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Published by libraryptsbcrew02, 2022-07-13 00:20:14




W E D N E S DAY, J U LY 1 3 , 2 0 2 2 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 408/2022

HOME: Maybank Singapore withdraws lawsuit against NFC chairman, children over housing loans p7
Machang solar project developers appoint solicitors to contest RM180 mil suit p10

Definitive agreement execution for disposal of 4 highways extended to Aug 30, says Gamuda p15
WORLD: China locks down steel hub for three days for one Covid-19 case p20
Temasek turns cautious on outlook, sees more market declines p23

REUTERS Petronas
says seized
frsohO2mo0P2wE3osiConlu’sostqlrfuoieroelsieketzfe Luxembourg
units have
Report on Page 2.


Report on Page 4.

wednesday juLY 13, 2022 2 TheEdge CEO morning brief

the edge ceo morning brief published by publisher + ceo . Ho Kay Tat
editor-in-chief . Kathy Fong
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to get on emailing list Mutiara Damansara, 47810, Petaling Jaya, to contact editors: [email protected]
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ceomor[email protected] Selangor, Malaysia


OPEC’s first 2023 outlook shows
no relief from oil squeeze


by Grant Smith

LONDON (July 12): OPEC’s first Supply crunch target because nations such as Angola and
oil-market outlook for 2023 suggests no The report published by OPEC’s Vi- Nigeria have seen their capacity eroded
relief for squeezed consumers, with more enna-based research department on by insufficient investment and operational
crude needed from the group even though Tuesday indicates the supply crunch problems. Troubled member Libya has
most members are already pumping flat will persist. suffered a collapse in its production col-
out. lapse amid renewed political unrest.
Global demand will expand by 2.7 mil-
The Organization of Petroleum Ex- lion barrels a day next year, bolstered Because of this supply shortfall, fuel
porting Countries expects global oil de- by growth in emerging economies, while inventories in industrialized nations are
mand growth to exceed the increase in supplies outside OPEC will increase by shrinking rapidly, dropping to 312 mil-
supplies by 1 million barrels a day next 1.7 million a day, according to the car- lion barrels below the five-year average
year.To fill the gap, OPEC would need to tel’s analysis. Gasoline and diesel fuel in May.
significantly hike production, but mem- will drive the growth in consumption.
bers are already falling far behind the OPEC’s assessment of 2023 fits in with
volumes needed right now due to un- To balance supply and demand, OPEC the prevailing view across the petroleum
derinvestment and political instability. would need to provide an average of 30.1 industry, with the Paris-based Interna-
million barrels a day in 2023.That’s 1.38 tional Energy Agency — which represents
Crude prices are holding above million a day more than the cartel’s 13 consuming nations — also predicting that
US$100 a barrel, as the world’s oil fields nations pumped in June. supplies will remain under strain.
and refining facilities fail to keep pace Read also: The global energy crisis may
with the post-pandemic rebound in fuel OPEC has been reviving production get worse, IEA’s Birol warns Click here
demand. That’s exacerbating a cost-of- halted during the pandemic, with a final
living crisis and threatening to tip the tranche scheduled for next month.Yet the
global economy into recession. group is pumping well below its collective

President Joe Biden is urging Middle
East producers to ease the crisis by open-
ing the taps. He will visit the region this
week with a planned stop in OPEC leader
Saudi Arabia, but many analysts expect
Gulf exporters to ration their remaining
spare production capacity carefully.

National Security Advisor Jake Sulli-
van told reporters on Monday that the
US believes OPEC has scope to raise
production, though it’s ultimately up to
member countries to determine what
steps to take.

If Biden does persuade Riyadh and
the neighboring United Arab Emirates to
provide some extra supply, the move will
likely be formalized at the next meeting
of OPEC and its partners on Aug 3, ac-
cording to RBC Capital Markets LLC.

wednesday juLY 13, 2022 3 TheEdge CEO morning brief

wednesday juLY 13, 2022 4 TheEdge CEO morning brief


Petronas says seized Luxembourg units
have already divested Azerbaijan assets

KUALA LUMPUR (July 12): Petroliam by Chester Tay & Sulhi Khalid Kiram II initiated a claim against the gov-
Nasional Bhd (Petronas) has confirmed ernment of Malaysia through international
that two of its subsidiaries were served with arbitration proceedings in Madrid, Spain,
seizing orders in Luxembourg on Monday RM66.55 billion) legal dispute with the Malaysia’s Ministry of Foreign Affairs and
(July 11), but clarified that these units had Malaysian government arising from an the Attorney General’s Chambers (AGC)
already divested their entire stakes in the agreement signed 144 years ago. said in a joint statement in March.
natural gas project in Azerbaijan, and that
the proceeds from the disposal had been The move was part of legal efforts by The ministry and the AGC said the
repatriated. the Sulu “heirs” to win compensation over claim was based on an agreement Sultan
land in Sabah that they said their ances- Mohamet Jamal Al Alam, the Sultan of
“We confirm that our two subsidiaries tor leased to a British trading company in Sulu at the time, Baron de Overbeck and
mentioned in the report have been served 1878, before the discovery of vast natural Alfred Dent entered into in 1878 under
with ‘Saisie-arret’ on July 11, 2022,” it said resources in the area, FT reported. which the Sultan of Sulu granted and ced-
in a statement. ed in perpetuity the sovereign rights over
Petronas has been dragged into this dis- certain territories located in North Borneo,
“Petronas wishes to clarify that these pute as Malaysia does not recognise the now forming part of Sabah.
subsidiaries, PETRONAS Azerbaijan decision by an arbitrator in France, which
(Shah Deniz) S.à r.l. and PETRONAS ruled in March that Malaysia must pay the “As a token, RM5,300.00 per annum
South Caucasus S.à r.l., have previously descendants US$14.9 billion. was to be paid to the then Sultan of Sulu,
divested their entire assets in the Republic his heirs or successors. Following the Lahad
of Azerbaijan and the proceeds from the ex- Bernama in May, citing Foreign Minister Datu armed invasion, payment was ceased
ercise have been duly repatriated,” it added. Datuk Seri Saifuddin Abdullah, reported in 2013,” the statement read.
that Malaysia would be sending diplomatic
The state-owned oil company views the notes to 168 countries that signed the New The statement was issued after the
actions taken against it as “baseless” and York Convention as an early notification French arbitration ruling, a ruling
said it will defend its legal position on this on possible unilateral legal claims by de- which Malaysia pointed out it did not
matter. scendants of the Sulu Sultan. participate in.

Petronas had a 15.5% stake in the Shah The proactive move was taken so that “The government of Malaysia does not
Deniz natural gas project in Azerbaijian, 168 countries would be aware of the uni- recognise the claim and did not participate
which the oil company in February sold lateral claim, apart from hoping that the in the purported arbitration proceedings
9.99% shareholding in the project to Rus- countries involved would inform Malaysia because Malaysia has always upheld and
sian oil and gas company LUKOIL for if there were such applications filed in their has never waived its sovereign immunity
about US$1.45 billion. countries, Saifuddin reportedly said. as a sovereign state,” Putrajaya said in its
March statement.
It is unclear when exactly Petronas di- The New York Convention applies to
vested the remaining 5.51% stake in the the recognition and enforcement of foreign “In addition, the subject matter of the
project. arbitral awards and the referral by a court claim is not commercial in nature and thus
to arbitration. Malaysia and Luxembourg cannot be subject to arbitration and the
Earlier on Tuesday, the Financial Times are contracting states in the convention. 1878 Agreement contains no arbitration
(FT) reported that these two subsidiaries agreement.We further stress that the claim-
were seized by “heirs” of the late Sultan of The dispute arises after “heirs” and ants’ identities are doubtful and have yet
Sulu over a US$15 billion (approximately “successors-in-interest” to Sultan Jamalul to be verified,” it added.

The FT also reported on Tuesday that
if Malaysia continues to ignore the ruling,
the money owed to the “heirs” is set to in-
crease, and the claimants’ lawyers indicated
that they would pursue more state assets if
a resolution was not reached.

The arbitrator in France previously
highlighted that for every year the Sulu
heirs were not getting paid, Malaysia’s out-
standing liability to the heirs would rise by
10%, the report noted.

Read also:
Petronas’ Luxembourg units seized by
Sultan of Sulu ‘heirs’ — report Click here

Petronas finalises revised Shah Deniz stake
sale to LUKOIL Click here

wednesday juLY 13, 2022 5 TheEdge CEO morning brief


KUALA LUMPUR (July 12): Malaysia Malaysia ager for equities Marco Giubin said the
has been identified as one of the relative insulated from KLCI is mirroring its Asian peers, which
outperformers in the Asia-Pacific region global shocks, are now derating.
from an economic perspective, given that it says Manulife
is not only insulated from but is also among The performance of Asian equities over
the biggest beneficiaries in the region of Investment the first half of 2022 was put under pres-
both food and energy shocks, as well as a Management sure by a combination of factors, such as
potential liquidity shock. tighter monetary conditions, the prospects
by Justin Lim & Hailey Chung of slower global growth, geopolitical events,
Joining Malaysia are Vietnam,Taiwan, and adverse regulatory interventions in
Australia, and New Zealand, which have China, he said.
also been identified as biggest beneficiar- “It is really nothing to sound the alarm
ies within the region from the shocks, said bell on and we doubt that BNM will be “With the derating in valuations among
Manulife Investment Management head of pressing on the panic button anytime soon Asian equities behind us, Asian market val-
Asia macro strategy SueTrinh at the firm’s in regard to the tightening cycle. If any- uations are now close to trough levels.We
2022 mid-year outlook media briefing held thing, like many central banks in Asia, we believe the bulk of the derating in Asian
virtually on Tuesday (July 12). are expecting the tightening cycle [from equities has transpired, and we see limit-
Malaysia] to be relatively more muted than ed scope for further meaningful derating
“The [domestic] economy has really what we are seeing in other emerging mar- based on our assumptions,” Giubin added.
rebounded very strongly from last year’s kets,” she added.
Covid-19 outbreak. Bank Negara Malay- “The commodity complex since mid-
sia’s (BNM) recent monetary policy meet- Sue also expects the reopening of inter- April has seen a meaningful correction af-
ing sounded pretty upbeat in terms of the national borders in April to be a tailwind ter having risen substantially in the preced-
prospects for recovery and we would tend for Malaysia’s economy that will help the ing 12 months. Consequently, in the third
to agree. tourism sector continue to normalise. quarter of 2022, we may start to see a com-
bination of higher pricing and lower input
“If we look now at inflation, it is much In terms of local equity valuation, Man- costs alleviating margin pressure. In addi-
lower in Malaysia than in many parts of the ulife Investment’s senior portfolio man- tion, input cost pressure related to supply
world, especially relative to other emerging chain disruptions is also forecast to alle-
markets, thanks to the generous subsidies viate,” he said.
from the government which is worth about
3% of GDP (gross domestic product). So Against this backdrop, Giubin expects
headline inflation is probably going to stay earnings growth prospects for Malaysian
within a range of around 2% to 3% to corporates to rebound from this year’s flat-
maybe 3.5%,” she said. tish rate to between high single-digits and
low double-digits next year.

KUALA LUMPUR (July 12): Bank Nega- OCBC Bank: growth clocking a higher-than-expected
ra Malaysia (BNM) is expected to increase BNM likely to 5% year-on-year (y-o-y).
the overnight policy rate (OPR) by another raise another
25 basis points this year, likely in the next 25 basis points Still, the potential headwinds posed by
Monetary Policy Committee (MPC) meet- in next MPC a slowdown in the major economies are
ing on Sept 8, said OCBC Bank. likely to present tougher times for the Ma-
meeting laysian economy.
In a statement onTuesday (July 12), its
chief economist Selena Ling opined that it Bernama “As fortunate as it is to enjoy a domes-
might then pause in the last meeting of the tic demand uplift, the exports component
year in November 2022 to assess the bal- cannot be ignored on its own and on ac-
ance between inflation and recession risks count of how it feeds to the overall economy
before undertaking any action thereafter. through employment recovery,” she said.

“Going forward, we see more rate hikes Hence, she said even though OCBC’s
coming from BNM. Against the backdrop forecast for full-year GDP growth would
of rising global interest rate settings and naturally go up to account for the upside
some domestic inflation pressure, there surprise in the first quarter, the out-turn
is also a growing chance of back-to-back for the later parts of the year looks less
rate hikes rather than a more drawn-out promising than before.
cycle,” she said.
“In net terms, we now see full-year 2022
BNM increased the OPR by 25 basis growth at 5.7% y-o-y, a measured uptick
points to 2.25% during its fourth MPC from 5.4% before.
meeting this year.
“Furthermore, should growth out-turns
Ling said such relative monetary policy in major export destinations such as Chi-
tightening will occur at a time when the na and the US slow down markedly from
economy is likely to recover well, broadly here, Malaysia’s growth trajectory will be
speaking, even though the country might weighed down as well unfortunately, even
see a comparative slowdown in momentum if remains respectable,” she added.
due to global factors. Read also: Hike in OPR won’t affect in-
terest in buying affordable homes, says
To that end, it is heartening to note that KPKT Click here
Malaysia started the year on a strong foot-
ing, with gross domestic product (GDP)

wednesday juLY 13, 2022 6 TheEdge CEO morning brief


KUALA LUMPUR (July 12): The Em- Zahid Izzani Mohd Said/The Edge “At the industry level, the ownership
ployees Provident Fund (EPF) is targeting rate of insurance and takaful coverage that
300,000 contributors to take advantage of Citing a study from is low will certainly stunt the growth of the
the i-Lindung platform launched onTues- the Life Insurance insurance coverage industry overall,” he
day (July 12) within the first year. Association of Malaysia said in his opening address in conjunction
in 2020, Ahmad Badri with the launch.
EPF chairman Tan Sri Ahmad Badri says that the insurance
Mohd Zahir said with a premium as low penetration rate in Citing a study from the Life Insurance
as RM30 per annum, the total coverage the country is only at Association of Malaysia in 2020, Ahmad
offered for i-Lindung is RM10,000. 56.1% for insurance Badri said that the insurance penetration
and takaful, and after rate in the country is only at 56.1% for in-
The EPF launched the i-Lindung platform deducting the number of surance and takaful, and after deducting
under the Members Protection Plan to facil- policyholders with more the number of policyholders with more
itate the purchase of insurance and takaful than two policies, the than two policies, the rate is reduced to
products consisting of life and critical illness rate is reduced to 41%. 41%.
protection at an affordable premium from
Account 2, with the protection offerings avail- EPF targets Of that total percentage, he said over
able to EPF members with immediate effect. 300,000 members 90% had not enough coverage for them-
selves and their families.
“The ownership of insurance policies in the first year
and takaful certificates among the people for i-Lindung “What is more alarming is that from
that amount, only 4% of households from
by Shazni Ong the low-income group have takaful cover- age or life insurance,” added Ahmad Badri.

in this country is still low, especially those As such, Ahmad Badri said the i-Lind-
in the lowest 40% monthly income group ung facility was created, with the EPF con-
or B40.This situation is particularly wor- fident that apart from helping members
rying as this segment is more vulnerable getting insurance and takaful coverage, it
to disasters and faces a lack of protection. is also able to help realise the country’s
aspiration towards achieving a higher in-
surance penetration rate of 70%.
Click here for the full story

KUALA LUMPUR (July 12): Collection Cukai Makmur tic product (GDP) in line with the deficit
from the one-off windfall tax or Cukai to lighten target of 6%.
Makmur (Prosperity Tax) is expected to
“help a little bit” towards the revenue col- govt’s financial Prior to the announcement on passen-
lection in the country at a time when the burden, says ger vehicle sales tax exemption deadline,
government continues to provide subsi- Tengku Zafrul which remains June 30,Tengku Zafrul had
dies amid a challenging economic envi- said the government — which was stud-
ronment. by Shazni Ong ying whether there is a need to extend the exemption for the tax it granted for
“The prosperity tax can help a little bit the purchase of new vehicles — has lost
[but] we will [only] get the latest number deemed very inappropriate at the moment RM4.8 billion worth of tax collection to
maybe next month. We just studied it at as the economy is still in the process of date from the waiver.
the end of June. But apparently [the tar- recovery.
get] is as [what] we expected. He said the tax loss was considered
“Although the economy is expected to “big” and was money that the government
“As I mentioned in Budget 2022, we grow better this year than last year, to in- could have used to help the rakyat in the
did not factor the Prosperity Tax into the troduce a new tax system, I think this is current challenging economic situation.
government’s revenue. As such, this is an the wrong time. We need to wait for our
improvement,” Finance Minister Tengku economy to grow to a more stable level. Previously, Tengku Zafrul announced
Datuk Seri ZafrulTengku Abdul Aziz said that the projected consumption subsidy
at the launch of the Employees Provident “So the second way that can be adopt- expenditure had reached RM77.3 billion
Fund (EPF) members protection plan ed is to improve the yield of the govern- so far this year — the highest subsidy in
i-Lindung on Tuesday (July 12). ment ecosystem. And one of the ways is history ever borne by any government.
to strengthen our cost control, and also Read also:
The government is expected to collect measures to get more revenue from our Tengku Zafrul: Malaysia’s economy
“at least RM3 billion” of Cukai Makmur, agencies,” he said. will still grow this year even if there is
Deputy Finance Minister IIYamani Hafez global recession Click here
Musa said in parliament on Nov 2 last year. Tengku Zafrul also said the country’s
statutory debt level is still low — below Malaysia’s economic recovery to hit
Tengku Zafrul noted further the gov- the 65% threshold from the gross domes- soft patch amid global stagflation, says
ernment is able to bear the subsidies, giv- SERC Click here
en that there has been a slight increase
in revenue collection, though he did not
elaborate further on the matter.

He added that to increase tax rates
as one of the government’s avenues was

wednesday juLY 13, 2022 7 TheEdge CEO morning brief


KUALA LUMPUR (July 12): Maybank Maybank However, it was insufficient to settle the
Singapore Ltd has withdrawn the lawsuit Singapore whole outstanding amount of the loan, with
against National Feedlot Corporation withdraws the total outstanding sum of S$1.3 million.
(NFC) chairman Datuk Dr Mohamad lawsuit against
Salleh Ismail and his two children for al- NFC chairman, Meanwhile, for the second housing fa-
legedly defaulting on two housing loan fa- children over cility, the plaintiff claimed to have granted
cilities amounting to S$2,534,203.41 for housing loans a housing loan amounting to S$5.3 million
properties in Singapore. to the first and second defendants (Mo-
Bernama hamad Salleh and Wan Shahinur Izran)
Mohamad Salleh is the husband of for the purchase of a property in Central
former Women, Family and Community S$4.3 million, subject to the terms and Boulevard, Singapore, with a monthly in-
Development Minister Tan Sri Shahrizat conditions in the offer letters dated Nov stalment of S$8,700.
Abdul Jalil. 20, 2009 and Nov 10, 2017.
The plaintiff alleged that both defend-
Lawyer Wan Mohammad Arfan Wan It claimed that all of the defendants had ants had failed to settle the loan arrears
Othman, representing Mohamad Salleh defaulted to pay the monthly instalment of and demanded them to pay S5.05 million
and his two children,Wan Shahinur Izran S$7,225 and the plaintiff had withdrawn of the amount due as of June 4, 2018, to-
and Wan Izzana Fatimah Zabedah, said the loan and demanded full payment of gether with the accrued interests.
both parties have reached the settlement. S$3.94 million, which is the amount owed
and payable as of June 22, 2018, together Exercising its rights under the mort-
“High Court Judge Atan Mustaffa with the accrued interests. gage, the plaintiff obtained a court order
Yussof Ahmad allowed the lawsuit to be dated Jan 23, 2019 from the Singapore
withdrawn without liberty for the plain- The plaintiff claimed that it had exer- High Court to repossess the property be-
tiff (Maybank) to file afresh and with no cised its rights under the mortgage and fore selling it through a personal treaty
order as to costs,” he said when contacted obtained a court order dated Jan 23, 2019 sale for S$4.68 million.
by reporters after the proceedings, which from the Singapore High Court to repos-
took place online. sess the property, and sell it through an According to the plaintiff, the sale price
auction on June 28, 2019 for S$3.2 million. was insufficient to settle the amount due
Tuesday (July 12) had been fixed for under the loan, hence it demanded the
the hearing of Maybank Singapore’s ap- first and second defendants pay a total of
plication for a summary judgment, which S$1.16 million together with the accrued
was also attended by counsel Tan Hui Ru interests.
representing the bank.
The plaintiff applied to the court to en-
On July 19 last year, in its statement of ter judgment against all the defendants
claim, Maybank Singapore claimed that at including demanding the amount owed
the request of the defendants, the plaintiff totalling S$1.36 million from the three
had provided a housing loan for a proper- defendants and S$1.16 million from the
ty in Orchard Scotts, Singapore, totalling first and second defendants.

KUALA LUMPUR (July 12): Agrochem- Hextar’s Eddie The latest acquisitions will be retail
icals company Hextar Global Bhd’s major Ong to inject mall-focused KIP REIT’s maiden ven-
shareholder Datuk Eddie Ong Choo Meng three industrial ture into industrial assets.
is injecting three industrial properties lo- properties into
cated at Pulau Indah Industrial Park into KIP REIT said these assets will add
KIP Real Estate InvestmentTrust (REIT) KIP REIT about 350,000 sq ft of lettable area to its
via transactions worth RM78.9 million. portfolio.
by Chester Tay
In a filing with Bursa Malaysia, KIP “The properties will be leased to related
REIT — in which Ong has a 20% stake companies of the Hextar group on a triple
— said it is buying two adjoining parcels and leaseback transaction marks anoth- net basis for a fixed period of 15 years from
of leasehold land measuring 229,311 sq ft er positive move by Hextar to optimise the date of completion of [these] sales and
collectively for RM27 million from Hex- its business financing plan and to attain purchase agreements at a total initial an-
tar Chemicals Sdn Bhd, a wholly-owned greater flexibility in meeting the compa- nual rental of about RM5.1 million with
subsidiary of Hextar Global. ny’s evolving business needs,” said Ong. built-in agreed rental escalations of 13%
scheduled on year four, year seven and
Hextar, in which Ong has a 65% stake, KIP REIT said it is also buying two year 11,” the REIT said.
said in a separate filing that the divestment other parcels of leasehold land collectively
will be done via a sale and leaseback agree- measuring 429,050 sq ft for RM51.7 mil- KIP REIT’s executive director Datuk
ment, whereby the company will lease back lion from Hextar Industrial Chemicals Sdn Ong Kook Liong added: “While we will
the property under a 15-year lease, ena- Bhd and Teju Logistics Sdn Bhd. continue to manage all our retail-focused
bling the company to continue using the assets, we will also continue to explore
manufacturing facility on the land. Ong owns the entire 100% stake in growth opportunities in the industrial and
Hextar Industrial and a 70% stake inTeju warehousing sub-sectors to grow our in-
Hextar said the transaction, which is Logistics, with the remaining 30% held by come base investment portfolio of indus-
expected to be completed in the second his father Datuk Ong Soon Ho. trial assets.”
quarter next year, is estimated to result in
a disposal gain of about RM4.26 million, KIP REIT closed unchanged at 89
and proceeds from the land sale will be sen per unit, valuing the company at
used to finance its working capital. RM449.72 million.

“We are very happy to have reached Hextar Global gained seven sen or
an agreement with KIP REIT. This sale 4.43% to RM1.65, giving it a market cap-
italisation of RM2.17 billion.

wednesday juLY 13, 2022 8 TheEdge CEO morning brief


CGS-CIMB Weekly Net Flow of Foreign Funds into Malaysian Equity
lowers end- since Jan 2021 (RM’m)
2022 KLCI
target to 1,506 4500
points 3500
by surin murugiah 2500 2000
KUALA LUMPUR (July 12): CGS- 1000
CIMB Research expects the market
to remain weak with downside risks 500
in 3Q22F, as it attempts to price in 0
concerns over global monetary pol-
icy tightening. Jan-21
In a strategy note on July 10, the Mar-21
research house said the market could Apr-21
bottom and rebound in late-4Q, with May-21
upside likely from a more stable po- Jun-21
litical system, market-friendly budget Jul-21
and return of foreign workers. Aug-21
CGS-CIMB has lowered its Oct-21
KLCI earnings to reflect earnings Nov-21
downgrades forTop Glove Corp Bhd Dec-21
and MR DIY Group (M) Bhd. Jan-22
“We now project KLCI earnings Mar-22
to fall 0.1% in 2022F and rise 10.7% Apr-22
in 2023F. May-22
“This lowers our end-2022 KLCI Jul-22
target to 1,506 points (from 1,568
points), on unchanged 12.9x target Sources: Bursa Malaysia statistics, MIDFR
P/E (2.5 SD below the three-year
mean). Foreign selling of “The highest net buying recorded
Malaysian equities was on Wednesday, which amounted to
“We advise investors to take shel- RM55.9 million,” it said.
ter in sectors with defensive earnings narrowed to
(utilities, telco, healthcare and con- RM120.6 mil last To date, international funds have been
sumers) and high-dividend yields. week, says MIDF net buyers for 17 out of 27 weeks of 2022,
with a total net inflow of RM5.95 billion,
“We also like banks as beneficiar- by surin murugiah according to MIDF.
ies of rising interest rates.The seven
themes for 2H22F are: i) beneficiar- It said local institutions were net sell-
ies of rate hikes; ii) beneficiaries of KUALA LUMPUR (July 12): Foreign ers for 20 out of 27 weeks, with a total net
a weaker ringgit; iii) high dividend selling of Malaysian equities narrowed outflow of RM7.78 billion. It said local
yielders; iv) beneficiaries of GE15; to RM120.55 million last week from retailers had been net buyers for 18 out
v) value plays; vi) ESG picks; and RM320.28 million the prior week. of 27 weeks of 2022, adding that year-to-
vii) ESG and syariah picks. date, they are net buyers at RM1.83 billion.
In its weekly fund flow report on
“We retain RHB Bank Bhd, MR Tuesday (July 12), the MIDF Research “On a sectoral basis, the industrial prod-
DIY and Genting Malaysia Bhd as team said foreign investors were net sell- ucts and services, technology and transpor-
our top three picks,” it said. ers for the whole week except last Tues- tation sectors saw the highest net outflows
day and Friday when they net bought last week with RM44.6 million, RM42.5
RM13.7 million and RM11.4 million million and RM32.6 million respectively.
“The top three sectors (out of four)
The research house said the heaviest with the highest net inflows were finan-
outflow observed took place last Monday cial services (RM20.6 million), healthcare
at RM79.4 million. (RM16.4 million) and plantation (RM8.8
million),” it said.
“Local institutions remained to be net
buyers for two consecutive weeks after buy- MIDF said that in terms of participa-
ing RM29.9 million last week. tion, foreign investors, institutional inves-
tors and retailers saw declines in average
“They were net buyers last Monday at daily trade value of 18.2%, 21.0% and
RM50.2 million and turned into net sellers 14.2% respectively.
last Tuesday at RM22.2 million,” it said.
Commenting on global markets, MIDF
The research house said they turned said that for the first time this year, the
into net buyers again last Wednesday and Nasdaq recorded gains for five consecutive
Thursday to the tune of RM5.32 million days last week as investors reacted to bet-
and RM0.6 million respectively before ter-than-expected job growth in June 2022.
turning into net sellers at the end of the
week at RM4 million. It said that for the week, the Nasdaq
gained 4.6% to close at 11,635.31, where-
“Local retailers were on a net buying as the S&P 500 was up by 1.9% to end at
spree last week except last Friday when 3,899.38, while Dow Jones lagged but still
they net sold RM7.4 million. added 0.8% to close at 31,338.15.

“Out of the 16 exchanges that we track,
11 were in positive territory.

“Among the top advancers, the Philip-
pines’ PCOMP gained 3.19% and India’s
Sensex added 2.97%, while Japan’s Nikkei
was up by 2.24%,” it said.



The global community is running towards
a digital economy, and Sarawak does not Sarawak Premier Tan Sri Abang Johari Tun Openg officiating at the launch of the International Digital
want to lose out in this race. Thus, it has Economy Conference Sarawak (IDECS) 2022
heightened its efforts to achieve its goal
of becoming a digitalised state by 2030, June 21 and 22 at the Borneo Convention Centre the data collected can be turned into a means of rev-
guided by two blueprints: the Sarawak Digital Kuching (BCCK). The prestigious event attracted enue. For example, the geospatial and land data that
Economy Strategy 2018-2022 and Post Covid-19 more than 40,000 local and foreign attendees. the state has compiled can be monetised whenever it
Development Strategy 2030. is requested locally and internationally. Additionally,
Drive for data the data can be adopted by local businesses and tal-
Sarawak Premier Tan Sri Abang Johari Tun Throughout IDECS’ five-year run, data has been ents such as farmers to improve farming techniques
Openg is proud to share that the state government highlighted as one of the greatest components to to generate better yields in crop production.
has achieved remarkable progress since the first In- drive digitalisation. This year, the theme “Decoding
ternational Digital Economy Conference Sarawak Big Data for Environmental and Energy Sustaina- Apart from data, IDECS 2022 also focused on
(IDECS) in 2017. bility” anchored the conference in the light of the sustainability and the adoption of renewable en-
environmental, social and governance (ESG) fun- ergy such as hydrogen and biofuel. Abang Johari
Some of the agencies that were formed to damentals that have become the state’s priority. had been invited to the World Hydrogen Summit
catalyse the state’s digitalisation efforts are the in Rotterdam, the Netherlands, in May. He has con-
Sarawak Multimedia Authority (SMA) and the Abang Johari asserts that Sarawak is focused firmed that the Southeast Asian summit will be held
Sarawak Digital Economy Corporation (SDEC). on positioning itself as a data-driven state and em- in Kuching in the next couple of years.
The state government has also established digital phasises the importance of fellow leaders tapping
hubs in rural areas. into it as well. As the pioneer of hydrogen production in South-
east Asia, Sarawak is looking to produce 100,000
Abang Johari acknowledges that the youth “It is our responsibility as leaders to contin- tonnes of hydrogen by 2025 and export it to South
is the most volatile community in this era due to uously improve our products and services to our Korea and Japan. While there are not many use cases
the ever changing technology. Hence, training stakeholders. In order to improve products or service of hydrogen in Malaysia, the state is taking a step
has become an essential part of Sarawak’s digital delivery, we must embrace the use of data analyt- further by exploring the production of alternative
economy strategy. ics and build capable teams to turn big data into aviation fuels such as sustainable aviation fuel (SAF).
a competitive advantage,” he says.
Several efforts that have been undertaken by According to Abang Johari, the Petronas Resource
the Centre of Technical Excellence (CENTEXS) were As a state blessed with an abundance of resources, Centre Bangi has done research on SAF. He affirms
collaborations with industry partners such as Hua- that the state is open to collaborating with Petro-
wei to provide micro-credential courses, focusing on liam Nasional Bhd (Petronas) to produce biofuel.
key digitalisation areas such as Web3 and hardware
and software development. While the price of hydrogen is a concern to
some people, Abang Johari is optimistic that with
Despite the achievements, Abang Johari does greater acceptance, the price will come down over
not deny that digitalising Sarawak has its challeng- time. “I believe that in five to 10 years, the cost of
es. “The real challenge that Sarawak faces is our producing hydrogen will be cheaper, but you must
terrain because the moment you have a hill [in an get the right water to produce green hydrogen as
area], it will disrupt [connection] signals. A lot of the quality of water is important. I think we are
investment has to be made for our infrastructure and blessed with this one [quality water],” he says.
we have spent our own money to do that, besides
the assistance from the Malaysian Communications Sarawak is looking to invest in regenerative
and Multimedia Commission (MCMC),” he says. renewable and sustainable feedstock and algae
biomass. It is also exploring the potential of ge-
Abang Johari points out that the state is rarely othermal repurposing of its depleted onshore oil
highlighted and sometimes ignored by the world. and gas wells to generate power for its northern
“In order to solve that, we have to be on our own. region. But this requires in-depth feasibility studies.
We have to spearhead whatever policies we have.”

IDECS 2022 was held using a hybrid mode on

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KUALA LUMPUR (July 12): Idiqa En- Machang solar In 2018, Idiwan Solar was awarded a
ergy Sdn Bhd (IESB), Idiqa Holding Sdn project developers contract by the Energy Commission under
Bhd (IHSB) and Idiwan Solar Sdn Bhd appoint solicitors the second large scale solar programme to
have appointed Messrs Thomas Philip develop a 30MWac solar project on land
Advocates to represent the companies to contest owned by Machang Estate Sdn Bhd and
and its directors in a RM180 million RM180 mil suit Machang Estate (II) Sdn Bhd.
suit involving Japanese national Ka-
zuomi Kaneto and his Singapore-based by hafiz yatim Once the agreement with ReNikola is
company DPI Solar 1 Pte Ltd, and the complete, the companies are committed
BGMC Group. to deliver the Machang project as part of
for losses suffered as well as other reliefs their larger vision to play their role in help-
IESB, IHSB and Idiwan Solar are the for the spurious claims of breach of fidu- ing Malaysia in achieving its national net
developers for the Machang solar project ciary duty,” they said in a statement to zero commitments.
which are named as defendants in the suit
along with the BGMC Group of compa- Kazuomi and DPI Solar 1 filed the suit
nies that is said to be controlled by Tan According to the statement, Datuk Azizi on June 27, and named Goh,Teh, the two
Sri Barry Goh Ming Choon and his neph- Abd Hamid, a director of IESB, IHSB and Idiqa companies, Idiwan Solar and Azizi
ew and BGMC International Ltd CEO/ Idiwan Solar, said that earlier this year, the as defendants in regard to the Machang
executive director Datuk Datuk Michael companies entered an agreement where project, while BGMC, among others, was
Teh Kok Lee. ReNikola Sdn Bhd would come in as a named in regard to the Kuala Muda project.
white knight to complete and preserve the
IHSB owns a 95% stake in Idiwan So- integrity of the Machang solar project. In the statement of claim, the Japanese
lar while the remaining 5% is owned by and DPI Solar 1 also claimed that IHSB
Hasilwan (M) Sdn Bhd. The statement also said that Datuk is controlled by Goh.
Azizi Abd Hamid, a director of the three
Goh is the founder of the BGMC group, companies, added that earlier this year, The Japanese claimed that he and his
which was awarded the Kuala Muda solar the companies entered into an agreement Singapore firm were engaged in the joint
project in 2017, following a bid by the En- where ReNikola Sdn Bhd would come in venture in 2017 and had pumped in invest-
ergy Commission for the projects in Kuala as a white knight to complete and preserve ments and technology for this purpose, but
Muda and Machang. the integrity of the Machang solar project. they were allegedly played out when the
operating companies for the solar project
In a statement, IESB, IHSB and Idiwan “We strongly deny all allegations that were said to be offered to third parties,
Solar, in response to the suit by Kazuomi have been made against the companies namely ReNikola and ReNikola Holdings
and DPI Solar 1, have denied alleged and intend to robustly resist any effort to Sdn Bhd, which are among the 25 defend-
breach of fiduciary duty in connection to hinder the successful commissioning of our ants in the suit.
the project in Machang that is undertaken solar project,” the statement read.
by Idiwan Solar to produce 30 megawatt Prior to this BGMC had also appointed
alternating current (MWac). MessrsThomas Philip as its solicitors while
Goh had appointed Messrs Hashim Amran
“The companies intend to contest all le- Tabian Ahmad to represent him.They had
gal proceedings filed against them and their both separately denied the claim made by
respective directors in the Kuala Lumpur Kazuomi and DPI Solar 1, who are repre-
High Court and shall seek compensation sented by Messrs Wong & Partners.

KUALA LUMPUR (July 12): Duty-free Duty-free firm the country’s laws. With the above-men-
company Seruntun Maju Sdn Bhd agrees to pay tioned settlement with [the Customs De-
(SMSB) has agreed to pay RM1.5 mil- compound, with partment], the said matter with the de-
lion in compound to settle charges by the no admission of partment has therefore been resolved,”
Royal Malaysian Customs Department guilt or liability DFI added.
last year for purported licence violations
pertaining to duty-free goods. by hafiz yatim The Court of Appeal reached its deci- sion after SMSB’s judicial review applica-
A statement issued by the company said tion was dismissed by the High Court on
the compound paid by SMSB on July 6 Section 65D of the Customs Act and had June 29, 2018.
was based on an agreement for the Cus- been quashed.
toms Department to terminate all prose- In spite of the apex court’s decision on
cution and investigations instituted against On Jan 11 last year, the Federal Court Jan 11 last year that quashed bills of de-
SMSB and four of its officers. upheld the appellate court’s decision. mand of RM15.4 million for customs du-
SMSB said that it had been vindicated ties and RM23.56 million in excise duty,
“The settlement was recorded as a con- that its business operations were always in The Edge reported that on Feb 25 last
sent order at the Taiping High Court and full compliance with the applicable laws. year the Customs Department had initi-
SMSB paid the compound to the Customs ated criminal proceedings against SMSB
Department with no admission of guilt “The company and its subsidiaries in- pursuant to Section 65D and Section 138
or liability for 150 principal charges and cluding SMSB have and will always con- of the Customs Act.
the balance 450 charges are withdrawn,” duct their business in accordance with
the statement to said. SMSB and four of its directors were
charged at the Pengkalan Hulu Magis-
Duty Free International Ltd (DFI), trate’s Court on Feb 25 last year and 600
which owns SMSB, also said that on June charges were read to them over 10 hours.
18, 2020, the Court of Appeal held that the Click here for the full story
conditions of licence imposed on SMSB
were ultra vires (beyond the powers) of

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KUALA LUMPUR (July 12): China is China will do ness and level of development,” he said.
ready to import more palm oil, tropical more to enhance Wang said he and Saifuddin also dis-
fruits and other agricultural products from bilateral ties and
Malaysia, said China State Councillor and people-to-people cussed Malaysia-China Blueprints for
Foreign Affairs Minister WangYi. contact —WangYi connectivity and will redouble efforts to
advance the East Coast Rail Link (ECRL)
Wang, who is on his two-day official vis- Bernama project and the development of areas along
it to Malaysia starting Monday (July 11), the line.
said China will also make arrangements after their bilateral meeting, here,Tuesday.
for the first group of Malaysian students to Wang said both countries will also lev- “We will stay in communication on the
return to China and resume their studies construction of the Singapore-Malaysia
as soon as possible. erage the opportunities offered by the 10th railway,” he added.
Anniversary of the Establishment of Chi-
He said both sides also planned for a na-Malaysia Qinzhou Industrial Park, to He said both countries also looked for-
significant increase in the number of di- put in place a pilot zone for innovative eco- ward to the completion of the central line
rect flights between China and Malaysia, nomic and trade cooperation as well as a of the Pan-Asian railway link to achieve
in line with the aspiration of the people demonstration of production capacity co- interconnected development and speed up
of both countries. operation of the Belt and Road Initiative. the process of regional integration through
the connectivity of China, Laos andThai-
“We’re confident as the Covid-19 situ- “We will foster new growth point in land railways.
ation continues to be managed, the people digital economy and other areas so that
of our two countries can visit each other as we can jointly improve our competitive- On a lighter note, Wang said he was
often as possible, as members and relatives impressed with the Musang King cheese-
of the families,” said Wang on the efforts cake served during his meeting with Prime
in enhancing all spheres of bilateral ties Minister Datuk Seri Ismail SabriYaakob
and people-to-people contact. earlier on Tuesday (July 12).

He said this during a joint press confer- “Well, this morning I had a working
ence with his Malaysian counterpart Datuk lunch.The prime minister served Musang
Seri Saifuddin Abdullah which was held King cheesecake as dessert, which is so
delicious. And I’m so impressed,” he said.

Malaysia welcomes more investment in digital economy from China

KUALA LUMPUR (July 12): Malaysia Bernama Kuantan Industrial Park (MCKIP), to be
welcomes more investment from China celebrated in 2023.
in the area of digital economy, said Ma- Al-Mustafa Billah Shah and Prime Min-
laysian Foreign Minister Datuk Seri Sai- ister Datuk Seri Ismail SabriYaakob, who Saifuddin said he and Wang also dis-
fuddin Abdullah. metWang onTuesday, have expressed their cussed other matters pertaining to the rela-
interest in visiting China when the time tionship between ASEAN and China as a
In a joint press conference with his Chi- permits. dialogue partner, particularly on the CSP
nese counterpartWangYi onTuesday (July between both sides.
12), Saifuddin emphasised the importance SaIfuddin pointed out that the “Com-
of the two countries working more closely munity of Shared Future” concept, a brain- “How do we make the CSP work bet-
in the areas relating to digital economy, as child of President Xi Jinping, is very much ter? How do we work on the idea of com-
well as cooperation between the telecom- aligned with the concept of “TheWorld is mon development on food security and
munication companies. a Family” that is being pronounced by the widening the Free Trade Area?” he said.
Malaysian Prime Minister.
“I have impressed upon his excellency Earlier, Saifuddin andWang witnessed
(Wang) that we take digital economy as “Malaysia welcomes the initiative by the handover document between China
premium, as the way forward to rebuild China to promote openness, inclusiveness Meteorological Administration and Ma-
our economy and to sustain our future and mutual respect, and we support the laysian Meteorological Department on
growth,” he said after his bilateral meeting concept in principle,” he said. CMAcast — a system that uses Chinese
withWang here. satellite DigitalVideo Broadcast technol-
Saifuddin said they also discussed the ogy to transmit meteorological data; and
Wang, who is also the China State Belt and Road Initiative (BRI); the “Two the signing of the Memorandum of Un-
Councillor, is on a two-day official visit Countries, Twin Parks” project; the East derstanding between Hunan Broadcasting
to Malaysia, starting Monday. Coast Rail Link (ECRL) project; and the System and Media Prima Omnia Sdn Bhd.
Automotive Hi-TechValley cooperation. Read also:
Describing the meeting as a very warm China to enhance cooperation with
and fruitful, Saifuddin noted that next year “As we all know, the ECRL is a pro- Malaysia to address current challenges
will mark the 10th Anniversary of the two ject that is going to be realised and we — PM Click here
countries’ Comprehensive Strategic Part- have started working on it. Under the twin
nership (CSP) and both sides agreed to parks project, again, China is celebrating China to speed up consultation of
commemorate the important milestone. the 10th Anniversary of Establishment of Code of Conduct on South China Sea
China-Malaysia Qinzhou Industrial Park Click here
Both sides also look forward to more this year,” he said.
high level visits in the coming years and
to promote greater trust between both Meanwhile, he said Malaysia, through
countries. MITI and the Pahang State Government,
is preparing for the 10th Anniversary of
He said the Yang di-Pertuan Agong its sister industrial park, Malaysia-China
Al-Sultan Abdullah Ri’ayatuddin

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stocks up 6.19%

in June 2022


KUALA LUMPUR (June 12): Malay- 10.94% higher at 175,731 tonnes from from 46,345 tonnes,” it said.
sia’s crude palm oil (CPO) stocks for June 158,408 tonnes in May. The agency said Malaysia’s import of
2022 rose 6.19% to 881,299 tonnes from
829,915 tonnes recorded in the previous Meanwhile, MPOB said that palm oil CPO in June 2022 slipped 0.04% to 2,989
month, according to the Malaysian Palm export declined 13.26% m-o-m to 1.194 tonnes compared with 2,990 tonnes im-
Oil Board (MPOB). million tonnes in June from 1.376 mil- ported in May, while total palm oil im-
lion tonnes, while palm kernel oil exports ports added 2.48% to 59,195 tonnes from
Processed palm oil inventory went up rose 13.24% to 92,130 tonnes from 81,356 57,763 tonnes in the preceding month.
11.83% month-on-month (m-o-m) to tonnes in the preceding month. Read also: GFP-SPO introduced as refer-
773,774 tonnes from 691,911 tonnes, it said. ence across palm oil certification schemes
“Oleochemical exports dropped Click here
“Overall, palm oil stocks added 8.76% 2.72% m-o-m to 210,924 tonnes from
to 1.66 million tonnes from 1.52 million 216,816 tonnes while biodiesel exports
tonnes previously. fell 48.89% m-o-m to 23,689 tonnes

“As for production, CPO output in-
creased by 5.76% to 1.545 million tonnes
against 1.461 million tonnes in May,”
MPOB said in its industry performance
report for June 2022.

Palm kernel output perked up 6.62%
to 378,418 tonnes from 354,912 tonnes
in the preceding month, it said, adding
that crude palm kernel oil production was

w e d n e s d a y j u LY 1 3 , 2 0 2 2 13 T h e E d g e C E O m o r n i n g b r i e f


BUKIT GANTANG (July 12): Some nine Govt giving ICPT for the period of July 1 to Dec 31, 2022,
million domestic consumer accounts in the exemption to nine in line with Prime Minister Datuk Seri
country are exempted from paying the Im- million domestic Ismail SabriYaakob’s announcement that
balance Cost Pass-Through (ICPT) sur- the government had decided not to in-
charge, apart from the two sen per kilowatt consumer crease electricity and water tariff rates in
hour (kWh) rebate given by the govern- accounts, says the peninsula.
ment, said Energy and Natural Resources
Minister Datuk Seri Takiyuddin Hassan. Takiyuddin Takiyuddin said the government, in set-
ting electricity tariffs in the country, used
He said the exemption caused the Bernama the Incentive-based Regulation and ICPT
government to incur additional costs mechanisms, which meant the cost borne
of RM5.8 billion from RM7 billion, by TNB for energy.
while RM1.2 billion was distributed to
the industries. “The cost of electricity generation from
January to June this year involved RM7
“These are the huge industries that billion. The additional costs covered the
make millions in profit a month and they purchase of coal, gas and so forth. These
have been told to cover the subsidy for costs should be borne by consumers but
the people. the government decided that as many as
nine million domestic consumer accounts
“In other countries, it is even worse, are exempted from paying the ICPT sur-
but here, the government still provides charge.
the subsidy.This is good enough for our
people and we hope the subsidy will con- “We have to see how much is 100, 200
tinue, God willing,” he told a press con- to 300kWh, and from there we will know
ference at the Sungai Tinggi Multipur- how much the government subsidy is,
pose Hall near Sungai Kerang onTuesday while the industry and commercial sectors
(July 12). need to pay 3.7 sen kWh when they should
be paying 11.81 sen per kWh,” he said.
On June 24, Tenaga Nasional Bhd
(TNB) in a statement said the ICPT mech- He said the subsidy will be recorded in
anism will continue to be implemented the electricity bill next month.

KUCHING (July 12): The Ministry of Mongin: Ministry palm farmers to be patient and wait for
Plantation Industries and Commod- to probe claim of positive changes to the price of the com-
ities will investigate an allegation that Sarawak buying modity.
oil palm fresh fruit bunches (FFB) from Kalimantan fresh
Kalimantan, Indonesia are being sold He explained that Indonesia’s decision
in Sarawak. fruit bunches to export more palm oil, which caused in-
creased dumping of the commodity in the
Deputy Minister of Plantation Indus- Bernama international market, apart from the sit-
tries and Commodities DatukWillie Mon- uation of buyers who have not yet used
gin said stern action would be taken if this up the old stock, was one of the factors
really happened, as his ministry had not affecting palm oil prices.
issued any licence to import FFB from
other countries so far. “(The expectation of when the price of
palm oil will rise again) I can’t say, but I
Mongin, who is also Puncak Borneo hope it recovers soon,” he said.
member of parliament, was commenting
on a video clip which had gone viral on reuters
social media, purportedly showing Indo-
nesian farmers selling FFB to buyers in

“We cannot compromise on this mat-
ter because it can disrupt the (income) of
oil palm growers in our state,” he said in
a press conference at his service centre at
Senaruh Hill, Puncak Borneo Road, near
here on Tuesday (July 12).

He said if there were cases like this hap-
pening in Sarawak, it must be reported to
the ministry through the Malaysian Palm
Oil Board for follow-up action.

Touching on the plummeting price of
the commodity, Mongin urged oil palm
farmers in the state not to replace it with
other commodity crops.

He said the situation was temporary
with the price of FFB expected to be not
less than RM500 per tonne and asked oil

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news In brief

Muhammed Abdul Khalid appointed Zazuli is new Customs Director-General
as Allianz Malaysia director
PUTRAJAYA (July 12): Datuk Zazuli Johan has been
KUALA LUMPUR (July 12): Economist appointed as the new Director-General of Customs,
Dr Muhammed Abdul Khalid has been effective July 8, 2022. The appointment was announced
appointed as an independent and non- by Chief Secretary to the Government Tan Sri Mohd Zuki
executive director of Allianz Malaysia Ali on Tuesday (July 12). Zazuli, previously the Deputy
Bhd, effective July 15. Muhammad, 46, Director General of Customs (Customs and Inland
who served as the economic adviser to Revenue), replaces Datuk Seri Abdul Latif Abdul Kadir,
former Prime Minister Tun Dr Mahathir whose contract ended last March 24. Mohd Zuki, in a
Mohamad and as a member of the statement Tuesday, said Zazuli, 59, has vast extensive
Economic Action Council from 2018 to experience in various fields, including import-export
2020, is currently a research fellow at the control, compliance management, goods and service tax
Institute of Malaysian and International (GST), customs and taxation. — Bernama
Studies of Universiti Kebangsaan
Malaysia. He is also a member of the Chin Hin Group Property secures Muar Ban Lee sells unit holding stake
board of trustees of the Malaysian RM330 mil substructure job in in Symphony Life to XOX
Institute of Economic Research, and Penang
adjunct professor at the Centre for Policy KUALA LUMPUR (July 12): Muar Ban
Research and International Studies of KUALA LUMPUR (July 12): Chin Hin Lee Group Bhd (MBL) is selling its wholly-
Universiti Sains Malaysia, said Allianz. Group Property Bhd has secured a owned unit that owns a 13.7% stake in
— by Shazni Ong RM330 million contract to undertake property developer Symphony Life Bhd
substructure and superstructure works to XOX Bhd for RM19.25 million. MBL,
Wan Saiful confirms he is no for the Intel Pelican project in Penang. In a specialist in palm oil machinery and
longer PTPTN chairman a Bursa Malaysia filing, the group said its oil seed crushing machinery, said it is
65%-owned subsidiary, Kayangan Kemas disposing of Theron Holdings Sdn Bhd,
JITRA (July 12): Parti Pribumi Bersatu Sdn Bhd, was awarded the contract by a special purpose vehicle incorporated
Malaysia information chief Datuk Exyte Malaysia Sdn Bhd. The 15-month for the purpose of acquiring and holding
Wan Saiful Wan Jan on Tuesday (July contract is expected to be completed by shares in Symphony Life. Theron has
12) confirmed that he is no longer the third quarter of 2023. “The contract accumulated 98.09 million Symphony Life
the chairman of the National Higher is expected to contribute positively to the shares since April 2 last year until March
Education Fund Corporation (PTPTN). earnings and net assets of the group for 9 this year at a total cost of RM90.26
He said his contract of service already the financial year ending Dec 31, 2022 million, MBL said in a filing with Bursa
expired on June 17 and it was not and onwards, during the duration of the Malaysia. — by Chester Tay
extended. “I am quite proud of the contract,” said Chin Hin Group Property.
record that I have achieved as the — by Sulhi Khalid Omesti teams up with private firm to
chairman for four years. “We were set up healthcare centres in Malaysia
focusing on a long-term solution to Microlink seeks to transfer listing
the debt problem of young people to Main Market KUALA LUMPUR (July 12): Technology
and the solution is to encourage group Omesti Bhd has teamed up with
savings,” he told reporters at the KUALA LUMPUR (July 12): ACE Market- privately-held healthcare firm 360 Medic
Aidiladha sacrificial ceremony in listed Microlink Solutions Bhd is seeking Holdings Sdn Bhd (360MH) to set up and
Kampung Machang, Tunjang here. to transfer its listing status to the Main operate diagnostic and screening centres
He said when he took over as the Market of Bursa Malaysia. The group in Malaysia. Omesti said its wholly-
PTPTN chairman, the corporation’s said it plans to amend its constitution owned subsidiary Omesti Holdings Bhd
annual deposit collection was around to ensure compliance with the Listing has entered into a JV and shareholders’
RM700 million and after four years, Requirements pursuant to the proposed agreement with 360MH to form a JV
the collection reached RM4 billion a transfer. The details of the proposed company called Aurora 360 Sdn Bhd
year. — Bernama amendments will be set out in the circular to provide healthcare services such as
to the shareholders of the company diagnostics and screening. Under the deal,
which will be circulated in due course, Omesti will hold a 60% stake in Aurora
it said. “The proposed transfer signifies 360 and 360MH the remaining 40%.
the financial performance and strength Omesti said it will fund the subscription
of the group as it has met the profit price of RM599,999 through internal
requirements for a transfer to the Main funds. —
Market of Bursa Securities. “The board
believes that the proposed transfer
will further enhance the company’s
credibility, prestige and reputation, and
will accord the company with greater
recognition and acceptance amongst
investors, in particular, institutional
investors,” it added. — by Sulhi Khalid

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KUALA LUMPUR (July 12): Gamuda Definitive On April 18, Gamuda said that each of
Bhd onTuesday (July 12) said that Amanat agreement the concession holding companies — Kes-
Lebuhraya Rakyat Bhd (ALR) and the four execution for as Holdings Bhd, Sistem PenyuraianTrafik
expressway concession companies have disposal of 4 KL Barat Holdings Sdn Bhd (SPRINT
agreed to extend the Definitive Agreement highways extended Holdings), Lingkaran Trans Kota Hold-
Execution Date from July 31, 2022 to Aug to Aug 30, says ings Bhd (LITRAK Holdings) and Pro-
30, 2022. Gamuda jek Smart Holdings Sdn Bhd (SMART
Holdings) — has separately accepted its
“Notwithstanding the deadline exten- Bernama respective conditional letter of offer for
sion for the execution, the Board aspires the proposed disposal of all of the secu-
to execute the Definitive Agreements on rities to ALR.
or before Aug 5, 2022,” Gamuda said in
a filing to Bursa Malaysia. ALR has offered to acquire a 70%
stake in KESAS Sdn Bhd; 51.6% stake
in SPRINT; 43.2% stake in LITRAK; and
50% stake in SMART. Gamuda’s share of
anticipated equity value for the four com-
panies amounts to RM2.33 billion.

Last month, Gamuda said ALR and
each expressway concession companies
had finalised the terms and conditions
of the draft share sale and purchase

It said the decision on the proposed
disposals of LITRAK and SPRINT would
depend entirely on the votes of the non-in-
terested shareholders present at the ex-
traordinary general meeting (EGM) of
LITRAK Holdings, its 42.8% associate
company, other than Gamuda.

LITRAK Holdings owns a 100% eq-
uity interest in LITRAK and a 50% stake

GEORGE TOWN (July 12):The Penang Penang sources as the water supply problem is not
government and Perbadanan Bekalan Air seeks federal good for businesses and would cause mil-
Pulau Pinang Sdn Bhd (PBAPP) are urging intervention to lions of people to suffer.
the federal government to intervene by tak- reduce risk of state
ing immediate action to reduce the risk of facing another Chow said the federal government
another water supply problem in the state. water problem should also speed up the completion of
the Mengkuang Dam Expansion Project,
This comes in the wake of a recent in- Bernama implement the Sungai Perak Raw Water
cident where thousands of households in Distribution Scheme, stop logging in Ulu
the state were left without water because services here for six days,” he said. Muda, and prevent Kedah from implement-
the Sungai Dua Water Treatment Plant To minimise the risk of the incident ing the Kulim airport project and proposed
(LRA) had to be shut down due to the rare earth mining.
extreme turbidity of Sungai Muda, caused happening again, Chow, who is also
by floodwater from Baling, Kedah. PBAPP chairman, suggested for the federal
government to set up the Ulu Muda Basin
Chief Minister Chow Kon Yeow, in a Authority (UMBA) to conserve, manage
statement Tuesday (July 12), said more and protect the Sungai Muda river basin
than 80% of raw water abstracted daily as a water asset in the Northern Corridor
by PBAPP came from Sungai Muda. Economic Region (NCER).

Therefore, he said, any incident involv- For the purpose of developing NCER,
ing Sungai Muda would affect the water he said focus should be given to water re-
supply services of about 80% of the pop-
ulation and business in Penang.

“The effects of the recent flash floods
in Baling have proven that this is a fact.
On July 6, the floods (in Baling) caused
the turbidity of raw water from Sungai
Muda to suddenly increase to 3,000 NTU
(Nephelometric Turbidity Unit).

“[Because of this] turbidity, PBAPP
was forced to stop work at the [LRA].
The biggest and most important LRA
closure in Penang affected water supply

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KUALA LUMPUR (July 12): Claims of Claims of haj least three consecutive years’ experience
a haj cartel is baseless and untrue as any cartel baseless, of managing umrah services; Bank Negara
company can apply to be a licensed haj op- chosen operators Malaysia records via the Central Credit
erator under LembagaTabung Haji (TH), meet conditions, Reference Information System (CCRIS)
TH Haj Executive Director Datuk Seri saysTabung Haji that contained information such as the fi-
Syed Saleh Syed Abdul Rahman said. nances of company directors, shareholders
Bernama and individuals in the company’s man-
Syed Saleh, who is also the Malaysian agement.
Haj pilgrimage leader, said any tour op-
erator can apply and applicants would be In addition, applicants must have ex-
chosen yearly after meeting set conditions. perienced management and employees;
clean audit reports for the last two years
“This system has been used since 2000 and last three years’ audited financial re-
and improved periodically and was last ports. Other conditions include having at
updated this year,” he said in a statement least RM500,000 paid up capital, posi-
Tuesday (July 12). tive shareholder funds, official Malaysian
Insolvency Department findings that the
He said the selection criteria was aimed company and individuals are not bank-
to ensure local tour operators had good rupt, umrah assessment approval by the
capacity and were capable of providing the TH office in Saudi Arabia and no current
best service, including taking good care of court cases.
the welfare of Malaysian pilgrims.
Syed Saleh said TH issued 22 licenc-
TH chose two new operators this year, es to local tour operators on Feb 22 this
Az Zuha Group Travel & Tours Sdn Bhd year, and the companies went through a
and Mimm Travel & Tours Sdn Bhd, to detailed screening and selection process
manage haj pilgrimages, he added. to operate as licensed haj operators for
the 1443H/2022 haj season.
Syed Saleh said applications were open
years and closed on 1 Ramadan. For applica- He urged the public, especially pro-
tions for the 1444H/2023 season,applications spective pilgroms, to use only the licensed
were closed on 1 Ramadan 1443H/April 2, haj package service provided by TH and
2022.Applications for the 1445H/2024 sea- to refer to the list of haj operators on the
son will be closed on 1 Ramadan 1444H. TH website at

He said applicants were required to
fulfil 10 conditions, including having at

KUALA LUMPUR (July 12): The High Matters on the civil courts have no jurisdiction to hear
Court here has ruled that the civil court renunciation matters within the jurisdiction of the Syariah
has no jurisdiction over matters involving of Islam under Courts, nor has it the power to review the
persons seeking to renounce Islam as they Syariah Court’s Syariah Courts’ decision in cases involving
come under the Syariah Court. jurisdiction, not the renunciation of Islam,” he said.
civil court — judge
Judge Datuk Ahmad Kamal Md Shahid The applicant, who was born to a Mus-
made the ruling on June 15 via email after Bernama lim convert father and a Muslim moth-
dismissing a legal suit filed by a 32-year-old er, could not be named publicly due to a
woman for leave to commence judicial re- Bloomberg court order.
view to renounce her faith from the religion
of Islam to Confucianism and Buddhism. On March 4, she filed for judicial review
in the civil High Court, naming the Syariah
In his written full grounds of judgement Court of Appeal, the Syariah High Court,
made available to the media on Tuesday, the Federal Territories Islamic Religious
Judge Ahmad Kamal said there had been Council, and the government of Malaysia
many legal precedents concerning Article as the four respondents.
121(1A) of the Federal Constitution by
the courts in the last decades that the civil The woman was seeking at least 12
courts shall have no jurisdiction in respect court orders as part of her lawsuit, includ-
of any matter within the jurisdiction of the ing declarations that the Syariah Courts
Syariah Courts. did not have the jurisdiction or power
to declare that a person is no longer a
He said the crux of the present case Muslim.
was the application by the woman for ju-
dicial review against the Syariah Court’s She was also seeking a declaration from
decisions which had rejected her request the civil High Court that she was no longer
to renounce Islam. a Muslim and a declaration that she was
entitled to profess her religion of Confu-
The judge said the Syariah Court had cianism and Buddhism.
done nothing wrong and not acted ultra
vires in deciding the woman’s application, She was also asking the civil High
and the orders were also not illegal and Court to declare the decisions by Sya-
unlawful. riah High Court and Syariah Court of
Appeal which rejected her bid to be rec-
“To me, it does matter what the decision ognised as no longer a Muslim, as illegal,
was, but the most important issue is that unlawful, and void.

w e d n e s d a y j u LY 1 3 , 2 0 2 2 17 T h e E d g e C E O m o r n i n g b r i e f



In Collaboration With

Main Partner Knowledge Partner Auditor
(Funds Category)

w e d n e s d a y j u LY 1 3 , 2 0 2 2 18 T h e E d g e C E O m o r n i n g b r i e f


(July 12):Three Arrows Capital liquidators Three arrows “A key part of this motion is to put
won permission to subpoena founders Kyle liquidators the world on notice that it is the liqui-
Davies and Zhu Su — whose whereabouts win power to dators that are controlling the debtor’s
remain unknown — along with banks and assets at this stage,” Goldberg said in
digital asset exchanges tied to the crypto- subpoena absent the hearing.
currency hedge fund. founders
The liquidators are seeking information
A federal bankruptcy judge granted by Erin Hudson & Jeremy Hill about banks accounts and digital wallets
the emergency motion in a hearing Tues- Bloomberg tied to Three Arrows, along with details
day. Liquidators at advisory firm Teneo of any transfers or fluctuations in the ac-
are seeking to investigate and preserve the The duo will continue to provide infor- counts in recent months, Goldberg said.
assets of the bankrupt hedge fund, and plan mation about the firm’s assets on a “rolling They’d prefer counterparties provide the
to contact as many as 24 entities connect- basis,” Zhu posted from his verifiedTwitter information voluntarily, but some institu-
ed toThree Arrows for more information. accountTuesday.The founders are under in- tions requested subpoenas to comply with
tense pressure — including threats of physical company policies, he said.
Three Arrows, which Zhu and Davies violence and inquiries from Singapore regu-
founded after trading at Credit Suisse lators — and are displeased with the behav- Three Arrows’ downfall has rippled
Group AG, succumbed to the widespread iour of the liquidators, according to the post. through the digital asset industry, help-
crypto selloff last month. Insolvency pro- ing drive at least one crypto platform that
ceedings kicked off in the British Virgin Advocatus Law, the Singapore-based counted it as a counterparty into bank-
Islands and were followed by a Chapter law firm representing the founders, didn’t ruptcy already.
15 bankruptcy filing in the US. immediately respond to a request for com-
ment outside of normal business hours The case is Three Arrows Capital Ltd
“We don’t know where they’re lo- on Tuesday. and Russell Crumpler, 22-10920, US
cated today,” Adam Goldberg of law Bankruptcy Court for the Southern Dis-
firm Latham & Watkins said of Zhu and trict of NewYork (Manhattan).
Davies.The pair have provided informa- Read also: Three Arrows founders’
tion about some of the fund’s assets, but whereabouts unknown, foiling liqui-
“this is by no means a sufficient form dators Click here
of cooperation,” according to Goldberg,
who is representing Teneo.

Bitcoin more
likely to hit

US$10,000 than
survey finds

by Emily Nicolle & Isabelle Lee

(July 12): Bitcoin bulls beware:Wall Street the market value of cryptocurrencies since traded as low as US$10,000 since Sep-
expects the cryptocurrency’s crash to get late last year, according to data compiled tember 2020.
a whole lot worse. by CoinGecko.
“It’s very easy to be fearful right now,
The token is more likely to tumble to Retail investors were more apprehen- not only in crypto, but generally in the
US$10,000 (about RM44,371), cutting sive about cryptocurrencies than their world,” said Jared Madfes, a partner of
its value roughly in half, than it is to rally institutional counterparts, with almost Tribe Capital, a venture capital firm. He
back to US$30,000, according to 60% of a quarter declaring the asset class to be said expectations for a further drop in Bit-
the 950 investors who responded to the garbage. Professional investors were coin reflect “people’s inherent fear in the
latest MLIV Pulse survey. Forty per cent more open-minded towards digital assets. market”.
saw it going the other way. Bitcoin fell Click here for the full story
2.4% to US$20,474 on Monday morning But overall, this sector remains a polar- Read also: Bitcoin drops for a fourth
(July 11) in NewYork. ising one:While some 28% of the overall day; falls back below US$20,000 level
respondents expressed strong confidence Click here
The lopsided prediction underscores that cryptocurrencies are the future of fi-
how bearish investors have become. The nance, 20% said they’re worthless.
crypto industry has been rocked by trou-
bled lenders, collapsed currencies and an Bitcoin has already lost more than
end to the easy money policies of the pan- two-thirds of its value since hitting near-
demic that fuelled a speculative frenzy in ly US$69,000 in November and hasn’t
financial markets.

Some US$2 trillion has vanished from

W E D N E S D A Y J U LY 1 3 , 2 0 2 2 19 T H E E D G E C E O M O R N I N G B R I E F


US, Japan agree to tackle currency,
economic impact of Ukraine war



TOKYO (July 12): USTreasury Secretary Janet Yellen
JanetYellen and Japanese Finance Minis-
ter Shunichi Suzuki agreed onTuesday to States to keep Moscow from using higher stability, and we are carefully watching the
work together to tackle rising prices of food oil prices to fund its war in Ukraine, but market with high sense of urgency,” Suzuki
and energy, as well as volatility in curren- stopped short of laying out any agreement told reporters after the meeting.
cy markets, exacerbated by Russia’s war on a scheme.
in Ukraine. Yellen said the two officials did not dis-
Yellen told reporters the United States cuss intervention or related policy.
They said the war had raised exchange had not mentioned a specific number for
rate volatility, which could pose adverse the price cap, but Russian budgets had in She added that the United States be-
implications for economic and financial the past factored in US$40 a barrel and lieved that countries such as itself, Japan,
stability, and pledged to cooperate “as ap- their marginal cost was “well below that”. and other G7 members should have mar-
propriate” on currency issues. ket-determined exchange rates and “only
“I’m not saying that US$40 is the right in rare and exceptional circumstances is
“We will continue to consult closely on number,” she said. “We haven’t decided intervention warranted”.
exchange markets and cooperate as ap- what the right number is.”
propriate on currency issues, in line with Yellen, who formerly chaired the US
our G7 and G20 commitments,” the two The global price of oil could surge by central bank, met separately with Bank
sides said in a joint statement after the 40% to about US$140 a barrel if a proposed of Japan governor Haruhiko Kuroda on
meeting, referring to the Group of Seven price cap on Russian oil was not adopted, Tuesday, the Treasury said.
and Group of 20 economies. along with sanction exemptions that would
allow shipments below that price, a senior She also met leading Japanese econ-
Later onTuesday,Yellen acknowledged USTreasury official said earlier. omists at the US embassy in Tokyo to
the yen’s substantial depreciation in recent discuss monetary policy, inflation, fiscal
weeks, but said the US view remained that The US official said the goal was to set policy, and the two countries’ economic
currency intervention was warranted only the price at a level that covered Russia’s outlooks.
in “rare and exceptional circumstances”. marginal cost of production so Moscow
was incentivised to continue exporting oil, Yellen paid her respects to slain for-
The Japanese currency, which hit a fresh but not high enough to let it fund its war mer prime minister Shinzo Abe, Japan’s
24-year low beyond ¥137 to the dollar on against Ukraine. longest-serving modern leader, at a private
Monday, has given up about 16% against wake on Monday evening, lauding his work
the greenback this year. Yen woes to increase Japan’s prosperity and advance
The Japanese finance minister, who fired the status of women.
The two leaders also said they were unit- off a fresh warning shot against the re-
ed in their “strong condemnation of Russia’s newed yen weakness earlier on Tuesday, On Wednesday,Yellen will travel to In-
unprovoked, unjustifiable, and illegal war said he toldYellen his government was con- donesia to meet Suzuki and other G20
against Ukraine”, adding they continued to cerned about the currency’s recent rapid finance officials at gatherings on July 15
increase Russia’s cost of its war by imposing weakening. and 16.
economic and financial sanctions. Read also: Japanese stocks fall as rising Cov-
“As G7 agrees, excess volatility and disor- id-19 cases spark recession fears Click here
Russia has described the invasion of derly moves can hurt economic and financial
Ukraine as “a special military operation”.

The Ukraine crisis has raised the risk
of a global recession by stoking a surge
in cost pressures and exacerbating supply
chain disruptions in a blow to demand.

Yellen and Suzuki also urged China and
other non-Paris Club creditors to cooper-
ate “constructively” in helping low-income
countries facing debt distress, while also
touching on issues such as climate change
and global tax reforms.

China’s lack of cooperation on debt re-
structuring for low-income countries has
been “quite frustrating” and Washington
has discussed the issue with Beijing sev-
eral times,Yellen told reporters after the

Russian oil price cap
The joint statement also referred to a price
cap on Russian oil proposed by the United

W E D N E S D A Y J U LY 1 3 , 2 0 2 2 20 T H E E D G E C E O M O R N I N G B R I E F


(July 12):A city in one of China’s steel hubs China locks down to lock down again, despite numbers that
is being shut down for three days after a steel hub for are well below the city’s spring peak.
single Covid-19 infection was found there.
three days for one Growing clusters in the eastern province
Wugang in the Henan province an- Covid-19 case of Anhui led to the highest level of transmis-
nounced a citywide lockdown starting sion in more than a month. Infections have
from Monday (July 11), making it the latest Bloomberg spilled over into the neighbouring Jiangsu
Chinese city to enact strict mobility curbs province, including the commercial hub of
amid the country’s ongoing Covid-19 flare- REUTERS Wuxi city.The city shut entertainment ven-
up. The city of about 300,000, home to ues, suspended dining-in and reduced op-
Wuyang Iron & Steel Co, is requiring all Despite ever more extreme measures erating hours for subway and bus services.
residents to stay at home unless they’re aimed at containing the virus — from test- Most of the infections in Anhui were in the Si
getting tested for Covid-19, according to ing an infant more than 70 times to locking and Lingbi counties, which have been locked
a local government statement on Monday. down Shanghai Disneyland based on one down as authorities carry out mass testing.
infection — the evolving pathogen is proving
While it may be the first time a Chinese harder than ever to wipe out. Case counts While close to 30 million people nation-
city has been locked down based on one are rising in several regions, and a jump in wide are under some form of movement
case, the country has a track record of re- infections near Shanghai caused some areas restrictions now to quell transmission, au-
acting swiftly to just one or a handful of in- thorities have so far steered clear of strict
fections.The approach was reinforced after lockdowns in key economic regions. For
Shanghai’s initially sluggish response to its Monday, 347 local Covid-19 cases were
outbreak led to a crisis that required con- reported nationwide.
fining its 25 million residents to their homes Read also:
for two months to contain the conflagration. Hong Kong suspends some hospital
services as virus cases swell Click here
The moves are part of China’s zero-toler-
ance approach to the virus, which is being test- Chinese stocks drop on Covid-19
ed once again with the arrival of sub-variants woes; HK closes at 1-1/2-month low
that have fuelled rising caseloads worldwide. Click here
New Zealand, which was also once a Covid
zero adherent before joining the rest of the
world in living with the virus, famously locked
down the whole country last August after find-
ing just one infection in the community.

China property
bond plunge



HONG KONG (July 12): Dollar bonds of by Country Garden Holdings Co, Chi- market liquidity, according to Iris Chen,
Chinese developers fell across the board na’s largest developer. credit desk analyst with Nomura Interna-
on Tuesday, with stress spreading from tional Hong Kong Ltd. “There is one-way
junk-rated names to investment-grade The sell-off occurred as a Covid-19- selling but no buying interest on back of
peers including China Vanke Co amid case spike in Shanghai and other parts of weak market confidence in the property
renewed concerns about more Covid-19 China sparks fears that authorities will re- sector, and there seems to be no specific
lockdowns in the country. impose strict control measures which may near-term upside catalyst that people are
bring an already-struggling economy to its expecting,” she said.
Notes from Vanke, the country’s sec- knees.The country’s real estate sector suf-
ond-largest builder by contracted sales fered enormously from lockdowns earlier A Bloomberg index showed that Chinese
fell as much as five cents on the dollar, ac- this year, with slumping home sales making junk dollar bonds, a market dominated by
cording to prices compiled by Bloomberg, life even harder for cash-strapped builders. developers, have not had a daily gain in
on track for their biggest declines since more than five weeks.
March 2020. Investment-grade dollar The sell-off is being fuelled by thin
bonds from peers Longfor Group Hold-
ings Ltd and Sino-Ocean Group Holding
Ltd were also poised to set record lows.
Declines in high-yield notes were paced

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HOW, WHAT, WHERE? Chairman,
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W E D N E S D A Y J U LY 1 3 , 2 0 2 2 22 T H E E D G E C E O M O R N I N G B R I E F


(July 12): BYD Co shares sank the most in Chinese electric Berkshire first bought 225 million shares
nearly two years after a stake matching the car giant’s slump in BYD in September 2008 for about
size of Berkshire Hathaway Inc’s position fuels speculation US$230 million. The Hong Kong-listed
in the Chinese electric-car giant appeared onWarren Buffett shares have since soared over 2,000%. At
in Hong Kong’s clearing system, fueling adjusting holdings its closing price of HK$306.80 on Monday,
speculation thatWarren Buffett’s company Berkshire’s 20.49% stake in the Hong Kong
may be selling its holdings. BY JEANNY YU, CHARLOTTE YANG, DANNY LEE, shares was worth roughly US$9 billion.
The 20.49% stake — identical to the Bloomberg Investors have viewed BYD as a bellweth-
size of Berkshire’s last reported position er stock for the Chinese EV sector.The com-
in Hong Kong as of December — entered after normal business hours, while BYD pany has successfully navigated supply chain
the Central Clearing and Settlement Sys- couldn’t immediately be reached for a re- disruptions caused by Shanghai’s Covid lock-
tem, exchange data as of Monday showed. sponse. Citigroup Inc, which is indicated downs, posting record monthly production
While there are many reasons a stake might as the custodian for most of the new shares and sales in May.Analysts expect BYD to sell
appear in CCASS, such moves are often in CCASS, declined to comment. 1.5 million vehicles this year, doubling from
seen by traders as precursors to sales be- 2021, with its vertically-integrated business
cause shares must enter the system before BYD shares held onto most of their structure giving it a lead over rivals.
transactions can be settled. losses, even after the Securities Times re-
ported that the stake held by Buffett’s firm Despite the share surge in recent years,
“Only Berkshire would have that many remained unchanged.The newspaper cited BYD’s forward price-to-earnings ratio of
shares as a single investor, so the market is an unidentified official at the automaker’s 67 is still near its three-year average and
worried Buffett is planning to sell,” said Ste- securities affairs office. much lower than its local peer Li Auto
ven Leung, executive director at UOB Kay Inc’s ratio of 148, according to Bloomb-
Hian in Hong Kong. BYD’s Hong Kong-listed stock erg-compiled data. BYD’s multiple, how-
reached a record high in June after nearly ever, surpassed that of Tesla in late April.
Even though Buffett has given no obvious doubling from a March low. Chinese EV
hints that he’s souring on BYD, the possibility stocks have soared in recent months — “Buffett has held his stake outside of
that one of the most successful investors of all bucking a selloff in Tesla — thanks to a CCASS for thirteen years,” David Blen-
time might be paring his stake was enough to slew of government stimulus measures nerhassett of Quiddity Advisors wrote in a
send the stock down 12% in one day. designed to boost consumption amid an noteTuesday. “This CCASS transfer sug-
economic slowdown. gests a block trade may already have been
Before Tuesday’s tumble, BYD had inked and will be announced shortly. I’d
posted a two-year gain of nearly 300% look to sell here and on any uptick.This is
in Hong Kong trading, making it among a significant overhang on BYD’s shares.”
the city’s top-performing large cap stocks Read also: China tech stocks enter correc-
and trouncing the 128% advance in Elon tion as recent rebound fizzles out Click here
Musk’s Tesla Inc over the same period.

Berkshire Hathaway didn’t immedi-
ately respond to a request for comment

HONG KONG (July 12): Alibaba’s super- Alibaba’s Freshippo US$800 million of funds at a valuation of
market chain Freshippo is seeking to raise seeking funds at US$6.7 billion, down around 85% from the
funds at a valuation of about US$6 billion much lowered US$46 billion valuation it attracted last year.
(about RM26.62 billion), much lower than
a hoped-for valuation of up to US$10 bil- US$6 bil valuation Private fundraising in China has also
lion earlier this year, three people familiar — sources slowed since last year due to a sweeping
with the matter told Reuters. regulatory crackdown on the tech, tutor-
BY KANE WU ing, gaming and other sectors.
The company had to cut its valuation Reuters
expectations after China’s Covid-19 re- Despite signs that Chinese regulators
strictions, in particular a draconian lock- tified as the information was confidential. could be easing up on regulatory crack-
down in the economic hub of Shanghai, The fourth source said Freshippo would downs, dealmakers don’t expect to see any
badly dented business, they said. immediate investment surge in the country
welcome good investors to help it grow but given a downbeat outlook for the economy.
Investors are also sceptical about wheth- added that it had a healthy cash flow and was
er loss-making Freshippo can keep growing under no immediate pressure to raise fresh Founded in 2015 and wholly owned by
and turn a profit anytime soon given the funds.Alibaba and Freshippo did not reply e-commerce behemoth Alibaba, Freshippo
company’s bleak outlook as the world’s sec- to Reuters’ requests for comment. has 300 stores in 27 cities that provide gro-
ond-largest economy continues to pursue cery delivery services, according to its website.
a strict policy of stamping out Covid-19 Freshippo’s lowered ambitions for its first
cases, said two of the people. independent private fundraising round come Shanghai is its biggest market with 73
amid a drop-off in investor interest globally stores. Although residents in Shanghai
The supermarket chain, known as in tech ventures that had yet to turn a profit. relied heavily on delivery services during
Hema in Chinese, is aiming to raise the city’s two-month lockdown this year,
US$400 million to US$500 million from Highlighting tumbling valuations glob- grocers like Freshippo struggled to meet
outside investors, two of the sources said. ally, Swedish payments firm Klarna Bank demand due to Covid-19 restrictions and
AB said on Monday (July 11) it had raised disruptions to the country’s supply chain.
The fundraising is far from being fi- Read also:Rival to Jack Ma’s Ant said to
nalised and financial terms could change, seek pre-IPO funding at US$3 bil value
cautioned two of the people and a separate Click here
fourth source with knowledge of the mat-
ter. All of the sources declined to be iden-

W E D N E S D A Y J U LY 1 3 , 2 0 2 2 23 T H E E D G E C E O M O R N I N G B R I E F


Temasek turns cautious on outlook,
sees more market declines


SINGAPORE (July 12): Singapore’s state- ing annualized returns of more than 10%. the reduced China exposure was entirely due
owned investor Temasek Holdings Pte said Publicly listed companies in Singapore to the drop in markets.
it’s adopting a cautious outlook and sees more
market declines after posting a 5.8% return for also bolstered Temasek’s results. Singapore “While the second quarter was very bad,
the fiscal year, as gains in domestic stocks offset Telecommunications Ltd gained 11% for that was probably the worst and we probably
widespread declines in China. the period including dividends, while DBS have upside from here in terms of growth,”
Group Holdings Ltd, the country’s biggest he said in the television interview. “Having
The US$287 billion firm said it will slow bank, returned 29%. said that, if there’s a recession in the US and
the pace of investments given the likelihood Europe, that would be a strong headwind
of a recession in developed markets.Temasek Temasek has been playing a more active role for China too.”
said the risk of a mild recession in the US in its domestic portfolio, providing financial
into 2023 has risen due to tighter financial backing for key fundraisings and acquisitions. Temasek sold out of several Chinese tech-
conditions and geopolitical uncertainty. Chi- Those include agreeing to use a wholly-owned nology companies during the year including
na meanwhile faces “challenges” meeting its subsidiary to facilitate the sale of Keppel Off- search giant Baidu Inc and New Oriental Ed-
2022 growth target of 5.5%. shore & Marine Ltd rigs, and providing crucial ucation and Technology Group Inc. But the
support to Singapore Airlines Ltd and Semb- firm has remained publicly bullish on the coun-
“The global economy is in a fragile state,” corp Marine Ltd as they raised funds. try, predicting as recently as May that China’s
Temasek said in a statementTuesday. “Rising growth would revive in the second half of this
inflation, surging commodity prices and se- Temasek’s continued growth comes at a year.The firm is seeking opportunities in ar-
vere supply chain bottlenecks have uncovered critical time for Singapore, which is attempting tificial intelligence and deep tech in China.
further fault lines in the global marketplace.” to shake off the economic effects of the pan-
demic and is heavily reliant on money from Sipahimalani sees also potential in block-
Temasek expects to see continued asset state-owned investors to fund the national chain infrastructure, even as prices for crypto-
declines this year and possibly into 2023, budget. Those contributions are among the currencies plunge.Temasek has backed, either
with the bear market only turning around biggest sources of revenue for the tiny city state. directly or via subsidiaries, a range of crypto
when the US Federal Reserve indicates it and blockchain technology businesses like Con-
will stop tightening, said Chief Investment The domestic investments offset declines in senSys Inc, Binance Asia and Amber Group.
Officer Rohit Sipahimalani. China, where the main stock gauge slumped
16% for the period.Temasek’s stock holdings “We’d be less focused on cryptocurrency
“Given the Fed’s current stance, we don’t have included Industrial & Commercial Bank and more focused on the underlying block-
see that happening quickly,” Sipahimalani of China Ltd and Alibaba Group Holding Ltd, chain technology and its applications,” he
told reporters. which plunged about 50% for the year. said in the interview. “We don’t think block-
chain-linked applications is going to go away.”
The US and Europe could see more China becameTemasek’s biggest source of Read also:
downside as corporate profit growth slows investments during the 2020 fiscal year, with Temasek portfolio grows 5.8% to S$403 bil,
with rates moving higher, he added in an big bets on the country’s technology giants group profit moderates from FY2021 surge
interview with Bloomberg Television after the from Alibaba to ride-hailing service Didi Glob- Click here
release of the annual report. al Inc — many of which have since soured
thanks to regulatory crackdowns and economic Temasek says most of China’s regulatory
“The market declines we’ve seen so far damage from the pandemic. China now ranks headwinds are behind us Click here
have been primarily explained by the rise in behind Singapore, accounting for 22% ofTe-
rates and I think the next leg down is really masek’s portfolio, from 27% the previous year.
downside earnings and earnings downgrades,
which we expect to see over the course of China remains an “important” market,
this year,” Sipahimalani said. andTemasek was a net investor in the country
over the year, said Sipahimalani. He added
Temasek’s portfolio rose to S$403 billion
(US$287 billion) for the year ended March
31, up from S$381 billion a year earlier.The
gain is down from 25% the previous year, and
brings its 10-year annualized return to 7%.
While global markets from NewYork to Syd-
ney have suffered in 2022, much of the damage
took place afterTemasek’s fiscal year ended.

The company has increasingly relied on
unlisted businesses to bolster returns as pub-
lic markets decline.These private firms now
account for 52% of assets, up from 45% the
previous year. The value of these holdings,
which include port services company PSA
International Pte, Pavilion Energy Pte and
Singapore Power Ltd, has soared four-fold
over the last decade to S$210 billion, post-

w e d n e s d a y j u LY 1 3 , 2 0 2 2 24 T h e E d g e C E O m o r n i n g b r i e f


BlackRock The world’s largest asset manager retains Gap CEO
warns against its long-term bullish view on equities, but has Syngal fired after
dip buying as gone underweight developed-market stocks failing to rescue
high-volatility in the near term as the risk of stalling growth struggling retailer
rises. Investors should bet on credit instead
era dawns because valuations have improved and de- by Allison Nicole Smith
fault risk is contained, the strategists said. & Jonathan Roeder
by Anchalee Worrachate Bloomberg
Bloomberg Despite the surge in yields, BlackRock
remains bearish on government bonds (July 12): Gap Inc fired chief executive
(July 12): There’s no quick recovery in on both a strategic and tactical basis and officer Sonia Syngal after 2 1/2 years,
sight for stocks and bonds that are having is underweight long-dated government with rising costs and deepening discounts
their worst year in at least three decades, debt, including US Treasuries. threatening to wipe out this quarter’s op-
according to strategists at BlackRock Inc. erating profit.
High inflation and high debt levels —
Russia’s grinding war in Ukraine and which the International Monetary Fund Chairman Bob Martin is taking over
supply bottlenecks from labour shortages estimates at 256% of global gross do- immediately as CEO on an interim ba-
will keep the pace of price growth elevat- mestic product — mean investors will sis, according to a statement. The stock
ed. Central banks will tighten policy until demand greater compensation to hold has been battered amid missteps such as a
the economic pain forces them to shift this type of asset, the asset manager said. clumsy implementation of expanded wom-
direction and live with inflation. Con- Pockets of value en’s sizes at the company’s Old Navy chain,
strained by the “hyper-politicisation of At the same time, BlackRock sees some which caused inventory levels to swell just
everything”, policymakers will struggle pockets of value in government debt. It as demand may have crested. Gap already
to tackle the fallout. favours inflation-linked bonds, especially announced the departure of Old Navy’s
those issued by European nations, and top executive earlier this year.
“We are braving a new world of height- it turned overweight UK sovereign debt
ened macro volatility and higher risk on Monday (July 11). Both are mispriced Gap shares sank as much as 4.1% in
premia for both bonds and equities,” by the market, according to BlackRock. late trading before paring the decline.The
strategists including Wei Li, Vivek Paul shares are down 50% this year, compared
and Scott Thiel wrote in a mid-year re- “The pullback in euro-area break-even with a 30% drop for the S&P 500 Retail-
port by BlackRock Investment Institute, rates since May suggested markets are un- ing Index.
the asset manager’s research arm. “The derappreciating the inflationary pressures
US Federal Reserve, for one, is likely to from the energy shock,” the strategists Back in early 2020, it was Syngal, now
choke off the restart of economic activi- wrote in their predictions for the next six 52, who stepped in to replace a CEO
ty and only change course when damage to 12 months. “UK gilts are our preferred who abruptly departed amid operational
emerges.” nominal bonds.We believe market pric- problems. Predecessor Art Peck left after
ing of the Bank of England’s (BOE) rate a scrapped plan to spin off Old Navy and
The persistence of price pressures hike is unrealistically hawkish in light of failing to reignite sales growth. Syngal had
caught many investors off guard this year. deteriorating growth.” been the head of Old Navy, which gen-
Uncertainty over energy supplies since erates more than half of the company’s
Russia’s invasion at the end of February Click here for the full story revenue.
forced central banks to abandon projec-
tions for mild or transitory inflation. Read also: S&P: Loss-making corporates Syngal’s departure further reduces
will double globally if stagflation strikes women’s representation at the top of US
Click here public companies.There are currently 33
women leading companies in the S&P 500
Index, according to Bloomberg Data. Gap
was removed from the index at the start
of the year.

Click here for the full story

W E D N E S D A Y J U LY 1 3 , 2 0 2 2 25 T H E E D G E C E O M O R N I N G B R I E F



Former Hong Kong property billionaire Pan gets bankruptcy order BLOOMBERG

(July 11): Distressed Hong Kong property tycoon Pan Sutong was told by the city’s India June inflation elevated at 7%
on higher food, fuel prices
high court to go bankrupt, marking another blow to the former billionaire. The court NEW DELHI (July 12): India’s consumer
price gains ruled above the central
ordered Pan to unwind his holding company, Silver Starlight Ltd, after he and the firm bank’s target for a sixth straight month
in June, signalling more interest rate
failed to pay creditors including China Citic Bank Corp HK$8 billion (US$1 billion) that hikes could be in store for Asia’s third-
largest economy. Retail inflation rose
was due in 2019, according to a court filing Friday. A representative for Pan said on 7.01% in June from a year earlier, the
Statistics Ministry said in a statement
Monday he is appealing the order. Once among Asia’s wealthiest people, Pan fell from on Tuesday. That compares with a 7.04%
increase in May, and an estimate of a
grace after shares of his over-leveraged Goldin Financial Holdings Ltd plunged amid 7.1% increase in a Bloomberg survey of
economists. Price gains remain elevated
a property collapse, erasing most of his US$27 billion fortune. Last as the rupee has slumped more than 6%
this year, keeping India’s import bill high
month, he resigned as chairman and executive director of Goldin despite easing global commodity prices.
A member of India’s rate-setting panel
Financial after the sale of the firm’s flagship skyscraper collapsed. Shashanka Bhide recently said that the
central bank may need to raise interest
Two more units related to Citic Bank joined the Chinese lender in rates more aggressively even as governor
Shaktikanta Das expects inflation to ease
petitioning against Pan and Silver Starlight. A division of Bank of starting from October. The Reserve Bank
of India, which has raised borrowing
China Ltd. also presented a bankruptcy petition against Pan costs by 90 basis points in two straight
moves, is due to announce the next rate
in May, and the case will be heard on Aug 2. Pan and Goldin decision on Aug 4. The central bank
targets inflation of between 2% and 6%.
Financial amassed around HK$38 billion of debt between Pan Sutong — Bloomberg

May 2017 and September 2020 for four Hong Kong REUTERS

properties, according to stock exchange filings and data weather this week after issuing its first red
alert in five years on Sunday. Since record-
compiled by Bloomberg. — Bloomberg BLOOMBERG keeping began in 1873, Shanghai has had
just 15 days of temperatures exceeding 40
BLOOMBERG China ramp-up pushes aluminium degrees. — Reuters
prices to 14-month lows
Billionaires are vying for Metro’s LONDON (July 12): Aluminium prices tumbled Click here for the full story
Indian wholesale unit, sources say to their lowest in more than a year on Tuesday
(July 12): Charoen Pokphand Group Co and on expectations of rising supply from top
Reliance Industries Ltd are among suitors producer China where smelters have been
for German retailer Metro AG’s wholesale ramping up output. Benchmark aluminium
operations in India, according to people on the London Metal Exchange (LME) traded
familiar with the matter, as the companies down 0.4% to US$2,370 a tonne in official
seek to deepen their retail portfolio in one rings. Aluminium prices earlier hit US$2,352,
of the world’s largest consumer markets. the lowest since May 2021. “China aluminium
The Thai conglomerate controlled by production data should be out soon. The market
tycoon Dhanin Chearavanont and its Indian is expecting a rise,” a metals trader said. “Higher
counterpart backed by billionaire Mukesh US interest rates and dollar are a negative for
Ambani have submitted non-binding bids, metals demand.” Primary aluminium production
the people said. Inc, whose in China has been rising alongside easing curbs
founder Jeff Bezos is the world’s second on power consumption. It hit a record 3.42
richest man, is also considering lodging million tonnes in May, up 3.1% from the same
an offer, the people said. Metro has been month a year earlier and compares with 3.36
working with advisers on a potential sale million tonnes in April. — Reuters
of the Indian business, which could fetch a
valuation of US$1 billion to US$1.2 billion, Heatwaves in dozens of Chinese
according to one of the people, who asked cities buckle roads, pop roof tiles
not to be identified as the information is BEIJING/SHANGHAI (July 12): China’s
private. Suitors could be shortlisted for the commercial capital of Shanghai and dozens
next round for bidding as soon as August, the of other Chinese cities baked in scorching
person said. Deliberations are ongoing and temperatures as unusually hot weather
companies could decide against any offers, buckled roads, popped roof tiles and drove
the people said. Metro hasn’t made any final people to seek the cool in raid shelters
decision and details could still change, they underground. By 3pm (0700 GMT) on
added. Representatives for Amazon, Metro Tuesday (July 12), 86 cities had issued red
and Reliance declined to comment, while alerts, the highest in a three-tier warning
CP Group didn’t immediately respond to system, warning of temperatures of over 40
requests for comment. — Bloomberg degrees Celsius (104°F) in the next 24 hours.
Construction and other outdoor work are
to be halted. Shanghai, which is still fighting
sporadic outbreaks of Covid-19, told its
population of 25 million to prepare for hot

W E D N E S D A Y J U LY 1 3 , 2 0 2 2 26 T H E E D G E C E O M O R N I N G B R I E F



Boris Johnson Japan bids
sombre farewell
Britain’s Labour to slain Shinzo
to put forward Abe, its longest-
no confidence serving premier

motion on BY ELAINE LIES
Tuesday — Reuters

source TOKYO (July 12):With prayers, flowers, wielding a home-made gun stunned a na-
and flags draped in black ribbons, Japan tion where both gun crime and political
BY ELIZABETH PIPER onTuesday said farewell to Shinzo Abe, a violence are extremely rare.
Reuters polarising figure who dominated politics
as the country's longest-serving premier, The funeral procession passed through
LONDON (July 12): Britain’s main op- before being gunned down at a campaign the capital's political heart of Nagatacho,
position Labour Party will put forward rally last week. where hundreds had lined up in front of
a motion for a no confidence vote in the parliament building Abe first entered
Prime Minister Boris Johnson’s govern- Crowds packed pavements lined with as a young lawmaker in 1993, after the
ment onTuesday, with the vote expected a heavy police presence as the hearse car- death of his politician father.
to take place onWednesday, a source in rying Abe, who died at age 67, departed
the party said. from a centralTokyo temple on a proces- Prime Minister Fumio Kishida and a
sion through the city. group of cabinet ministers waited quiet-
A no confidence motion means that ly in front of the office from which Abe,
lawmakers from all the parties repre- With nearly a dozen helicopters cir- Japan’s youngest prime minister when he
sented in parliament can vote on wheth- cling overhead, people bowed deep- first took office, led the nation for two
er the government, under Johnson for ly, their hands clasped in prayer, as the stints, the longest from 2012 to 2020,
the time being, should continue in of- hearse passed in a procession carried live when he resigned due to health problems.
fice. If the government loses the vote, it on broadcaster NHK. Others clapped,
could trigger a national election. cheered, or waved. As the hearse slowly passed, Kishida
bowed his head, a set of Buddhist rosa-
The vote is unlikely to be successful, “Thank you very much for your work ry beads around his clasped hands. Abe's
however. With the Conservative Party for our country," one man repeatedly widow, Akie, bowed back from the front
behind Labour in opinion polls and a shouted. seat of the hearse.
leadership election underway, lawmak- Click here for the full story
ers from the governing party are not ex- Hundreds filed into the temple where
pected to decide to back a motion that Abe's funeral was held on Monday evening
could send voters back to the ballot box. and Tuesday morning, prior to the pri-
vate ceremony, to pay their respects. His
Johnson said last week he would step killing on Friday by an unemployed man
down after more than 50 government
ministers and aides resigned in protest Seething Sri Lanka It was not clear where Rajapaksa, who
at his leadership, but he would stay on as stops president’s also holds US citizenship, was trying to
leader until his replacement was elected go. He resigned as finance minister in ear-
in early September. brother from flying ly April as street protests surged against
out of the country shortages of fuel, food, and other neces-
Labour had said it would put forward sities, and quit his seat in parliament in
a vote if the Conservative Party did not BY UDITHA JAYASINGHE June.
act to remove Johnson earlier. & DEVJYOT GHOSHAL
Read also: Ex-finance minister Sunak Reuters His elder brother, Gotabaya Rajapak-
and others launch bids to replace John- sa, will resign as president on Wednesday
son as UK PM Click here COLOMBO (July 12): Sri Lankan immigra- to make way for a unity government, after
tion officials stopped the president’s brother thousands of protesters stormed his and
and former finance minister Basil Rajapaksa the prime minister’s official residences on
from flying out of the country on Tuesday, Saturday demanding their ouster.
as anger mounted over the island’s worst
economic crisis in decades. The president has not been seen in
public since Friday and his whereabouts
are unclear. Parliament will elect his re-
placement on July 20.
Click here for the full story

w e d n e s d a y j u LY 1 3 , 2 0 2 2 27 T h e E d g e C E O m o r n i n g b r i e f


CPO RM 4,133.00-24.00 OIL US$ 104.72-2.38 RM/USD 4.4395 RM/SGD 3.1529 RM/AUD 2.9867 RM/GBP 5.25 RM/EUR 4.4455

Top 20 active stocks

(%) (RM MIL)

TWL Holdings Bhd 338.20 0.005 0.070 40 248.5

Metronic Global Bhd 140.40 -0.015 0.080 -34.47 24.8

Yong Tai Bhd 136.60 -0.020 0.060 -53.85 85.1

Top Glove Corp Bhd 84.40 0.020 1.010 -61.00 8087.3

Widad Group Bhd 57.50 -0.005 0.365 0.00 1,004.7

Dagang NeXchange Bhd 32.00 -0.020 0.745 -1.97 2351.5

My EG Services Bhd 31.20 -0.030 0.815 -23.83 6,019.2

KPower BHD 30.90 0.010 0.245 -41.67 133

Hibiscus Petroleum Bhd 30.50 -0.050 0.855 4.91 1720.6 World equity indices

Supermax Corp Bhd 29.10 0.010 0.835 -43.20 2225.2

Velesto Energy Bhd 25.00 -0.005 0.085 -29.17 698.3 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
Jade Marvel Group Bhd 21.40 -0.010 0.855 29.55 280.5 DOW JONES 31,173.84 -164.31 -0.52 (%)
INDONESIA 6,718.29 -3.85 -0.06
Cypark Resources Bhd 20.60 -0.020 0.320 -64.84 188.4

Inari Amertron Bhd 18.50 -0.180 2.490 -37.75 9,232.1 S&P 500 3,854.43 -44.95 -1.15 JAPAN 26,336.66 -475.64 -1.77

Malaysian Genomics Resource 17.70 0.000 0.950 -18.10 118.0 NASDAQ 100 11,860.28 -265.41 -2.19 KOREA 2,317.76 -22.51 -0.96

Careplus Group Bhd 17.50 0.020 0.445 -57.21 254.9 FTSE 100 7,167.88 -28.71 -0.40 PHILIPPINES 6,349.94 -38.70 -0.61

KNM Group Bhd 17.50 -0.005 0.110 -26.67 404.4 AUSTRALIA 6,606.28 4.13 0.06 SINGAPORE 3,145.77 14.51 0.46

AHB Holdings Bhd 16.60 0.015 0.135 3.85 50.7 CHINA 3,281.47 -32.12 -0.97 TAIWAN 13,950.62 -389.91 -2.72

Pertama Digital BHD 13.00 -0.005 0.850 46.55 368.4 HONG KONG 20,844.74 -279.46 -1.32 THAILAND 1,546.80 -10.60 -0.68

Jentayu Sustainables Bhd 11.20 0.015 0.470 8.10 151.9 INDIA 53,840.58 -554.65 -1.02 VIETNAM 1,174.82 19.53 1.69

Data as compiled on Jul 12, 2022 Source: Bloomberg Data as compiled on Jul 12, 2022 Source: Bloomberg

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

(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

Vsolar Group Bhd 0.010 100.00 1263.0 -33.33 48.3 Pasukhas Group Bhd 0.015 -25.00 567.0 -40.00 28.6

EA Holdings Bhd 0.010 100.00 397.0 -50.00 64.5 Yong Tai Bhd 0.060 -25.00 136,556.7 -53.85 85.1

Anzo Holdings Bhd 0.015 50.00 261.0 -50.00 16.7 XOX BHD 0.015 -25.00 872.0 -50.00 75.8

Xidelang Holdings Ltd 0.025 25.00 238 -28.57 52.9 Mlabs Systems Bhd 0.020 -20.00 46.1 -33.33 29.0

MCOM Holdings Bhd 0.060 20.00 100.0 1100.00 11.3 XOX Networks Bhd 0.020 -20.00 395.6 -33.33 22.7

Reach Energy Bhd 0.040 14.29 6730.4 -33.33 43.9 Focus Dynamics Group Bhd 0.020 -20.00 6,179.4 -50.00 127.4

PJBUMI Bhd 0.280 14.29 17.2 -30.86 23.0 Green Packet Bhd 0.045 -18.18 2,985.5 -43.75 71.8

MQ Technology Bhd 0.040 14.29 2367.1 -20.00 50.0 XOX Technology Bhd 0.025 -16.67 300.0 -50.00 22.3

AHB Holdings Bhd 0.135 12.50 16635.7 3.85 50.7 Fast Energy Holdings Bhd 0.025 -16.67 407.2 -73.68 18.4

Ageson Bhd 0.320 12.28 7225.8 -37.71 99.7 Metronic Global Bhd 0.080 -15.79 140,411.7 -34.47 24.8

Paos Holdings BHD 0.285 9.62 11.0 -10.94 51.6 Aldrich Resources Bhd 0.030 -14.29 300.0 -25.00 33.4

CYL Corp BHD 0.405 9.46 58.0 -13.83 40.5 Ea Technique M Bhd 0.030 -14.29 560.0 -62.50 15.9

Pimpinan Ehsan Bhd 1.280 9.40 20.5 -12.33 88.5 Citra Nusa Holdings Bhd 0.065 -13.33 80.0 -13.33 46.8

Ahmad Zaki Resources Bhd 0.175 9.38 1.1 -22.22 104.4 Ark Resources Holdings Bhd 0.230 -13.21 1.0 -29.23 16.0

Eksons Corp BHD 0.600 9.09 8.0 -7.69 95.9 Dynaciate Group Bhd 0.100 -13.04 4,024.2 0.00 98.6

TWL Holdings Bhd 0.070 7.69 338162.9 40.00 248.5 Bina Puri Holdings BHD 0.035 -12.50 380.0 -22.22 55.9

Hua Yang Bhd 0.210 7.69 35.1 -20.75 73.9 Menang Corp M Bhd 0.450 -11.76 0.669 -16.67 227.8

Chin Hin Group Bhd 3.37 7.67 3426.6 29.12 2981.5 Sapura Energy Bhd 0.040 -11.11 5379.5 -20 639.2

Thriven Global Bhd 0.145 7.41 14.5 0 79.3 CME Group BHD 0.04 -11.11 104 -33.33 39.4

Kumpulan H&L High-Tech Bhd 0.88 7.32 2.1 -38.03 96.6 PUC BHD 0.04 -11.11 1559.8 -72.41 65

Data as compiled on Jul 12, 2022 Source: Bloomberg Data as compiled on Jul 12, 2022 Source: Bloomberg

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

(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

Ajinomoto Malaysia Bhd 12.18 0.460 1.7 -20.91 740.5 Malaysian Pacific Industries 27.820 -0.380 132.5 -43.64 5533.3

PPB Group Bhd 16.00 0.400 183.300 -6.43 22,761.6 Panasonic Manufacturing 26.240 -0.320 2.9 -9.20 1594.0

Kuala Lumpur Kepong Bhd 21.00 0.380 452.5 -3.58 22641.3 Pentamaster Corp Bhd 3.400 -0.270 1998.0 -38.74 2418.5

Chin Hin Group Bhd 3.37 0.240 3,426.6 29.12 2981.5 Petronas Chemicals Group 8.280 -0.190 6314.8 -7.17 66240.0

AEON Credit Service M Bhd 13.84 0.220 56.8 1.98 3533.5 ViTrox Corp Bhd 6.620 -0.180 204.6 -33.53 6253.5

Hong Leong Financial Group 18.70 0.200 35.6 7.84 21416.1 Inari Amertron Bhd 2.490 -0.180 18543.9 -37.75 9232.1

Shangri-La Hotels Malaysia 3.44 0.170 86.0 3.61 1513.6 Texchem Resources Bhd 2.600 -0.170 396.3 124.14 307.6

British American Tobacco 10.96 0.140 135.7 -21.60 3129.4 Kobay Technology BHD 2.550 -0.170 1715.7 -57.71 826.7

Genting Plantations Bhd 6.48 0.110 43.2 -1.70 5813.8 Dufu Technology Corp Bhd 2.500 -0.160 1377.4 -41.72 1322.9

Hartalega Holdings Bhd 2.73 0.110 9453.4 -52.36 9329.7 D&O Green Technologies Bhd 3.550 -0.150 949.9 -39.83 4391.9

Pimpinan Ehsan Bhd 1.28 0.110 20.5 -12.33 88.5 Press Metal Aluminium 4.140 -0.140 7727.3 -28.37 34112.0

Tenaga Nasional Bhd 8.03 0.110 1622.3 -14.03 45980.5 Khind Holdings Bhd 2.700 -0.130 1.2 -29.13 108.2

Nestle Malaysia Bhd 133.80 0.100 31.3 -0.30 31376.1 Hengyuan Refining Co Bhd 4.090 -0.130 1038.0 5.68 1227.0

Rapid Synergy Bhd 12.98 0.100 8.8 30.45 1387.5 Kesm Industries Bhd 6.170 -0.130 4.4 -49.76 265.4

7-Eleven Malaysia Holdings 1.59 0.090 383.4 6.00 1790.8 Seni Jaya Corp BHD 2.340 -0.130 24.2 -11.36 113.6

Hong Leong Capital Bhd 5.58 0.090 767 -23.35 1377.7 Bonia Corp Bhd 1.800 -0.120 342 87.61 360.8

IOI Corp Bhd 3.89 0.090 2040.7 4.29 24166.1 UWC BHD 3.160 -0.120 1950.0 -49.11 3480.3

Heineken Malaysia Bhd 22.48 0.080 56.1 7.87 6791.2 Carlsberg Brewery Malaysia 21.800 -0.120 84.4 8.57 6665.3

Hextar Global Bhd 1.65 0.070 4537.8 4.43 2147.7 Petron Malaysia Refining 4.410 -0.110 607.1 0.68 1190.7

Ta Ann Holdings Bhd 3.88 0.070 498.1 10.54 1709 Greatech Technology Bhd 3.440 -0.110 849.9 -48.89 4307.3

Data as compiled on Jul 12, 2022 Source: Bloomberg Data as compiled on Jul 12, 2022 Source: Bloomberg

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