and Karina Idris Ahmad Shah, chairman Datuk Jimmy Chew, ED Lim Soon Beng, head of corporate affairs Freddie Chew, and Alliance Islamic senior VP of corporate finance (Islamic capital markets) Tee Kok Wah. THE EDGE

TUESDAY MARCH 4, 2025 7 THE EDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 3): Property developer Asian Pac Holdings Bhd’s (KL:ASIAPAC) wholly owned subsidiary Primadana Utama Sdn Bhd is buying Jaya Shopping Centre in Petaling Jaya, Selangor, for RM100 million cash. According to the bourse filing, the seven-storey shopping mall covers an approximate area of 92,712 sq ft, including a lower ground floor and four levels of basement car park with 786 car park bays. It has an occupancy rate of 78%. The vendor is Jaya Section Fourteen Sdn Bhd, whose directors are Hooi Pik Ling, Amy Ng Lee Hoon, Sim Sin Ying, Wan Kwong Weng and Wong Su Cheng. Asian Pac said it will fund the purchase through a combination of internally generated funds and bank borrowings. The breakdown has not been finalised. Following the acquisition, the group’s retail net lettable areas will increase to 996,207 sq ft from 728,094 sq ft. Currently it owns Imago Mall in Kota Kinabalu, Sabah. Asian Pac said the proposed acquisition aligns with its strategy to invest in retail malls, with the objective of increasing net property income. “This acquisition will not only provide a ready recurring income stream but also allow the group to establish a presence in a location outside its existing operations. The mall is strategically located in the heart of various affluent suburbs in Petaling Jaya and accessible via major roads and highways, enhancing convenience and foot traffic [while] contributing to its potential as a prime retail destination.” “Premised on the above, the board is optimistic on the prospect of the proposed acquisition to enhance the group’s financial performance,” it added. As of Dec 31, 2024, the group had cash and bank balances of RM59.51 million, with short-term borrowings of RM223.34 million and long-term borrowings of RM279.03 million. It expects its net gearing to increase to 0.6 times from 0.51 times following the mall acquisition. Shares of Asian Pac closed unchanged at nine sen on Monday, giving it a market capitalisation of RM134 million. Asian Pac to buy Jaya Shopping Centre in Petaling Jaya for RM100 mil KUALA LUMPUR (March 3): Technology company Grab Holdings Inc is acquiring the entire stake in the operator of Everrise supermarkets from Navis Capital Partners, a private equity firm based in Kuala Lumpur. The transaction details were not disclosed in Monday’s press statement announcing the deal. Navis invested in Eastern Grocer Sdn Bhd in 2019, when it mainly catered to the mass market, before turning the business into a premium grocery chain with 19 outlets in Sabah and Sarawak. This follows Grab’s purchase of a majority stake in Jaya Grocer Holdings Sdn Bhd, a leading mass-premium supermarket chain in Malaysia, two years ago. “Everrise has a strong 30-year heritage, loyal customers and a dedicated team. By combining that with our prior experience in premium grocery, Everrise quickly became the undisputed leading brand for premium grocery shopping in East Malaysia, said Navis partner Edwin Fua. “We are extremely proud of our partnership with the Sia family and appreciate their contributions in making this journey with us. The business is now well positioned to take the next step and lead the digitalisation of the grocery shopping experience in East Malaysia together with Grab. It will be an exciting next few years and we look forward to its continued success,” he said Jeffrey Sia, representing the founding family for Everrise, said Navis has helped transition the business to a fully professional team and created a robust foundation for independent future growth. “Grab’s vision for the future comes at a perfect time and will be the beginning of a new milestone for the business to reach even greater heights. The team at Everrise is looking forward to this new partnership to deliver an even better shopping experience to all our customers”. Navis has been advised by Rothschild, Wong & Partners and PwC. Founded in 1998, Navis manages approximately US$5 billion (RM22.3 billion) in private equity and private credit capital and focuses on investments primarily in Southeast Asia and its adjacent economies. Since its inception, Navis has completed over 95 control transactions, of which over 60 have been exited, and consistent with Navis investment strategy, the majority of these exits have been to trade buyers. Grab buys operator of Everrise supermarkets from Navis BY JUSTIN LIM theedgemalaysia.com BY JOHN LAI theedgemalaysia.com 12 Things You Must Know About A Stock Click to EVERRISE

TUESDAY MARCH 4, 2025 8 THE EDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 3): Digital media and advertising group Catcha Digital Bhd (KL:CATCHA), which has seen its earnings double in its recently concluded FY2024, plans to continue to expand via mergers and acquisitions (M&As), and may spend more than the RM80 million it set aside in September last year for this purpose. Catcha Digital, which just announced over two months ago that it was buying controlling stakes in three companies, said its acquisitions typically fall into two categories: platform acquisitions and add-on acquisitions. “Platform acquisitions involve acquiring businesses with sufficient scale or those that will achieve scale through a focused buy-and-build strategy, while add-on acquisitions are made to grow and scale existing platform acquisitions,” chief executive officer Eric Tan Leong Yit told a briefing with investors on Monday. The group aims to strengthen its position as a comprehensive online-to-offline (O2O) digital media solutions provider and has been focusing on the digital out-ofhome (DOOH) space to build the O2O ecosystem, to integrate it with advertisers. Catcha Digital will also expand through M&As and partnerships in the experiential in-person marketing space, which is crucial for its O2O strategy. It plans to pursue M&As both horizontally and vertically to strengthen its core digital media business. In terms of the industry’s advertising expenditure (adex) outlook, the company anticipates the first half of 2025 to be similar to the previous year, with slight growth expected. The company has previously said it will focus on ensuring that all its deals are earnings-accretive, targeting an internal rate of return (IRR) of 20%. Payment for recent acquisitions contingent on performance In December last year, Catcha Digital announced three acquisitions with a total purchase price of RM35.18 million, cash. Payments for these acquisitions were structured in tranches that are contingent on performance, which will incentivise the existing management to perform, said Tan. The company is acquiring a 70% stake in leading food expo provider, Tastefully Malaysia Sdn Bhd, for RM7.6 million to Catcha Digital to continue M&A spree, expansion may exceed RM80 mil target KUALA LUMPUR (March 3): Barakah Offshore Petroleum Bhd (KL:BARAKAH) is seeking a new buyer for its Kota Laksamana 101 (KL101) barge as it has cancelled its plan to sell the vessel to PT Wintermar Rajawali Asia after the preliminary agreement they inked for the deal lapsed on Feb 28. In a bourse filing, Barakah, which is under Practice Note 17 (PN17), said it has sent a notice of cancellation and termination to PT Wintermar Rajawali on Monday. “Accordingly, the MOA has become null with immediate effect,” Barakah said. Barakah said it is already in active talks with several other potential buyers to finalise the disposal of the KL101 barge, while simultaneously negotiating revised payment terms with the Export-Import Bank of Malaysia Bhd (Exim Bank) for its outstanding debt. Barakah had intended for the disposal of the barge to partially repay the US$11.06 million (about RM49.4 million) it owed Exim Bank. It had inked a memorandum of agreement on Oct 28, 2024, with PT Wintermar Rajawali, an Indonesian offshore shipping company, to sell the KL101 barge for US$9.7 million (approximately RM41.81 million), though the price that was agreed upon was lower than the minimum disposal consideration of US$11.4 million that was approved by Barakah’s shareholders on March 25, 2024. Barakah has been under PN17 status since March 2019, after defaulting on payments to Exim Bank for the KL101 barge. The vessel’s disposal is part of the group’s cost-cutting initiatives to improve its finanBarakah back on the hunt for barge buyer as deal with PT Wintermar Rajawali falls through BY EMIR ZAINUL theedgemalaysia.com BY JOHN LAI theedgemalaysia.com cial position, as maintaining the idle barge incurs annual expenses of about RM2.09 million for maintenance and RM3.52 million for depreciation. The barge, a pipe-laying vessel, has been idle since September 2019. Despite this setback, Barakah remains focused on exiting its PN17 status. In a monthly update filed to Bursa Malaysia on Monday, Barakah said it is still developing a plan to regularise its PN17 condition and that it has secured a six-month extension till May 14 this year from Bursa to submit the plan for regulatory approval. As of its financial year ended June 30, 2024 (FY2024), Barakah had cash and bank balances of RM16.01 million, with short-term borrowings of RM52.05 million. It reported accumulated losses of RM133.76 million and a negative operating cash flow of RM13.36 million. Shares in Barakah ended unchanged at four sen on Monday, giving the company a market capitalisation of RM40.12 million. 12 Things You Must Know About A Stock Click to 12 Things You Must Know About A Stock Click to strengthen its position in the integrated digital and offline advertising space. It is also acquiring a 60% stake in Drive 2 Digital Sdn Bhd (D2D) for RM16.2 million to expand into the automotive digital media space, and a 51% stake in artificial intelligence (AI) powered sales automation software provider Nexible Solutions Sdn Bhd for RM11.38 million to drive synergistic cross-selling. The Tastefully Malaysia deal is payable in four tranches over 36 months, contingent upon achieving profit targets of RM500,000, RM1.1 million, RM1.4 million, and RM1.6 million across the respective periods. The D2D deal is payable in three tranches over 24 months, contingent upon achieving profit targets of RM3.5 million in the first 12 months and RM4.2 million in the subsequent 12 months. The Nexible Solutions’ acquisition is payable in four tranches, contingent upon achieving profit targets of: RM700,000 for the financial year ending April 30, 2024 (FY2024), RM1.2 million for FY2025, RM2.2 million for FY2026, and RM3.3 million for FY2027. Read the full story

TUESDAY MARCH 4, 2025 9 THE EDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 3): ACE Market-listed automation equipment solutions and engineering firm SFP Tech Holdings Bhd (KL:SFPTECH) has decided to walk back on its plan to transfer to the Main Market of Bursa Malaysia after falling into the red in its latest financial quarter. The company made the decision “after due and careful consideration”, according to its bourse filing on Monday. “This decision was made after taking into consideration the recently announced financial results of the company. As such, the board is of the view it is not the best time for the company to proceed with the proposed transfer,” it said. SFP Tech sank into the red for the first time since its listing in June 2022. The company booked a RM21.33 million net ACE Market-listed SFP Tech shelves Main Market transfer plan after lacklustre financial performance KUALA LUMPUR (March 3): WCT Holdings Bhd (KL:WCT) said it has received regulatory approval from the Securities Commission Malaysia to establish and list Paradigm Real Estate Investment Trust (Paradigm REIT) on the Main Market of Bursa Malaysia. Paradigm REIT will debut with an initial fund size of 1.6 billion units and a portfolio of three properties valued at RM2.44 billion, said WCT in a bourse filing on Monday. The acquisition of the properties, it said, will be settled through the issuance of 1.6 billion units at RM1.00 per unit and RM837 million in cash, funded via commercial real estate-backed medium-term notes. The initial property portfolio includes the Bukit Tinggi Shopping Centre, which will be acquired from Gemilang Waras Sdn Bhd, a wholly-owned unit of WCT, for RM680 million, with RM350 million settled in units and RM330 million in cash. Paradigm Mall Petaling Jaya, owned by Jelas Puri Sdn Bhd — a 70% joint venture of WCT — will be acquired for RM600 million, with RM230 million in units and RM370 million in cash. Meanwhile, Paradigm Mall Johor Bahru, owned by WCT Hartanah Jaya Sdn Bhd, another wholly-owned unit of WCT, will be acquired for RM1.16 billion, with RM1.02 billion in units and RM137 million in cash. The REIT listing will entail an offer of up to 254.66 million units to retail investors, including a non-tradeable restricted offer for sale (ROFS) to WCT shareholders, units for directors and employees, and a public portion, of which half will be reserved for Bumiputera investors. WCT gets nod from SC for Paradigm REIT listing BY EMIR ZAINUL theedgemalaysia.com BY IZZUL IKRAM theedgemalaysia.com 12 Things You Must Know About A Stock Click to 12 Things You Must Know About A Stock Click to loss in the fourth quarter ended Dec 31, 2024 (4QFY2024), against a RM7.37 million net profit in the same quarter a year ago. It was dragged down by the hefty administrative expenses of RM29.8 million, which it said mainly comprised provision for expected credit loss, staff cost and depreciation of non-manufacturing related property, plant and equipment. “Nonetheless, it is the intention of the company to relook at the proposed transfer in the future,” it added. Shares in SFP Tech ended two sen or 6.67% lower at 28 sen, valuing the company at RM667.13 million. At least another 305.34 million units will be placed with Malaysian institutional investors and selected investors, including 200 million units earmarked for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti). The listing remains subject to additional approvals, including from Bursa Malaysia, WCT shareholders and state authorities for property transfers. Paradigm REIT must also allocate at least 12.5% of its enlarged unit base to Miti-approved Bumiputera investors and submit an operational audit report within six months post-listing. Maybank Investment Bank Bhd is the principal adviser for the REIT establishment and listing exercise. Shares of WCT settled 6.5 sen or 8.61% lower at 69 sen on Monday, valuing the company at RM1.07 billion. Yearto-date, the counter has lost over 28%.

TUESDAY MARCH 4, 2025 10 THE EDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 3): The Federation of Sundry Goods Merchants Associations of Malaysia (FSGMAM) is appealing to the Ministry of Health (MOH) for more time to comply with the tobacco retail display ban which will take effect from April 1. FSGMAM, which represents over 4,000 members operating about 10,000 sundry shops, said many smaller sundry shop owners, especially those outside the Klang Valley, are struggling to implement the changes due to the short time frame. “We are not avoiding compliance, but we would like to be given a more reasonable period to comply with the new requirements,” FSGMAM president Hong Chee Meng said in a statement on Monday. MOH had in last October proposed the measure which comes under the Control of Smoking Products for Public Health Act 2024 (Act 852). “The six-month timeframe since the announcement of Act 852 is simply not sufficient for many smaller businesses. We urge the MOH to grant an extension to allow for a smoother and more effective transition,” Hong urged. He said the main challenge for this regulation is the modification to existing product shelves, adjustments to shop layouts and additional storage solutions to ensure that products are not visible to customers. “Sundry shop owners also need more time to make necessary operational adjustments. These include training staff and workers on new compliance measures, ensuring proper signage is in place, and possibly restructuring counter or shop spaces to facilitate smoother operations once the tobacco display ban is enforced,” he added. The association said it is committed to working closely with the authorities to ensure compliance. However, it believes that an extension would help small businesses adapt effectively to the regulatory changes. Sundry shops seek more time to comply with tobacco display ban Govt committed to reducing deficit to 3.8% in 2025, says Amir Hamzah KUALA LUMPUR (March 3): The government is limiting funding requests for development projects costing more than RM300 million to once every two years, under a new guideline under the 13th Malaysia Plan (13MP). The first application window for development projects exceeding RM300 million is now open from March 1 to March 31 under Rolling Plan 1, Economy Minister Datuk Seri Mohd Rafizi Ramli said. “If applications are not submitted this time, the next window will be in 2027,” Rafizi told the Dewan Rakyat on Monday. Applications for development projects costing below RM300 million can still KUALA LUMPUR (March 3): The government remains committed to reducing the deficit with a projection of 3.8% in 2025, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He emphasised that the main commitment of the Madani government is to gradually and consistently reduce the deficit rate, from 5.5% in 2022 to 5% in 2023, and then to 4.1% in 2024. In line with the reduction in the deficit, this will reduce the growth of total debt by lowering the new debt issuance each year, with the government’s borrowings decreasing from nearly RM100 billion in 2022 to RM92.6 billion in 2023, and then to around RM77 billion in 2024. “This declining trend demonstrates the government’s commitment to ensuring that the debt-togross domestic product (GDP) ratio is reduced so that it does not exceed 60%, and that a fiscal deficit of 3% can be achieved in the medium term, as stipulated in the Public Financial Act and Fiscal Responsibility Act (FRA) 2023. “Therefore, in general, we are on track to achieve the targets outlined in the FRA by the end of 2028, starting with achieving a 3% deficit,” he said when winding up the debate on the Supplementary Supply Bill (2024) 2025 at the policy stage. Amir Hamzah said that one of the government’s strategies in Budget 2025 is to reduce the allocation for development expenditure to RM86 billion, in line with the reduction of the fiscal deficit. However, the government will also implement public-private partnership (PPP) projects valued at RM9 billion and a commitment to direct domestic investment by government-linked investment companies (GLIC) amounting to RM25 billion. This strategy increases public investment to RM120 billion for 2025 to stimulate growth, even with a lower level of new debt, he said. be submitted annually under the rolling plan as usual, he said. Rafizi was responding to Riduan Rubin (independent-Tenom), who inquired about the improvements the ministry plans to implement to streamline and strengthen the project implementation process under the 13MP that spans from 2026 to 2030. The new guideline is part of the government’s effort to control costs and prevent leakages, waste, and delays in development projects, Rafizi said. Previously, applications could be submitted every year, “leading to a tendency to apply for funding without proper planning”, he noted. However, “once approval was granted, frequent changes caused significant issues during project implementation”, he said. Another improvement under the 13MP is the optimal utilisation of government-owned land under the Department of the Director General of Lands and Mines, Rafizi said. “Any new development project must first consider existing government-owned land rather than requesting allocations to purchase new land,” he said. The government has also made it mandatory for agencies and departments to plan development projects based on total life cycle costs to avoid costly modifications after approval, he added. Rafizi: Govt to limit funding requests for large projects to every two years under 13MP BY CHOY NYEN YIAU theedgemalaysia.com BY ANIS HAZIM theedgemalaysia.com Bernama

TUESDAY MARCH 4, 2025 11 THE EDGE CEO MORNING BRIEF Organiser www.klratrace.com 2025 Stay tuned for more detailS corporate malaysia’s most anticipated run for charity is back

TUESDAY MARCH 4, 2025 12 THE EDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 3): Cashless payment solutions company Revenue Group Bhd (KL:REVENUE) said its wholly owned unit Revenue Solution Sdn Bhd has been appointed as an acquirer for Weixin Pay in Malaysia. Weixin Pay, operated by Tencent, is a widely used payment method, especially among Chinese tourists and businesses, noted Revenue, adding that merchants across Malaysia can now expand their payment acceptance. “Becoming an official acquirer for Weixin Pay marks a significant milestone in Revenue’s mission to continuously develop and evolve the cashless payments capabilities for our partners and merchants,” said Revenue executive director Teh Chee Hoe in a statement on Monday. “This partnership demonstrates our commitment to delivering innovative payment solutions that address the evolving needs of businesses and consumers. We are excited to help merchants connect with a broader audience and drive digiRevenue Group named official acquirer for Weixin Pay in Malaysia KUALA LUMPUR (March 3): Sime Darby Property Bhd (KL:SIMEPROP) will look to take on more data centre projects as a means of growing its recurring income, said group managing director and chief executive officer Datuk Seri Azmir Merican. “We are active in this market. If the economics are right and it makes financial sense, we are open to looking at more projects as we aim to build a solid recurring income base,” Azmir said at a virtual media briefing on Monday following the group’s fourth-quarter results announcement. He added that the group’s two existing data centre projects will contribute to earnings over the next 20 years without providing specific financial guidance. Sime Darby Property is currently working on data centre developments with Google-affiliated Pearl Computing Malaysia Sdn Bhd, a wholly owned unit of Singapore-based Raiden APAC Pte Ltd, with a total investment of RM7.6 billion. Raiden APAC is linked to an undisclosed US-headquartered multinational technology company. The first project, announced in May 2024, involves a 49-acre hyperscale data centre in Elmina Business Park, slated for completion in 2026. The second, revealed in December 2024, is a RM5.6 billion investment for a 77-acre data centre at the same site, expected to be completed by 2027. Both projects will operate under 20-year lease agreements with Pearl Computing Malaysia, with options to extend for two additional five-year terms. Sime Darby Property eyes more data centres to boost recurring income, says CEO BY SYAFIQAH SALIM theedgemalaysia.com BY JUSTIN LIM theedgemalaysia.com For the financial year ended Dec 31, 2024 (FY2024), Sime Darby Property’s net profit rose 23.1% year-on-year to a record high of RM502.2 million, while annual revenue also reached a new peak of RM4.25 billion, up 23.7% from the previous year. Its performance was driven by sustained sales momentum, higher site progress in the property development segment, and growing revenue contributions from its investment and asset management (IAM) and leisure segments. Sime Darby Property surpassed its FY2024 sales target, achieving RM4.1 billion —17.14% higher than its initial goal of RM3.5 billion. For FY2025, the group aims to secure RM3.6 billion in sales on RM4 billion worth of new launches. About RM1.7 billion of the new launches will be in the first half of the year. According to Azmir, industrial projects will contribute 31% of sales, followed by landed residential at 28%, high-rise residential at 27%, and commercial properties at 14%. “If [market] sentiment remains positive, we will revise our targets accordingly,” he added. Shares of Sime Darby Property were down slightly at RM1.39 at the midday break on Monday, giving it a market capitalisation of RM9.45 billion. 12 Things You Must Know About A Stock Click to 12 Things You Must Know About A Stock Click to tal transformation in the payments landscape,” he said. Weixin Pay’s assistant regional director for Southeast Asia, David Chong, said the group is confident that this collaboration will bring greater convenience and value to both Malaysian merchants and its users. Weixin Pay is a mobile payment solution integrated into Weixin, China’s leading communication platform, and supports overseas payment for outbound Chinese travellers. It has expanded its coverage to 74 countries and regions worldwide and boasts over 1,000 overseas partners, connecting more than six million international merchants. Revenue’s share price closed down half a sen at 9.5 sen, bringing the company a market capitalisation of RM57 million. WWW.REVENUE.COM.MY WWW.SIMEDARBYPROPERTY.COM

TUESDAY MARCH 4, 2025 13 THE EDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 3): Construction outfit Nestcon Bhd (KL:NESTCON) has proposed to diversify into property development through a joint venture (JV) serviced apartment project in Petaling Jaya Selatan, Selangor, to expand its revenue streams. In a filing on Monday, Nestcon said its subsidiary Nestcon PJS Sdn Bhd had entered in a joint development agreement with Kumpulan Wilayah Sejati Sdn Bhd (KWSSB) for the mixed-use development project — including commercial lots and approximately 480 serviced apartments units — with an estimated gross development value (GDV) of RM211.7 million and gross development cost of RM174.3 million. Under the agreement, KWSSB will provide the land and receive RM10 million as an entitlement, while Nestcon PJS will oversee sales, marketing, design, construction, and financing. The project is expected to commence in late 2025, pending regulatory approvals, and will be completed within five years. “The project will provide an alternative source of income for the group in addition to its existing businesses in construction works and renewable energy business,” Nestcon said. Therefore, the company is seeking its shareholders’ approval for the proposed business diversification, as the property development is expected to contribute at least 25% to its net profits and net assets in the future. Meanwhile, Nestcon has also entered into a conditional sale and purchase agreement with Nestcity Cemerlang Sdn Bhd, to acquire three units of office space within its newly developed Nest 2 Residences in Puchong, Selangor for RM15.1 million. “This will allow the company to relocate from its existing corporate office to set up its new corporate office, and own a permanent business premises for growing its business, operations and human resource capacity,” it said. The proposed acquisition is deemed a related-party transaction as Nestcon’s group managing director and major shareholder, Datuk Lim Jee Gin, is also a major shareholder of Nestcity Cemerlang. Nestcon said that both joint development and acquisition will be funded through a combination of internally generated funds and bank borrowings. As at Dec 31, 2024, Nestcon’s cash and bank balances stood at RM82.74 million, while bank borrowings amounted to about RM203.33 million, its latest financial statement showed. Shares of Nestcon settled up half a sen or 1.25% to 40.5 sen on Monday, valuing the group at RM289.46 million. Nestcon to diversify into property development as it jointly undertakes apartment job in PJ KUALA LUMPUR (March 3): Offshore crane services provider Handal Energy Bhd (KL:HANDAL) has proposed to venture into the healthcare services through the subleasing of two hospitals in Selangor. The company has signed a memorandum of agreement (MOA) with Hartanah Azzahrah Sdn Bhd (HASB) which requires Handal to source a buyer for Hospital Islam Az-Zahrah Bangi and Hospital Az-Zahrah Bandar Tun Hussein Onn, for a total indicative consideration of not less than RM69 million. The two hospital properties comprise a combined 69 hospital beds. The purchase price is set at a minimum of RM1 million per bed, said Handal in a filing with Bursa Malaysia on Monday. Upon successful acquisition, the buyer will lease the properties to Handal, which will then sublease them to Medi-Circle Sdn Bhd and Pusat Rawatan Islam Az-Zahrah Sdn Bhd to continue operating them as private healthcare facilities. The sublease period will span 30 years, with an annual rental rate fixed at 8% of the acquisition price. Handal said the structured lease and sublease model is expected to generate stable, recurring income for the company, contributing positively to its future financial performance. “The entry into this MOA aligns with the group’s strategy to explore the potential in the healthcare sector, which offers stable long-term growth prospects,” HanHandal Energy makes foray into healthcare to secure recurring income BY EMIR ZAINUL theedgemalaysia.com BY ANIS HAZIM theedgemalaysia.com 12 Things You Must Know About A Stock Click to 12 Things You Must Know About A Stock Click to dal said in the filing. “In addition, it allows the group to leverage its experience in managing infrastructure and assets while tapping into the increasing demand for private healthcare services in Malaysia.” While the MOA is not expected to have an immediate financial impact, the definitive agreements are expected to be finalised within the next six months. Handal has been loss making over the last seven consecutive quarters. For the three months ended Dec 31, 2024, the company recorded a net loss of RM1.79 million on the back of revenue of RM2.65 million. For the six months ended Dec 31, 2024, Handal reported a net loss of RM3.93 million with revenue of RM5.05 million. Due to a change in the financial year end, the company’s performance for the six-month period ended Dec 31, 2024, is not comparable against any comparative period previously reported. Revenue was contributed mainly from overhaul maintenance, parts trading, pipeline maintenance, and engineering services maintenance for gas turbines. Handal’s shares closed up 0.5 sen or 9.09% at 6 sen on Monday, valuing the company at RM24.6 million.

TUESDAY MARCH 4, 2025 14 THE EDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 3): Exsim Hospitality Bhd (KL:EXSIMHB) has secured five contracts worth a combined RM127.92 million for design, renovation and fit-out works across multiple property developments. The group said all five contracts are deemed recurrent related-party transactions, as Exsim Hospitality’s major shareholders — Lim Aik Hoe, Lim Aik Kiat and Lim Aik Fu — who collectively hold a 70.5% indirect interest in the company, also control substantial stakes in the awarding entities through Exsim Development Sdn Bhd. The largest contract, valued at RM100 million, was awarded by Uni Land Sdn Bhd for works on a 456-room hotel at Empire City (Building No F). The project, set to commence on March 3, is expected to be completed within 16 months, with a defect liability period of 12 months. The group has also clinched a RM12.6 million contract from Exsim Development to convert a two-story bungalow into a temporary sales gallery in Kuala Lumpur, slated for completion in eight months. Meanwhile, a RM8.51 million deal with Exsim Lumba Kuda Sdn Bhd will see Exsim Hospitality fitting out a sales gallery and show unit at Plaza Pelangi, Johor, within three months. The group also secured a RM6.11 million contract from Exsim MX4 Sdn Bhd for interior design and demolishing works at Kwasa Plot 3 & 4 show units, with completion targeted by June 30, 2025. The fifth and smallest contract, worth RM700,000, was awarded by Mightyprop Sdn Bhd for reinstatement works at Empire City Sales Gallery 5. Despite the related-party nature, Exsim Hospitality asserts that the awards are in the group’s best interests and within its ordinary course of business. It said the contracts are expected to contribute positively to its earnings and net assets throughout their respective durations. Shares of Exsim Hospitality closed two sen or 5.26% lower at 36 sen on Monday, giving the group a market capitalisation of RM334.39 million. Exsim Hospitality bags five relatedparty contracts across multiple property projects KUALA LUMPUR (March 3): UEM Edgenta Bhd (KL:EDGENTA) has secured a RM40.43 million recurrent, related-party contract to provide traffic management plan and control services for two sections of the Kuala Lumpur-Karak Highway. The contract, awarded by AFA Construction and Engineering Sdn Bhd (AFACE) to UEM Edgenta’s wholly-owned Edgenta Propel Bhd (EPB), is considered a related-party transaction because UEM Edgenta’s independent, non-executive chairman Tan Sri Dr Azmil Khalili Khalid is the sole owner and director of AFACE’s parent company, AFA Infrastructure and Development Sdn Bhd, according to UEM Edgenta in a bourse filing on Monday. Azmil is also the sole shareholder of AFA Prime Bhd (formerly Anih Bhd), the concessionaire of the Kuala Lumpur-Karak Highway. Under the contract, EPB is to provide traffic management plan and control services for sections one and two of the Kuala Lumpur-Karak Highway for four years, starting Monday until March 2, 2029, said UEM Edgenta. “The transaction is undertaken on an arm’s length basis, based on normal commercial terms and terms which are no more favourable than those generally available to the public,” UEM Edgenta added. The contract is expected to contribute to the group’s earnings from the financial year ending Dec 31, 2025 (FY2025). Shares in UEM Edgenta ended four sen or 5.26% higher at 80 sen on Monday, valuing the group at RM660.74 million. KUALA LUMPUR (March 3): Local institutions remained a pillar of support on Bursa Malaysia, marking their 19th consecutive week of net buying with a substantial RM817.4 million inflow into domestic equities, up from RM316.3 million the previous week. In its fund flow report for the week ended Feb 28, MIDF Amanah Investment Bank Bhd said local retail investors extended their net buying streak for a third week, recording a net inflow of RM447.9 million, up from RM245.7 million. “The average daily trading volume (ADTV) saw broad-based increases,” it said. Foreign investors recorded a sharp rise of 80.3% in ADTV, while local institutions saw a 5.8% uptick. Local retail investors posted a modest decline of 1.6%. MIDF Amanah said, however, foreign investors extended their selling streak on Bursa for the 19th consecutive week, with a significantly larger net outflow of RM1.27 billion, compared with RM562.0 million the previous week. “Foreign investors’ selling pressure persisted throughout the week, with last Friday seeing the heaviest outflow at RM646.2 million,” it noted. The only sectors that saw net foreign inflows were construction (RM24.1 million), telecommunications and media (RM14.7 million), and real estate investment trusts (RM6.7 million). Meanwhile, the top three sectors with the highest net foreign outflows were financial services (RM362.1 million), consumer products and services (RM314.9 million), and utilities (RM255.1 million). Across Asian equities, foreign investors remained net sellers in all eight tracked markets, with a total outflow of US$12.23 billion (RM54.52 billion), a slight improvement from US$12.94 billion the previous month. This marked the fifth consecutive month of net foreign outflows. The eight markets were Malaysia, India, Taiwan, South Korea, Indonesia, Vietnam, Thailand, and the Philippines. UEM Edgenta secures RM40.4 mil traffic management contract from chairman-linked company Foreign outflow from Bursa continues for 19th straight week at RM1.27 bil, MIDF says BY IZZUL IKRAM theedgemalaysia.com Bernama BY EMIR ZAINUL theedgemalaysia.com 12 Things You Must Know About A Stock Click to 12 Things You Must Know About A Stock Click to

TUESDAY MARCH 4, 2025 15 THE EDGE CEO MORNING BRIEF HOME KUALA LUMPUR (March 3): High Court judge Roz Mawar Rozain will now preside over Muhammed Yusoff Rawther’s sexual assault suit against Datuk Seri Anwar Ibrahim, as well as the prime minister’s counterclaim. She takes over from High Court judge John Lee Kien How @ Mohd Johan Lee, who has been transferred to the Alor Setar High Court. The June-trial dates set previously have been maintained. The court is slated to hear the matter from June 16 to 19, and June 23 to 25. It will also hear Anwar’s counterclaim. The 31-year-old ex-aide to Anwar filed his civil suit in July 2021, in which he alleges that Anwar had sexually assaulted him on Oct 2, 2018, in Anwar’s residence in Segambut, Kuala Lumpur. Muhammaed Yusoff claims that following his police report on the matter, he was accused of plotting to bring down Anwar and damage the Parti Keadilan Rakyat president’s political career. He claims that the alleged sexual assault and the accusation against him have affected his mental health. As such, Muhammed Yusoff is seeking from Anwar special, general, aggravated, and exemplary damages, as well as interest, costs and other relief deemed fit by the court. Anwar, meanwhile, has denied the claim and filed a countersuit. In this case, Muhammed Yusoff is represented by Muhammad Rafique Rashid Ali, while Anwar is represented by Navpreet Singh. Muhammed Yusoff’s civil suit comes after he made a statutory declaration and a police report over the incident in 2019. In January 2020, the Attorney General’s Chambers said that it would not press charges against Anwar. New judge to preside over former aide Yusoff Rawther’s suit, Anwar’s counterclaim head which bore Najib’s signature for the proposal to change auditors. “The signature (of the shareholder) is required as per the M&A (memorandum and articles of association),” Lodin said during cross-examination by the prosecution. The M&A outlines Najib’s role in the company as its sole shareholder. Following Najib’s demand to sign off on the audit, which Lodin claims was a “polite request”, the audit firm received a letter from 1MDB informing that its services as 1MDB’s external auditor were to be terminated immediately. No reason was forthcoming, with KPMG informed that Deloitte would be replacing it. KPMG was the second firm of auditors sacked by 1MDB upon pressure from Najib, after declining to sign off on 1MDB’s accounts for FY2013. KPMG had taken over the audit job from Ernst & Young, which was removed in 2010. In its reply via a letter dated Jan 6, 2014, KPMG enumerated the reasons why the financial accounts could not be signed off. It stated that it could not ascertain the value of the investments as “reliable and appropriate”, despite numerous requests for information regarding Brazen Sky’s investments in the Cayman Islands. The information given by BSI Bank was also inadequate as it failed to provide information on the underlying assets of the US$2.3 billion investments. Previously, KPMG’s former managing partner Datuk Johan Idris had testified in this trial as a prosecution witness that Najib had intimidated and pressured him to try to get him to sign off on the accounts. Najib himself had denied intimidating Johan when he took the stand in this trial in January. “I cannot instruct auditors that is wrong… even if I did instruct, they cannot follow my instruction,” Najib said. “They are independent auditors [and] KPMG is a reputable audit firm.” Najib insisted that it was the 1MDB management that wanted KPMG to be changed. On Monday, Lodin said he had never known of any other case where the auditor sought more documents. He said the 1MDB board was puzzled at KPMG’s request for more documents, adding that he felt it was unfair. “This was puzzling, I was in many companies, maybe KPMG has a higher standard or requirement than other auditors,” he said. Najib faces four abuse of power and 21 money-laundering charges inthe 1MDB-Tanore case. Hearing before judge Datuk Collin Lawrence Sequerah continues. Removal of KPMG as 1MDB auditor signed off by Najib, says Lodin BY TIMOTHY ACHARIAM theedgemalaysia.com BY TARANI PALANI theedgemalaysia.com Read the full story PUTRAJAYA (March 3): The removal of KPMG as 1Malaysia Development Bhd’s (1MDB) auditor was done on the orders of then prime minister and finance minister Datuk Seri Najib Razak in 2013, the High Court heard on Monday. The order to change auditors arrived from Najib to 1MDB’s board, said the firm’s former chairman Tan Sri Che Lodin Wok Kamaruddin when replying to deputy public prosecutor Kamal Baharin Omar in Najib’s 1MDB-Tanore trial. Lodin said KPMG’s replacement, Delloite KassimChan, was happy to sign off 1MDB’s accounts for the financial year ended March 31, 2013 (FY2013), adding that KPMG had “higher standards” which was not practised by other firms in Malaysia. “Deloitte was happy to sign off. Maybe KPMG is unique in their requirements, but this is not the standard in auditor (firms in general),” he said. The defence witness was shown three documents from the prosecution that indicated that it was Najib, acting as the sole shareholder of 1MDB in his capacity as finance minister, who had signed off on the proposal to change auditors from KPMG to Delloite. The three documents were all dated Dec 31, 2013. One of them was a “special notice” letter with the finance ministry’s letterSHAHRILL BASRI/THE EDGE Tan Sri Che Lodin Wok Kamaruddin

tuesday march 4, 2025 16 The E dge C E O m o rning brief home KUALA LUMPUR (March 3): A platform for account holders to file complaints challenging the removal of content on social media will be established under the Online Safety Bill 2024, said Deputy Communications Minister Teo Nie Ching. She said the platform would also enable social media users to provide reasonable justifications to defend their content from being taken down. “Under the proposed Online Safety Act, we will create a platform where anyone whose content has been removed can file a complaint with the tribunal to defend why their post should not have been taken down. “So, not everything falls under the authority of the MCMC (Malaysian Communications and Multimedia Commission). We have a check-and-balance procedure to ensure that every MCMC decision can also be challenged,” she said during a question-and-answer session in the Dewan Rakyat on Monday. She was replying to a supplementary question from Datuk Wan Saiful Wan Jan (Perikatan Nasional-Tasek Gelugor), who raised concerns that licensing requirements for internet service providers and social media platforms could be used as a tool for the government to remove unfavourable content, especially during elections. Responding to Wan Saiful’s follow-up question on actions against internet service providers and social media platforms that have yet to apply for licences, Teo said the MCMC is conducting an in-depth review to resolve enforcement issues related to the licensing framework. She explained that the MCMC is conducting its own survey to determine the actual number of users on the relevant platforms to facilitate licensing. “We are in the process of engaging with platform providers, and discussions have begun with Meta (which operates Facebook, Instagram and WhatsApp), X and Google. “X disputes claims that they have eight million Malaysian users on their platform…and argues that they need not apply for the licence. So, the MCMC needs to conduct its own survey to verify the actual number of users to counter X’s argument, and ensure they comply with the licensing framework,” she said. Social media users to get platform to challenge content removal — deputy minister KUALA LUMPUR (March 3): Malaysia’s manufacturing sector conditions improved marginally in February, as firms reduced purchasing activity to a lesser extent than seen a month earlier to meet rising orders, latest data showed. The seasonally adjusted manufacturing purchasing managers index (PMI) was 49.7 in February, up from 48.7 in January, according to S&P Global that compiles the gauge. The index was at its highest since August 2024, but remained in contraction territory since May 2024. A reading above 50 points indicates activity expansion, while a reading below 50 points to contraction in the sector. February data indicated improvements though “conditions remained generally challenging,” Usamah Bhatti, an economist at S&P Global, commented on the latest reading. “Most encouragingly, firms were able to secure greater volumes of new work for the first time in four months.” The latest PMI reading indicates “modest growth” in first-quarter gross domestic product (GDP) and sustains the trend seen in the third and fourth quarters of last year, S&P noted. The data also suggest that the expansion in manufacturing production continued into 2025. “The outlook for the coming months appears brighter, as firms are hopeful that the renewed increase in new orders will be sustained and accelerate, leading to an eventual recovery in production levels,” Bhatti added. Firms surveyed by S&P, however, remained optimistic and were the most positive in four months, as they expected new order growth to be sustained over the coming year. KUALA LUMPUR (March 3): Malaysia has requested to relax the criteria and requirements set for Timor-Leste in a bid to expedite the process for the country to become a full member of Asean by the end of this year, said Foreign Minister Datuk Seri Mohamad Hasan. He said that under the current regulations, there are 88 instruments that Timor-Leste needs to fulfill before becoming a full member of the regional bloc. “Out of the 88, there are 69 economic pillar instruments that Timor-Leste must comply with, which is a very challenging task for them. “Therefore, we agreed at the 45th Asean Summit in Vientiane, Laos, last year to expedite the membership process for Timor-Leste, making it feasible and realisable,” he said during question time in the Dewan Negara on Monday. Mohamad, who is also known as Tok Mat or Mat Hasan, said this in reply to Senator Datuk Dr Mohd Hatta Md Ramli about the government’s plans to include Timor-Leste as an Asean member during Malaysia’s Asean chairmanship this year. He said that in the recent Asean Economic Council Committee meeting in Desaru, Malaysia had also requested that some strict requirements be reviewed, as they were outdated and could be relaxed without Timor-Leste having to meet them. “Last year, even though Timor-Leste was not a full member, it was allowed to participate in discussions in meetings, but on the condition that they could not make decisions. Read the full story Malaysia’s manufacturing activity improving in February as new orders rise, PMI data show Malaysia requesting to relax requirements for Timor-Leste to become full member of Asean — minister theedgemalaysia.com Bernama Bernama

TUESDAY MARCH 4, 2025 17 THE EDGE CEO MORNING BRIEF Just type in the name of the stock, click on the 12 questions and you will get the key data and information on the company, including comparisons with other companies. TO HELP YOU MAKE BETTER BUSINESS & INVESTMENT DECISIONS NOW WE GIVE YOU Get all the answers within minutes what will take you hours to compile. www.theedgemalaysia.com/ askedge 12 Things You Must Know About Any Stock Listed On Bursa Malaysia + SGX

TUESDAY MARCH 4, 2025 18 THE EDGE CEO MORNING BRIEF WORLD Trump heads towards tariff barrage on Canada, Mexico, China BY JOSH WINGROVE Bloomberg Trump’s plans also risk weakening a US economy that is already showing signs of strain. Stocks and cryptocurrencies have fallen from recent record highs, consumer confidence dropped sharply and inflation continues to simmer. A fresh tariff war threatens to trigger a wider sell-off. US President Donald Trump says the tariffs are a tool to bring the neighbouring nations to heel on securing the borders from migrants and drugs, particularly fentanyl. (March 3): US President Donald Trump is on the verge of slapping new tariffs on Canada and Mexico while doubling a levy on China, moves that would dramatically expand his push to revive domestic manufacturing, tap new revenues and rebalance ties with the biggest US trading partners. The long-promised tariffs scheduled to take effect on Tuesday would easily be among the most sweeping of the Trump era, applying to roughly US$1.5 trillion (RM6.69 trillion) in annual imports. They would put a 25% tariff on all imports from Canada and Mexico, except Canadian energy, which would face a 10% rate. He has also said he’ll double a tariff on China to 20%. The tariffs may yet be delayed — the Canada and Mexico measures were already stalled once — but any reprieve could prove temporary, with a host of other Trump levies due in April. Trump says the tariffs are a tool to bring the neighbouring nations to heel on securing the borders from migrants and drugs, particularly fentanyl. Commerce Secretary Howard Lutnick said on Sunday that both Canada and Mexico have been working hard on controlling the border but fentanyl was still an issue and the tariffs were contingent on both being resolved. “They have done a lot, so he’s sort of thinking about right now how exactly he wants to play with Mexico and Canada and that is a fluid situation,” Lutnick said on Fox News’ Sunday Morning Futures, speaking of Trump. “There are going to be tariffs on Tuesday on Mexico and Canada, exactly what they are, we’re going to leave that for the president and his team to negotiate.” Chinese stocks fell, wiping out earlier gains as investors remain concerned about the impact of US tariffs. Gold rose after last week’s sharp correction, and the currencies of some Asian countries that are more trade reliant on China declined on Monday. Beijing is considering retaliatory measures on American agriculture and food products in response to tariffs from the Trump administration, according to the Global Times, a news outlet that’s occasionally used to signal China’s positions to the outside world. A slate of new tariffs may help raise revenue for some of the tax cuts Trump wants and lay to rest, at least for now, the theory that Trump’s brazen threats were bluffs to use as negotiating leverage. Yet they also threaten to reignite inflation that the Federal Reserve is finding stubborn, throw North American supply chains into disarray — especially the auto industry — and invite legal challenges based on a continental free-trade pact Trump himself renegotiated during his first term. Trump’s plans also risk weakening a US economy that is already showing signs of strain. Stocks and cryptocurrencies have fallen from recent record highs, consumer confidence dropped sharply and inflation continues to simmer. A fresh tariff war threatens to trigger a wider selloff. The tariffs on Canada are nearly across the board, save for Canadian crude oil, natural gas and other energy products, which are 10%. Prime Minister Justin Trudeau’s government has mused about applying its own export tax to crude to make sure US drivers feel the pain of Trump’s trade war. It’s not yet clear if they will, and Trudeau is about to leave office. Last October, the Canadian government imposed 100% tariffs on Chinese-made electric vehicles and 25% tariffs on a list of Chinese steel and aluminium products. “We will continue to work to ensure to do everything we can to make sure that there are no tariffs on Tuesday, but if ever there were tariffs on Tuesday, as we have all seen — as we were ready to do last time — we will have a strong unequivocal and proportional response as Canadians expect,” Trudeau said on Sunday. Read the full story The Port of Vancouver in British Columbia, on Feb 28. The tariffs on Canada are nearly across the board, save for Canadian crude oil, natural gas and other energy products, which are 10%. BLOOMBERG

TUESDAY MARCH 4, 2025 19 THE EDGE CEO MORNING BRIEF WORLD SAN FRANCISCO/SINGAPORE (March 3): Chip designers Nvidia and Broadcom are running manufacturing tests with Intel, two sources familiar with the matter told Reuters, demonstrating early confidence in the struggling company’s advanced production techniques. The two tests, which have not been reported previously, indicate the companies are moving closer to determining whether they will commit hundreds of millions of dollars’ worth of manufacturing contracts to Intel. The decision to do so could generate a revenue windfall and endorsement for Intel’s contract manufacturing business that has been beset by delays and has not yet announced a prominent chip designer customer. Advanced Micro Devices is also evaluating whether Intel’s 18A manufacturing process is suitable for its needs but it was unclear if it had sent test chips through the factory. AMD declined to comment. An Intel spokesperson said, “We don’t comment on specific customers but continue to see strong interest and engagement on Intel 18A across our ecosystem.” The tests by Nvidia and Broadcom are using Intel’s 18A process, a series of technologies and techniques developed over years that is capable of making advanced artificial intelligence processors and other complex chips. The 18A process competes with similar technology from Taiwan’s TSMC, which dominates the global chip market. Nvidia and Broadcom testing chips on Intel manufacturing process — Reuters (March 3): Impending tariffs on Canada and Mexico risk driving up US car prices by as much as US$12,000 (RM53,598), further squeezing consumers and wreaking havoc across the intricate web of automotive supply lines spanning the continent. The cost to build a crossover utility vehicle will rise by at least US$4,000, while the increase would be three times that for an electric vehicle examined in a new study from Anderson Economic Group, an automotive consultant in East Lansing, Michigan. And those costs would likely be passed on to consumers, the study found. “That kind of cost increase will lead directly — and I expect almost immediately — to a decline in sales of the models that have the biggest trade impacts,” Patrick Anderson, chief executive officer of Anderson Economic Group, said in an interview. Tariffs of 25% on imports from Canada and Mexico threaten to exacerbate an automotive affordability crisis that is already driving buyers out of the market. Even before the duties, sticker prices were approaching US$50,000 on average, up more than 20% from five years ago. The situation also calls into question Trump’s campaign promises to stem inflation as consumer confidence falls to a four-year low on fears over the impact of his import taxes. After a month’s reprieve, President Donald Trump said last week that the levies on the top US trading partners will take effect on March 4. The vow brushed aside industry leaders who’ve warned that measures will cause severe damage to industry sales, profits and employment. They’ll also affect some of the industry’s most recognisable and best-selling models, such as the Chevrolet Silverado pickup and Ford Bronco Sport SUV. Top executives from General Motors Co, Ford Motor Co and Chrysler-parent Stellantis NV last week spoke in a Zoom meeting with the Commerce Department to warn of the dire economic consequences of the proposed tariffs, according to people familiar with the matter. During the meeting, Ford and Stellantis executives stressed that the White House should focus instead on the millions of imported vehicles with no US parts content, one of the people said. The Detroit News earlier reported the meeting. Consumers may find some vehicles vanish altogether as automakers stop producing models squeezed especially hard. And even if the tariffs prove to be shortlived, carmakers are already taking steps to contain the fallout. US car prices poised for US$12,000 surge on Trump’s new tariffs BY KEITH NAUGHTON Bloomberg BY MAX A CHERNEY & FANNY POTKIN Reuters Read also: EU to grant carmakers leeway in reaching 2025 CO2 emissions targets BLOOMBERG

TUESDAY MARCH 4, 2025 20 THE EDGE CEO MORNING BRIEF WORLD SINGAPORE (March 3): Bitcoin surged more than 20% from last week’s lows on Monday and several other cryptocurrencies also rallied sharply after US President Donald Trump raised the possibility of a new US strategic reserve that would include a range of tokens. Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies, including bitcoin, ether, XRP, solana and cardano. The names had not previously been announced. Bitcoin and ether will be at the heart of this reserve, he posted on Sunday. The post sent the world’s largest cryptocurrency up by a fifth from the November lows it was trading at on Friday, helping flip sentiment on a token that has been sliding since mid-January on disappointment Trump had not followed through on pledges to loosen regulation. It was last at around US$91,605 (RM409,153), up from Friday’s low of US$78,273. Ether was also up 20% from Friday’s lows to US$2,351, a 7% drop from Sunday’s closing levels. XRP and solana were up around 30% from Friday’s lowest levels, while cardano was up 60% from last week’s lows. “Trump just gave the pump that crypto traders have been holding out for,” said Matt Simpson, senior market analyst at City Index. “Any faith that was lost last week appears to have been restored,” and new highs could be made unless there was another wave of risk-off selling, he said. Chris Weston, head of research at Pepperstone, said it was possible the rally will extend into the first White House Crypto Summit that Trump is hosting on Friday, with the risk that the bearishness in other markets could weigh on sentiment. While Wall Street closed higher on Friday, the recent sell-off in large technology bellwethers such as Nvidia has eroded confidence in bitcoin, which some see as an alternative tech proxy. Bitcoin jumps 20% after Trump hints at new strategic reserve (March 3): Goldman Sachs Group Inc and BofA Securities rolled back some of their bearish forecasts for the yuan on the heels of fresh threats from US President Donald Trump to impose additional tariffs on China. The revisions came as the yuan defied trade-related depreciation bets so far thanks to support from the People’s Bank of China’s daily reference rate which limits moves in the onshore yuan by 2% on either side. A tech-led rally in Chinese shares has also helped. “There is still the risk that additional tariff impositions or new US measures prompt a harsher retaliatory response and a weakening of the fix,” Goldman strategists including Danny Suwanapruti wrote in a note. However, the “policy has continued to lean in the direction of a stronger fix.” The bank now sees the onshore yuan at 7.3 per dollar in three months, versus 7.4 previously. It also revised its six- and 12-month forecasts to 7.4 from 7.5 before. BofA analysts led by Claudio Piron lifted their yuan forecast for the first quarter to 7.5 per dollar from 7.6 before, citing moderating short positions and depreciation pressure on the currency. However, the bank maintained its bearish view of 7.60 per dollar in the second quarter due to lingering tariff risks. The onshore yuan fell to the lowest since 2023 in mid-January on concern that Trump would follow through on his election campaign pledge to slap a 60% tariff on Chinese goods. Back then some analysts were also predicting that the yuan would weaken toward 7.5 or even 8 per dollar by the end of this year depending on how the levies would be rolled out. The currency has recovered since then and has eked out a gain of 0.2% versus the greenback this year, compared with a rise of 0.1% in a Bloomberg gauge of Asian currencies, as Trump’s moves have been milder than expected so far. The yuan has stayed stronger than the 7.3 per dollar level in recent weeks as the PBOC has favoured currency stability, a strategy that could be helpful for the nation’s financial assets’ stability and potential room for trade negotiation. The central bank set a steady string of fixings, against expectations that it would allow the currency to weaken to raise the attractiveness of Chinese exports. It also refrained from further interest-rate cuts in order to keep the currency stable, putting the focus on this week’s National People’s Congress for support measures for the economy. The PBOC’s fixing response so far was “even more confidently front-footed than we had anticipated,” Goldman strategists said. Goldman, BofA dial back bearish yuan bets despite tariff threats Bloomberg BY VIDYA RANGANATHAN & KEVIN BUCKLAND Reuters BLOOMBERG

TUESDAY MARCH 4, 2025 21 THE EDGE CEO MORNING BRIEF WORLD Japan’s Seven & i to appoint first foreign CEO, Nikkei reports Bubble-tea giant Mixue surges 43% after HK’s biggest IPO of year Bloomberg (March 3): Mixue Group, China’s largest bubble-tea chain, surged in its Hong Kong trading debut after individual investors flocked to the company’s blockbuster HK$3.45 billion (US$444 million or RM1.9 billion) initial public offering. The stock closed up 43% on Monday after being sold at HK$202.50 apiece during the IPO. The deal became so sought after that Hong Kong individual investors applied to borrow more than HK$1.8 trillion to buy the stock, a record for margin loans. The flood of applications led underwriters to stop taking orders a day earlier than planned, people familiar with the matter said. The popularity of the stock helps fuel optimism over the revival of Hong Kong’s IPO market, which is projected to double this year. Enormous demand — mom-andpop investors bid for thousands of times the shares they could buy — helped Mixue capitalise on the rage for drinks like bubble tea, a market that’s forecast to surge to US$71 billion in three years. “Whoever wins the mass market wins the world,” said Ben Harburg, founder of coffee and ice cream. Mixue relies on a franchising model to help it open shops across the country, with a deep penetration into lower-tier cities and towns. The company has been consistent in keeping prices low and resisted the urge to quickly chase margins through price hikes — which some of its competitors did, said Jamie Zhou, a deputy fund manager at M&G Investments, which bought US$60 million worth of Mixue shares as a cornerstone investor. Read the full story (March 3): Seven & i Holdings Co will appoint board member Stephen Dacus as the chief executive officer to replace Ryuichi Isaka, the Nikkei newspaper reported citing unidentified sources, in changes seen as a renewed effort to prevent the Japanese retailer’s takeover. Dacus, who worked for decades in the Japanese retail industry, is currently leading a special committee evaluating a proposed takeover by Canada’s Alimentation Couche-Tard Inc. He will be the first non-Japanese CEO of the company that operates the 7-Eleven convenience stores. Seven & i, in a statement, said no decision has been made regarding this matter. “Although some media outlets have reported on our management structure, this was not announced by our company,” according to the statement on Monday. While foreign leaders have had a mixed track record in Japan, a management change at Seven & i will come at a key point for the retailer. The founding Ito family‘s plan to take the company private to avoid being taken over by Couche-Tard collapsed last week, piling pressure on it to reconsider the Canadian retailer’s nearly US$47 billion (RM209.94 billion) takeover proposal. Dacus joined as an external member of Seven & i’s board in 2022 when it was revamped amid pressure from activist investor ValueAct Capital Management LP to focus on convenience stores. He was previously the senior vice-president of Japanese apparel marker Fast Retailing Co and the Japan head of Walmart Inc, currently Seiyu Holdings Co, according to the Seven & i website. The change appears to show Seven & i is keen to remain independent, and is hoping that Dacus can formulate a viable plan to improve earnings, including considering the benefit of the Couche-Tard’s bid, said Lorraine Tan, an equities analyst at Morningstar Asia Ltd. CoreValues Alpha. “Demand remains high for Chinese domestic fast moving consumer goods brands.” For the founder, Zhang Hongchao, and his younger brother, Zhang Hongfu, the share sale bolstered their combined fortune to US$8.1 billion according to the Bloomberg Billionaires Index. That’s more than what Howard D Schultz, the former chief executive officer of Starbucks Corp, is worth. Founded in 1997 in central China’s Henan province, Mixue has morphed into a food-and-beverage giant with over 45,300 shops — more than Starbucks or McDonald’s Corp — by selling US$1 bubble tea, During the nine years under Seven & i Holdings Co chief executive officer Ryuichi Isaka, the owner of 7-Eleven convenience stores relied on growth abroad, including the US, to offset saturation in the Japanese market. BLOOMBERG BLOOMBERG BY KANOKO MATSUYAMA Bloomberg

TUESDAY MARCH 4, 2025 22 THE EDGE CEO MORNING BRIEF WORLD (March 3): Indonesia’s financial regulator will delay short selling of stocks by investors as the nation’s key equity gauge bounced back after sinking into bear market last week. The nation initially planned to introduce short selling in the second quarter this year. The decision to defer it came after the regulators held a meeting with brokers and fund managers on Monday to discuss recent market conditions. A spokesperson for Indonesia’s Financial Services Authority confirmed the decision in response to a text message. The local stock exchange, known as Indonesia delays short-selling implementation as stocks rebound (March 3): Indonesia recorded its first annual deflation in more than two decades as electricity tariffs and prices of some staple foods fell, potentially giving room for the central bank to weigh a rate cut if the rupiah stabilises. Consumer prices fell 0.09% yearon-year in February for the first time since March 2000, according to statistics agency data released Monday. The annual figure also missed economists’ lowest estimate of 0.04% inflation in a Bloomberg News survey. The deflation came as prices in hous- (March 3): Indonesian flag carrier PT Garuda Indonesia is planning to replace the head of its low-cost unit, PT Citilink Indonesia, in an effort to boost profitability and recover from the fallout of the pandemic and subsequent debt restructuring. Darsito Hendro Seputro, a former executive at Thai Lion Air, is a leading candidate for the role, according to people familiar with the matter, who asked not to be identified because they’re not authorised to speak publicly. He would take over the position currently held by Dewa Kadek Rai, who has worked at Garuda since the early 1990s and was appointed Citilink CEO in 2022. The appointment is partly a move by Wamildan Tsani Panjaitan — the newly appointed CEO of Garuda Indonesia, who was previously acting CEO of Lion Air — to consolidate his power within the state-owned carrier, according to one of the people. Two other Citilink executives may also be replaced, the person said, without providing further information. It’s unclear when the management changes may occur. ing, water, electricity and household fuel fell further to 12% year-on-year as the government discounts on electricity tariffs for certain customers lasted until the end of last month. Prices of staple foods such as rice, tomato and red chilli also fell. Prices also fell on a monthly basis, extending a deflation in January. The decline in the annual consumer price index drove inflation in Southeast Asia’s largest economy further below Bank Indonesia’s target range of 1.5%- 3.5% for 2025. However, core inflation, which strips out the impact of volatile food and energy prices, continued picking up to 2.48% amid higher prices of items such as gold jewellery and cooking oil. The rupiah rose for the first time in five days on Monday, supported by regional sentiment, as revised rules requiring natural resources exporters to keep all FX earnings onshore for a year came into effect. Even so, the currency is still the worst performer among Asia’s major currencies this year, having declined 2.32%. Indonesia posts first annual deflation in more than two decades Garuda set to replace head of low cost unit in push for BY GRACE SIHOMBING recovery Bloomberg BY HARRY SUHARTONO & LEEN AL-RASHDAN Bloomberg BY HARRY SUHARTONO Bloomberg IDX, was planning to allow domestic retail investors to short-sell 10 stocks to increase options for investors during bearish markets, its development director Jeffrey Hendrik said last month. The recent selloff in Indonesia sent the benchmark Jakarta Composite Index into a technical bear market Friday as negative sentiment from global trade tensions, flat economic growth and the government’s spending plans weighed on the market. The gauge surged 4% Monday, its biggest gain in almost five years, as banking stocks rallied after JPMorgan upgraded some of the nation’s lenders.

TUESDAY MARCH 4, 2025 23 THE EDGE CEO MORNING BRIEF WORLD (March 3): Thailand is dropping a requirement that locals must prove they have had at least 50 million baht (RM6.5 million) in the bank for six consecutive months to be allowed to gamble in casinos, which the government plans to legalise. Ministry of Finance data found only 10,000 such accounts would have met the minimum criteria, according to Deputy Finance Minister Julapun Amornvivat. Thailand has a population of roughly 70 million people. “Such restrictions would push those wanting to gamble to do so in neighbouring countries or engage in illegal gambling activities,” Julapun said on Monday. The change represents a significant easing of previous rules, which were drafted amid concerns about the potential for problem gambling as the nation becomes the latest player in the global gaming industry. Under earlier announced plans, locals’ bank statements had to show their multibillion-baht balance dated back six consecutive months. But the government will keep a rule that locals must pay 5,000 baht to be able to enter legalised casinos, Julapun said. That’s roughly US$145 (RM647.57) at current exchange rates and is similar to the daily levy of S$150 (RM496.20) that Singaporeans must pay if they visit their local casinos. Finance Minister Pichai Chunhavajira separately said the Office of the Council of State has finished vetting the entertainment complex bill. Draft legislation is expected to be submitted to the cabinet in the next two weeks after being released to the public for feedback, he said. It would then go to parliament. Pichai doesn’t see many further revisions in principle and said that the latest changes mainly cover a clear definition of what entertainment complexes could qualify for a license. Thailand is keeping a requirement that casinos make up only a small part of any complex, which can also have facilities such as hotels and amusement parks. Thailand to drop US$1.5 mil rule for locals at planned casinos (March 3): City Developments Ltd (CDL) lost its position as Singapore’s largest listed developer after its stock fell on Monday, underscoring investors’ concern about the family feud unfolding in public. Shares of the Singapore-based developer fell as much as 7% before paring some losses before noon. They are set to close at the lowest since 2009. Last week, CDL’s chairman and billionaire family patriarch Kwek Leng Beng sued his son and chief executive officer Sherman Kwek, along with other board directors, accusing them of leading a coup against him. The elder Kwek also said that he has sought to dismiss his son, but was blocked from doing so by the board. The crisis engulfing the firm has shown little sign of abating, with dueling statements coming from both sides. The tussle has prompted downgrades from analysts including those at JPMorgan Chase & Co and UOB-Kay Hian Holdings Ltd. On Monday, the company said in a statement that Sherman, the younger scion of the family, will remain as the CEO, while business operations remain “fully functional and unaffected”. The firm has lost about 60%, or nearly S$7 billion (US$5.2 billion or RM23.2 billion), in market value since the younger Kwek took the helm in 2018. The stock dip on Monday means its market capitalisation is now smaller than rival UOL Group Ltd, a developer backed by Singapore’s Wee clan. The dispute is another major blow to CDL, following its setback in China a few years ago when the firm wrote down a billion-dollar investment. It casts a shadow on medium-term outlook, wrote RHB Bank Bhd analyst Vijay Natarajan in a note on Monday. He changed his rating on the stock to ‘neutral’ from ‘buy’. “We believe the recent lapses will make it hard for long-only institutional investors to hold CDL as a part of their portfolio,” he said. Read also: Singapore’s CDL shares down more than 5% upon trading resumption Singapore’s CDL loses biggest developer spot after feud BY LOW DE WEI Bloomberg BY PATHOM SANGWONGWANICH Last week, City Developments Ltd’s chairman and billionaire family patriarch Kwek Leng Beng (left) Bloomberg sued his son and chief executive officer Sherman Kwek (right), along with other board directors, accusing them of leading a coup against him. BLOOMBERG

TUESDAY MARCH 4, 2025 24 THE EDGE CEO MORNING BRIEF WORLD Philippine ambassador to US says defence arrangements to stay intact UK, France propose partial one-month Ukraine truce, says Paris BY RICHARD LOUGH, JOHN IRISH, MAKINI BRICE & SARAH YOUNG Reuters BY KAREN LEMA Reuters PARIS (March 3): France and Britain are proposing a partial one-month truce between Russia and Ukraine that would cover air, sea and energy infrastructure attacks but not include ground fighting, French President Emmanuel Macron and his foreign minister said. The comments came amid a flurry of European diplomacy designed to shore up Western support for Ukraine following an acrimonious meeting between President Volodymyr Zelenskiy and US President Donald Trump in the Oval Office last Friday. “Such a truce on air, sea and energy infrastructure would allow us to determine whether Russian President Vladimir Putin is acting in good faith when he commits to a truce. And that’s when real peace negotiations could start,” French Foreign Minister Jean-Noel Barrot said on Monday. The French president did not elaborate on how air, sea and energy infrastructure could be monitored. “In my eyes that can only be possible with Nato or at least Nato command and then Patriot systems, long-range missiles and aviation, which Ukraine does not have,” said a European diplomat. “And you have to negotiate with Russia so that it doesn’t carry out the massive attacks.” The Kremlin, which has rejected the idea of Western troops being deployed to Ukraine, said on Monday the Oval Office clash between Trump and Zelenskiy showed how difficult it would be to reach a settlement on the conflict in Ukraine. MANILA (March 3): Existing defence agreements between allies the Philippines and the US will stay intact under US President Donald Trump, Manila’s ambassador to the US said on Monday. The US and its former colony, the Philippines, are staunch defence allies, with US troops rotating in and out of the Southeast Asian country regularly and dozens of joint exercises held each year. “All of that will remain,” Jose Manuel Romualdez said on the sidelines of a forum with foreign media in Manila. He was replying to a query about US security support for the Philippines, from military financing and patrols in the South China Sea to Philippine defence facilities used by US forces under their alliance. Philippine President Ferdinand Marcos Jr is ready to travel when Trump has time for a meeting, which could be in spring, Romualdez added. The Trump administration released US$5.3 billion (RM23.64 billion) in previously frozen foreign aid, including US$336 million earmarked to modernise the Philippine security forces, Reuters reported last month. The release of the US$336 million in funds was a good indication of the administration’s position, Romualdez said. Romualdez said the figure was part of US$500 million the US pledged last year to the Philippine military and coast guard as Manila faces Chinese actions in the disputed waters of the South China Sea. “We’re hopeful that the succeeding monies will be made available to us in the next couple of years,” said Romualdez, who also served as Philippine ambassador to the US during Trump’s first presidency. The Philippines needed these investments to become a real partner, as the US expects allies to be, Romualdez said, expressing confidence about Washington’s continued support for his country and the Indo-Pacific region. Philippine ambassador to the US, Jose Manuel Romualdez, says the defence agreement between the US and the Philippines remains intact under US President Donald Trump. Under the Anglo-French proposal, European ground troops would only be deployed to Ukraine in a second phase, Macron said in an interview published in Le Figaro late on Sunday. “There will be no European troops on Ukrainian soil in the coming weeks,” Le Figaro quoted Macron as saying as he flew to London for a meeting of European leaders, convened by British Prime Minister Keir Starmer to advance efforts at drawing up a Ukraine peace plan. “The question is how we use this time to try to obtain a truce, with negotiations that will take several weeks and then, once peace is signed, a [troop] deployment,” Macron said. REUTERS British Prime Minister Keir Starmer (right) shakes hands with French President Emmanuel Macron as he arrives for a summit on Ukraine at Lancaster House in London, Britain on March 2. France and Britain are proposing a partial one-month truce between Russia and Ukraine that covers only air, sea and energy infrastructure attacks but not ground fighting. REUTERS

TUESDAY MARCH 4, 2025 25 THE EDGE CEO MORNING BRIEF WORLD (March 3): Anora, a drama about a sex worker who marries the son of a Russian oligarch, took home the best picture prize at the Academy Awards on Sunday. The film, from independent distributor Neon, had six nominations going into the event, which was held at the Dolby Theatre in Hollywood. It won five. Filmmaker Sean Baker also won for directing, film editing and best original screenplay. Mikey Madison, a first time Oscar nominee, won best actress for her starring role in the picture. Baker’s work often focuses on the lives of marginalised people. His past movies include The Florida Project, about a single mother and daughter scraping to get by under the shadow of Walt Disney World. Anora has generated US$40.9 million (RM182.7 million) in box office receipts since its October release. Last year’s best picture winner, Universal’s Oppenheimer, took in close to US$1 billion and won seven Oscars overall. Baker used his acceptance speeches to urge filmmakers, studios and audiences to support seeing pictures in theatres. “Long live independent film,” he said in accepting his final award. Adrien Brody took home best actor for his portrayal of a Jewish immigrant struggling to make it as an architect after World War II in The Brutalist, from independent studio A24. It also won best score. Earlier in the evening, Zoe Saldaña took home the Oscar for best supporting actress for her performance in the Netflix Inc film Emilia Pérez. Saldaña, who is best known for her work in science fiction films like Avatar and Guardians of the Galaxy, won for her portrayal of an attorney who helps the lead character change their identity. In an emotional acceptance speech in which she broke into tears several times, Saldaña said she was the “proud child of immigrant parents” and the first actor of Dominican Republic origin to win. Emilia Pérez lead Karla Sofía Gascón, the first openly transgender person ever nominated for an acting Oscar, was in attendance. Gascón had come under fire recently for comments she made on social media years ago about Muslims and George Floyd. HO CHI MINH CITY (March 3): Vietnam is considering relaxing its two-child policy due to a low birth rate, which is one of the lowest in Southeast Asia, the Vietnam News Agency (VNA) reported. Vietnam’s Health Ministry has proposed allowing couples to decide the number and timing of their children, as well as addressing regional disparities in birth rates. Currently, Vietnam’s birth rate is below the regional average of 2.0 children per woman, and is higher only than Brunei (1.8), Malaysia (1.6), Thailand (1.47), and Singapore (1.0). Like other nations in Asia, Vietnam has begun to grapple with escalating concerns regarding its demographic challenges. Experts have attributed its low birth rate to multiple factors, including work-related pressures, financial constraints, a focus on career advancement, and evolving social perceptions. Vietnam could relax two-child policy amid declining birth rate — report Bernama-VNA ‘Anora’ wins best picture Oscar in year dominated by indie films BY THOMAS BUCKLEY Bloomberg From 1999 to 2022, its birth rate remained stable around the replacement level of 2.1, according to a report by the ministry. However, in the past two years, this rate has seen a rapid decline, dropping from 1.96 children per woman in 2023 to 1.91 children per woman in 2024, the lowest level in the nation’s history. The decline represents the third consecutive year in which Vietnam’s birth rate has fallen below the replacement level, according to the report. In 2024, urban areas reported a birth rate of 1.67 children per woman, while rural regions recorded a rate of 2.08, both below the replacement threshold. In addition, while the gender ratio at birth has improved, it remains unbalanced, with 112 boys born for every 100 girls. Ho Chi Minh City, Vietnam’s largest city, recorded the lowest rate in the country at 1.39, while the Ha Giang province in northern Vietnam has the highest at 2.69. The cast and crew of 'Anora' accepting the best picture award on Sunday. Filmmaker Sean Baker’s work often focuses on the lives of marginalised people. REUTERS GETTY IMAGES VIA BLOOMBERG

TUESDAY MARCH 4, 2025 26 THE EDGE CEO MORNING BRIEF WORLD Baltic Exchange shipping updates A weekly round-up of tanker and dry bulk market (Feb 28, 2025) CAPESIZE The Capesize market saw a strong upward trajectory throughout the week, with the BCI 5TC surging from US$8,620 on Monday to US$15,074 by Friday, reflecting improved sentiment across both basins. The Pacific market was notably firm, driven by a tightening tonnage list, steady demand from miners and operators, and increased coal cargoes, which underpinned rates. The C5 index rose from US$6.65 on Monday to US$9.885 by Friday. In the Atlantic, South Brazil and West Africa to China routes saw consistent support, bolstered by fresh cargo and a shorter ballaster list. Rates on the C3 index climbed from US$18.31 to US$19.875 by the end of the week, with early April dates fixing as high as US$20.25-US$20.30. Despite limited fresh cargo, sentiment in the North Atlantic remained positive, with the C8 and C9 indices rising steadily. Overall, it was a strong week for the market. PANAMAX Rates in the Atlantic came under severe pressure this week. Sizeable losses witnessed on the trans-Atlantic routes, with absent mineral demand and long tonnage counts only compounded a bleak situation. Asia initially appeared to resist the negative sentiment emanating from other areas as the week started out with healthy volume of fresh enquiry and volume of fixtures, with the North Pacific seeing a steady flow of enquiry along with mineral demand from Australia and Indonesia but less dominant. However, as the week progressed much of the market came under pressure, and endweek rates began to look softer in most areas. EC South America saw moderate levels of fixing throughout the week but index-type tonnage by Thursday were only capable of achieving low US$14,000’s + low US$400,000’s levels delivery at the port with a ballast bonus. NoPac rounds in the pacific hovered around the US$12,000- 13,000 mark for 82,000-dwt, whilst the median rate for shorter Indonesian round trips lent towards the US$10,000 mark. ULTRAMAX/SUPRAMAX As the week progressed it became apparent that the recent upturn in the sector had come to a halt. The Atlantic was described as stable, while the US Gulf was considered fairly busy, though rates remained relatively flat. The South Atlantic lacked fresh impetus and rates eased slightly, a 61,000-dwt was heard fixed basis delivery Recalada trip to the Arabian Gulf at Arabian Gulf in the mid US$12,000s plus mid US$200,000s ballast bonus. The Mediterranean-Continent also lacked demand, at the beginning of the week a 55,000-dwt fixed from the Continent to the Mediterranean at US$12,500. From Asia, a similar positive sentiment continued at the beginning of the week but soon eased. Despite this, it was heard a 56,000-dwt open Japan fixed a backhaul via the C.O.G.H. to the Continent-Mediterranean at US$14,000. From the south, a 64,000-dwt open Indonesia was heard fixed for a trip to China at US$17,000. The Indian Ocean was patchy, Ultramax sizes seeing around US$12,000 plus US$120,000 ballast bonus for South Africa to China runs whilst further north Supramax sizes seeing between mid US$5,000s and mid US$6,000s for trips from India to China. HANDYSIZE This week, the market showed mixed performance, with modest movements across both basins. The Continent and Mediterranean regions maintained their positive momentum, with rates edging slightly above previous levels, and the market appeared supported. For instance, a 25,000-dwt reported fixed delivery Egypt trip redelivery US Gulf with fertiliser at low US$6,000. In the South Atlantic, market fundamentals remained strong and indicating continued support, particularly for larger sizes. A 39,000-dwt fixed delivery Recalada redelivery Liverpool at US$16,500. In contrast, although rates in the U.S. Gulf showed gentle improvement, overall activity was relatively minimal compared to other routes. A 38,000- dwt placed on subjects for SW Pass for redelivery West Coast Central America in the US$12,000. Meanwhile, in Asia, the market remained strong, driven by a healthy demand-supply balance, particularly for NoPac and Southeast Asia, with several strong fixtures reported. A 38,000-dwt fixed delivery Japan to redelivery Brazil at US$10,500. CLEAN LR2 MEG LR2 freight was resolute this week with much of the industry in London attending International Energy Week. The TC1 75kt MEG/Japan index continued at around the WS120 mark and TC20 90kt MEG/UK-Continent assessments remained around the US$3.35m — US$3.4m level. West of Suez, Mediterranean/East LR2’s of TC15 dipped from US$2.9m to US$2.85m. LR1 MEG LR1’s as with the 2’s remained stable this week. The TC5 55kt MEG/Japan index held level around WS137.5-140. A voyage west on TC8 65kt MEG/UK-Continent finished the end of the week at US$2.78m up from US$2.72m. On the UK- Continent, the TC16 60kt ARA/West Africa index held at the WS125 mark without much movement this week. Read the full report

TUESDAY MARCH 4, 2025 27 THE EDGE CEO MORNING BRIEF MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) PANTECH GLOBAL BHD 86.06 0.105 0.575 — 488.7 MY EG SERVICES BHD 63.12 0.060 0.935 -2.60 7,036.3 CAPE EMS BHD 57.96 -0.025 0.245 -34.67 243.0 GENTING MALAYSIA BHD 53.57 0.000 1.900 -15.93 10,768.7 NATIONGATE HOLDINGS BHD 48.85 -0.550 1.300 -48.62 2,959.7 INGENIEUR GUDANG BHD 42.69 -0.005 0.035 -12.50 53.1 CIMB GROUP HOLDINGS BHD 37.97 0.190 8.000 -2.44 85,858.2 EA HOLDINGS BHD 31.42 0.000 0.005 0.00 32.3 CAPITAL A BHD 30.27 -0.030 0.835 -16.50 3,618.2 KNM GROUP BHD 28.68 -0.005 0.055 -15.38 222.4 KPJ HEALTHCARE BHD 26.86 0.270 2.640 8.64 11,521.8 INARI AMERTRON BHD 25.31 0.020 2.090 -31.70 7,918.9 TANCO HOLDINGS BHD 22.83 0.020 1.800 -9.09 3,967.9 MR DIY GROUP (M) BHD 20.14 0.030 1.410 -23.78 13,347.5 SFP TECH HOLDINGS BHD 20.03 -0.020 0.280 -61.64 672.0 MALAYAN UNITED INDUSTRIES BHD 19.53 -0.005 0.060 -14.29 193.5 KINERGY ADVANCEMENT BHD 18.77 0.000 0.330 -4.35 686.0 BINA PURI HOLDINGS BHD 17.84 0.005 0.340 23.64 274.1 BUMI ARMADA BHD 17.83 0.025 0.585 -10.69 3,467.8 ORIENTAL KOPI HOLDINGS BHD 17.26 -0.070 0.690 — 1,380.0 Data as compiled on Mar 3, 2025 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) KEY ALLIANCE GROUP BHD 0.010 100.00 5,676.2 100.00 36.8 SC ESTATE BUILDER BHD 0.010 100.00 535.4 0.00 40.9 METRONIC GLOBAL BHD 0.015 50.00 557.0 50.00 23.0 COMPUGATES HOLDINGS BHD 0.020 33.33 4,510.2 33.33 121.0 FOCUS DYNAMICS GROUP BHD 0.020 33.33 968.7 -20.00 127.4 NOVA MSC BHD 0.08 33.33 15,430.1 -23.81 125 APPASIA BHD 0.130 23.81 1,643.0 -10.34 178.1 MNC WIRELESS BHD 0.080 23.08 39.4 -23.81 19.0 CHUAN HUAT RESOURCES BHD 0.385 20.31 3.2 13.24 64.9 ALAM MARITIM RESOURCES BHD 0.030 20.00 3,878.1 0.00 46.0 ALDRICH RESOURCES BHD 0.030 20.00 161.3 20.00 33.4 ASIA POLY HOLDINGS BHD 0.120 20.00 9,559.0 60.00 126.5 ANNUM BHD 0.065 18.18 550.6 8.33 14.8 ARB BHD 0.035 16.67 1,175.4 -12.50 43.7 FITTERS DIVERSIFIED BHD 0.035 16.67 1,094.7 0.00 81.9 GREEN PACKET BHD 0.035 16.67 358.5 0.00 80.3 PLS PLANTATIONS BHD 0.520 15.56 10.0 -0.95 228.6 MTOUCHE TECHNOLOGY BHD 0.040 14.29 2,918.2 0.00 37.1 KPJ HEALTHCARE BHD 2.640 11.39 26,855.4 8.64 11,521.8 COASTAL CONTRACTS BHD 1.400 11.11 335.4 -7.89 751.6 Data as compiled on Mar 3, 2025 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) AMLEX HOLDING BHD 0.200 -50.00 150.0 -55.56 53.6 GO INNOVATE ASIA BHD 0.030 -50.00 500.0 -50 9.0 XIDELANG HOLDINGS LTD 0.010 -33.33 315.0 -50.00 21.2 NATIONGATE HOLDINGS BHD 1.300 -29.73 48,852.4 -48.62 2959.7 KUCINGKO BHD 0.155 -27.91 8609.1 -49.18 77.5 SINMAH CAPITAL BHD 0.040 -27.27 220.0 -27.27 17.4 TT VISION HOLDINGS BHD 0.380 -25.49 3363.9 -52.50 182.3 NEXGRAM HOLDINGS BHD 0.015 -25.00 1,241.4 0.00 13.3 CHINA OUHUA WINERY HOLDINGS 0.035 -22.22 100.0 -12.50 23.4 MMM GROUP BHD 0.070 -22.22 12.0 0.00 21.8 TOYO VENTURES HOLDINGS BHD 0.295 -20.27 1254.2 -42.72 48.9 JADI IMAGING HOLDINGS BHD 0.020 -20 366.70 -33.33 28.0 OVERSEA ENTERPRISE BHD 0.040 -20.00 1,687.1 -38.46 90.7 PUNCAK NIAGA HOLDINGS BHD 0.160 -20.00 30.4 -33.33 71.6 BERTAM ALLIANCE BHD 0.170 -19.05 1,379.10 21.43 82.20 MLABS SYSTEMS BHD 0.065 -18.75 719.1 -31.58 160.1 HO HUP CONSTRUCTION CO BHD 0.100 -16.67 1,103.8 -35.48 51.8 ECOSCIENCE INTERNATIONAL BHD 0.180 -16.28 355.4 -28.00 67.3 PANTECH GLOBAL 0.575 -15.44 86.06 — 488.7 PRG HOLDINGS BHD 0.085 -15.00 1,316.9 -22.73 41.5 Data as compiled on Mar 3, 2025 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) NESTLÉ (MALAYSIA) BHD 80.120 -4.320 105.4 -19.86 18,788.1 NATIONGATE HOLDINGS BHD 1.300 -0.550 48,852.4 -48.62 2,959.7 PANASONIC MANUFACTURING M BHD 16.500 -0.500 86.8 -6.25 1,002.3 PETRONAS DAGANGAN BHD 18.700 -0.500 467.8 -3.21 18,577.6 DUTCH LADY MILK INDUSTRIES BHD 28.500 -0.360 9.3 -5.57 1,824.0 HONG LEONG INDUSTRIES BHD 13.080 -0.320 43.5 -8.53 4,178.7 MASTER-PACK GROUP BHD 2.980 -0.290 303.0 -15.10 162.8 ALLIANZ MALAYSIA BHD 18.440 -0.260 98.8 -10.75 3,311.3 AMLEX HOLDINGS BHD 0.200 0.200 150.0 -55.56 53.6 HONG LEONG BANK BHD 21.200 -0.200 605.8 3.11 45,955.6 FRONTKEN CORP BHD 3.580 -0.160 2,722.8 -19.73 5,680.3 GE-SHEN CORP BHD 4.500 -0.160 38.4 13.35 604.9 KUALA LUMPUR KEPONG BHD 20.460 -0.160 355.4 -6.15 22785.5 BRITISH AMERICAN TOBACCO M BHD 6.570 -0.150 300.5 -11.93 1,875.9 GAMUDA BHD 4.210 -0.150 10,751.1 -11.18 24,013.3 PETRON MALAYSIA REFINING & MARKETING 3.680 -0.150 294.8 -12.59 993.6 SYNERGY HOUSE SDN BHD 0.985 -0.145 1,522.1 -17.92 492.5 SURIA CAPITAL HOLDINGS BHD 1.530 -0.140 203.5 -16.85 529.1 PRESS METAL ALUMINIUM HOLDINGS 4.920 -0.130 3,818.7 0.41 40,538.9 TT VISION HOLDINGS BHD 0.380 -0.130 3,363.9 -52.50 182.3 Data as compiled on Mar 3, 2025 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) FRASER & NEAVE HOLDINGS BHD 25.620 0.620 58.7 -9.08 9,396.9 AYER HOLDINGS BHD 7.500 0.500 5.1 4.17 561.4 PPB GROUP BHD 11.100 0.360 469.2 -10.48 15,790.9 KPJ HEALTHCARE BHD 2.640 0.270 26,855.4 8.64 11,521.8 MALAYSIAN PACIFIC INDUSTRIES 18.660 0.260 116.9 -27.95 3,720.8 CARLSBERG BREWERY MALAYSIA 18.900 0.200 88.0 -8.52 5,778.6 CIMB GROUP HOLDINGS BHD 8.000 0.190 37,968.4 -2.44 85,858.2 HEINEKEN MALAYSIA BHD 26.860 0.180 86.0 11.36 8,114.4 PADINI HOLDINGS BHD 1.850 0.160 5,089.8 -15.91 1,825.7 COASTAL CONTRACTS BHD 1.400 0.140 335.4 -7.89 751.6 KOTRA INDUSTRIES BHD 4.230 0.130 15.1 -4.73 627.4 KLUANG RUBBER CO MALAYA BHD 5.750 0.120 1.0 0.88 357.5 METROD HOLDINGS BHD 1.350 0.120 5.0 0.00 162.0 MBM RESOURCES BHD 5.520 0.110 971.1 -10.53 2,157.7 TENAGA NASIONAL BHD 13.700 0.100 2,804.4 -8.30 79,637.4 NEGRI SEMBILAN OIL PALMS BHD 4.000 0.080 30.2 3.09 280.8 PETRONAS CHEMICALS GROUP BHD 3.800 0.080 4,038.5 -26.50 30,400.0 UNITED PLANTATIONS BHD 23.000 0.080 753.3 11.00 14,310.1 D&O GREEN TECHNOLOGIES BHD 1.220 0.070 4,028.2 -41.90 1,512.2 PLS PLANTATIONS BHD 0.520 0.070 10.0 -0.95 228.6 Data as compiled on Mar 3, 2025 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DOW JONES 43,840.91 601.41 1.39 S&P 500 5,954.50 92.93 1.59 NASDAQ 100 20,884.41 333.46 1.62 FTSE 100 8,809.74 26.07 0.30 AUSTRALIA 8,245.65 73.30 0.90 CHINA 3,316.93 -3.97 -0.12 HONG KONG 23,006.27 64.95 0.28 INDIA 73,149.50 -48.60 -0.07 INDONESIA 6,519.66 249.06 3.97 JAPAN 37,785.47 629.97 1.70 KOREA 2,532.78 -88.97 -3.39 PHILIPPINES 6,037.19 39.22 0.65 SINGAPORE 3,908.52 12.82 0.33 TAIWAN 22,756.25 -296.93 -1.29 THAILAND 1,189.02 -14.70 -1.22 VIETNAM 1,309.37 4.01 0.31 Data as compiled on Mar 3, 2025 Source: Bloomberg CPO RM 4,492 -62.00 OIL US$ 72.48 -0.33 RM/USD 4.4657 RM/SGD 3.3103 RM/AUD 2.7772 RM/GBP 5.6325 RM/EUR 4.6495 * Based on previous day’s closing