TheEdge 281021

THURSDAY, OCTOBER 28, 2021 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 272/2021

CEOMorningBrief

NAJIB FILES SECOND SUIT AGAINST EX-AG
TOMMY THOMAS OVER MEMOIR p14

THURSDAY, OCTOBER 28, 2021 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 272/2021

CEOMorningBrief
HOME: SCIB refunds investors as it scraps final tranche of share placement amid suspension risk p4
Stay committed to expansionary fiscal policy, PH tells Putrajaya p6
Govt to review laws on bankruptcy, saysWan Junaidi p7

WORLD: UK Chancellor delivers US$103 bil of stimulus to boost economy p18

Serba Dinamik remains
suspended, has not

complied with directive,
says Bursa

Report on Page 3.

thursday october 28, 2021 2 TheEdge CEO morning brief

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Only 1.6% of 6,148 Malaysia’s Covid-19 infection curve dips
new Covid-19
cases from 25000 Daily new cases 7-day moving average
20000
Categories 3, 4, 5,
says Health DG 15000

10000 6,148
5,856
5000
Oct 27, 2021
0
Jan 1, 2021

Bernama

KUALA LUMPUR (Oct 27): Only 1.6% Category three refers to individuals with nine new clusters had been identified, with
or 101 of the 6,148 new Covid-19 cas- pneumonia, category four needs oxygen six of them involving workplace clusters,
es reported on Wednesday comprised pa- assistance and category five requires res- one cluster each for the community, high-
tients in categories three, four and five, said piratory assistance. risk groups and education.
Health Director-GeneralTan Sri Dr Noor
Hisham Abdullah. Dr Noor Hisham said that the remain- He added that there were 563 cases
ing 6,047 cases or 98.4% were from cat- being treated in the Intensive Care Unit
reuters egories one and two, which were asymp- (ICU), with 292 of them requiring res-
tomatic or mild. piratory assistance.

“Of the total new cases, 6,127 cas- Apart from that, the infectivity rate or
es involved local transmission, while 21 Rt nationwide onWednesday is 0.91, with
were imported cases, making the cumu- Kuala Lumpur and Negeri Sembilan re-
lative Covid-19 cases in Malaysia now cording the highest Rt rate of 1.02, while
2,448,372,” he said in a statement on the Labuan is the only area that recorded a
development of Covid-19 cases in the zero infection rate.
country on Wednesday.
Detailed information on the current sit-
He added that a total of 7,595 recov- uation of Covid-19 infection and trans-
ered cases were reported on Wednesday, mission in the country will be uploaded
bringing the cumulative number of recov- to the COVIDNOW website at https://
eries to 2,347,985. covidnow.moh.gov.my and the data will
be updated at 12 midnight daily.
Meanwhile, Dr Noor Hisham said that

KUALA LUMPUR (Oct 27): A total of Covid-19: 94.8% first doses, bringing the cumulative num-
22,191,734 individuals or 94.8% of the of adult population ber of vaccine doses given out under the
country’s adult population had been fully National Covid-19 Immunisation Pro-
vaccinated with the Covid-19 vaccine as fully vaccinated gramme (PICK) to 49,434,613.
of Oct 26, according to the Health Min- as of Oct 26
istry’s data on the COVIDNOW portal. As of Tuesday, 1,851,024 or 58.8%
Bernama of adolescents, aged 12 to 17, had been
At the same time, 22,830,806 indi- fully vaccinated while 82% or 2,581,280
viduals or 97.5% of the adult popula- teenagers had received at least one dose
tion have received at least one dose of of the vaccine.
the vaccine.
Meanwhile, a total of 22,692 Cov-
A total of 181,160 doses of the vac- id-19 vaccine booster shots were admin-
cine were administered onTuesday, with istered on Tuesday, bringing the cumu-
136,290 as second doses and 22,178 as lative total to 146,469.

thursday october 28, 2021 3 TheEdge CEO morning brief

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KUALA LUMPUR (Oct 27): The sus- Serba Dinamik This is to provide clarity to the market to
pension on the trading in Serba Dinamik remains ensure an orderly and fair market.
Holdings Bhd’s shares remains in effect as
the company has not complied with the suspended, has “Based on our understanding, soft cop-
directive to make an announcement on not complied ies of the Factual Findings Update were
the findings from the special independent with directive, provided to the independent non–executive
review (SIR), said Bursa Malaysia Secu- directors (INEDs) of SERBADK on Oct
rities on Wednesday. says Bursa 22 2021 and as requested by the INEDs,
physical copies of the same were in addi-
This follows Serba Dinamik’s last up- by Ahmad Naqib Idris & Syafiqah Salim tion, delivered to the INEDs on Oct 23,
date on the matter on Monday (Oct 25), theedgemarkets.com 2021,” added Bursa in a media notification.
when the oil and gas group denied that its
directors had been given a “factual findings on the SIR as at Sept 30 2021 (Factual Previously, Bursa had asserted that de-
update” by Ernst &Young (EY), which is Findings Update) is material information tails from the factual findings update as at
undertaking an independent review of the in accordance with paragraph 9.03 of the Sept 30 on the special independent review
group’s financial accounts. MMLR. were communicated to three out of four
INEDs on Oct 21.
“Kindly be advised that SERBADK has “Accordingly, it is imperative that this
not complied with the directive to make material information is disclosed compre- The regulator went on to set Oct 26
an announcement on the findings from hensively to the market in a timely manner. as the deadline for Serba Dinamik to an-
the factual findings update on the special nounce the findings of the special inde-
independent review by Oct 26, 2021. pendent review.

“Accordingly, the trading in the com- Serba Dinamik, in its filing on Oct 25,
pany’s securities shall be suspended with said EY was still in the midst of performing
effect from 9.00am, Wednesday, Oct 27, the special independent review and that
2021. As the trading in the company’s se- the documents from the independent re-
curities has been suspended since 2.30pm, viewer did not fall within paragraph 9.03
Oct 22, 2021, the suspension of trading will and 9.35(A) of the MMLRs, which relate
continue until further notice,” the bourse to disclosure of information considered
said in a filing on Wednesday. material, if it affects a company’s share
price and investor decision.
In a separate statement later that day,
Bursa reiterated that a listed issuer must Serba Dinamik further shared that its
make immediate public disclosure of terms of engagement with EY have “pro-
any material information as stipulated in vided that no work products will be distrib-
the Main Market Listing Requirements uted to any parties including the regula-
(MMLRs). tors, before and/or after the status update”.

“Bursa Securities has advised SER- The group was last traded at 35 sen prior
BADK that the factual findings update to its suspension on Oct 22, translating into
a market capitalisation of RM1.3 billion.

KUALA LUMPUR (Oct 27): Health di- Cancer-causing eries including biscuits which are sold in
rector general Tan Sri Dr Noor Hisham acrylamide in the Hong Kong market following a report
Abdullah said on Wednesday (Oct 27) Malaysia-produced by the Hong Kong Consumer Council’s
that monitoring done by the Ministry of biscuits below CHOICE magazine which claimed that
Health’s (MOH’s) Food Safety and Qual- EU Commission the 60 products contained acrylamide dan
ity Division since 2015 for biscuits in the glycidol.
Malaysian market shows that the aver- Regulation
age level of acrylamide which is a form of benchmark, He said the list includes Hup Seng, Ja-
cancer-causing carcinogen is 246 micro- says MOH cob’s and Julie’s biscuits which are man-
grammes per kilogramme (µg/kg), which ufactured in Malaysia.
is below the European Union (EU) Com- by shazni ong
mission Regulation’s 350 µg/kg benchmark. theedgemarkets.com Health Director
General Tan Sri
In a statement, Dr Noor Hisham said selection of raw materials and appropriate Dr Noor Hisham
the MOH’s Food Safety and Quality Divi- processes,” he said.
sion has also done a risk assessment on car- Abdullah
cinogens acrylamide dan glycidol in food Dr Noor Hisham said the MOH wishes
and that the assessment showed health risk to provide an update on alleged acrylamide The Edge file photo
due to acrylamide dan glycidol is low from and glycidol contamination issues involv-
biscuit consumption. ing 60 brands of flour-based confection-

Citing the International Agency for Re-
search on Cancer, he said acrylamide and
glycidol are carcinogenic substances which
can present risks to human health.

“Acrylamide is a contaminant that
can be produced during the processing
or preparation of food. However, the con-
taminant can be controlled through the

thursday october 28, 2021 4 TheEdge CEO morning brief

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SCIB refunds SCIB share price on RM Heineken
investors as downward slope Malaysia’s beer
it scraps final
tranche of share 3 volume sales
placement amid down by nearly
suspension risk 2 RM0.29 20% between
RM1.36 Oct 27, 2021 June and August
by Justin Lim
theedgemarkets.com 1 by Justin Lim
theedgemarkets.com
0
Jan 4, 2021 KUALA LUMPUR (Oct 27): Heineken
Malaysia Bhd saw its beer volume sales
Source: Bloomberg shrink by nearly 20% between June and
August, amid the lockdown restrictions
KUALA LUMPUR (Oct 27): Sarawak capital and estimated expenses for upcom- in the country.
Consolidated Industries Bhd (SCIB), ing projects.
which is facing the risk of trading suspen- In a bourse filing, Heineiken Malay-
sion as it may fail to meet the deadline to Unfortunately, selling pressure on SCIB sia said the sales figures were disclosed
issue its annual report, has decided to abort mounted in late May as its sister com- by its parent company Heineken N.V.
its placement of 91.43 million new shares. pany Serba Dinamik Holdings Bhd was in conjunction with its announcement
embroiled in an audit dispute with its for- of its trading update for the third quar-
The reason given was the uncertainty of mer auditor KPMG and cast a pall on the ter of 2021.
current market conditions, said the company, construction firm as well.
whose share price took a nosedive by 28% Heineken N.V. holds a 51% equity
onWednesday, in its bourse filing. SCIB’s share price has plummeted over interest in Heineken Malaysia via its
70% since late May from RM1.48. wholly-owned subsidiary GAPL Pte
“The placement funds received for Ltd.
tranche four of the private placement will be On May 27, Bursa greenlighted the
refunded to the respective placees,” it added. listing of and quotation for up to 147.16 The world’s second-largest brewer
million new shares to be issued pursuant said it sold 5.1% less beer compared
This is the final tranche of the private to the private placement. to a year earlier, with Asia-Pacific sales
placement, which was targeted to issue a tumbling 37.4%, as Covid-19 restric-
total of 147.16 million new shares to raise The issue price of the first three tranch- tions hit Malaysia,Vietnam, Cambodia
RM227.8 million, based on an indicative es of its private placement were below 60 and Indonesia.
price of RM1.548. sen, less than half of the indicative issue
price of RM1.548. Cumulatively, SCIB “In Malaysia, beer volume declined
The announcement came on the heels managed to raise only RM41.76 million. close to 20%, as our brewery was sus-
that the stock exchange had rejected its appli- pended from June 1 to Aug 16, to com-
cation for an extension of time until Dec 31, Its first tranche of private placement of ply with the Movement Control Order
2021 to issue its annual report for the year 10.79 million placement shares was placed issued by the government,” it said.
ended June 30, 2021 (FY21). The company out at 58.23 sen.
has appealed against the stock exchange’s However, it noted that Heineken Ma-
decision to reject its request. Subsequently, the second and third laysia’ beer volume grew strongly in Sep-
tranche of the shares were sold at 56.75 tember, following the reopening of the
Under the listing requirement, SCIB sen and 38.39 sen respectively. economic and social sectors.
is required to issue its annual report by
Oct 31. Coincidentally, Serba Dinamik has been Heineken Malaysia is scheduled to
suspended from trading by the stock ex- release its financial report for the third
SCIB was the top five most actively change as well. quarter on Nov 11.
traded counters on Wednesday. Trading
volume swelled to 117.55 million shares The trading suspension is on the grounds The group’s share price closed up
— equivalent to 20% of its issued share that the company has failed to disclose the latest two sen or 0.09% to RM22.96 on
capital of 582.04 million. updates on the findings of the special review on Wednesday, giving it a market capital-
its financial accounts.However,Serba Dinamik isation of RM6.94 billion.
To recap, SCIB’s share placement was has denied that its directors had been given a
proposed in early May to raise funds for “factual findings update” by Ernst &Young
capital expenditure requirements, working (EY), which is undertaking an independent
review of the group’s financial accounts.

THURSDAY OCTOBER 28, 2021 5 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (Oct 27): Tasco Tasco 2Q net cord high in quarterly revenue and one
Bhd’s net profit for the second quarter profit jumps of the highest in terms of profit for the
ended Sept 30, 2021 jumped 46.58% to on stronger period.
RM15.69 million from RM10.7 million contribution from
a year earlier on stronger contribution international “We are also pleased to note that
mainly from its international business business solutions our good performance is achieved on
solutions segment. a broad-based basis, reflected in the
segment growth of both our international busi-
Earnings per share rose to 1.96 sen ness solutions as well as domestic busi-
from 1.34 sen, the logistics group’s fil- BY SHAZNI ONG ness solutions since the third financial
ing with Bursa Malaysia showed. theedgemarkets.com quarter of the previous financial year,”
the group said.
Revenue increased 37.5% to
RM315.51 million from RM229.46 Tasco said the prospects of the group
million in the same quarter last year. are closely tied to the performance of
the global and local economies, as the
Tasco announced an interim divi- health of the logistics industry is close-
dend of one sen per share, payable on ly aligned with economic activity and
Nov 30. international trade.

For the cumulative six-month period, “More than one and a half years into
Tasco’s net profit surged 135.81% to the pandemic, the Covid-19 crisis has
RM31.45 million from RM13.34 mil- continued to plague the global as well
lion a year earlier, while revenue was as the domestic economy, although it
up 48.41% to RM605.56 million from appears we have a light at the end of
RM408.02 million. the tunnel due to the successful vacci-
nation rollout of our nation as well as
Tasco said that despite the challeng- in many other countries which are our
ing economic backdrop during the dark trade partners,” it said.
moments of the pandemic, the group
has been able to announce higher rev- Tasco’s share price closed 10 sen or
enue and profits, proving the resilience 7.14% lower at RM1.30, valuing the
of its business model. group at RM1.04 billion. The counter
saw some 8.39 million shares traded.
“The latest quarterly results have
again seen Tasco achieve another re-

thursday october 28, 2021 6 TheEdge CEO morning brief

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Stay committed to expansionary fiscal
policy, PH tells Putrajaya

by Justin Lim
theedgemarkets.com

KUALA LUMPUR (Oct 27): Pakatan • Information about how the submitted “We require an urgent Budget to develop
Harapan has urged the government to stay Budget has been executed. a coherent and integrated social protection
committed to an expansionary fiscal policy data management system to collect and con-
in the coming year to support the economy • The difference between the actual reve- solidate sex-disaggregated data from Feder-
through public spending. nue and expenditure. al, State, district agencies that are running
more than 60 programmes. This not only
In its Budget 2022 strategy document • Any changes in the initial macroeconom- streamlines data management, but also en-
unveiled onWednesday, the Opposition co- ic forecast that have affected the Budget sures that the system won’t be abused (such
alition said while stronger economic growth and forecast of any changes that may af- as double payments) and help can be pro-
is expected in 2022 in view of rising vaccina- fect the Budget in the following quarter. vided to those who truly need it.
tion rates and less need for lockdowns across
the country, Putrajaya should be mindful • Details on how extraordinary expenditure “Specifically, the lack of systematic data
of downward risks. (for example Covid-19 Fund) was spent. collection and records among key agencies
that deal with women and children related
These include the risk of the pandem- • Ensure better database management and issues must be improved to ensure relevant
ic reflaring due to mutations, efficacy and mechanisms for proposed measures to and more immediate interference and sup-
distribution of booster shots. ensure better execution port to those affected,” it stated.

“To address the downside risk, the govern- Gender responsive budgeting PH, in its Budget Strategy document,
ment should adopt a cautionary approach and Meanwhile, PH also called for strengthen- also highlighted the need to strengthen so-
support the economy through public spending ing institutional mechanisms through gen- cial protection.
until recovery is properly secured,” said PH. der mainstreaming and gender responsive
budgeting. This can be done through introducing
It stressed that premature fiscal consoli- the Multidimensional Poverty Index (MPI)
dation will put recovery in jeopardy. It recommended that the government in- and re-assessing the categorisation of recip-
corporates gender-responsive budgeting in ient households to ensure more equitable
“Fiscal balance can be addressed once economic recovery packages to identify the allocation to meet the realistic needs of the
recovery is fully secured and that is likely in gendered impact of the pandemic for target- families by adopting the MPI.
2023. For 2022, it is crucial that the govern- ed and impactful interventions by streamlin-
ment prioritizes economic growth over the ing data collection and management. To cement the idea, PH also called for
public sector fiscal balance. The expected revising the national poverty line in order
revenue increase, along with a strong bor- It also proposed that the government in- to obtain the income level of a new poverty
rowing plan, should be used to support the stitutes gender mainstreaming and gender line that is more realistic by taking into ac-
economy,” said PH. responsive budgeting into the 12th Malaysia count the impact of the pandemic.
Plan and its fiscal policies and implemen-
While it is attractive to address the fiscal tation roadmap. The Opposition coalition also called for
hole caused by Covid-19 as quickly as possi- adopting an internationally recognised envi-
ble with the increased expected revenue, the PH noted that the country lacks a co- ronmental, social and governance reporting
coalition highlighted that economic growth herent national data management system framework such as the Global Reporting
is linked to taxes and government spending. that allows for measurement of discrepan- Initiative standards.
cies between women and men on various Read also: PH proposes 12 strategies for
Indeed, stronger growth would automati- social and economic dimensions, which is Budget 2022, including RM45 bil Covid
cally improve revenue collection for the gov- crucial to allow a detailed post-Budget gen- fund Click here
ernment, without any taxation changes, it der analysis on whether programmes that
noted. were executed to aid women and children
in various capacities have been successful
Enhancing budgetary process and and/or improvements need to be made.
reporting
PH also called for the strengthening of the
Budgetary process and reporting.

It cited the open Budget index, which
lists down three recommendations to im-
prove the quality of Budget documents,
namely producing the currently unavailable
Budget documents such as mid-year review,
improving the comprehensiveness of the ex-
ecutive Budget proposal, and increasing the
comprehensiveness of the year-end report.

Additionally, PH also lists down five rec-
ommendations that the government may
implement in the short term to improve
the quality of Budget documents and its
financial management.

thursday october 28, 2021 7 TheEdge CEO morning brief

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BNM’s shariah Govt to review
council issues laws on

ruling on bankruptcy, says
compounding Wan Junaidi

profit for Bernama
restructuring of
Islamic financing KUALA LUMPUR (Oct 27):The government
will review laws on bankruptcy so that they do
by Shazni Ong not create a stigma and prevent individuals who
theedgemarkets.com have been declared bankrupt from working and
doing business to pay off their debts.
KUALA LUMPUR (Oct 27): Bank Ne- pandemic, the SAC has ruled to pro-
gara Malaysia (BNM) said its Shariah hibit IFIs from charging compounding Minister in the Prime Minister’s Depart-
Advisory Council (SAC) has made a profits for R&R financing with the ob- ment (Parliament and Law) Datuk Seri Dr
ruling on the practices of compounding jective to ease the financial hardship of Wan Junaidi Tuanku Jaafar said he was in
profit for restructuring and reschedul- customers affected by the pandemic. talks with his officials and the director-gener-
ing (R&R) of Islamic financing. al of Insolvency to create a better and friendly
“Although initially, the SAC’s rul- law to the community.
The council ruled that Islamic finan- ing relating to the prohibition on com-
cial institutions (IFIs) are not allowed pounding profit was made due to the “When a person is declared bankrupt,
to include and account for any accrued Covid-19 pandemic, but taking into ac- he/she is no longer able to pay the debt. So,
profit from the original financing in the count the broader aspect of maslahah what is the benefit for the lender.
new principal amount of R&R financ- (benefits) including the dharar (harm)
ing, said BNM. to the customers, there is a basis for “If the person can be allowed to do busi-
the ruling to be retained and extended ness and work, there is no stigma of bank-
This is because such practice will to all IFIs’ customers under the busi- ruptcy. Companies and the government
amplify the amount of profit on debts ness-as-usual situation,” it added. should not see these bankrupt people as un-
(compounding profit), the central bank able to work or live,” he said when asked by
said in a statement on Wednesday, add- Meanwhile, BNM noted that the fi- reporters about individuals who were forced
ing that the ruling was made at SAC’s nancial performance and cash flows of to close their businesses and declared bank-
214th meeting June 30. individuals and businesses are expected rupt during the Covid-19 pandemic.
to gradually improve in line with eco-
“Therefore, IFIs shall ensure that nomic improvements. He said this during a press conference after
in executing R&R financing the new the 11th ASEAN Law Ministers’ Meeting here
principal amount of the R&R financing It said various initiatives have been onWednesday, which was conducted virtually
shall be equivalent to the outstanding carried out to help them to survive in with the participation of ministers from Bru-
principal amount of the original facil- the current situation, in an effort to nei, Cambodia, Singapore,Vietnam, Laos, the
ity, if there is no additional financing ease the financial burden of the affect- Philippines,Indonesia,Thailand and Myanmar.
involved. ed customers.
On Sept 22 last year, the Senate passed
“[In addition], the amount of ac- Among the initiatives is the R&R the Insolvency (Amendment) Bill which
crued profit and late payment charges of existing financing to rearrange cus- sought to amend the minimum bankruptcy
(where applicable) from the original fi- tomers’ cash flows.With that approach, limit or minimum bankruptcy threshold from
nancing can be added to the total new businesses and individuals can better RM50,000 to RM100,000, thus making it
debt obligation, but this amount cannot manage their financial obligations to more responsive and comprehensive to cur-
be capitalised in the calculation of the suit their prevailing financial situation, rent needs and issues related to insolvency.
new profit,” said BNM. said the central bank.
Commenting on the three-day ASEAN
It added that IFIs must ensure that “Acknowledging the challenges faced law ministers meeting which started last Oct
in executing R&R financing, the pro- by IFIs’ customers under the difficult 25,Wan Junaidi said one of the agendas dis-
hibition is applicable to R&R financing situation, the SAC in its 30th Special cussed was to strengthen the legal system of
with all customers. Meeting dated July 14, 2020 (revised every ASEAN country.
on Oct 16, 2020) outlined the shariah
BNM said there were several IFIs requirements on R&R financing which “The meeting also focused on discussions
that did not compound profits for R&R intend to provide clear shariah guidance and presentations on ongoing development
financing previously. to IFIs and customers. relating to laws and legislation in the respec-
tive states to control and manage the Cov-
The implementation of such prac- “Following the shariah ruling, the id-19 situation.
tice was based on the decision of the SAC saw the need for a detailed dis-
IFIs’ shariah committee, as there was cussion on extending the applicability “We also discussed on the implementation
no specific SAC ruling on the matter, of such prohibition on the IFIs under of various cooperation activities and initia-
the central bank noted. the business-as-usual situation (i.e. after tives, which contribute to strengthening law
the end of Covid-19 pandemic period) and legal cooperation in ASEAN, as well as
“However, in light of the challenging to all IFIs’ customers,” it added. supporting a rules-based ASEAN communi-
economic situation that continues to ty and on-going work towards the harmoni-
affect customers during the Covid-19 sation of ASEAN trade laws, strengthening
ASEAN’s capacity in crime prevention, crim-
inal justice and the rule of law,” he added.

thursday october 28, 2021 8 TheEdge CEO morning brief

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KUALA LUMPUR (Oct 27):The motion Motion on sale “This matter (sale of gas assets in Azer-
on the sale of Petronas gas assets worth of Petronas baijan)… is dangerous and affects the fu-
almost RM10 billion in Azerbaijan will Gas assets in ture of Petronas. An action like this has led
be debated at the Special Chamber of the JP Morgan to remove Petronas from the
Dewan Rakyat on Wednesday afternoon. Azerbaijan for ESG Emerging Market and Bond Index
debate in Special and the ESG Asia Credit Index.
Dewan Rakyat Speaker Datuk Azhar
Azizan Harun said the motion was allowed Chamber on “The matter needs to be expedited be-
to be debated in the Special Chamber as Wednesday cause Petronas is experiencing a deficit due
the matter met three conditions, including to excessive dividend payments since 2018,
of public interest and an urgent matter. Bernama forcing Petronas to sell assets or borrow
more funds abroad to cover cash flow,”
The motion was tabled by Opposition he told the Dewan Rakyat onWednesday.
Leader Datuk Seri Anwar Ibrahim (PH-
Port Dickson) to discuss the report on the Anwar suggested that the motion un-
sale of Petronas’ gas assets in Azerbaijan der Standing Order 18(1) and 18(2) be
worth RM10 billion following the Malay- debated in the Dewan Rakyat.
sian government’s insistence to increase the
company’s dividend payment by RM25 However, Azhar decided that the mo-
billion in 2021. tion should be debated in the Special
Chamber, prompting Anwar to intervene
by stressing the need to debate it in the
Dewan Rakyat even within a short time
due to its impact on the country’s economy
and revenue, as well as Petronas’ future.

Azhar clarified by saying that there was
no difference in debating the matter in the
Special Chamber or in the Dewan Rakyat
as the proceedings are the same and could
be viewed by the public and recorded, in-
cluding through the Hansard.

“I have decided to hold it in the Special
Chamber because we have other business
in this House… there are two relatively
large bills to be completed today,” said
Azhar.

KUALA LUMPUR (Oct 27): KAF Equi- KAF anticipates provement in consumer sentiment as a re-
ties Sdn Bhd has anticipated Astro Malaysia Astro to deliver sult of the lifting of lockdown restrictions
Holdings Bhd to deliver a higher dividend higher dividend and high vaccine rate will further support
yield in the coming quarters along with the yield, reinitiates the increase in adex,” the analyst added.
reopening of the economy and relaxation coverage with
of standard operating procedures’ (SOPs) For the second quarter ended July
limitations. TP RM1.25 31, 2021 (2QFY22), Astro’s net profit
dropped 34.81% to RM87.13 million from
Overall, the research house said the div- by Syafiqah Salim RM133.65 million a year ago on subdued
idend yield of the group remains moderate theedgemarkets.com commercial subscription and merchandise
at 6% with a forecast dividend per share sales, it said on Wednesday.
of six sen for the financial year ending Jan segment will help speed up the pace of its
31, 2022 (FY22), compared with 5.5% in recovery,” Chew said in a note to clients Quarterly revenue slid 2.82% to
FY21. on Wednesday. RM1.06 billion from RM1.09 billion,
mainly arising from a decrease in subscrip-
KAF Equities expects the group to re- Chew said KAF Equities also expects an tion revenue and merchandise sales, offset
cord a higher dividend yield of 7.5% in uptick in Astro’s advertising expenditure by an increase in advertising revenue and
FY23 and 9% in FY24. (adex) in the coming quarters, to increase sales of programming rights.
by 7.68% to RM459.8 million in FY22
KAF Equities’ analyst Benny Chew said versus RM427 million in FY21. KAF Equities is forecasting Astro’s cu-
the research house reinitiated coverage on mulative net profit to climb to RM753 mil-
Astro with a “buy” rating and discounted “In line with the progression into Phase lion in FY22, RM884 million in FY23, and
cash flow (DCF-derived) target price (TP) 4 of the National Recovery Plan, permis- RM1.17 billion in FY24.
of RM1.25. sion has been granted to resume drama,
ads, and documentary shootings. The research house is also expecting As-
“The continuous easing of SOP restric- tro’s revenue to surge to RM4.71 billion in
tions and the reopening of the economy “Moving forward, we believe that im- FY22, followed by RM5.15 billion in FY23
should serve as a catalyst for earnings re- and RM5.62 billion in FY24.
covery over the coming quarters.
At Wednesday’s noon break, shares of
“We believe that Astro’s aggressive meas- Astro increased by 0.51% or half a sen to
ures of strengthening the OTT (over the 99.5 sen with some 773,700 shares chang-
top) platform, serving the underserved ing hands. This gives the group a market
market, venturing into potential business capitalisation of RM5.19 billion.The stock
streams, and growth in home shopping has surged 36.3% over the past one year.

THURSDAY OCTOBER 28, 2021 9 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (Oct 27): CGS-CIMB IGB REIT big RM1.68, which values the group at about
Securities Sdn Bhd said onWednesday (Oct beneficiary of RM6 billion based on IGB REIT’s 3.57
27) that IGB Real Estate InvestmentTrust revenge shopping billion issued units.
(IGB REIT) is a big beneficiary of revenge on retail sector
shopping in the fourth quarter of 2021 on recovery — Sharizan said IGB REIT’s 9MFY21 re-
Malaysia’s retail sector recovery, helped by CGS-CIMB sults made up 70% of CGS-CIMB’s and
progress in the country’s Covid-19 vacci- consensus full-year forecasts.
nation to curb the spread of the pandemic. by Tan Siew Mung
theedgemarkets.com He said CGS-CIMB deems IGB REIT’s
IGB REIT owns the Mid Valley 9MFY21 performance “as broadly in line”.
Megamall and The Gardens Mall along Cumulative net profit declined to
Lingkaran Syed Putra here. RM126.56 million from RM164.7 million. “(IGB REIT’s) FY21-23F EPS (earn-
According to IGB REIT, its latest-reported ings per share forecasts) are maintained.We
“We believe IGB REIT’s flagship malls’ net assets per share stood at RM1.07. project robust core EPS/DPU (dividend per
strong neighbourhood appeal is well posi- unit) growth of 21% year-on-year in FY22F,
tioned to benefit from the turnaround in For 3QFY21, IGB REIT declared an in line with retail sector recovery,” he said.
retail mall sentiment and a recovery in retail income distribution of 1.18 sen a unit, com-
sales, which is its key medium term potential prising 1.16 sen and 0.02 sen taxable and Meanwhile, UOB Kay Hian Pte Ltd an-
share price catalyst. non-taxable portions respectively. alystYap Xiu Li wrote in a note onWednes-
day that IGB REIT’s 3QFY21 results were
“Downside risks: weak tenancy renewals, At 10:48am on Wednesday (Oct 27), slightly below UOB Kay Hian’s expectations
prolonged negative rental reversion, and a IGB REIT’s unit price was unchanged at due to IGB REIT’s higher-than-expected
spike in Covid-19 infections,” CGS-CIMB expenses.
analyst Sharizan Rosely wrote in a note.
Yap said IGB REIT’s cumulative
Sharizan said CGS-CIMB retained 9MFY21 core net profit of RM126.6 mil-
its “add” rating and target price (TP) of lion accounted for 56% and 59% of UOB
RM1.88 for units of IGB REIT, which Kay Hian’s and consensus full-year estimates
reported on Tuesday (Oct 26) that net respectively. Core net profit excludes ex-
property income fell to RM55.92 million traordinary items in a company’s financial
in the third quarter ended Sept 30, 2021 statements.
(3QFY21) from RM97.83 million a year
earlier. According to Yap, UOB Kay Hian has
reduced its IGB REIT earnings forecasts
In a statement to Bursa Malaysia, IGB by 7% and 2% for FY21 and FY22 respec-
REIT said gross revenue was lower at tively but maintained its “buy” call andTP
RM95.8 million compared to RM130.75 of RM1.90 for the stock.
million while net profit dropped to RM38.54
million from RM76.84 million. “We continue to expect recovery to pick
up in 4Q21 when consumer sentiment picks
For 9MFY21,IGB REIT said cumulative up.We still like IGB REIT over other retail
net property income fell to RM181.44 mil- REITs for its resilient assets and faster-than-
lion from RM223.58 million a year earlier peers recovery pace.
while gross revenue was lower at RM280.16
million versus RM317.73 million. “The REIT still offers decent yields of
at least 5% from 2022 onwards in this low
interest rate environment,” she said.

KUALA LUMPUR (Oct 27): Gadang Gadang returns Gadang is cautiously optimistic that it
Holdings Bhd posted a net profit of RM3.69 to profitability will generate positive returns for the current
million for its first quarter ended Aug 31, financial year.
2021 compared to a net loss of RM455,000 on better
a year ago, helped by higher contributions contributions It said the construction division will con-
from its construction, property and utility from its business tinue to actively participate in open biddings
businesses. for projects to replenish its order book.The
segments group’s total order book stands at RM429
Quarterly revenue rose 16.68% to million, which provides earnings visibility
RM134.64 million from RM115.39 mil- by Justin Lim up to two years.
lion, the group said in its bourse filing. theedgemarkets.com
As for the property division, its per-
The group said its construction division er, Gadang’s net profit was slightly below formance is expected to recover with its
posted an improved profit before tax (PBT) the RM3.7 million posted in the immediate wide array of mid-market products in
of RM1.67 million, from RM349,000 in preceding quarter, while revenue fell 11.62% strategic locations and its unbilled sales
the preceding year’s corresponding quar- from RM152.33 million. of RM188 million in hand, in line with
ter, due to higher work progress for ongo- the relaxation under the National Re-
ing projects. The group blamed this on the lower work covery Plan.
progress for the property development pro-
The property division also recorded a jects compared with the preceding quarter. Meanwhile, for the utility division, the
higher PBT of RM4.78 million, compared group is keen to expand its footage in the
with RM3.05 million previously, driven by renewable energy sector and will actively
better sales. participate in upcoming large-scale solar
farm projects.
The utility division, meanwhile saw its
PBT rise to RM2.55 million from RM1.99 Shares in Gadang rose one sen or 2.56%
million, thanks to lower operating costs. to settle at 40 sen, for a market capitalisation
of RM291 million.
On a quarter-on-quarter basis, howev-

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KUALA LUMPUR (Oct 27): Glomac Glomac faces (FY21) from RM245.81 million in FY20,
Bhd managing director and CEO Datuk cost hike, while its profit after tax and minority in-
Seri Fateh Iskandar Mansor expects the cautiously terests (PATAMI) expanded by 130% to
performance of the property industry will RM28.95 million from RM12.6 million
improve in the near term with the easing optimistic for a year ago.
of economic restrictions that allows con- launches in FY22
struction to recommence and sales galler- Speaking on Glomac’s prospects for
ies to re-open. by Seah Eu Hen FY22, Fateh Iskandar expects the group to
theedgemarkets.com launch properties with gross development
However, he cautions against the rise in value (GDV) of RM282 million based on
costs of labour and construction materials, On its sales performance, Fateh Iskan- its existing townships in Saujana Perdana
which are currently in short supply due to dar said the property developer achieved and Saujana Perdana, as well as afforda-
pent-up demand over the last 18 months. RM231 million in new sales, down from ble high-rise residential units in Lakeside
RM385 million last year. Due to the Residences.
“High-rise residential consists of a lot lockdowns, the group has only launched
of aluminium and copper materials for the RM195 million worth of properties. Commenting on unlocking its landbank,
lift and electrical systems, therefore con- he said Glomac will focus on launching
struction prices have gone up. Labour costs Glomac’s unbilled sales of RM578 mil- landed residential units in the next two
have also gone up as most labourers had lion, which is anchored by its flagship de- years while waiting for the costs to return
returned to their home countries and we velopment Saujana Perdana and its high- to its pre-pandemic levels and on launching
have not been able to find replacements rise residential projects 121 Residences high-rise residential products where there
for them locally. and Plaza @ Kelana Jaya, remain healthy, is demand such as its Plaza @ Kelana Jaya
said Fateh Iskandar, adding that it will project that is based on aTransit Oriented
“Even with the introduction of IBS (In- provide earnings visibility over the next Development (TOD) concept.
dustrialised Building System), it will still two financial years.
require 12 months or more to train the All 11 resolutions tabled at the AGM
workers and to import specialised equip- The Main Board property developer’s were approved by its shareholders.
ment from abroad,” said Fateh Iskandar at revenue grew 49% to RM366.91 million
the virtual media briefing after the compa- in the financial year ended April 30, 2021 Glomac’s share price fell 0.5 sen to 35.5
ny’s annual general meeting (AGM). sen, giving the property developer a market
capitalisation of RM284 million.
Nonetheless, he foresees the increases Read also: Glomac MD reveals Budget
in raw material and labour costs to sta- 2022 wishlist for property sector proposed
bilise in the next six to 12 months as the to govt Click here
broader construction industry returns to
optimum operation.

bloomberg

Steel counters
tumble amid

fall in
metal’s price

by Tan Siew Mung
theedgemarkets.com

KUALA LUMPUR (Oct 27): Steel coun- on a downward trend. for the industrial metal stayed subdued on
ters tumbled on Wednesday amid contin- Tong Herr closed seven sen or 2.33% output controls.
ued corrections in the price of the metal.
lower at RM2.93 while Southern Steel The most-active coking coal and coke fu-
Ann Joo Resources Bhd slipped as much closed two sen or 2.34% lower at 83.5 sen. tures on the Dalian Commodity Exchange
as 15 sen or 5.75% to RM2.46. It closed opened down 9% to 2,704 yuan and 3,430
at RM2.47 on Wednesday, still down 14 Leader Steel and CSC Steel slipped one yuan, respectively, hitting their daily trad-
sen and 5.36%. sen each to 67.5 sen and RM1.35, respec- ing limits.
tively, at closing.
Hiap Teck Venture Bhd and Melewar Rakuten Trade Sdn Bhd vice president
Industrial Group Bhd both ended at intr- “Interest in steel counters may be over of equity researchThong Pak Leng opined
aday lows. Hiap Teck slipped eight sen or as steel price has corrected by quite a lot of that the fall in steel counters may also be
12.31% to 57 sen while Melewar Industrial late,” Rakuten Trade Research head of re- due to overall market weakness.
shed three sen or 6.67% to 42 sen. search KennyYee told theedgemarkets.com.
“The steel counters went up quite a lot
Lion Industries Corp Bhd also lost 10.5 Noting that steel price has been very vol- recently. It is possible that investors are tak-
sen or 11.8% to 78.5 sen at closing, after atile of late, he said the price may continue ing profits,” he told theedgemarkets.com.
falling to an intraday low of 76.5 sen. to correct as China is seeing slowing growth.
He added that the selling of property
Meanwhile,Tong Herr Resources Bhd, Reuters reported that Chinese steel fu- stocks in Hong Kong could have a negative
Southern Steel Bhd, Leader Steel Holdings tures fell onWednesday as raw material pric- impact on steel counters as they are part of
Bhd, CSC Steel Holdings Bhd were also es plunged amid government intervention the supply chain in building construction.
to cool commodity prices, while demand

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PETALING JAYA (Oct 27): The ease of Office, retail and willing buyers predominantly to the pri-
restrictions in Malaysia has allowed more residential sectors mary market, the secondary market is put
sectors, including the office, retail and resi- in the Greater KL under pressure, and ultimately adjusting
dential sectors, to operate and start moving recovering, says the asking prices.
to normality. According to JLL Research’s
“Greater Kuala Lumpur — Property Mar- JLL Research “Rental demand and subsequently asking
ket Monitor 3Q2021” report released on rentals continued to decline due to econom-
Oct 19, the footfall at offices in the Greater by Chung Ying Yi ic and employment uncertainties and there
KL is likely to increase as fully vaccinated theedgemarkets.com were no incoming expatriate population as
employees are able to return to workplaces. international borders were closed,” it said.
restrictions on conducting events and the
The report added that, however, the Busi- capacity limits for visitors to the project Meanwhile, the report also revealed
ness Conditions Index decreased to 87.5 in sales galleries during National Recovery that the ease of restrictions at shopping
the second quarter of 2021 (2Q21), reach- Plan Phase 1. malls allows fully vaccinated individuals
ing below the threshold since 4Q20 due to a in the Greater KL to browse and shop at
spike in Covid-19 cases over the past couple “Hence, developers focused on com- bricks-and-mortar stores.
of months, which induced stringent contain- pleting under-construction projects during
ment measures to be implemented. loosened containment measures, whereby No project completion/opening and
two projects that were completed earli- new addition of projects were observed
“The market activity has been largely er were waiting for the post-completion during the quarter. JLL expects delays in
driven by the technology sectors that ex- site inspections and the handover started new openings as a result of the construc-
perienced growth amid challenging times, this quarter, adding 480 units to the total tion delays during multiple lockdowns.
and struggling sectors such as the avia- stock,” the report said.
tion and tourism industries continued to “Vacancy rates also increased across
downsize,” it said. JLL Research noted that sales activities all submarkets. Many retailers that have
remained mostly muted as a result of par- closed down were already struggling prior
“Meanwhile, there was an increase in tial movement restrictions. The Malaysia to the outbreak of the pandemic, whereby
total supply as four new projects were My Second Home (MM2H) programme the lockdown has accelerated their closure
completed this quarter, and additional resumed on Oct 1 with stricter criteria, and progress. Additionally, several new outlet
completions are expected in the coming as such, future sales will depend greatly openings were also observed during the
quarters as containment measures eased on local buyers. quarter,” it said.
towards the end of 3Q21. Transactions
recorded during the quarter were large- As the federal government initiatives “With the reopening of the economy
ly related-party transactions, whereas the to stimulate residential sales are attracting and more retail businesses being allowed
investment market remained quiet due to to operate, a small group of investors will
market uncertainties.” start to revisit retail investment oppor-
tunities to take advantage of the antici-
In terms of the residential sector, devel- pated recovery. We believe opportunistic
opers avoided physical launches and went investors may perceive this period as an
with soft launches instead because of the attractive opportunity to deploy their cap-
ital despite the challenges.”

KUALA LUMPUR (Oct 27):The surging Most of 2022’s their margins, delay projects or increase
cost of manufacturing materials and ship- solar PV projects offtake prices to get projects to financial
ping could threaten 50 gigawatts (GW) close,” he said.
— a staggering 56% — of the 90GW of risk delay or
global utility photovoltaic (PV) develop- cancellation due Rystad said in addition to materials
ments planned for 2022. to soaring costs, cost inflation, shipping is another element
in the supply chain causing considera-
According to Norway-based independ- says Rystad ble challenges for developers and mod-
ent energy research and business intel- ule suppliers.
ligence company Rystad Energy, com- by Surin Murugiah
modity price inflation and supply chain theedgemarkets.com It said the cost of shipping continues
bottlenecks could lead to the postpone- to rise, playing more of a role in overall
ment or even cancellation of some of these also climbed steadily since January 2020, production capital expenditure.
projects, impacting demand and consum- increasing the pressure on module prices.
er pricing for solar-generated power. Before 2021, the cost of PV shipping
Rystad senior renewables analyst Da- had a minimal impact on the overall pro-
It said that driven by core component vid Dixon said the utility solar industry duction cost. However, pandemic-era
price inflation, manufacturing costs for is facing one of its toughest challenges shipping delays and bottlenecks have re-
PV modules have surged from below just days ahead of COP26. sulted in a near 500% increase in pric-
US$0.20 per watt peak (Wp) in 2020 to es, from US$0.005 per Wp in Septem-
between US$0.26 and US$0.28 per Wp “The current bottlenecks are not ex- ber 2019 to US$0.03 per Wp in October
in the second half of 2021 — a near 50% pected to be relieved within the next 12 2021.
increase in a year. months, meaning developers and offtak-
ers will have to decide whether to reduce Modules and their associated shipping
Rystad said a significant driver of this costs typically comprise between a quar-
surge is a more than 300% hike in the ter and a third of the total project capex
cost of polysilicon, a core component in and together represent the single-largest
PV manufacturing. item of a project’s cost.

In addition, other raw materials — sil- When the cost of modules — and ship-
ver, copper, aluminium and glass — have ping — increases, it can significantly im-
pact project economics, said Rystad.

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REAL ESTATE
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KUALA LUMPUR (Oct 27): Former Najib files second The former UMNO president also
prime minister Datuk Seri Najib Razak suit against claimed malice as the publication of the
had onWednesday filed a libel suit against book and passages had sown doubt and
Tan Sri Tommy Thomas and publisher ex-AGTommy distrust against him, and further dispar-
GB Gerak Budaya Enterprise Sdn Bhd Thomas over aged his reputation as a former PM and
over the publication of the book by the finance minister.
former attorney-general titled “My Story: memoir
Justice in the Wilderness”. He further alleged that Tommy had
by Hafiz Yatim “rake[d] and [made] up” evidence against
The suit was filed by Messrs Shafee theedgemarkets.com him with the intention of ensuring his in-
& Co at the High Court registry here on carceration so that he is unable to contest
Wednesday. The Edge file photo in the next general election, and demol-
ished his popularity at the behest of the
The latest legal action concerns sec- Datuk Seri Najib Razak opposition parties, as the former AG was
tion in the book regarding the murder of seen to be partisan to the DAP, a com-
Mongolian Altantuya Shaariibuu in 2006, ponent of Pakatan Harapan.
and the affidavit in support by death row
inmate and convicted murderer Chief In- The publication of the passages were
spector Azilah Hadri. meant to draw hatred and malice towards
the former premier, the legal document
The former premier complained that added.
according to the allegedly libellous pas-
sage in the book, he had associated him- The former premier claimed that his
self with Azilah and Corporal Sirul Azhar lawyers had written to Tommy in Febru-
Umar in the murder of the Mongolian. ary but he had barely denied the allega-
tions and refused to publish an apology,
It also meant that Tommy, as the AG resulting in this action.
then, was convinced of Najib’s guilt in
the case, and that he was satisfied with This is the second suit filed by the Pe-
the truthfulness of Azilah and Sirul kan MP, as last Friday (Oct 22), he had
statement. also filed another suit againstTommy and
the government for malicious prosecution
Tommy had sent a senior officer to in relation to the charges he is facing in
meet Sirul in Australia. relation to 1Malaysia Development Bhd.

Najib also claimed that the passages In this latest suit, Najib is seeking gen-
meant that he had done a heinous deed, eral, aggravated or punitive and exemplary
is unfit to hold political office, and is damages, along with an unqualified apology
guilty of conspiracy in the murder of in three major media outlets, for three days.
Altantuya.
He is also seeking an injunction to
By innuendo, it also meant that he restrain the defendants from publishing
had a hidden motive in the Mongolian’s similar related defamatory statements
murder, and that he had abused his pow- and also the removal of the impugned
ers when he was the prime minister and passages from the book.
then deputy prime minister,

KUALA LUMPUR (Oct 27): The High Court dismisses der the then Land Acquisition Enactment
Court onWednesday dismissed an applica- Semantan Estate for the purpose of developing a diplomatic
tion by Semantan Estate (1952) Sdn Bhd to (duta) enclave.
re-acquire a 106.7ha land in the city known judicial review
as the Duta enclave. to re-acquire As the name suggests, the land which
now houses, among others, theTun Razak
Justice Datuk Ahmad Kamal Md Shahid Duta land Hockey Stadium, the Inland Revenue
delivered the decision via email. Board office and the National Archives
by Hafiz Yatim was supposed to be developed as a new
“The application for judicial review in theedgemarkets.com area for diplomats and embassies.
enclosure 17 is dismissed.There shall be no Likely appeal, says counsel
order as to costs,” the judge said, without Justice Ahmad Kamal heard submissions Semantan Estate counsel Ira said she would
providing grounds for the decision. on the judicial review application on Aug take instructions from her client on their
23, but reserved decision untilWednesday. next course of action.
Senior federal counsel S Narkunavathy,
who appeared for the federal government, The Federal Court had previously dis- “But we do expect that our client will
the Federal Territories minister, the feder- missed the government’s appeal related to appeal against the decision,” she told The
al land commissioner, the director-general this long-standing land dispute. Edge via email.
of the Land and Mines Department, the
director of the Federal Territory Land and It had ruled that the government had On May 13, 2019, the High Court
Mines Department, the Federal Court Land trespassed on the land when it acquired it had granted leave (permission) to hear
registrar and the natural resources and en- in 1960 for a price of RM1.32 million un- the merits to Semantan’s judicial review
vironment minister, confirmed the decision application.
when contacted by The Edge.
Click here to read the full story
Semantan Estate was represented by
counsel Ira Biswas, who also confirmed
the decision to The Edge.

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COA upholds High Court ruling,
quashes unilateral conversion of two

underaged children by mother

PUTRAJAYA (Oct 27):The Court of Ap- by Hafiz Yatim were brought before the FederalTerritories
peal (COA) has onWednesday upheld the theedgemarkets.com Registrar of Muallaf where they willingly
Kuala Lumpur High Court decision three recite the ‘syahadah’ (affirmation of faith).
years ago to annul the conversion of two Islamic Department and the federal gov-
underaged children by their mother, from ernment as respondents in the judicial re- “This present case is clearly distin-
Buddhism to Islam. view application at the High Court. guishable from the facts in the Indira Gan-
dhi matter. The certificate of conversion
Justice Datuk Mohamad Zabidin Md This led to the mother and the Reg- should have been deemed valid and the
Diah, who led the three-member bench, istrar of Muallaf filing the appeal to the civil courts actually have no jurisdiction to
said the decision was unanimous. COA and this present hearing. decide on the matter,” Nizam said, add-
ing the High Court did not take this into
“We are of the view that the High Court Both parents’ approval needed in consideration.
judge and this Court of Appeal bench are religious conversion
bound by the Federal Court decision in In the Indira Gandhi case, the Federal “Furthermore, this court should adopt
the M Indira Gandhi case. There is no Court, which is the apex court, had ruled the Federal Court decision in the Subash-
appealable error in this matter. We find that the consent of “both parents” is a ini case.The conversion is safe and sound,
there is no merit in the appeal. must in conversion cases. and this court should not intervene. We
say this court is not bound by the Indira
“The decision of the High Court judge This follows the apex court defining Gandhi case, as the difference is the chil-
is affirmed, and this court makes no order the word “parent” in the Federal Consti- dren had appeared before the Registrar,”
as to costs,” he said. tution to mean both parents and not one he added.
in religious conversion matters.
Sitting with Justice Zabidin were Jus- In the Subashini case, it ruled the con-
tices Datuk S Nantha Balan and Datuk Meanwhile in an immediate response, version of one of her children to Islam by
Nordin Hassan. the Registrar of Mualaf ’s counsel Nizam the converted former husband was legal
Bashir, when contacted by theedgemar- and the civil court had no jurisdiction, as
The names of the mother, the children kets.com, said he would seek further in- it is within matters of the purview of the
and their father could not be disclosed by structions on whether to file a motion for Syariah Court.
the media following a court order. leave to appeal to the Federal Court.
Justices Zabidin and Nantha Balan in-
The mother converted to Islam some- Nizam, who appeared with counsels terjected and said that however, in this
time at the end of 2015, and she later con- Zulkifli CheYong and Ikmal Ibrahim, had case, both the children are underaged.
verted the children to Islam, by bringing first argued that the father had not ex-
them to the Registrar of Muallaf in 2016. hausted his avenues before filing the judi- “They are not adults but are minors,”
cial review and the High Court was wrong both judges responded.
At present, the children — a girl aged in granting leave (permission) to hear the
13 and a nine-year-old boy — are placed merits of his judicial review. However, Nizam argued that Article
under the custody of their father, who is 11 of the Federal Constitution stipulates
a businessman. He also told the court that unlike in the every person has the right to profess and
Indira Gandhi case, where her children practise his own religion, and every per-
The father had in his judicial review were never brought before the Registrar of son here does not distinguish the person
application named the mother, the Federal Muallaf, the children in the current case to be an adult or a minor.
Territory Registrar of Muallaf, the direc-
tor-general of the Education Ministry, the continues on Page 16
director-general of the FederalTerritories

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bloomberg

Mat Sabu’s son
escapes prison
sentence as court
acquits him of
drug charges

by Timothy Achariam
theedgemarkets.com

KUALA LUMPUR (Oct 27):The son of According to Collin, the police did not tertainment centre in the hotel at about
former defence minister and Parti Aman- take two samples of urine, one for their use 2.05am on Jan 5, 2019.
ah Negara president Mohamad Sabu, Ah- and one for Ministry of Health officials
mad Saiful Islam Mohamad, escaped an for a second test, as per the guidelines set He was initially sentenced to an eight-
eight-month prison sentence on Wednes- in the Inspector-General standing orders month prison term under Section 15(1)
day after the High court acquitted him and in the Ministry of Health guidelines. (a) of the Dangerous Drugs Act 1952 by
of all charges in his drug case. magistrate Mohamad Aizat Abdul Rahim
“The appellant (Ahmad Saiful) has after finding that his defence team had
Ahmad Saiful was sentenced at the been deprived of two samples of urine failed to raise reasonable doubt in the case.
Magistrate Court last year for using and this strict procedural guideline must
drugs at a hotel in the city centre in be complied with,” he said. He was to also undergo two years’ sur-
2019. veillance under the National Anti-Drug
“I find the failure by the police to take two Agency after completing the sentence.
Ahmad Saiful, who was represent- samples has rendered the conviction flawed,”
ed by Nasar Khan, Emile Ezra Hussain the judge said in his decision onWednesday. Ahmad Saiful was freed on bail of
and Datuk Nicholas Kow, appealed the RM9,000 pending the outcome of his
sentence at the High Court before Jus- “It is for this reason the appeal is allowed appeal.
tice Datuk Collin Lawrence Sequerah. and the conviction is set aside,” he said.
As well as setting aside the conviction,
Ahmad Saiful was acquitted on the Ahmad Saiful was charged with admin- the judge ordered that the bail amount be
grounds that the police did not follow istering aTHC drug (marijuana) at an en- returned to Ahmad Saiful.
guidelines when they arrested him in
taking two urine samples.

from Page 15 “We felt there is a need to challenge Susie Teoh was 17 years and eight
the interpretation of Article 12(4) of the months old when she became a Muslim.
Meanwhile, Ahram Rahimi, who ap- Federal Constitution as decided in the Her father Teoh Eng Huat, a Buddhist,
peared for the mother, said this court is Indira Gandhi decision,” she said. could not locate her and he took the Jabat-
not bound to follow the precedent set an Agama in Kelantan to court.
by the Federal Court in the Indira Gan- Article 12(4) states the religion of a
dhi case, as in the case of Datuk Menteri person under the age of 18 shall be de- The High Court ruled that the fa-
Baginda where former lord president Raja cided by the parent or guardian. ther’s right to decide the religion and
Azlan Shah said the court is not bound to upbringing of the infant (under 18) is
follow a judicial precedent if there is an There is illegality and impropriety in allowed “subject to the condition that it
error, when it comes to matters pertaining the conversion does not conflict with the principles of
to the Constitution. The father’s counsel K Shanmuga, who the infant’s choice of religion guaranteed
appeared with lawyer HoneyTan, said the to her under the Federal Constitution”.
“Here the High Court judge was wrong Indira Gandhi case is the most recent de- In other words, the infant has a right to
in applying Article 12(4) (the religion of cision, and that the High Court and the choose her own religion if she does it on
a person under the age of 18 shall be de- COA are bound by it. her own free will.
cided by his parent or guardian) and not
Article 12(3) (no person shall be required “This is a public law challenge whether Meanwhile, senior federal counsel Nik
to receive instruction in or to take part in the conversion was lawful or whether there Isfahanie Rahman, who appeared for the
any ceremony or act of worship of a reli- is illegality, impropriety that led to this. federal government and the Education
gion other than his own).We say the High Ministry, said the Attorney-General’s
Court did not consider this,” Ahram said. “We say that this court is bound by Chambers viewed that this court is bound
the decision in [the] Indira Gandhi [case] by the Federal Court decision in the In-
“The word parent here also does not which was a unanimous decision by the dira Gandhi matter, where the conversion
mean both parents,” he argued further. Federal Court. There is also nothing has to be agreed by both parents.
wrong with the apex court decision in
Lawyer Rohani Ibrahim, who also ap- the Indira Gandhi matter,” he added. In October 2018, then High Court
peared with Ahram for the mother, when judge Datuk Azizah Nawawi (now COA
contacted said she has received instruc- Shanmuga cautioned if the appellate judge) in quashing the children’s conver-
tions from her client to file an application court decides to depart from the Indira sion said the court was bound by the de-
to obtain leave to appeal to the Federal Gandhi matter, they may seem to follow cision in the Indira Gandhi case.
Court. the High Court’s decision on Susie Teoh.

t h u r s d a y o c t o b e r 2 8 , 2 0 2 1 17 T h e E d g e C E O m o r n i n g b r i e f

home

The Edge file photo

Appellate court reserves judgment
on Guan Eng’s bid to move undersea

tunnel graft case to High Court

PUTRAJAYA (Oct 27): The Court of by hafiz yatim Court judgment is the Court of Appeal,”
Appeal on Wednesday has reserved its theedgemarkets.com he reasoned.
judgment on an appeal made by former
Penang chief minister and Bagan mem- “When the learned High Court Judge Gobind said that the trial should be trans-
ber of Parliament (MP) Lim Guan Eng dismissed the said application and ruled ferred and held at the High Court, so that the
for his undersea tunnel graft trial to be that the trial shall take place at a low- final appeal would be at the Federal Court,
transferred from the Sessions Court to the er court as [against the wishes of] the where the judgments could be revisited.
High Court. appellant [Lim], such decision is not
construed as a final judgment for the On July 12, the High Court had dis-
Justice Datuk Nor Bee Ariffin, who appellant due to its interlocutory na- missed the former Penang chief minister’s
chaired the three-member bench, said they ture,” he added. application to transfer his undersea tunnel
will reserve their decision as more time is graft trial from the Sessions Court to the
required to make a decision. He labeled the appeal as “incompetant High Court.
and premature” as it is interlocutory —
This followed submissions from both meaning it is not a judgment or order that On Aug 7 last year, Lim was charged
Deputy Public ProsecutorWan Shaharud- is final, and does not finally dispose of the in his capacity as the then chief minister
din Wan Ladin, who led the prosecution, rights of parties in trial — which means it of Penang to have solicited gratification to
and Lim’s lawyer Gobind Singh Deo. is not defined as a decision, a per Section help Consortium Zenith Construction Sdn
3 of the Act. Bhd secure the undersea tunnel project.
“We need more time to make a deci-
sion.We take into account (that) the trial Meanwhile, Gobind argued that the He is alleged to have sought 10% of the
is continuing next week; our decision will ruling was not made in the course of the profit to be made by the company from
come later,” Justice Nor Bee said. trial at the Sessions Court and that the its senior executive director Datuk Zarul
application was a standalone. Ahmad Mohd Zulkifli.
The other members of the bench were
Justices Datuk Che Mohd Ruzima Ghazali “The application was filed at the High Subsequently on Aug 10, Lim was
and Datuk Hashim Hamzah. Court, before a High Court judge, dis- charged in the Butterworth Sessions Court
posed of by a High Court judge, so it is with using his position as the then chief
Shaharuddin argued that the High not a ruling made in the course of the tri- minister of Penang to receive RM3.3 mil-
Court decision is non-appealable, as it al,” he reasoned. lion in gratification for himself as an in-
does not fall within the definition of a de- ducement for helping the company to se-
cision under Section 3 of the Court of Additionally, Gobind added that the cure the project valued at RM6.3 billion.
Judicature Act (CJA) 1964, as the trial in High Court judge erred when he did not
the Sessions Court is still ongoing. appreciate that there were points of law in On Sept 11, the Bagan Member of Par-
the defence’s argument which needed to liament was charged in the same court
According to the Act, a “decision” be resolved in the Federal Court. with two counts of causing two plots of
means a judgment, sentence or order, but land belonging to the Penang government
does not include any ruling made in the “The problem with these points of law worth RM208.8 million to be disposed of
course of a trial or hearing of any cause being taken up in the Sessions Court, to two companies that were linked to the
or matter which does not finally dispose is that the final appeal from a Sessions state’s undersea tunnel project.
of the rights of the parties.
Lim has claimed trial to all four charges.

t h u r s d a y o c t o b e r 2 8 , 2 0 2 1 18 T h e E d g e C E O m o r n i n g b r i e f

world

UK Chancellor delivers US$103 bil
of stimulus to boost economy

LONDON (Oct 27): UK Chancellor of by David Goodman, Philip Aldrick, idea that the budget would boost infla-
the Exchequer Rishi Sunak unleashed Lizzy Burden, Andrew Atkinson tion.
75 billion pounds (US$103 billion) of & Alex Morales
giveaways in a budget that defied pre- Bloomberg “It’s a budget that says we have to have
dictions for fiscal restraint, pinning the sustained growth,” Glen said in an inter-
path of future spending to predictions Sunak slashed view on BloombergTelevision with Francine
for a rapid economic growth. taxes for pubs and Lacqua. “It means spreading economic
restaurants, cut duties activity across the country. We’ve seen
Sunak slashed taxes for pubs and res- on alcohol and handed growth better than anticipated this year,
taurants, cut duties on alcohol and hand- and that gives us the flexibility to make
ed more income to some of the nation’s more income to some of these choices.”
poorest families in a statement to Parlia- some of the nation’s
ment on Wednesday. He also earmarked The central bank’s Governor Andrew
billions of pounds more for infrastructure, poorest families. Bailey has said policy makers will have to
education and worker skills, boosting the act to contain inflationary forces, prompt-
budget for every government department. bloomberg ing financial markets to anticipate an in-
terest rate increase either next week or
“This was another high spending Nonetheless, the new money came as a just before Christmas.
budget from a government which con- surprise from a chancellor who was ex-
tinues to use most of its available head- pected to tighten the purse strings and The danger is that continued spending
room to increase expenditure rather than save more fiscal ammunition for the run- will push inflation even higher, boosting
to cut taxes,” said Mark Littlewood, di- up to the next election, which must be the cost of servicing the UK’s record debt
rector general at the free-market research held no later than 2024. load and squeezing household finances.
group the Institute of Economic Affairs. Consumer confidence plunged in recent
“The chancellor is banking on strong eco- Inflation is also growing. The OBR months, reflecting a surge in energy pric-
nomic growth to sustain the many addi- expects price growth to reach 4.4% es and shortages of everything from food
tional billions of pounds of spending he next year, double the BOE’s target, and to fuel.
has pledged.” warned developments since it made the
forecast could leave the rate at the highest The OBR said the prospects for higher
Investors boosted bets on BOE tight- in three decades. John Glen, the Treas- inflation and interest rates have already
ening on Wednesday and moved to ful- ury’s economic secretary, rejected the climbed in a “fiscally material” manner
ly pricing in a 15-basis-point hike next since it compiled its forecasts, although
week. Before the budget they saw around not by enough to impact Sunak’s new
an 85% chance of such a move. fiscal rules. The chancellor vowed that
in “normal times” the government will
The Office for Budget Responsibility only borrow to invest and that underlying
predicted nominal gross domestic prod- public sector net debt must be falling as
uct — the key driver of tax revenue — will a percentage of output.
be 4.1% or 110 billion pounds higher
in 2026 than it had forecast in March. TheTreasury expects borrowing to fall
That’s a result of faster growth and high- 150 billion pounds over the course of
er and more persistent inflation. Its es- its outlook when compared with March
timate for economic scarring a result of forecasts. Debt servicing costs will in-
the pandemic was revised down to 2%, creased by 51.5 billion pounds. Previ-
from 3% in March. ously announced increases in corpora-
tion tax and National Insurance — which
The unexpected largess outlined in take the overall tax burden to the highest
plans that stretch to 2027 rely on the big- since the 1950s — also provided more
gest upward revision in the outlook for room to spend.
the economy in four decades of forecast-
ing.The measures may add to inflation- UK government bonds rose during the
ary pressures that the Bank of England speech, leading a global rally that lowered
is keen to check, with financial markets interest rates in financial markets. The
anticipating the first post-pandemic rate yield on the benchmark UK 10-year gilt
rise next week. fell 11 basis points.

That windfall from the OBR allowed “It’s hard to understate how much
Sunak to boost spending while he cut revenue the chancellor’s raised over the
the outlook for borrowing, helping him past couple of months,” said Richard
to stick to his pledge to bring order to Hughes, chair of the OBR. “The combi-
the public finances — something he calls nation of corporate and personal tax rises
his “sacred duty.” announced in March, September and in
this budget, means that this chancellor’s
Spending commitments announced on announcing more tax rises this year than
Wednesday remain far below the massive in any single year since Norman Lamont
stimulus unleashed during the pandemic. and Ken Clarke’s 1993 budget.”

t h u r s d a y o c t o b e r 2 8 , 2 0 2 1 19 T h e E d g e C E O m o r n i n g b r i e f

world

(Oct 27): Cryptocurrencies have a place in Monetary through a fintech lens,whereby such technol-
Singapore’s financial sector if these digital Authority of ogies have the potential to help large under-
assets are regulated, according to the chair- Singapore served markets and segments of the popula-
man of the nation’s Central Bank. chairman sees a tion that struggle to get unsecured financing.
place for crypto in
“There may be a role for crypto in future Asia finance hub In addition, fintech has given a “useful
finance that extends beyond pure specu- jolt” to the system with banks responding to
lation and illicit finance,” Tharman Shan- by Krystal Chia the challenge, thereby lowering costs and im-
mugaratnam, the chairman of the Monetary Bloomberg proving reliability of financial services, he said.
Authority of Singapore, saidWednesday at
the Asia Financial Markets Forum. payments,” he said during his dialogue with ‘Wise and foolish’
Bloomberg News’ Haslinda Amin. Still, Tharman doesn’t see cryptocurren-
Stablecoins, for example, can have a cies replacing money as legal tender given
role in traditional payment systems, though Stablecoins are a crypto subset often their volatile and speculative nature.
these digital assets need to be regulated pegged to fiat currencies such as the dollar.
for illicit finance activities including an- “If you have an instrument that is vol-
ti-money laundering, he said. Rather than using the word crypto,Thar- atile in pricing, it’s never going to become
man said he prefers to approach the topic money,” he said. “It’s going to be a specu-
The Central Bank is keeping an “open lative asset, for both the wise and foolish.”
mind” on cryptocurrencies because the
regulator wants technologies and innova- El Salvador became the first country to
tion to develop, saidTharman, one of Sin- adopt bitcoin as legal tender in Septem-
gapore’s most influential politicians who ber, drawing attention to whether the move
has held roles in organizations such as the would entice people to transact with bit-
International Monetary Fund. coin and bring any benefits to the country.
The experiment had a rocky start however.
Tharman’s comments come as Singa-
pore builds its status as a crypto-technolo-
gy hub and lays the framework for activities
such as trading, listing, tokenization and
custody. In contrast, countries like Chi-
na have taken a more hardline approach.

The city recently granted licenses to
the brokerage arm of DBS Bank Ltd and
an Australian cryptocurrency exchange,
even as the regulator has been warning
the public about the risks of trading digi-
tal assets such as bitcoin.

“I think the future will be one where
regulated stablecoins will have a useful role
in a traditional payment system that inno-
vates and becomes more inter-operable
across borders for cheap, fast and instant

SINGAPORE/NEWYORK (Oct 27): Bit- Bitcoin slips Speculators are cutting back on posi-
coin slid below US$60,000 as euphoria below US$60,000 tions after the launch of the first US Bit-
over the first US crypto ETF dissipated as ETF-related coin exchange-traded fund fanned enthu-
and traders took profits following a re- bliss evaporates siasm and pushed prices to new all-time
cord-breaking rally. highs, analysts said. Total liquidations of
by Joanna Ossinger, Vildana Hajric, long crypto positions topped US$700 mil-
The biggest digital asset by market val- Anchalee Worrachate & Kenneth Sexton lion onWednesday, the most since Sept 20,
ue fell as much as 6.4% to US$58,132, according to data from Bybt.com.
reaching the lowest intraday price in almost Bloomberg
two weeks. It peaked at US$66,976 on Oct Click here to read the full story
20. Ether also sank about 6% and smaller hours and Polkadot dropped roughly 5%,
tokens took a hit as well, with Dogecoin according to Coinmarketcap.com. Read also:
and Solana each tumbling more than 7%. Spotify’s advertising business is booming
The Bloomberg Galaxy Crypto Index, which “They’ve always been more volatile, so thanks to podcasts
tracks some of the largest digital coins, fell it’s not a big surprise,” said Matt Maley, “The audio streaming service provider’s move
7.5% at one point. chief market strategist for Miller Tabak into podcasting is starting to pay off.It reported
+ Co. “Those cryptos are held in weak- a 75% jump in advertising sales for the third
“I’m not surprised Bitcoin hit a wall er hands. Most people think that a small quarter onThursday and projected it would eclipse
at US$67,000, having passed the April number of these alt will survive, so they 1 billion euros (US$1.16 billion) in advertising
high, given the speed of the move from tend to sell them more quickly than Bit- sales for the first time on an annual basis.”
US$30,000 in July,” said AntoniTrenchev, coin or Ethereum.” Click here
managing partner and co-founder of Nexo,
a crypto lender. “Bitcoin needs to cool off
before it embarks on its next leg up.”

Many smaller “alt” coins got hit the
hardest: Cardano lost 9% over the last 24

t h u r s d a y o c t o b e r 2 8 , 2 0 2 1 20 T h e E d g e C E O m o r n i n g b r i e f

world

Ping An Insurance backdrop of a complicated international reuters
sees 31.2% profit environment, sporadic Covid-19 outbreaks
drop on shrinking in China, and the impact of natural dis- Hong Kong
returns, premium asters including floods,” Ping An said in bourse
the filing. operator
income
“Household consumption shrank quar- third-quarter
by Zhang Yan, Cheng Leng & Engen Tham ter-on-quarter, affecting the long-term pro- profit slips
Reuters tection business of Ping An,” it added.
by Al un john
Ping An’s premium income from life Reuters
insurance in the first nine months declined
3.5% year-on-year to 364.5 billion yuan, HONG KONG (Oct 27): The Hong
while property and casualty insurance in- Kong stock exchange operator posted
come fell 9.2% to 199.3 billion yuan, ac- onWednesday a drop in its third-quarter
cording to company filings. profit as higher trading fees amid mar-
ket volatility were offset by a decline in
SHANGHAI/BEIJING (Oct 27): Ping Property exposure the company's income from investment.
An Insurance Group Co of China Ltd, the Investors’ confidence in Ping An has been
country’s largest insurer by market value, shaken over the past year on growing con- Hong Kong Exchanges and Clear-
posted a 31.2% fall in third-quarter net cerns about its investments in a high- ing Ltd's (HKEX) profit for the three
profit onWednesday as its premium income ly indebted property sector which faces months ended September came in at
shrank on a weak economy and profit was a liquidity crunch amid a crackdown by HK$3.25 billion (US$420 million),
dented by losses on investment assets. Beijing on unbridled borrowings. down from HK$3.35 billion a year
ago, it said in a filing to its subsidiary,
Net profit fell to 23.6 billion yuan The insurer reported a first-half earn- the Stock Exchange of Hong Kong.
(US$3.7 billion) in the three months end- ings fall for a second consecutive year, as
ing Sept 30, compared with 34.4 billion it wrote off a 20.8 billion yuan loss from Markets were volatile in the quar-
yuan in the year-earlier period, according investments in beleaguered developer Chi- ter as a series of regulatory crack-
to an exchange filing. na Fortune Land Development Co Ltd. downs in mainland China pulled
down shares in companies from tech-
It marks the company’s worst quarterly Ping An said it made no major provi- nology firms to property developers.
profit fall since the first quarter of 2020. sions against China Fortune in the third
quarter, but cautioned that “capital mar- The broad Hang Seng Compos-
Ping An’s insurance business and in- ket volatility and increasing impairment ite Index lost 15% in the quarter, its
vestment returns have been hit by weak- provisions on investment assets weighed worst period since 2015.
ness in China’s economy, which posted on the yields on the company’s investment
its slowest growth in a year in the third portfolio of insurance funds” HKEX's trading fees and trad-
quarter as power shortages and property ing tariffs, which make up the larg-
sector worries took a toll. Click here to read the full story est component of its income, rose
9.8% in the third quarter to HK$2.1
“The foundation for economic recovery billion from a year earlier.
requires further consolidation against the
However, the exchange opera-
FRANKFURT (Oct 27): Deutsche Bank’s Deutsche Bank tor's net investment income dropped
profits rose a stronger-than-expected 7% in extends profit run 76% to HK$155 million. In its filing,
the third quarter, the bank’s fifth straight HKEX said this decline was due to
quarter in the black as fees for advising on on boost from the low interest rate environment.
deals partly made up for a drop in trading dealmaking fees
revenue. In the first nine months of the
by Tom Sims & Frank Siebelt year, companies raised US$37 bil-
The profit, while a fraction of that of Reuters lion in Hong Kong from both prima-
major US competitors, is a victory for chief ry and secondary listings according
executive officer Christian Sewing, who in Analysts at JPMorgan said the results to Refinitiv data.
2019 embarked on a €9 billion overhaul of were strong and showed the bank was “on
the German bank after a series of regula- the right path to deliver on its strategic This placed the bourse third glob-
tory failings and billions in losses logged ambitions”. ally behind the Nasdaq and New
over the previous decade. York Stock Exchange.
Part of the bank’s 2019 overhaul has
Net profit attributable to shareholders involved reducing dependence on the
rose to €194 million (US$225 million) more volatile income of the investment
from €182 million a year earlier and beat bank, but the division, as in recent quar-
the €135 million expected by analysts, ters, was again the bank’s biggest reve-
based on forecasts published by Deutsche. nue generator.

The result was partly helped by a de- Click here to read the full story
crease in provisions set aside to cushion
fallout from the coronavirus pandemic,
while costs related to the bank’s ongoing
overhaul kept a lid on profit.

The fifth consecutive quarter of profit
represents its longest streak in the black
since 2012.

T H U R S D A Y O C T O B E R 2 8 , 2 0 2 1 21 T H E E D G E C E O M O R N I N G B R I E F
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t h u r s d a y o c t o b e r 2 8 , 2 0 2 1 22 T h e E d g e C E O m o r n i n g b r i e f

world

Saudi Arabia Pakistan, which only recently averted China cracks
pledges US$4.2 a balance-of-payments crisis, is separately down on vanity-
bil to support seeking to reach a deal with the Interna-
tional Monetary Fund for reviving a US$6 project super
Pakistan’s billion bailout programme, which is crucial skyscrapers
economy to boost its forex pile.
by Albee Zhang & Ryan Woo
by Faseeh Mangi, Kamran Haider Reserves with Pakistan’s central bank Reuters
& Abbas Al Lawati have declined for five consecutive weeks
Bloomberg to US$17.5 billion as of Oct 15 and BEIJING (Oct 27): China has restricted
the rupee has consistently depreciated the construction of extremely tall sky-
KARACHI (Oct 27): Saudi Arabia against the dollar, making it the worst scrapers in smaller cities as part of a
pledged to provide US$4.2 billion in as- performing Asian currency tracked by crackdown on wasteful vanity projects
sistance to Pakistan, providing relief to the Bloomberg over the past six months.The by local governments.
South Asian nation at a time when its for- nation has to repay US$14 billion in ex-
eign-exchange reserves are dwindling fast. ternal debt over the next three to four Without special approval, cities
years, according to Muhammad Umar with populations of less than 3 million
The Saudi Fund for Development an- Zahid, director general for debt at the must not build skyscrapers taller than
nounced a deposit of US$3 billion with finance ministry. 150 metres (492.13 ft), and cities with
State Bank of Pakistan to help shore up its larger populations must not construct
reserves, Shaukat Tarin, the South Asian Stocks rallied after news of the support, buildings higher than 250 metres, the
nation’s finance adviser, said via a Twit- with Pakistan’s key equities index rising Ministry of Housing and Urban-Rural
ter post. It will also finance oil derivatives 1.4% as of 10:17 a.m. local time. Development said on Tuesday.
trade worth US$1.2 billion during the year,
state-owned Saudi Press Agency reported. The Saudi aid comes after Prime Min- The measures go further than an ex-
ister Imran Khan visited Riyadh for a cli- isting ban on buildings of more than
mate change conference headed by Crown 500 metres.
Prince Mohammed bin Salman. Saudi
Arabia and UAE have extended support Officials who approve such projects
multiple times in the past to the nation, in violation of the new rule “will be held
which has had to seek an IMF programme accountable for life”, the ministry said,
13 times since the late 1980s. which would mean officials were sub-
ject to any future punishment decided
bloomberg in relation to the breach of rules.

MOSCOW (Oct 27): Russia has opened Russia opens case China has some of the tallest build-
an antitrust case against Apple for failing against Apple ings in the world, including the 632-me-
to allow app developers to tell customers in App Store tre ShanghaiTower and the 599.1-metre
about alternative payment options when Ping An Finance Center in Shenzhen.
using its App Store platform, Russia’s an- payment dispute
ti-monopoly regulator said onWednesday. While China acknowledges that high-
by Maria Kiselyova rise buildings promote more intensive
The US tech giant could face a fine & Alexander Marrow use of land resources, it is increasingly
based on its revenue in Russia if found concerned that local officials are blindly
guilty of a breach, the regulator said. It did Reuters pursuing construction with little atten-
not indicate the size of any potential fine. tion to practicality and safety.
the internet in Russia.
The company was earlier issued with Apple faced pushback over its App Store Click here to read the full story
a warning over the issue and given a Sept
30 deadline to “stop abuse on the mar- rules in the United States last month when
ket”, the Roskomnadzor regulator said in a federal judge issued a ruling forcing the
a statement. company to allow developers to send their
users to other payment systems.
Apple did not immediately respond to
a Reuters request for comment.

Russia has stepped up a long-running
crackdown on US tech giants this year
in a push to expand its sovereignty over

t h u r s d a y o c t o b e r 2 8 , 2 0 2 1 23 T h e E d g e C E O m o r n i n g b r i e f

world

The margin squeeze that everyone fretted
about has yet to happen

bloomberg

by Lu Wang
Bloomberg

NEW YORK (Oct 27): One bearish case component of costs for doing businesses, companies in those sectors that can have
Wall Street strategists and equity investors almost quadrupled from a year ago. good margins into a tougher year.”
kept sweating over ahead of the reporting
season was a squeeze of profit margins that Meanwhile, the discussions on supply For now, however, a prevailing margin
would hinder the bull market. chain surged 321%, both picking up pace squeeze has yet to materialise on the index
from the previous quarter, data compiled level. Separate analysis fromWell Fargo &
Early results for the third quarter sug- by BofA show. Co on third-quarter results so far showed a
gest that fear is premature, at least for now. similar trend. Excluding financials, margins
Mentions of price — an indicator that have widened by 50 basis points among
From commodity inflation to sup- BofA views as a proxy for pricing power — those that reported.
ply-chain disruptions and labour shortages, has risen only 45%, compared with 52%
things that threaten to push up costs for from the last season.To BofA’s Subrama- “Fears of broad margin compression
doing businesses are piling up. But thanks nian, the increased focus on labour relative from rising material and labour costs
to robust demand and a rush to cut expens- to pricing is a sign that anyone anticipating proved to be unfounded during Q3 earn-
es since the Covid-19 outbreak, corporate profit margins to expand in 2022 is likely ings season to date,” said Chris Harvey,
America’s ability to wring out from sales to be disappointed. head of equity strategy atWells Fargo. “De-
has defied all the warnings. mand and pricing are strong, and margins
That view put her team in square con- remain resilient.”
Excluding financial firms, companies trast with analysts who follow individual
in the S&P 500 that announced results companies. Based on analysts’ collective Read also:
have boosted net-profit margins by 40 basis forecasts, profit margins for S&P 500 firms Analysis:The 1970s all over again?
points to 12.4% from the previous quar- will improve in the next two years. Stagflation debate splitsWall St
ter, according to data compiled by Bank “Consumer prices rose at an annual pace of
of America Corp. The improvement has While no one can predict with high con- 5.4% last month, on track for their highest
spread across major industries, with all fidence on the post-pandemic market, in- annual gain since 1990, a surge that analysts
but energy and consumer staples posting vestors are starting to differentiate winners have pinned on everything from soaring
better margins. from losers. During the last three weeks, commodity prices to some $5.3 trillion in U.S.
a basket of companies with high pricing fiscal stimulus passed since the start of the
“Companies are facing increased cost power outperformed that of lower pricing pandemic. Most economists believe stagflation
pressure, but higher sales and operating power by 4 percentage points, according to is far from inevitable, and the Federal Reserve
leverage outweighed cost headwinds so data compiled by Goldman Sachs Group has said rising prices will prove temporary.
far,” BofA strategists led by Savita Sub- Inc that strip out industry bias. Yet many investors are on alert, wary of the
ramanian wrote in a client note. corrosive effect that past periods of stagflation
“It’s going to be a war on margins going have had on asset prices.”
The data is the latest evidence of cor- into next year — higher wages, higher in- Click here
porate resilience that has underpinned a terest rates, high input costs nearly across
rally that saw the S&P 500 doubling in the board,” Matt Miskin, co-chief invest-
19 months. More than 80% of large-cap ment strategist at John Hancock Invest-
companies have beaten analysts’ profit esti- ment Management, told Jonathan Ferro
mates during this season, a pace of positive on BloombergTV. “You’ve got to find those
surprises that has persisted in five of the
past six quarters — and never seen before
the pandemic.

Partly offsetting any rising costs was a
jump in demand that’s expected to boost
S&P 500 revenue by 15% in the third quar-
ter. Over the past five years, every 10%
increase in sales tended to translate to an
expansion of 1.2 percentage points in mar-
gins related to earnings before interest and
taxes, according to an estimate from BofA.

Throw on top all of the actions that
companies have carried out to rein in costs
and boost productivity — digital ordering
at restaurants or an app upgrade to attract
customers — and it’s a recipe for better
margins.

While profitability has come in better
than expected, company managers hav-
en’t let their guard down. During earnings
calls, their mentions of labor, the biggest

t h u r s d a y o c t o b e r 2 8 , 2 0 2 1 24 T h e E d g e C E O m o r n i n g b r i e f

world

reuters

ByteDance founder Zhang Yiming (photo), battery maker Chairman Zeng Yuqun, Tencent Holdings Pony Ma, and Jack Ma,
founder of Alibaba Group and Ant Group, rounded out the top five.

Bottled water, vaccines and electric vehicles
propel China’s biggest earners

HONG KONG (Oct 27): Bottled water, by Eduardo Baptista Tencent’s Ma, whose wealth swelled
vaccine development, short video platform Reuters 70% last year, saw it decrease 19% this
TikTok and electric vehicle technology pro- year as his company’s video games busi-
pelled the big earners on China’s rich list In a country of 1.4 ness was rattled by new, stricter limits on
this year, as embattled property moguls and billion people, just gaming time for minors.
others facing regulatory scrutiny slipped 2,769 people were
down the rankings. worth more than 2 Winners
billion yuan ($313 In a country of 1.4 billion people, just 2,769
Zhong Shanshan was No. 1 on the people were worth more than 2 billion yuan
Hurun China Rich List 2021 published million) each. ($313 million) each, the report said.
on Wednesday, with personal wealth of
$60.6 billion thanks to a surge in the val- With the broader property sector facing The biggest mover in the top 100 was
ue of his listed companies, Nongfu Spring a funding crunch after a regulatory crack- Luo Liguo, the chief executive of solar
and Beijing Wantai Biological Pharmacy down on excessive borrowing and land buy- product firm Hoshine Silicon Industry Co,
Enterprise. ing, the Hurun Report said it was the first who multiplied his net worth 6.5 times,
time since it began compiling the report in vaulting from 220th to 21st spot.
ByteDance founder ZhangYiming, bat- 1999 that a real estate developer was not
tery maker Chairman ZengYuqun,Tencent in the top ten. The Biden administration earlier this
Holdings Pony Ma, and Jack Ma, founder year banned US imports of Hoshine’s ma-
of Alibaba Group and Ant Group, rounded China Fortune Land founder Wang terials, citing allegations of forced labour
out the top five. Wenxue lost his billionaire status altogeth- of Uyghurs and other Muslim minority
er, with his net worth plunging 88% from groups in China’s Xinjiang region. In re-
Ma, who had previously topped the rich last year to $930 million. sponse to the action, China said it would
list for three years running, dropped places take “all necessary measures” to protect
following the suspension of Ant Group’s Yang Huiyan, co-chairwoman at and its’ companies rights and interests.
initial public offering and the slapping of majority shareholder of real estate devel-
a record fine on Alibaba for monopolistic oper Country Garden, the highest woman ByteDance’s Zhang, which owns
behaviour. on the list, fell five places to 11th. short-video platform TikTok, tripled his
wealth from last year to $52.8 billion and is
Also falling down the list of the country’s Zhang Bangxin, founder of home-tu- likely to take the No.1 spot next year,particu-
100 wealthiest people amid regulatory scru- toring serviceTAL Education Group, also larly if persistent rumours about a company
tiny was China Evergrande Group founder dropped off the list, losing 94% of his net listing are realised, the Hurun Report said.
Hui KaYan, who lost around 70% of his net worth after China introduced new rules
worth to be left with around $11.3 billion. banning for-profit tutoring. Zhang “is a likely candidate to become
the next Number One in China, especial-
Xu’s personal finances have plummet- ly if he gets to list ByteDance”, according
ed as the country’s second largest proper- to Rupert Hoogewerf, Hurun Report’s
ty developer reels under more than $300 chairman.
billion in liabilities.

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world

A deep dive into Squid Game’s
world of inequality

(Oct 27):The Netflix Inc hit Squid Game may by Jiyeun Lee, Enda Curran the troubled Ssangyong Motor Co. He then
be a big win for South Korea’s entertainment & Jihye Lee went into debt opening two eateries that failed,
industry, but it has also exposed the country’s Bloomberg a familiar path for many laid off in middle age.
darker side to a global audience.
ing households lost jobs. The Ssangyong Motor strike, which lasted
Decades of super-charged growth have left A major reason for the imbalance is that for more than two months and grew violent,
a deeply stratified society, where soaring house lingers in the national memory over a decade
prices and a lack of social mobility fuel exces- the country’s sprawling family-owned chaebol later as a symbol of the trauma inflicted by the
sive borrowing. Discrimination against wom- groups still control large swathes of the econ- financial crisis.
en, the elderly and migrant workers are deep- omy, and those who don’t work for chaebols
ly entrenched and many younger people find are largely shut out of economic advancement. Lee Chang-keun, a worker who was fired
life such a grind they’re giving up all together. from Ssangyong Motor and eventually rehired,
A report by the Korea Enterprises Federa- wrote in a Facebook post that Gi-hun rep-
Amid the shocking violence and eerie aes- tion this month showed new college graduate resents the more than 2,600 sacked staffers
thetic that has made the series Netflix’s biggest hires at large companies, defined as more than who struggled to make ends meet: “a laid off
launch ever,Squid Game’s depiction of desper- 300 employees, earned an average base sala- worker that doesn’t lose dignity in the face
ate contestants betting their lives to win 45.6 ry of 43.2 million won ($36,900) in their first of life-threatening situations and still shows
billion won ($39.1 million) while super-rich year. That compares with 28.3 million won warmth.”
VIPs watch on contains many realistic mo- ($24,250) for those employed at small com- Gender discrimination, misogyny
ments true to Koreans’ everyday struggles. panies (30-299 employees), and 25.6 million The widespread gender discrimination and
Here’s a scene-by-scene guide (warning, spoil- won ($21,940) for workers at even smaller misogyny present in Korea is a recurring theme
ers throughout) to some of those issues: firms (less than five employees). in the series, brought to life through the char-
acter of Han Mi-nyeo, whose name literally
Yawning inequality This means that one’s track is often set at translates to “beautiful woman.”While she has
The reaction from Seong Gi-hun, the show’s a young age, with little prospect for advance- to use her sexuality to butter up stronger male
gambling addict protagonist, to his mother giv- ment later in life. participants, she’s ultimately left begging to be
ing him 20,000 won ($17) encapsulates life for included in their team.
the have-nots in a country where inequality Crippling debt
is worse than in Japan, Australia and Spain. The first episode makes clear that crushing The scene has resonated with women in Ko-
debt is the central theme of Squid Game, with rea, where gender discrimination has become
The exchange takes place in their semi-base- Gi-hun’s debt of 160 million won ($137,000) less overt but still permeates institutions and
ment home in Ssangmun Dong, the northern to loan sharks and another 255 million won everyday life. Despite policy efforts, women
neighborhood of Seoul that is in direct geo- ($218,490) to banks used to convince him to earn 30% less than male workers,by far the big-
graphic and economic opposition to the afflu- join the game.There, he meets 455 other play- gest pay gap among the 38 OECD countries.
ent Gangnam area. ers also facing loans they can’t repay.
That disparity has been exacerbated by the
These cramped flats built half below ground Household debt is a real and acute problem Covid-19 pandemic, as women vastly outnum-
level, where the characters of the 2020 Os- in Korea, especially among the middle-aged ber men in sectors that have been hit hardest
car-winning film Parasite also live, have be- who entered the job market just as the Asian by virus restrictions.
come the last resort for Korea’s underclass Financial Crisis struck in the late 1990s. Sta-
as apartment prices have surged 70% in the tistics office data shows households owed an Women have outperformed men in entering
past five years, pushing the average price of an average 82.6 million won ($70,173) in 2020, college in Korea since 2005, with the female
apartment in Seoul beyond $1 million. up 4.4% from the previous year, while annual entrance rate 7.9 percentage points higher in
income rose just 1.7%. 2018.Yet a notable drop in female labour par-
The so-called ‘banjiha’ homes have prolif- ticipation in their mid-30s and 40s speaks to
erated since the 1970s after the government Overall debt owned by households surged the impossible task of both holding down a
required all low-rise buildings to have base- 10% in the second quarter, fueled by cheap career and raising children.
ments as bunker spaces, in case of a military borrowing costs during the Covid pandemic
threat from the North.Then as urbanization and years of policy missteps which made home In a society where men still barely partici-
brought an influx of workers to Seoul with prices out of reach.That’s taken the ratio for pate in domestic life, women are increasingly
no space to live, officials legalized the renting debt-to-disposable income to an unprecedent- opting out as well: Korea’s fertility rate sank to
out of these underground homes to ease the ed 172%, and prompted the central bank to 0.84 last year, the lowest in the world.
housing crunch. raise rates in August in a first such move among
developed Asian economies. As for Han Mi-nyeo’s inability to pur-
The Land Ministry estimated 1.6% of Ko- sue higher education: fees up to high school
rean households lived in basement or rooftop The Bank of Korea is walking a tightrope are largely free, but Korea’s notorious “cram
settings as of last year, down from 4% in 2006. between discouraging households from fur- schools” that help students get into the top
ther borrowing and driving those already in- universities are a massive barrier to entry.
Banjiha homes have become a symbol of a debted into worse straits as repayment costs Households spent some $8 billion on this ex-
yawning inequality that has worsened during grow — the latter a quandary the Squid Game tra-curricular coaching last year, and kids from
the pandemic.The Bank of Korea estimates players are all in. lower-income families usually can’t afford to
the Gini coefficient, a global measure of in- compete.
equality that ranges from zero to one with a In the show, Gi-hun’s gambling and debt
lower reading indicating better equality, de- problems started after he was sacked from the Click here to read the full story
teriorated to 0.399 in the second quarter of fictional Dragon Motors during restructuring,
2020, from 0.379 a year earlier, as lower-earn- a clear reference to the 2009 mass layoffs at

t h u r s d a y o c t o b e r 2 8 , 2 0 2 1 26 T h e E d g e C E O m o r n i n g b r i e f

MARKETS

CPO RM 4,962.00-50.00 OIL US$ 85.54-0.86 RM/USD 4.1545 RM/SGD 3.0777 RM/AUD 3.1161 RM/GBP 5.6997 RM/EUR 4.8162

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)

Vortex Consolidated Bhd 303.0 -0.020 0.080 -58.86 58.1

KNM Group Bhd 204.5 -0.015 0.200 -2.44 668.2

Metronic Global Bhd 153.9 0.000 0.025 -75.00 54.2

Hiap Teck Venture Bhd 135.9 -0.080 0.570 23.91 984.9

Sarawak Consolidated 117.6 -0.115 0.290 -79.58 168.8

Serba Dinamik Holdings Bhd 105.2 0.000 0.350 -80.11 1298.4

NWP Holdings Bhd 93 -0.025 0.270 8.00 142.1

REDtone Digital Bhd 85.2 0.135 0.690 91.67 533.3

LKL International Bhd 56 0.000 0.130 -85.79 100.5 World equity indices

AYS Ventures Bhd 46.6 -0.035 0.895 179.69 340.5

Dagang NeXchange Bhd 37 -0.005 0.760 237.78 2348.9 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
(%)
Ta Win Holdings Bhd 34.1 0.000 0.140 86.67 477.9 DOW JONES 35,756.88 15.73 0.04 (%)
INDONESIA 6,602.21 -54.73 -0.82
AirAsia Group Bhd 32.4 0.030 1.140 28.81 4443.8

Lion Industries Corp Bhd 31.9 -0.105 0.785 13.77 534.4 S&P 500 4,574.79 8.31 0.18 JAPAN 29,098.24 -7.77 -0.03

Industronics BHD 28.8 0.000 0.195 8.33 75.9 NASDAQ 100 15,559.49 45.30 0.29 KOREA 3,025.49 -23.59 -0.77

Kejuruteraan Asastera Bhd 28.1 -0.020 0.365 -37.43 638.5 FTSE 100 7,262.02 -15.60 -0.21 PHILIPPINES 7,230.15 -21.95 -0.30

Icon Offshore Bhd 27.9 0.005 0.125 8.70 337.9 AUSTRALIA 7,448.71 5.29 0.07 SINGAPORE 3,218.17 13.60 0.42

Hibiscus Petroleum Bhd 26.4 0.005 0.925 59.48 1856.3 CHINA 3,562.31 -35.33 -0.98 TAIWAN 17,074.55 40.21 0.24

Vinvest Capital Holdings Bhd 26.2 0.010 0.810 -105.81 367.1 HONG KONG 25,628.74 -409.53 -1.57 THAILAND 1,627.61 -8.36 -0.51

Dataprep Holdings BHD 25.2 -0.060 0.850 372.22 569.5 INDIA 61,143.33 -206.93 -0.34 VIETNAM 1,423.02 31.39 2.26

Data as compiled on Oct 27, 2021 Source: Bloomberg Data as compiled on Oct 27, 2021 Source: Bloomberg

Top gainers (ranked by %) Top losers (ranked by %)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

MCOM Holdings Bhd 0.13 25.0 6.0 -51.92 23.6 Sarawak Consolidated 0.290 -28.40 117552.5 -79.58 168.8

REDtone Digital Bhd 0.69 24.3 85154.6 91.67 533.3 Nexgram Holdings Bhd 0.020 -20.00 3392.6 -55.56 88.3

ENRA Group Bhd 0.98 14.6 3870.9 50.77 132.2 Vortex Consolidated Bhd 0.080 -20.00 302994.2 -58.86 58.1

Sanichi Technology Bhd 0.04 14.3 843.1 -85.84 56.1 Xidelang Holdings Ltd 0.040 -20.00 1117.2 -42.86 84.6

AirAsia X Bhd 0.10 11.8 23828.8 26.67 394.1 GETS Global Bhd 1.160 -14.07 806.9 -43.41 329.4

Eastland Equity Bhd 0.10 11.1 138.0 -33.33 42.2 Scomi Group Bhd 0.035 -12.50 118.1 16.67 38.3

Multi-Usage Holdings BHD 0.80 10.3 4871.0 158.06 45.1 Hiap Teck Venture Bhd 0.570 -12.31 135917.3 23.91 984.9

Kanger International Bhd 0.06 10.0 20346.2 -62.07 328.8 Lion Industries Corp Bhd 0.785 -11.80 31939.3 13.77 534.4

Rohas Tecnic Bhd 0.37 9.0 11363.1 5.80 172.5 Mlabs Systems Bhd 0.040 -11.11 876.0 -50.00 58.0

Power Root Bhd 1.48 8.8 2266.6 -24.87 617.3 CME Group BHD 0.040 -11.11 191.5 -33.33 38.7

RGT BHD 0.68 7.9 12760.1 22.52 452.7 Hubline Bhd 0.040 -11.11 2396.7 -20.00 171.6

SC Estate Builder Bhd 0.08 7.1 2447.0 25.00 80.6 Alam Maritim Resources Bhd 0.040 -11.11 3551.0 -52.94 61.3

Lambo Group BHD 0.08 7.1 2030.6 -89.00 89.8 KPower BHD 0.610 -10.29 17379.0 -66.25 331.1

YBS International Bhd 0.38 7.0 6482.5 105.41 93.8 Classic Scenic Bhd 0.710 -10.13 8107.7 56.91 171.1

Binasat Communications Bhd 0.39 6.9 11117.1 -1.27 126.2 Pasukhas Group Bhd 0.045 -10.00 3568.3 -87.53 52.1

Minda Global Bhd 0.08 6.7 3436.3 33.33 105.8 Olympia Industries Bhd 0.095 -9.52 143.2 5.56 97.2

VisDynamics Holdings Bhd 1.50 6.4 7211.3 98.68 261.6 AT Systematization Bhd 0.050 -9.09 3488.1 -72.97 254.2

PNE PCB BHD 0.09 6.3 4934.4 -85.09 44.8 Asia Media Group Bhd 0.160 -8.57 2494.9 -5.88 38.3

PIE Industrial BHD 3.90 6.0 2293.9 62.63 1497.8 NWP Holdings Bhd 0.270 -8.47 92870.2 8 142.1

Nextgreen Global Bhd 1.31 5.7 15551.5 227.50 954.2 ES Ceramics Technology Bhd 0.390 -8.24 5625.9 -20.41 197

Data as compiled on Oct 27, 2021 Source: Bloomberg Data as compiled on Oct 27, 2021 Source: Bloomberg

Top gainers (ranked by RM) Top losers (ranked by RM)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

Malaysian Pacific Industries 46.10 0.60 153.6 77.58 9169.1 Genetec Technology Bhd 45.920 -1.480 304.6 2554.34 2380.3

Petronas Dagangan Bhd 20.60 0.56 167.8 -3.74 20465.2 Fraser & Neave Holdings Bhd 27.200 -1.100 202.5 -15.21 9976.4

Hong Leong Financial Group 18.50 0.26 330.6 2.44 21187 Sam Engineering & Equipment 21.700 -0.480 362.5 194.44 2937.1

PMB Technology Bhd 13.54 0.26 1280.9 195.63 2848.3 Nestle Malaysia Bhd 133.800 -0.200 23.4 -3.67 31376.1

PIE Industrial BHD 3.90 0.22 2293.9 62.63 1497.8 GETS Global Bhd 1.160 -0.190 806.9 -43.41 329.4

Rapid Synergy Bhd 9.75 0.15 62.4 47.73 1042.2 Khind Holdings Bhd 4.250 -0.190 82.3 45.05 170.3

REDtone Digital Bhd 0.69 0.14 85154.6 91.67 533.3 British American Tobacco M’sia 14.260 -0.180 59.3 1.28 4071.7

MISC Bhd 7.14 0.13 657.5 3.93 31871.1 SKB Shutters Corp Bhd 2.150 -0.150 534.9 258.33 94.6

ENRA Group Bhd 0.98 0.13 3870.9 50.77 132.2 DKSH Holdings Malaysia Bhd 6.010 -0.140 251.9 77.29 947.5

Power Root Bhd 1.48 0.12 2266.6 -24.87 617.3 Ann Joo Resources Bhd 2.470 -0.140 3675.2 57.32 1340.6

ViTrox Corp Bhd 19.68 0.10 102.6 33.88 9294.2 Hong Leong Capital Bhd 8.660 -0.130 2171.1 39.90 2138.1

AEON Credit Service M Bhd 13.98 0.10 89.9 16.50 3569.2 Pentamaster Corp Bhd 5.300 -0.130 752.9 4.95 3775.3

Dutch Lady Milk Industries BHD 33.02 0.10 1 -11.95 2113.3 Malaysia Smelting Corp Bhd 2.870 -0.130 2496.1 100.70 1205.4

VisDynamics Holdings Bhd 1.50 0.09 7211.3 98.68 261.6 Sarawak Consolidated 0.290 -0.115 117552.5 -79.58 168.8

Y&G Corp Bhd 1.53 0.08 961.2 173.21 334.3 Hartalega Holdings Bhd 5.710 -0.110 3425.9 -52.97 19513.7

Kuala Lumpur Kepong Bhd 22.44 0.08 534.3 -5.24 24187.8 Lion Industries Corp Bhd 0.785 -0.105 31939.3 13.77 534.4

Inari Amertron Bhd 3.90 0.08 21794.7 42.10 14375.9 TASCO Bhd 1.300 -0.100 8389.2 72.76 1040.0

Genting Bhd 5.20 0.08 3467 18.55 20023 Widetech Malaysia BHD 4.600 -0.090 60.3 666.67 205.9

Ajinomoto Malaysia Bhd 16.20 0.08 19.9 1.12 984.9 Chin Hin Group Bhd 1.870 -0.090 2453.9 98.94 1654.4

Multi-Usage Holdings BHD 0.80 0.08 4871 158.06 45.1 Hiap Teck Venture Bhd 0.570 -0.080 135917.3 23.91 984.9

Data as compiled on Oct 27, 2021 Source: Bloomberg Data as compiled on Oct 27, 2021 Source: Bloomberg