The Edge 23/04/21

FRIDAY, APRIL 23, 2021 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 174/2021

CEOMorningBrief

Be the difference.
S90 Recharge.

Introducing the Volvo S90 Recharge. A plug-in hybrid that combines luxury with
sustainability down to every last detail. This is the new way forward.

VOLVO CAR MALAYSIA (482430-K) • Authorised Dealers:
• KUALA LUMPUR • FEDERAL AUTO CARS (Federal Highway 03-2260 1411) • SISMA AUTO (Jalan Bukit Bintang 03-2166 5155) • SELANGOR • FEDERAL AUTO CARS (Glenmarie 03-5569 4880)
• INGRESS SWEDE AUTOMOBILE (Mutiara Damansara 03-7733 0555) • MOTION BEYOND (Setia Avenue 03-5891 6627) • SIME DARBY SWEDISH AUTO (Ara Damansara 03-7623 3200)
• PENANG • FEDERAL AUTO CARS (Jalan Sungai Pinang 04-281 7300) • WESTERN CIRCLE (Juru 04-508 0888) • PERAK • iROLL IPOH (Jalan Permaisuri Bainun 05-246 1618)
• MELAKA • SEONG HOE MOTORS (Melaka 06-282 2653) • JOHOR • AJ PREMIUM MOTORS (Batu Pahat 07-431 2222) • PEKIN AUTO (Johor Bahru 07-562 6011)
• SABAH • SEBANGGA MITSINBO (Kota Kinabalu 08-830 9888) • SARAWAK • FOTROENDE AUTOMOBILE (Kuching 082-572 009)

Subject to terms and conditions. volvocars.com /my
Model specifications and colours may differ from the above image. Please contact your authorised Volvo dealer for full specification and availability details.

NOMINEE ACCOUNTS ACTIVELY TRADE FOCUS DYNAMICS SHARES
AS SHARE PRICE PLUMMETS p7

FRIDAY, APRIL 23, 2021 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 174/2021

CEOMorningBrief
HOME: New Covid-19 cases jump to 2,875 as Kelantan sees record 662 infections p2
Bank Pembangunan confirms Nazir Razak’s appointment as chairman p3

Cahya Mata Sarawak’s deputy chairman goes on leave of absence amid conflict of interest allegations p4
WORLD: World’s biggest stock owner says banks just displaced tech p19

Malaysia’s sustainability sukuk oversubscribed
by 6.4 times, allocation well spread globally

Report on Page 6.

REUTERS

Top Glove downsizes
Hong Kong IPO to raise

RM4.17 bil instead
of RM7.7 bil

Report on Page 3.

FRIDAY APRIL 23, 2021 2 THEEDGE CEO MORNING BRIEF

the edge ceo morning brief published by publisher + ceo . Ho Kay Tat
editor-in-chief . Azam Aris
Read from desktop or mobile device. (266980-X) chief commercial officer . Sharon Teh
You can print in A4 to read. Set print chief operating officer . Lim Shiew Yuin
mode to fit or shrink oversize page. tel . 603-77218000 editors . Kathy Fong . Jenny Ng . Joyce Goh
Level 3, Menara KLK, 1 Jalan PJU 7/6, Tan Choe Choe . Lam Jian Wyn
to get on emailing list Mutiara Damansara, 47810, Petaling Jaya, to contact editors: [email protected]
to advertise: [email protected]
[email protected] Selangor, Malaysia

HOME

New Covid-19 Malaysia’s coronavirus curve showing nascent signs of upward climb
cases jump to
2,875 as Kelantan 6000 Daily new cases 7-day moving average
sees record 662
5000
infections
4000
BY TIMOTHY ACHARIAM
theedgemarkets.com 3000 2,875
2000 2,387

1000

0 April 22, 2021
Sept 1, 2020

KUALA LUMPUR (April 22): New Covid-19 with 1,910 yesterday — which brought total centre cluster is Kampung Bangkahulu (Neg-
infections jumped to 2,875 today, from 2,340 recoveries to date to 361,267, translating into eri Sembilan).
yesterday, raising the country’s total cases to a recovery rate of 93.9%.
384,688, the Health Ministry said. The community clusters are Jalan Raji (Se-
With the rise in recoveries, the number of langor), Sungai Banus (Sarawak), Jalan Pokok
Kelantan emerged as the state with the high- active cases declined to 22,014. Of these, 248 Mangga (Melaka) andTaman Changkat (Perak).
est number of new cases, with a record 662 patients are in intensive care units, including
infections in the 24 hours as of noon. 115 on ventilators. The total number of active clusters in the
country currently is 352.
The spread of infections also worsened in Number of new clusters rises to 13
Selangor with 633 new cases, while Sarawak The Health Ministry identified 13 new Cov- Read also:
reported 474 and Kuala Lumpur 332. id-19 clusters, including five workplace clus- US warns citizens against travel to Malaysia
ters, three Education Ministry clusters, and a over high Covid-19 risk Click here
Seven Covid-19-related deaths were report- religious centre cluster.The remaining four are One educational institution each in Johor,
ed during the 24-hour period, bringing Malay- community clusters. Kelantan placed under EMCO — Ismail
sia’s coronavirus death toll to 1,407, Health Sabri Click here
director-generalTan Sri Dr Noor Hisham Ab- The workplace clusters are Jalan Semtec Kelantan hospital and quarantine facilities
dullah said in a statement. (Selangor), Jalan Industri Mekanikal (Johor), full following surge in covid cases — Exco
Jalan Skin (Johor), Kota Sawit (Sabah) and Click here
Three of the new deaths were reported in Jalan Salahuddin (Kuala Lumpur).
Sabah, while two were from Selangor and one
each from Sarawak and Kelantan.Among them The Education Ministry clusters are Jalan
was a foreign national who died in Sabah. Shah Banting (Selangor), Mengkebang (Kelan-
tan) and Dinamik (Kedah), while the religious
Dr Noor Hisham said another 2,541 pa-
tients recovered from Covid-19 — compared

(April 22): India saw a record one-day jump with India records world’s billion population, according to Bloomberg’s
more than 300,000 new coronavirus infections, highest one-day surge vaccine tracker.
marking a grim milestone for the country as a
deadlier second wave showing no signs of abating. in Covid-19 cases The worsening outbreak threatens to de-
rail the Indian economy that had just begun
The SouthAsian nation,which has the world’s BY BHUMA SHRIVASTAVA to recover after a nationwide lockdown last
second-largest outbreak, reported 314,835 new Bloomberg year pushed it into a historic recession. A new
casesThursday, pushing the total tally to almost virus variant with a double mutation has also
16 million cases.The U.S., which is the worst- 184,657.The country has administered more emerged locally, and concerns are growing that
hit nation globally, saw its peak one-day surge of than 132 million vaccine doses, according it’s driving the fierce new wave that is over-
314,312 cases on Dec. 21 and has only reported to data from India’s health ministry. That’s whelming India’s hospitals and crematoriums
more than 300,000 cases on two days since the enough to cover about 4.8% of its vast 1.3 Read also: Singapore quarantines about
onset of the pandemic. Infections in America 1,200 migrant workers, probes reinfections
are now on a downward trend helped in part by Click here
aggressive vaccination.

Covid-related deaths in India jumped to

FRIDAY APRIL 23, 2021 3 THEEDGE CEO MORNING BRIEF

HOME

Top Glove Top Glove Corp Bhd’s RM
downsizes share price since 2020
Hong Kong IPO
to raise RM4.17 10
bil instead of
RM7.7 bil 8

6

4 RM5.62

2

BY ARJUNA CHANDRAN SHANKAR 0 Apr 22, 2021 Bank
& JUSTIN LIM Dec 31, 2019 Pembangunan

theedgemarkets.com Compiled on April 22, 2021 at 8:41pm confirms
Source: Bloomberg Nazir Razak’s
KUALA LUMPUR (April 22): Top appointment as
Glove Corp Bhd has downsized its Hong sion of production capacity and develop-
Kong initial public offering (IPO) to raise ing a data-driven manufacturing system, chairman
RM4.17 billion, down from the RM7.7 RM0.42 billion for research and develop-
billion initially. ment (R&D), RM0.42 billion for software BY SULHI KHALID
upgrades, RM0.21 billion for environmen- theedgemarkets.com
In a bourse filing,Top Glove explained tal, social and governance (ESG) initia-
that the decision on raising less money in tives, RM0.42 billion for potential mergers KUALA LUMPUR (April 22): Bank
Hong Kong came after the glove maker and acquisitions (M&As) and RM0.21 Pembangunan Malaysia Bhd (BPMB)
took into account “the best interest of the billion for working capital requirements. has confirmed media reports that Datuk
existing shareholders of the company by Seri Nazir Razak has been appointed
minimising dilution to existing sharehold- This is in contrast to the RM4.61 bil- as its new chairman.The appointment
ers’ respective shareholding”. lion initially earmarked for the expan- takes effect today.
sion of production capacity and develop-
Consequently, cash-richTop Glove said ing a data-driven manufacturing system, He replaces Datuk Zaiton Mohd
it will issue 793.5 million shares, from RM770 million for R&D, software system Hassan, who retired in February after
1.495 billion shares initially stated. upgrades, and potential M&As. having served for two years.

The group said as far as the revised Meanwhile,Top Glove initially planned The Edge Malaysia had reported in
earnings per share impact from listing is to spend RM390 million on ESG prac- its March 22-28 edition, quoting sourc-
concerned, there will be a proportional tices and initiatives, while the remaining es, that Nazir’s appointment as BPMB
dilution as a result of the exercise. RM390 million would have been used chairman was awaiting approval from
for working capital and general corpo- Bank Negara Malaysia (BNM).
It noted that based on the 793.5 mil- rate purposes.
lion shares to be issued as part of the dual In a statement today, BPMB presi-
primary listing, this issuance represents In March, the rubber glove company dent and group CEO Arshad Mohamed
9.02% of its enlarged share capital once announced that its primary dual-listing Ismail said he looked forward to work-
the listing is completed. in Hong Kong would happen by May or ing with Nazir.
June.
The decision to downsize its IPO comes “The breadth and depth of his bank-
roughly two months after the glove mak- On Feb 26, the group announced that ing and finance experience will be a sig-
er unveiled its plan to seek primary du- it had filed an application with the stock nificant asset to BPMB as we continue
al-listing in Hong Kong Stock Exchange exchange in Hong Kong for the primary on our nation-building journey,” he said.
(HKEx).The IPO plan, which will result dual-listing.
in earnings and shareholding dilution, has Meanwhile, Nazir said BPMB is a
been met with criticism asTop Glove does The move was first announced by exec- key development finance institution
not appear to be short of capital given its utive chairman Tan Sri Dr Lim Wee Chai tasked to support companies and pro-
swelling cash pile thanks to the superprofit last September, who said the listing was a jects that promote socio-economic
it has earned during the pandemic. means to diversify its investor base. growth.

Top Glove’s share price has been on a Upon listing in Hong Kong,Top Glove “I am grateful for this opportunity
decline since October last year, falling from will maintain its primary listing on the to serve a government institution and
an all-time high of RM8.93 to a low of Main Market of Bursa Malaysia and ex- bring to bear the years of experience I
RM4.52 on March 31 — evaporating some isting secondary listing on the Main Board have in the financial sector,” he said.
RM36 billion of market capitalisation. of Singapore Exchange SecuritiesTrading
Ltd (SGX-ST). Nazir is the founding partner and
The stock closed at RM5.62 today, val- chairman of Ikhlas Capital, an Asean
uing it at RM46.12 billion Once the proposed dual primary list-
ing is executed, Top Glove shares will be CONTINUES ON PAGE 4
Now that the number of shares it will listed and traded on Bursa, SGX-ST and
issue has been reduced, its share capital HKEx and all such shares will be fungi-
will increase to nine billion shares, instead ble/transferable among these three stock
of 9.7 billion shares when the move was exchanges.
first announced.

Top Glove said in the latest filing that
it will have RM2.49 billion for the expan-

FRIDAY APRIL 23, 2021 4 THEEDGE CEO MORNING BRIEF

HOME

Cahya Mata
Sarawak’s deputy

chairman goes
on leave of

absence amid
conflict of interest

allegations

BY AHMAD NAQIB IDRIS investigations can come to a speedy con- the law and continue to put stakeholders’
theedgemarkets.com clusion and for CMS to move forward on interests at the forefront.
our growth path. I look forward to return-
KUALA LUMPUR (April 22): Cahya ing from my leave of absence,” he said. “We request all stakeholders to allow
Mata Sarawak Bhd (CMS) deputy group the investigations to proceed and patiently
chairman Datuk Seri Mahmud Abu Bekir In a separate statement, the board of await the final outcome. The board will
Taib said he is seeking leave of absence CMS said it had today reported to the cooperate fully with the authorities and
from all his positions in the group, as the authorities the allegations of conflict of has requested management to also extend
group launches an investigation into al- interest involving Mahmud Abu Bekir and their fullest cooperation.
legations of conflict of interest involving Karl Vink, and said the allegations were
him and former CMS chief information received through the group’s whistleblow- “We thank Datuk Seri Mahmud Abu
officer Karl Vink @ Khalid Abdullah. er channel. Bekir Taib for graciously taking leave of
absence from all his positions in the group,
In a statement, Mahmud Abu Bekir “Upon receipt of the whistleblower an exemplary conduct of good corporate
said he had decided “after careful consid- complaints, before reporting to the au- governance,” said the board.
eration and with a heavy heart” to seek thorities, the board acted immediately to
leave as director of CMS, CMS I-Sys- carry out a full investigation to discharge Mahmud Abu Bekir, the son of former
tems Sdn Bhd, CMS Capital Sdn Bhd, its fiduciary duties to protect the best Sarawak chief minister Tun Abdul Taib
deputy group chairman, chairman of the interest of the company and all stake- Mahmud, was appointed to the board of
Digital Transformation Committee and holders. CMS as group executive director on Jan
member of the Nomination and Remu- 23, 1995 and was redesignated as deputy
neration Committee. “In order to facilitate a full and trans- group chairman on May 22, 2002.
parent investigation by the authorities,
He said the decision was made in the Datuk Seri Mahmud Abu Bekir Taib has He served as interim group chairman
best interest of CMS and all stakeholders, voluntarily taken leave of absence from all from May 10, 2018 to Oct 1, 2018.
and that he believes this is the right thing his positions in the group,” it said.
to do to enable the authorities to conduct He is also the non-independent non-ex-
a full and transparent investigation into It assured stakeholders that it has up- ecutive chairman of Sarawak Cable Bhd.
the allegations. held the highest standards of corporate
governance expected of the board and Meanwhile, Karl Vink served as the
“On my part, I pledge my utmost co- has carried out its fiduciary duties to the chief information officer of CMS between
operation to the authorities so that the best of its abilities, adding it will continue June 2018 and September 2020.
steering the group in full compliance with
CMS closed one sen or 0.5% higher at
RM2.11, giving a market capitalisation of
RM2.27 billion.

FROM PAGE 3 tance to the nation and places particular for a merger as they are controlled by
importance on impact financing, which The Minister of Finance Inc (MoF Inc).
private equity firm. He has extensive channels capital to address social issues While BPMB, Exim Bank and SME Bank
banking experience, having served as and development priorities. are wholly owned by MoF Inc, Credit
CIMB Group Holdings Bhd’s chairman Guarantee Corp Bhd — a 78.65% unit
for four years and group CEO for 15 The Edge Malaysia, in its report, said of BNM — has a 50% stake in Danaja-
years prior to that. Nazir will face an arduous task in his min, while the remaining 50% is held
new role — merging four development by MoF Inc.
Nazir also served as the non-execu- financial institutions (DFIs) under the
tive director of Khazanah Nasional Bhd BPMB banner. In December 2019, BPMB and Dana-
for four years and was a member of the jamin were given the green light by the
Employees Provident Fund Investment BPMB will be taking the lead in the central bank to commence merger talks
Panel for 15 years, BPMB noted in its merger, taking over Danajamin Nasional but there has been little news on the mat-
statement. Bhd, Small Medium Enterprise Develop- ter since.
ment Bank Malaysia Bhd (SME Bank) Read also: Newsbreak: Nazir’s mandate
BPMB was incorporated in 1973 and and Export-Import Bank of Malaysia Bhd as chairman will be to merge DFIs under
mandated to support the Malaysian econ- (Exim Bank), as stated in Budget 2020, BPMB Click here
omy’s development by assisting entrepre- the report said, quoting sources familiar
neurs in small and medium-sized indus- with the matter.
tries. It provides medium to long-term
financing to sectors of strategic impor- The four DFIs have been shortlisted

FRIDAY APRIL 23, 2021 5 THEEDGE CEO MORNING BRIEF

Be the difference.
S90 Recharge.

Introducing the Volvo S90 Recharge. A plug-in hybrid that combines luxury with
sustainability down to every last detail. This is the new way forward.

VOLVO CAR MALAYSIA (482430-K) • Authorised Dealers:
• KUALA LUMPUR • FEDERAL AUTO CARS (Federal Highway 03-2260 1411) • SISMA AUTO (Jalan Bukit Bintang 03-2166 5155) • SELANGOR • FEDERAL AUTO CARS (Glenmarie 03-5569 4880)
• INGRESS SWEDE AUTOMOBILE (Mutiara Damansara 03-7733 0555) • MOTION BEYOND (Setia Avenue 03-5891 6627) • SIME DARBY SWEDISH AUTO (Ara Damansara 03-7623 3200)
• PENANG • FEDERAL AUTO CARS (Jalan Sungai Pinang 04-281 7300) • WESTERN CIRCLE (Juru 04-508 0888) • PERAK • iROLL IPOH (Jalan Permaisuri Bainun 05-246 1618)
• MELAKA • SEONG HOE MOTORS (Melaka 06-282 2653) • JOHOR • AJ PREMIUM MOTORS (Batu Pahat 07-431 2222) • PEKIN AUTO (Johor Bahru 07-562 6011)
• SABAH • SEBANGGA MITSINBO (Kota Kinabalu 08-830 9888) • SARAWAK • FOTROENDE AUTOMOBILE (Kuching 082-572 009)

Subject to terms and conditions. volvocars.com /my
Model specifications and colours may differ from the above image. Please contact your authorised Volvo dealer for full specification and availability details.

FRIDAY APRIL 23, 2021 6 THEEDGE CEO MORNING BRIEF

HOME

Malaysia’s sustainability sukuk
oversubscribed by 6.4 times,
allocation well spread globally

BERNAMA

Bernama

KUALA LUMPUR (April 22):The Gov- cent to the US, while 46 per cent of the Malaysia’s Light RailTransit, Mass Rapid
ernment has successfully priced the world’s principal amount of the 30-year sukuk was Transit and KL Monorail networks.
first sovereign US Dollar Sustainability distributed to investors in Asia, 33 per cent
Sukuk, via the issuance of US$800 million to EMEA, and 21 per cent to the US. As the first sovereign issuance with such
10-year Trust Certificates and also issued assets in a sukuk structure, this issuance
US$500 million 30-yearTrust Certificates By investor type, the distribution of sets a new benchmark and showcases Ma-
with the allocation well spread globally the 10-year tranche was 67 per cent to laysia’s global leadership in Islamic finance,
from Asia to the United States. fund managers and insurance companies, reinforcing the country’s position as the
18 per cent to central banks and govern- world’s largest sukuk market.
Investors’ confidence was clearly reflect- ments, 14 per cent to banks and 1.0 per
ed in the offering being oversubscribed cent to others investors, while for the 30- The Sustainability Sukuk is issued via
by 6.4 times. year tranche was 83 per cent to fund man- a special purpose vehicle, MalaysiaWakala
agers, 10 per cent to banks, 4.0 per cent Sukuk Bhd, and based on Malaysia’s new-
Due to the overwhelming demand the to central banks and governments, and ly-establishedThe Government of Malay-
Government decided to upsize the size to 3.0 per cent to other investors. sia SDG Sukuk Framework.
US$1.3 billion from US$1.0 billion ini-
tially, the Ministry of Finance (MoF) said Malaysia’s maiden Sustainability Sukuk The Framework was assessed by Sus-
in a statement here, today. is the world’s first US Dollar Sustainability tainalytics, which has declared it as be-
Sukuk issued by a sovereign, whereby pro- ing aligned with the four core compo-
It said both tranches have been assigned ceeds will be used for eligible social and green nents of the Social Bond Principles 2020
a rating of A3 by Moody’s Investors Ser- projects aligned to the United Nations’ Sus- (SBP), the Green Bond Principles 2018
vice and A- by S&P Global Ratings. tainable Development Goals (SDG)Agenda. (GBP), and the ASEAN Sustainability
Bond Standards 2018 (ASEAN SUS).
The strong demand has also resulted This will enable Malaysia to not only Both the Framework and Sustainalytics’
in the lowest ever yield and spread for a meet its commitments as a responsible na- Second Party Opinion can be accessed at
US-dollar sukuk issuance by Malaysia, tion and signatory to the Paris Agreement, https://www.mof.gov.my/en/economy/
with the 10-year and 30-year Trust Cer- but also further its efforts to advance its sustainability.
tificates priced at 2.07 per cent [T + 50 people’s socio-economic well-being.
basis points] and 3.075 per cent [T + 80 CIMB, HSBC, and JP Morgan acted
basis points], respectively. It is also a testament to the Govern- as the Joint Bookrunners and Joint Lead
ment’s efforts in combating climate change, Managers on this offering. In addition,
More importantly, this demonstrates as well as accelerating the transition to- HSBC Amanah Malaysia and JP Morgan
the market’s confidence in Malaysia’s eco- wards a more resilient and inclusive econ- were the Joint SDG Structuring Agents.
nomic recovery and growth prospects, de- omy, in line with the Government’s Shared
spite a challenging past year due to the Prosperity Vision 2030, said the ministry. The Sustainability Sukuk’s Shariah
COVID-19 pandemic. structure has been approved by the Board
This Sukuk is also unique as its under- Shariah Committee of CIMB Islamic Bank
“We are extremely pleased and honoured lying assets are sustainable assets, being Bhd and HSBC Global Shariah Supervi-
by the investors’ vote of confidence in our vouchers representing travel entitlement on sory Committee.
maiden Sustainability Sukuk issuance, which
also reflects their belief in Malaysia’s strong
economic fundamentals and solid prospects
for growth,” Finance MinisterTengku Datuk
Seri Zafrul Abdul Aziz said.

He said the issuance is not only a glob-
al first on many fronts, but also a strong
recognition of Malaysia’s Islamic finance
industry’s innovative capabilities in struc-
turing sukuk to help advance Malaysia’s
SDG-focused policies towards achieving
the Shared Prosperity Vision 2030.

Subsequent to a virtual roadshow cov-
ering Asia, the Middle East, Europe and
the US, the sukuk attracted a diverse group
of investors.

The allocation was well-spread globally,
with 55 per cent of the principal amount
of the 10-year sukuk distributed to inves-
tors in Asia, 33 per cent to Europe, Mid-
dle-East and Africa (EMEA), and 12 per

FRIDAY APRIL 23, 2021 7 THEEDGE CEO MORNING BRIEF

HOME

Nominee accounts actively trade Focus
Dynamics shares as share price plummets

BY THE EDGE MALAYSIA Citigroup Nominee (Asia) Acquired Disposed
theedgemarkets.com (UBS Group AG) April 7
2021
KUALA LUMPUR (April 23): Trading No. of shares (mil)
volume of Focus Dynamics Group Bhd 200 Acquired Disposed
swelled this month, with daily volume 100 April 16
soaring to 419.39 million shares on Mon- 2021
day (April 19) — the highest seen since 0
November 2015. Its average daily volume -100
stood at 157.8 million in April so far. -200

But what has made jaws drop is the Feb 12
collapse of the company’s share price this 2021
month.The stock plunged from 59.5 sen
at end-March to 11.5 sen on Thursday HSBC Nominee (Asing)
in a span of 16 trading days, wiping off (Credit Suisse (HK))
RM3.02 billion worth of market capi-
talisation. 10000 No. of shares (’000)

The company’s two major sharehold- 0
ers, Sanston Financial Group Ltd, which
holds a 26.07% stake, and Bursa-listed -10000 Acquisitions/disposals of between
Fintec Global Bhd, which has a 25.42% -30000 35,000 - 1.5 mil shares per trade
stake, did not buy or sell shares in a
big way. -50000
Feb 8
However, filings with Bursa showed 2021
that several nominees have been active-
ly trading Focus Dynamics shares since bought 121.63 million shares on March began to plunge in early April, however,
February, when the counter was trading 2, and sold 118.91 million shares the the nominee disposed of a total of 16.95
above 60 sen. following day. million shares on April 5, and another
50.63 million shares the next day. The
The nominees include Citigroup Nom- Prior to the decline in Focus Dynamics’ counter was trading around 47 sen and
inees (Asing) Sdn Bhd, holding shares for share price, which started in early April, 48 sen during these two days.
UBS AG (which is in turn holding the the Citigroup nominee account disposed
shares for Maybank Kim Eng Singapore of 239.22 million shares on March 23, It went on to sell more shares later, dis-
Pte Ltd, according to Focus Dynamics’ which translated into about RM147.12 posing of a total of 111.22 million shares
2019 annual report) and two HSBC Nom- million, based on the stock’s closing price between April 7 and April 16.
inees (Asing) Sdn Bhd accounts — one of 61.5 sen on that day.
holding shares for Credit Suisse AG, Dub- On the other hand, the HSBC Nomi-
lin Branch, and the other for Credit Suisse Meanwhile, the HSBC Nominees ac- nees account of Credit Suisse AG, Dublin
(Hong Kong) Ltd (Credit Suisse HK). count of Credit Suisse HK also actively Branch, was acquiring shares between Feb
traded shares between Feb 2 and April 9 and March 31, with a total of 18.51 mil-
The Citigroup nominee account has 14, albeit in relatively smaller numbers of lion shares bought. However, it eventually
been the most active among the nomi- shares per trade, and this account seemed disposed of 6.25 million shares on April 5,
nees playing Focus Dynamics shares.The to prefer making several transactions in as Focus Dynamics’ share price declined.
number of shares it traded in a single day a trading day.
hit as high as 239 million in the period Focus Dynamics’ share price started
between Feb 12 and April 7. For example, on Feb 8, according the year at above 60 sen, closing at 64.5
to bourse filings, the nominee account sen on Jan 4. It then stayed within the
In February, it made four transactions, acquired two blocks of shares compris- 60 sen to 70 sen range until end-March.
starting with a 120.12 million block ac- ing 351,800 and 527,700 shares, while
quisition on Feb 12. On that day, Focus it also sold 249,900 shares on the same In April, however, the counter began
Dynamics closed at 63 sen per share. day. On the following day, it acquired its descent. From 59.5 sen on March 31,
139,000 shares and continued to make the stock has since fallen 81% to close at
Subsequently, it disposed of 34.32 mil- similar-sized transactions up until April 2. 11.5 sen onThursday — unchanged from
lion and 69.45 million shares, respective- the day before — which gives it a market
ly, on Feb 16 and 17 — when its shares As the share price of Focus Dynamics capitalisation of RM726.15 million.
were trading around the 65 sen level. In-
terestingly, a week later on Feb 24, the
Citigroup nominee account bought back
189.79 million shares.

Its trading activities seemed to have
ramped up in March, with the nom-
inee buying and selling shares within
days. For instance, the nominee account

FRIDAY APRIL 23, 2021 8 THEEDGE CEO MORNING BRIEF

HOME

Mah Sing
to start making
rubber gloves

next month

BY JUSTIN LIM
theedgemarkets.com

KLANG (April 22): Mah Sing Group Bhd (From left) Mah Sing Group Bhd executive director Datuk Steven Ng Poh Seng, chief executive officer
has completed the testing and commission- (CEO) Datuk Ho Hon Sang, Mah Sing Healthcare Sdn Bhd general manager Lawrence Khoo Chee Eng,
ing of its two glove production lines in its Mah Sing founder and group managing director Tan Sri Leong Hoy Kum, executive director Datuk Seri
first glove manufacturing factory.The man- Leong Yuet Mei and director of group strategy and operations Lionel Leong at the glove manufacturing
ufacturing plant, located in Kapar, Klang,
is expected to start production next month. factory in Kapar, Klang.

Chief executive officer (CEO) Datuk US$85 (RM349) and US$115 (RM473) on the expected revenue and earnings con-
Ho Hon Sang revealed that the indicative per 1,000 pieces. tribution from the new business.
orders from more than 100 letters of in-
tents received to date had well exceeded The first batch of shipment will be sent Meanwhile, with the successful com-
the group’s capacity. to the buyers, which come from countries pletion of testing and commissioning of
like China, US, the Middle East, Japan and the first two glove production lines, Mah
“On the whole,we expect the glove manu- Korea, in May and June this year, said Mah Sing said it is on track to see another four
facturing business to generate more recurring Sing’s founder-cum-managing directorTan production lines to be operational in the
and steady income for Mah Sing, comple- Sri Leong Hoy Kum. second quarter of this year (2Q21), fol-
menting the same existing property and plas- lowed by six more in 3Q21.
tics businesses, and contributing positively “Currently, we are focusing on spot or-
to the group’s financials going forward,” he ders as spot prices are still very encourag- These 12 double former lines are part
told reporters during a media tour the group ing.That is why all orders we secured until of phase one of Mah Sing’s diversification
organised to its new glove factory here. September are spot pricing,” Leong said. into gloves and have a maximum produc-
tion capacity of up to 3.68 billion pieces of
“Being a new glove producer, we are not When asked about the profit margin gloves per annum.The investment cost for
committed to any long-term contracts with for glove business, Leong only provided this phase comes up to RM160 million.
lower pricing.As such, compared to existing the costs based on current raw materials,
players, we have more flexibility to lock in which average between US$36 and US$40 Mah Sing’s share price closed up five
spot orders at higher spot prices,” Ho said. for 1,000 pieces. sen or 5.62% at 94 sen, bringing it a mar-
ket capitalisation of RM2.28 billion.There
The group has secured purchase or- While he is upbeat on the prospects of were 67.76 million shares traded.
ders for its gloves up until September this the glove industry, Leong was tight-lipped
year, with average selling prices of between

KUALA LUMPUR (April 22):The Em- Kwasa Land inks opment by year-end,” he said.
ployees Provident Fund’s wholly-owned agreement with Meanwhile, YTL Construction exec-
Kwasa Land has inked an agreement with YTL to develop
YTL Corp Bhd to develop a residential RM200m GDV utive directorYeoh KeongYuan saidYTL
project in Kwasa Damansara with an es- project at Kwasa is excited to be part of a green, inclusive
timated gross development value (GDV) and connected township that represents
of RM200 million. Damansara Klang Valley’s last significant greenfield
site with the development of future-for-
In a statement, Kwasa Land — the master BY ARJUNA CHANDRAN SHANKAR ward residential offerings.
developer of Kwasa Damansara — said it has theedgemarkets.com
signed a development rights agreement with “Leveraging on shared values with Kwa-
YTL’s wholly-owned subsidiary Syarikat Pem- showed its ability, solid track record and sa Land to strive towards a greener com-
benaanYeohTiong Lay (YTL Construction). desire to deliver residential offerings with munity, the R2-1 development provides us
exceptional quality — in line with the de- a platform to integrate nature as a comple-
The 12.7-acre development has been mand of current homebuyers. mentary aspect that completes the home
identified as plot R2-1 at Kwasa Daman- and living experience.
sara, and will entail the construction of “We look forward to working hand-
1.5-storey townhouses and three-storey in-hand withYTL to launch the devel- “Residents will be able to enjoy open,
landed terrace houses, alongside a 1.28- spacious living spaces and be connected
acre central park and 2.71-acre linear park. outdoors with the stunning views of the
surrounding parks and venture out to ex-
The homes will have built-up areas of plore well-landscaped walking trails and
between 1,200 sq ft and 2,300 sq ft. jogging paths,” saidYeoh

Kwasa Land managing director Mo- Shares inYTL were 0.7% or half a sen
hamad Hafiz Kassim said YTL was se- lower at 71 sen at 4:17pm. It now has a
lected following a robust process where it market capitalisation of RM7.83 billion.

FRIDAY APRIL 23, 2021 9 THEEDGE CEO MORNING BRIEF

F R I D A Y A P R I L 2 3 , 2 0 2 1 10 T H E E D G E C E O M O R N I N G B R I E F

HOME

REUTERS

Grab’s record SPAC to boost top bosses’
wealth to US$1.2b

(April 22):The SPAC boom may be deflat- BY YOOJUNG LEE & YOOLIM LEE our commitment and resources to serve
ing after more than a year of frenzy, but it’s Bloomberg the community will continue to grow even
still creating vast riches for the right deals. as the company grows.”
up with an idea for delivering safe taxi ser-
Take Grab Holdings Inc., Southeast vices in their home country of Malaysia, SoftBank, Uber
Asia’s ride-hailing and delivery giant, and AnthonyTan gave up his family’s busi- While Grab’s listing is boosting some individ-
which is combining with Altimeter Growth ness, one of the nation’s biggest auto dis- ual fortunes, the biggest beneficiary is Japa-
Corp. and plans to go public in the U.S tributors, to focus on the plan. nese conglomerate SoftBank Group Corp.,
by July. which injected about $3 billion into the firm
In 2012, the two started a cab-hailing through a series of investments starting in
The transaction will give the Singa- app known as MyTeksi, which later re- 2014.After the deal, itsVision Fund will own
pore-based company a market value of located to Singapore after raising money an almost 19% stake worth about $7 billion.
$39.6 billion, up from a valuation of $16 for a regional expansion.The startup, re- Uber Technologies Inc. and Didi Chuxing
billion earlier this year. branded as Grab in 2016, now encom- Technology Co. will have holdings of $5.4
passes food delivery, online payments and billion and $2.8 billion, respectively.
For co-founder and Chief Executive financial services.
Officer Anthony Tan, who’ll hold 2.2% Asian firms linked to the tech industry
of Grab after the deal, that means his for- The company generated $1.6 billion have been doing well in their U.S. debuts.
tune will surge to $829 million, based on in adjusted net revenue in 2020, accord- South Korean e-commerce giant Coupang
the stock he’ll own.The shares co-founder ing to a filing last week. It is forecasting Inc., also backed by SoftBank, surged 41%
Hooi Ling Tan and President Ming Maa earnings before interest, taxes, deprecia- when it started trading in New York last
will have will be worth $256 million and tion and amortization will turn positive month after pricing its initial public offer-
$144 million, respectively, according to the in 2023 with adjusted net sales growth of ing above a marketed range and increasing
Bloomberg Billionaires Index. 42% for the next three years. the size of its share sale.That made Cou-
pang founder Bom Kim one of the world’s
Shares of the SPAC are trading about Like some other startups about to go richest people.
$3 above the deal price, meaning that the public, Grab has created an endowment
CEO could soon become a billionaire. A fund for partners and Southeast Asian While the enthusiasm for SPACs has
Grab representative declined to comment. communities. In its first effort, GrabFor- been receding amid a U.S. Securities and
Good will provide support for Covid-19 Exchange Commission crackdown, Pitch-
‘Positive reaction’ vaccinations. The initial funding is esti- Book’s Hussain is optimistic.
“The market’s positive reaction to the Grab mated at $275 million in cash and shares,
merger signals strong investor enthusiasm with the company’s two co-founders and “Investors look at the reaction to the
for transportation technology and the fu- Maa pledging a combined $25 million of Grab SPAC and see that as a positive sign
ture of mobility,” said Asad Hussain, senior their stock. that U.S. equity markets are in a very suit-
analyst for mobility technology at research able environment to be in right now,” he
and data provider PitchBook. “We expect “I don’t track how much I have because said. “The success of the Grab SPAC will
continued growth.” it doesn’t matter,” AnthonyTan said in an pave the way for more Southeast Asian
interview. “We’re blessed to be able to take startups in particular to consider listing
The two co-founders met at Harvard Grab public, and we’ve set up the Grab- through SPACs.”
Business School while working on their ForGood endowment fund to ensure that
MBAs between 2009 and 2011.They came

F R I D A Y A P R I L 2 3 , 2 0 2 1 11 T H E E D G E C E O M O R N I N G B R I E F

HOME

KUALA LUMPUR (April 22): Petronas PetChem On production, it “would be a stretch” for
Chemicals Group Bhd (PetChem) is up- optimistic of FY21, PetChem to achieve its record volume of 10.7
beat on better performance this year, on million tonnes per annum (mtpa) seen last
the back of high product prices, stable pro- sees demand to year, said Md Arif, as the group has five ma-
duction and further cost optimisation in support prices jor plant turnaround activities in the pipeline.
the pipeline.
BY ADAM AZIZ “But the plan for this year’s volume
“We are quite optimistic, as we have theedgemarkets.com will be close to that number,” he said.
seen much-improved prices and demand PetChem is committed to maintaining
in the first quarter,” said chairman Datuk Prices for olefins — one of PetChem’s main utilisation at above 90% amid the turna-
Md Arif Mahmood. segments — are tied very closely to naphtha, round activities.
which is in turn tied to crude oil prices.
“If things [go smoothly] with the Cov- It is also expecting the commissioning
id-19 vaccine roll-out and optimism in eco- Things will “look good for the year” if of Pengerang Integrated Complex in the
nomic growth, in this region especially, you crude prices stay above US$65, the com- second half of 2021, which will run at 0.7
should see a better year,” Md Arif told re- pany said.The benchmark Brent crude oil mtpa initially before increasing to full ca-
porters at a virtual press conference after the price has been trading above the US$60- pacity of 1.8 mtpa by 2022 if the commis-
group’s 23rd annual general meeting today. per-barrel mark since early February. sioning goes smoothly.

Since its record performance in the fi- The Pengerang operations will increase
nancial year ended Dec 31, 2018 (FY18), production capacity to 14.6 mtpa, from
PetChem has seen two consecutive years 12.8 mtpa presently, the company said. At
of decline in profit and bottom line as the full utilisation, it will add around 10% to
industry grappled with low oil prices and 15% to the overall revenue, it added. In
stiff competition. FY20, PetChem’s net profit fell 42% to
RM1.63 billion from RM2.82 billion in
The first quarter has seen rebound in FY19, while revenue slid 12% to RM14.36
prices across all PetChem products espe- billion from RM16.37 billion.
cially olefins, urea and methanol, support-
ed by China-led demand to replenish in- Meanwhile, the group also expects to
ventories, as well as the cold snap in the generate additional ebitda of RM300 mil-
US which curbed supply. lion this year by optimising costs.“This is on
top of our KPI target this year,” said Sazali.
“Moving forward, we believe the trajec-
tory is still strong, but the levels seen in the “Covid-19 has really taught us how to op-
first quarter will not be sustainable. It may timise our costs, and we are going to main-
reduce by a bit, but still at a higher range tain that and be better in 2021,” he added.
— mainly because of the inventory catch-
up,” said PetChem managing director and At midday break today, PetChem rose
chief executive officer Datuk Sazali Hamzah. 1.54% or 12 sen to RM7.91, valuing it at
RM63.28 billion.

KUALA LUMPUR (April 22): Brahim’s Brahim’s unable to as it also takes into consideration factors
Holdings Bhd, which has received a pay- provide solvency including the OCBC payment settlement,
ment default notice from OCBC Al-Amin declaration, says Brahim’s potential business recovery as well
Bank Bhd, said today the airline caterer was considering new as its recently-approved private placement
unable to provide a solvency declaration to business injection of new shares to ensure that the group re-
Bursa Malaysia after taking into consider- mains in operation.
ation factors including Brahim’s cash flow BY AHMAD NAQIB IDRIS
and the planned injection of a new business theedgemarkets.com Practice Note 17 (PN17) entity Bra-
into the firm, which is contending with the him’s said that “with these matters under
impact of the Covid-19 pandemic. THE EDGE consideration, the board is unable to pro-
vide to Bursa a solvency declaration” pur-
In a statement to Bursa Malaysia today, suant to the regulator’s listing requirements.
Brahim’s, which was unable to fully settle the
overdue rental sum of RM49.88 million as A company’s solvency indicates its abil-
at April 1, 2021 under an Islamic financing ity to meet its financial obligations.
facility granted by OCBC to the company,
said it is crafting its regularisation scheme Brahim’s did not specify the nature of
the proposed new business injection, which
forms part of the company’s PN17 regu-
larisation plan.

At 3.47pm today, Brahim’s shares were
traded unchanged at 22.5 sen, which gave
the company a market capitalisation of
about RM60.36 million.

Brahim’s has 268.27 million issued
shares, according to its latest quarterly fi-
nancial report.

Read also:Airline caterer Brahim’s gets pay-
ment default notice from OCBC Click here

F R I D A Y A P R I L 2 3 , 2 0 2 1 12 T H E E D G E C E O M O R N I N G B R I E F

HOME

PUTRAJAYA (April 22):The government Recalibration (APS) licensed under the Private Employ-
has agreed to extend the Labour Recalibra- programme ment Agencies Act 1981 (Act 246) to help
tion Programme to employers in services extended to expedite the implementation of the pro-
sub-sectors, according to Home Minister employers gramme.
Datuk Seri Hamzah Zainudin. in services
sub-sectors, “However, employers still need to come
He said the sub-sectors involved are says Hamzah to the Immigration Department to carry
restaurants, cargo, wholesale and retail, out all the necessary processes, such as
as well as cleaning and washing. Bernama biometrics and so on,” he said.

He said the agreement was reached in a for Illegal Immigrants (6P Programme). Meanwhile, Hamzah informed that the
joint committee meeting chaired by him- “This includes those who did not com- committee meeting also decided to grant a
self and Human Resources Minister Datuk moratorium to foreigners working on local
Seri M Saravanan on the management of plete the application process and did not fishing vessels from obtaining short-term
foreign workers here today. receive aTemporary EmploymentVisit PLKS until Dec 31.
Pass (PLKS) through these pro-
“This decision was made to help the grammes. “After that date, short-term PLKS is
government revive the country’s economy compulsory for all foreigners who work
immediately, and to prevent critical sectors “Participation is also ex- on local fishing vessels,” he said.
such as construction, manufacturing, plan- tended to illegal immigrants
tations and services from suffering huge who have absconded from The committee meeting also took note
losses due to a labour shortage,” he said their employers but were not that the Cabinet on April 7 agreed to ex-
at a press conference after the meeting. reported by the latter, and tend the validity period of PLKS for exist-
those who have genuine and ing foreign workers in the plantation sector
The labour recalibration programme valid travel documents,” he by one year, he said.
was launched by the government last No- said.
vember to regularise the foreign workforce “This extension is only given to holders
in the country without the involvement of Hamzah said the meet- of PLKS that is about to expire for
third parties. ing also agreed the 13th year, with the levy based
to involve pri- on the one charged in the final year.
Previously, only employers in 3D (dan- vate employ- “We announced this exten-
gerous, difficult and dirty) sectors were ment agencies sion because we do not want the
allowed to re-employ illegal immigrants sector that is currently provid-
as workers from 15 source countries, such ing the highest returns to the
asThailand, Cambodia, Nepal, Myanmar country to suffer losses,” he
and Bangladesh. said, adding that his ministry
had received a memorandum
Commenting further, Hamzah said the stating that the sector could
eligibility for participation in the labour potentially incur RM10
recalibration programme had also been ex- billion in losses
tended to illegal immigrants who had regis- due to a labour
tered for the Rehiring Programme and the SUHAIMI YUSUF/THE EDGE shortage.
Comprehensive Settlement Programme

KUALA LUMPUR (April 22):The Prime Putrajaya agrees country.We also thank Malaysians for their
Minister’s Office (PMO) today announced to extend Convent love, care and concern towards the well-be-
that the government has agreed to extend Bukit Nanas land ing of Convent Bukit Nanas, which has
the land lease for Sekolah Menengah Ke- lease for another been educating children for some 122 years.
bangsaan Convent Bukit Nanas for an-
other 60 years. 60 years “The support for the school demon-
strated over the past days has certainly en-
The lease was supposed to end on Sept 6. BY HAFIZ YATIM couraged us, particularly the teachers, who
“After scrutinising and considering the theedgemarkets.com have toiled to ensure the children continue
contribution made by the school since its to receive a good education,” Chua said.
formation in 1899, the government has ua Kevin and Damien Chan, along with
agreed to extend the lease on this prop- the Federal Territory Land and Mines theedgemarkets.com previously report-
erty located at Jalan Bukit Nanas here for (PTG) director Datuk Muhammad Yas- ed that the school, with 877 secondary
another 60 years,” the statement from ir Yahya. school students, had filed a judicial re-
PMO read. view to challenge the non-extension of
“The approval is given for educational In a separate statement, Chua, who rep- the lease for the land that was supposed
purposes only.” resented the school’s board of trustees, ex- to expire on Sept 6.
PMO hopes the lease renewal will fur- pressed her gratitude to the government
ther spur the school to achieve continuous for the lease extension. In 2017, the Lady Superior wrote to the
success as a top-achiever school. PTG to apply for the extension, but only
A discussion was held prior to this, “We thank God Almighty for giving us received a reply in a letter dated December
whereupon Chief Secretary to the Gov- the grace and privilege to continue our vo- last year informing her of the non-renewal
ernmentTan Sri Mohd Zuki Ali discussed cation to educate children in this beautiful of the lease.
the terms of the lease extension with the
school’s Lady Superior of the Society of On Monday, High Court’s Justice Da-
Saint Muar, Sister Mary Theresa Chua. tuk Noorin Badarudin granted leave (per-
Also present were her lawyers Datuk Josh- mission) for the merits of the judicial re-
view to be heard at another date but the
court fixed next month to hear the stay
application.

F R I D A Y A P R I L 2 3 , 2 0 2 1 13 T H E E D G E C E O M O R N I N G B R I E F

HOME

KUALA LUMPUR (April 22): Inves- CPO downside panies that do not comply and reward
tors pricing in a larger downside risk to risk, Indonesian those that do,” they said.
crude palm oil (CPO) prices, the impact tax impact and
of Indonesia’s high tax on refined palm ESG fears pull Thus, despite their higher price as-
oil, and environmental, social and cor- plantation stocks sumptions and expectations that CPO
porate governance (ESG) concerns are down — RHB prices will stay high in 2021, they stayed
the key factors keeping plantation com- neutral on the plantation sector.
panies’ share prices from performing in Research
tandem with the CPO price movement. According to them, CPO prices
BY TAN SIEW MUNG rose to new historical highs of above
RHB Research Institute’s analyst Hoe theedgemarkets.com RM4,000 per tonne at the beginning of
Lee Leng and Christopher Andre Benas March, with CPO futures still remaining
said in a note today that the higher ex- above these levels currently.
port levy, in particular, will cap CPO
prices in Indonesia at RM2,700 to “Given the buoyancy of prices, we
RM2,800 per tonne despite CPO pric- are raising our CPO price assumptions
es, in general, rising to above RM4,000 for 2021 to RM3,200 per tonne (from
per tonne. RM2,650) and to RM2,800 per tonne
(from RM2,600) for 2022.
According to them, the consensus
view is for CPO prices to have more “We continue to expect CPO prices
downside risk from hereon, with expec- to stay buoyant for the bulk of 2Q21, on
tations for prices to moderate in the sec- low stock levels and a low output sea-
ond half of 2021 (2H21) and 2022. son, but prices should moderate more
significantly from late 2Q21 onwards,
“For investors with a longer-term ho- as productivity improves. As such, we
rizon of more than three months and continue to believe the risk for prices
given the evidence that share prices re- is firmly on the downside from here,”
act more to downward movements in they said.
CPO prices than upward, this will likely
keep investors from ploughing into the They have also raised the earnings
sector,” they said. forecasts for the stocks under their cover-
age by an average of 21% for 2021.Their
“This will, to a certain extent, cap earnings estimates for 2022-2023 have
share price movements,” they said. also been tweaked up by 4% to 10%.

They added that with more and more Kuala Lumpur Kepong Bhd (KLK)
investors pricing in ESG as a core in- and IJM Plantations Bhd are their top
vestment component, plantation stocks picks for Malaysia planters.
will be under greater scrutiny.
At the time of writing, KLK shares
“Any infringements will not be taken rose 14 sen or 0.65% to RM21.66. IJM
lightly and the market will punish com- Plantations, however, slipped one sen or
0.55% to RM1.82.

KUALA LUMPUR (April 22): US-based Malaysia is ager of assembly test manufacturing and
semiconductor manufacturer Intel Corp home to Intel’s managing director, said in the statement
said today its Malaysian operations are now largest solar farm that Intel’s continued investments in alter-
harnessing solar energy to help power its six native energy are a key pillar of the group’s
buildings across its Kulim and Penang cam- outside US continued commitment to operating its
pus and that the project is Intel Inc’s largest manufacturing facilities with the lowest
solar farm outside of the United States. BY LYNETTE HEW impact to the environment.
theedgemarkets.com
In a statement today, Intel said its so- The use of renewable power generated
lar farm in Malaysia is helped by a new on-site at Intel Malaysia “is a critical part
3.2MW solar installation completed in of Intel’s efforts as a responsible corporate
January this year. citizen”, he said.

“The installation is achieving 4.1MW in According to Intel’s statement, the new
total installed capacity which is provided by solar farm panels at Intel Malaysia cover
NEFIN, a renewable energy developer. an area roughly equivalent to approximate-
ly 900 carpark spaces and an additional
“The construction work began in 2020 50,208 square feet on buildings’ rooftops
during the global pandemic which present- to generate approximately 6,000MWh of
ed many challenges, but nonetheless the electricity annually.
solar [photovoltaic (PV)] system was put
into operation in January 2021. The campus buildings’ electricity de-
mand during peak hours is replaced par-
“The completion of this project con- tially by solar sources, Intel said.
tributes about 15% of Intel’s global, on-
site solar PV electric power capacity. It will “The energy supply from solar sources
also reduce carbon dioxide emissions by also helps diversify and introduce renewable
about 3,800 tonnes,” Intel said. energy mix into the campus energy supply
mix, which was predominantly powered by
Robin Martin, who is Intel Malaysia natural gas and coal sources,” Intel said.
corporate vice president and general man-

F R I D A Y A P R I L 2 3 , 2 0 2 1 14 T H E E D G E C E O M O R N I N G B R I E F

HOME

NEWS IN BRIEF

BNM international reserves at US$109.3b as of April 15 Vitrox’s 1Q net profit jumps 45.72%
as revenue climbs on strong demand
KUALA LUMPUR (April 22): Bank Negara Malaysia’s (BNM) international reserves
stood at US$109.3 billion (about RM449.06 billion) as of April 15. In a statement, the KUALA LUMPUR (April 22): Vitrox Corp
central bank said the reserves position is sufficient to finance 8.8 months of retained Bhd’s net profit for the first quarter
imports and is 1.2 times the country’s total short-term external debt. BNM said foreign ended March 31, 2021 (1QFY21) jumped
currency reserves accounted for US$99.9 billion, while its International Monetary 45.72% to RM30.7 million from RM21.07
Fund (IMF) reserves position stood at US$1.4 billion. Meanwhile, Special Drawing million a year ago, as its revenue climbed
Rights (SDRs) stood at US$1.2 billion. Malaysia’s gold reserves amounted to US$2.1 on strong demand for its machine
billion, with other reserve assets standing at US$4.7 billion. Total assets as of April 15 vision system, one of its core products
stood at RM506.77 billion, while total liabilities stood at RM506.77 billion. — by Arjuna that are used in the semiconductor
Chandran Shankar/theedgemarkets.com and electronics packaging industries
for equipment inspection. The group’s
Kamdar’s auditor resigns as group United Plantations 1Q profit revenue for 1QFY21 grew 43.85%
wishes to appoint another audit firm marginally lower despite higher to RM129.88 million from RM90.29
revenue million a year ago, its bourse filing today
KUALA LUMPUR (April 22): Kamdar showed. On its prospects, Vitrox said
Group (M) Bhd said PKF Malaysia has KUALA LUMPUR (April 22): United it is cautiously optimistic for its FY21,
resigned as its external auditor as the Plantations Bhd’s net profit fell 7.84% to with the acceleration of digital adoption
group intends to appoint another audit RM74.83 million in the first quarter ended and transformation throughout the
firm. In a filing with the bourse, Kamdar March 31, 2021 (1QFY21) from RM81.19 world amid the Covid-19 pandemic. “The
said PKF Malaysia was reappointed as million a year earlier, despite revenue group is experiencing robust demand
the group’s auditor at Kamdar’s annual growing 25.32% to RM399.65 million from from various sectors, especially in 5G,
general meeting (AGM) on Sept 29, 2020 RM318.91 million on better contributions electric vehicles, computing and artificial
to hold office until the conclusion of the from its plantation and refinery segments. intelligence,” it added. — by Tan Siew
next AGM of the company. The group In a bourse filing, the group said the lower Mung/theedgemarkets.com
did not elaborate on why it intends to profit was because of negative returns from
replace its auditor. It is now in the midst its investment in a unit trust. On prospects, SC to create Islamic fintech
of identifying the replacement, and that the group said with its positive liquidity accelerator programme
further announcement on this will be and conservative capital measures, it will
made in due course. Last December, PKF be able to perform satisfactorily without KUALA LUMPUR (April 22): The
had also resigned as the auditor for Fintec any need for asset impairments arising Securities Commission Malaysia (SC) is
Global Bhd, citing “resources constraint”, from the current Covid-19 pandemic. It creating an Islamic financial technology
amid a spate of auditor resignations will also continue to replant areas of its (fintech) accelerator programme in
during the same month. These included older and less productive oil palm stands in collaboration with The United Nations
the resignation of Jamal, Amin & Partners the country this year. — by Syafiqah Salim/ Capital Development Fund (UNCDF).
(JAP) as the external auditors of DGB Asia theedgemarkets.com Its executive director of digital strategy
Bhd, SMTrack Bhd and Inix Technologies and innovation Chin Wei Min said the
Bhd, as well as STYL Associates RAM Ratings revises Malaysia 2021 programme will be announced in the
PLT’s resignation as the auditor of G inflation projection higher to 3% on coming weeks and SC is working to create
Capital Bhd. — by Ahmad Naqib Idris/ sustained Brent crude prices a market ecosystem that will spur a
theedgemarkets.com healthy growth in the fintech sector. “The
KUALA LUMPUR (April 22): RAM Ratings key objective in creating the accelerator
BHIC gets RM78m submarine Services Bhd has revised its full-year programme is to encourage more local
contract from Mindef inflation projection for Malaysia in 2021 and international providers to come to
to 3%, from 2.3% initially, on the back of our place to continue to spur innovation
KUALA LUMPUR (April 22): Boustead higher sustained average Brent crude within the whole Islamic fintech area. By
Heavy Industries Corp Bhd’s (BHIC) prices. In a statement today, the rating 2021 we will have a dedicated stream on
wholly-owned subsidiary has been agency highlighted that the average Brent Islamic fintech, so this is something we
awarded a contract worth RM78.14 crude price is pegged at US$60 per barrel are working through and all are coming
million from the Ministry of Defence this year versus its previous estimate of together quite well,” he said in a webinar
(Mindef) for the upkeep of submarine between US$45 and US$50. “Oil prices entitled ‘Fostering Fintech Innovation in
facilities for the Royal Malaysian Navy. have been stronger than expected this year, Malaysia’s Capital Market’ via Fintech
In a bourse filing, BHIC said its BHIC driven by positive sentiment, controlled Fireside Asia Youtube channel today. —
Submarine Engineering Services Sdn Bhd output by OPEC+ and winter storm Bernama
(BSES) received the letter of acceptance disruptions in the US. “While prices are
from the Ministry on April 7 for the two- envisaged to moderate in the second half
year job that will be in effect from Jan 1, of the year (2H21) as production gradually
2021 until Dec 31, 2022. It expects the increases, they should still be supported by
new contract to contribute positively stronger demand relative to 2020,” it said,
to its earnings for the financial year adding Brent crude prices remain a key
ending Dec 31, 2021. — by Syafiqah Salim/ driver of its inflation forecast for 2021. —
theedgemarkets.com by Sulhi Khalid/theedgemarkets.com

F R I D A Y A P R I L 2 3 , 2 0 2 1 15 T H E E D G E C E O M O R N I N G B R I E F

F R I D A Y A P R I L 2 3 , 2 0 2 1 16 T H E E D G E C E O M O R N I N G B R I E F

HOME

Najib defence’s claims that trial judge
was ‘prejudiced’, ‘incompetent’ were

uncalled for, says lead prosecutor

SUHAIMI YUSUF/THE EDGE

BY IZZUL IKRAM & EMIR ZAINUL
theedgemarkets.com

PUTRAJAYA (April 22): Claims that Ad hoc prosecutor Datuk V Sithambaram
High Court judge Justice Mohd Nazlan
Mohd Ghazali was “prejudiced” and Court judge presiding the trial. judge’s treatment of the 42nd prosecu-
“hopelessly incompetent” in the SRC Shafee claimed that Justice Nazlan tion witness, former SRC director Datuk
International Sdn Bhd trial were entire- Suboh Mohd Yassin, which the defence
ly unwarranted, said ad hoc prosecutor “had poisoned his grounds of judgment” asserted that Justice Nazlan provided
Datuk V Sithambaram. and is not experienced enough “to handle unsolicited answers for the witness and
the trial of the century”. made findings into facts.
The prosecutor asserted that there was
no evidence that the conduct of Justice In reply to this argument, Sithambar- But the lead prosecutor again pointed
Nazlan warranted the need of being la- am elaborated that the defence based out that the High Court judge did noth-
belled “prejudiced” and “incompetent” these claims on two prior actions of the ing that was illegal and biased in accord-
as claimed during the defence’s appeal in trial judge. ance with the law.
its effort to put into question the grounds
of judgement provided. Firstly, that the trial judge had add- “The respondent submits that the
ed certain information into his finalised learned judge did not put words into the
“Based on the evidence adduced, there written grounds of judgement, which he mouth of PW42 (Suboh) as alleged by
is no basis to say that the judge was the did not mention in his oral ruling. This the appellant (Najib).
second prosecutor. inconsistency, according to the defence,
purportedly resulted in two different “The learned judge (Nazlan) merely
“There was no basis in calling the judgements which consequently, preju- made observations and findings based
judge hopelessly incompetent or demon- diced Najib on the totality of PW42’s evidence,” he
strated incompetence. added.
“There is no such thing as two judge-
“This submission is made to save the ments but only one when an accused is After being found guilty of all the sev-
integrity of this ground of judgement, either acquitted or convicted of a crim- en charges last year, Najib was sentenced
to ensure that the due administration of inal charge. to 12 years in jail and a RM210 mil-
justice is not in any way taken,” Sitham- lion fine. He is now appealing against
baram said in his reply submission at the “Therefore, the question of the learned the conviction and sentence at the Court
Court of Appeal today. trial judge (Nazlan) having delivered two of Appeal.
judgements in respect of his prima fa-
Justice Nazlan had last year convicted cie does not arise at all,” Sithambaram The prosecution is set to end their sub-
former prime minister Datuk Seri Najib argued. mission today in front of the three-mem-
Razak of all seven charges — one count of ber bench led by Justice Abdul Karim Ab-
abuse of power, three counts of criminal Further, Sithambaram submitted that dul Jalil.The other members of the bench
breach of trust and another three counts Justice Nazlan had every right to add are Justices Datuk Has Zanah Mehat and
of money laundering — in relation to the further grounds in his ruling and that it Datuk Vazeer Alam Mydin Meera.
RM42 million belonging to former 1Ma- did not go against any law.
laysia Development Bhd unit SRC that The appeal hearing continues.
went into his personal account. The second point was on the trial

Sithambaram, however, made it clear
that the prosecution’s job is not to defend
the judge per se, but instead to defend
the grounds of judgement.

“The prosecution is here not to defend
the judge, but to defend the grounds of
judgement that we believe is correct,”
Sithambaram proclaimed.

Sithambaram added that the narra-
tive being pushed by Najib’s defence is
incredibly dangerous as it may cause un-
due controversy amongst the public and
therefore should be avoided.

On April 6, Najib’s lead counsel Tan
Sri Muhammad Shafee Abdullah was
previously cautioned by the Court of
Appeal’s three-member bench over his
choice of words in describing the High

F R I D A Y A P R I L 2 3 , 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

SUHAIMI YUSUF/THE EDGE

RM2m ‘political donation’, receipt central
issues in Ku Nan’s graft case appeal

PUTRAJAYA (April 22):The RM2 million BY HAFIZ YATIM book where the receipt for Chai was not
that Aset Kayamas Sdn Bhd managing di- theedgemarkets.com issued in the proper sequence, this further
rectorTan Sri Chai Kin Kong testified was lent credence to our contention that it was
his political donation to former federal ter- Muhammad Saad Bordani testified that the fabricated and the trial judge noticed it be-
ritories minister Datuk SeriTengku Adnan businessman did tell him that the funds were ing ‘crisp and new’,” she added.
Tengku Mansor and the receipt issued to given as a political donation,” he added.
the businessman for the funds dominated Meanwhile, fellow DPP Asmah Musa
the Putrajaya Member of Parliament’s (MP) The appeal was initially fixed for three told the court that even the financial control-
appeal today. days from today until April 26, but the ler ofTadmansori testified that there was no
proceedings ended slightly after 1pm with money going to Umno, and that the funds
Tengku Adnan’s counsel Datuk Tan Justice Datuk Suraya Othman — who was which came into the company were for Ku
Hock Chuan told the three-member Court leading the bench — and Justice Datuk Abu Nan’s use.
of Appeal bench that the High Court judge Bakar Jais interruptingTan and the prosecu-
was wrong in not accepting Chai’s testimony tion several times to cut their submissions. She added that while Chai had testified
that the RM2 million cheque he issued to that Ku Nan asked for a donation of RM5
Tadmansori Holdings Sdn Bhd (THSB), a The third member of the bench was Da- million to RM6 million, he strangely knew
company controlled by the former minister, tuk Ahmad NasfyYasin. about the RM2 million that was coming into
was a political donation. Tadmansori’s accounts and told its financial
Tengku Adnan, better known as Ku controller about the amount.
“The payment made by Chai was made Nan, was found guilty under Section 165
on June 14, 2016, while the twin by-elections of the Penal Code by the High Court on “How could he have known the money
were scheduled to be held on Saturday, July Dec 21 of receiving RM2 million in kick- coming in was RM2 million?” she asked.
20.The appellant (Tengku Adnan) had also backs from Chai while he was the federal
testified that he advanced his money for the territories minister. Asmah and Nursuhaida also highlighted
by-elections to that amount,” he told the Tengku Adnan’s capacity in receiving po-
appellate court bench. The section stipulates that a public serv- litical donations as he was not the Umno
ant who accepts for himself any valuable treasurer at that time. He was then the party
“Furthermore, the trial judge did not thing without consideration shall be pun- secretary-general.
consider Chai’s evidence in producing the ished with imprisonment for up to two years,
receipt, and this should have shown that the or a fine or both. Court postpones decision to later date
prosecution had not [established] a prima After hearingTan’s reply, Justice Suraya said
facie case for the court to orderTengku Ad- Receipt fabricated, says prosecution the bench will defer delivering its decision
nan to enter his defence,” he said. The receipt, which seemed “new and crisp”, to another date.
showed that it was fabricated, said Deputy
The by-elections were held to fill the Public Prosecutor (DPP) Datin Nurshuhai- “We thanked the parties for their sub-
Parliamentary seats of Kuala Kangsar and da Zainal Azahar. missions. After deliberation, we decided
Sungai Besar, which fell vacant after their we need some time to do a bit of research
elected representatives died in a helicopter Abu Bakar: Is it the prosecution’s conten- before we come to make our decision. We
crash in Sarawak. tion that the receipt, which was not earlier will inform the parties of the date of the
shown to Saad, was fabricated? decision,” she said.
Tan said the court should have accepted
Chai’s evidence as he was the prosecution’s Nurshuhaida:Yes, we say it was fabricat- Tengku Adnan was found guilty by High
own witness, and the prosecution did not ed and that was why the trial judge did not Court Justice Mohamed Zaini Mazlan on
apply for him to be treated as a hostile wit- accept the receipt as evidence in his defence. Dec 21 of graft of accepting RM2 million
ness or impeached. from Chai.
The DPP also said that the prosecution
“Therefore, the court should have ac- made a calculated move not to impeach For this, the 70-year-old, who is now
cepted Chai’s testimony as he had reiterated Chai as it recognised the witness as biased the Umno treasurer, was sentenced to 12
many times, and even investigating officer towards Ku Nan. months’ jail and fined RM2 million, against
which he is presently appealing.
“Furthermore, as shown from the receipt

F R I D A Y A P R I L 2 3 , 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

HOME

PUTRAJAYA (APRIL 22): The High Court refuses THE EDGE FILE PHOTO
Court has dismissed Opposition Leader leave to hear
Datuk Seri Anwar Ibrahim’s application suspension of Parliament sittings for the
for leave to challenge Prime Minister Tan Anwar’s duration of the Emergency until Aug 1)
Sri MuhyiddinYassin’s advice to theYang challenge against and not the Emergency proclamation itself.
di-Pertuan Agong to suspend Parliament
during the Emergency. PM’s advice On March 11, another High Court had
on Parliament dismissed another judicial review applica-
Anwar’s lawyer Ramkarpal Singh said tion against the suspension of Parliament
Justice Datuk Seri Mariana Yahya an- suspension filed by three Opposition elected represent-
nounced her decision via Zoom this af- atives, namely Amanah deputy president
ternoon, without ordering the PKR pres- BY IZZUL IKRAM Datuk Seri Salahuddin Ayub, PKR chief
ident to pay for costs. theedgemarkets.com whip Datuk Johari Abdul and Perak Op-
position Leader Abdul Aziz Bari.
Ramkarpal said Justice Mariana, who Anwar filed the judicial review on Jan
was recently promoted as a Court of Ap- 26, saying the advice given by the Cabinet That court had cited similar reasons
peal judge, had ruled that the ouster claus- headed by Muhyiddin that led to the Par- for dismissing the three politicians’ ap-
es in Articles 150(6) and (8) of the Fed- liament’s suspension was unconstitutional plication.
eral Constitution are valid and precluded and had no effect.
judicial review of matters relating to the
proclamation of an Emergency and result- The Opposition leader also sought a
ing ordinances by the King. declaration that Section 14 of the Emer-
gency Ordinance was inconsistent with Ar-
These includes the advice given to the ticle 150 (3) and (5) of the Federal Consti-
King to promulgate such ordinances by the tution, and was therefore unconstitutional.
Prime Minister and his Cabinet, he said.
Ramkarpal had previously stated that
“The learned judge also considered the Anwar was specifically challenging the de-
said advice of the Prime Minister did not cision by Muhyiddin to advise the King
amount to a decision which was amenable to approve Section 14 (which allows the
to judicial review under Order 53 of the
Rules of Court, 2012 resulting in the dis-
missal of the challenge,” said Ramparkal
in a statement.

The lawyer and Opposition Parliamen-
tarian said Anwar has given instructions
to file an appeal over the judge’s decision.

JOHOR BAHRU (April 22): Interpol has Interpol Red Local media today revealed that police
issued a Red Notice against businessman Notice issued to had detained a senior police officer with
Datuk Seri Nicky Liow Soon Hee, who the rank of ASP in relation to the criminal
heads the ‘Nicky Gang’, and his assistant. locate, detain activities masterminded by Liow.
Nicky Liow
Johor Police chief Datuk Ayob Khan In a separate matter, Ayob Khan said
Mydin Pitchay said Interpol issued the Red Bernama a man had been detained for posing as a
Notice against Liow two days ago (April lawyer for the Johor Royal Palace to deceive
20) while the notice against his assistant, BERNAMA an advertising company with a billboard
who is known as Niu Zhe, 31, a Chinese fee of RM185,000.
national, was issued yesterday. Johor Police chief Datuk Ayob Khan
Mydin Pitchay He said the 51-year-old man was held
The notice was issued following a re- at 9.40am at Kampung Dato Onn Jaafar
quest by Malaysian police to locate and here following a report lodged on March
detain Liow. 31, 2011, relating to a case of fraud by an
individual posing as a Johor Royal Palace
An Interpol Red Notice is a request to lawyer.
law enforcement worldwide to locate and
provisionally arrest a person pending ex- “The individual, a lawyer by profes-
tradition, surrender, or similar legal action. sion, had deceived the company to ob-
tain RM185,000 as payment for billboard
“They have both been served with the installation charges on the North-South
Red Notice,” he said in a brief media confer- Expressway (PLUS) and the Malaysia-Sin-
ence at the Johor Police Headquarters today. gapore Second Link (Linkedua).

He also confirmed that a police officer “The lawyer will be charged in the Shah
had been arrested in relation to the same Alam Sessions Court tomorrow under Sec-
gang, but he refused to comment further tion 420 of the Penal Code,” he said.
as the operations to track the individuals
involved are ongoing. Ayob Khan said police had previously
nabbed two men posing as members of the
“I do not want to make statements one by Johor Royal family for committing fraud
one. If there are any follow-up arrests, Johor of RM2.4 million, adding that both were
police will hold a media conference.What is charged under Section 420 of the Penal
certain is that operations are ongoing and Code on Jan 9.
there will be follow-up arrests,” he said.

F R I D A Y A P R I L 2 3 , 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

(April 22):The world’s biggest owner of list- World’s biggest The fund’s equity portfolio returned
ed equities, Norway’s $1.3 trillion wealth stock owner 6.6% last quarter. Bonds lost 3.2% while
fund, says financial firms have displaced tech real estate was up 1.4%. Overall, it gen-
stocks as the main drivers of returns. says banks just erated a 4% return. Rising raw materi-
displaced tech al and oil prices propped up the fund’s
Norges Bank Investment Management, portfolio of energy stocks, Grande said.
which owns about 1.5% of global stocks,beat BY LARS ERIK TARALDSEN & OTT UMMELAS
its benchmark index in the first quarter, and Bloomberg But it’s now important “to be prepared
also outperformed the MSCIWorld Index. for the fact that things can turn, and turn
try’s outperformance comes amid specula- quickly,” he said.
“Over time, and especially last year, tion that inflation might be making a come-
it was technology and green stocks” that back, fed in part by record stimulus packages To prepare itself for the future, the
drove returns, Trond Grande, the fund’s fund has said it wants to be a global lead-
deputy chief executive, said by phone. in the U.S. and Europe. er in sustainable investing.That includes
“What we’ve seen in the first quarter has Asked whether he’s delving deeper into an asset class it only
been a bit different,” with the best returns recently won political approval to start
coming from finance and energy. worried about inflation, buying: renewable energy infrastructure.
Grande referred to it After a debut purchase earlier this year,
For finance, “we should see this in the as a “ghost.”The “im- Grande said it’s not possible to predict
context of rising long rates,” which means portant” issue, he how soon the entire $14 billion set aside
banks can “lend at higher margins,” said, is the extent to for such deals will be invested.
Grande said. which a return of
inflation might be “These assets tend to arrive in clusters,
Financial stocks make up “unexpected and and not that often,” he said. “The team
14.6% of the fund’s investments. strong,” in which is in place and they’re working on poten-
Public records show JPMorgan case investors would tial investments. It’s an ongoing process.”
Chase & Co. is its biggest bank have to put up with
holding, worth about $3.5 bil- “some volatility.” Created in the 1990s to invest Nor-
lion.The investor owns roughly “In the long run, way’s oil and gas revenues abroad, the
$2.9 billion of Bank of America equities are an asset fund delved into renewable infrastruc-
Corp. and $2.5 billion in UBS ture for the first time earlier this year, as
Group AG. Its exposure to the fi- class that provides some pro- it expands the list of asset classes it holds
nancial sector last year delivered a tection against inflation,” from stocks, bonds and real estate. Nor-
loss of almost $12 billion. Grande said. way’s government also wants the fund
to shed more than 2,000 companies out
Inflation BLOOMBERG of roughly 9,000 as part of a propos-
The rise in interest rates that al designed to ensure it’s not exposed
Grande says is behind to climate or social risks, particularly in
the financial indus- emerging markets.

WASHINGTON (April 22): Blackstone Blackstone “This should be good time for the real
Group Inc is doubling down on a post-Cov- bets billions on world,” Blackstone president Jonathan Gray
id-19 economic recovery, investing heavily in reopening and said in an interview. “Businesses like tele-
businesses that will benefit from a world that travel revival medicine and e-commerce will continue to
is gradually reopening. do well but the pendulum is swinging back
BY HEATHER PERLBERG with a bunch of us getting out there again. It
New York-based Blackstone invested Bloomberg feels to me like this economic dam is start-
US$17.7 billion in the first three months ing to break.”
of the year, buying hotels including Extended NewYork-based
Stay America Inc, private-jet operator Sig- Blackstone invested Billion value
nature Aviation plc, and UK travel compa- US$17.7 billion in the The firm continued adding to its war chest,
ny Bourne Leisure. Investors continued to first three months of which is now armed with US$149 billion in
bet solidly on Blackstone, which saw its as- the year, buying hotels perpetual capital or long-term money.
sets under management swell to a record including Extended
US$648.8 billion, the company said on Stay America Inc and Investments in mental-health business
Thursday in an earnings report. private-jet operator Ginger and real estate logistics assets of Sin-
Signature Aviation plc. gapore’s GLP Pte Ltd showed Blackstone’s
Even as credit markets recovered and the ongoing bet on growth- and technology-fo-
stock market kept soaring, travel- and en- cused companies.
tertainment-related assets were struggling
as people continued social distancing and “We’re trying to be as thematic as possible
local restrictions limited capacity at hotels in deploying capital,” Gray said on Thurs-
and other venues. day in a separate interview with Bloomberg
Television. “In an environment where the
Blackstone said the firm is now seeing economy is being transformed by technology,
signs across its portfolio of companies that how can you see the best neighbourhoods,
people’s behaviour is shifting: At the Cos- the areas that will benefit from what’s hap-
mopolitan hotel of LasVegas, money going pening?”
into slot machines was at record levels. For-
ward bookings for travel in the UK were Blackstone shares rose 4.4% in early trad-
also at a high. ing to US$83.88 as of 9.02am in NewYork.

F R I D A Y A P R I L 2 3 , 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

(April 22):Applications for US state unem- US jobless claims lowing a nationwide goal of administering an
ployment insurance unexpectedly plunged fall to pandemic average of three million vaccinations per day.
to a fresh pandemic low as the job market low as economy
recovery gathers steam. The claims data follow strong manufac-
accelerates turing, retail sales and other indicators in
Initial claims in regular state programmes recent weeks.
decreased by 39,000 to 547,000 in the BY PAYNE LUBBERS
week ended April 17, Labor Department Bloomberg US stock futures erased losses after the
data showed Thursday. Economists in a report andTreasury 10-year yields and the
Bloomberg survey estimated 610,000 claims. dollar fluctuated.
The prior week’s figure was revised up to
586,000. Continuing claims for ongoing state ben-
efits fell 34,000 to 3.67 million in the week
The job market is strengthening as em- ended April 10. Applications for Pandemic
ployers look to fill positions that were left Unemployment Assistance for self-employed
empty by pandemic restrictions that have and gig workers rose slightly.
now been eased.
Texas and NewYork were among states
Growth should speed up even more fol- with the largest declines, while Florida and
Georgia also saw sizeable decreases.

FRANKFURT (April 22): The Europe- ECB keeps policy Good news
an Central Bank left policy unchanged as unchanged, faces Even if growth is fragile and lockdowns
expected on Thursday, keeping copious taper questions have been extended beyond earlier expec-
stimulus flowing even as it faces questions tations, there will be plenty for Lagarde
over how it might claw back support once BY BALAZS KORANYI & FRANCESCO CANEPA to cheer about at her news conference.
the pandemic-stricken euro zone econo- Reuters
my reopens. The current wave of the pandemic
REUTERS seems to have plateaued in Europe, the
The ECB is keeping borrowing costs pace of vaccinations is accelerating and
pinned near record lows via massive bond At the current pace, the ECB is likely the European Union’s 750 billion euro
purchases to see the 19-country currency to exhaust its purchase quota before the recovery fund has cleared a key court
bloc through a scarring recession that has scheduled end to its Pandemic Emergen- challenge.
kept schools, shops, restaurants and hotels cy Purchase Programme next March.The
closed for most of the last year. June decision will thus give a crucial signal Companies are showing versatility
of whether the 1.85 trillion euro (US$2.22 in adapting to life under lockdown and
But growth is expected to rebound quick- trillion) PEPP can be wound down early governments are adding to fiscal support
ly from mid-year as Covid-19 infections are next year. measures, ensuring firms stay afloat.
brought under control, the pace of vaccina-
tion picks up and restrictions are removed, Dutch policymaker Klaas Knot, one of All this points to a rapid recovery as
raising questions about just how much ECB the most conservative members of the Gov- immunity levels rise, which will present
help is still needed. erning Council, has already said it may be the ECB with a policy dilemma.
possible to start winding down purchases
For now the bank has maintained its from June. Other policymakers have so far The bank has promised “favourable”
pledge to increase support if needed and pushed back on that idea, saying taper talk financing conditions and extra bond pur-
ECB chief Christine Lagarde is likely to is premature given the deadly third wave of chases during the “emergency” phase of
argue during her 1230 GMT news confer- the pandemic. the pandemic. But neither of these terms
ence that more time is needed before the has been defined, leaving investors guess-
economy wakes fully from its hibernation. Other central banks have already started ing how it will react to the eventual re-
heading for the exit. bound.
“Incoming information confirmed the
joint assessment of financing conditions The Bank of Canada signalled on Once the recovery takes hold and
and the inflation outlook carried out at the Wednesday it could start hiking interest rates the ECB cuts bond purchases, the key
March monetary policy meeting,” the ECB in late 2022, as it sharply boosted its outlook question will be just how much of a rise
said in a statement. for the Canadian economy and reduced the in euro zone government bond yields is
scope of its bond-buying programme. warranted and how the central bank can
Thursday’s decision, a foregone conclu- avoid the impression of micro-manag-
sion among ECB watchers, sets the stage ing yields.
for a battle at the June 10 meeting, when
policymakers have to decide whether to slow With policy unchanged on Thursday,
bond buying, even if that means allowing the ECB’s deposit rate remains at minus
borrowing costs to drift higher. 0.5% and the main rate at 0%.

In March, policymakers agreed to step Read also:
up purchases this quarter.They will revis- China rebukes Australia for ‘Cold War
it that decision in June, with some policy- mentality’ after Belt and Road accords
makers already calling for a reduction in cancelled
the third quarter. “Australia is warned against travelling
‘further down the wrong path to avoid
“The Governing Council expects pur- making the already strained China-
chases under the PEPP over the current Australia relations worse’.”
quarter to continue to be conducted at a Click here
significantly higher pace than during the
first months of the year,” the ECB said, re-
peating its guidance from March.

F R I D A Y A P R I L 2 3 , 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

WORLD

(April 22): Credit Suisse Group AG is rais- Credit Suisse an Chin and Chief Risk Officer LaraWarner,
ing about $2 billion to shore up capital after raises US$2b, along with a raft of other senior executives
warning of another financial hit from the Ar- warns of more including equities head Paul Galietto and
chegos Capital Management collapse, add- Archegos pain the co-heads of the prime brokerage busi-
ing to the Swiss bank’s woes after two blow- ness, which was at the center of the Archegos
ups within a month left investors nursing BY PATRICK WINTERS losses. The bank also suspended its share
losses and questioning its leadership. & MARION HALFTERMEYER buyback and cut the dividend, while leav-
ing investors in the dark on the expected
The bank, which has exited about 97% Bloomberg full financial impact of the two incidents.
of its exposure to Archegos, said it expects
a related 600 million-franc ($654 million) BLOOMBERG Last week, Credit Suisse unloaded
hit in the second quarter and has tapped about $2 billion of stocks tied to the Ar-
investors for about 1.8 billion francs of most difficult periods in its recent history. chegos blowup in the second such block
funding with two notes convertible into Having taken on the position more than a sale since the bank wrote down the bulk
203 million shares. Swiss regulator Finma year ago, the bank had already stumbled of its exposure in the first quarter.
has now started enforcement proceedings with other hits before Greensill shattered
against Credit Suisse and the bank said what was supposed to be a new era of calm. The Greensill debacle is also far from
it plans to cut back the prime brokerage over. Credit Suisse has so far returned about
business at the center of the blow up. In the aftermath of the two debacles, the half the $10 billion in investor money held
bank replaced investment banking head Bri- by the funds at the time of their suspension.
Thomas Gottstein is battling to rescue While the bank marketed the funds as among
a terrible start to the year — and possibly the safest investments it offered, investors
his short tenure as chief executive officer — are left facing the prospect of steep losses
after Credit Suisse was hit harder than any as the assets are liquidated. Credit Suisse is
other competitor by the collapse of Arche- leaning toward letting clients take the hit of
gos, the family office of U.S. investor Bill expected losses in the funds,a person familiar
Hwang. The timing of the blow up could with the discussions said earlier this month.
hardly have been worse, coming just weeks
after Credit Suisse found itself at the center The Greensill incident also led to the
of the Greensill Capital scandal, when it head of the asset management unit, Eric
was forced to suspend investment funds. Varvel, being replaced and the removal
of the business from direct oversight of
The double whammy wiped out a year the wealth management unit.The impact
of profit and left Gottstein fighting to for Credit Suisse from both Archegos and
demonstrate to incoming Chairman An- Greensill could add up to $8.7 billion, ac-
tonio Horta-Osorio that he’s of the right cording to JPMorgan analysts Kian Abou-
mettle to carry the bank through one of the hossein and Amit Ranjan.

(April 22): Huobi Technology Holdings 38-year-old The new Hong Kong license and funds
Ltd. has launched four cryptocurrency-re- exchange founder highlight 38-year-old Huobi founder
lated funds targeting US$100 million in to- launches Bitcoin, Leon Li’s endeavor to ensure his crypto
tal assets by September, the latest attempt empire, whose main exchange unit has
to ride a stunning rally in digital assets. Ether funds drawn scrutiny over the years from Bei-
jing, complies with regulations as it ex-
Huobi Tech is rolling out four funds BY ZHEPING HUANG pands into adjacent arenas.
including ones that will virtually track Bloomberg
Bitcoin and Ether prices, allowing inves- The move also come as mainstream
tors to bet on the coins without actually BLOOMBERG financial companies embrace crypto af-
holding any currency. It’s the latest so- ter Bitcoin’s value took off in October.
called crypto tracker after similar funds investors who still have concerns about However, some still warn of a bubble,
have launched around the world. The things like security and tax filing, they will and volatility and regulatory risk around
firm already has secured US$50 million opt to buy our funds rather than holding the globe remain concerns for the as-
in commitments across the four funds. coins themselves.” set class.

The offerings also include an active Longer term, Zhang said she expects
fund investing in a basket of virtual as- the firm to provide a full suite of cryp-
sets, and a private equity fund dedicated to-related services including custody,
to investment in the crypto mining sector. without specifying details.
In March, Huobi Tech obtained a license
from the Securities and Futures Commis- Read also:
sion of Hong Kong to manage and distrib- Carbon hits record in EU before crucial
ute funds invested solely in crypto — the Biden climate summit
first such approval after Arrano Capital. “Prices in the European Union’s emissions
trading system has broken records every day
“Virtual assets have become estab- this week as European lawmakers reached a
lished as a strong category in alternative deal on stricter pollution targets.”
investment, and more players will com- Click here
pete in this arena,” Huobi Tech finance
chief Zhang Li said during a Zoom in-
terview from Beijing. “For professional

F R I D A Y A P R I L 2 3 , 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

NEWS IN BRIEF

UK factories expect strongest Tencent, Sequoia invest in data BLOOMBERG
rebound since 1973 after Covid-19 start-up at US$200m value
(April 22): WakeData, a Chinese enterprise 2018, the outfit is expected to more than
LONDON (April 22): British manufacturers’ data services provider, has raised US$25 double its revenue to at least 250 million
hopes for an economic rebound rose to million from investors led by Tencent yuan ($38.5 million) this year and turn
their strongest in 48 years this month as Holdings Ltd. and Sequoia China at a profitable in 2022, founder Li Kechen said
the country began to recover from the post-money valuation of US$200 million. in an interview. — Bloomberg
slump caused by the Covid-19 pandemic, The Series B+ financing round also saw
the Confederation of British Industry said participation from existing backers IDG Hong Kong arrests six in US$322m
on Thursday. “However, rising costs are an Capital and Redpoint China, the Shenzhen- money laundering case
increasing concern for many businesses, based firm said Thursday. WakeData (April 22): Hong Kong authorities arrested
and seem to be putting upward pressure provides data management toolkits six people suspected of money laundering
on prices as firms try to protect their to help clients like property developer involving HK$2.5 billion (US$322 million),
margins.” The CBI said its quarterly business Country Garden and retailer Watsons in the latest case to hit the Asian financial
optimism gauge, based on a survey of 288 to digitalize their operations. Founded in hub. Five men and one woman aged 23 to
manufacturers between March 24 and 50 were suspected of opening about 60
April 14, jumped to +38, the highest since Singtel secures first sustainability- personal accounts at various banks in Hong
April 1973, from January’s reading of -22. linked loan of $750 mil under new Kong to launder money, the government
Plans to invest in plant and machinery programme said in a statement on its website. They
were the strongest since July 1997, with Singapore Telecommunications’s (Singtel) were involved in over 2,600 transactions
anecdotal evidence from firms that they had subsidiary Singtel Group Treasury secured from January 2018 to February 2020, the
brought forward plans to take advantage its first sustainability-linked revolving credit statement said. Hong Kong has been hit by
of a temporary tax break announced by facility of S$750 million. In a press release a number of high-profile money laundering
finance minister Rishi Sunak in March’s dated April 22, Singtel says the loan is the cases this year. The city’s police last month
budget. The CBI said its quarterly survey of largest Singapore dollar denominated arrested 12 people for running alleged
manufacturers also pointed to a revival of sustainability-linked loan in Singapore “ramp and dump” stock scams and money
investment and hiring plans and continued to date. The three-year loan provided by laundering after raids on luxury homes and
concerns about higher costs. “Phased DBS, OCBC and UOB features interest brokerages across the city. In January, the
reopening has lifted the mood among firms, rate discounts pegged to pre-determined authorities arrested bank staff allegedly
notably driving orders, employment, and environmental, social and governance (ESG) involved in HK$6.3 billion of dirty money
investment plans,” CBI chief economist Rain targets in areas such as climate risk, carbon flows over the past four years. — Bloomberg
Newton-Smith said. — Reuters management and workplace health and
safety metrics. The loan marks Singtel’s its board had approved the spending
Coffee, dairy help Nestle post first foray into sustainable financing under “for the purpose of installing mature
strongest quarter in a decade its new programme called Olives. Arthur technology capacity”. It did not elaborate.
Lang, Singtel group CFO, says the Olives The company this month said that it
ZURICH (April 22): Nestle on Thursday programme is aimed at aligning the group’s planned to invest US$100 billion over the
posted its strongest quarterly sales growth financing strategy to broader ESG goals. — next three years to increase capacity at its
in 10 years, citing stronger demand for The Edge Singapore plants, days after Intel Corp announced a
coffee, dairy and petcare products. The US$20 billion plan to expand its capacity.
world’s biggest food group has weathered REUTERS TSMC, clients of which include Apple Inc
the Covid-19 pandemic well so far as and Qualcomm Inc, has said it is working
consumers locked up at home bought more Chipmaker TSMC approves hard to increase productivity and alleviate
packaged foods for themselves and their US$2.89 billion for capacity the worldwide shortage but that supply
pets. It also expanded e-commerce and expansion tightness is likely to continue into next
its health science portfolio as consumers TAIPEI (April 22): Taiwan Semiconductor year. The company has flagged “multiple
bought more online and worried about Manufacturing Co’s (TSMC) board has years of growth opportunities” as the
their health. “Retail sales saw solid growth approved US$2.89 billion in spending Covid-19 pandemic fuels demand for
and out-of-home channels saw signs of to increase capacity, the company said advanced chips to power devices such as
improvement. We confirm our guidance on Thursday, responding to a global chip smartphones and laptops. — Reuters
for the year and our mid-term outlook for shortage that has affected carmakers
sustained mid single-digit organic growth,” in particular. In a brief statement, the
Chief Executive Mark Schneider said in the world’s largest contract chipmaker said
statement. The maker of KitKat chocolate
bars and Nescafe instant coffee expects
an increase in organic sales growth this
year versus the 3.6% achieved in 2020.
Organic sales rose 7.7% in the first quarter,
versus 4.3% in the year-ago period. Organic
growth stood at 7.2% in the Americas, at
4.4% in Europe and at 9.1% in Asia, Nestle
said. Asia was in negative territory in the
year-ago period as the pandemic hit there
first. — Reuters

F R I D A Y A P R I L 2 3 , 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

JPMorgan gets caught up in Europe’s
big soccer league blunder

(April 22): Funding a revolution is always a BY DAVID HELLIER & HARRY WILSON This time, the latest outcry wasn’t just
risky business, and one of the world’s largest Bloomberg a fringe group, but a broad response to the
banks is now exposed to a very public de- rebellion by a dozen of Europe’s biggest
feat in the emotional arena of soccer. REUTERS clubs, and also the format.

JPMorgan Chase & Co. agreed to back JPMorgan is now left to Closed competition
Europe’s breakaway league to the tune of assess the fallout from The renegade teams, along with three
4 billion euros (US$4.8 billion).The plan a proposal that appears more, would have been permanent mem-
was to create a new competition that would to have underestimated bers and never have to face failure to qual-
guarantee games and revenue for the par- the potential backlash ify for the tournament. Five more teams
ticipating clubs for years to come, and help from upending a sport would be added each season to make up the
embed the U.S. financier at the center of with deep traditions 20-strong league as an alternative to UE-
the most popular sport on the planet. FA’s Champions League, the most prestig-
and local roots. ious European club competition and one
The size of the proposed financing that’s open to clubs across the continent.
meant the bank stood to receive millions of tee at the bank looks at things like credit
dollars in fees. Instead, the project appears risk, beneficiaries and business dynamics, The idea had would have appealed to
doomed after most of the teams pulled out and reputation is just one aspect, they said. American investors, who are increasing-
with fans, players and politicians decrying ly involved in financing European soccer
the plan. JPMorgan is now left to assess Still, some of the criticism is proving and don’t like the risks that big clubs run
the fallout from a proposal that appears to difficult to ignore. At least two bankers said of failing to qualify for the Champions
have underestimated the potential backlash they were concerned about personal secu- League, being relegated from the top na-
from upending a sport with deep traditions rity as the uproar escalated. tional leagues and spiraling costs and wag-
and local roots. Wine glasses es. But their proposal proved anathema to
JPMorgan has some experience of this. many European fans, as well as politicians,
“It didn’t seem co-ordinated and al- When the bank previously acted on the Prince William and some notable clients.
most didn’t seem thought through,” said takeover of Manchester United by the bil-
Steve Greenfield, a professor of sports law lionaire Glazer family in 2005, angry fans Paul Marshall, co-founder of hedge
at the University of Westminster. “It was turned up at offices to protest. In 2011, fund giant Marshall Wace and a Man-
business-based and lost sight of the sport- about 50 fans raided a JPMorgan drinks re- chester United fan, retweeted a critical
ing connotations.” ception in the English city, according to the post of the bank by former leader of the
Independent newspaper. They threw wine pro-Brexit U.K. Independence Party Ni-
While the deal’s collapse isn’t likely to glasses at guests in protest of the Glazers. gel Farage. JPMorgan is a prime broker
be too damaging to a bank that just re- for Marshall Wace.
ported a record US$14.3 billion profit in Manchester United executive EdWood-
the first quarter, the misstep comes at an ward was working for the bank when he The concept even drew criticism from
awkward time.The bank, under the Chase advised the Glazers on the purchase.Wood- people on JPMorgan’s payroll. The bank
brand, is planning to launch a digital-only ward, an advocate of the Super League, is has been one of the most active employers
retail lender in the U.K. this year, the first now stepping down at the end of 2021, the of senior British politicians in recent years,
time it will expand its consumer business club said in a statement on Tuesday. hiring former Prime MinisterTony Blair as
beyond U.S. borders. an adviser after he left office, as well as for-
mer U.K. Chancellor Sajid Javid. However,
Sport links both men criticized the Super League plans.
The Wall Street giant, whose leveraged fi-
nance team arranged the financing, has A spokesman for Blair said he was
spent years cultivating links with the soccer against the proposals, according to the
industry in Europe. It has advised on vari- Daily Telegraph, while Javid told the U.K.
ous club purchases and helped finance sta- newspaper that the move appeared to be
dium refurbishments. Several of the break- “motivated solely by profit” and called for
away clubs are clients of JPMorgan. The the clubs involved to be hit with a new
strongest links are with Real Madrid, whose super tax if the competition went ahead.
president, Florentino Perez, was spearhead-
ing the Super League. While the furore continues, one former
executive at JPMorgan said the bank ulti-
A spokesperson for JPMorgan in the mately won’t be too concerned about the
U.K., where half of the 12 teams that reputational impact and will continue to
planned the breakaway are based, declined prioritize lucrative clients like the Glazers,
to comment on the breakdown of the Su- who backed the proposals.
per League and the bank’s role.
“JPMorgan’s client base is mainly cor-
The bank always knew the outcome porate rather than personal, so I don’t see
would hinge on the reaction by the football them suffering,” said Kieran Maguire, lec-
world, according to a person familiar with turer in football finance at Liverpool Uni-
the plans. The lender is pragmatic about versity. “They will be seen as facilitating
the outcome, the person said. A commit- rather than driving the project.”

F R I D A Y A P R I L 2 3 , 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

Wall Street’s overlooked minority
is waiting to be heard

NEW YORK (April 22): From the outside BY LANANH NGUYEN But US asset-management firms that are
looking in, her Wall Street CV seems im- Bloomberg actually owned by Asian Americans and Pa-
peccable: Columbia, Princeton, Salomon cific Islanders, like the ones owned by Black
Brothers, Merrill Lynch and, finally, a top The ugliness of the past year Americans and women, manage only a small
job at JPMorgan. — the racism in the streets, fraction of all the money out there — just 0.7%
of the total, according to research published in
None of that protected Joyce Chang from the waves of anti-Asian December by the Association of Asian Amer-
encountering hate in her daily life. violence, the deadly shooting ican Investment Managers.
rampage in the Atlanta area
One moment, she was taking in China- — have lit fires of fear among Major banks and investment firms said
town, just north of New York’s Financial the nation's almost 23 million they strive to treat everyone equally and recruit
District, in the next, racist slurs were being and promote diverse workforces. Many have
hurled at her from a passing car. people of Asian descent. publicly condemned the racism and violence
directed at Asian Americans, much the way
The ugliness of the past year — the rac- the issues of racism and economic disparities they have issued support for Black Americans.
ism in the streets, the waves of anti-Asian that exist in broader society. Banks including Citigroup Inc, JPMorgan, and
violence, the deadly shooting rampage in the Speaking out Bank of America Corp have condemned an-
Atlanta area — have lit fires of fear among Interviews with more than 20 Asian Ameri- ti-Asian racism in recent weeks. So has the
the nation’s almost 23 million people of cans working in US finance, in positions rang- Business Roundtable, a group representing
Asian descent. ing from analyst to managing director, sug- CEOs of major US companies.
gest this broad, diverse group is now united in
But the events have also carried a special its anxiety and fear. Many feel angry. Others But the anxiety is palpable among rank-
resonance on Wall Street, where powerful betrayed or overlooked. More and more are and-file workers and executives of Asian an-
institutions are confronting one reckoning speaking out. cestry.
after another over race and inequality —
and where Asian Americans often occupy “We need to break the silence,” Chang “It’s been gut-wrenching,” said Ida Liu,
an uncomfortable middle ground. wrote in a March 26 internal blog post at JP- global head of private banking at Citigroup.
Morgan Chase & Co, where she is chair of
On one level, they face many of the same global research. She urged her colleagues to Like Chang at JPMorgan, Liu said she has
hurdles as other minorities in the mostly talk about the contradictory stereotypes of had a stranger shout racist slurs at her on a
White, mostly male world of finance.There Asian Americans being perceived as a group NewYork City street. Up in Boston, Jane Li,
are the everyday slights, the racist jokes, the to be feared at the same time as being labelled an equity analyst at Zevin Asset Management,
crass stereotypes, the missed opportunities, “silent, invisible achievers”. makes sure to be aware of her surroundings
the stunted careers — all with the gnawing after several run-ins with people yelling an-
knowledge that almost no one at the very top At the heart of this story are numbers.The ti-Asian remarks at her in a grocery store and in
looks like you.The challenges are particular- fact is, Asian Americans make up a greater South Station. One banker has bought pepper
ly formidable for Asian-American women. percentage of finance workers than Black or spray. Another has taken to wearing a hat and
Latinx people.The total workforces of the six sunglasses, in addition to the now ubiquitous
‘Model minority’ biggest US banks average 15.5% Asian Amer- Covid-19 mask, in order to hide her ethnicity.
But here is a key difference: OnWall Street, ican, 15% Hispanic or Latino, and 10.3% Af-
Asian Americans are sometimes stereotyped rican American. A new sense of dread is descending as
as a “model minority” because of their eco- more finance professionals prepare to return
nomic success as a group. They can also Yet at a time when Kamala Harris became to their offices after the long pandemic lock-
seem like forgotten minorities or, sometimes, the first Indian American and Black person to down. Asian-American women, in particular,
not even minorities at all. “Honorary whites” be elected vice president, and AndrewYang, a are speaking out about the racism and sexism
is one term. That is particularly so next to son of Taiwanese immigrants, is running for that have blighted their careers for years. Many
their Black and Latinx colleagues, who are mayor of NewYork, no Asian American runs are asking if anything will change.Various racist
statistically even less represented in upper a top five US bank. Among companies in the stereotypes — “Dragon Lady” is one — can
management and, to some Asian Americans, S&P 500, fewer than 1% of all chief executive sometimes prevent Asian women from climb-
appear to be the main focus of belated efforts officers (CEOs) in recent years have been of ing the corporate ranks, according to Ascend,
on diversity and inclusion. East Asian descent. a pan-Asian professional association. “Tiger
Mom” is a more recent addition to the lexicon.
Granted, the catch-all “Asian American”, Across the six largest US lenders, the pro-
coined in the 1960s as a phrase of empower- portion of Asian Americans in executive or In a recent LinkedIn post, Binna Kim, pres-
ment, is overly broad.The roughly 5.9% of senior management roles ranges from 7% to ident of financial-communications agencyVest-
Americans who identify as people of Asian almost 19%, even though they comprise an ed, told of how men at industry events have
ancestry are not a monolithic group. They average 23% of middle managers and pro- made her uncomfortable time and again with
comprise a multitude of ethnic groups and fessionals. Greater strides have been made in comments like “Asian women are sexy”.
cultures, as well as stark economic realities: areas like private equity: the head of Carlyle
Asian Americans, often viewed in elite cir- Group Inc, Kewsong Lee, is Korean Amer- Others, worried about jeopardising their
cles as more advantaged than disadvantaged, ican, as is KKR & Co co-president Joe Bae. careers by being quoted, told private stories
have the largest income inequality within of insults and abuse. One spoke of lewd re-
any racial community in the US. marks — an offensive line from “Full Metal
Jacket”, the Vietnam war film, for example.
OnWall Street, the presence of highly ed- Another of belittling shouts of “hello” in var-
ucated, well-paid Asian Americans can mask ious Asian languages.

F R I D A Y A P R I L 2 3 , 2 0 2 1 25 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 4,420.0079.00 OIL US$ 65.03-0.29 RM/USD 4.1120 RM/SGD 3.0951 RM/AUD 3.1823 RM/GBP 5.7147 RM/EUR 4.9447

Top 20 active stocks

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

UCREST BHD 467.6 -0.070 0.415 167.74 254.1

KEY ASIC BHD 463.5 -0.015 0.195 143.75 231.0

FOCUS DYNAMICS GROUP BHD 247.9 0.000 0.115 -82.31 726.1

GREEN OCEAN CORP BHD 214.4 0.000 0.045 -50.00 72.1

RUBBEREX CORP M BHD 182.3 0.020 1.420 1.43 1181.8

TECHNA-X BHD 174.3 0.015 0.145 -9.37 278.0

LKL INTERNATIONAL BHD 165.1 0.030 0.330 -63.93 169.8

DAGANG NEXCHANGE BHD 151.8 -0.055 0.735 226.67 1722.2

KTG BHD 137.4 -0.015 0.245 -14.04 169.2 World equity indices

JCY INTERNATIONAL BHD 137.2 0.045 0.460 -13.21 969.4

DATAPREP HOLDINGS BHD 116.2 -0.700 1.870 938.89 1154.3 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE

DOLPHIN INTERNATIONAL BHD 108.7 -0.015 0.110 29.41 102.9 (%) (%)
DOW JONES 34,137.31 316.01 0.93 INDONESIA 5,994.18 0.94 0.02
HLT GLOBAL BHD 108.2 0.100 1.120 -1.75 791.8

EXCEL FORCE MSC BHD 100.5 -0.005 0.635 38.04 355.2 S&P 500 4,173.42 38.48 0.93 JAPAN 29,188.17 679.62 2.38

MNC WIRELESS BHD 96.3 0.000 0.045 0.00 79.1 NASDAQ 100 13,935.15 125.85 0.91 KOREA 3,177.52 5.86 0.18

QES GROUP BHD 87.4 0.040 0.675 128.81 563.0 FTSE 100 6,908.32 13.03 0.19 PHILIPPINES 6,415.53 -23.86 -0.37

BCM ALLIANCE BHD 83.4 -0.010 0.195 -36.07 122.0 AUSTRALIA 7,055.45 57.97 0.83 SINGAPORE 3,186.78 31.72 1.01

BINA PURI HOLDINGS BHD 81.6 -0.005 0.090 -18.18 103.4 CHINA 3,465.11 -7.82 -0.23 TAIWAN 17,096.97 -105.14 -0.61

CAREPLUS GROUP BHD 74.2 0.120 2.200 7.59 1210.2 HONG KONG 28,755.34 133.42 0.47 THAILAND 1,565.63 -14.38 -0.91

WIDAD GROUP BHD 71.9 0.010 0.510 -35.85 1395.6 INDIA 48,057.19 351.39 0.74 VIETNAM 1,227.82 -40.46 -3.19

Data as compiled on Apr 22, 2021 Source: Bloomberg Data as compiled on Apr 22, 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)

SANICHI TECHNOLOGY BHD 0.150 57.89 35553.1 -46.89 129.8 DATAPREP HOLDINGS BHD 1.870 -27.24 116180.2 938.89 1154.3

ADVENTA BHD 1.390 27.52 24440.0 -9.15 212.4 COMPUGATES HOLDINGS BHD 0.020 -20.00 430.6 0.00 61.4

PEGASUS HEIGHTS BHD 0.025 25.00 8024.3 0.00 264.7 TALAM TRANSFORM BHD 0.025 -16.67 1364.1 -16.67 107.4

PRICEWORTH INTERNATIONAL BHD 0.025 25.00 3691.7 -16.67 112.6 UCREST BHD 0.415 -14.43 467643.8 167.74 254.1

SAND NISKO CAPITAL BHD 0.530 24.71 4974.6 63.08 54.6 SEDANIA INNOVATOR BHD 0.225 -13.46 40924.3 55.17 68.0

EA HOLDINGS BHD 0.030 20.00 5553.9 0.00 152.2 PDZ HOLDINGS BHD 0.035 -12.50 1630.8 -61.11 35.4

SC ESTATE BUILDER BHD 0.115 15.00 71398.3 91.67 119.4 DOLPHIN INTERNATIONAL BHD 0.110 -12.00 108650.7 29.41 102.9

NEXGRAM HOLDINGS BHD 0.045 12.50 5092.6 0.00 125.5 KUMPULAN JETSON BHD 0.245 -10.91 5096.9 -2.00 57.0

TECHNA-X BHD 0.145 11.54 174323.0 -9.37 278.0 AVILLION BHD 0.085 -10.53 3585.8 30.77 80.3

FINTEC GLOBAL BHD 0.050 11.11 13364.4 -37.50 172.3 IQZAN HOLDING BHD 0.095 -9.52 96.0 -17.39 17.6

JCY INTERNATIONAL BHD 0.460 10.84 137159.2 -13.21 969.4 BERTAM ALLIANCE BHD 0.110 -8.33 806.9 -15.38 22.7

KOSSAN RUBBER INDUSTRIES 4.350 10.69 40384.6 -1.21 11099.5 NATIONWIDE EXPRESS HOLDINGS 0.275 -8.33 491.8 -27.63 33.9

ANZO HOLDINGS BHD 0.055 10.00 929.1 -35.29 61.4 XOX BHD 0.055 -8.33 12695.7 -50.00 216.4

M3 TECHNOLOGIES ASIA BHD 0.055 10.00 3912.6 -15.38 42.4 MTOUCHE TECHNOLOGY BHD 0.165 -8.33 4439.6 -78.00 21.8

LKL INTERNATIONAL BHD 0.330 10.00 165094.2 -63.93 169.8 TH HEAVY ENGINEERING BHD 0.115 -8.00 3331.5 27.78 255.4

HLT GLOBAL BHD 1.120 9.80 108166.7 -1.75 791.8 CUSCAPI BHD 0.295 -7.81 38990.4 136.00 253.5

IQ GROUP HOLDINGS BHD 1.060 9.28 85.0 10.42 93.3 CENSOF HOLDINGS BHD 0.425 -7.61 46843.8 60.38 234.7

XIDELANG HOLDINGS LTD 0.060 9.09 1386.6 -14.29 127.0 IBRACO BHD 0.555 -7.50 42.7 6.73 275.5

ACME HOLDINGS BHD 0.260 8.33 2518.7 -44.09 77.7 FOCUS LUMBER BHD 0.945 -7.35 687.0 8.62 93.4

GOLDEN PHAROS BHD 0.27 8 1007.3 10.2 37.2 BERJAYA ASSETS BHD 0.32 -7.25 3457 -20 818.6

Data as compiled on Apr 22, 2021 Source: Bloomberg Data as compiled on Apr 22, 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 39.640 1.260 300.3 52.70 7884.3 DATAPREP HOLDINGS BHD 1.870 -0.700 116180.2 938.89 1154.3

HARTALEGA HOLDINGS BHD 10.540 0.420 19534.9 -13.18 36079.2 MALAYSIA AIRPORTS HOLDINGS 6.000 -0.180 1177.6 1.35 9955.2

KOSSAN RUBBER INDUSTRIES 4.350 0.420 40384.6 -1.21 11099.5 EURO HOLDINGS BHD 3.360 -0.170 3800.3 15.86 2694.4

ADVENTA BHD 1.390 0.300 24440.0 -9.15 212.4 AEON CREDIT SERVICE M BHD 12.500 -0.120 124.1 4.17 3191.3

VITROX CORP BHD 16.080 0.280 96.0 9.39 7592.6 MSM MALAYSIA HOLDINGS BHD 1.540 -0.100 13274.5 170.18 1082.6

KUALA LUMPUR KEPONG BHD 21.800 0.280 530.8 -7.94 23512.5 UMW HOLDINGS BHD 3.380 -0.100 2586.4 -0.59 3948.8

SUPERMAX CORP BHD 5.770 0.230 46484.4 -3.99 15103.8 KHIND HOLDINGS BHD 3.230 -0.100 174.6 10.24 129.4

HONG LEONG FINANCIAL GROUP 17.000 0.220 115.9 -5.87 19469.1 CARLSBERG BREWERY MALAYSIA 22.800 -0.080 103.2 -1.89 6971.1

NESTLE MALAYSIA BHD 135.700 0.200 29.6 -2.30 31821.7 PETRONAS DAGANGAN BHD 19.760 -0.080 108.5 -7.66 19630.7

DUFU TECHNOLOGY CORP BHD 4.340 0.180 3827.1 33.13 2262.8 FOCUS LUMBER BHD 0.945 -0.075 687.0 8.62 93.4

TOP GLOVE CORP BHD 5.620 0.170 41972.7 -8.17 44982.9 UPA CORP BHD 2.190 -0.070 5.0 3.79 169.1

PPB GROUP BHD 18.660 0.160 916.2 0.76 26545.7 PRESTAR RESOURCES BHD 1.220 -0.070 2320.7 39.43 236.7

IHH HEALTHCARE BHD 5.500 0.150 1729.5 0.00 48284.9 UCREST BHD 0.415 -0.070 467643.8 167.74 254.1

KESM INDUSTRIES BHD 12.200 0.140 18.1 -10.16 524.8 BERJAYA FOOD BHD 2.060 -0.070 61.2 28.75 731.0

CI HOLDINGS BHD 2.610 0.130 377.0 37.37 422.8 PECCA GROUP BHD 3.720 -0.070 1029.3 139.55 682.5

RIVERVIEW RUBBER ESTATES BHD 3.120 0.130 14.7 2.24 202.3 MESINIAGA BHD 1.470 -0.060 38.3 19.51 88.8

SUPERCOMNET TECHNOLOGIES 2.020 0.120 3241.2 9.19 1383.7 AMTEL HOLDINGS BHD 1.270 -0.060 1444.0 2.42 123.9

PETRONAS GAS BHD 16.020 0.120 251.7 -6.46 31699.3 ASTINO BHD 1.380 -0.060 4234.4 43.01 371.3

CAREPLUS GROUP BHD 2.200 0.120 74208.1 7.59 1210.2 TASCO BHD 1.180 -0.060 10957.7 56.81 944.0

PETRONAS CHEMICALS GROUP BHD 7.910 0.120 1709.3 6.46 63280.0 SHH RESOURCES HOLDINGS BHD 1.38 -0.06 13.2 32.69 69

Data as compiled on Apr 22, 2021 Source: Bloomberg Data as compiled on Apr 22, 2021 Source: Bloomberg