ceoMorningBrieftuesday, april 21, 2026Issue 1139/2026theedgemalaysia.comIran may join peace talks after Pakistan works to end US blockade — Reuters p19HOME: Slower-than-expected March exports signal rising external risks to Malaysia trade, say economists p6Oil tankers that turned around to avoid US Navy not ferrying Malaysian supply — sources p8KK Mart files draft prospectus for Main Market listing p10Tanco says share price surge driven by Midport hype, denies undisclosed developments in response to UMA query p11WORLD: Hormuz crisis spurs Thailand to fast-track land bridge project bypassing Malacca Strait p23See reports on Pages 3 & 4.IOI Properties to acquire Asia Square Tower 2 in Singapore for S$2.48 bilReport on Page 2.Attempt brewing in Negeri Sembilan to remove Ruler — sourcesIOI Properties Group BhdThe deal is part of a portfolio reshuffle by Asia’s largest REIT, CapitaLand Integrated Commercial Trust, swapping an office asset for the prime integrated development Paragon.
Tuesday april 21, 2026 2 The E dge C E O m o rning briefpublished by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysiapublisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong managing director, business . Sharon Teh chief operating officer . Lim Shiew Yuineditors . Jenny Ng . Tan Choe Choe to contact editors: [email protected] advertise: [email protected] edge ceo morning briefRead from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page.to get on emailing [email protected] LUMPUR (April 20): Three of the four Undangs — the heads of Negeri Sembilan’s four customary territories (luak) who collectively elect the Yang di-Pertuan Besar — are attempting to remove the incumbent ruler, Tuanku Muhriz Almarhum Tuanku Munawir.Sources said the move was initiated by the Undang of Sungai Ujong, Datuk Mubarak Dohak, after he had been removed from his post last Friday (April 17) during a special session of the Dewan Keadilan dan Undang.Mubarak, the sources said, announced the removal of Tuanku Muhriz at a press conference held at the Balai Sungai Ujong in Seremban on Sunday (April 19). It was also posted on Mubarak’s Facebook but it was not reported by mainstream media.Neither the state palace nor the state government has responded to the move. Sources, however, said that the declaration had no legal basis.“There is no provision under the Negeri Sembilan State Constitution of 1959 KUALA LUMPUR (April 20): Negeri Sembilan Menteri Besar Datuk Seri Aminuddin Harun has said that a declaration issued by Datuk Mubarak Dohak — calling for the removal of incumbent ruler Tuanku Muhriz Tuanku Munawir — cannot be acknowledged as valid.This proclamation, which was both signed and publicly read by Mubarak, cannot be accepted or recognised by the state government, according to Aminuddin in a statement on Monday.He explained that Mubarak had already been formally removed from his position before making the declaration.As a result, he no longer holds the authority or duties associated with the role of Undang of Sungai Ujong. Consequently, his actions conflict with Articles 10 through 12 of the state’s constitution, specifically the Undang-Undang Tubuh Kerajaan Negeri Sembilan of 1959.Aminuddin further clarified that Mubarak’s dismissal from his hereditary position as the Datuk Klana Petra titleholder for Luak Sungai Ujong officially that permits the unilateral removal of the Yang di-Pertuan Besar in the manner asserted,” a legal source close to the palace said. “The action is ultra vires, procedurally defective and in clear breach of natural justice.”The legal standing of Mubarak to participate in any declaration against Tuanku Muhriz is also questionable, as he had been legally Attempt brewing in Negeri Sembilan to remove Ruler — sourcesNegeri Sembilan MB says state govt does not recognise attempt to remove Tuanku Muhriz as Ruler by sacked Undangtheedgemalaysia.comtheedgemalaysia.comhomeremoved as the Undang of Sungai Ujong on May 13, 2025, the sources said, adding that his removal was affirmed by the Dewan Keadilan dan Undang last Friday (April 17).This will not be the first time issues surrounding the Negeri Sembilan palace have arisen.The first was in 1967, following the death of the then ruler Tuanku Munawir. His son Tuanku Muhriz — the current ruler — was deemed too young for the throne as he was 19 and was bypassed. The Undangs then decided to elect Tuanku Muhriz’s uncle Tuanku Jaafar, who reigned from 1967 to 2008.Upon Tuanku Jaafar’s passing in 2008, the Undangs elected Tuanku Muhriz, setting aside the 1967 decision to bypass him.took effect on May 13, 2025.This decision was made in strict adherence to the traditional customs and ancestral lineage of the Telaga Undang and Waris Klana Hulu.Additionally, a special session of the Dewan Keadilan dan Undang Negeri Sembilan held on April 17 had already consented to endorse the customary authorities’ decision to remove Mubarak as the 10th holder of the title. That endorsement was based on 33 violations related to customary (adat) and hereditary responsibilities, as outlined under Clause 14(3) of the state constitution.Aminuddin also highlighted the role of the Dewan Keadilan dan Undang Negeri Sembilan, describing it as an advisory body on matters concerning Malay customs.This includes overseeing both the appointment and removal of the four Undang Luak, in line with Article 16 of the state constitution.He added that such matters also extend to the removal of an Undang Luak from a hereditary office, which must be carried out in accordance with the unique customs of each luak under Clause 14(3).The menteri besar pointed out that there is precedent for such actions, citing the 2016 dismissal of the 14th Undang of Johol, Datuk Mohammad Jan Abdul Ghani, who was removed due to breaches of customary obligations.Tuanku Muhriz Almarhum Tuanku Munawir
Tuesday april 21, 2026 3 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 20): IOI Properties Group Bhd’s (KL:IOIPG) is acquiring Asia Square Tower 2 in Singapore from CapitaLand Integrated Commercial Trust (CICT) for S$2.48 billion (RM7.70 billion).The acquisition follows a put-andcall option agreement signed with CapitaLand Integrated Commercial Trust (CICT) for the 46-storey integrated development in the prestigious Marina Bay precinct, according to CICT filing with the Singapore Exchange on Monday.With this latest acquisition, which is scheduled for completion for the second half of the year, IOI Properties expanded its 100% owned and controlled property investment assets under management in Singapore to S$10 billion.“ ...(and) cementing its standing as a major landlord in Singapore’s central business district” with an enlarged portfolio with a total net lettable area of 2.57 million sq ft, IOI Properties said in an emailed statement on Monday.The proposed acquisition comes at a time when IOI Properties is planning to spin off some of its prime Malaysian assets into a real estate investment trust (REIT) while weighing similar move in Singapore.In a separate disclosure, IOI Properties said the agreement between its unit IOI Marina View Pte Ltd and HSBC Institutional Trust Services (Singapore) Ltd — trustee of CapitaLand Commercial Trust, which in turn is a wholly-owned sub-trust of CICT — is subject to two conditions: the buyer obtaining a confirmation from Singapore’s tax authority that Additional Conveyance Duty for Buyers does not apply, and the approval of IOI Properties’ shareholders.Vertical Capacity Sdn. Bhd., a 65.7% shareholder of IOIPG, has provided an irrevocable undertaking in favour of the CCT Trustee to vote in favour of the acquisition at the extraordinary general meeting to be convened to seek the shareholders’ approval.Upon the exercise of the put or call option, a sale and purchase agreement shall be deemed to be entered into by the two parties for the proposed acquisition of one ordinary share in MVKimi, representing 100% of the issued share capital of MVKimi, for a purchase consideration of nearly IOI Properties to acquire Asia Square Tower 2 in Singapore for S$2.48 biltheedgemalaysia.com Other IOIPG projects in Malaysia and Singapore Projects Stake (%) Remaining GDV (RM bil)NPV (RM mil)MaLaysiaCentral and Others 46.410 4,077.9Bandar Puchong Jaya 100% 1.100Bandar Puteri Puchong 100% 13.430Bandar Puteri Bangi 100% 4.740IOI Resort City 100% 15.65016 Sierra, Puchong South 100% 6.560Bandar IOI, Bahau 100% 0.140Warisan Puteri Sepang 100% 1.330Senna Puteri, Salak Tinggi 100% 1.830IOI Industrial Park @ Banting 100% 1.6302,133.9Southern 6.770Bandar Putra Kulai 100% 3.820Bandar IOI Segamat 100% 0.480roomsTaman Lagenda Putra 100% 0.060Taman Kepas Utama 100% 0.740IOI Industrial Park @ Iskandar Malaysia 100% 1.670Singapore 10.0 955.4Marina View 100% 10.0TOTAL NVP 7.162.2Source: IOIPG, HLIB ResearchS$1.2 billion or RM3.76 billion.MVKimi is an investment holding company which, through its wholly owned subsidiary Asia Square Tower 2 Pte Ltd, owns Asia Square Tower 2.The property, which has direct connectivity to the Thomson-East Coast Line and Downtown Line, comprises Grade A offices with ancillary retail space alongside hotel premises that are master-leased to an unrelated third party.Completed in September 2013, the asset features large and efficient floor plates with a total net lettable area of approximately 773,000 square feet and has received top recognition for its environmental sustainability.Based on the valuation report by Cushman & Wakefield VHS Pte Ltd, the valuer commissioned by the manager of CICT and HSBC Institutional Trust Services con tinues on Page 4
Tuesday april 21, 2026 4 The E dge C E O m o rning briefhome(Singapore), the property was valued at S$2.25 billion as at Dec 31, 2025. In an analyst report on April 15 by HLIB, IOI Properties’ revalued net asset value (RNAV) was estimated at RM35.77 billion, derived from total net present value (NPV) of RM7.17 billion and shareholders’ funds of RM28.6 billion. This translates to RM6.50 per share based on a share base of 5.51 billion shares.HLIB applied a narrower 20% discount, resulting in a discounted RNAV of RM5.20 per share, which the research house said reflects the group’s proactive asset monetisation strategy and progress in unlocking value from its asset base.Brief timeline of IOI Properties’ shopping spree, and planned REIT listingBetween 2023 to 2024, IOI Properties also made headlines for its shopping spree of Tropicana Corp Bhd’s (KL:TROP) assets. At the end-2023, it signed a sale and purchase agreement to buy W Kuala Lumpur Hotel for RM270 million cash.In Jan 2024, it bought Tropicana’s other hotel, Courtyard by Marriott Penang Hotel, for RM165 million. It also acquired Tropicana Gardens Mall for RM680 million in July 2024, which was then rebranded to IOI Mall Damansara.In June 2025, it agreed to acquire the remaining 50.1% stake in the South Beach mixed-use development in Singapore for S$834.2 million (about RM2.75 from Page 3 Breakdown of IOIPG investment propertiesHospitality and leisure BV (RM mil) Number of roomsLe Méridien Putrajaya 135.1 353Palm Garden Golf Club, IOI Resort City 201.1 18-holePutrajaya Marriot Hotel, IOI Resort City 205.0 488Four Points by Sheraton Puchong, Bandar Puchong 72.2 249Palm Garden Hotel, IOI Resort City 75.6 152Moxy Hotel, IOI Resort City 166.9 480W Hotel KL, Jalan Ampang 257.6 150Courtyard, Penang 163.1 199W Hotel Langkawi 99.9 223Sheraton Grand Jimei District 403.6 370W Singapore, Marina View 1,824.1 350Source: IOIPG, HLIB ResearchInvestment properties BV (RM mil) NLA (‘000 sq ft) IOI City Mall, Putrajaya 4,546.5 2,543IOI Mall, Xiamen 669.0 639IOI Mall, Bandar Puchong Jaya 917.0 917IOI Mall Damansara 690.0 1,050IOI Central Boulevard 13,748.1 1,258IOI City Tower 1 and Tower 2 Putrajaya 500.0 968PFCC Tower 1 and 2 171.5 363PFCC Tower 4 and 5 270.8 495One IOI Square and Two IOI Square 199.7 434IOI Business Park, Xiamen 205.1 371Lot PT 92 Pekan Bukit Bisa, Sepang 395.0 —Bungalow (Beverly Row) IOI Resort City 120.0 268billion), taking full ownership of the asset.On April 10 this year, the group confirmed the listing of its Malaysian REIT on the Main Market of Bursa Malaysia. IOIPG Malaysia REIT will consist of retail, office and hotel assets worth a total of RM7.58 billion. 12 Things You Must Know About A StockClick to SINGAPORE (April 20): CapitaLand Integrated Commercial Trust (CICT), Asia’s largest REIT, has announced the divestment of Asia Square Tower 2 (AST2) to IOI Properties for S$2.476 billion, and the acquisition of the freehold Paragon for S$3.9 billion. To partly fund Paragon, CICT has announced a placement to raise no less than S$600 million.According to CICT’s press release, AST2 had reached a stable phase in its investment cycle, presenting an opportune window to monetise the asset. The divestment, on an as-is-where-is basis, represents a 9.9% premium to the market valuation of S$2.252 million as at Dec 31, 2025. CICT will redeploy the proceeds into the higher yielding Paragon, while preserving balance sheet strength.Paragon is being acquired at a net property income yield of 3.9% compared to AST2’s divestment yield of 3%, making the transaction yield accretive.The divestment is expected to be comCICT’s S$6.4 bil asset swaptheedgesingapore.completed in 2H2026, subject to the purchaser obtaining shareholders’ approval by way of an ordinary resolution at an extraordinary general meeting, and relevant tax confirmation from Inland Revenue Authority of Singapore. AST2 was valued at $2.252 billion as at Dec 31, 2025. CapitaLand Commercial Trust acquired AST2 in 2017 for $2.095 billion.Tan Choon Siang, CEO of CICT’s manager, says: “Paragon is a rare, premier freehold integrated development in the heart of Orchard Road. This acquisition strengthens the resilience and quality of CICT’s Singapore-focused portfolio, combining sizeable, upscale retail exposure with a defensive medical component, which is supported by strong structural tailwinds such as an ageing population and rising medical tourism. The asset’s ability to sustain strong committed occupancy across market cycles over the years underscores its enduring appeal to both tenants and consumers.“The proposed acquisition also deepens our presence in Singapore’s tightly held and highly sought-after downtown precinct. Leveraging our proven track record, we are confident to continue delivering its sustainable income growth.“In addition, the timely divestment of AST2 at an exit yield of 3.0% enabled us to unlock value from a leasehold office asset and redeploy capital into a freehold integrated development, at a higher net yield of 3.9%. The proposed acquisition is expected to be DPU accretive, while maintaining CICT’s aggregate leverage at a prudent level. This demonstrates our continued focus on enhancing income resilience and creating long-term value for unitholders.”At the time of writing on Monday, shares of IOI Properties were down by seven sen or 1.8% to RM3.84.
tuesday april 21, 2026 5 The E dge C E O m o rning briefFor property developer BRDB Developments Sdn Bhd, its focus has always been the people. As Group CEO Christopher Manivannan says, “BRDB is people-centric. Our brand promise has always been about enriching lives, inspired by the richness of life itself.”The BRDB name is closely linked to Bangsar, where it helped shape the neighbourhood’s modern identity. Landmark projects such as Bangsar Shopping Centre and One Menerung have transformed the area into one of Kuala Lumpur’s most sought-after addresses.Beyond Bangsar, BRDB has steadily expanded its footprint across the Klang Valley, delivering projects in prime locations. Over the years, the developer has delivered luxury condominiums, integrated developments and neighbourhood retail hubs. Christopher says the ultimate goal behind every project is to create a better environment and community. “We bring together architecture, landscaping and a sense of belonging to build developments and neighbourhoods that stand the test of time.” Enhancing Permas Jaya In Johor Bahru, BRDB made its mark with Permas Jaya, one of the city’s largest townships. Spanning 1,400 acres, it offers residential, commercial and public amenities to serve a growing community. According to Christopher, BRDB’s DNA is built on the three pillars of intelligent design, uplifting aesthetics and embracing cosmopolitan living. The same DNA was brought to Johor Bahru. “For buyers who wonder whether they can expect the same design quality we offer in Bangsar or elsewhere, the answer is ‘yes’. We will deliver the same brand promise and uphold the same standards. Our brand promise to inspire people to live in the richness of life is universal.”With Permas Jaya now being more than 40 years old, Christopher says it has seen the growth of at least three generations. “With every generation, the expectations of a community continue to rise. As a developer, we need to step up as well in terms of design, future-proofing and building strong communities. For us, each day is a new opportunity,” he says. Evolving with the townshipReć ecting the continued evolution of Permas Jaya, BRDB introduce The Straits View Garden, a landed strata development comprising 198 homes, including double-storey cluster houses, semidees and bungalows. The development is among the few landed strata projects in the area to offer dedicated clubhouse facilities, creating a more integrated community environment. According to Christopher, the strong response to The Straits View Garden BRDB’s plans for Johor do not stop there.The next horizon: Emerald BayEmerald Bay is more than just a premier address; it’s the heart of our next chapter in Johor. This 111-acre community in Puteri Harbour offers a beautiful mix of courtyard homes, semidees, and villas. Following the warm reception of our earlier phases, we are excited to introduce a new, even more reĆ ned collection of luxury residences in the near future.A life of seamless connectivityLife here is defined by ease, where everything you need is within reach.Within 10 to 15 minutes’ drive:World-class education — Prestigious international schools such as Marlborough College Malaysia and Rafć es American School;Daily essentials — Get your groceries at Jaya Grocer; andHealthcare and leisure — Access to quality care at Gleneagles Medini Hospital and enjoy family experiences at LEGOLAND Malaysia.Within 20 to 30 minutes’ drive:Global access — The Tuas checkpoint offers convenient connectivity to Singapore within a short drive, subject to trafĆ c conditions.BRDB believes in building for the long term. By pacing our releases thoughtfully, we ensure that Emerald Bay remains a vibrant, valuable place to call home for years to come.“We are focused on developing with care,” says Christopher. “By being intentional with our timing, we protect the value for our homeowners while looking ahead to new opportunities across Southern Johor.”Explore The Straits View DUO, The Straits View Garden and Emerald Bay. To schedule your private viewing, call (07) 387 1133 or (016) 266 8200.opeenherenenchtoghark BRDB SOLIDIFIESits Johor Bahru strongholdlast quarter of 2027, after the RTS Link begins operations earlier that year. Positioned for cross-border growthOn a macro level, Johor is entering a new phase of growth as cross-border economic integration gains momentum. With the proposed Johor-Singapore Special Economic Zone expected to strengthen collaboration between Malaysia and Singa pore, Christopher says BRDB’s developments have long been planned with regional connectivity in mind. Infrastructure will further support this growth. The upcoming Johor BahruSingapore Rapid Transit System (RTS), scheduled to begin operations in 2027, will signiĆ cantly enhance cross-border mobility. Located about a 10-minute drive from the future Bukit Chagar RTS station, Permas Jaya is well positioned to beneĆ t from improved connectivity between Johor Bahru and Singapore.Responding to new urban lifestyleBanking on these catalytic projects, the developer launched its maiden serviced apartment in Permas Jaya named The Straits View DUO in October last year. Within two months of its launch, all non-bumiputera units in Tower A were fully sold. Christopher says, “The Straits View DUO is a little different compared to some other high-rise projects. Its distinctiveness lies in the fact that it’s located at the heart of a mature township. It’s similar to building a high-rise in the city centre of Kuala Lumpur. The existing ecosystem naturally supports the needs of residents and Ć ts the concept of a serviced apartment in a place like Permas Jaya.“Here, potential buyers’ expectations can be met because the development is right in front of a commercial hub, close to healthcare facilities, educational institutions and within easy reach of the Johor-Singapore Causeway.”Offering clubhouse facilities and top-tier security, The Straits View Garden is among the few landed strata homes in Permas JayaEmerald Bay Villa with private berthOur brand promise to inspire people to live in the richness of life is universal.”— Christopher Manivannan, group CEO of BRDB Developments Sdn Bhd PATRICK GOH/THE EDGEArtist’s impression of The Straits View DUO, BRDB’s maiden serviced apartment project in Permas Jaya that was launched last Octoberreć ects sustained demand for quality landed homes in established townships. The project is expected to be completed in the
Tuesday april 21, 2026 6 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 20): Malaysia’s slower-than-expected export growth in March points to rising external headwinds from the Middle East conflict, with the likelihood of higher shipping costs, supply chain disruptions and weaker global demand weighing on trade momentum in the months ahead despite resilient electronics demand, economists said.The country’s exports rose 8.3% yearon-year in March 2026 to RM148.8 billion, according to the Department of Statistics Malaysia on Monday. The print was below the 14% median estimate in a Bloomberg survey and slower than the revised 13.6% increase in February.Economists said the flare-up in West Asia has become a key variable for Malaysia’s trade outlook, particularly if tensions escalate further or disrupt traffic through the Strait of Hormuz, a major global energy chokepoint.While the ongoing artificial intelligence (AI) upcycle should continue to support Malaysia’s trade prospects this year, “renewed Middle East tensions — particularly the potential prolonged closure of the Strait of Hormuz — have heightened downside risks to global growth and demand”, UOB Global Economics & Markets Research wrote in a note.It added that higher input costs and supply chain disruptions across oil and non-oil materials “may weigh on near-term exports and production despite easing US tariff concerns”. UOB maintained its cautious 2026 export growth forecast at 2.5%.Meanwhile, RHB Investment Bank said the direct impact of the conflict on Malaysia should remain manageable for now, given the country’s relatively low trade exposure to the region.“The direct impact of Middle East geopolitical tensions on Malaysia’s exports and manufacturing sector is anticipated to remain limited, given the country’s relatively low trade exposure to the region,” it said, noting trade with Iran accounts for only 0.1% of Malaysia’s total trade while the broader Middle East region makes up about 4.2%.by Emir Zainul theedgemalaysia.comSlower-than-expected March exports signal rising external risks to Malaysia trade, say economistsStill, RHB warned that in a more adverse scenario, a prolonged escalation in US-Iran tensions and a surge in crude oil prices could dampen global growth and trade, causing spillovers to Malaysia’s export-oriented sectors through weaker demand and possible supply chain disruptions. It kept its 2026 export growth forecast at 9.3%.Kenanga Research said export performance should continue to be anchored by electrical and electronic (E&E) products, supported by sustained global demand for semiconductors linked to AI data centres, although risks remain elevated.“Encouragingly, Malaysia’s trade data point to a strong start to the year, with 1Q2026 exports rising 12.7% despite global economic uncertainty,” it noted.The research house said the export outlook remains vulnerable to “fragile geopolitical conditions in the Middle East, potential supply-chain disruptions, persistent uncertainty over US trade and tariff policies, sticky global inflation and China’s uneven recovery”.It maintained its 2026 export growth forecast at 5.1%, while keeping Malaysia’s 2026 GDP growth projection at 4.5%.MBSB Research was also constructive on the medium-term outlook, forecasting exports to grow 4.5% and imports to expand by 5% in 2026, while citing upside potential from front-loading of E&E shipments ahead of phased US tariffs on a wider range of semiconductor products and the sustained global tech upcycle.Nonetheless, it cautioned that Malaysia’s export trajectory remains vulnerable to external trade volatility, saying the outlook is being influenced by “escalating Middle East tensions” and pending global trade measures, including possible US tariff actions and manufacturing-related probes over forced labour allegations.“With potential new retaliatory measures expected by mid-2026 from the probes if proven to be true and semiconductor-specific tariffs, the nation’s industrial outlook could be hit by new tariff measures,” MBSB said. “On another note, the sustained rise in domestic economic activities, both consumer and business spending, will continue to support growing imports,” it added.Annual change (%)Source: Department of Statistics Malaysia (DOSM)Malaysia’s external trade performanceExports Imports Total trade055101015202510.49.38.32025 2026Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Marbloomberg
Tuesday april 21, 2026 7 The E dge C E O m o rning briefhome(April 20): Deutsche Bank AG is marketing a US$230 million (RM910.23 million) private-credit deal for Malaysian budget airline AirAsia Aviation Group, according to people familiar with the matter, testing investor demand for the carrier amid rising fuel prices.The 18-month transaction takes the form of a revenue bond backed by ticket sales of several AirAsia routes, said the people, who asked not to be named discussing private matters. Deutsche Bank has underwritten and fully funded the deal, and is now approaching selected banks and funds for syndication, they said.Deutsche Bank and AirAsia both declined to comment when contacted by Bloomberg.Oil prices have surged since the start of March as the Iran war led to attacks on energy infrastructure across the Middle East and the closure of the vital Strait of Hormuz shipping lane. The sharp jump in jet fuel prices has prompted a number of airlines to cut back on services.On the positive side, AirAsia’s near-term outlook remains supported by sustained travel demand and a slew of cost-cutting measures such as fleet maintenance optimisation and strategic network planning, according to a research note from Public Investment Bank cited by Malaysian news agency Bernama.The structure of the latest AirAsia deal is similar to a two-tranche, US$443 million securitised bond the airline carried out in 2024, which was also backed by revenues from ticket sales. Private credit funds Ares Management Corp and Indies Capital Partners Pte Ltd provided a US$200 million tranche, while aircraft lessors supplied the other US$243 million portion.AirAsia tests market with Deutsche-led US$230 mil private debt — BloombergKUALA LUMPUR (April 20): Lotte Chemical Titan Holding Bhd (KL:LCTITAN) has entered into a deal to sell naphtha — a key petrochemical feedstock — to a related party to mitigate operational risks and ensure continued feedstock supply following the closure of the Strait of Hormuz amid the Iran war.The group’s wholly-owned unit, Lotte Chemical Titan (M) Sdn Bhd, is selling the crude oil distillate to PT Lotte Chemical Indonesia (LCI) for US$25.29 million (RM103.71 million), according to a filing with Bursa Malaysia on Monday.Lotte Chemical Titan holds a 51% stake in Indonesia-based LCI, with the remaining 49% owned by the group’s South Korean parent company Lotte Chemical Corp. LCI is involved in the production of basic organic and industrial gaseous chemicals.KUALA LUMPUR (April 20): Construction outfit Varia Bhd (KL:VARIA) has secured a RM293.33 million subcontract for sewerage infrastructure upgrading and pipeline works in Pasir Gudang, Johor.The project involves upgrading an existing plant into a regional sewerage treatment facility, as well as constructing sewerage pipelines and carrying out rationalisation works in the Sungai Kim Kim West sub-catchment area, according to the group filing with Bursa Malaysia on Monday.Under the contract, Varia will undertake the supply of labour, materials, equipment and machinery for the construction and completion of sewerage lines and conveyance systems. The contract was awarded to its wholly-owned subsidiary, Pembinaan Teguh Maju Sdn Bhd. The project is scheduled to run for 55 months, commencing April 24, 2026, and expected to be completed by Nov 30, 2030.This marks Varia’s second contract win in the year. In February, the group secured a RM155 million subcontract for upgrading works along the Pasir Gudang Highway.Varia recently reported its highest quarterly earnings to date, with net profit rising to RM25.15 million on revenue of RM240.76 million for its second quarter ended Dec 31, 2025 (2QFY2026). The group attributed the performance to accelerated progress in flood mitigation projects in Segamat, Kota Tinggi and Sungai Klang.Shares in Varia have slipped 0.6% year to date. The stock closed unchanged at 84 sen on Monday, giving the company a market capitalisation of RM358.99 million.Lotte Chemical Titan said that while the transaction is exposed to economic volatility, the group expects to take appropriate measures to mitigate risks.It added that the deal is not expected to have any material impact on its earnings, net assets, gearing and share capital for the financial year ending Dec 31, 2026.Save for its major shareholder Lotte Chemical Corp and its board representatives — Jang Seon Pyo, Yu Seung Yong and Park Jae Sun — none of its directors or major shareholders have any direct or indirect interest in the transaction, said the group.Total related-party transactions undertaken by Lotte Chemical Titan over the past 12 months amounted to RM150,397, according to the group.Shares in Lotte Chemical Titan closed half a sen or 1.35% lower at 36.5 sen on Monday, valuing the group at RM844.01 million. The stock has declined more than 8% year to date.Lotte Chemical Titan sells RM104 mil naphtha to related party amid Middle East tensionsVaria bags RM293 mil sewerage infrastructure subcontract in Johorby Syafiqah Salim theedgemalaysia.comby Luqman Amin theedgemalaysia.comby Megawati Wijaya Bloomberg12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to lottechem.my
Tuesday april 21, 2026 8 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 20): The five tanker vessels from the Middle East said to have diverted their route on their way to Malaysia were not carrying oil for the country, sources told The Edge.The vessels “are not ours”, according to the shipping sources. The Iranian-linked tankers were heading from the Gulf of Oman to Malaysia, but changed course as the US Navy sought to intercept Iranian oil shipments, the Wall Street Journal reported.The Malaysian government has reportedly secured passage for seven tankers, including those chartered by Petroliam Nasional Bhd (PETRONAS), through the conflict-hit Strait of Hormuz, with one having arrived and another expected to reach the country by the end of the week.MUAR (April 20): The second Malaysian oil-laden vessel that had passed through the Strait of Hormuz is expected to arrive in the country by the end of the week, Communications Minister Datuk Fahmi Fadzil said.He said the shipment, following the arrival of the first vessel on April 17 carrying one million litres of crude oil, would help strengthen Malaysia’s supply security.“This will ensure sufficient crude oil stocks for processing at local refineries, allowing supply, particularly for PETRONAS (Petroliam Nasional Bhd), to remain adequate through to the end of June,” he told reporters after checking out the implementation of the Budi Madani RON95 (Budi95) and diesel subsidy system at petrol stations in Pagoh on Monday. Also present was Johor Domestic Trade and Cost of Living director Lilis Saslinda Pornomo.Fahmi, who is also the Madani government spokesperson, reiterated that the temporary adjustment of the Budi95 subsidy quota to 200 litres per month would remain in place until national fuel supply stabilises.While acknowledging calls, including from media practitioners, for the quota to be restored, the minister said that fuel supply issues are expected to be discussed at the National Economic Action Council meeting on Tuesday (April 21).Meanwhile, Fahmi said fuel supply across 639 petrol stations in Johor remains stable, with no disruptions or shortages reported.During his two-day working visit to the state, several initiatives were launched, including collaboration with telecommunications companies to improve internet coverage along 1,700km of Keretapi Tanah Melayu Bhd (KTMB) rail lines.Fahmi also launched a safe internet campaign at Tun Syed Nasir Syed Ismail Polytechnic in Pagoh, aimed at equipping youth to navigate digital risks, and presented appointment letters to 150 Madani community leaders to strengthen grassroots communication of government policies.Oil tankers that turned around to avoid US Navy not ferrying Malaysian supply — sourcesFahmi: Second Malaysian oil-laden ship expected to arrive this weekendby Adam Aziz theedgemalaysia.comby Syafiqah Salim theedgemalaysia.comBernamaFive tankers bound for Malaysia reroute after US warns on Iranian oil shipments, WSJ reportsKUALA LUMPUR (April 20): Five tankers linked to Iran en route to Malaysia from the Gulf of Oman were rerouted after the US warned it may intercept ships suspected of carrying Iranian oil in international waters, The Wall Street Journal (WSJ) reported.The WSJ, citing List Intelligence, said that the Iran-flagged Suezmax Kariz, loaded with about one million barrels of crude, changed course off Sri Lanka early last Friday after initially heading towards Malaysia and Singapore.Another vessel, the sanctioned Andromeda, carrying roughly two million barrels of oil, also diverted in the Indian Ocean.Meanwhile, two empty tankers — Amak and Elisabet — turned back near the Strait of Hormuz after nearing US Navy vessels, the report stated.Aside from Kariz, the report did not identify the flags under which the four other vessels were sailing.The Malaysian government said in late March that seven tankers owned by Malaysian firms, including those linked to Petroliam Nasional Bhd (PETRONAS), were awaiting clearance to transit the Strait of Hormuz safely. On April 18, PETRONAS said that its chartered vessel Ocean Thunder, arrived in Malaysia with one million barrels of crude from Iraq. On April 20, Communications Minister Datuk Fahmi Fadzil said a second will arrive by the end of the week. Oil prices have risen amid escalating tensions in the Middle East and uncertainty over prospects for renewed USIran negotiations. Brent crude — the global benchmark oil price — rose 4.64% to US$94.57 per barrel at the time of writing on Monday. The US-Iran war had earlier sent the oil prices above US$100 per barrel.Read the full storyChartering of vessels and change of ownership of crude shipments are possible as countries scramble for crude oil and petroleum products, following the closure of the strait at the height of the US-Iran conflict. This has affected about one-fifth of the global oil supply, mostly to Asia, including the Southeast Asian region.The shortage has driven some countries to tap into their strategic reserves, with others reducing consumption through measures like remote working. The Malaysian government has said that existing fuel supplies are sufficient until end-May, while PETRONAS said it has enough for its fuel stations nationwide until the end of June.The situation, nonetheless, threatens to turn into a widespread supply issue if the war prolongs. Countries and companies are securing supply to ensure they have feedstock for refineries to produce end-products that are used in everything ranging from petrol to plastic packaging.The first of seven vessels to arrive, the PETRONAS-charted Ocean Thunder, carried around one million barrels of crude oil. This can produce up to 64 million litres of diesel — about two days of Malaysia’s daily consumption — and 48 million litres of petrol, which can be used up in one day, according to 2025 data from Wood Mackenzie cited by PETRONAS.
tuesday april 21, 2026 9 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 20): Prime Minister Datuk Seri Anwar Ibrahim on Monday announced a delay in implementing e-invoicing by another year among its series of targeted measures to alleviate cost pressures faced by micro, small, and medium enterprises (MSMEs) affected by the global energy crisis.The government postponed the implementation of the e-invoicing for 12 months until Dec 31, 2027 for businesses with annual sales between RM1 million and RM5 million. It includes approval for issuance of consolidated e-invoices and no penalties during that period.Other measures include an allocation of RM5 billion under Syarikat Jaminan Pembiayaan Perniagaan (SJPP) to provide financial coverage up to 80% and a guarantee period of up to 10 years for affected businesses such as construction, agriculture, agri-food, logistics and transportation and tourism, a statement showed.In addition, the government would consider import duty and sales tax exemptions until Dec 31 this year for reGovernment delays MSME e-invoicing by one year amid global energy crisisby Justin Lim theedgemalaysia.comThe Telco Evolving Beyond ConnectivityWhat’s beyond connectivity? It’s when inventory counts itself, surgical teams gain precise awareness, or systems accurately predict equipment failure before it happens. This is where the next competitive advantage lies.Today, 5G networks converge with AI, cloud computing, and cyber security to create something once considered impossible: the ability to act faster at scale without costs skyrocketing.In practice? A logistics operation deploys autonomous drones to scan pallets at 20 times the speed of manual counting. A surgical team projects 3D holograms of patient scans to plan operations with pinpoint precision. A poultry operation increases its production capacity to approximately 280 million chickens annually, powered by cloud-based analytics that turn raw sensor data into profitable decisions.These aren’t pilot programmes. They’re live solutions deployed by CelcomDigi Business, acting as a key technology partner, enabled through its CoAI framework. This framework guides technology adoption at a pace fitting each organisation, building on existing systems while enabling advanced, data-driven capabilities over time. 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Visit business.celcomdigi.com to learn more.imported Malaysian goods that are unable to complete the export process due to the disruption caused by the Middle East conflict.These measures are based on direct input from MSMEs and to ease cost pressures and ensure business continuity, said Anwar.The announcement follows engagement sessions with SMEs across various communities, reinforcing the Madani government’s commitment to inclusive economic support and ensuring no segment is left behind, he said.Anwar, who is also the finance minister, said the ongoing conflict in West Asia has led to widespread economic spillovers, including energy supply disruptions, rising logistics and insurance costs, and sustained input price pressures affecting businesses across sectors, traders, manufacturers and farmers.“In the face of acute global pressures, the Madani government does not delay; instead, every action is undertaken promptly based on feedback from industry players to ensure assistance reaches those in need,” Anwar added.Anwar also said that the government will remain proactive in strengthening resilience for the business ecosystem and ensuring businesses can adapt to prolonged global uncertainties.“This is not a temporary challenge. We must be prepared for prolonged and elevated results,” Anwar said.He added that the government will continue working closely with financial institutions and industry players to safeguard business continuity and protect jobs.MOF’s targeted MSME Support Measures amid global energy crisisMeasure Key details Target group Duration/timelineSJPP Financing Support RM5 billion; up to 80% coverage (from 70%); up to 10-year tenure (from 7 years); loan restructuring supportMSMEs in construction, agriculture & agrifood, logistics & transportation, tourism—E-Invoicing flexibility Postponed transition for 12 months; consolidated e-invoices allowed during transition periodBusinesses with annual sales RM1 mil–RM5 milUntil Dec 31, 2027Import Duty Exemption for re-importation Exemption of import duty and sales tax on re-imported Malaysian goods affected by export disruptionAffected exporters due to West Asia conflictUntil Dec 31, 2026
Tuesday april 21, 2026 10 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 20): Mudajaya Group Bhd (KL:MUDAJYA) has secured a favourable ruling from the Court of Appeal in its fund misappropriation case against former employee Michael Chua Khian Keng, with compensation increased to RM72.2 million from the earlier High Court award of RM43.5 million.In a Bursa Malaysia filing, the construction group said the appellate court ruled it is entitled to its primary claim and reliefs sought, with the revised award subject to deductions for sums already recovered.The case stems from legal proceedings against Chua and his wife, Tan Kah Lua, over alleged misappropriation of funds linked to a RM720 million power plant project awarded in June 2011.Delivering its decision on Monday, the Court of Appeal allowed Mudajaya’s appeal with costs of RM150,000, while dismissing Chua’s appeal with costs of RM50,000.Despite the higher award, Mudajaya said the ruling is not expected to materially impact earnings for the financial year Mudajaya wins appeal, court raises compensation to RM72.2 mil in fund misappropriation caseKUALA LUMPUR (April 20): Convenience store operator KK Mart Retail Bhd has filed for an initial public offering (IPO) on Bursa Malaysia’s Main Market, nearly four years after first announcing its plans.The plan to list within one to three years from May 2023 was delayed after a March 2024 controversy over socks with the word “Allah” being sold at a KK Mart outlet.The IPO will comprise a public issue of 210 million new shares and an offer for sale of 630 million existing shares, at a price to be determined later. All in all, the listing would offer up to a 24% stake in the company, according to its draft prospectus filed with the Securities Commission Malaysia on Monday.The institutional offering comprises 735 million shares to be allocated at a price to be determined through a book-building exercise, while the retail offering consists of 105 million shares for individuals who have contributed to the company. A Dow Jones Newswires report expects KK Mart to be valued at around RM3 billion.Post-listing, selling shareholders Datuk Seri Dr Chan Kee Kan and his wife Datin Seri Loh Siew Mui will see their stake held via K8 Resources Bhd reduced to as much as 71.85%, from 95.05% previously.KK Mart files draft prospectus for Main Market listingby Justin Lim theedgemalaysia.comby John Lai theedgemalaysia.comending Dec 31, 2026 (FY2026), until the judgement sum, interest, and legal costs are fully recovered.The group added it will provide further updates to Bursa Malaysia as developments arise or upon receiving additional court directions.The dispute dates back to 2015, when an internal management working group conducted a review of additional costs incurred on a project disclosed in the group’s fourth quarter results for FY2014. Announced on Feb 27, 2015, the review uncovered irregular transactions that contributed to the cost overruns.Mudajaya noted that findings from the internal investigation indicated the issue was isolated, involving a single former employee and confined to one project.On Monday, shares in Mudajaya closed unchanged at 36.5 sen, valuing the group at RM194 million. Over the past one year, the stock has fallen 23.2%.12 Things You Must Know About A StockClick to Chan, the company’s non-independent executive director and group managing director, founded the business in 2001 in Kuchai Lama and has since expanded it into a nationwide convenience store chain.The company, which operates the KK Super Mart and KK Mart retail chain, currently operates 996 stores in Malaysia, the majority of which operate around the clock.It plans to use IPO proceeds to expand its store network by opening 302 new outlets, bringing its total to 1,290 stores over the next 15 months.In addition, the IPO proceeds will also be allocated for distribution centre expansion, investment in digital, IT hardware and software, and repayment of bank borrowings.The group reported a net profit of RM96.98 million for the financial year ended June 30, 2025 (FY2025), down 4.5% from RM101.6 million in FY2024, despite revenue rising 7.7% to RM1.57 billion, from RM1.45 billion a year earlier. For FY2023, it posted a net profit of RM98.71 million on revenue of RM1.25 billion.Its gross profit margin improved steadily to 28.8% in FY2025, from 28.1% in FY2024 and 27.8% in FY2023. However, the profit-after-tax margin trended lower, declining to 6.2% in FY2025, from 7% in FY2024 and 7.9% in FY2023.Maybank Investment Bank Bhd is the principal adviser, sole bookrunner, underwriter and placement agent for the IPO.Low Yen Yeing/The Edgemudajaya.com
Tuesday april 21, 2026 11 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 20): Genting Bhd (KL:GENTING), via its unit GOHL Capital Limited, is offering to buy back up to US$1.5 billion (about RM5.93 billion) of its 4.25% notes due in 2027.In a filing with Bursa Malaysia, Genting said the tender offer is part of a refinancing exercise to extend the group’s debt maturity profile.The group said it is inviting noteholders to tender their notes for cash at a purchase price of US$1,000 per US$1,000 in principal amount, together with accrued interest.The notes are listed on the Hong Kong Stock Exchange. Notes accepted for purchase will be cancelled.According to Genting, the tender offer is open until 4pm London time on April 24, with results expected to be announced on or around April 30. Settlement is slated for on or about May 4.“The tender offer is part of a refinancing exercise to extend the Genting group’s debt maturity profile and is conditional upon the successful completion of such refinancing exercise. Accordingly, the tender offer will be up to a maximum purchase amount to be determined by GOHL Capital in its sole discretion,” the group added. Shares in Genting closed down one sen or 0.42% to RM2.37 on Monday, giving the group a market capitalisation of RM9.19 billion.Genting launches US$1.5 bil buyback offer for 2027 notesKUALA LUMPUR (April 20): Tanco Holdings Bhd (KL:TANCO) said media reports and market commentary on the company, its soaring market capitalisation and its proposed development of a smart AI container port in Port Dickson called Midport may have contributed to the recent surge in its share price. It denied any fresh undisclosed corporate developments behind the unusual trading activity.The property developer said that after making due enquiries with its board, major shareholders and relevant persons, it found no new material developments that had not already been announced.“The board is not aware of any new or material corporate developments relating to the business and affairs of the company and its subsidiaries that have not been previously announced that may account for the trading activity,” Tanco said in a reply to Bursa Malaysia’s unusual market activity (UMA) query on Monday. “There are presently endeavours at the stage of being discussed or negotiated, announcements on this will be duly made at the material time once such matters become more definitive or are finalised and confirmed,” it added.The group also said it was not aware of any rumour or report concerning its business that could explain the unusual trading.“It is, however, noted that there are open articles by an external news portal per its observations, commentaries and/or analysis about the company, its market capitalisation, along with references to, inter alia, the Midport project. This could be a factor and possible explanation to account for the trading activity,” it said.Tanco further said it is in compliance with Bursa Malaysia’s Main Market Listing Requirements, particularly on immediate disclosure obligations.Bursa had earlier directed Tanco to explain the rally in its shares, which climbed to fresh highs on Monday. At midday, the stock traded at RM1.71, valuing the company at about RM10.5 billion, a level implying more than 1,000 times trailing earnings based on AskEdge data. It was the first UMA query from the regulator since the share price rally began in early 2025.Following the UMA query by the exchange, the counter dropped nine sen or 5.33% to close at RM1.60, for a market capitalisation of RM9.81 billion.Prior to the fall on Monday, shares in Tanco had gained over 40% year-to-date and nearly doubled since the start of 2025, despite the group reporting relatively modest earnings. Net profit for the financial year ended June 30, 2025 (FY2025) fell 33.8% to RM7.88 million from RM11.9 million in the previous year, as revenue declined 26% to RM128.46 million from RM173.53 million.The group was loss-making for a decade before returning to profitability in FY2023, while its market capitalisation has overtaken listed property peers such as Eco World Development Group Bhd (KL:ECOWLD) and OSK Holdings Bhd (KL:OSK).Midport, Tanco’s proposed RM3.53 billion artificial intelligence-enabled container terminal in Port Dickson, forms part of a broader resort city plan. According to Transport Minister Anthony Loke in an interview with The Edge Malaysia Weekly’s April 6, 2026 — April 12, 2026 edition, Tanco’s principle approval for the port allows them to proceed with planning and construction but it does not guarantee an operating licence. He said they must still meet all technical requirements before they can operate.Tanco says share price surge driven by Midport hype, denies undisclosed developments in response to UMA queryby Emir Zainultheedgemalaysia.comby Syafiqah Salimtheedgemalaysia.com12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to
Tuesday april 21, 2026 12 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 20): Sarawak Consolidated Industries Bhd (KL:SCIB) group managing director and chief executive officer Ku Chong Hong has emerged as a substantial shareholder of property developer Axteria Group Bhd (KL:AXTERIA) with an indirect 27.13% stake, following a series of share transactions and boardroom changes announced on Monday.Ku, 37, was also appointed as an executive director of Axteria. In addition to his role at SCIB, Ku currently also serves as an executive director and the chief financial officer of Globetronics Technology Bhd (KL:GTRONIC).Filings showed that Ku’s interest is held via Atlantis Corporate Sdn Bhd, which acquired 200.27 million shares in Axteria through a direct business transaction on Monday. The price of the transaction was not disclosed.Following the acquisition, Atlantis now holds 213.93 million shares in Axteria, equivalent to a 27.13% stake.Meanwhile, Axteria’s group managing director and substantial shareholder Woo Wai Onn @ Foo Wai Onn exited the group after disposing of his entire 186.27 million shares, or 23.62% of Axteria’s issued share capital, at 36.9 sen apiece via a direct business transaction.It was not disclosed whether Woo had SCIB’s Ku Chong Hong emerges as Axteria substantial shareholder, appointed executive directorKUALA LUMPUR (April 20): Cahya Mata Sarawak Bhd (KL:CMSB) said it has received a counterclaim from three parties in the group’s lawsuit concerning its digital transformation project.The counterclaim against Cahya Mata and its subsidiary Cahya Mata Intelligent Technologies Sdn Bhd (CMIT) was filed by Vienna Advantage GmbH (VAG), Vienna Advantage Asia Sdn Bhd and VAG managing director Atul Dua, according to a bourse filing on Monday.The three defendants are seeking declarations that Cahya Mata and CMIT conspired to injure VAG and are liable for payments allegedly due in relation to an enterprise resource planning (ERP) system.They also allege that the legal action breaches a settlement agreement dated Dec 24, 2021, and constitutes an abuse of process.The counterclaim includes requests for specific performance to compel withdrawal of the suit, an injunction to prevent further KUALA LUMPUR (April 20): ES Sunlogy Bhd (KL:SUNLOGY) has secured a RM107.5 million subcontract for mechanical, electrical and ventilation works for an industrial development project in Tebrau, Johor Bahru.The contract was awarded to its wholly owned unit Savelite Engineering Sdn Bhd by China State Construction Engineering (M) Sdn Bhd, according to the mechanical and electrical engineering contractor in a filing with Bursa Malaysia.The scope of work includes the supply, installation and maintenance of air-conditioning and mechanical ventilation systems, smoke control systems, electrical systems, as well as extra low-voltage cable support systems for the proposed industrial building and its external works.The subcontract period ends on Nov 30 this year.legal action and claims for damages, costs and interest. Cahya Mata said the group and CMIT have instructed their solicitors to resist the counterclaim.Cahya Mata and CMIT, in their suit against VAG, Vienna Advantage Asia, Atul Dua and three other parties, including Cahya Mata deputy chairman Datuk Seri Mahmud Abu Bekir Taib, over alleged breaches of trust and fiduciary duties linked to the failed ERP system under the group’s digital transformation project.On March 19, Cahya Mata succeeded in blocking a bid by the defendants to strike out the lawsuit, allowing the matter to proceed to trial. The ERP project was awarded to VAG in July 2019, terminated in March 2021, and restarted in May 2023 before disputes arose over its implementation.CMIT commenced arbitration in January 2025 following the dispute while the High Court dismissed an earlier application by the defendants to strike out the suit.Abu Bekir and former Cahya Mata chief information officer Karl Vink @ Khalid Abdullah each hold 30% stakes in Vienna Advantage Asia, with VAG holding the remainder, according to filings with the Companies Commission of Malaysia.Shares of Cahya Mata closed unchanged at RM1.17 on Monday, valuing the group at RM1.26 billion. Over the past one year, the stock has gained 29.3%.Counterclaim filed against Cahya Mata in legal dispute involving failed digital projectES Sunlogy bags RM108 mil subcontract for Johor Bahru industrial projectby John Lai theedgemalaysia.comby Luqman Amintheedgemalaysia.comby Emir Zainul theedgemalaysia.comstepped down from his position in the company.Separately, deputy chairman Datuk Abdullah Abdul Mannan sold 14 million shares, representing a 1.78% stake, at 20 sen apiece, reducing his direct shareholding in the company to nil.Abdullah also resigned as the non-independent non-executive deputy chairman, citing personal commitments.Mok Juan Chek, meanwhile, resigned from his role as the independent non-executive chairman, also citing personal commitments.In another filing, Axteria announced the appointment of Oh Bang Han, 40, as an executive director effective Monday.Axteria’s shares slipped half a sen or 3.13% to close at 15.5 sen on Monday, giving the group a market value of RM122.23 million. The counter has gained over 70% year to date.12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to 12 Things You Must Know About A StockClick to
Tuesday april 21, 2026 13 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 20): UOB Malaysia on Monday rolled out new investment and talent development initiatives to support the Johor-Singapore Special Economic Zone (JS-SEZ). The bank said it has secured two new investor commitments totalling more than RM1 billion, to be facilitated through its UOB Green Lane — a platform aimed at accelerating investment approvals and execution, according to a statement. “From the outset, UOB has focused on practical enablers to turn interest into action,” UOB Malaysia chief executive officer Ng Wei Wei said in the statement. Combining Johor’s development priorities with Singapore’s role as a global business hub enables companies on both sides of the Causeway to execute cross-border opportunities effectively, she added. The bank also works with key agencies including Invest Johor, Malaysian Investment Development Authority and Iskandar Regional Development Authority to facilitate high-value investments from multiple countries.To date, UOB said it has facilitated more than RM18 billion in foreign direct investment flows into the JS-SEZ. “The strong partnership between Invest Johor and UOB reflects how well aligned public-private collaboration can deliver real results, attracting high-quality investments, creating skilled jobs and generating meaningful impact on the ground,” Johor Menteri Besar Datuk Onn Hafiz Ghazi added. Separately, the bank also launched its UOB My Digital Space (MDS) in Malaysia, an education initiative designed to build digital and artificial intelligence (AI) literacy among students. The initiative targets students aged 10 to 16 and aims to equip them with foundational digital skills, including AI awareness, critical thinking and responsible use of technology.The programme aligns with Malaysia’s broader push for digital inclusion and workforce readiness, as the country positions itself for higher-value industries within the JS-SEZ.Both initiatives were highlighted at the UOB-Invest Johor Strategic Forum 2026, which was supported by industry players including EcoWorld, Knight Frank Malaysia, Liberty General Insurance Bhd and RDS Partnership.UOB Malaysia unveils RM1 bil investment commitments to support JohorSingapore SEZKUALA LUMPUR (April 20): Malaysia’s capital market regulator the Securities Commission Malaysia (SC) said it will issue a guidebook outlining expectations under its newly introduced MY Value Up programme by the first half of this year.The MY Value Up initiative was first announced under the Capital Market Masterplan 2026–2030. The programme is aimed at improving value creation, strengthening financial performance and raising the visibility of Malaysian public listed companies (PLCs) among domestic and regional investors.“The programme aims to encourage PLCs to adopt a more conscious and proactive approach in communicating their growth story,” SC said in a joint statement with Bursa Malaysia.The statement comes following an engagement session jointly held by the SC and Bursa Malaysia with chairpersons and C-suite executives from the top 88 PLCs on Bursa Malaysia, alongside capital market industry leaders. The session focused on the critical role these companies play in enhancing Malaysia’s corporate valuations and overall market attractiveness.According to the SC, the engagement will be followed by a series of technical workshops, allowing participating PLCs to provide feedback that will help shape the final design of the MY Value Up programme.The currently selected 88 PLCs collectively account for about 80% of the total market capitalisation of Bursa Malaysia-listed companies. Each has a minimum market capitalisation of approximately RM4 billion.Securities Commission to release guidebook by mid-year to help raise listed companies’ valuationsOverall, SC said by encouraging companies to clearly articulate and disclose their mid- to long-term strategies, the programme seeks to signal stronger corporate ambition and enable more meaningful engagement with both local and regional investors.“Our goal is to move together from a culture of mere compliance to one of active value creation,” SC chairman Mohammad Faiz Azmi said in the statement. The current environment also presents an opportunity for Malaysia’s leading PLCs to benchmark themselves not only against domestic peers, but also against regional and global best-in-class companies, he added.Meanwhile, Bursa Malaysia chief executive officer Fad’l Mohamed said the exchange operator will support the initiative by strengthening market signals for listed companies through clearer articulation of strategy, stronger performance discipline and deeper engagement with investors.“Ultimately, this supports more effective price discovery and contributes to a more vibrant capital market that recognises and rewards long-term corporate value,” he said.by Luqman Amin theedgemalaysia.comby Luqman Amin theedgemalaysia.com Johor Menteri Besar Datuk Onn Hafiz Ghazi (left) and UOB Malaysia chief executive officer Ng Wei Wei.
Tuesday april 21, 2026 14 The E dge C E O m o rning briefhomeBYD’s Tanjong Malim investment to be discussed for best outcome, says NgaTransport Ministry orders KLIA baggage system overhaul after power fault exposes major weaknessesby Syafiqah Salim theedgemalaysia.comBernamaKUALA LUMPUR (April 20): The Ministry of Transport has ordered a complete overhaul of the baggage handling system and procedures at Kuala Lumpur International Airport (KLIA) after a power fault over the weekend exposed weaknesses in system resilience.The ministry said in a statement on Monday, a high-voltage fault at a Bukit Raja substation caused a key power component to trip at 4.54pm on Saturday, leading to a voltage dip that disrupted operations and shut down both arrival and departure baggage systems at KLIA.Although supported by uninterruptiThe Civil Aviation Authority of Malaysia (CAAM) is investigating the incident and will work with MAHB to ensure full operational stabilisation and compliance with safety and service standards.The ministry’s statement follows an emergency meeting chaired by MOT secretary-general Datuk Seri Jana Santhiran Muniayan, attended by CAAM CEO Datuk Captain Norazman Mahmud, senior officials, MAHB management, airline representatives and ground operations teams.Between 5pm and 10.30pm on Saturday, KLIA processed 23,769 bags, of which 1,061 were short-shipped and 120 recorded as arrival handling losses. Most have since been delivered, with a small number still pending clearance or collection, the ministry said.Flight schedules were unaffected, with no delays or cancellations reported, it said.IPOH (April 20): Issues regarding electric vehicle (EV) manufacturer BYD’s large investment in Perak will be discussed with Prime Minister Datuk Seri Anwar Ibrahim to achieve the best possible outcome, said Housing and Local Government Minister Nga Kor Ming.He said that if BYD chooses Perak as its investment destination, it will have a very positive impact on the development of the EV industry in Malaysia, in addition to creating job opportunities, facilitating technology transfer, and strengthening the state’s economy.Nga, who is also the member of Parliament for Teluk Intan and state assemblyman for Kepayang, said BYD’s investment has great potential, with more than five million EV units sold last year.Meanwhile, he also expressed his willingness to act as a “middle person” between the Perak government and the federal government to ensure BYD’s investment stays in Perak. “I am ready to act as a bridge between the state government and the federal government. This issue will be brought to the attention of the prime minister, so that the best outcome that benefits Perak can be achieved,” he said during the question-and-answer session at the State Legislative Assembly sitting here on Monday.Previously, BYD stated that it had agreed to open an EV manufacturing plant in Tanjong Malim, with production expected to begin this year.Earlier, Nga (Pakatan Harapan-Kepayang) asked a question about the state government’s plans to retain foreign investment that has entered the state and to continue creating high-income job opportunities for the people of Perak.Tourism, Industry, Investment and Corridor Development Committee chairman Loh Sze Yee replied that the state government was taking several approaches, including progressive and unconventional measures, to ensure that investments into the state were always secured.He said that in this context, the state government, via InvestPerak, has also assisted interested investors in obtaining permission to begin initial work on-site after planning permission (KM) is submitted, in addition to speeding up the KM approval process within 21 days.“As a further example, the state government has also taken similar initiative towards BYD’s investment in Tanjong Malim.“In making this high-impact investment a success, the state government has also worked closely with the state, federal and private agencies involved to speed up every approval and implementation process,” he said.The Ministry of Investment, Trade and Industry had previously imposed an industrial protection policy requiring BYD’s locally assembled, completely knocked-down vehicles to comply with conditions such as prioritising export markets and a domestic sales limit of 10,000 units per year. These conditions aim to balance foreign investment with local industry interests.ble power supply (UPS) units, six were affected, exposing weaknesses in system resilience, it said.An internal review also identified key challenges in on-ground coordination, response times and real-time system visibility.While the Business Continuity Plan (BCP) was activated, the scale of the disruption exceeded existing scenarios.“MOT assures all stakeholders that proactive and decisive measures are being accelerated to prevent recurrence and ensure KLIA continues to operate at the highest standards of efficiency and reliability,” it said in a statement.The ministry added that a Cabinet note on the incident will be tabled on Wednesday while Malaysia Airports Holdings Bhd (MAHB) managing director Datuk Mohd Izani Ghani has been directed to provide weekly progress updates.Low Yen Yeing/The EdgeA power fault over the weekend exposed weaknesses in system resilience at KLIA.
Tuesday april 21, 2026 15 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 20): Despite standing to gain from a deceased’s will, a beneficiary can still draw up the estate plan, the High Court heard on Monday.The lawyer who prepared the disputed will involving over RM1.6 billion in assets of gaming tycoon Tan Sri Lim Goh Tong’s youngest daughter testified that according to the Wills Act, the beneficiary or their spouse are only barred from being a witness to the signing of the document.Datuk Low Beng Choo, who drafted two of the three contested wills, said this during the first day of her cross-examination by the plaintiffs’ counsel Datuk V Sithambaram.Sithambaram: Do you agree with me that when drafting a will, a person with interest in the estate of the deceased is prohibited from drawing up the will?Low: Depends on what you mean interest.Following some testy back and forth between the senior lawyer and the witness, Low answered: A beneficiary can draw up the will under the Wills Act, but the beneficiary or [their] spouse is not allowed to be a witness.Sithambaram: So under your interpretation of the Wills Act, the beneficiary in the estate of the deceased can draw up a will?Low: [That is what is stated] in the Wills Act.Sithambaram: We can read the Wills Act. I’m asking can or cannot?Low: My answer remains the same.Sithambaram is acting for Chan T’Shiao Li, 47, and Kimberly Chan T’Shiao Miin, 44, who are challenging their late mother Lim Siew Kim’s capacity to execute the will and the suspicious circumstances surrounding the making of the will.Lim, who was the Genting Group of Companies founder’s third child, passed away due to cancer in July 2022. The 73-yearold left behind three daughters and a son.In their legal action initiated in 2023, the sisters claim that they discovered two other wills — dated Nov 2, 2021, and April 11, 2022 — following their mother’s death.A third and final will, which was executed, is dated April 28, 2022.The sisters claim that the short time span between the second and third gave rise to a suspicious circumstance surrounding the preparation and making of the final will.They also claim that it’s not clear why their mother was made to execute her last will hastily, especially since she was not in a position to do so following her deteriorated mental and physical condition.Their brother, Marcus Chan, who is also a defendant in the suit, was left with properties in Jalan Ampang, Kuala Lumpur; shareholding in Mantap Awana Sdn Bhd; contents of all safe deposit boxes; and 30% of Siew Kim’s residuary estate.T’Shiao Li was left with RM900,000, while T’Shiao Miin got RM100,000.Lawyer denies any involvement in alleged ‘suspicious circumstance’Part of the dispute is that the sisters claim that they only discovered later that Low had an interest in the deceased’s estate through the Dikim Foundation set up by Siew Kim and her late husband, Dick Chan Teik Huat.The Dikim Foundation is the major beneficiary of the deceased’s will, getting over 70% of the residuary estate.In one of her main witness statements tendered in court, Low, a practising lawyer with 40-odd years of experience, denied all allegations of her involvement in the purported “suspicious circumstances” surrounding the will.In the 68-page document, she said that Genting estate dispute: Lawyer who prepared disputed will claims law doesn’t bar beneficiaries from drawing up the documentby Tarani Palani theedgemalaysia.comher involvement in all three wills was based on “the very instructions” of the deceased.“In this connection, the plaintiffs’ allegations against me are entirely concocted and wholly without merit.“The contents of the last will may not be satisfactory to them [...] but I can confirm [...] that the contents of the last will faithfully reflect the last wishes of the deceased,” she said.In relation to Dikim, Low said that she assumed the role as a trustee of the foundation only from June 2, 2022.In her witness statement, Low added that she only took on the position following Siew Kim’s “repeated requests”.“After the execution of the last will by the deceased and sometime in May 2022, upon the repeated requests of the deceased, I eventually agreed to be appointed as a trustee of Dikim,” she said.Low, who turns 58 this year, is also one of the defendants in the suit.Previously, the High Court dismissed T’Shiao Li’s and TShiao Miin’s bid to strike out parts of Low’s witness statement.Judge says would categorise case as public interestMonday marks the first day of Low’s cross-examination. However, proceedings were cut short as Sithambaram said that he was unwell due to an issue with his ear.Following a brief standdown, High Court judge Mahazan Mat Taib allowed the matter to be adjourned for the day, but not before cautioning parties that the case has to be dispensed with expeditiously.She said that she considers the case a public interest matter and wanted it on record that the court has to proceed with the matter without inordinate delays.“[...] I have to remind parties that I have to proceed with the case expeditiously as this case has been going on [for a long time]. I consider this a public interest case as everyone wants to know,” she said.She also noted that the senior counsel was a bit slow-paced during his cross-examination and he ought to get proper medical attention.She cautioned that should the senior lawyer not be able to conduct his cross-examination when the trial resumes on Tuesday, his associate Ruebankumar Asokan should take over.Chan T'Shiao Li (left), 47, and Kimberly Chan T'Shiao Miin, 44, are challenging their late mother Lim Siew Kim's capacity to execute the will and the suspicious circumstances surrounding the making of the will.Patrick Goh/The Edge
Tuesday april 21, 2026 16 The E dge C E O m o rning briefhomeKUALA LUMPUR (April 20): Controversial businessman Datuk Seri G Gnanaraja on Monday in the Sessions Court denied that he had struck a deal with the prosecution to reduce his cheating charges in Shah Alam, so that he would testify in former Penang chief minister Lim Guan Eng’s undersea tunnel graft trial.Gnanaraja, who is the 37th prosecution witness, was asked by Lim’s counsels Tiara Katrina Fuad and Mohd Haijan Omar with regards to the outcome of his cheating charges, to which he had pleaded guilty on an alternative charge under the Companies Act 2016.The businessman was asked by the lawyers over an affidavit he had made in the trial, where Gnanaraja had affirmed his willingness to testify in another trial if the cheating charges were dropped.Gnanaraja, 45, agreed with the content of the affidavit, but denied that he had struck a deal with the prosecution, explaining that the deal was struck with his lawyers from Messrs Dennis Nik & Wong.The witness was put to a line of questioning that the RM19 million which he had received from Consortium Zenith BUCG Sdn Bhd former director Datuk Zarul Ahmad Mohd Zulkifli was to resolve Zarul Ahmad’s money laundering case and where RM2 million was to be paid to Najib.Gnanaraja had said that the sum was a friendly loan from Zarul Ahmad and not meant to resolve his money laundering case. However, Zarul Ahmad in his testimony in this trial maintained that this was not a loan, but rather to resolve the money laundering case.As a result of this, Tiara Katrina suggested that due to this conflicting testimony, Gnanaraja was not a credible and trustworthy witness in the trial, which Gnanaraja denied.Tiara: I put it to you that you cannot be trusted, as your testimony that the RM19 million is a friendly loan that you claimed [whereas] you are charged is not logical?Gnanaraja: I disagree.Tiara: The only reason you accused my client is because you struck a deal with the public prosecutor, so that the (cheating) charges against you are withdrawn?Gnanaraja: I disagree.Tiara: As proven, the charges were withdrawn because you offered to testify in another case?Gnanaraja: I do not agree with the word offer. I did not say I negotiated or offered.Tiara: I put it to you that the reason your charges are dropped is so that you may lie (to implicate Lim) in this case?Gnanaraja: I disagree.Tiara: You are willing to throw him (Lim) under the bus in order to save your own?Gnanaraja: I disagree.Gnanaraja denies making deal with prosecution in reduced chargePUTRAJAYA (April 20): The Court of Appeal has dismissed an application by kindergarten teacher M Indira Gandhi to adduce fresh evidence in her lawsuit against the inspector general of police (IGP) and three others over their alleged failure to locate her ex-husband, who absconded with their daughter.A three-member bench led by judge Datuk Mohamed Zaini Mazlan unanimously ruled that the application did not meet the threshold required for the court to exercise its discretion to admit new evidence.The proposed evidence relates to the alleged use of Budi95 and MyKasih Sara by her ex-husband, Muhammad Riduan Abdullah, formerly known as K Pathmanathan.Mohamed Zaini, who sat with Datuk Faizah Jamaludin and Datuk Mohd Radzi Abdul Hamid, said the evidence was not available during the High Court trial and only surfaced after the proceedings had concluded.He said that, in such circumstances, Indira Gandhi fails in bid to adduce fresh evidence in lawsuit against IGP, police Bernamaby Hafiz Yatim theedgemalaysia.comTiara: You lied in your testimony in alleging that RM2 million that you obtained was given to Lim as part of the RM19 million.Gnanaraja: I disagreeTiara: None of your evidence in this trial can be believed?Gnanaraja: I disagree.Questions on Gnanaraja’s ‘contribution’ to Home MinistryThe businessman was initially charged with three counts of cheating and 64 counts of money laundering. However, on Dec 23, 2020, he pleaded guilty to an alternative charge under the Companies Act 2016, for using his position as a director to obtain a personal gain where he paid a fine of RM230,000 and the cheating charges were taken into consideration.Haijan then continued the cross-examination, reiterating and suggesting that Gnanaraja had made a deal with the prosecution, to which Gnanaraja reiterated that he had only dealt with his lawyers.The defence lawyer then pointed out that part of the deal with regards to the money laundering charges was that he had to pay a compound and when asked whether Gnanaraja paid any compound, the businessman seemed evasive.Haijan then pointed out that one of Gnanaraja’s money laundering charges was a sum of RM2.2 million paid to the Home Ministry, with Gnanaraja insisting this was his contribution paid on behalf of Yayasan Usaha Ventures Malaysia.the first condition under Rule 7(3A)(a) of the Rules of the Court of Appeal 1994 had been fulfilled, as the evidence was not available and could not have been obtained with reasonable diligence, given that the programmes (Budi95 and Sara100) only came into existence after the trial.“The evidence sought to be introduced relates to events that occurred well after the conclusion of the trial in the High Court and after the hearing of the appeal before this court. It is therefore evidence of subsequent events.“The fresh evidence, even if true, does not contradict any finding of fact made by the High Court, nor does it undermine any premise upon which the decision was reached. The further evidence that the appellant intends to adduce is not based on events that occurred before Jan 27, 2020. Therefore, we dismiss the application with no order as to costs,” he added.Mohamed Zaini then fixed April 24 for case management to set the date for the decision on the main appeal.Indira was represented by lawyer Rajesh Nagarajan, while senior federal counsel Liew Horng Bin appeared for the IGP, the Royal Malaysian Police, the Home Ministry and the Malaysian government.Read the full story
Tuesday april 21, 2026 17 The E dge C E O m o rning briefhomePKR MPs raise concerns over Bestinet’s new proposed migrant system amid governance issuesPadu data to be used in analytics for govt decisions, says economy ministerby Izzul Ikram theedgemalaysia.comby Choy Nyen Yiau theedgemalaysia.comRead also: Malaysia remains optimistic on 2026 growth outlook — economy ministerPUTRAJAYA (April 20): The Central Database Hub, the government’s unified data repository also known as Padu, will be used to provide data analytics for better-informed government decisions.The system, already used for data verification, will be expanded to include the new service, dubbed analytics-as-a-service, to other government bodies from May this year, according to Economy Minister Akmal Nasrullah Mohd Nasir.“Without analytics, data alone is insufficient,” Akmal Nasrullah said. “This service supports agencies not just in verification but also in analysis and decision-making.”Example use cases include assessing a borrower’s repayment capability for government loans, or even broader policy analysis, such as ageing nation policies, he said.Padu collates and integrates over 600 data points and covers 30.7 million individuals.The system was conceptualised and launched by former economy minister Datuk Seri Mohd Rafizi Ramli in January 2024. The original plan was to use Padu to determine eligibility for the purchase of subsidised RON95 petrol.Today, it is used for data verification requests from other government bodies.“Padu enables identification of demographic and socio-economic patterns by location. This helps determine where and whether assistance is needed and what kind of policies are suitable,” he explained to the media after the Economy Ministry’s monthly assembly here on Monday.Between January and March this year, the government has approved 26 applications from agencies or departments for data verification.On data security concerns, Akmal Nasrullah assured that data points shared with other government bodies are restricted to the specific data points.For now, there will be no rounds of data updates from the public for Padu, he noted.“Padu now functions as a back-end system, supporting front-end government services,” Akmal Nasrullah said, adding data is continuously updated through various agencies such as the National Registration Department.KUALA LUMPUR (April 20): A group of PKR backbenchers have raised concerns over a proposed new system for foreign worker recruitment, said to be developed by Bestinet Sdn Bhd, warning it could worsen governance issues and prolong reliance on private-sector control.Bestinet, founded by controversial tycoon Datuk Seri Aminul Islam, currently manages the Foreign Workers Centralised Management System (FWCMS), which Malaysia uses to oversee parts of its foreign worker recruitment, particularly from Bangladesh.In a joint statement, ten members of Parliament led by Datuk Seri Rafizi Ramli said they were alarmed by reports and remarks from Human Resources Minister Datuk Seri Ramanan Ramakrishnan regarding a proposal to introduce the Universal Recruitment Advanced Platform (Turap).They noted that the minister had defended Bestinet’s track record in managing FWCMS, despite findings by oversight bodies highlighting governance weaknesses.These include a Public Accounts Committee report dated March 6, 2025, which found that FWCMS had operated for more than six years without a formal contract between the government and Bestinet.The report also flagged control weaknesses, including two super administrator IDs not held by government officials and unauthorised users approving employer applications.Economy Minister Akmal Nasrullah Mohd NasirShahrin Yahya/The EdgeIn addition, the Auditor General’s 2022 report classified the overall management of FWCMS as “unsatisfactory”, noting that the system was only used for recruitment from Bangladesh despite Malaysia sourcing foreign workers from multiple countries.“The findings clearly point to chronic governance issues in the management of foreign worker recruitment systems,” the lawmakers said.They added that the government’s decision to formalise an agreement with Bestinet from June 2024 to January 2031 at a fee of RM215 per worker — higher than the previously agreed RM100 — was made partly to avoid potential legal claims.Against this backdrop, the MPs questioned the need to introduce another system by the same provider, particularly as the government is developing the National Integrated Immigration System (NIISe), which is expected to be operational by 2028.They said introducing Turap would be unnecessary and could result in overlapping systems, while extending what they described as a monopoly concession to a private company.The MPs stressed that any new system should be developed based on government specifications and awarded through an open tender process, rather than via a public-private arrangement.They also urged the Ministry of Human Resources to focus on labour market reforms aimed at reducing dependence on foreign workers to 10% of the workforce, from 15%, including initiatives such as the Multi-Tier Levy Mechanism and Akademi Dalam Industri programmes.“The priority should be on implementing these reforms, rather than introducing new systems that may reinforce dependence on foreign labour,” they said.The nine other MPs are Wong Chen (Subang), Lee Chean Chung (Petaling Jaya), S Kesavan (Sg Siput), Rodziah Ismail (Ampang), Nik Nazmi Nik Ahmad (Setiawangsa), Zahir Hassan (Wangsa Maju), Hassan Karim (Pasir Gudang), Datuk Muhammad Bakhtiar Wan Chik (Balik Pulau) and Onn Abu Bakar (Batu Pahat).
TUESDAY APRIL 21, 2026 18 THE EDGE CEO MORNING BRIEFHOMEKOTA KINABALU (April 20): The establishment of the Ops Tiris 4.0 Integrated Special Task Force in Sabah and Labuan will focus mainly on tailored enforcement activities for each territory’s unique needs, said Deputy Prime Minister Datuk Seri Fadillah Yusof.He said the decision to set up the special task force came at Monday’s meeting, which also saw the official mandate handed over to the Sabah federal secretary and the Sabah state secretary.Fadillah, also the energy transition and water transformation minister, said both senior civil servants will lead the task force, backed by Sabah’s Domestic Trade and Cost of Living Ministry as secretariat.“The special task force will zero in on operational challenges like countering smugglers’ tactics along borders and in surrounding waters.“Federal and state agencies, including Sabah Ports and Harbours Department, Sabah Ports Authority, Labuan Port Authority, and others, will work together for more efficient enforcement,” he said after chairing the meeting here.Also present were Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali, his deputy Datuk Dr Fuziah Salleh, and Sabah Assistant Minister in the Chief Minister’s Department Datuk Caesar Mandela Malakun.Fadillah said the special task force was set up after decisions from the April 6 meeting of the Inter-agency Enforcement Coordination High-Level Committee Against Leakages and Smuggling and the April 8 Cabinet meeting.He said the government decided in that meeting to establish two Ops Tiris 4.0 Integrated Special Task Forces, one for Sarawak alongside those for Sabah and Labuan.“Sabah and Sarawak’s vast land and sea borders near Indonesia and the Philippines make them a key risk that needs tackling.“This is also fuelled by the big price gap in subsidised fuel with those neighbours, driving up smuggling risks,” he said, adding that the task force aims to strengthen integrated enforcement to tackle high leakage risks.Ops Tiris 4.0: Task force to bolster enforcement in Sabah and Labuan, says FadillahSANDAKAN (April 20): Each head of household affected by Sunday’s fire at Kampung Bahagia here will receive RM2,000 in initial assistance from the Sabah state government.Chief Minister Datuk Seri Hajiji Noor said the aid comprises RM1,000 from the state government and RM1,000 from the Sabah Welfare Foundation.“The state government is deeply sympathetic to what has happened. It was a major fire that destroyed almost 1,000 houses.“We hope this assistance will help ease their burden. I expect it will take one to two weeks before we get a full report on the fire victims,” he told reporters when visiting the relief centre (PPS) at the Batu Sapi People’s Housing Project hall here on Monday.Hajiji said the state government is currently formulating several plans, including a proposal to redevelop the area into a legal settlement, but further decisions will depend on the full report from the Sandakan District Disaster Committee.On relocation plans, he said the state government is considering the matter but will await formal proposals from the relevant authorities.He also stressed that financial assistance will be provided to all victims regardless of nationality status.Six relief centres have been opened so far to accommodate the victims, he added.Sandakan fire victims to get RM2,000 aid per household, says Sabah CMBernamaBernamaBERNAMASHAH ALAM (April 20): The Sultan of Selangor, Sultan Sharafuddin Idris Shah, has suggested that the Malaysia Games (Sukma) in the state be postponed until the crisis in West Asia comes to an end.His Royal Highness said the event should also be postponed until the redevelopment of the Shah Alam Stadium is fully completed.“Regarding the hosting of Sukma by the state of Selangor, I am informed that the allocation required is very high.“In the current economic situation, I feel it is more appropriate for the event to be postponed until the crisis in West Asia is resolved and until the Shah Alam Stadium is fully completed,” he said when opening the fourth session of the 15th Selangor State Legislative Assembly here on Monday.Previously, Youth and Sports Minister Dr Mohammed Taufiq Johari said the biennial games scheduled from Aug 15 to 24, would be held on a smaller scale to reduce organising costs without reducing the number of sports and events contested.Meanwhile, Sultan Sharafuddin also decreed that the annual Sultan of Selangor Cup football match between Selangor and Singapore be cancelled.However, His Royal Highness consented to the organisation of a Jubilee Cup football tournament involving under-15 school students from districts across the state as an effort to nurture young talent and instil sporting spirit at grassroots level.“Furthermore, football is the most popular sport among the people of Selangor,” he said.Read also: Youth and Sports Ministry to study proposal to postpone Sukma Selangor 2026Sukma should be postponed until West Asia crisis ends, says Sultan of SelangorBernama
TUESDAY APRIL 21, 2026 19 THE EDGE CEO MORNING BRIEFWORLDIran may join peace talks after Pakistan works to end US blockade — ReutersBY PARISA HAFEZI & JANA CHOUKEIR ReutersDUBAI (April 20): Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a US blockade of Iran’s ports, a major hurdle for Iran to rejoin peace efforts.However, the official stressed that no decision had been made.With a two-week ceasefire set to expire, a senior Iranian official said Tehran was “positively reviewing” its participation but no final decision had been made. The comments conveyed a clear change of tone from earlier statements ruling out attendance and pledging to retaliate for US aggression.The Iranian official said mediator Pakistan was making positive efforts to end the US blockade and ensure Iran’s participation.The ceasefire had appeared in jeopardy after the US said it had seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate.Iranian Foreign Ministry spokesman Esmaeil Baghaei said on Monday that Washington had shown it was “not serious” about pursuing the diplomatic process, and that Tehran would not change its demands.The US was hoping to start negotiations in Pakistan shortly before the ceasefire expires, with sweeping security preparations under way in Islamabad, but Baghaei said the US was “insisting on some unreasonable and unrealistic positions”.A senior Iranian source told Reuters that Tehran’s “defensive capabilities”, including its missile programme, were not open to negotiation.US-Iran ceasefire set to expire on Tuesday nightA Pakistani security source said Pakistan’s key mediator, Field Marshal Asim Munir, had told US President Donald Trump the blockade was an obstacle to talks, and that Trump had promised to consider the advice.Trump announced the two-week ceasefire with Iran on April 7, and has not specified when precisely it ends.A Pakistani source involved in the talks said it would expire at 8pm EST on Tuesday, which would be midnight GMT or 3:30am Wednesday in Iran.Asked over the weekend about the chance of an extension, Trump replied: “I don’t know. Maybe not. Maybe I won’t extend it. But the blockade is going to remain.”The US has maintained its blockade of Iranian ports, while Iran lifted and then reimposed its own blockade of the Strait of Hormuz, which typically handles roughly one-fifth of the world’s oil and liquefied gas supply.Oil prices eased from earlier highs to stand around 3-4% up on the day as traders remained fearful that the ceasefire would collapse. Traffic through the Strait of Hormuz was at a virtual standstill with just three crossings in the space of 12 hours, according to shipping data.US marines board Iranian vesselThe US military said it had fired on an Iranian-flagged cargo ship headed towards Iran’s Bandar Abbas port on Sunday after a six-hour standoff, disabling its engines. US Central Command released video showing Marines descending ropes from helicopters onto the vessel.Iran’s military said the ship had been travelling from China and accused the US of “armed piracy”, according to state media. They said they were ready to confront US forces over the “blatant aggression”, but were constrained by the presence of crew members’ families on board.China, the main buyer of Iranian crude, expressed concern over the “forced interception”, and Chinese President Xi Jinping called for ships to resume passage through the strait as normal and for the conflict to be resolved through political and diplomatic channels, state news agency Xinhua reported.Trump warned on Sunday that the US would destroy every bridge and power plant in Iran if it rejected his terms, continuing a recent pattern of such threats.Iran has said that if the United States were to attack its civilian infrastructure, it would strike power stations and desalination plants in its Gulf Arab neighbours.REUTERS
TUESDAY APRIL 21, 2026 20 THE EDGE CEO MORNING BRIEFWORLD(April 20): China President Xi Jinping called for an immediate ceasefire and the restoration of normal transit through the Strait of Hormuz, following a turbulent weekend in the Middle East that has clouded prospects for peace talks.“China calls for an immediate and comprehensive ceasefire, supports all efforts to restore peace and insists disputes be resolved through political and diplomatic means,” Xi said in a phone call with Saudi Crown Prince Mohammed bin Salman on Monday, according to a statement from the Chinese Foreign Ministry. “The Strait of Hormuz should remain open to normal transit, which is in the common interest of regional countries and the international community.”(April 20): The US on Monday kicked off its major annual joint Indo-Pacific military drills in the Philippines, seeking to reassure allies of its regional defence commitments while embroiled in a war with Iran.More than 17,000 troops from seven nations — including Canada, Australia, New Zealand, France and, for the first time, Japan — will join this year’s maritime and live-fire drills, which run until May 8. Nearly 10,000 will come from the US — a slightly bigger contingent compared to last year but smaller than previous exercises. The drills, known as Balikatan, will take place near regional flash points in the South China Sea and Taiwan Strait. They also start a day after China dispatched a group of warships to hold drills in the western Pacific Ocean.“Regardless of the challenges elsewhere in the world, the United States’ focus on the Indo-Pacific and our ironclad commitment to the Philippines remain unwavering,” Lieutenant General Christian Wortman, the US director for the exercises, said in a briefing. Tokyo will deploy 1,400 troops to join combat drills for the first time. Japan’s Defence Minister Shinjiro Koizumi is also expected to observe a ship-sinking drill next month, where Tokyo will fire its Type 88 missile, alongside US and Philippine weapons.TOKYO (April 20): A magnitude 7.7 earthquake struck off the northeastern coast of Japan on Monday, prompting authorities to urge residents to stay away from coastal areas where tsunami waves of up to three metres (10ft) were expected.Two hours after the tremor, which struck at 4.53pm (0753 GMT), tsunami waves as high as 80cm had been detected. A tsunami warning was later downgraded to a tsunami advisory.There were no immediate reports of casualties or major damage, Japan’s top government spokesperson Minoru Kihara told a news conference as night fell in the capital Tokyo.Several port towns including Otsuchi and Kamaishi — both hardhit by a massive earthquake and tsunami in 2011 — earlier issued evacuation orders for thousands of residents, according to public broadcaster NHK. Bullet train services were halted and some motorways were closed due to the tremors.Following the quake, the government issued a warning of a heightened risk of a megaquake.Troops will train using Typhon missile systems, developed by US-based Lockheed Martin Corp, as well as simulated firing of BrahMos cruise missiles, jointly developed by India and Russia and purchased by the Philippines.The annual drills come as the Iran war has strained Washington’s relations with allies and left it looking weakened against adversaries. The conflict has also caused crude costs to surge, threatening economic growth across Asia. Read also: Japan protests China’s work on new structure in East China SeaJapan eases back tsunami warning after magnitude 7.7 quakeUS expands Asia defence drills in shadow of China, Iran threatsReutersBY ANDREO CALONZO BloombergFor the first time, Japan will join this year’s maritime and live-fire drills, with Defence Minister Shinjiro Koizumi expected to observe a ship-sinking drill.BLOOMBERGBLOOMBERGilar language to that once used by US President Donald Trump, who in a video message to the Iranian people at the onset of the war urged that “now is the time to seize control of your destiny”. They also build on Xi’s first public comments on the Iran war, delivered last week during a meeting with Spanish Prime Minister Pedro Sánchez, in which the Chinese leader warned that the international order is “crumbling into disarray” and pledged to play a constructive role in the Middle East. China also supports Middle Eastern countries “taking their future and destiny into their own hands”, Xi said. The remarks employ simBY FOSTER WONG BloombergXi urges ceasefire, full Hormuz transit in Saudi call
TUESDAY APRIL 21, 2026 21 THE EDGE CEO MORNING BRIEFWORLD(April 20): Singapore companies are exploring adjustments as rising energy prices begin to bite and concerns over labour costs mount.About 96% of respondents said they faced higher operating costs and more than half are worried about rising manpower expenses, according to a snap poll by the Singapore National Employers Federation released on Monday. The survey, conducted from April 10 to 16, also highlighted a knock-on-effect from higher costs for raw materials, supplies and logistics.Singapore firms feel energy cost squeeze, most hold off job cuts(April 20): China is curtailing refined fuel exports rather than banning them, with countries including Malaysia and Australia receiving supplies even after Beijing extended last month’s restriction into April, according to shipping data and traders.The export cut has been deeper in April than it was in March, according to tanker tracker Vortexa, with shipments of diesel, jet fuel and gasoline to destinations other than Hong Kong totalling 320,000 metric tons in the first two weeks of this month— just a sixth of year-earlier levels.China, Asia’s No 4 exporter of socalled clean fuels, has long limited fuel exports with quotas. Its export curbs following the commencement of the Iran war came as refiners in Asia and the Middle East cut output due to difficulties securing crude, adding to already tight supplies in fuel markets.China’s April shipments have included 234,000 tonnes combined to Vietnam, Indonesia, Malaysia, Australia and the Philippines, plus 82,000 tonnes to South Asia via Singapore, Vortexa data showed.Meanwhile, refiners maintained high shipment levels to Hong Kong, cashing in on margins that have expanded because of the US-Israeli war on Iran, according to traders and shipping data.In mid-March, Beijing ordered a ban on fuel exports to prioritise its domestic supply, sources said at the time. The restrictions, which China has not announced publicly, exclude Hong Kong and Macau, as well as aviation fuel refuelling for international flights and bunker sales for shippers on international voyages.March exportsChina extended its curbs into April to compensate for production cuts at mainly state-owned refiners, sources have said, with exemptions for small volumes to regional buyers that sought help to ease fuel shortages.While refiners rushed some shipments ahead of the March order, April exports are under tighter scrutiny, traders and analysts said.Beijing will be “arranging all the shipments” in April except those to Hong Kong, resulting in a steep reduction in exports from March, a fuel trading manager at a state-owned firm told Reuters, declining to be named due to the sensitivity of the matter.China’s Commerce and Foreign ministries and state planner did not immediately respond to requests for comment.In March, exports of the three fuels to markets including Singapore, Malaysia, the Philippines, Australia, Vietnam and Bangladesh came in at 436,000 barrels per day (bpd), down 20% from 551,000 bpd in February, according to Vortexa.Kpler data showed non-Hong Kong exports fell by a third to 250,000 bpd in March from 375,000 bpd in February.Data from trackers does not always align due to possible categorisation differences.“Flows into Malaysia and Vietnam have held close to pre-ban levels, suggesting Beijing is making deliberate allocation decisions rather than applying a blanket restriction,” said Kpler analyst Zameer Yusof.China curtailing, not banning fuel exports, shipping data showsBY CHEN AIZHU, TRIXIE YAP & SAM LI ReutersBY RIEKA RAHADIANA BloombergDespite the uncertain global economic environment, most respondents said they would hold off on workforce changes, hoping the government would delay policy moves that could add further cost pressures. Others implemented measures including hiring freezes, delayed expansion plans, staff redeployment and headcount reduction through natural attrition.The industry group said it hopes the government will introduce a tiered level of support to help employers that are raising wages for their lower-wage ranks.Singapore earlier this month unveiled around S$1 billion (US$778 million or RM3 billion) in enhanced support measures to cushion the impact from the Middle East conflict. The city-state has warned that growth in the coming quarters will likely be impacted as a result of the surge in energy prices weighing on the economy.Read also: Singapore is procuring more LNG as Iran war cuts some supplyREUTERSBLOOMBERG
TUESDAY APRIL 21, 2026 22 THE EDGE CEO MORNING BRIEFWORLD(April 20): Italian energy major Eni SpA made a large offshore gas discovery in Indonesia, potentially helping the Southeast Asian nation’s effort to curb a looming deficit.Eni estimated resources found at the Geliga-1 well off East Kalimantan provdonesia is the world’s sixth-largest LNG supplier, net exports have dropped about 50% between 2010 and 2025, according to ship-tracking data compiled by Kpler.The exploration campaign off the east coast of Borneo island will continue with one additional well planned in 2026 and two more in 2027, Eni said. The finding supports plans to accelerate development using existing infrastructure and could add significant production, including a potential third hub in the area, the company added.The war in the Middle East has disrupted a fifth of global liquefied natural gas supply, sending prices higher and forcing Asian policymakers to rethink long-term dependence on the fuel. Indonesia’s government is exploring ways to retain more of its gas output for local use, potentially scaling back earlier plans to increase imports of the fuel, Bloomberg reported last week.Read also: Iran war deepens China’s dependence on the US for niche gasIndonesia makes major gas discovery in effort to boost output(April 20): Global power consumption grew 3% last year, driven partly by fast-growing demand from electric vehicles and data centres, according to the International Energy Agency.Electricity demand grew around 2.3 times faster than total energy demand in 2025, according to the IEA’s Global Energy Review released Monday. Demand from EVs and data centres grew at 38% and 17% respectively but industry, household appliances and commercial buildings remained the main growth drivers.“In advanced economies, electricity demand expanded by a robust 1.6% yearover-year, with particularly strong growth in the United States,” it said. “Data centres accounted for around 50% of total electricity demand growth in the US, with additional growth coming from the residential, industry and transport sectors.”In China too, electricity demand growth was strong but greater efficiencies and slightly lower cooling demand kept it below 2024 levels, the report said. Overall, global energy demand growth slowed to 1.3%, slightly behind the previous decade’s average.Solar was the largest contributor to growth in global energy supply for the first time in 2025, according to the IEA.“Solar PV accounted for over a quarter of all of the world’s energy demand growth – more than any other source,” IEA Executive Director Fatih Birol said in the report. Natural gas took the second-largest share at 17%.Global oil demand rose by 0.7%, aligned with IEA projections, reflecting the continued growth of electric vehicles, which trimmed demand for road fuels. Coal use in China fell with the addition of greener energy while demand for the dirty fuel increased in the US as high natural gas prices drove gas-to-coal switching in electricity generation. Still, the rate of coal demand growth slowed in 2025.Battery storage was the fastest-growing power sector technology in 2025, with roughly 110GW of new capacity added. More than 12GW of nuclear power reactors began construction last year.Global 2025 power demand rose as EV, data centres grew, IEA saysBY NAYLA RAZZOUK BloombergBY ALBERTO BRAMBILLA & STEPHEN STAPCZYNSKI Bloombergince at five trillion cu ft of gas and 300 million barrels of condensate, according to an emailed statement from the company, which has a joint venture with Malaysia’s Petroliam Nasional Bhd, or Petronas. Indonesia had 33.8 trillion cu ft in proven gas reserves in 2024, according to the US Energy Information Administration.The discovery comes as Indonesia contends with falling gas reserves and rising demand, threatening to force the country to import more of the fuel. Though InElectricity demand grew around 2.3 times faster than total energy demand in 2025.BLOOMBERGBLOOMBERGEni estimated resources found at the Geliga-1 well off East Kalimantan province at five trillion cu ft of gas and 300 million barrels of condensate.
TUESDAY APRIL 21, 2026 23 THE EDGE CEO MORNING BRIEFWORLD(April 20): Thailand will press ahead with a long-standing plan to link the Indian and Pacific oceans, bypassing the Malacca Strait, after tensions over the Strait of Hormuz highlighted the strategic value of key shipping routes, a senior minister said.The government will accelerate efforts to develop the so-called land bridge, a project aimed at significantly reducing shipping times between the two oceans, Deputy Prime Minister Phiphat Ratchakitprakarn, who oversees the Transport Ministry, told reporters on Monday. The initiative may cost as much as 1 trillion baht (US$31 billion or RM123.19 billion), he said.Once completed, the project may allow vessels to avoid the congested Malacca Strait, shorten transit times by an average of four days, and cut shipping costs by about 15%. The strait currently handles roughly 40% of global trade, including most oil shipments from the Middle East to major Asian economies such as China, Japan and South Korea.The Thai plan involves linking two new seaports on either side of Thailand’s southern peninsula through a network of highways and railways, enabling the seamless movement of goods. However, critics argue the project may be economically unviable and could cause significant environmental damage.“The Middle East conflict has demonstrated the advantage of controlling a transport route,” Phiphat said, referring to the chaos in the Strait of Hormuz that’s worsened a global energy crisis. “Thailand will have a great advantage by operating the link between the Pacific Ocean and the Indian Ocean.”Hormuz crisis spurs Thailand to fast-track land bridge project bypassing Malacca Strait(April 20): Thailand’s government may lift a voluntary ceiling on public debt to open room for additional borrowing of about US$30 billion (RM118.66 billion) to fund measures to shore up an economy hit by global energy shocks, according to people familiar with the matter.Officials from the finance ministry and Prime Minister Anutin Charnvirakul’s office are discussing raising the ceiling to 75% of gross domestic product from the current 70%, said the people, who requested anonymity ahead of an official announcement. A higher debt cap is among several options under discussion, and a decision will need the approval of the fiscal and monetary policy committee headed by Anutin, they said.Lifting the debt cap by five percentage points will open up room for about one trillion baht (US$31 billion or RM120 billion) of fresh borrowing, Thai-language Krungthep Turakij newspaper reported earlier. How the new funds would be raised and spent hasn’t been finalised, according to the people.Government spokeswoman Rachada Dhnadirek declined to comment on the increase in the public debt ceiling, saying Anutin’s administration “will explore all options to ease the hardship of the public in this situation” and “carefully consider the sources of funding”. The government was preparing to issue an emergency decree to borrow as much as 500 billion baht, Deputy Prime Minister Pakorn Nilprapunt said Monday.The baht held losses against the dollar, while the yield on benchmark 10-year government bonds rose three basis points. Finance Minister Ekniti Nitithanprapas said last week that the government was open to increasing the debt limit “if necessary”, provided the additional spending is channelled into investments that can help bolster the nation’s fiscal resilience. Anutin’s administration has already unveiled measures to alleviate the impact of higher energy prices, including cash handouts to low-income groups, subsidies for the transport sector, and loans at lower interest rates for the small- and medium-sized businesses.Thailand mulls higher public debt for US$30 bil borrowingBY SUTTINEE YUVEJWATTANA BloombergBY ANUCHIT NGUYEN BloombergBLOOMBERG
TUESDAY APRIL 21, 2026 24 THE EDGE CEO MORNING BRIEFWORLD(April 20): Fitch Ratings revised its outlook on the Philippines’ credit rating to negative from stable, saying the decline in public investment has created risks to economic growth.The outlook change reflects “rising risks to the Philippines’ strong medium-term growth prospects from recent disruptions to public investment,” Fitch said in a report on Monday. These challenges are “exacerbated in the near-term SHANGHAI (April 20): China on Monday left benchmark loan prime rates (LPRs) unchanged for the 11th consecutive month in April, in line with market expectations.Solid economic growth at the start of the year and a pick-up in inflation reduced the need for fresh monetary easing to support the broader economy.It kept the one-year LPR at 3.00% and five-year LPR at 3.50%.The Chinese economy’s 5.0% annual growth pace in the first quarter sits at the top of its full-year target range of 4.5%-5.0%, highlighting a resilience that sets it apart from much of Asia, helped by ample strategic oil reserves and a diversified energy mix.China’s factory-gate prices rose for the first time in more than three years in March, in an early sign that the war in Iran is feeding cost pressures into the world’s second-largest economy.Philippines outlook cut to negative by Fitch on growth risksChina leaves lending benchmarks unchanged for 11th month in AprilWASHINGTON (April 19): The yen may come under further pressure if markets see the Bank of Japan (BOJ) as being too slow in addressing inflationary risks, Asian Development Bank President Masato Kanda said.Investors buy dollars in times of global stress in part because the US is an oil exporter, but even when such positions are unwound the yen fails to rise much against the dollar, Kanda, who was formerly Japan’s top currency diplomat, told reporters late Friday.“The biggest reason is interest rate differentials (between the US and Japan). With markets particularly focusing on what the US Federal Reserve could do, Japan’s currency will be left behind if many people think the BOJ will be behind the curve” in addressing inflationary risks, he said.Investors may also sell yen if they worry about Japan’s fiscal sustainability, Kanda said during his visit to Washington to attend this week’s meetings of the International Monetary Fund and World Bank Group.An advocate of expansionary fiscal policy, Prime Minister Sanae Takaichi has rolled out subsidies to cap gasoline prices and pledged to keep boosting spending to support the economy.Critics say such moves would add to Japan’s huge public debt, which is already twice the size of its economy and the largest debt-to-gross-domestic-product ratio among major countries.While Japan is not the only country using subsidies to curb fuel bills, such measures should be targeted and temporary to avoid distorting market pricing, Kanda said.ADB chief warns of yen pressure from Japan’s too-slow rate hikesReutersBY CLAIRE JIAO BloombergReutersby elevated exposure to the ongoing global energy shock.”Fitch affirmed the Philippines’ longterm foreign currency debt rating at an investment grade BBB.The Philippine economy grew at its weakest pace in 14 years outside of the pandemic in the wake of a massive corruption scandal involving flood-control infrastructure. Revelations last July that billions of dollars in public funds had been misused have dented business and consumer sentiment, while the wide-ranging probe stalled the rollout of government projects.The war in Iran dimmed chances of a rebound as domestic fuel prices surged, forcing the government to declare a national energy emergency as the conflict threatened its economy and fuel supplies. The government has also provided cash aid and other subsidies, while the central bank has warned that average inflation this year may shoot up above its 2%-4% target range.REUTERSBLOOMBERG
TUESDAY APRIL 21, 2026 25 THE EDGE CEO MORNING BRIEFWORLD(April 20): Two state-backed brokerages in Shanghai have unveiled plans to merge, creating a firm with US$86 billion (RM340.17 billion) of assets and advancing China’s ambition to forge investment banks capable of competing with Wall Street’s elite. Orient Securities Co intends to acquire a 100% stake in Shanghai Securities via a mix of A-share issuance and cash, according to a Sunday filing with the Shanghai Stock Exchange.The deal marks the latest step in an overhaul of China’s financial landscape. The combined entity would hold approximately 583 billion yuan (US$86 billion or RM338.2 billion) of assets, according to the most recent financial disclosures as of year-end 2025. That would put it in the top ten of China’s brokerages.The proposal follows the 2024 merger that created Guotai Haitong Securities Co, signalling a sustained trend toward consolidation within the sector. Beijing is trying to develop its domestic investment banks to allow them to compete with global heavyweights such as Goldman Sachs Group Inc and Morgan Stanley.China to form brokerage with US$86 bil assets by merging firms(April 20): Hong Kong-listed companies must now obtain shareholder approval to change auditors, part of a regulatory push to bolster corporate governance and transparency in the US$7.5 trillion (RM29.67 trillion) market.In updated guidance issued late Friday, Hong Kong Exchanges and Clearing Ltd mandated that firms appoint or remove auditors only at general meetings. The bourse also required companies to disclose specific audit fees or ranges to prevent fee disputes from being used as a pretext for dismissal.The move effectively closes a loophole that allowed boards to pressure auditors into resigning without immediate shareholder oversight. Under the new rules, any action by a company that triggers an auditor’s resignation will be treated as an (April 20): Investors will watch Billionbrains Garage Ventures Ltd’s earnings Monday for evidence that its results justify a 100% jump in the stock since its November initial public offering (IPO) — a surge that has made it the world’s most expensive brokerage.The company, doing business as Groww, will likely report net income doubled to 6.6 billion rupees (US$71.1 million) in the three months through March from a year earlier, according to analyst estimates tracked by Bloomberg. Investors will also closely track the firm’s efforts to diversify from discount broking into wealth management and consumer lending.Groww’s market share climbed to 28.3% in the fiscal year ended March 31 from 26.26% a year earlier, bucking a slowdown in retail trading on the National Stock Exchange, data from the nation’s biggest bourse show. The expansion has driven Groww’s valuation to 43 times its one-year forward earnings — well above Robinhood Markets Inc, Interactive Brokers and local peer Angel One Ltd — to make it the priciest broking stock among peers with market value of more than US$2 billion, according to data compiled by Bloomberg.“Groww is well positioned to outpace industry growth,” BofA Securities analyst Madhur Sharma wrote in a report, pointing to its strong focus on new-to-investing customers and increasing product adoption among existing users. active removal, necessitating a formal vote.The tightening comes as regulators crack down on opinion shopping, a practice where companies pressure auditors to quit near year-end deadlines to appoint a more compliant replacement via a casual vacancy.The Securities and Futures Commission (SFC) has said that late-stage resignations are significant red flags for governance and internal control failures. In a recent review, the SFC found that auditors at 89 companies resigned within four months of annual results deadlines, 66 of them citing fee disagreements.While financial fraud remains relatively rare in Hong Kong, the city is sharpening its scrutiny of corporate quality to lure investors back following a multi-year slump in listings.World’s most expensive broking stock faces earnings test after doublingBY ALEX GABRIEL SIMON BloombergBloombergBLOOMBERGHong Kong exchange tightens rules to avoid auditor shoppingBY KIUYAN WONG BloombergBLOOMBERG
TUESDAY APRIL 21, 2026 26 THE EDGE CEO MORNING BRIEFWORLDAsia regulators raise scrutiny on banks amid Mythos AI fearsMorgan Stanley sees agentic AI widening chip spending beyond graphics processors to CPUsGoogle eyes new chips to speed up AI results, challenging NvidiaBY RASHIKA SINGH ReutersBY DINA BASS BloombergBY RTHVIKA SUVARNA, RICHARD HENDERSON & HARAM LIM Bloomberg(April 20): In a matter of months, Google’s AI chips have become one of the hottest commodities in the tech sector. Leading artificial intelligence developers, including some of the firm’s biggest rivals, are stocking up on them.Now, the Alphabet Inc-owned company aims to build on its momentum with the likely introduction of new chips dedicated to inference, or running artificial intelligence (AI) models after they have been trained. With this push, Google is poised to further challenge market leader Nvidia Corp in a fast-growing category for semiconductors that’s fuelled by surging adoption of AI software.As demand grows for quickly processing AI queries, “it now becomes sensible to specialise chips more for training or more for inference workloads”, Google chief scientist Jeff Dean said in an interview. “We are looking at a whole bunch of different things,” he added, including the speed of AI results it wants to enable.The company plans to announce its new generation of custom-designed chips, known as tensor processing units, or TPUs, at the Google Cloud Next conference in Las Vegas this week. Amin Vahdat, who oversees Google’s AI infrastructure and chip work, declined to comment on plans for an inference chip that can speed up AI outputs, but said more will likely be shared “in the relatively near future”.Nvidia’s graphics processing units, or GPUs, remain the gold standard for AI, particularly for training more advanced models. But a growing number of up-and-comers are vying to take on the chipmaker for inference uses, including by offering chips meant to cut down response times for chatbots and AI agents. Last month, Nvidia began selling a chip intended for faster inference based on technology it acquired from Groq as part of a reported US$20 billion (RM79.05 billion) licensing deal.BENGALURU (April 20): Morgan Stanley said increasingly autonomous artificial intelligence (AI) could boost demand for central processing units (CPUs), reshape data centre buildout and widen investment beyond the graphic chips that have dominated the AI boom so far.“As AI transitions from generation to autonomous action, the computing bottleneck is shifting towards CPU and memory, driving a step-change in general-purpose compute intensity,” Morgan Stanley said in a note on Sunday, adding that demand for graphic processing units (GPUs) remains strong.Morgan Stanley estimates agentic AI could add US$32.5 billion to US$60 billion to a data-centre CPU market already exceeding US$100 billion by 2030.Agentic AI refers to systems that can plan tasks and take actions on their own, rather than simply responding to prompts.Morgan Stanley said the next wave of agentic AI will be driven more by coordination than just raw computing power.CPUs are increasingly acting as the control layer for AI systems that manage multistep tasks.Memory demand is set to rise sharply, widening AI spending beyond GPUs to chipmakers, memory suppliers and manufacturing.Companies in supply-constrained parts of the ecosystem could gain more pricing power, the brokerage added.Morgan Stanley sees the following companies as potential beneficiaries — Nvidia, AMD, Intel and Arm in CPUs and accelerators; Micron, Samsung and SK Hynix in memory; and TSMC and ASML across chipmaking and equipment.(April 20): Regulators across Asia are stepping up scrutiny of cybersecurity risks in their financial systems, as concerns over Anthropic PBC’s latest AI model Mythos spread. Singapore’s financial regulator is urging banks to plug holes, while South Korea’s government agencies have met to review and discuss how to respond to the risks. In Australia, authorities expect lenders to be vigilant to ensure clients aren’t put at risk by inadequate controls. The actions around the region reflect rising global concern over Mythos as regulators discuss with financial firms how they are handling the cybersecurity risks raised by the model, which has so far been given only a limited release. Anthropic held back a wider release after finding the model was capable of discovering security holes that have gone undetected for years, fuelling alarm about a potential new era of cybersecurity attacks.The Monetary Authority of Singapore is coordinating with the country’s cybersecurity agency to strengthen defences at critical infrastructure operators including banks.BLOOMBERG
TUESDAY APRIL 21, 2026 27 THE EDGE CEO MORNING BRIEFWORLD(April 20): In the early 2010s, a small Australian company tried to build a fleet of satellites before lenders, concerned about its chief executive officer’s flamboyant behaviour, pulled hundreds of millions of dollars of financing. The firm collapsed in 2015.More than a decade later, Singapore real estate tycoon Ching Chiat Kwong, who says he put US$100 million (RM395.25 million) of his own money into NewSat Ltd, has not forgotten. The Supreme Court of Victoria began hearing a case on Monday brought by the liquidators of the company against lenders Societe Generale SA, Credit Suisse — now owned by UBS Group AG — and Standard Chartered plc, as well as credit insurers Export-Import Bank of the United States, and Coface of France.Within the suit are allegations that the lenders failed to honor loan agreements, which prevented NewSat paying contractors to build and launch a satellite, that ultimately resulted in a loss of potential earnings.Just how much was lost is contentious. Ching, in an interview, has put the claim around US$1 billion, based on an expert report, due to the lost opportunity to launch the original satellite and others planned for the future. Standard Chartered said the claimants asserted loss and damage of up to US$4.81 billion, according to its annual report. The trial is the next twist in a saga over a firm that once had hopes of launching Australia’s first independently-owned Singapore tycoon seeks US$1 bil from banks for firm’s flop(April 20): Singapore’s growth is poised to moderate as its export-driven model is strained by geopolitical tensions and a fragmenting global trading system, though it could draw support from opportunities in the Middle East, according to Bloomberg Intelligence (BI).Growth in the Asian financial hub is expected to ease to about 2.5% this year before settling into a 2%-3% range over the longer term, BI analysts led by Sarah Jane Mahmud said in a report on Monday. Still, the city is projected to outpace many developed peers as economies grapple with fallout from the Iran war. Singapore will update its economic outlook from its earlier forecast of 2%-4% in May. “Singapore has prospered on the back of burgeoning trade and foreign-investment flows, yet it now faces a less positive environment as protectionism increases and big countries bring some investment home for national-security reasons,” BIsaid. “Authorities are responding to these risks, and we believe Singapore will continue to grow moderately faster than the developed-world average in coming years.”Officials in the city-state have long warned of rising economic and geopolitical headwinds, a message that helped the ruling party increase its share of the vote in last year’s election. In a budget unveiled roughly a fortnight before the US and Israel attacked Iran, Prime Minister Lawrence Wong said that “standing still is not an option — we cannot wait for conditions to turn more favourable, nor can we fall back on strategies designed for a previous era”.While parts of Asia have faced fuel disruptions as the Iran war has disrupted shipping through the Strait of Hormuz, Singapore has avoided rationing though government offices have reined in the use of air-conditioning. And even with the risks arising from disruptions to supplies of fuel, fertilisers and other commodities, instability in global markets may to an extent benefit Singapore, which can harness careful regulation, a strong currency and its AAA credit rating to draw wealth-management business, according to BI. Inflows linked to the Middle East conflict have been modest so far, but customers from there could exceed 6% of the private banking client base if the conflict persists, pushing assets under management toward the upper end of the 6%–10% annual growth forecast through 2030. Assets under management at major banks rose 13% in 2025, a number the report says is also likely to rise in that scenario.Read the full storySingapore’s model for success faces test in a less global eraBY PHILIP J HEIJMANS BloombergBY LOW DE WEI & PATRICK WINTERS Bloombergsatellite. But it never took off as lenders grew concerned about the behaviour of its founder Adrian Ballintine, according to a defence filing. Read the full storySingapore real estate tycoon Ching Chiat KwongBLOOMBERGBLOOMBERG
TUESDAY APRIL 21, 2026 28 THE EDGE CEO MORNING BRIEFWORLDBaltic Exchange shipping updatesA weekly round-up of tanker and dry bulk market (April 17, 2026)CAPESIZEThe market delivered a firm performance over the week, building momentum from a cautious but positive start into a broadbased midweek rally, before showing signs of consolidation at elevated levels by Thursday. The BCI 182 5TC gained over US$6,000 across the week, underpinned by improving sentiment and tightening fundamentals. The Pacific led the initial gains, with sustained miner activity driving C5 rates from the mid-US$12s to the midUS$13s, supported by consistent enquiry and tightening prompt tonnage. In the Atlantic, the South Brazil and West Africa markets saw robust demand, particularly early in the week, with C3 rates climbing into the mid US$32s on index dates. Continued fixing activity progressively reduced the tonnage list, lending underlying support despite some intra-week volatility. The North Atlantic also improved, with firmer fronthaul and transatlantic fixtures reflecting healthier demand.PANAMAXThis week saw a steady strengthening across both Atlantic and Asian Panamax markets, with sentiment gradually improving each day. In the Atlantic, tightening cargo supply early in the week gave way to firmer demand, particularly for grains and fronthaul trades, pushing rates consistently higher despite a visible tonnage list. The P1A rose from US$13,155 on Monday to US$14,270 by Thursday. In Asia, sustained cargo flow from Australia and Indonesia, alongside a gradually tightening tonnage count, supported rate gains and increased period activity. Overall, improving bids, resilient owner resistance, and stronger cargo volumes underpinned a positive market trajectory. The P5TC climbed from US$16,757 to US$17,773 over the week.ULTRAMAX/SUPRAMAXA positive week for the sector with increased demand and a slight tightening of prompt tonnage availability in a few key areas. The US Gulf gained momentum as the week progressed, a 63,000-dwt was heard to have fixed in the low US$30,000s for a transatlantic run. Better levels of interest from the South Atlantic, a 64,000-dwt fixing delivery Santos trip China in the low US$17,000s plus low US$700,000s ballast bonus. By contrast, the Continent-Mediterranean remained rather subdued. A 61,000-dwt fixing delivery Spain for a trip US East Coast at US$10,750. Both the Indian Ocean and Asian arenas saw upward momentum with demand for coal from South Africa seeing a 64,000-dwt fixing delivery South Africa trip to India at US$26,500 plus US$265,000 ballast bonus. From Asia, the north remained healthy with a 57,000-dwt fixing delivery North China trip redelivery South Africa at US$18,000. Whilst further south, a 60,000-dwt fixed delivery SE Asia trip via Australia redelivery Japan at US$19,000. Period activity surfaced, a 61,000-dwt fixing 3 to months trading at US$19,000. HANDYSIZEThe market maintained a generally positive tone over the last week, with gradual improvements in rates and sentiment, particularly towards midweek. The Continent and Mediterranean remained the most subdued region throughout, with limited fresh inquiry and largely positional sentiment keeping rates broadly unchanged. A 40,000-dwt fixing delivery East Mediterranean trip to the Continent at US$11,000. The US Gulf stabilised compared to previous weakness, showing a more balanced supply-demand dynamic with minimal rate volatility. A 37,000-dwt fixing a scrap run from US Gulf redelivery Peru at US$12,500. In the South Atlantic, sentiment continued to firm despite limited reported fixtures, with market participants indicating higher ideas and improving underlying fundamentals. Across Asia, the market showed consistent support, underpinned by tight prompt tonnage and a steady flow of cargoes. Activity and sentiment improved progressively, with increased demand and firmer fixtures reported by midweek. A 37,000-dwt fixing delivery West Australia redelivery China in the US$17,000s. Period action was also noted, a 38,000-dwt fixing delivery SE Asia for short period in the upper US$8,000s.CLEANLR2The TC1 75kt MEG/Japan index climbed from WS543 to WS589 this week.A voyage west also saw the TC20 90kt MEG/UK-Continent index rise US$362,000 to US$10.2 million.The TC15 80kt Mediterranean/East index was consistently marked around US$11.5 million this week, with the corresponding TCE at US$113,000/day on Baltic description round trip.LR1The TC5 55kt MEG/Japan index has also been assessed up 52 points this week to W621.A trip west on TC8 65kt MEG/UK-Continent ended the week with the index US$485,000 better to US$7.55 million.MRThe TC17 35kt MEG/East Africa index remained unperturbed this week at around the WS705 mark.On the UK-Continent, MRs this week with freight rates dipped. The TC2 37kt ARA/US-Atlantic Coast index was assessed 33 points lower than last week at WS279 with the Baltic TCE for the round trip now at US$30,000/day.Read the full report
TUESDAY APRIL 21, 2026 29 THE EDGE CEO MORNING BRIEFMARKETSTop 20 active stocksWorld equity indicesTop gainers (ranked by %) Top losers (ranked by %)Top gainers (ranked by RM) Top losers (ranked by RM)NAME VOLUME CHANGE CLOSE YTD MARKET(MIL) (RM) CHANGE CAP(%) (RM MIL)ZETRIX AI BHD 192.20 0.020 0.855 5.56 6,889.7INARI AMERTRON BHD 75.61 0.120 1.770 6.18 6,735.1AIRASIA X BHD 61.69 -0.030 1.300 -25.29 4,369.1EMPIRE PREMIUM FOOD BHD 52.13 -0.030 1.010 — 1,111.0SUNWAY HEALTHCARE HOLDINGS 45.80 0.090 1.930 — 22,195.3NEXG BHD 37.56 0.020 0.265 -5.36 983.7CAPITAL A BHD 34.10 -0.015 0.455 9.64 2,034.3MMAG HOLDINGS BHD 32.21 0.000 0.030 -57.14 69.6V.S INDUSTRY BHD 30.87 -0.005 0.190 -60.82 750.1TANCO HOLDINGS BHD 29.63 -0.090 1.600 37.93 9,814.4MEGA FORTRIS BHD 27.13 0.000 1.230 38.20 1,039.3OCR GROUP BHD 27.11 0.000 0.050 25.00 167.0BUMI ARMADA BHD 26.90 -0.005 0.370 29.37 2,193.4PUBLIC BANK BHD 26.77 0.010 4.690 5.92 91,036.1TOP GLOVE CORPORATION BHD 22.59 -0.005 0.725 12.40 5,957.9KINERGY ADVANCEMENT BHD 19.13 -0.010 0.380 -1.30 830.35E RESOURCES HOLDINGS BHD 18.74 -0.005 0.255 — 392.7ASTRO MALAYSIA HOLDINGS BHD 18.13 0.000 0.065 -35.00 339.7BINA PURI HOLDINGS BHD 17.27 0.000 0.300 1.69 267.9GAMUDA BHD 17.11 0.030 4.400 -10.57 26,208.5Data as compiled on Apr 20, 2026 Source: BloombergNAME CLOSE CHANGE VOLUME YTD MARKET(%) (‘000) CHANGE CAP(%) (RM MIL)TRIVE PROPERTY GROUP BHD 0.020 33.33 1,883.60 33.33 28.6MAYU GLOBAL GROUP BHD 0.140 27.27 1.60 47.37 67.5ADVANCE INFORMATION MARKETING 0.050 25.00 450.00 -9.09 19.5ENRA GROUP BHD 0.650 20.37 119.10 0.00 110.3FITTERS DIVERSIFIED BHD 0.030 20.00 383.60 0.00 70.6MAXLAND BHD 0.030 20.00 230.40 -14.29 48.1TECHNODEX BHD 0.030 20.00 2.00 0.00 26.6INDUSTRONICS BHD 0.030 20.00 2.10 -14.29 21.2S & F CAPITAL BHD 0.065 18.18 182.40 0.00 51.2JADI IMAGING HOLDINGS BHD 0.040 14.29 101.20 0.00 56.0HO HUP CONSTRUCTION COMPANY 0.040 14.29 60.00 -20.00 20.7TAN CHONG MOTOR HOLDINGS BHD 0.575 13.86 4,022.10 -5.74 386.4LION POSIM BHD 0.330 13.79 1.00 6.45 76.4TECHBASE INDUSTRIES BHD 0.085 13.33 1,121.60 0.00 26.2SOLID AUTOMOTIVE BHD 0.135 12.50 123.70 3.85 70.1WAJA KONSORTIUM BHD 0.050 11.11 220.00 0.00 55.8GO HUB CAPITAL BHD 1.020 10.87 638.20 71.43 448.8VIZIONE HOLDINGS BHD 0.110 10.00 50.60 -24.14 60.8TURBO-MECH BHD 0.620 8.77 88.50 55.00 67.0TAGHILL HOLDINGS BHD 0.065 8.33 5,963.30 0.00 101.2Data as compiled on Apr 20, 2026 Source: BloombergNAME CLOSE CHANGE VOLUME YTD MARKET(%) (‘000) CHANGE CAP(%) (RM MIL)HONG SENG CONSOLIDATED BHD 0.005 -50.00 1,775.40 0.00 28.1ECOBUILT HOLDINGS BHD 0.040 -27.27 158.70 -27.27 16.8BSL CORPORATION BHD 0.015 -25.00 9.90 0.00 29.0VINVEST CAPITAL HOLDINGS BHD 0.020 -20.00 190.00 -42.86 19.4GREEN PACKET BHD 0.025 -16.67 117.00 -37.50 65.0KEY ASIC BHD 0.025 -16.67 1,707.20 -28.57 35.1PDZ HOLDINGS BHD 0.025 -16.67 1,365.20 -28.57 14.7BTM RESOURCES BHD 0.030 -14.29 77.50 0.00 37.7SERSOL BHD 0.030 -14.29 175.00 20.00 24.1DGB ASIA BHD 0.030 -14.29 19.80 -14.29 9.9PROGRESSIVE IMPACT CORP 0.035 -12.50 59.30 -12.50 23.0VSOLAR GROUP BHD 0.035 -12.50 710.60 -12.50 17.4PERAK CORPORATION BHD 0.440 -12.00 1.00 -40.54 44.0KAREX BHD 0.530 -11.67 2,113.70 -24.82 558.3CITRA NUSA HOLDINGS BHD 0.040 -11.11 90.00 -11.11 28.8DIGISTAR CORPORATION BHD 0.040 -11.11 229.90 -27.27 25.2NETX HOLDINGS BHD 0.045 -10.00 1,501.40 -30.77 42.2MERCURY INDUSTRIES BHD 0.610 -9.63 2.50 -17.57 43.1HHRG BHD 0.050 -9.09 299.50 4.17 56.9JIANKUN INTERNATIONAL BHD 0.050 -9.09 245.00 42.86 28.4Data as compiled on Apr 20, 2026 Source: BloombergNAME CLOSE CHANGE VOLUME YTD MARKET(RM) (‘000) CHANGE CAP(%) (RM MIL)NESTLÉ (MALAYSIA) BHD 98.000 -1.000 228.60 -13.25 22,981.0UNITED PLANTATIONS BHD 33.600 -0.580 423.40 11.78 20,978.3PETRONAS DAGANGAN BHD 20.200 -0.380 653.10 3.37 20,067.8ALLIANZ MALAYSIA BHD 20.900 -0.300 24.70 8.22 3,851.0PETRONAS CHEMICALS GROUP BHD 5.310 -0.260 17,053.90 47.95 42,480.0PPB GROUP BHD 11.400 -0.260 500.60 3.07 16,217.6DUTCH LADY MILK INDUSTRIES BHD 32.020 -0.240 5.40 3.29 2,049.3KUALA LUMPUR KEPONG BHD 20.880 -0.200 486.60 6.52 23,306.3GAS MALAYSIA BHD 5.130 -0.190 4,449.80 19.19 6,586.9MALAYSIA SMELTING CORPORATION 1.870 -0.150 4,829.80 16.88 1,570.8MISC BHD 8.050 -0.120 1,773.70 4.94 35,933.5ALLIANCE BANK MALAYSIA BHD 4.690 -0.110 2,358.00 -7.13 8,114.7TANCO HOLDINGS BHD 1.600 -0.090 29,630.70 37.93 9,814.4KELINGTON GROUP BHD 5.570 -0.090 2,858.90 8.83 4,745.2IOI PROPERTIES GROUP BHD 3.830 -0.080 8,975.70 45.08 21,088.5KEYFIELD INTERNATIONAL BHD 1.490 -0.080 912.10 1.57 1,206.5KESM INDUSTRIES BHD 3.150 -0.080 50.20 5.00 135.5MEGA FIRST CORPORATION BHD 2.920 -0.070 372.60 -11.84 2,886.0KAREX BHD 0.530 -0.070 2,113.70 -24.82 558.3MERCURY INDUSTRIES BHD 0.610 -0.065 2.50 -17.57 43.1Data as compiled on Apr 20, 2026 Source: BloombergNAME CLOSE CHANGE VOLUME YTD MARKET(RM) (‘000) CHANGE CAP(%) (RM MIL)FRASER & NEAVE HOLDINGS BHD 31.460 0.460 72.30 -10.49 11,538.9MALAYAN BANKING BHD 11.340 0.240 15,617.60 11.42 137,161.0BINTULU PORT HOLDINGS BHD 5.590 0.240 0.10 4.51 2,571.4PETRONAS GAS BHD 18.220 0.200 430.00 1.67 36,052.5MALAYSIAN PACIFIC INDUSTRIES 34.200 0.200 187.00 6.08 7,178.0HEINEKEN MALAYSIA BHD 23.400 0.200 102.50 1.92 7,069.1HONG LEONG BANK BHD 22.400 0.180 959.30 2.50 48,556.9HONG LEONG INDUSTRIES BHD 17.480 0.180 68.10 7.00 5,731.8BRITISH AMERICAN TOBACCO (M) 6.040 0.140 554.80 45.12 1,724.6CIMB GROUP HOLDINGS BHD 7.590 0.120 14,833.90 -5.51 81,996.1INARI AMERTRON BHD 1.770 0.120 75,613.70 6.18 6,735.1SARAWAK PLANTATION BHD 3.650 0.120 204.20 24.19 1,022.0ENRA GROUP BHD 0.650 0.110 119.10 0.00 110.3AMMB HOLDINGS BHD 6.250 0.100 4,592.80 -3.85 20,713.7KLCC PROP&REITS-STAPLED SEC 9.100 0.100 209.00 6.64 16,428.5MALAYAN CEMENT BHD 7.200 0.100 2,055.30 -5.25 10,043.2MN HOLDINGS BHD 2.110 0.100 14,325.00 27.88 1,393.6GO HUB CAPITAL BHD 1.020 0.100 638.20 71.43 448.8SUNWAY HEALTHCARE HOLDINGS 1.930 0.090 45,802.70 — 22,195.3TENAGA NASIONAL BHD 14.400 0.080 3,026.70 7.04 83,939.6Data as compiled on Apr 20, 2026 Source: BloombergCLOSE CHANGE CHANGE(%)CLOSE CHANGE CHANGE(%)DOW JONES* 49,447.43 868.71 1.79S&P 500* 7,126.06 84.78 1.20NASDAQ 100* 26,672.43 339.43 1.29FTSE 100* 10,667.63 -71.11 -0.67AUSTRALIA 8,953.29 6.36 0.07CHINA 4,082.13 30.70 0.76HONG KONG 26,361.07 200.74 0.77INDIA 78,520.30 26.76 0.03INDONESIA 7,594.11 -39.89 -0.52JAPAN 58,824.89 348.99 0.60KOREA 6,219.09 27.17 0.44PHILIPPINES 6,016.03 16.90 0.28SINGAPORE 5,004.07 6.14 0.12TAIWAN 36,958.80 154.46 0.42THAILAND 1,481.85 -0.60 -0.04VIETNAM 1,837.11 19.94 1.10Data as compiled on Apr 20, 2026 * Based on previous day’s closing Source: BloombergCPO RM 4,497.0047.00 OIL US$ 94.353.97 RM/USD 3.9535 RM/SGD 3.1094 RM/AUD 2.8302 RM/GBP 5.3454 RM/EUR 4.6515