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CEOMorningBrief TUESDAY, NOVEMBER 21, 2023 ISSUE 672/2023 theedgemalaysia.com GAMUDA LAND MAKES HAT-TRICK HISTORY AT THE EDGE’S TOP PROPERTY DEVELOPERS AWARDS 2023 p8 HOME: Govt applies to strike out Halim Saad’s suit, Nor Yakcop says Halim accepted compensation offer p2 Over 60% of GLIC funds invested in Malaysia, with up to 62.7% in local equities p5 AGC had consistently assured parliamentary panels that GEG provisions are constitutional, says think tank p6 Economists see smaller contraction in Malaysia’s 2023 exports after stronger October data p12 WORLD: Chinese, Saudi central banks sign currency swap worth US$7 bil p23 Report on Page 4. Govt mulls life-cycle approach for social protection reform LOW YEN YEING/THE EDGE

TUESDAY NOVEMBER 21, 2023 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] Govt applies to strike out Halim Saad’s suit, Nor Yakcop says Halim accepted compensation offer KUALA LUMPUR (Nov 20): The Attorney General Chambers, appearing for former prime minister Tun Dr Mahathir Mohamad, former minister Tan Sri Nor Mohamed Yakcop and the government, has applied to strike out the suit filed by businessman Tan Sri Halim Saad. It filed the striking out application on Nov 16, saying the suit is frivolous, vexatious and an abuse of the court process. It has also applied to stay all proceedings until the determination of this (striking out) application. The application to strike out the suit has been fixed for hearing on May 14 next year, before Judicial Commissioner Dr Suzana Mohamad Said. The application to strike out the suit is supported by an affidavit in support by Nor Mohamed, in which he affirmed that Halim had supported the general offer on United Engineers Malaysia Bhd (UEM) on his own choice, without any inducements from the defendants. “Halim accepted the offer from Khazanah Nasional (Bhd) to acquire his shares and the implementation to acquire Halim’s shares was completed on Oct 8, 2001. I affirmed that the takeover of Halim’s stake was not done compulsorily, as there had been a series of negotiations to finalise the compensation that should be paid,” he said. “In Halim’s letter to Dr Mahathir on Nov 13, 2002, Halim let Dr Mahathir decide on the adequate compensation to be paid to him (Halim). He (Halim) stipulated that what he wanted was to be free of debt,” the former minister (Nor Mohamed) added. In a letter from Halim dated May 13, 2003 to Khazanah, Nor Mohamed said Halim said he was in agreement to receive RM165 million as the final settlement amount to the claim for the losses he suffered in losing control of Renong Bhd and the UEM group. BY HAFIZ YATIM theedgemalaysia.com Correction: With regard to the article titled, ‘Govt confirms in talks with concessionaires to avoid toll hikes on 19 highways’ that was published on www.theedgemalaysia.com on Nov 16 and in the The Edge CEO Morning Brief on Nov 17, 2023, it should be noted that the restructuring of toll concessions for the 19 highways under Amanat Lebuhraya Rakyat Bhd, Projek Lintasan Kota Holdings Sdn Bhd, IJM Corp Bhd, ANIH Bhd and PLUS Malaysia Bhd, has already been completed, and not as reported. The error is regretted. Negotiations for other highways, including the East Coast Highway Phase 2 or LPT2, meanwhile, are ongoing. HOME Nor said by extension of Halim’s letter, Halim was paid the RM165 million by Khazanah via two tranches, namely RM45 million on May 22, 2003 and the second tranche of RM120 million on May 26, 2003. He added that Halim had agreed to receive the compensation of RM165 million, despite claiming that it was not ample compensation. “However, this is not the first time that Halim had filed this suit as a result of him not being satisfied with the compensatory amount, and he filed a RM1.3 billion suit in 2013, where the defendants including myself (Nor Mohamed), filed a striking out application at the High Court. “Halim claimed there was an agreement as cited in his letters dated July 18, 2001, over the terms of compensation by Khazanah but Dr Mahathir did not give a response or answer. As a result, the High Court decided there was no agreement which bound both parties as per the alleged letters on July 18, 2001. “The court further ruled to strike out the suit based on it being filed way past the limitation period, as it should have been filed by 2008,” Nor Mohamed said, adding that Halim’s new suit is also bound by the Limitation Act 1953. Prior to this, Halim maintained allegations of being forced by Mahathir and Nor Mohamed to sell his stake in Renong and UEM, hence causing a loss of property to him and constituting a breach of his rights. The businessman (Halim) filed his latest suit in August this year, claiming he suffered losses as a result of concerted efforts by the authorities to stop his bid to take over UEM, which then owned prized assets — including the North South Expressway’s toll concession. In the case management before High Court’s senior assistant registrar Nik Nur Amalina Mat Zaidan on Monday, all parties were also directed to exhaust affidavits to the striking out application that will be heard next year before Suzana. In Halim’s letter to Dr Mahathir on Nov 13, 2002, Halim let Dr Mahathir decide on the adequate compensation to be paid to him (Halim). He (Halim) stipulated that what he wanted was to be free of debt.” — Tan Sri Nor Mohamed Yakcop.

TUESDAY NOVEMBER 21, 2023 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 20): As of Oct 5, 2023, the Employees’ Provident Fund (EPF) Account 2 Support Facility Programme (FSA2) has received a total of 223,018 applications, with only 29% or 64,965 applications approved, said Finance Minister Datuk Seri Anwar Ibrahim. These approvals, processed by MBSB Bank and Bank Simpanan Nasional (BSN), involve a total funding of RM1.3 billion, Anwar stated in a written reply to Datuk Mohd Suhaimi Abdullah (PN-Langkawi) on Monday. FSA2 is a programme designed to assist EPF members in obtaining personal financing from banking institutions. Currently, two banks are participating in FSA2 — MBSB and BSN. FSA2 offers a maximum financing amount of RM50,000 (subject to EPF Account 2 balance) and a repayment period of up to 10 years. Among the conditions is that the applicant must have a minimum of RM3,000 in EPF Account 2. To a separate question from Zulkifli Ismail (PN-Jasin), Anwar stated that, as of Sept 30, 2023, a total of 6.3 million EPF members under the age of 55, or 48%, have a savings balance of less than RM10,000 in their EPF accounts. This is an increase from the 4.7 million members representing 37% of EPF’s total members that were recorded in April 2020, before the introduction of special withdrawals related to Covid-19. With savings below RM10,000, contributors are expected to have a retirement income of less than RM42 per month for a 20-year period, said Anwar, who is also Malaysia’s prime minister. Anwar highlighted that the issue of insufficient EPF savings is severe, especially considering Malaysia’s rapidly ageing population, which will impact the country’s economy and productivity, and the social well-being, quality of life, and health of its people. In an effort to enhance retirement savings and encourage voluntary contributions, Anwar said the government, through Budget 2024, has increased the government matching contribution limit to RM500 per year, under the i-Saraan programme that allows self-employed EPF members or those without a fixed income to make voluntary contributions. Additionally, under the i-Suri programme — which allows housewives registered under the National Database on poverty (e-Kasih) to contribute to the EPF — housewives under 55 registered in the e-Kasih database can receive a matching contribution incentive, with a lifetime incentive capped at RM3,000 per individual and an annual matching incentive limit of RM300. The EPF has also implemented various strategies, including allowing members to contribute beyond the 11% statutory rate and for them to make voluntary contributions with an annual limit of RM100,000, starting from June 1, 2023. The government has also implemented outreach campaigns such as “Jom Tambah”, and increased mobile teams, particularly in remote areas, to engage more Malaysians to contribute to the EPF. “EPF has initiated collaborations with agencies and gig platform providers, such as Grab Malaysia and GoGet Malaysia, to facilitate direct contribution channels for gig workers, simplifying their retirement savings process,” Anwar added. Over 64,000 applications for loans supported by EPF savings approved as of Oct 5 KUALA LUMPUR (Nov 20): The government is seeking to formulate social protection policies through a life-cycle approach, as one of three initiatives to achieve social protection reforms in the country, said Deputy Finance Minister Datuk Seri Ahmad Maslan. The other two initiatives are to formulate guidelines for a more comprehensive social protection among informal workers, and the expansion of the People’s Income Initiative programme, which seeks to increase the income of hardcore poor and those in the bottom 40% of the income bracket. Officiating the 40th Asean Social Security Association (ASSA) seminar on Monday, Ahmad said the government is exploring the expansion of the social protection network to “raise the floor” of social protection for Malaysians. “This starts with establishing a social protection floor, encompassing basic income security for key target groups, before pursuing minimum standards under the International Labour Organisation Convention,” he said. Khazanah Research Institute, one of the proponents of the life-cycle approach, said in 2021 that it is “forward-looking in preventing poverty and addressing vulnerability”, rather than the current charity-model or poverty-targeting that is seen in Malaysia. The life-cycle approach of social protection provides basic protection to citizens from the cradle to the grave. By reflecting different risks or vulnerabilities faced by individuals in different stages of life, the social protection programmes are thus designed to address those risks at those stages. In contrast, the charity model approach is often characterised by a focus on shortterm relief, and is typically implemented through the provision of aid or donations. In short, a life-cycle approach to social protection entails “investing” to ensure the entire population could overcome social and economic risks throughout their lifetime, instead of becoming dependent on assistance. Govt mulls life-cycle approach for social protection reform Similarly, Malaysia’s private sector retirement fund, the Employees Provident Fund (EPF), in July highlighted that a more inclusive social protection system is needed in the country, in view that it is currently narrow and inadequate. Among approaches being explored by the EPF to improve the social protection coverage are a basic income drawdown option, and the multi-layer income framework through the introduction of a contributory national pension. The approach towards social protection is not the only issue to be addressed. From the retirement perspective, insufficient EPF savings is also seen to be at a “serious level”, Prime Minister Datuk Seri Anwar Ibrahim said in a written reply to the Dewan Rakyat on Monday. Currently, the number of EPF members aged below 55 who have less than RM10,000 savings in the fund has increased to 6.3 million, from 4.7 million at end-April 2020, Anwar said. Only 9.1% of intended beneficiaries in Malaysia are covered by social protection, compared with an average of 55.1% in Asia, and 12.8% globally, according to data presented by Datuk Norma Mansor, director of Universiti Malaya’s Social Wellbeing Research Centre and president of the Malaysian Economic Association. BY ADAM AZIZ theedgemalaysia.com BY CHOY NYEN YIAU theedgemalaysia.com

TUESDAY NOVEMBER 21, 2023 5 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 20): A total of RM106.93 million has been used for the payment of user requirement provisions before the contract for the National Integrated Immigration System (NIISe) was cancelled, says Minister of Home Affairs Datuk Seri Saifuddin Nasution Ismail. In a parliamentary written reply to Datuk Mas Eemieyati Samsudin (PN-Masjid Tanah), Saifuddin stated the government decided to terminate the NIISe contract “due to the company’s failure to fulfil its obligations within the stipulated period based on the agreed agreement”. Home minister: RM106.93 mil spent before NIISe contract terminated KUALA LUMPUR (Nov 20): More than 60% of government-linked investment companies’ (GLICs) funds are invested locally, with 15.8% to 62.7% invested in Malaysian-listed equities from Jan 1, 2019 to Aug 31, 2023, according to Deputy Finance Minister II Steven Sim. This is led by the Employees Provident Fund (EPF), with an average of 64.9% of its RM1.096 trillion fund invested in the domestic market. Of its entire fund base, 24.4% is invested in local listed equities. For Permodalan Nasional Bhd (PNB), whose total investment is RM332 billion, an average of 84.3% is invested domestically, where 74.4% is in domestically listed equities, Sim said. “Kumpulan Wang Amanah Pencen (KWAP) holds RM167 billion, with an average investment of 79.3% in the domestic market, where 45.2% is in domestically listed equities. “Lembaga Tabung Haji (LTH) has RM91 billion, and the average investment in the domestic market is 90.1%, with 18.3% in domestically listed equities. “Lembaga Tabung Angkatan Tentera (LTAT) manages RM10.5 billion, with the entire fund invested in the domestic market, of which 52% is in domestically listed equities,” said Sim, in response to Jimmy Puah (PH-Tebrau) during the oral question and answer session at Dewan Rakyat on Monday. GLIC participation in the Malaysian equity market represents 7.7% of the total average daily traded value, focusing on sectors such as banking, commodity-related industries, and others, according to Sim. “The Ministry of Finance believes that based on the allocation of their respective strategic assets, GLICs will remain committed to making investments in the country, including in Bursa Malaysia, where GLIC participation is seen to strengthen the local equity market,” says Sim. On Khazanah Nasional Bhd, Sim said the sovereign wealth fund manager has made domestic investments of RM9.2 billion from 2019 to 2022, equivalent to 32.5% of the total investment worth RM28.3 billion. “As of Dec 31, 2022, Khazanah’s total investment portfolio with realisable asset value is as much as RM122.5 billion. Of this amount, the market value of Khazanah’s holdings in the country amounted to RM81.2 billion or 66.3%,” said Sim. In total, the six funds held RM451.3 billion in local listed equities, or 25.6% of the Malaysian listed equities’ market capitalisation as at Sept 30, 2023, he said. Meanwhile, touching on government investments in Minister of Finance (Incorporated) (MOF Inc) companies, Sim said the purpose is to serve as “a catalyst for the marOver 60% of GLIC funds invested in Malaysia, with up to 62.7% in local equities ket and filling market gaps in certain sectors that cannot be explored or lack private sector involvement due to high investment costs”. “Additionally, MOF Inc companies’ investment aims to provide basic infrastructure and services to the people, such as utilities and public transport, where these services receive less attention from the private sector,” Sim added. Sim added that as of Sept 23, 2023, the Malaysian equity market size increased by RM42.68 billion or 2.5% to RM1.78 trillion, compared to RM1.74 trillion on Dec 31, 2022. In terms of transacted units, Sim stated that up to Aug 31, 2023, the total number increased by 14.4% from 489.4 billion units to 559.6 billion units, with the average daily transactions also increasing by 15.1% from three billion units to 3.5 billion units. On government-linked companies (GLCs), Sim mentioned that these companies’ investments are more focused on domestic capital expenditure for company expansion, including the purchase of assets for their business and operations. Most of the capital expenditures are concentrated in companies such as Tenaga Nasional Bhd, Malaysia Airports Holdings Bhd, and Telekom Malaysia Bhd, all of which are under the portfolio of Khazanah. BY CHOY NYEN YIAU theedgemalaysia.com BY CHOY NYEN YIAU theedgemalaysia.com Investments in Malaysia held by GLICs Fund Local listed equity % of Fund size holding (RM bil) domestic (RM bil) (as at Sept 30, 2023) equity Domestic Domestic market investments listed value (%) equities (%) EPF 154.12 8.75 1,096 64.9 24.4 PNB 159.70 9.07 322 84.3 74.4 KWAP 56.21 3.19 167 79.3 45.2 LTH 15.67 0.89 91 90.1 18.3 LTAT 2.90 0.16 10.5 100.0 52.0 Khazanah 62.70 3.56 122.5 66.3 51.0 Total 451.30 25.63 Local equity market size 1,761.00 Note: KWAP local listed equity holding as at Aug 31, 2023. Source: Ministry of Finance Average investments (2019 to Aug 31, 2023) The RM1.12 billion project was awarded to Iris Information Technology Systems Sdn Bhd (IITS), a subsidiary of Iris Corporation Bhd, effective from March 1, 2021, until Aug 31, 2025. However, the government decided to terminate the agreement with IITS through a notice dated Aug 10, 2023, with effect from Aug 14, 2023, Saifuddin said. Saifuddin said since the project’s implementation on March 1, 2021, its performance has never met the planning schedule that was set. CONTINUES ON PAGE 6

TUESDAY NOVEMBER 21, 2023 6 THEEDGE CEO MORNING BRIEF HOME “The progress of the physical work of the project was delayed for four months, the company failed to provide the development environment to start the development of the system, and failed to complete the handovers within the prescribed remedy period,” Saifuddin said. The user requirement provisions which have been paid for were nonetheless successfully finalised and completed, he added. Saifuddin said the government is currently conducting a pre-qualified open tender procurement to identify contractors with high capabilities to implement the stalled NIISe project and provide value for money returns to the government. “The appointment of this new contractor is expected to take place after the pre-qualification open tender procurement process is completed, and the NIISe project will be implemented in stages in 264 locations across the country, including 27 Immigration Attachés around the world,” Saifuddin added. NIISe was developed to replace the existing system in the Malaysian Immigration Department, which is the myIMMs System that has been operating for more than 20 years. KUALA LUMPUR (Nov 20): The Galen Centre for Health and Social Policy has refuted the recent claim by the attorney general that his office has been consistent in its stance that the tobacco and vape generational end game (GEG) provisions in the Control of Smoking Products for Public Health Bill 2023 could be unconstitutional. The think tank said that at all the consultation meetings since the bill was first proposed in 2022, including those held by three Parliamentary Special Select Committees (PSSCs), representatives of the Attorney General’s Chambers (AGC) had given the assurance that the GEG provisions were legally sound. The PSSC on Health, Science and Innovation and the PSSC Studying the Control of Tobacco Products and Smoking Bill held their meetings in 2022, while the PSSC on Health’s meeting was in 2023. “This concern was raised by Members of Parliament during the early stages and in various PSSC deliberations. Representatives of either the Ministry of Health’s legal adviser or the AGC were asked to respond and answer,” said Galen Centre chief executive officer Azrul Mohd Khalib. “If there was any consistency to be had, it was the continued assurance from the legal side that the GEG provisions were on the right side of the law, and specifically the Federal Constitution. Whether they were palatable from a political perspective, was a separate consideration,” Azrul said in a statement on Monday. The GEG provisions, first proposed by former health minister Khairy Jamaluddin in 2022, seek to prohibit the sale to and use of conventional and electronic cigarettes for anyone born from 2007 throughout their lifetime. On Saturday, Attorney General Datuk Ahmad Terrirudin Mohd Salleh said the AGC had consistently provided legal views since 2022 that the provisions related to GEG could be challenged in court, as it allegedly contradicts Article 8 of the Federal Constitution, which stipulates that all persons are equal before the law and entitled to equal protection of the law. “... the provision creates unequal legal treatment between a person born before Jan 1, 2007, and a person born on and after Jan 1, 2007,” the attorney general had said. Ahmad Terrirudin was responding to former Khairy’s media statement claiming that the AGC had previously signed off on the bill when it was prepared while he was health minister, before a sudden reversal. Khairy also claimed that the suspension of the bill was due to political pressure rather than legal concerns about its constitutionality. AGC had consistently assured parliamentary panels that GEG provisions are constitutional, says think tank Azrul, in his statement, questioned the veracity of the AG’s claim, saying that the discussions during the PSSC deliberations can be verified through transcripts that are available publicly online on the Parliament of Malaysia website. “Was the opinion of the AGC representatives since early 2022 when the bill was first proposed and deliberated throughout and into this year, consistent in stating that these provisions were unconstitutional? Check the Hansard,” he contended. Azrul further argued that the bill is immediately and urgently needed to close a legal loophole created by the Health Ministry’s decision on April 1 to remove liquid and gel nicotine from the list of controlled substances scheduled under the Poisons Act 1952. “This act of self-harm, in absence of any regulation or legislation, has resulted in nicotine vape and e-cigarettes being easily accessible, used, sold and manipulated without restraint or regulation. “Currently, retailers can even legally sell these nicotine products to children at whatever nicotine concentration. As a result, a nicotine vape epidemic has erupted among Malaysian children which has been documented extensively in the media recently,” he said. As such, Azrul pointed out that the government has two options at this juncture, either to decouple the GEG provisions from the bill, or put back liquid and gel nicotine into the schedule of controlled substances under the Poisons Act. “If the provisions related to the GEG in the current version of the bill needs to be dropped in order for the government to table and Parliament to immediately pass the Control of Smoking Products for Public Health Bill 2023, then this is the price and decision that we have to make, however bitter. I am not happy about it but the government needs to realise the sense of urgency and emerging crisis that it has itself created,” he said. Health Minister Dr Zaliha Mustafa, speaking in Parliament on Monday, assured that the bill will be tabled for its second reading before the final parliamentary meeting of the year ends this month on Nov 30. BY EMIR ZAINUL theedgemalaysia.com Was the opinion of the AGC representatives since early 2022 when the bill was first proposed and deliberated throughout and into this year, consistent in stating that these provisions were unconstitutional? Check the Hansard.” — Azrul Mohd Khalib, Galen Centre CEO. FROM PAGE 5

TUESDAY NOVEMBER 21, 2023 8 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 20): Gamuda Bhd — property division (Gamuda Land) took the No 1 spot at The Edge Malaysia Top Property Developers Awards (TPDA) this year, the first time it is taking home the top award. The developer also bagged the sub-awards for Best Quantitative and Qualitative attributes, the first time a single company has won all three awards, scoring a hat-trick for Gamuda Land. The TPDA anchor The Edge Malaysia Property Excellence Awards (TEPEA) 2023, which were presented at the gala dinner on Monday (Nov 20) night at the Mandarin Oriental, Kuala Lumpur. Gamuda Land ranked No 2 in the TPDA in 2022. “I am very happy and honoured that Gamuda Land has been ranked as the top property developer in Malaysia. This is a great recognition of the hard work and innovation of our team. We are thankful to The Edge for acknowledging us. We will continue to maintain our high standard of excellence. We couldn’t have achieved this without the support of our customers and BY CHELSEA J LIM theedgemalaysia.com Gamuda Land makes hat-trick history at The Edge’s Top Property Developers Awards 2023 business partners. We are excited about the future and look forward to making a positive impact in our work,” said Gamuda Land chief executive officer Chu Wai Lune. Other developers on the Top 10 list were: Sunway Bhd — property division (No 2), S P Setia Bhd (joint No 3), Sime Darby Property Bhd (joint No 3), UOA Development Bhd (joint No 3), IOI Properties Group Bhd (No 4), IJM Land Bhd (No 5), Eco World Development Group Bhd (No 6), UEM Sunrise Bhd (No 7), Mah Sing Group Bhd (No 8), Matrix Concepts Holdings Bhd (No 9) and IGB Bhd (No 10). The results of the TPDA were evaluated on both qualitative and quantitative merits. In the qualitative category, judges evaluated each company on its expertise, image, innovation and creativity, as well as product quality and the value it creates for buyers. For the quantitative category, companies were evaluated on their shareholders’ funds, turnover, profitability and cash holding or gearing. Deloitte Malaysia audited the scores and rankings for TPDA 2023, which is in its 21st instalment now. The TPDA were first introduced in 2003. “We started [TPDA] as the country was recovering from the Asian Financial Crisis, and we have persisted through the Global Financial Crisis of 2008/2009, and more recently, the Covid-19 pandemic,” said The Edge Media group CEO and publisher Datuk Ho Kay Tat during his opening speech. Today, the TPDA remain the most anticipated property developer awards, Ho noted. “Annual rankings are a good indication of how each company has performed. What is more important, however, is to be strong and great to last the test of time. Like any business, developers do go through expansionary and consolidation phases depending on market conditions. CONTINUES ON PAGE 9 (From left) The Edge Malaysia editor-in-chief Kathy Fong, The Edge Malaysia editor emeritus Au Foong Yee, UOA Development Bhd general manager Kong Sze Choon, Eco World Development Group Bhd deputy chief executive officer Liew Tian Xiong, IGB Bhd group chief executive officer Tan Boon Lee, IOI Properties Group Bhd group chief operating officer (property development) Teh Chin Guan, Matrix Concepts Holdings Bhd group managing director Ho Kong Soon, Sime Darby Property Bhd group MD Datuk Azmir Merican, UEM Sunrise Bhd CEO Sufian Abdullah, Gamuda Bhd (property division) chief financial officer David Ng, Gamuda Bhd (property division) CEO Chu Wai Lune, Sunway Bhd senior executive director of property development division Chong Sau Min, The Edge Malaysia group CEO and publisher Datuk Ho Kay Tat, S P Setia Bhd president and CEO Datuk Choong Kai Wai, Mah Sing Group Bhd group CEO Datuk Ho Hon Sang, IJM Land Bhd CEO Datuk Wong Tuck Wai and City & Country editor E Jacqui Chan at The Edge Malaysia Property Excellence Awards 2023 on Nov 20 at Mandarin Oriental, Kuala Lumpur. PATRICK GOH/THE EDGE

TUESDAY NOVEMBER 21, 2023 9 THEEDGE CEO MORNING BRIEF HOME “Our TPDA methodology has not changed, so any change in ranking is a manifestation of developments in the market and, possibly, also due to a shift in strategy by the companies,” he added. Also under the TEPEA 2023 are 10 other awards, namely: The Edge Malaysia-PAM Green Excellence Award, The Edge Malaysia-PEPS Value Creation Excellence Award, The Edge Malaysia Affordable Urban Housing, The Edge Malaysia Outstanding CEO, The Edge Malaysia Outstanding Contribution to the Real Estate Industry, The Edge Malaysia Property Development Excellence (township community hub and neighbourhood mall), The Edge Malaysia Excellence in Place Regeneration, The Edge Malaysia Excellence in Conservation and Adaptive Reuse, and The Edge Malaysia Outstanding Overseas Project. The winner of The Edge Malaysia-PAM Green Excellence Award was Kapas Heights by Domaine Architects Sdn Bhd and Kapas Heights Sdn Bhd. The Edge Malaysia-PEPS Value Creation Excellence Award was bagged by Ayera Residences at Tropicana Danga Cove by Tropicana Corp Bhd and Iconia Garden Residence (Precinct A — Phase 10A) at Taman Impian Emas by Gunung Impian Development Sdn Bhd. For The Edge Malaysia Affordable Urban Housing Excellence Award, SkyAwani 3 Residences by SkyWorld Development Bhd and Hibiscus 3 at Bandar Seri Coalfields by KLK Land have emerged as winners. Meanwhile, Residensi Bandar Bukit Mahkota by Pr1ma Corp Malaysia and Taman Nuri Sentosa by SPB Properties Sdn Bhd received the honorary mention. There were three winners for The Edge Malaysia Outstanding Overseas Project Award, namely Royal Mint Gardens by IJM Land, 1060 Carnegie by MRCB Australia and The Mansions @ ParkCity Hanoi by ParkCity Group. The Edge Malaysia Outstanding Property CEO Award was awarded to Perdana ParkCity Sdn Bhd CEO Datuk Joseph Lau and Sime Darby Property Bhd group managing director Datuk Azmir Merican. Apart from that, Datuk Soam Heng Choon — Rehda president 2018 to 2022 and formerly the CEO and managing director of IJM Land Bhd (2004 to 2015) and IJM Corp Bhd (2015 to 2019) — was conferred The Edge Malaysia Outstanding Contribution to the Real Estate Industry Award. The Edge Malaysia Property Development Excellence award was split into two categories: Excellence in Township Community Hub and Excellence in Neighbourhood Mall. Winners for the Township Community Hub category were The Waterfront @ Desa ParkCity by ParkCity Group and D’Network @ Setia Eco Park by S P Setia Bhd. Under the Neighbourhood Mall category, 163 Retail Park by YNH Property Bhd and Bangsar Shopping Centre by BRDB Developments Sdn Bhd emerged as winners. For The Edge Malaysia Excellence in Place Regeneration Award, Kwai Chai Hong by Bai Chuan Management Sdn Bhd and Bukit Bintang City Centre by BBCC Development Sdn Bhd were winners for this category. Lastly, there were three recipients of The Edge Malaysia Excellence in Conservation and Adaptive Reuse Award. The three were: Hin Bus Depot, APW Bangsar by Art Printing Works Sdn Bhd and Else Kuala Lumpur by GF Land Sdn Bhd. The awards were presented by City & Country, the property pullout of The Edge Malaysia weekly, and supported by EdgeProp.my. The official solar partner was GSPARX Sdn Bhd, a subsidiary of Tenaga Nasional Bhd. FROM PAGE 8 (From left) The Edge Malaysia editor-in-chief Kathy Fong, The Edge Malaysia editor emeritus Au Foong Yee, Gamuda Bhd (property division) chief financial officer David Ng, Gamuda Bhd (property division) chief executive officer Chu Wai Lune, The Edge Malaysia group CEO and publisher Datuk Ho Kay Tat and City & Country editor E Jacqui Chan during The Edge Malaysia Property Excellence Awards 2023 on Nov 20 at Mandarin Oriental, Kuala Lumpur. PATRICK GOH/THE EDGE CONTINUES ON PAGE 10

TUESDAY NOVEMBER 21, 2023 10 THEEDGE CEO MORNING BRIEF HOME The Edge Malaysia Property Excellence Awards 2023 THE EDGE MALAYSIA TOP PROPERTY DEVELOPERS AWARDS 2023 TOP 10 GAMUDA BHD - PROPERTY DIVISION SUNWAY BHD - PROPERTY DIVISION S P SETIA BHD SIME DARBY PROPERTY BHD UOA DEVELOPMENT BHD IOI PROPERTIES GROUP BHD IJM LAND BHD ECO WORLD DEVELOPMENT GROUP BHD UEM SUNRISE BHD MAH SING GROUP BHD MATRIX CONCEPTS HOLDINGS BHD IGB BHD Best in Qualitative Attributes: GAMUDA BHD - PROPERTY DIVISION Best in Quantitative Attributes: GAMUDA BHD - PROPERTY DIVISION TOP 11-30 OSK HOLDINGS BHD MKH BHD PARAMOUNT CORPORATION BHD SKYWORLD DEVELOPMENT BHD ECO WORLD INTERNATIONAL BHD BRDB DEVELOPMENTS SDN BHD KLK LAND SDN BHD TROPICANA CORPORATION BHD EASTERN & ORIENTAL BHD LBS BINA GROUP BHD KSL HOLDINGS BHD MALAYSIAN RESOURCES CORPORATION BHD MALTON BHD SUNSURIA BHD GLOMAC BHD SELANGOR DREDGING BHD TA GLOBAL BHD GUOCOLAND (MALAYSIA) BHD TAMBUN INDAH LAND BHD SHL CONSOLIDATED BHD SYMPHONY LIFE BHD TITIJAYA LAND BHD EUPE CORPORATION BHD LAGENDA PROPERTIES BHD I-BHD LAND & GENERAL BHD NAIM HOLDINGS BHD AVALAND BHD (pka MCT BHD) PLENITUDE BHD AYER HOLDINGS BHD KERJAYA PROSPEK PROPERTY BHD THE EDGE MALAYSIA-PAM GREEN EXCELLENCE AWARD 2023 Winner Kapas Heights KAPAS HEIGHTS SDN BHD & DOMAINE ARCHITECTS SDN BHD THE EDGE MALAYSIA-PEPS VALUE CREATION EXCELLENCE AWARD 2023 - Residential Category Winner Ayera Residences, Tropicana Danga Cove TROPICANA CORPORATION BHD Iconia Garden Residence (Precinct A – Phase 10A), Taman Impian Emas GUNUNG IMPIAN DEVELOPMENT SDN BHD THE EDGE MALAYSIA AFFORDABLE URBAN HOUSING EXCELLENCE AWARD 2023 Winner Hibiscus 3, Bandar Seri Coalfields KLK LAND SDN BHD SkyAwani 3 Residence SKYWORLD DEVELOPMENT BHD Special mention Taman Nuri Sentosa SRI PENGKALAN BINAAN SDN BHD Residensi Bandar Bukit Mahkota PR1MA CORPORATION MALAYSIA THE EDGE MALAYSIA OUTSTANDING OVERSEAS PROJECT AWARD 2023 Winner 1060 Carnegie, Victoria, Australia MRCB AUSTRALIA Royal Mint Gardens United Kingdom, London IJM LAND BHD The Mansions @ ParkCity Hanoi Hanoi, Vietnam PARKCITY GROUP THE EDGE MALAYSIA PROPERTY DEVELOPMENT EXCELLENCE AWARD 2023 (Excellence in Township Community Hub) The Waterfront @ Desa ParkCity by PARKCITY GROUP (Excellence in Township Community Hub) D’Network @ Setia Eco Park by S P SETIA BHD (Excellence in Neighbourhood Mall) Bangsar Shopping Centre by BRDB DEVELOPMENTS SDN BHD (Excellence in Neighbourhood Mall) 163 Retail Park by YNH PROPERTY BHD THE EDGE MALAYSIA OUSTANDING PROPERTY CEO AWARD Datuk Joseph Lau PERDANA PARKCITY SDN BHD Dato’ Azmir Merican SIME DARBY PROPERTY BHD THE EDGE MALAYSIA OUTSTANDING CONTRIBUTION TO THE REAL ESTATE INDUSTRY AWARD Datuk Ir Soam Heng Choon THE EDGE MALAYSIA EXCELLENCE IN PLACE REGENERATION AWARD Kwai Chai Hong by BAI CHUAN MANAGEMENT SDN BHD Bukit Bintang City Centre by BBCC DEVELOPMENT SDN BHD THE EDGE MALAYSIA EXCELLENCE IN CONSERVATION AND ADAPTIVE REUSE AWARD Hin Bus Depot A Place Where by APW Else Kuala Lumpur by GF LAND SDN BHD FROM PAGE 9

TUESDAY NOVEMBER 21, 2023 11 THEEDGE CEO MORNING BRIEF

TUESDAY NOVEMBER 21, 2023 12 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Nov 20): Economists are now expecting Malaysia’s 2023 exports to decline less than they originally anticipated, following the stronger-than-anticipated October trade data released on Monday, as they see a smaller contraction in the fourth quarter of the year — driven by the positive turnaround in the electrical and electronics (E&E) sector, and China’s recovery. RHB Investment Bank Bhd expects the country’s 2023 export performance to decline by 7.3% year-on-year (y-o-y), compared with its previous forecast of a 9.4% contraction. “The stronger-than-expected October data and improvement in trade momentum in recent months have confirmed our expectation that there are early signs of trade recovery. We have begun to see signs of bottoming out for both exports and imports data. Higher outbound shipments were observed to major destinations, including China. We maintain our earlier expectation that there would be a smaller contraction in export data by 4Q23, with the potential of export data to turn positive by 1Q2024,” it said in a note on Monday. “Similarly, the rising trend of capital and intermediate goods imports also signalled the potential expansion in manufacturing activities in upcoming months,” the research house added. “We expect the export momentum to further pick up by 1H2024, predicated on three main factors, ie (1) a rosier global and regional economic outlook, (2) recovery in the global technology cycle, and (3) the recovery in China’s economy. We see more signs of dissipation in the downside risks, ie the global technology cycle downturn might [be] close to the end, and there are early signs of recovery in China’s economy,” it added. Malaysia’s exports contracted by 4.4% y-o-y to RM126.2 billion in October, led by a drop in petroleum products, liquefied natural gas, E&E products, crude petroleum and palm oil-based manufactured products, according to the Department of Statistics Malaysia (DOSM). However, on a month-on-month comparison, export contraction improved in October, compared to a decline of 18.6% in August, and 13.8% in September. The October figure also exceeded Bloomberg’s consensus forecast of a 5% contraction. The DOSM data showed that the yearto-date export performance (January to October), fell 8% to RM2.2 trillion from RM2.4 trillion. UOB Global Economics & Markets Research, in a separate note, wrote that October’s export contraction — the second straight month to a single-digit — indicates “a strong signal that the worst may be behind us”. “October’s export performance came after all three export sectors penciled in improvements, with exports of agriculture goods posting the first gain in 13 months. Exports of manufactured goods registered a smaller contraction following a turnaround in shipments of manufactures of metal; optical & scientific equipment; and machinery, equipment & parts. Exports of mining goods fell at a slower pace after the contraction in shipments of liquefied natural gas (LNG) tapered off. Demand also improved across BY SYAFIQAH SALIM theedgemalaysia.com Economists see smaller contraction in Malaysia’s 2023 exports after stronger October data almost all export destinations, with the US, Hong Kong, South Korea and India posting a positive increase,” UOB noted. As such, and given the year-to-date export performance of a contraction of 8% in the January to October period, in addition to signs of a further recovery in the global tech cycle amid expectations of a soft landing in the global economy, UOB revised its 2023 full-year export forecast to a decline of 7.2% — from a contraction of 9% previously. The Ministry of Finance has estimated a contraction of 7.8% for this year, following 2022’s 24.9% export growth. “For 2024, we maintain our export outlook at +3.5% (MOF estimate: +5.1%) in view of lingering downside risks including tensions in the Middle East, tighter financial and monetary conditions for a prolonged period, persistent property sector drag on China’s economy and ongoing US-China trade conflicts,” UOB added. MIDF Research, which has a more optimistic forecast that exports will fall by 6.4% this year, kept to its forecast. “There is an upside bias such as a stronger recovery in China and a better turnaround in E&E trade that will make the full-year decline not as steep as we estimated.... We foresee external trade will continue to recover and this will support exports and imports to rebound next year,” MIDF said in another note. Read also: Malaysia’s total trade in January-October 2023 breached RM2 tril External Trade Statistics, Jan 2022 – Oct 2023 (value and annual percentage change) Source: Department of Statistics Malaysia UOB Global Economics & Markets Research, in a separate note, wrote that October’s export contraction — the second straight month to a single-digit — indicates “a strong signal that the worst may be behind us”.

tuesday november 21, 2023 13 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 20): Petronas Gas Bhd’s net profit rose 10.01% yearon-year (y-o-y) in the third quarter ended Sept 30, 2023 (3QFY2023) on lower financing costs, taxes and expenses, but fell 3.48% quarter-on-quarter (q-o-q) on the back of weaker sales, amid planned plant turnaround in Kertih and lower product prices in the utilities segment. PetGas’ 3QFY2023 net profit came in at RM468.46 million, up from RM425.82 million in 3QFY2022, as tax expenses fell 32% or RM48.65 million in absence of the prosperity tax, while financing costs fell 46.7% or RM20.7 million. Other expenses fell RM51.02 million or 79%. The group posted earnings per share of 23.67 sen in the quarter, up from 21.52 sen in 3QFY2022. It declared a dividend of 18 sen per share, bringing its declared dividends for the year so far to 50 sen per share, unchanged from last year. The better performance was despite a 9.69% drop in gross profit, on the back of a 0.93% drop in revenue to RM1.55 billion, from RM1.56 billion. On a q-o-q basis, PetGas’ net profit fell to RM468.46 million from RM485.37 million, amid a 5.3% drop in revenue from RM1.64 billion. For the nine-month period ended September (9MFY2023), PetGas’ net profit rose 11.77% to RM1.38 billion, from RM1.23 billion, again thanks to lower expenses, financing costs and taxes, which more than offset the 5.27% decline in gross profit. Revenue in the period rose 7.41% to RM4.86 billion, from RM4.53 billion, on higher contribution from the utilities segment as well as upward revision of imbalance cost pass-through surcharge and improved terms in its contract renewals. In the period, results for the three gas-related segments (processing, transportation and regasification) all fell due to higher operating expenses on internal gas consumption and depreciation expenses, coupled with lower revenue due to lower transportation and regasification tariffs. PetGas profit up 10% y-o-y but falls 3.4% q-o-q, declares 18 sen dividend KUALA LUMPUR (Nov 20): Glove stocks emerged among the most actively traded counters on Bursa Malaysia on Monday (Nov 20), following the profit turnarounds seen at two of the Big Four glove counters, namely Hartalega Holdings Bhd and Kossan Rubber Industries Bhd, in the July to September quarter. Leading the pack was Top Glove Corp Bhd, which saw over 79 million shares traded and was ranked the third most actively traded counter of the day. The group’s share price, which hit an intra-day high of 82 sen earlier as it climbed over 4%, closed at 80 sen, still up 1.91%, with a market capitalisation of RM6.52 billion. Also on the top 50 actively traded list were Supermax Corp Bhd, Careplus Group Bhd and Kossan. Supermax shares finished at 96 sen, up 5.59% or five sen with 27.29 million shares done, while Careplus closed up half a sen or 1.75% to 29 sen after 17.49 million shares were traded. Kossan settled two sen higher at RM1.60 after 12.13 million shares changed hands; the stock has climbed 26 sen or 19.4% this month. Hartalega closed five sen or 2.13% higher at RM2.40, with 7.90 million shares traded. Kossan announced last week that it made a net profit of RM40.97 million for its third quarter ended Sept 30, 2023 (3QFY2023), after two consecutive loss-making quarters when net loss totalled RM27.55 million. Its 3QFY2023 net profit was also 76.14% higher than the RM23.26 million it made in 3QFY2022 — despite revenue dropping 28% to RM403.48 million from RM560.52 million — thanks to better cost controls and lower raw material costs in its glove business, as well as the sale of higher margin infrastructure products at its technical rubber products division. Hartalega, meanwhile, reported earlier this month a net profit of RM27.7 million for its second quarter ended Sept 30, 2023 (2QFY2024), after registering three consecutive quarters of losses, with a net loss of RM52.47 million recorded in the immediate preceding quarter of 1QFY2024. Revenue grew 2.7% to RM452.09 million from 1QFY2024’s RM440.04 million. Analysts covering Kossan lifted its target price (TP) after the glove maker beat expectations to swing to profit in its quarterly earnings, on better sales volume amid customers’ inventory replenishment activities. However, they also expect persistent pricing competition due to an oversupply in the industry to keep the average selling prices (ASP) for glove makers flattish in the near term. For Hartalega, most analysts have reiterated their previous calls for the company, despite its better-than-expected quarterly financial results, as they anticipate that the glove maker will still face headwinds for the rest of the year. They, however, by and large raised their target prices (TPs) for Hartalega. HLIB Research, which kept its “sell” call on the glove maker saying “positives have been priced in”, raised its TP for Hartalega to RM2.08. But it reckoned that Hartalega could still possibly report losses for the next two quarters given the “fluid” situation. Likewise, Kenanga Research maintained its “market perform” call on Hartalega, and raised its TP to RM2.33 from RM1.85 previously, while noting that Hartalega has demonstrated a more disciplined production capacity cut of 32%, compared with peers at 10-12%. It also forecast Hartalega to make RM42 million in net profit for FY2024 (from a net loss of RM105 million initially), and raised its FY2025 net profit forecast by 92%. Glove counters among Bursa’s most active on Monday amid profit turnarounds by Anis Hazim theedgemalaysia.com by Adam Aziz theedgemalaysia.com Hartalega Holdings Bhd 0 50 100 150 200 250 Nov 21, 2022 Nov 20, 2023 1.0 1.5 2.0 2.5 3.0 Vol (mil) RM *As at market close on Nov 20, 2023 Source: Bloomberg *RM2.40 RM1.83 Kossan Rubber Industries Bhd 0 20 40 60 80 100 Nov 21, 2022 Nov 20, 2023 1.0 1.2 1.4 1.6 Vol (mil) RM *As at market close on Nov 20, 2023 Source: Bloomberg *RM1.60 RM1.05 continues on Page 14

tuesday november 21, 2023 14 The E dge C E O m o rning brief home MyEG’s 3Q net profit falls 20% on absence of fair value gain from investment KUALA LUMPUR (Nov 20): Mr DIY Group (M) Bhd has posted a 22.5% increase in its net profit for the third financial quarter ended Sept 30, 2023 (3QFY2023) to RM123.95 million, from RM101.18 million in the corresponding quarter of 3QFY2022, on the back of a higher revenue and gross profit margin. Quarterly revenue rose 10.4% to RM1.07 billion from RM966.17 million in 3QFY2022, driven primarily by contributions from new stores. During the period, the group’s store network grew by 170 from 1,038 to 1,208 stores, according to the home improvement retailer’s filing on Bursa Malaysia on Monday. Gross profit margin rose to 45%, up 3.9 percentage points year-on-year from 41.1% in 3QFY2022. “The improvement in gross profit margin is primarily attributed to the normalisation of freight costs, as well as the positive impact of price adjustments made in FY2022,” the group said. Together with the release of the quarterly results, Mr DIY declared an interim single tier dividend of 0.8 sen per share or RM75.5 million in total, for its FY2023 ending Dec 31, 2023, to be paid on Dec 22. This raised its year-to-date (YTD) payout to 2.2 sen per share, from 2022’s YTD of 1.8 sen. For the first nine months of FY2023 (9MFY2023), Mr DIY recorded a cumulative net profit of RM402.04 million, 19.3% more than the RM336.87 million it made in 9MFY2022, as revenue grew 10% to RM3.21 billion from RM2.92 billion, as contribution from new stores grow with the opening of more outlets. On prospects, Mr DIY said it remains focused on the strategic expansion of its store network, and optimising revenue per square foot and operational efficiency, which it said are key to drive financial performance and enhance shareholder value. “The group’s long-term target is to have 2,000 stores across its core retail brands, namely MR DIY, MR TOY and MR DOLLAR. In the near term for [the] coming financial year, the group targets to open 180 new stores across these core retail brands. “As an integral but secondary dimension to the group’s growth strategy, we will make measured investments into new retail concepts, which are adjacent to our current retail verticals, in order to build greater specialisation, economies of scale and a more robust platform for long-term growth,” the retailer said. Mr DIY shares closed two sen or 1.26% higher at RM1.61, valuing the group at RM15.2 billion. Mr DIY’s 3Q earnings jump 22.5% on contributions from new stores by Emir Zainul theedgemalaysia.com by Anis Hazim theedgemalaysia.com More on corporate earnings: Hap Seng Plantations 3Q net profit up 65% on gain from fair value adjustments Hextar Global’s 3Q net profit up 10% on improved margin of agrochemical products Cape EMS’s 3Q net profit up 47% on favourable forex movement On prospects, PetGas expects to deliver “strong” financial performance in FY2023. “Amidst higher operating cost environment post-pandemic, the group will continue to strive for operational excellence as well as to strike the right balance between growth investments, financial prudence and shareholders’ distribution,” it said. In a separate statement, PetGas managing director and CEO Abdul Aziz Othman said the group’s performance in 9MFY2023 highlights its continuous focus on improving operational efficiency and cost optimisation, ensuring business resilience despite the gas industry’s lower tariffs during the second regulatory period (RP2) and challenging market conditions. “We are dedicated to improving our plant operations’ reliability, safety, and cost-effectiveness, ensuring sustainable revenue with a healthy margin,” Abdul Aziz said. KUALA LUMPUR (Nov 20): MyEG Services Bhd’s third quarter net profit fell 20.38% to RM120 million, from RM150.71 million a year earlier when there was a oneoff recognition of fair value gain of RM61.89 million as a result of the listing of its associate Agmo Holdings Bhd on the ACE Market. Earnings per share for the quarter ended Sept 30, 2023 (3QFY2023) dropped to 1.6 sen from two sen, according to the digital services provider’s filing with Bursa Malaysia on Monday. Quarterly revenue rose 19.37% to RM194.12 million from RM162.62 million in 3QFY2022, driven by contributions from its newly launched services on the Zetrix blockchain platform and from the sales of Zetrix tokens. For the first nine months of FY2023, MyEG’s net profit increased 4.17% to RM337.49 million from RM323.97 million in the same period last year, as revenue grew 13.58% to RM552.22 million from RM486.18 million on the back of its Zetrix blockchain platform, the sale of Zetrix tokens, and the increase in foreign worker job matching service due to the lifting of a freeze on foreign worker recruitment. Moving forward, MyEG said it will continue to introduce innovative services by leveraging new technologies, specifically blockchain or Web 3.0 in Malaysia and globally to drive its organic growth for FY2023. “Barring any unforeseen circumstances, the board is cautiously optimistic that the long-term outlook for MyEG remains positive as we continue to introduce innovative services in Malaysia as well as globally,” it said. Shares of MyEG settled up one sen or 1.26% at 80.5 sen on Monday, giving the group a market capitalisation of RM6.05 billion. from Page 13 “Out focus remains on pursuing opportunities for growth and creating sustainable value aligned with the National Energy Transition Roadmap,” he added. Shares of PetGas settled four sen or 0.23% higher at RM17.18, giving it a market capitalisation of RM33.99 billion.

TUESDAY NOVEMBER 21, 2023 15 THEEDGE CEO MORNING BRIEF

tuesday november 21, 2023 16 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 20): UMW Group’s strong automotive sales momentum continued in October this year, with the registration of a record 44,767 vehicles as both UMW Toyota Motor (UMWT) and UMW’s associate company, Perodua, continued to deliver their outstanding orders. In a statement on Monday, the automotive group said its January to October sales increased by 17% to 354,505 units from the 302,356 units registered in the same period of 2022. It said UMWT registered 10,931 units in October, its highest monthly sales in the last five years. This was also 18% higher than the 9,281 units registered in October last year. In the January to October period this year, UMW said UMWT registered 87,442 units, recording a 9% growth compared with the 80,153 units registered in the corresponding period of 2022. To refresh its model lineup, it said UMWT launched the all-new Toyota Vellfire (priced from RM438,000) and Toyota Alphard (priced from RM538,000) on Oct 23, 2023. Meanwhile, Perodua registered 33,836 units in October this year, its highest-ever monthly sales, as it continued to ramp up production supported by the improving supply chain. UMW said this was also 31% higher compared with the 25,849 units delivered in October 2022. For the January to October period this year, Perodua’s sales surged to 267,063 units, 20% higher than the 222,203 units delivered in the same period of 2022. Perodua’s top selling models in these 10 months were Bezza, Axia and Myvi. UMW Holdings Bhd’s officer-incharge Megat Shahrul Azmir said yearto-date, both companies have continued to register higher sales compared with the same period of 2022. “We are confident that both companies will achieve their sales targets for 2023 based on the outstanding bookings as well as the sustained demand for new vehicles,” he said. UMW Group’s January-October auto sales up 17% y-o-y to 354,505 units KUALA LUMPUR (Nov 20): Engineering precision parts manufacturer CPE Technology Bhd has priced its shares at RM1.07 apiece for its initial public offering (IPO), which seeks to raise approximately RM179.58 million. The valuation will give CPE a market capitalisation of RM718.31 million upon listing on Bursa Malaysia’s Main Market on December 7, 2023, based on an enlarged issued share capital of 671.31 million. The IPO involves the issuance of 167.83 million new ordinary shares in the company or 25% of the enlarged share capital, according to its prospectus filing on Monday. The IPO will also see the offer for sale of 67.13 million shares or a 10% stake to institutional and selected investors by way of private placement. CPE is involved in the manufacturing of precision-machined parts and components and provision of computer numerical control machining services. Its main customer industries include semiconductors, life science and medical devices, and sports equipment, with key clients in the US, Singapore and Malaysia, its prospectus showed. In the financial year ended June 30, 2023 (FY2023), CPE’s net profit slipped 10.67% to RM30.29 million from a record RM33.91 million in FY2022, while revenue rose 4.63% to RM145.28 million from RM138.85 million. The group saw a compound annual growth rate (CAGR) of 28.49% in profit after tax up until FY2023, compared to RM11.12 million in FY2019. Revenue grew at a CAGR of 16.69% from RM78.35 million in FY2019 to RM145.28 million in FY2023. Expansion plan Of the IPO proceeds raised, RM69.6 million (38.76%) has been earmarked for the acquisition of new industrial lands and construction of new plants in Johor. CPE said they will comprise a double-storey office building as well as a double-storey factory building, with a built-up area of approximately 118,474 sq ft each. “This will allow us to optimise our production to cater to the increasing demand, from both local and international customers, for our products and services as well as the feedback gathered from our major customers particularly those from the semiconductor industry. Currently, our unbilled orderbook stands at RM69.27 million,” CPE CEO Lee Chen Yeong told reporters at the prospectus launch. Meanwhile, a total of 32.9 million (18.31%) of the proceeds will be allocated for machinery and equipment expenses, RM17.5 million (9.72%) for bank borrowing repayment, RM46.9 million (26.12%) to partly finance working capital expenditure, RM1.4 million (0.79%) to partly finance other capital expenditures and the remaining of RM11.3 million (6.3%) for estimated listing expenses. In addition, the group plans to maintain ample stock of its raw main materials such as stainless steel and aluminium, which are mainly sourced from overseas suppliers such as the US and Japan, Lee said. “Stocking these raw materials on site will help us maintain ample supply while simultaneously mitigating rising shipping costs due to fluctuation in price”. Main Marketbound CPE Technology sets IPO price at RM1.07, to raise RM179.58 mil by Syafiqah Salim & Luqman Amin theedgemalaysia.com by Surin Murugiah theedgemalaysia.com (From left) CPE independent non-executive chairman Ang Seng Wong, CPE group CEO Lee Chen Yeong, CPE executive director Mu Woon Chai, CPE non-independent non-executive director Foo Ming, KAF Investment Bank chief executive officer Rohaizad Ismail and KAF Investment Bank corporate finance director Michael Ho. Read the full story Shahrill Basri/The Edge

tuesday november 21, 2023 17 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 20): Eurospan Holdings Bhd’s proposed RM54.55 million sale of its furniture manufacturing unit and properties in Seberang Perai to its controlling shareholder for future leaseback has been deemed “fair and reasonable” by independent adviser Mainstreet Advisers Sdn Bhd. Eurospan is disposing of Dynaspan Furniture Sdn Bhd (DFSB) for RM38.9 million cash to its executive chairman and largest shareholder Guan Kok Beng, managing director Guan Shaw Yin and deputy MD Guan Shaw Kee. The group’s unit Eurospan Furniture Sdn Bhd is also disposing of two freehold industrial lands with buildings on-site to DFSB for RM15.65 million cash, and will lease back the properties for the next two years at RM87,671 per month. The disposals were made as Eurospan wanted to fund new acquisitions as part of its diversification efforts to reverse years of losses. Of the proceeds, RM15 million is earmarked for new acquisitions, while RM8.88 million will be distributed as special dividends of 20 sen per share, The balance will be used for working capital (RM24.74 million), payment owing to DFSB (RM4.28 million), and expenses for the disposals (RM1.65 million). In total, Eurospan expects net pro forma gain of RM27.28 million on the disposals. Eurospan’s RM55 mil asset sale to controlling shareholder seen as ‘fair and reasonable’ KUALA LUMPUR (Nov 20): Affin Bank Berhad’s net profit of RM362.7 million for the first nine months ended September 30, 2023 (9MFY2023) fell short of Kenanga Investment Bank’s expectations, reaching only 68% of the full-year forecast due to an underestimation of the extended compression of net interest margin (NIM) in 3QFY2023. However, the results were within market expectations at 72% of the full-year consensus estimate. According to a note on Monday, Kenanga stated that Affin’s net interest income for 9MFY2023 sank by 17% year-on-year (y-o-y) on continued NIM compression as the group faced higher funding costs from past overnight policy rate hikes. The research house noted that Affin Bank’s persistent NIM compression in 3QFY2023 has adversely impacted its full-year earnings projections. “The upcoming 4Q periods are expected to be more competitive in the pricing landscape, posing additional challenges for the group. Recognising that its earlier NIM guidance of 1.86% is unattainable, the group has revised its target to a range of 1.45% to 1.50%. “In light of the potential impact on the top line, the group has expanded its costto-income ratio (CIR) target to 65% (from 60%), taking into account increased wages resulting from previous collective adjustments,” it added. With that, Kenanga cut its fiscal year 2023–2024 earnings forecasts by 7-12%, mainly to account for the softer NIM outlook. It downgraded Affin Bank to “market perform” with a lower target price (TP) of RM1.90 from RM2.20. On a brighter note, Affin’s loan growth remained supportive at 12%, driven by better mortgage and hire purchases. Its non-interest income from forex and Treasury gains showed a 97% drastic increase, which led to a flattish improvement in total income. On the other hand, Hong Leong Investment Bank (HLIB) stated that Affin Bank’s net profit of RM363 million was within its expectations, making up 71% of its and 72% of the consensus full-year forecasts. HLIB expects NIM to broaden in 4Q2023, given the redemption of expensive sukuk in October 2023. However, it noted there should be limited expansion from thereon since expensive fixed deposits from the January to March 2023 cohort would have already been repriced down. Prolonged NIM compression remains a concern for Affin Bank — analysts by Lee Ming Hui theedgemalaysia.com by Adam Aziz theedgemalaysia.com In a circular to shareholders, Mainstreet Advisers pointed to DFSB’s sale price, which is approximately equivalent to its adjusted net asset value of RM38.89 million. The properties, meanwhile, had an appraisal value of RM15 million, it said, adding that the monthly rental which averaged at RM1 per sq ft is within range of comparable properties at 98 sen to RM1.01 per sq ft. “Based on the above, we are of the view that the overall financial effects of the proposals are not detrimental to the non-interested shareholders of Eurospan,” it said. Shareholders of Eurospan will vote on the proposals at an extraordinary general meeting in Penang on Dec 8, 2023. Eurospan shares have climbed leading to the announcement of the proposals on Aug 24 this year. From its low of RM1.14 in June, Eurospan’s share price has risen by 29.82% or 34 sen to RM1.48 at the time of writing, giving it a market capitalisation of RM65.74 million. “Also, lending yield is seen to remain competitive given its above-sector average loan growth. That said, we still expect credit growth to taper due to the soft macro environment coupled with the base effect.” “However, we are not overly worried about any asset quality weakness, as we believe Affin is better equipped compared to prior slumps (LLC is now at 124% vs. the pre-pandemic level of circa 35%),” it added. It maintained its “hold” call on Affin Bank with a TP of RM 2.20. Meanwhile, TA Securities is more optimistic about Affin Bank; it stated that it has tweaked its NIM slightly lower to align with the 9MFY2023 results while anticipating a potential tapering of loan growth to address macro challenges in FY2024. On a positive note, it stated that Affin’s total assets remained in excess of RM100 billion, on track with Affin’s A25 transformation plan. In terms of income, it noted stronger business-as-usual fee income, as Affin fills the gap from the sale of AHAM with new revenue streams from debt capital markets advisory flows. “Management will also be looking to scale up in high-margin businesses and fee-based income such as FX, banking, wealth management, and trade.” “The recent launch of a new mobile app in October 2023 is expected to continue to play a pivotal role in building Affin’s Casa franchise, stabilising NIM, and strengthening its customer base,” it added. Therefore, TA Securities upgraded Affin Bank from “sell” to “hold” with a revised target TP of RM2.15 from RM2.05.

tuesday november 21, 2023 18 The E dge C E O m o rning brief home news In brie f Muhibbah Engineering bags two contracts amounting to RM479 mil in Perak, Terengganu KUALA LUMPUR (Nov 20): Oil and gas services provider Muhibbah Engineering (M) Bhd has bagged two contracts amounting to RM479 million, for the provision of construction works in Perak and Terengganu. The contract in Perak is for the expansion of the Lumut Maritime Terminal in Lumut, Manjung, worth RM161 million, specifically to build onshore infrastructure and offshore facilities, including a main open-type wharf under Phase 2 of the expansion project. The contract was awarded by Lumut Maritime Terminal Sdn Bhd. The group is to start work on it immediately and complete it in 20 months, Muhibbah said in a bourse filing on Monday. The second contract was awarded to Muhibbah as “the consortium lead partner” from Petronas Carigali Sdn Bhd, in relation to the Gansar project located about 190km from Terengganu’s shore for a total value of RM318 million, said Muhibbah in a separate filing. t was reported in December last year that a consortium led by Muhibbah had secured a RM322 million contract from Petronas Carigali in relation to the Gansar project. In its latest filing on Monday, Muhibbah said the new Petronas Carigali job is an “activation of optional scope” for the Gansar project. Under the contract, Muhibbah is to provide engineering, procurement, construction, commission and installation works for a “light weight structure, Duyong brownfield modification and host tie-in” for the project. The group also has to start on the job immediately and complete it by no later than the end of May 2024. — by Sulhi Khalid AZRB mulls disposal of loss-making plantation business KUALA LUMPUR (Nov 20): Ahmad Zaki Resources Bhd (AZRB) intends to dispose of its entire 95% stake in its plantation unit PT Ichtiar Gusti Pudi Tbk, which operates in Kalimantan. “The company will make further announcements relating to the proposed disposal [including any material developments and progress made and seeking shareholders’ approval] as may be appropriate from time to time,” it said in a bourse filing. AZRB completed the acquisition of a 95% stake in Ichtiar Gusti Pudi for 17 billion Indonesian rupiah (RM5.12 million), or US$1.8 million back in early 2005. According to AZRB’s annual report, the group has a cultivation land measuring 6,763.89ha with leasehold expiring in 2033 with net book value of RM18.35 million. Ichtiar Gusti Pudi is AZRB’s main plantation unit, as its 67%-owned Betanaz Mills Sdn Bhd and 40%-owned Peak Crops Sdn Bhd are dormant. AZRB’s plantation division has been loss-making, adding to the woes of the group which had been in the red for more than four years since the year ended June 30, 2020 (FY2020). — by Adam Aziz Miti sets up Invest Malaysia Facilitation Centre at Mida for investment matters KUALA LUMPUR (Nov 20): The Ministry of Investment, Trade and Industry (Miti) has established the Invest Malaysia Facilitation Centre (IMFC) as a one-stop centre for investment-related matters at the Malaysian Investment Development Authority (Mida). Its Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the IMFC was set up to facilitate the affairs of the business community and investors in the manufacturing sector and selected services sectors. He said the physical establishment would speed up the various approval processes, including providing consultation and advisory services, as well as reducing bureaucracy in the public services delivery. “This initiative is an improvement to the existing advisory service centre at Mida and is in line with Prime Minister Datuk Seri Anwar Ibrahim’s recommendation in the Cabinet decision on Nov 3 and the Madani Economy aspirations, to facilitate business involving the investor’s journey at various levels,” he said in a statement. Tengku Zafrul said the one-stop centre also aims to bring together several government ministries and agencies, as well as various facilities under one roof, as an important step in supporting the intention of the New Industrial Master Plan 2030. — Bernama Read the full story Japanese firms, Petronas to set up CO2 storage by end-2028 (Nov 20): Japanese companies have agreed to develop a carbon capture and storage (CCS) project with Malaysian energy firm Petroliam Nasional Bhd (Petronas), which should start holding its first carbon dioxide (CO2) emissions from end-2028, Japan Petroleum Exploration Co (Japex) said on Monday. Japan plans to be carbon-neutral by 2050 and is actively developing renewable and alternative energy sources, from hydrogen and ammonia to solar and wind power, with CCS technology also playing an important role in its strategy. Japex is developing the CCS project with JGC Holdings Corp and Kawasaki Kisen Kaisha, or K Line, as well as Malaysia’s state-controlled Petronas. The companies plan to start the front-end engineering design next year, with a goal to inject and store CO2 from Japan and Malaysia in depleted oil and gas fields off the Malaysian coast, the statement said. Japex did not provide a cost estimate but said that at least two million metric tonnes of CO2 per year is planned to be injected at the start, rising to five million tonnes annually by the end of this decade, and to over 10 million tones in early 2030s. — Reuters Green Packet drops plan to sell investment banking business after failing to get approval KUALA LUMPUR (Nov 20): Green Packet Bhd said it is not proceeding with its proposed disposal of its entire 100% stake in Oasis Capital Investment Bank Ltd (OCIB) after the investment bank failed to obtain the required approval from the Labuan Financial Services Authority (LFSA). The group said it has received a notice from the purchaser, WKJ Capital Equity Sdn Bhd, to terminate the sale agreement as OCIB was unable to obtain LFSA’s approval for the change of shareholder within the stipulated time frame. “The notice of termination of the disposal of the sale shares will not have any impact on the company’s earnings and the net assets or gearing of the company for the financial year ending March 31, 2024,” Green Packet told Bursa Malaysia on Monday. The plan to dispose of its investment banking business in Labuan to WKJ Capital Equity for RM23 million cash was announced by Green Packet in March. The group had said the proposal provided a timely opportunity for the group to immediately unlock and realise the value of the investment and assets in OCIB. — by Sulhi Khalid The Edge filepix

TUESDAY NOVEMBER 21, 2023 19 THEEDGE CEO MORNING BRIEF

tuesday november 21, 2023 20 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 20): A government backbencher has called for accountability for shortcomings in the procurement of ventilators during the Covid-19 pandemic which saw 104 of 136 units not in working condition. The person who gave the “final approval” should be responsible for the procurement, for which the government spent a total of RM23.03 million, said Chong Zhemin [PH-Kampar] in the Dewan Rakyat. During the Budget 2024 debate at the committee stage for the Ministry of Health (MOH) in the Dewan Rakyat, Chong cited the Public Accounts Committee (PAC) report published in October on Covid-19 pandemic procurements. “This is the same with the foreign exchange scandal in the 90s. The money is gone but no one is held responsible. Where is the accountability? “The person with the final authority to give the final approval should be responsible. And to me, the person is not anyone else but Perikatan Nasional (PN) health minister [Datuk Seri Dr] Adham Baba,” Chong said. Chong also cited the latest findings of the PAC, which stated that then transport minister Datuk Seri Wee Ka Siong [BN-Ayer Hitam] played a role in negotiating for the ventilators. “Is this a sign of failure in the PN-led administration, where the health minister Thus, Chong urged Parliament to take action against Adham, stating that it not only involves money but also people’s lives. The PAC report in October revealed that the MOH approved an allocation of RM30 million as a down payment to be paid to Pharmaniaga Logistics Sdn Bhd (PLSB) for the procurement of 500 ventilators, of which 136 units were provided from April 1 to May 19, 2020, at a cost of RM20.125 million. However, on June 4, 2020, the MOH informed the company that the ventilators were not compatible, with only 28 units working. Further repairs and replacements resulted in just an additional four units being usable, for a total of 32 units. The report also revealed that there was no written agreement regarding the procurement of ventilators by the MOH through PLSB during the pandemic, leading to no party being held accountable for the malfunctioning ventilators. According to the PAC report, Wee contributed in the ventilators’ procurement process in terms of arranging the transportation through MasKargo, and obtaining input from Chinese officials on the availability of the products before passing the information to the MOH’s then secretary-general Datuk Seri Chen Chaw Min. Adham, who served as health minister from March 10, 2020 to Aug 16, 2021, was not mentioned in the PAC report. Govt backbencher calls for accountability over procurement of faulty ventilators during pandemic ALOR SETAR (Nov 20): Former Kedah Menteri Besar Incorporated (MBI Kedah) chief executive officer pleaded not guilty in the Sessions Court here on Monday, to charges of soliciting and accepting gratification in connection with a joint venture mining of rare earth element (REE) in Kedah. Muhamad Sobri Osman, 63, made the plea after the charges were read out to him before Judge Rohatul Akmal Abdullah. On the first count, he was charged with soliciting gratification of RM4 million from a person by the name of John Abad Pe from Kumpulan Perlombongan REE Sdn Bhd, as an incentive for him (Muhamad Sobri) to help the company carry out joint venture REE mining through a memorandum of understanding (MOU) between the company and MBI Kedah. The offence was allegedly committed at a hotel in Hatyai, Thailand, on May 20 this year. For this charge, the prosecution requested to apply the provision under Section 66 of the Malaysian Anti-Corruption Commission Act (MACC) 2009, which provides that any citizen and permanent resident of Malaysia who commits an offence abroad can be prosecuted in the country. Muhamad Sobri was also charged with accepting a gratification of RM1 million in cash from John Abad Pe through Liyana Mamat@Khalid as an inducement to help Kumpulan Perlombongan REE Sdn Bhd to carry out a joint venture REE mining in Kedah, through an MOU between the company and MBI Kedah. The offence was allegedly committed in the parking lot of Wisma Darul Aman, Jalan Tunku Bendahara, here on May 29. Both charges are framed under Section 16(a)(A) of the Malaysian Anti-Corruption Former MBI Kedah CEO charged with corruption over rare earth element mining JV Commission Act 2009 (Act 694), which provides imprisonment for up to 20 years and a fine of not less than five times the sum or value of the gratification which is the subject matter of the offence, where such gratification is capable of being valued or is of a pecuniary nature, or RM10,000, whichever is the higher, upon conviction. The court allowed Muhamad Sobri a bail of RM100,000 with one surety for both charges, and also ordered him to surrender his passport, report himself to the nearest MACC office on the first week of every month, and not intimidate witnesses in the case. The court also set Jan 22 next year for mention for the submission of documents. The prosecution was conducted by MACC deputy public prosecutors Farah Yasmin Salleh, Natrah Fareha Rahmat and Muhammad Asnaf Mohamed Tahir, while the accused was represented by lawyers Ibrahim Ismail and Mohammed Zamri Ibrahim. Read also: Kedah MB’s ex-political secretary charged with bribery over rare earth project Bernama by Choy Nyen Yiau theedgemalaysia.com did not fulfil his duties, necessitating Ayer Hitam to step in and negotiate for ventilator procurement? What kind of procedure is this?” said Chong.

tuesday november 21, 2023 21 The E dge C E O m o rning brief home GEORGE TOWN (Nov 20): The Penang Development Corp (PDC) has made immediate amendments to all offer letters to include a clause on changes in company shares, before the signing of an agreement. Chief Minister Chow Kon Yeow said this was to ensure that the land sale issue involving PDC land in Byram, Kawasan Perindustrian 2 Batu Kawan (BKIP2), Batu Kawan, near here, will not recur. “The change of shares by UMECH Land Sdn Bhd (UMECH), which happened before the signing of the agreement was done, without prior notification to the PDC. “Therefore, to prevent the same thing from happening again, the PDC has immediately amended all offer letters by placing a clause related to the change of company shares before signing the agreement,” he said at the state legislative assembly on Monday. Chow was replying to a question from Lee Khai Loon (PKR-Machang Bubuk). Various parties, including the Penang Chinese Chamber of Commerce (PCCC), Land sale issue: Penang Development Corp amends offer letters KUCHING (Nov 20): Sarawak Premier Tan Sri Abang Johari Tun Openg on Monday tabled an expansionary state budget totalling RM12.36 billion for next year. This represents a 7.5% increase from the RM11.5 billion allocated for the state’s operating and development expenditures for 2023, he said. “The 2024 budget will continue to be an expansionary budget to boost government spending that will stimulate the state’s economic growth,” he said when tabling the budget at the state assembly here on Monday. Under the budget themed “Development for All: Together, Building a Prosperous, Sustainable and United Sarawak”, the state government is allocating RM7.8 billion for development purposes and RM4.56 billion for operating expenditure. “The budget will continue to provide allocations to key sectors to accelerate economic development and eventually make the state economy prosperous, robust and resilient,” he said. Abang Johari said the focus on developing rural areas will continue. “This effort is being reinforced by establishing nine regional development agencies, which are playing a pivotal role in empowering local communities through our bottom-up approach,” he said. Abang Johari said the Sarawak government will provide cost of living relief in some areas to reduce the financial burden of the low- and middle-income groups, make targeted investments and continue to implement vital programmes and projects for the benefits of the rakyat. “This is the largest-ever budget unveiled by the Sarawak government in history, a testimony to the success of our revenue reengineering efforts and prudent financial management,” he added. During the tabling of the budget at the state assembly, the total budget was announced as RM13.6 billion but the Sarawak Premier’s Office subsequently clarified that the RM13.6 billion was a cumulative figure that includes funds from other sources, including the federal government. Read also: Sarawak assembly unanimously passes Ombudsman Bill Sarawak premier tables RM12.36 bil budget for 2024 Bernama Bernama news In brie f 10 states have offered land for PPR projects KUALA LUMPUR (Nov 20): A total of 10 states have offered land for free or at a nominal premium rate to the Local Government and Housing Ministry (KPKT) for the construction of people’s housing projects (PPR). KPKT Deputy Minister Akmal Nasrullah Mohd Nasir said the land for five PPR projects which involved the states of Johor, Melaka, Selangor, Sabah and Pahang have already undergone engineering and laboratory testing. He said two states, namely Penang and Perak are waiting for the assessment dates while Negeri Sembilan, Terengganu, and Perlis are in the pre-qualification phase. “As for three other states — Kelantan, Kedah, and Sarawak, we have not finalised anything yet because they have not clearly presented the proposed land locations. “This is because the views and decisions regarding the suitability of the location, the selection of sites, districts, and zones should come from the states,” he said when winding-up the debate on the Supply Bill 2024 at the committee level for the ministry in the Dewan Rakyat on Monday. Akmal Nasrullah said the construction of the PPR housing units would follow the standard specifications of a built-up area of 750 sq ft to include three bedrooms and two bathrooms. — Bernama Philippines reaches out to M’sia, Indonesia to craft code on South China Sea MANILA/BEIJING (Nov 20): The Philippines has approached neighbours such as Malaysia and Vietnam to discuss a separate code of conduct regarding the South China Sea, its president said on Monday, citing limited progress toward striking a broader regional pact with China. Relations between the two have grown more tense under President Ferdinand Marcos Jr, who has increasingly complained about China’s “aggressive” behaviour, while rekindling strong ties with the Philippines’ sole treaty ally, the United States. Speaking at Hawaii at a livestreamed event, Marcos said escalating tension in the South China Sea required the Philippines to partner with allies and neighbours to maintain peace in the busy waterway, with the situation now “more dire”. “We are still waiting for the code of conduct between China and Asean and the progress has been rather slow, unfortunately,” Marcos said, referring to efforts by the grouping of Southeast Asian nations. — Reuters Read the full story had raised questions about the selling price of the 226.2 hectares of land in Byram. Chow, who is also PDC chairman, added that there were no weaknesses or mistakes made in the sale of the land to UMECH. He said the sale was conducted through direct negotiations following promotional efforts by PDC at the Dubai Expo 2020, from Jan 16 to 23 last year, and UMECH was the only company that showed serious interest in doing business in Penang.

tuesday november 21, 2023 22 The E dge C E O m o rning brief home PUTRAJAYA (Nov 20): While a nine-member Federal Court bench deferred decision on a challenge mounted by two women over 18 Kelantan shariah criminal provisions, Chief Justice Tun Tengku Maimun Tuan Mat reminded lawyers to refrain from making comments that would create uneasiness among the public or distort events. Tengku Maimun issued this reminder as lawyers for the plaintiffs, Nik Elin Zurina Nik Abdul Rashid and her daughter Tengku Yasmin Nastasha Tengku Abdul Rahman, informed the court about a statement made by lawyer Mohd Yusfarizal Yussoff, representing the Terengganu Islamic Religion and Malay Customs Council. Nik Elin complained to the court that Yusfarizal was quoted to have said two months ago that it was crucial for one to understand the challenge of the powers of the shariah court, before it becomes buried like a batu nisan (tombstone). Yusfarizal, when asked by Tengku Maimun if indeed he had made the statement, replied that he would have to check on the recording before he could respond. Tengku Maimun said the hearing was not about undermining the position of Islam or the shariah courts in the country. “The issue arising out of the petition is simply about the competency of the Kelantan State Legislative assembly to enact impugned provisions. “Subject to whatever reply Yusfarizal wishes to make to this, we would like to remind lawyers that you are bound by the ethics of your profession and you know very well that it is not appropriate to discuss pending cases at a public forum, more so when you [have] failed to disclose the full facts of the case,” she said. A 1,000-strong crowd had gathered outside the Palace of Justice in anticipation of a decision. 18 provisions being challenged Nik Elin initially set out to challenge 20 Kelantan shariah offences which had been passed by the state legislature, as lawyers Datuk Malik Imtiaz Sarwar, Surendra Ananth and Yvonne Lim contended it is the federal government which holds the power, under the Federal Constitution, to create laws on such crimes. However, she and her daughter have since dropped two of the provisions related to gambling and making false claims. Nik Elin is challenging laws stipulated in the Kelantan’s Syariah Criminal Code (I) Enactment 2019 including destroying or defiling a place of worship (Section 11), selling or giving away a child to non-Muslim or morally reprehensible Muslims (Section 13), sodomy (Section 14), sexual intercourse with a corpse (Section 16). Other provisions are sexual intercourse with a non-human (Section 17), words capable of breaking place (Section 30), sexual harassment (Section 31), consuming anything intoxicating (Section 36), gambling (Section 37), reducing scale, measurement and weight (Section 39). The duo are also challenging execution of transactions contrary to hukum syarak (Section 40), executions of transactions via usury (Section 41), abuse of the halal label and connotations (Section 42), offering or provision of vice services (Section 43), preparatory act of offering or provision of vice services (Section 44), preparatory act of vice (Section 45), act of incest (Section 47) and middleman acting to solicit vice activities (Section 48). The Malaysian Bar, represented by Fahri Azzat and Sisters in Islam’s counsel Edmund Bon, supported the petition, while the Muslim Lawyers Association, along with the Federal Territory Islamic Council, Kelantan government, Perak Islamic Affairs and Malay Culture Council opposed to it. by Hafiz Yatim theedgemalaysia.com CJ warns lawyers against incendiary comments in Kelantan shariah law dispute Various other Islamic religious councils were also present as amicus curiae (friends of court). Lawyer Arham Rahimi Hariri, representing Kelantan religious councils, told the apex court bench that it does not have powers to grant a declaratory order on such legislations as null and void, but could only rule on their validity. He cited provisions under the Federal Constitution that do not empower the apex court to declare nullification of state legislations. Mohd Haniff Khatri Abdulla, appearing for the Muslim Lawyers Association, said the Federal Court’s decision in the Iki Putra case had widened the jurisdiction of the civil court’s position in nullifying a shariah law in Selangor, and that Nik Elin, as the petitioner, should show why her case does not fall under the ambit of shariah law. “Here, we say that Nik Elin has failed to show why it does not come under the shariah law and hence this petition should be dismissed,” he said. Haniff further called on the legislature to come up with better definitions on what it defines as criminal law to differentiate between civil criminal law and shariah criminal law. Meanwhile, Adham Jamalulullail Ibrahim, lawyer for the Perak Islamic council and Malay Culture Council, cited the Kelantan sultanate, saying it was within its and the state’s purview to enact shariah law, as guaranteed by the British since the 1920s. Malik, in reply, said he was fine with the court declaring laws challenged by his clients as invalid, pointing out that when a law is declared invalid, it is considered nullified. He also said the federal government has a right to enact laws under the federal lists and the Kelantan government’s shariah law provisions had encroached on said lists. He also said that since Kelantan entered the federation, it is bound by provisions in the Federal Constitution. Besides Tengku Maimun, the bench comprised Court of Appeal president Tan Sri Abang Iskandar Abang Hashim, Chief Judge of Malaya Tan Sri Mohamad Zabidin Mohd Diah, Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Seblim, and Federal Court judges Tan Sri Nallini Pathmanathan, Datuk Mary Lim, Datuk Harmindar Singh Dhaliwal, Datuk Nordin Hassan and Datuk Abu Bakar Jais. Tengku Maimun said the hearing was not about undermining the position of Islam or the shariah courts in the country. bloomberg

tuesday november 21, 2023 23 The E dge C E O m o rning brief world TAIPEI (Nov 20): Lai Ching-te, the frontrunner for Taiwan’s presidency, named on Monday, Taipei’s former envoy to the United States as his running mate in January’s election, a high-profile diplomat well known in Washington but who Beijing denounces as a separatist. Lai, vice president and the ruling Democratic Progressive Party’s (DPP) presidential candidate, has led in most opinion polls ahead of the election, which is taking place as Taiwan comes under increased pressure from China to accept its sovereignty claim. His running mate, Hsiao Bi-khim, 52, who had been Taiwan’s de facto ambassador to the United States since 2020, has extensive connections in Washington, and had been widely expected to be Lai’s running mate. In a post on his Facebook page, Lai said he would formally present Hsiao as his running mate on Monday afternoon. Taiwan’s foreign ministry said it had accepted her resignation. “I believe that Bi-khim is definitely an excellent person when it comes to Taiwan’s diplomatic work today, and she is a rare diplomatic talent in our country,” Lai added. Rupert Hammond-Chambers, president of the US-Taiwan Business Council, who has known Hsiao since the 1990s, said she was a “formidable politician”, and would add much needed diplomatic and security heft to Lai’s ticket. Taiwan’s former US envoy, well-known in US, vilified by China, named VP candidate (Nov 20): China and Saudi Arabia have signed a local-currency swap agreement worth around US$7 billion (RM32.69 billion), deepening their ties as countries across the Middle East look to shift more of their non-oil trade away from the dollar. The two countries’ central banks have agreed on a three-year deal for a maximum of 50 billion yuan or 26 billion riyals, according to their separate statements on Monday. China, which has been promoting the yuan’s use in transactions with major energy and commodity exporters, is Saudi Arabia’s biggest trade partner. The swap arrangement will “help strengthen financial cooperation” and “facilitate more convenient trade and investment” between the two countries, the People’s Bank of China (PBOC) said in a statement. The Saudi central bank made similar comments. The deal is the latest sign of strengthening relations between Beijing and Riyadh. Though Saudi Arabia has long been one of China’s main suppliers of oil, business ties have expanded in recent years, with Saudi Aramco investing billions of dollars in China’s petrochemicals sector and the kingdom trying to attract Chinese tech companies. Chinese President Xi Jinping visited Riyadh last year, with the two nations signing agreements-in-principle valued at US$50 billion. They’re also working more closely on geopolitical issues. In March, China helped broker a rapprochement between Saudi Arabia and Iran. And on Monday, a Middle Eastern delegation led by the Saudi foreign minister travelled to Beijing for talks on deescalating the Israel-Hamas war. In August, Saudi Arabia was invited into the BRICS grouping of Brazil, Russia, India, China and South Africa. It’s expected to join in January along with five other nations including Iran, the United Arab Emirates and Argentina. Beyond dollar Saudi Arabia is the world’s largest oil exporter and a pillar of a petrodollar system established in the 1970s that relies on pricing crude exports in the US currency. While maintaining a peg to the dollar for decades, it’s now also seeking to strengthen its relations with crucial trade partners including China as part of an effort to diversify the economy away from energy. At the same time, Saudi officials have consistently played down the idea that the kingdom would start to sell its oil to China or other major importers in currencies other than the dollar. Apart from Saudi Arabia, major oil producers including the UAE and Iraq are also planning or exploring ways to conduct non-oil trade using currencies other than the dollar. And as more countries try to reduce their reliance on the US currency, China’s swaps have grown in importance over the past decade. Chinese, Saudi central banks sign currency swap worth US$7 bil by Fahad Abuljadayel & Yujing Liu Bloomberg by Ben Blanchard & Yimou Lee Reuters Apart from Saudi Arabia, major oil producers including the UAE and Iraq are also planning or exploring ways to conduct non-oil trade using currencies other than the dollar. Global central banks used them to a record degree in the first quarter of this year, indicating the yuan’s growing international prominence and a shift towards settling trade transactions with China in local currencies rather than the dollar. The outstanding balance of China’s foreign-exchange swap lines rose to a fresh high of 117.1 billion yuan at the end of September, according to the PBOC. The Chinese central bank has 29 active swap agreements, with their combined quota at over four trillion yuan in total, according to its report last month. Argentina recently said it would leverage a swap line to finance imports from China, responding to financial challenges linked to a selloff in the peso. Brazil has taken similar steps. Bloomberg Read also: Israel-Hamas hostage deal edges closer despite fierce fighting in Gaza Musk defends himself on X after antisemitic furore deepens Philippines’ Marcos says Myanmar a difficult problem for Asean Read the full story

tuesday november 21, 2023 24 The E dge C E O m o rning brief world (Nov 20): In the weeks leading up to his shocking ouster from OpenAI, Sam Altman was actively working to raise billions from some of the world’s largest investors for a new chip venture, according to people familiar with the matter. Altman had been traveling to the Middle East to fundraise for the project, which was code-named Tigris, the people said. The OpenAI chief executive officer planned to spin up an AI-focused chip company that could produce semiconductors that compete against those from Nvidia Corp, which currently dominates the market for artificial intelligence tasks. Altman’s chip venture is not yet formed and the talks with investors are in the early stages, said the people, who asked not to be named as the discussions were private. Altman has also been looking to raise money for an AI-focused hardware device that he’s been developing in tandem with former Apple Inc design chief Jony Ive. Altman has had talks about these ventures with SoftBank Group Corp, Saudi Arabia’s Public Investment Fund, Mubadala Investment Company and others, as he sought tens of billions of dollars for these new companies, the people said. Many details of the scale and focus of Altman’s chip ambitions as well as the project’s codename have not been previously reported. Altman’s fundraising efforts came at an important moment for the AI startup. OpenAI has been working to finalise a tender offer, led by Thrive Capital, that would let employees sell their shares at an US$86 billion (RM401.8 billion) valuation. SoftBank and others had hoped to be part of this deal, one person said, but were put on a waitlist for Altman sought billions for chip venture before OpenAI ouster (Nov 20): Microsoft Corp said that Sam Altman will lead the software developer’s new in-house artificial intelligence team after the OpenAI co-founder was ousted from his startup last week, a bid to shore up Microsoft’s AI plans and reassure investors. Greg Brockman, an OpenAI board member and co-founder who also left the company last week, will join Altman and Microsoft will “move quickly to provide them with the resources needed for their success”, the Redmond, Washington-based company’s chief executive officer Satya Nadella said in a post on LinkedIn. In another post on X, formerly Twitter, Nadella said Altman will serve as CEO of the new in-house group. The move, at midnight local time on Sunday, was the latest in a dramatic three days for Microsoft and OpenAI’s relationship, a backup plan for Nadella after his efforts to restore Altman and Brockman to OpenAI were thwarted. The OpenAI board named former Twitch chief Emmett Shear as CEO. Nadella wrote that Microsoft looks forward to getting to know Shear and working with him. “We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners,” Nadella said on LinkedIn. The Microsoft chief has been revamping his company’s entire product lineup around OpenAI’s technology and has put US$13 billion (RM60.68 billion) into the startup, making Microsoft by far its biggest shareholder with a roughly 49% stake. Still, Microsoft was shocked Friday when it received just a few minutes notice that the board had ousted Altman, who enjoys a close relationship with Nadella. The news sent Microsoft shares down amid concern that upheaval at OpenAI could adversely impact Microsoft’s entire AI strategy. They reversed course and rose as much as 2.7% in premarket trading Monday after Nadella’s announcement. Microsoft to appoint Sam Altman as CEO of new in-house AI team by Dina Bass Bloomberg by Ed Ludlow & Ashlee Vance Bloomberg Microsoft executives were also surprised Sunday by Shear’s appointment, as they had expected they would be able to get OpenAI’s board to back down and allow Mira Murati, who had been appointed interim CEO, to return Altman and Brockman to the company in some capacity, said people familiar with the company’s thinking. They asked not to be named discussing private deliberations. It’s not yet clear who or how many former OpenAI workers may join Microsoft — Nadella said colleagues of Altman and Brockman would follow — nor how Microsoft will balance its ongoing commitment to OpenAI against its own new Altman-led AI group. Nadella offered LinkedIn and GitHub as examples of Microsoft-owned businesses that operate with “independent identities and cultures” and their own CEO. Microsoft has worked for more than 20 years on its own AI research. Its move to rely heavily on OpenAI technology and give that company vast computing resources, in some cases over homegrown projects, has caused some tension with those working on AI inhouse. While some long-time Microsoft AI hands have left the company, moving Altman and Brockman into Microsoft could cause some further consternation. a similar deal at a later date. In the interim, Altman urged investors to consider his new ventures, two people said. A representative for Saudi Arabia’s PIF did not immediately respond to a request for comment. OpenAI, SoftBank and Mubadala declined to comment. OpenAI said Friday that Altman was ousted from his role after an internal review found “he was not consistently candid in his communications with the board.” The board and Altman had differences of opinion on AI safety, the speed of development of the technology and the commercialization of the company, according to a person familiar with the matter. Altman’s ambitions and side ventures added complexity to an already strained relationship with the board. In a memo to staff, Brad Lightcap, OpenAI’s chief operating officer, said: “We can say definitively that the board’s decision was not made in response to malfeasance or anything related to our financial, business, safety, or security/privacy practices. This was a breakdown in communication between Sam and the board.” Read the full story Read also: The doomed mission behind Sam Altman’s shock ouster from OpenAI reuters

TUESDAY NOVEMBER 21, 2023 25 THEEDGE CEO MORNING BRIEF

tuesday november 21, 2023 26 The E dge C E O m o rning brief world (Nov 20): Shares of China’s small and medium-sized companies are poised to enter a bull market, defying a broader slump in local equities. The Beijing Stock Exchange 50 Index, a gauge of early-stage innovative companies listed in the capital, rose 3.1% on Monday, taking gains from an October low to over 19%. The measure has beaten its larger, tech-heavy peer by 12 percentage points and the benchmark CSI 300 Index by 16 percentage points, making it a bright spot in China this quarter. The strong rebound on the Beijing board this month is partly due to a wider China’s early stage technology stocks on brink of bull market (Nov 20): The powerful rally in small-cap stocks looks like yet another false start rather than a lasting recovery. The Russell 2000 Index — the world’s most closely followed gauge of smaller companies — rose over 5% last week as softer US inflation data bolstered bets that interest rates have topped out. Still, it will be hard for the gauge to avoid notching its worst year since 1998 against a benchmark of larger peers, given how vulnerable it is to damagingly high debt costs and a potential economic downturn. What’s more, unlike its bigger counterpart, the Russell small-cap index has tried and failed three times in the past 18 months to sustain a rally into a bull market — defined as a 20% gain from the most recent trough. All that is making investors fearful of calling a turning point, even though the small-cap index is hovering near the cheapest valuations since 2007 relative to the S&P 500 Index. “You can rent the small-cap rally, but don’t own them yet,” said Manish Kabra, head of US equity strategy at Societe Generale SA. “The biggest issue is the upcoming refinancing cycle, as a quarter of firms have been loss-making in the last three years despite super-strong nominal GDP growth.” US small caps do tend to outperform the broader market between the last Fed rate hike and its first cut. But what’s different this time is that the US rate-hike cycle has been the most powerful since the 1980s. It’s feeding into the economy, just as companies face repaying debt they gorged on during the cheap-money years. And even before recession hits, 40% of Russell 2000 companies are loss-making, data from Apollo Global Management showed. Debt costs are going to be problematic for companies more broadly, of course — Bloomberg Intelligence estimates corporates that borrowed in dollars may incur an extra US$27 billion (RM126.1 billion) in interest costs when they refinance debt Lasting recovery in small caps still elusive as debt costs bite by Sagarika Jaisinghani & Alexandra Semenova Bloomberg by Bloomberg News Bloomberg Read also: Xiaomi posts first sales rise since 2021 after market stirs maturing between 2024 and 2026. But headwinds could be magnified for small firms as they tend to carry more leverage. US small caps have more than two-thirds of their debt coming due in the next five years, compared with less than half for the S&P 500, according to data compiled by Bloomberg. That’s enough reason to shun small caps, Peter Garnry, head of equity strategy at Saxo Bank AS, said, noting that “higher rates for longer and, potentially, a slowdown in the economy are key risks that hit these small cap companies harder than large caps.” Small-cap fund managers are banking on an extreme discount in share prices relative to earnings to drive a rebound. Valuations are “beyond cheap” according to Nicholas Galluccio, portfolio manager of the Teton Westwood Small Cap Equity Fund. “If we’re going into a slowing economy, small caps are already predicting a recession. So the valuation gap between small and large caps will begin to close,” he added. Such bets have lured nearly US$1.7 billion to US small-cap funds so far in November, EPFR Global data showed, the first inflow in four months. And history bodes well — since the late-1980s, US small caps have typically gained 16.5% in the average of nine months between the last rate hike and the first cut, according to CFRA Research. The S&P 500, meanwhile, has risen 13.2%. fluctuation range of 30% allowed for its constituents in either direction. This compares to a span of as much as 20% for the Shanghai and Shenzhen gauges. Investors’ light positioning in these companies — the largest of around a dozen exchange traded funds tracking the index have assets of about 228.8 million yuan ($31.9 million) — and regulators’ consideration to include eligible securities into the CSI cross-market index system also serve as catalysts. The Beijing exchange, launched two years ago, was aimed at helping small firms raise funds and making the nation’s financial markets more multifaceted. Read the full story The Russell small-cap index has tried and failed three times in the past 18 months to sustain a rally into a bull market.

tuesday november 21, 2023 27 The E dge C E O m o rning brief world (Nov 20): Chinese regulators are drafting a list of 50 developers eligible for a range of financing, according to people familiar with the matter, the nation’s latest effort to put a floor under the property crisis. China Vanke Co, Seazen Group Ltd and Longfor Group Holdings Ltd are among companies that have been named in a draft of the so-called white list, the people said, asking not to be named because the matter is private. The list, which includes both private and state-owned developers, is intended to guide financial institutions as they weigh support for the industry via bank loans, debt and equity financing, the people said. It couldn’t be determined which other developers were included on the draft list. The yet-to-be-finalised list would expand on previous rosters created by banks that only focused on some “systemically important” state-backed firms. It underscores Beijing’s growing concerns about the sector following record defaults, a swathe of unfinished apartments and a deep contraction in real estate investment that threatens to derail growth in the world’s second-largest economy. Some Chinese builders’ dollar bonds rallied after the report. Vanke’s 3.5% note due 2029 climbed 3.9 cents (18 sen) on the dollar, set for the biggest jump in two weeks, according to data compiled by Bloomberg. Longfor’s 3.85% note due 2032 rose 3.2 cents, while Seazen’s 4.8% bond due 2024 climbed 2.2 cents. China’s biggest banks, brokerages and distressed asset managers were told to meet all “reasonable” funding needs from propChina drafts list of 50 real estate firms eligible for funding SHANGHAI/SINGAPORE (Nov 20): China left benchmark lending rates unchanged at a monthly fixing on Monday, matching expectations, as a weaker yuan continued to limit further monetary easing and policymakers waited to see the effects of previous stimulus on credit demand. Recent data shows the recovery in the world’s second-largest economy remains patchy with industrial output and retail sales surprising on the upside but deflation gathering pace and few signs the struggling property market will bounce back any time soon. While the economy still needs more policy stimulus, an escalation of monetary easing would add unwanted downside pressure on the Chinese currency. The one-year loan prime rate (LPR) was kept at 3.45% and the five-year LPR was unchanged at 4.20%. Most new and outstanding loans in China are based on the one-year LPR, while the fiveyear rate influences the pricing of mortgages. In a poll of 26 market watchers conducted last week, all participants predicted no change to either the one-year or five-year LPR. The steady fixings came after the central bank kept its medium-term interbank liquidity rate unchanged last week. The one-year LPR is loosely pegged off the medium-term lending facility (MLF) and market participants typically see changes in the MLF rate as a precursor to adjustments in the LPR. The PBOC injected 1.45 trillion yuan (RM940 billion) worth of one-year MLF loans into the banking system last week but kept the rates on those loans unchanged. The liquidity boost resulted in a net 600 billion yuan of cash injections into the banking system, the biggest monthly increase since December 2016. China keeps lending benchmark rates unchanged, as expected by Winni Zhou & Tom Westbrook Reuters Bloomberg “Policymakers may want more time to access the impact of the recent repricing of existing mortgage contracts before they make further changes to the benchmark rate,” Julian Evans-Pritchard, head of China economics at Capital Economics, said in a note released before the LPR fixing. “The big picture though is that, with economic momentum weak and downward pressure on the renminbi reversing, we think rate reductions will come before long,” he said, expecting China to lower the lending benchmark by 20 basis points at the end of the first quarter next year. China’s yuan has clawed back some of its year-to-date losses after losing more than 6% against the dollar at one point in September. China remains an outlier among global central banks, having loosened monetary policy to shore up a faltering recovery but further rate cuts would widen the yield gap with the US, risking yuan depreciation and capital outflows. The LPR, which banks normally charge their best clients, is set by 18 designated commercial banks who submit proposed rates to the central bank every month. Read also: China shifts Belt and Road ernergy spending to renewables, study finds Hong Kong tycoon Cheng raises doubt over succession plans erty firms at a Friday gathering with the top financial regulators, according to a government statement that didn’t mention a white list. Financial firms were also asked to “treat private and state-owned developers the same” when it comes to lending.

TUESDAY NOVEMBER 21, 2023 28 THEEDGE CEO MORNING BRIEF Under the SOS Financing Programme, an array of fi nancing solutions is available to cater to various SME concerns, allowing them to not only rebuild their businesses but to also empower them to expand and further contribute to the nation’s economic growth. — MIDF CEO Azizi Mustafa In addition to the programme, MIDF also off ers the Business Advisory Service, which provides complimentary fi nancial advice and guidance to SMEs or struggling companies, including intervention programmes tailored to enhance competitiveness and sustainability, such as the Environment, Social and Governance (ESG) Intervention and Capacity Building Programme, Digitalisation Adoption Programme, and Automation and Factory Transformation Programme. Stepping up support to embrace ESG PETRONAS and MIDF’s collaboration extends beyond the SOS Financing, encompassing various areas of the OGSE ecosystem. Both PETRONAS and MIDF acknowledge the importance of ESG in today’s responsible business landscape and are committed to helping OGSE players comply with and adhere to the requirements and the broader spectrum of sustainable practices and reporting in alignment with ESG principles. This support may involve customised programmes or workshops on ESG, ensuring that oil and gas service companies meet financing eligibility criteria while upholding ESG standards. As the energy sector transitions towards more sustainable sources, PETRONAS recognises the importance of embracing this shift and supporting its OGSE partners in their own cleaner energy endeavours, enabling them to diversify their portfolios and adapt to evolving market demands. By leveraging on the existing client relationships and embracing just energy transition, PETRONAS provides opportunities for OGSE companies to thrive, remain resilient and stay competitive in the ever-evolving energy sector. EMPOWERING MALAYSIAN SMES THROUGH SPECIAL OGSE FINANCING Details of scheme funds and how to apply Among the scheme funds off ered under the Special OGSE (SOS) Financing Programme are: a) SME Revitalisation Financing (SMERF) – A fi nancing scheme that provides fi xed asset and working capital fi nancing to viable SMEs as well as companies in the underserved sectors that are constrained by fi nancial diffi culties with a fi nancing amount of up to RM250,000 at a fi nancing rate of 3% per annum on monthly rest.  b) Jumpstart Financing (JSF) – This scheme off ers working capital fi nancing of up to RM500,000 at a fi nancing rate of 2% per annum on monthly rest for SMEs and 3% for non-SMEs, which aims to help restart and support the continuity of businesses that have been aff ected by the COVID-19 pandemic in conjunction with the reopening of the economy.  c) Second Chance Financing (2CF) – This scheme off ers fi nancing solutions to distressed SMEs by off ering debt fi nancing (i.e fi nancing for Machinery, Equipment, Commercial Motor Vehicle, IT Hardware, Software and Working Capital) as well as equity fi nancing up to RM5 million at a fi nancing rate of 3% per annum on monthly rest. The fund not only aids viable SMEs in swiftly recovering from crises and reintegrating into the economy but also safeguards them against the brink of closure of bankruptcy. Additionally, the fund provides support to reputable companies seeking to acquire equity or shares in fi nancially distressed yet highpotential SMEs through equity fi nancing. Interested applicants can register and apply through the QR code below or the URL at https://biz.fi nancing.growyourbusiness. midf.com.my To explore further details regarding industry initiatives off ered by PETRONAS, visit https://www.petronas. com/partner-us/malaysiaogse-industry-initiatives. About MIDF The MIDF group carries out investment banking, development fi nance and asset management. It serves entrepreneurs as well as large corporations and institutions. Malayan Industrial Development Finance Ltd (now MIDF) was established in 1960 following the recommendations of the World Bank on how to fi nance the industrialisation of Malaya, and over the last 62 years, the MIDF Group has been part of the development and modernisation of Malaysia’s economy and capital markets. MIDF is a member of Malaysia Building Society Berhad (MBSB) Group. MBSB is also the fi nancial holding company of MBSB Bank Berhad (MBSB Bank). D espite the general uptick in the global economy, SMEs in Malaysia’s oil and gas services and equipment (OGSE) industry may still struggle to secure competitive fi nancing to support their operations and growth and to manage their cash fl ow. Recognising these challenges, PETRONAS and Malaysian Industrial Development Finance Berhad (MIDF) have collaborated to provide SMEs with access to fi nancing at competitive rates through the Special OGSE (SOS) Financing Programme. Launched in September 2022, SOS Financing aims to foster SMEs’ growth, enhance their global competitiveness and contribute to the country’s economic development in alignment with the government’s initiatives to advance the industry. Azizi Mustafa, CEO of MIDF, emphasises the development fi nance institution’s role in supporting and assisting underserved sectors, including the oil and gas industry. “Under the SOS Financing programme, an array of fi nancing solutions is available to cater to various SME concerns, allowing them to not only rebuild their businesses but to also empower them to expand and further contribute to the nation’s economic growth,” he said. SOS Financing solutions include scheme funds such as SME Revitalisation Financing (SMERF), Jumpstart Financing (JSF), and Second Chance Financing (2CF), providing fi xed asset and working capital fi nancing to support the viability and growth of these companies. By improving access to fi nancing, enhancing liquidity, and providing assistance with working capital and contract completion, SOS Financing actively promotes business growth within the OGSE sector. To date, MIDF has authorised more than RM30 million in fi nancing for OGSE vendors under the programme, enabling eligible OGSE vendors to gain access to essential working capital support upon meeting MIDF’s minimum credit assessment criteria. SMEs that are registered with statutory bodies and have a majority Malaysian ownership (depending on the scheme) are encouraged to apply for fi nancing through this programme. Application is also open to vendors who have a viable business model with the potential for positive cash fl ow. Azizi elaborates on the rigorous and systematic approach that MIDF employs for eff ective fi nancing utilisation, including credit assessment to evaluate the fi nancial health, creditworthiness, and viability of the vendor. “The disbursement of funds is tailored to the specifi c needs and timelines of the vendor, allowing for fl exibility in utilising the funds according to operational requirements,” he adds. Notably, PETRONAS facilitates this programme by providing a verifi cation platform for awarded contracts and licence status. “Participating vendors will benefi t from quicker access to credit facilities, better terms, and improved working capital, allowing them more effective business continuity,” explains Azizi.

tuesday november 21, 2023 29 The E dge C E O m o rning brief world (Nov 20): WeLab Ltd, backed by investors including billionaire Li Ka-shing and Astra International, a unit of Jardine Matheson, is launching a digital bank in Indonesia to tap the young and fast-growing economy. Bank Jasa Jakarta, which WeLab and Astra jointly bought last year, launched the digital bank called Bank Saqu on Monday. The bank is targeting the younger generation, including so-called “solopreneurs,” such as small business owners, freelancers, and fulltime employees juggling side hustles. The expansion is part of WeLab’s ambitions to grow in the Asia region, after starting a digital bank in Hong Kong in 2020. The fintech also runs several businesses in mainland China. “The aspiration of the company is to build this from where we are today, around 60 million users to half a billion users by 2032,” said Simon Loong, group chief executive officer of WeLab. The solopreneur segment is fast-growing, and a study commissioned by Bank Saqu estimates that one in three Indonesians, or some 117 million people, will have multiple side gigs by 2030. Bank Saqu allows customers to open up to 20 accounts to cater to different income streams, and plans to roll out lending and fee-income products in 2024, said Loong. On average, it takes about three to five years for virtual banks to be profitable, he said. Profitability path WeLab has a cooperation with HSBC Holdings Plc to co-develop digital offerings in Malaysia, and potentially, the efforts could expand elsewhere, according to Loong. In Hong Kong, WeLab Bank reported a loss of HK$161.5 million (RM96.6 Li Ka-shingbacked WeLab launches digital bank in Indonesia (Nov 20): Thailand’s economic growth unexpectedly slowed in the third quarter as manufacturing slumped on weak exports, supporting the case for the new government to proceed with its planned $14 billion cash handout program. Gross domestic product in the three months through September rose 1.5% from a year earlier, the National Economic and Social Development Council said Monday. That’s well below the 2.2% median estimate in a Bloomberg survey and 1.8% growth in the second quarter. The economy expanded 0.8% quarter-on-quarter, against a median estimate of a 1.3% growth. For the first nine months, the economy improved just 1.9%. The disappointing print prompted the NESDC to narrow its 2023 GDP growth forecast to 2.5% from a prior estimate of 2.5%-3%. The Council’s chief Danucha Pichayanan said at a briefing that the government should try to create sufficient fiscal space to prepare for future risks. Even as tourism — which is a key plank of Southeast Asia’s second-largest economy — recovered and buoyed domestic activity, growth still lagged many of its neighbors amid a slump in exports and government spending. Dismal domestic activity has prompted the administration of Prime Minister Srettha Thavisin to push for a stimulus plan that’s being opposed by some central bankers and economists. Srettha is aiming to accelerate annual growth, which has averaged below 2% in the past decade, to 5%. Thailand economic growth slows last quarter, boosts stimulus case by Suttinee Yuvejwattana & Pathom Sangwongwanich Bloomberg by Denise Wee Bloomberg Read also: UOB completes acquisition of Citigroup’s consumer banking business in Indonesia Citigroup cuts over 300 senior manager roles in latest restructuring The centerpiece of Srettha’s strategy to lift the economy out of the cycle of low growth is a digital wallet program that will see 50 million Thais 16 years old and above million) during the first half, narrowing from HK$224 million a year ago. Its net interest income doubled in the first half. “We are on track to hopefully achieve profitability in 2024, 2025,” said Loong. The bank unrolled its digital wealth business in Hong Kong in 2022, and has 15,000 wealth customers and is targeting launching in the Greater Bay Area, according to Loong. WeLab, a so-called unicorn, or company with a valuation of at US$1 billion, filed for a Hong Kong IPO application in 2018, but that was delayed. Loong said company is still “looking at” an IPO but the equities market is “pretty soft,” and it doesn’t have a specific timeframe. receive a one-time handout of 10,000 baht ($285) starting May 2024. On Monday, Srettha said he was “very concerned” about the the latest GDP data that was worse than expected and pointed to an economic crisis. Such a dire state of the economy underlines the need for the cash stimulus, he said. The plan to fund the handout through borrowing has triggered a backlash, including from Thailand’s opposition party, on concerns that move may widen the fiscal deficit and stoke inflation. The baht, held gains of about 0.2% against the dollar after the release of the GDP data, while the benchmark SET stock index and 10-year sovereign bonds were little changed.

tuesday november 21, 2023 30 The E dge C E O m o rning brief world BERLIN (Nov 20): France, Germany and Italy have reached an agreement on how artificial intelligence should be regulated, according to a joint paper seen by Reuters, which is expected to accelerate negotiations at the European level. The three governments support “mandatory self-regulation through codes of conduct” for so-called foundation models of AI, which are designed to produce a broad range of outputs. But they oppose “un-tested norms.” “Together we underline that the AI Act regulates the application of AI and not the technology as such,” the joint paper said. “The inherent risks lie in the application of AI systems rather than in the technology itself.” The European Commission, the European Parliament and the EU Council are negotiating how the bloc should position itself on this topic. The paper explains that developers of foundation models would have to define model cards, which are used to provide information about a machine learning model. “The model cards shall include the relevant information to understand the functioning of the model, its capabilities and its limits and will be based on best practices within the developers community,” the paper said. “An AI governance body could help to develop guidelines and could check the application of model cards,” the joint paper said. Initially, no sanctions should be imposed, the paper said. If violations of the code of conduct are identified after a certain period of time, however, a system of sanctions could be set up. Germany’s Economy Ministry, which is in charge of the topic together with the Ministry of Digital Affairs, said laws and state control should not regulate AI itself, but rather its application. Digital Affairs Minister Volker Wissing told Reuters he was very pleased an agreement had been reached with France and Germany to limit only the use of AI. “We need to regulate the applications and not the technology if we want to play in the top AI league worldwide,” Wissing said. State Secretary for Economic Affairs Franziska Brantner told Reuters it was cruGermany, France and Italy reach agreement on future AI regulation (Nov 20): German Vice Chancellor Robert Habeck said last week’s ruling by Germany’s top court curbing the use of off-budget special funds is a major blow for Europe’s biggest economy and could lead to higher power costs for households and companies. Constitutional Court judges said that €60 billion ($65.5 billion) in untapped credit authorizations can’t be transfered into the government’s Climate and Transformation Fund, potentially threatening projects like the expansion of hydrogen infrastructure and charging stations for electric vehicles. It has also prompted fears that similar offbudget vehicles accounting for as much as by Andreas Rinke Reuters €770 billion in funding may have to be dissolved or at least overhauled. Habeck said that while the government is still digesting the ruling and how to implement it, it’s already clear that it will have “massive implications” for Germany’s transformation to a cleaner and more technologically advanced economy. Government support for efforts by companies to green manufacturing processes, including in the steel industry, and the expansion of solar power are among initiatives under threat, Habeck said Monday in an interview with Deutschlandfunk radio. “This is about the core substance of the German economy,” he said. “The answer is not easy to find and things could get really difficult.” Habeck said that the court ruling, in his view, will also impact Germany’s Economic Stabilization Fund, known as the WSF. If that proves to be the case, it could have implications for around €30 billion euros of net new debt in the 2023 federal budget, money that has been allocated to help shield companies from high energy prices. If the government is forced to take action on the WSF funds, it would mean that households and firms would face higher power prices and, potentially, higher gas costs as well, Habeck said. This is about the core substance of the German economy. The answer is not easy to find and things could get really difficult.” — Habeck. German budget shock major blow for economy, Habeck warns by Iain Rogers Bloomberg Read also: UK’s Hunt says won’t implement tax cuts that fuel inflation South Korea’s Yoon seeks stronger economic, security ties on UK state visit Spain PM Sanchez’s new Cabinet to keep senior ministers, including Calvino Bloomberg cial to harness the opportunities and limit the risks. “We have developed a proposal that can ensure a balance between both objectives in a technological and legal terrain that has not yet been defined,” Brantner said. As governments around the world seek to capture the economic benefits of AI, Britain in November hosted its first AI safety summit. The German government is hosting a digital summit in Jena, in the state of Thuringia, on Monday and Tuesday that will bring together representatives from politics, business and science. Issues surrounding AI will also be on the agenda when the German and Italian governments hold talks in Berlin on Wednesday.

tuesday november 21, 2023 31 The E dge C E O m o rning brief world TAIPEI (Nov 20): Shares in Foxtron Vehicle Technologies, a unit of Taiwanese contract manufacturer Foxconn, fell in their market debut on Monday, hurt by concerns over headwinds in the highly competitive electric vehicle market. Foxtron shares did recover some ground from earlier losses of as much as 9%, ending down 2.7% which gave it a market capitalisation of around US$2.7 billion (RM12.6 billion). In addition to inflation and higher interest rates which have raised the cost of buying a car, EV makers are grappling with supply-chain bottlenecks and pricing pressure. “The EV market has been flooded by a red sea of price cuts by major players such as Tesla,” said an analyst at Mega International Securities, who asked not to be named, citing the firm’s policies on commenting publicly on listed companies. “Foxtron has lost money in 2021 and 2022, and we don’t think it will turn that around in the next two years.” Foxtron is a joint venture between Foxconn — the world’s largest contract manufacturer for iPhones and other consumer electronics — and local car maker Yulon. It currently has only one client, Luxgen, which is owned by Yulon. Foxconn’s electric car unit falls in market debut amid tough industry outlook SYDNEY/BENGALURU (Nov 20): The head of Australia’s second-largest telco Optus resigned on Monday, cutting short a more than three-year tenure marred by a massive network-wide outage and one of Australia’s largest data breaches. Parent Singapore Telecommunications announced the resignation of Optus chief executive officer (CEO) Kelly Bayer Rosmarin, days after a network-wide outage left nearly half of Australia’s 26 million people without phone or internet for 12 hours. Chief financial officer Michael Venter will take over as interim CEO, Singtel said in a statement. Rosmarin said she decided to resign after time for personal reflection following a parliamentary hearing on Friday, where Optus executives said the company had no contingency plan in place for an outage of that scale. “Having now had time for some personal reflection, I have come to the decision that my resignation is in the best interest of Optus, moving forward,” she said in the statement. Appointed in April 2020, Rosmarin headed Optus through two national scandals that have tarnished the reputation of the telco giant. A massive data hack last year exposed the personal data of 10 million Australians and triggered a class action lawsuit and multiple investigations from regulators. The company was dealt a fresh blow earlier this month, when a 12-hour netAustralian telco Optus’ CEO quits after network outage by Lewis Jackson, Byron Kaye & Himanshi Akhand Reuters by Ben Blanchard & Faith Hung Reuters work blackout hit more than 10 million Australians, triggering fury and frustration among customers and raising wider concerns about the telecommunications infrastructure. Optus executives told the parliamentary hearing on Friday that the telco provider had not foreseen a network-wide outage and so had no backup plan in place. Rosmarin told the hearing hundreds of calls to Australian emergency hotline Triple-0 failed because of the outage, although the telco had followed up all incidents and “thankfully everybody is OK”. Singtel said last week that a fault in Optus’ security systems caused the failure, not a routine software upgrade as previously suspected. Rosmarin increased Optus’ market share and improved financial performance during her tenure, Single said in a statement. “We recognise the need for Optus to regain customer trust and confidence, as the team works through the impact and consequences of the recent outage and continues to improve,” SingTel group CEO Yuen Kuan Moon said in a statement. Peter Kaliaropoulos was also appointed to a newly created position of chief operating officer. Young Liu, chairman of both Foxtron and Foxconn, said, however, the company has a clear strategy for growth. “Foxtron will build its foundation in Taiwan, leveraging our own design and service momentum in EV, as well as Foxconn’s proven business models to guide our entry into the North America, Southeast Asia mainstream markets.” The company raised T$7.5 billion in its initial public offering. Separately, Liu declined to comment on what contingency plans Foxconn has should founder Terry Gou finalise his run for Taiwan’s president by registering with the election commission, which he has until Friday to do so. China last month announced a tax probe into Foxconn — a move which the Chinese newspaper that revealed the investigation attributed to Beijing’s unhappiness with Gou’s decision to run for president. Read also: BYD’s Tesla rival leads new EV launches at Guangzhou auto show GM’s Cruise robo-taxi CEO resigns from company reuters reuters

tuesday november 21, 2023 32 The E dge C E O m o rning brief world Baltic Exchange shipping updates A weekly round-up of tanker and dry bulk market (Nov 17, 2023) Capesize The week commenced with a subdued market due to Singapore’s Diwali holiday. However, the Pacific region saw a positive turn on Tuesday, marked by increased trading volumes and improved fixtures on C5, supported by a solid volume of coal cargoes. The midweek surge continued in the Pacific, driven by Japanese tender cargoes and heightened coal shipments from East Coast Australia and Indonesia, resulting in a further 40-cent increase on C5. Meanwhile, the Atlantic market witnessed notable activity, especially from southern Brazil and West Africa. Towards the end of the week, the Pacific market maintained the positive momentum. Brokers talked of some port closures in China caused by strong winds potentially causing delays, however, with all three miners actively participating there were further gains. Meanwhile, the Atlantic region sustained its optimistic outlook, with firm fixtures and an upward climb in the C3 index, which gained over US$2 to close at US$22.589. Overall, the week saw dynamic market conditions, with the Pacific region driving increased activity and positive sentiment persists in the Atlantic. Panamax A dramatic week for the Panamax market, chiefly in the Atlantic with rates accelerating sharply. The north of the arena appeared mostly mineral centric but stable grain demand was seen too ex US Gulf and NC South America. This was coupled with a highly firm market ex US Gulf for the Supramax and Ultramax sectors, lending support to the remarkable moves seen in the market. Quick Baltic round trips were achieving US$30,000 by the end of the week, with longer trans-Atlantic trips now in the low US$20,000s, with some voyage business edging closer to mid US$20,000s on an equivalent basis. Whilst rate increases were less spectacular in Asia than the Atlantic, a solid week for the basin saw solid levels of demand predominantly mineral led ex Australia and Indonesia. Multiple short period up to one-year deals concluded this week. The one-year mark averaging out around the low-mid US$14,000s mark for 82,000-dwt types delivery to the Far East. Ultramax/Supramax A stronger week than recent weeks, with better levels of enquiry and a tightening of prompt tonnage from key areas. The Atlantic was led from the US Gulf where demand was very strong, certainly for fronthaul trips. A 63,500-dwt was heard fixed for a trip from Pascagoula to India with petcoke at US$47,500, whilst another Ultramax was heard to have fixed a trans-Atlantic run from the US Gulf at US$32,000. There was also a bit more interest from the South Atlantic and again rates seemed to be on an upward trajectory. From Asia, a more positive feel as fresh enquiry from Indonesia led to a reduction of prompt tonnage availability. A 58,000-dwt was heard fixed delivery Singapore for a trip via Indonesia redelivery China at US$15,000. Further north, a 56,000-dwt was fixed basis delivery China for a steals run to SE Asia in the mid US$6,000s. On the period front, a 63,000-dwt open Haldia was heard to have been extended in direct continuation for 12 months trading at US$14,000. Handysize Positivity swept back into the Atlantic this week, helping guide the BHSI to an upward trajectory after a sustained period of decline. The US Gulf was said to be lacking tonnage availability and charterers had begun to source tonnage from Europe and West Africa to cover their requirements. The Continent and the Black Sea had shown improvements in levels of fresh enquiry in recent days with rumours of a large handy fixing from the Continent to the US Gulf at around US$13,000 but further details had yet to surface. In northern Brazil, levels had also improved for owners, with a 40,000-dwt fixed from North Brazil to Norway at US$17,500 in the early part of the week, whilst a 34,000- dwt fixed from Itaqui to Singapore-Japan in the high teens. In Asia, activity was still said to be subdued in general but brokers spoke of the first signs of positivity creeping into some regions as levels of fresh enquiry had improved. Clean LR2 LR’s in the MEG have been subject to some further testing down this week. The 75Kt MEG/Japan TC1 index lost another 11.39 points to WS123.89 where it looks to have plateaued for the moment. The 90kt MEG/UK-Continent TC20 run to the UK-Continent also devalued to the tune of US$306,000 to US$3.44m. West of Suez, Mediterranean/East LR2’s on TC15 revitalised this week from some activity in the market. The index hopped up from US$3.22m to US$3.57m. LR1 In the MEG, LR1 freight levels dipped again this week in line with their larger siblings. The 55kt MEG/Japan index of TC5 dropped from WS140.31 to WS132.5 where it appears to have stabilised for now and the 65kt MEG/UK-Continent of TC8 is currently pegged at US$2.96m. On the UK-Continent, the 60Kt ARA/ West Africa TC16 index, pushed up and optimistic 15.31 points this week to WS187.81. This took Baltic TCE for the run up over the US$40,000/day round trip. MR MR’s in the MEG had a small resurgence this week. The 35kt MEG/East Africa TC17 index, climbed just under seven points to WS209.29. Read the full report

tuesday november 21, 2023 33 The E dge C E O m o rning brief MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) Hong Seng Consolidated Bhd 535.6 -0.005 0.030 -86.36 153.3 Leform Bhd 80.1 0.005 0.290 40.50 429.5 Top Glove Corp Bhd 79.2 0.015 0.800 -11.60 6,406.5 Widad Group Bhd 50.3 0.000 0.460 6.98 1,424.4 Sarawak Consolidated 50.2 0.010 0.650 348.28 416.2 My EG Services Bhd 44.1 0.010 0.805 -6.44 6,004.9 PUC BHD 44.1 -0.005 0.045 28.57 106.6 Fitters Diversified Bhd 40.0 0.000 0.050 -28.57 117.1 Daythree Digital Sdn Bhd 39.9 -0.015 0.430 0.00 206.4 Sime Darby Property Bhd 33.8 -0.025 0.600 33.33 4,080.5 Kinergy Advancement Bhd 33.2 0.000 0.325 -17.72 632.1 Tanco Holdings Bhd 29.2 0.005 0.585 74.63 1,175.4 Bahvest Resources Bhd 27.8 0.055 0.500 63.93 619.9 Supermax Corp Bhd 27.3 0.050 0.960 10.34 2,473.1 KNM Group Bhd 27.3 0.000 0.090 80.00 364.0 Velesto Energy Bhd 26.6 0.010 0.240 60.00 1,971.7 Ageson Bhd 22.2 0.010 0.075 -63.41 23.4 Ta Win Holdings BHD 22.2 0.000 0.035 -36.36 120.2 Eden Inc Bhd 21.2 0.005 0.235 62.07 108.0 PLYTEC Holding Bhd 20.9 -0.010 0.300 0.00 180.0 Data as compiled on Nov 20, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) AE Multi Holdings Bhd 0.015 50.00 35.0 -40.00 32.5 Perak Corp BHD 0.445 43.55 131.1 78.00 44.5 G3 Global Bhd 0.025 25.00 2698.0 -16.67 94.3 Pertama Digital BHD 4.650 19.85 4895.2 164.20 2,037.7 Mesiniaga Bhd 1.530 17.69 220.5 -4.97 92.4 Ark Resources Holdings Bhd 0.385 16.67 1.1 35.09 26.8 Alam Maritim Resources Bhd 0.035 16.67 525.3 40.00 53.6 Ageson Bhd 0.075 15.38 22245.5 -63.41 23.4 Bahvest Resources Bhd 0.500 12.36 27815.4 63.93 619.9 Mclean Technologies Bhd 0.195 11.43 3241.1 14.71 38.5 Sapura Energy Bhd 0.050 11.11 11792.5 42.86 799.0 Citra Nusa Holdings Bhd 0.050 11.11 328.0 -23.08 36.0 CSH Alliance Bhd 0.050 11.11 491.8 25.00 69.1 Trive Property Group BHD 0.060 9.09 13.7 -14.29 75.8 PIE Industrial BHD 3.340 7.74 1242.4 29.25 1,282.7 Impiana Hotels Bhd 0.220 7.32 14022.0 144.44 186.9 BTM Resources BHD 0.075 7.14 0.1 -11.76 94.2 Nationgate Holdings Bhd 1.360 7.09 8776.3 0.00 2,820.5 PGF Capital Bhd 1.250 6.84 495.8 0.00 204.5 Comfort Glove Bhd 0.405 6.58 5426.2 -16.49 234.5 Data as compiled on Nov 20, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) Mlabs Systems Bhd 0.005 -50.00 10.0 -75.00 7.2 Fintec Global Bhd 0.005 -50.00 3,990.0 -50.00 29.6 ZEN Tech International Bhd 0.015 -25.00 8,116.7 -25.00 39.4 BCM Alliance Bhd 0.015 -25.00 190.0 -40.00 30.5 Metronic Global Bhd 0.015 -25.00 722.4 -25.00 23.0 Compugates Holdings BHd 0.015 -25.00 41.0 50.00 82.5 Xidelang Holdings Ltd 0.020 -20.00 300.0 -20.00 42.3 Hong Seng Consolidated Bhd 0.030 -14.29 535,577.4 -86.36 153.3 Reach Energy Bhd 0.040 -11.11 46.0 -11.11 85.2 PUC BHD 0.045 -10.00 44,089.6 28.57 106.6 Johan Holdings Bhd 0.050 -9.09 237.9 -9.09 58.4 XOX Technology Bhd 0.050 -9.09 168.3 11.11 44.7 Kanger International Bhd 0.055 -8.33 6,978.5 37.50 35.7 China Ouhua Winery Holdings 0.055 -8.33 20.0 -15.38 36.7 Classita Holdings Bhd 0.055 -8.33 3,701.6 -84.93 67.8 Leader Steel Holdings BHD 0.480 -7.69 15.5 -11.93 74.2 MyTech Group BHD 0.435 -7.45 187.7 -11.22 97.3 Paos Holdings BHD 0.385 -7.23 1,808.9 48.08 69.7 Spring Art Holdings Bhd 0.195 -7.14 624.9 8.33 81.1 Eng Kah Corp Bhd 0.410 -6.82 70.1 -1.20 48.4 Data as compiled on Nov 20, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Nestle Malaysia Bhd 121.200 -1.500 165.8 -13.43 28,421.4 Fraser & Neave Holdings Bhd 26.840 -0.260 114.9 24.37 9,844.3 PPB Group Bhd 14.580 -0.220 466.3 -16.40 20,741.5 MISC Bhd 7.270 -0.120 1,097.8 -3.07 32,451.4 Sam Engineering & Equipment 4.230 -0.110 151.1 -14.20 2,290.9 Kesm Industries Bhd 7.000 -0.100 20.9 -0.28 301.1 Westports Holdings Bhd3.440 -0.070 1,702.5 -9.47 11,730.4 British American Tobacco 9.040 -0.060 432.8 -19.43 2,581.2 Genting Plantations Bhd 5.540 -0.060 424.6 -11.26 4,970.3 Sime Darby Bhd 2.380 -0.060 11,358.0 3.48 16,221.1 Guan Chong Bhd 2.020 -0.060 820.7 -15.83 2,372.5 Syarikat Takaful Malaysia 3.670 -0.060 553.6 6.69 3,072.9 Bermaz Auto Bhd 2.430 -0.050 7,187.3 18.18 2,837.3 IOI Corp Bhd 3.950 -0.050 978.0 -2.47 24,504.6 Atlan Holdings Bhd 2.700 -0.050 2.0 -9.70 684.9 Warisan TC Holdings Bhd 0.930 -0.050 0.6 -7.92 60.5 KLCCP Stapled Group 7.000 -0.050 5.6 4.32 12637.3 Press Metal Aluminium 4.830 -0.050 2,092.8 -1.02 39,797.4 New Hoong Fatt Holdings Bhd 3.500 -0.040 16.5 21.95 289.4 Sarawak Plantation Bhd 2.120 -0.040 4.2 0.47 591.5 Data as compiled on Nov 20, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Pertama Digital BHD 4.650 0.770 4,895.2 164.20 2,037.7 Allianz Malaysia Bhd 17.200 0.360 50.5 21.47 3,061.1 Malaysian Pacific Industries 26.880 0.280 41.2 -6.54 5,346.3 Rapid Synergy Bhd 27.440 0.280 310.7 71.93 2,933.2 HextarTechnologies 23.480 0.260 35.7 37.63 3,020.7 PIE Industrial BHD 3.340 0.240 1,242.4 29.25 1,282.7 Mesiniaga Bhd 1.530 0.230 220.5 -4.97 92.4 Ajinomoto Malaysia Bhd 15.780 0.220 17.4 20.64 959.4 Petronas Dagangan Bhd 22.900 0.160 224.0 0.23 22,750.1 Greatech Technology Bhd 4.850 0.140 1,960.8 0.21 6,082.9 Perak Corp BHD 0.445 0.135 131.1 78.00 44.5 Master-Pack Group BHD 2.880 0.100 306.1 22.55 157.3 Frontken Corp Bhd 3.310 0.100 5,588.3 7.47 5,199.8 Hong Leong Bank Bhd 19.200 0.100 273.0 -6.61 41,620.2 Nationgate Holdings Bhd 1.360 0.090 8,776.3 0.00 2,820.5 Central Global Bhd 3.040 0.090 4257.5 235.91 533.3 Crescendo Corp Bhd 1.800 0.090 1,848.1 55.17 503.0 Globetronics Technology BHD 1.640 0.090 7,724.4 42.66 1101.6 Infomina Bhd 1.690 0.080 4,991.0 17.36 1,016.1 Apollo Food Holdings Bhd 5.200 0.080 32.9 34.72 416.0 Data as compiled on Nov 20, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 34,947.28 1.81 0.01 S&P 500 * 4,514.02 5.78 0.13 NASDAQ 100 * 15,837.99 4.82 0.03 FTSE 100 * 7,504.25 -8.48 -0.11 AUSTRALIA 7,058.42 9.04 0.13 CHINA 3,068.32 13.95 0.46 HONG KONG 17,778.07 323.88 1.86 INDIA 65,655.15 -139.58 -0.21 INDONESIA 6,994.89 17.22 0.25 JAPAN 33,388.03 -197.17 -0.59 KOREA 2,491.20 21.35 0.86 PHILIPPINES 6,183.63 -28.26 -0.45 SINGAPORE 3,111.58 -13.09 -0.42 TAIWAN 17,210.47 1.52 0.01 THAILAND 1,419.44 3.66 0.26 VIETNAM 1,103.66 2.47 0.22 Data as compiled on Nov 20, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,934.003.00 OIL US$ 81.721.11 RM/USD 4.6680 RM/SGD 3.4850 RM/AUD 3.0634 RM/GBP 5.8395 RM/EUR 5.1052

Malaysian Paper www.thesun.my RM1 TUESDAY NOV 21, 2023 SCAN ME No. 8398 PP 2644/12/2012 (031195) Extinguishing staff burnout risks Report on — page 2 Despite various twists and challenges, the first-year report card of Anwar and his unity government is commendable, buoyed by policies and programmes he introduced to reform the administrative system, eliminate corruption, eradicate hardcore poverty and address cost of living issues. Vital to identify warning signs and take remedial action before full blowout occurs, says expert Kuala Nerus first Terengganu district hit by floods IN SAFE HANDS ... Malaysian Civil Defence Force personnel evacuating residents trapped in their homes yesterday by floodwaters in Kampung Alur Bunut, Terengganu . – BERNAMAPIC Smart city move boon for people Malaysia can make significant stride towards future-ready cities by leveraging capabilities of data analytics: Professor On right track Report on — page 3 Report on — page 5 Report on — page 4 Initial batch of 124 evacuees moved to relief centre, more expected due to continuous rain.

TUESDAY | NOV 21, 2023 2 Anwar proves mettle as PM amid challenges KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim, along with his unity government, is seen to be making significant progress in facing the various challenges in the country and globally to bring Malaysia back on track to become a developed country. Among the first steps taken by Anwar after he was sworn in as prime minister on Nov 24 last year was announcing that he would not take his salary as prime minister and that his Cabinet members had agreed to a salary cut of 20% every month until the economy recovers. The 76-year-old premier is firm with his stance, which prioritises the people’s interest in line with the government’s goal to eradicate hardcore poverty. He is seen as taking some non-populist measures, such as not allowing another round of EPF withdrawals and ending the subsidies and control of chicken price. However, he continues to give various cash and direct assistance to the people as a result of subsidy savings, Bernama reported Anwar and the unity government did not let the people down when faced with cost of living oSteps taken to fight corruption, bring relief to underprivileged through various incentives via ‘Payung Rahmah’ SET TO SOAR ... Transport Minister Anthony Loke receiving a token from Malaysia Aviation group chairman Tan Sri Wan Zulkiflee Wan Ariffin (fourth from left) at the launch of the group’s first Boeing 737-8 aircraft at KLIA in Sepang yesterday. – ADIB RAWI YAHYA/THESUN challenges during the postCovid-19 period Through the Payung Rahmah initiative, various types of assistance were given to help the low-income group and hardcore poor. These initiatives included Rahmah Sales, Rahmah Baskets, Rahmah Menu, Rahmah Broadband Packages, Rahmah Menu Special Discount Card and Rahmah Basic Donations. The government is spending almost RM8 billion for the 2023 Rahmah Cash Donations that would benefit 8.7 million recipients, almost 60% of the country’s adult population. The implementation of the People’s Income Initiative, which aims to increase the income of the hardcore poor and the B40 group, has benefited 4,100 households so far. Anwar, in his speech, would often say “Malay children are my children. Chinese children are my children. Indian children are my children. Iban children or Kadazan children, they are all my children”, illustrating his determination to help people regardless of their race. Inheriting a national debt of up to RM1.5 trillion when he took over the country’s leadership, he faced various twists but had produced excellent achievements within a year of his service. “The prime minister had to face huge challenges during the first year of his appointment as prime minister due to various developments in the country and globally. “Anwar, who is Parti Keadilan Rakyat president, is against corruption and the first thing he did when be became the PM was to reform the administrative system and eliminate corruption, ‘terrifying’ many people, in the process,” said political analyst Dr G. Manimaran. Anwar also tabled the mid-term review of the 12th Malaysia Plan, covering new policies and methods to face the challenges that are realigned with the aspirations and vision of the Madani economy. Universiti Teknologi Mara Kedah branch administrative science and policy studies lecturer Firdaus Ramli said Anwar’s emphasis on administrative matters needs to be praised because the success and excellence of the country is influenced by good governance. “Looking at the policies and programmes introduced by Anwar, there are several positive effects that can be identified. “The preliminary estimate of gross domestic product for the third quarter of 2023 by the Economy Ministry shows that the national economy is expected to grow moderately at a rate of 3.3% and reach a rate of 4% this year. This shows that there has been positive growth in the economy since November 2022 despite the weak global economic environment, which is overshadowed by various international conflicts,” said Firdaus. Children’s rights Bill to be tabled KUALA LUMPUR: The Malaysian Children’s Commission Bill, aimed to create an independent commission responsible for advocating and enhancing the protection and rights of children, is expected to be tabled in Dewan Rakyat next week. Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said she was optimistic that the first reading of the Bill could be done before the session of Parliament ends on Nov 30, Bernama reported. She said the amendment to the Malaysian Human Rights Commission Act 1999 would also be made concurrently with the tabling of the children’s Bill. “Once we are done with the Supply Bill 2024, we will have three more days for the tabling of other bills, so we will try to table this bill during this session.” Move to protect children in digital realm KUALA LUMPUR: Next year, the Legal Affairs Division of the Prime Minister’s Department will look into more digital inclusiveness in an effort to improve Malaysia’s child justice system. In her article titled “Protecting Our Children Online: The Digital Way Forward”, Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said: “Safeguarding our children in the digital realm is not just a responsibility, it is a promise we make to the future of our nation.” The article was shared on social media platforms and distributed to the media in conjunction with World Children’s Day. Azalina said the implementation of child-friendly reporting platforms would be a game-changer. She said while the concepts were not novel, evidenced by existing platforms like https://cybertip.ca/en/ by the Canadian Centre for Child Protection, https://www.thinkuknow.org.au/ by the Australian Federal Police, and https://report.cybertip.org/ by the United States National Centre for Missing & Exploited Children, they underscore the effectiveness of utilising the digital space in a manner that empowers and safeguards children. Acknowledging that children now are a generation raised in the digital era, Azalina said the government’s commitment should be shifted to amplify their digital literacy and capacity. Azalina added that safeguarding children in the ever-expanding digital landscape is a matter of paramount importance as they are the most precious members of society and the future of Malaysia. “Whether this is a unique local trend or a global phenomenon, I have witnessed children and toddlers engrossed in gadgets, be it a smartphone or tablet, at dining tables and at various public spaces. “Technology is advancing at a fast rate and 94% of Malaysian children today are active internet users. It is our collective responsibility to ensure that these steps are guided with understanding, empathy and unwavering protection,” she said. She added that in the quest for protection, empowering children’s voices assumes a vital role. Azalina said fostering a culture where children would feel empowered to voice their concerns would contribute to a safer online environment for all. She added that Malaysia had highlighted the significance of cybersecurity at the Asia Pacific Economic Cooperation Leaders’ Summit last week and, as part of this initiative, Malaysia is committed to integrating child-centric cybersecurity measures to ensure the safety of its young digital citizens. “Their protection is integral to the success of our broader cybersecurity efforts.” – Bernama 17,300 mental screenings recorded KUALA LUMPUR: A total of 17,300 mental health screenings have been recorded as of Nov 15, less than a month after the MyMinda module on the MySejahtera app was introduced on Oct 21, the Dewan Rakyat was told yesterday. Health Minister Dr Zaliha Mustafa said of the total, 23% or 3,983 of those screened showed risks of depression, while 15% or 2,592 were found to have a risk for anxiety. “Individuals with these risks have direct access through MyMinda to get counselling.” Zaliha was replying to a supplementary question from Datuk Seri Dr Noraini Ahmad (BN-Parit Sulong) on the progress of the MyMinda module since its implementation. Replying to Noraini’s original question about the operational status and achievement of the National Centre of Excellence for Mental Health, Zaliha said the mental health crisis hotline or Heal Line 15555 had recorded 26,139 calls regarding mental health so far. She added that the number comprised 16,942 callers who received emotional support assistance and 9,197 who received specific intervention by counselling psychology officers. She said 217 cases of suicidal behaviours were also recorded, with those who had attempted suicide receiving intervention counselling and taken to hospitals. – Bernama Senator sworn in for second term KUALA LUMPUR: Senator Rita Sarimah Patrick Insol was yesterday sworn in as a member of the Senate for a second term. The appointment, effective yesterday until Nov 19, 2026, was made with the consent of the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah. Prior to this, Sarawak-born Rita Sarimah served as a senator from June 22, 2020 until June 21 this year. Dewan Negara President Tan Sri Dr Wan Junaidi Tuanku Jaafar, in congratulating Rita Sarimah on her appointment, believed that she would contribute to raising the quality of debate in the Senate. He said it was important for every member of the house to always make comprehensive preparations to carry out their duties well. – Bernama

TUESDAY | NOV 21, 2023 3 ‘Smart city move augurs well for people’ PETALING JAYA: The country’s rejuvenated move to develop smart cities offers huge benefits to the people, said APIIT Education Group and Asia Pacific University of Technology and Innovation (APU) chief innovation and enterprise officer Prof Dr Vinesh Thiruchelvam. He was giving his views on Prime Minister Datuk Seri Anwar Ibrahim’s recent comments that the development of green and smart cities aligns with the Malaysia Madani concept of sustainability. Vinesh said: “Malaysia is at the forefront of smart city developments. We are building on the foundation oBenefits include overall economic growth, improved employment rates and formation of new companies █ BY RAVEEN AINGARAN [email protected] laid three decades ago through the development of Cyberjaya.” While Cyberjaya never really took off despite ambitious plans for a multimedia super corridor, Vinesh said Malaysian cities today have a noticeable infusion of urban lifestyle and infrastructure. “They include the ever-increasing use of digital and wearable devices and the integration of super apps for smart mobility in transportation. “There is also the surge in online digital learning for tertiary education, real-time digital health monitoring in hospitals and enhanced cybersecurity for service providers.” He also said digital governance was optimising government services through efficient app-based solutions. “The foundation of this influence lies in the strategic use of data, which serves as a foundation for accurate planning. “Given the considerable costs and time involved in urban infrastructure projects, the integration of predictive analytics using past and trending data becomes imperative.” He said the approach not only enhances decision-making resilience but is also instrumental in creating effective city development plans, adding that by leveraging the capabilities of data analytics, Malaysia is ensuring the evolution of safe and sustainable places, marking a significant stride towards smart and future-ready cities. Vinesh also said the government was actively promoting smart cities through key initiatives, including the 2018 Malaysia Smart City Framework. Developed by the then Ministry of Housing and Local Government (currently Ministry of Local Government Development), this framework addresses urban challenges and guides strategic planning. It encompasses seven major components – smart economy, smart living, smart environment, smart people, smart government, smart mobility and smart digital infrastructure – which align with the digital governance agenda, as reinforced in the 11th Malaysia Plan. “Cities like Oslo, Stockholm, Copenhagen, Vancouver and Amsterdam are also noted for their progressive transformation, in line with sustainable development goals and innovative urban planning,” he said. Universiti Teknologi Mara senior economics lecturer Dr Mohamad Idham Md Razak said the integration of smart city solutions offers the country measurable benefits. “These advantages, encompassing both direct and indirect impacts, contribute significantly to the overall economic landscape. “Direct financial gains encompass cost savings in energy use, waste management and traffic control, contributing to increased productivity and fuel savings.” He said additionally, smart city technology creates new revenue streams through improved service delivery, data monetisation and innovative product development. Mohamad Idham added that employment opportunities across various industries, such as technology, engineering and data analytics also drive economic growth and upskilling. He said the indirect financial gains include overall economic growth measured by GDP, employment rates and formation of companies. “The quality of life improves through enhanced safety, sustainability and access to services, while social cohesion benefits from equal opportunities and civic engagement.” Hard work needed to win in Kemaman KEMAMAN: Barisan Nasional (BN) needs to work hard in the two-week campaigning period for the Kemaman parliamentary by-election to regain the trust of residents who were once die-hard Umno and BN supporters, said former Kemasik assemblyman Datuk Abu Bakar Ali. He said the party needs to understand why the constituency, once regarded as an Umno stronghold, fell to their rival by a huge majority. “To suddenly lose by a majority of 27,000. This time, you don’t need to find 27,000 to compete. We need to find half of that, around 14,000 hardcore Umno supporters, if we want to win. “That’s the only way, to work really hard to pull them back in whatever fashion. We will get them back because they actually want Umno but there might be something they are dissatisfied with, maybe the leadership or they supported PAS because of empty promises,” he said when met at his residence in Kampung Baru Kerteh. A total of 141,790 Kemaman voters will cast their ballots on Dec 2, with early voting to be held on Nov 28, to choose between Raja Mohamed Affandi and PAS candidate Datuk Seri Dr Ahmad Samsuri Mokhtary. – Bernama BN candidate keen to ‘repay’ residents KEMAMAN: Having enjoyed so many sweet memories growing up in Kemaman, Barisan Nasional (BN) candidate Jen (Rtd) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor will be returning to his hometown with high hopes of settling “unfinished business”. The former chief of Defence Forces, who completed his primary and secondary school education in Kemaman, said the by-election is the perfect way for him to repay the people. “My family, children, grandchildren and I are very grateful for what we have had all these while. Looking back, I asked myself why can’t I give back not just to the government but also to my place of origin, Kemaman? “I volunteered because I am from Kemaman. Surely, I will find ways to do the best for Kemaman, my district,” he said. The by-election on Dec 2 will see a straight fight between Raja Mohamed Affandi against Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar of PAS. – Bernama Upgrade for Sabah interior school KUALA LUMPUR: Facilities at Sekolah Kebangsaan (SK) Ulu Ansuan in Telupid, Sabah will be upgraded for the well-being of the school community, the Education Ministry said yesterday. The ministry said construction work involving academic and administrative blocks, as well as other facilities and furniture purchases are underway. The ministry added that the construction of four new teachers’ quarters units was approved during the presentation of Budget 2024. The total cost of the projects, including the construction of quarters, is RM12.5 million.” On Sunday, the media reported that SK Ulu Ansuan headmaster George Odol, who is due to retire on Nov 27, spent over three years staying in the school’s storeroom just to be able to carry out his duties in educating his pupils in the interior of Sabah. – Bernama Trio awarded ‘Rising Star’ scholarships KUALA LUMPUR: Berjaya Sompo Insurance Berhad (BSIB) has awarded the BSIB Rising Star Scholarship 2023, totalling RM20,000 per annum, to two students under the public category. BSIB also awarded a similar scholarship to a student under the internal-employee category in July. The recipients were selected based on their academic performance, aspirations, family background, and efforts to improve their family’s financial situation. The company’s CEO Tan Sek Kee said the BSIB Rising Star Scholarship 2023 is an inaugural initiative for Berjaya Sompo. “However, we are looking to make it an ongoing initiative for many years to come. We believe that education is key to a better future, and we are committed to making it accessible to all, especially the underprivileged.” Tan said the scholarship programme is an initiative under Berjaya Sompo’s ESG Social Pillar, which is designed to empower and support outstanding young minds in their journey towards academic and career success. “This scholarship programme is a testament to Berjaya Sompo’s commitment to fostering excellence in education and nurturing the next generation of leaders.” Scholarship recipients Soong Xin Hui and Lee Le Bei are first-year students at Universiti Malaya. They are studying English Literature and Law respectively. Each will receive RM10,000 annually throughout their studies, subject to their academic performance. Soong said it has always been her dream to become an English teacher, as she believes English is a language that connects people. “This scholarship will significantly relieve my family’s financial burden as I pursue my tertiary education.” Soong and her mother receiving the grant from Berjaya Sompo representative Mohd Fauzi Kassim. █ BY JOSHUA PURUSHOTMAN [email protected] Lee said she and her family are grateful for the scholarship, adding: “It will help me achieve my career goal of becoming a lawyer.” The scholarship, which offers up to RM20,000 per annum per person, aims to support students who demonstrate exceptional talent, ambition and potential in their chosen fields of study. The programme will provide selected individuals with financial assistance and an internship opportunity with Berjaya Sompo. It is open to students with outstanding academic achievements, co-curriculum and leadership qualities and a strong aspiration to contribute to society. BSIB is inviting applications from students across various disciplines and applications for the 2024 BSIB Rising Star Scholarship programme will open on Jan 1. Those interested may visit https://www.berjayasompo.com.my/page/bs ib-rising-star for detailed information about the eligibility criteria and application requirements.

TUESDAY | NOV 21, 2023 4 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper Contact theSun's Advertising & Marketing team to book your advertising space. 03-7784 6688 [email protected] Christmas Christmas Special Advertise with us on Christmas Special on Dec 15, 2023 PUBLICATION DATE 15 DECEMBER, 2023 (Friday) BOOKING DEADLINE 1 DECEMBER, 2023 (Friday) When the time comes for you to once again put up the Christmas tree in your living room and go through the family festive recipe books, don't forget to check out our Christmas Special on where, when and how to get the best festive gifts, surprises and promotions for your loved ones, friends and associates. Extinguishing staff burnout risks KUALA LUMPUR: More than half of the employees polled by human resource solutions provider Employment Hero admitted they experience burnout due to work, according its Employee Wellness Report 2022 . “Employee burnout really exists and is not a medical diagnosis,” said health and mindfulness organisation Happiness2Life (H2L) programme director Nisha Langdon. Burnout is defined as a special type of work-related depression, a state of physical or emotional exhaustion. According to Langdon, people suffering from burnout appear to have lost their personal identity or do not seem to care whether they have properly accomplished or completed something. “Silently, many cases are being reported at workplaces. Employees seem not to be able to cope with their employers’ demanding ways and increasing workloads, and are becoming very stressed out. Ultimately, this leads to poor mental oVital to identify warning signs and take remedial action before full blowout occurs, says expert Blade maker carving niche market BUKIT GANTANG: While some individuals purchase knives or machetes solely for practical use, those opting for a product crafted by KH Blade will discover a unique feature – an embedded QR code on the blade. KH Blade owner Hassan Saini Muhammad, 42, said incorporating a QR code on each blade aims to provide buyers with comprehensive product details. “By scanning the QR code, buyers can obtain the date the knife or machete was produced, the materials used, size, type of wood (for the handle), colour, weight and so on,” he said when met in Kampung Bukit Cempedak. The Bukit Gantang native, who has been involved in the craft for 10 years, began placing QR codes on his products at the end of 2020 after receiving a laser engraving machine from Kraftangan Malaysia. “Initially, I used the machine to imprint the product brand on the blades. But after exploring other uses, I found it could also be used to engrave QR codes. “The feedback from buyers was mostly positive, and this somehow contributes to an increase in the number of buyers nationwide,” he said, adding that it takes less than three minutes to imprint a QR code on each blade. With the help of five workers, Hassan produces some 350 blades a month. The former Keretapi Tanah Melayu Berhad employee said all metals used are of high quality and imported from countries such as Japan, Sweden and Austria. “The selling price of each product ranges from RM180 to RM700, depending on the size and type of metal used, whether it is K110 semi-standard steel, 760 carbon steel, D2 high carbon steel or SUP9A carbon steel. “Based on records, the highest demand was during this year’s Hari Raya Aidiladha, during which about 350 knives and machetes were sold and sales exceeded RM50,000.” Hassan also expressed gratitude to Kraftangan Malaysia and the Rubber Industry Smallholder Development Authority for their assistance in terms of facilities and advisory services since he first ventured into the business. health, anxiety and depression.” Burnout occurs as a result of a variety of factors that build up over a period of time, including lack of clarity at work, unfair treatment, lack of communication or proper directions, poor time management, compounding workplace issues and the expectation to complete unmanageable workloads within unreasonable time schedules. “A major finding is that 58% of employees admitted to feeling burned out from their work. “Another interesting fact is that staff are 32% more loyal when the employers are committed to their well-being. In contrast, when employers do not care, a significant number of employees said they did not feel loyal to their employers.” Corporate HR training firm Quantum Inno-Creat director Dinesh Sekar said many HR directors were beginning to notice signs of poor performance among employees who were prone to lying and absenteeism. Their declining physical, emotional and mental health may eventually lead to them being reprimanded by their employers and even facing legal action. “To address their predicament, these employees may self-medicate and resort to substance abuse, such as using alcohol, inhalants, stimulants and even prescription drugs like sleeping and antidepressant pills. “When their workplaces, family members and home environments are intrinsically affected, it causes severe manpower problems socially and economically, much to the detriment of the whole country,” Dinesh said. Langdon outlined H2L’s overall objective, which is to help employers better understand the mental health of their workforce, making it easier for them to recognise symptoms of poor mental health such as depression and anxiety. She said participants, both employees and employers, attending their courses are provided a kit to utilise in their daily lives to help them maintain good mental health and cope with stressful situations at their workplaces so that they do not reach the burnout stage. Langdon said H2L has a one-day course that is aimed at staff from all divisions and teaches them ways to manage their mental health and address and eliminate burnout. It also has a two-day course with a programme that includes mindfulness exercises, and another two-day intensive programme for management staff and outlines ways to identify mental health issues among employees, Bernama reported. “It teaches them to better understand what their employees are experiencing.” She said H2L also teaches management staff how to create a conducive, functioning and supportive workplace, adding that firms in Asia are only just beginning to understand the importance of maintaining good mental health in the work environment and how crucial it is to have the necessary tools readily accessible to staff to enable them to manage their own mindfulness and mental health. “Ultimately, such a conducive arrangement, regardless of modern technology, evolving work culture, demanding work talents and flexible working arrangements, can help ensure a healthier and more productive workforce in companies, big or small. “Burnout can definitely be nipped in the bud when identified and addressed early.” On his long-term plans, the father of four said he hopes to expand the sales of his products overseas within the next 10 years, not only to increase income but also to introduce local products internationally. – Bernama Hassan showing his signature QR code on one of the knifes he made. – BERNAMAPIC

TUESDAY | NOV 21, 2023 5 First plant-based meat in Malaysia launched oProtein-rich WonderMeat made by local firm fortified with 28 vitamins, minerals to boost muscle growth KUALA LUMPUR: Local food tech company GoodMorning Global Group Holdings Berhad (GMG) launched the country’s first dry mix complete nutrition plant-based meat on Nov 16. Its WonderMeat product, which is primarily composed of soy and pea protein, has been listed in the Malaysia Book of Records. The retail price of one pack is RM5.50, with each pack producing approximately 200g to 240g of wet mix. GMG group CEO cum chief financial officer Dr Charles Cheng Fang Chin said WonderMeat was created with a focus on natural ingredients. “The binding effects utilise plant fibres and it does not contain harmful chemicals. WonderMeat is designed to be a healthy meat alternative, rich in dietary fibre and protein.” He said it is free of trans fat and cholesterol and is fortified with 28 vitamins and minerals as well as calcium B-hydroxy-B methylbutyrate, which could improve muscle mass or strength in older adults. Cheng said WonderMeat is safe for consumption and has undergone thorough testing and approval. “It stands out from other products due to its dry mix form, ease of preparation and comprehensive nutritional performance, providing a delicious culinary experience while meeting daily protein needs. “One serving of WonderMeat can provide 18.4g of protein content, which is 37% of the daily nutrient reference value. It is prepared with a combination of 30% WonderMeat, 10% oil and 60% water, and can be shaped according to preference.” He said the company is committed to sustainability and the sourcing and production practices prioritise environmental-friendly methods, which contribute to a more sustainable industry. “We have invested in research and development for innovative manufacturing methods that reduce resource consumption and emissions.” He said there is no need to freeze WonderMeat for storage and distribution purposes, adding that it addresses rising demand for plant-based protein by offering high quality, innovative meat substitute with complete nutrition. “This dry mix caters to diverse dietary preferences, while meeting the growing need for sustainable and ethical food choices.” Cheng said the plant-based meat market is rapidly evolving, driven by increasing awareness on Zarina presenting a certificate to an Orang Asli participant of the programme. – BERNAMAPIC More evacuees expected due to continuous rain KUALA TERENGGANU: Kuala Nerus was the first district in Terengganu to be hit by floods during the Northeast monsoon this year, with a temporary relief centre opened at the Tok Jembal Multipurpose Hall yesterday. The State Disaster Management Committee Secretariat said in a statement 124 individuals from 54 families were relocated to the centre from 4am. It expects the number of evacuees to increase and more centres to be opened due to continuous rain. State Education Department deputy director (school management sector) Azman Othman said SK Seri Budiman, SK Losong and SK Tok Dir in Kuala Terengganu were affected by floods. He said while students have been told not to attend school, they and the teachers have been instructed to follow the usual learning process through the home-based teaching procedure. Based on the Department of Irrigation and Drainage Public Infobanjir website, only the main catchment area at Padang Kemunting in Kuala Nerus has exceeded the 3.6m warning level, with a reading of 3.7m. Meanwhile, Universiti Malaysia Terengganu (UMT) vice-chancellor Prof Datuk Dr Mazlan Abd Ghaffar said a disaster operations room and a 24-hour hotline have been activated. He said in a statement 20 students were evacuated to the centre at the UMT Sports Centre Hall as of 9am. “Some areas near the campus were inundated, such as Kampung Pak Tuyu, Kampung Jati, Kampung Gong Pak Jin and Kampung Tok Jembal, causing the UMT Safety Division to use alternative routes to facilitate movement.” Mazlan added that the varsity would provide zakat assistance of RM100,000 to students and the local community, while a grant of RM10,000 would be given to non-Muslim students. He advised the students and staff to contact the disaster operations room at 09-668 5059/ 09-668 4118 for more information and assistance. – Bernama New WCE stretch opens tonight KUALA SELANGOR: The West Coast Expressway (WCE) route from the Bandar Bukit Raja Utara to Assam Jawa elevated junction will be open to highway users at 12am tonight. Public Works Minister Datuk Seri Alexander Nanta Linggi said toll exemption will be granted from 12.01am until 11.59pm on Jan 2 to motorists entering the 21.8km-long Route 6 from the Bandar Bukit Raja Utara to Assam Jawa toll plazas, and vice-versa. “Motorists entering from Section 5, which is from the Bandar Bukit Raja Selatan to the Assam Jawa toll plazas, or vice-versa, will be charged the existing toll rate according to vehicle class,” he said after officiating at the opening of Section 6 yesterday. Nanta said Section 6 is expected to save travel time from Kapar in Klang to Assam Jawa in Ijok, taking only 15 minutes compared with the previous 45 minutes via the existing route. “This 30-minute reduction in travel time promises convenience to highway users,” he added. “Visitors will also have easier access to tourist destinations such as the Batu Arang Heritage Township, Bukit Malawati, Sky Mirror and the Kampung Kuantan Firefly Park.” He said the opening of the route could promote tourism activities in the area and create new opportunities for local businesses. – Bernama Education programme for Orang Asli GUA MUSANG: The Orang Asli Development Department is collaborating with the Community Development Department to ensure the success of the community in education. Its Kelantan and Terengganu director Zarina Razlan said yesterday the Orang Asli Functional Literacy Programme helps the community to master reading, writing and arithmetic. “Forty individuals, aged between 15 and 55 from Kampung Pasir Linggi in Pos Lebir and Pos Blau, were selected to participate in the programme this year. A total of RM40,000 has been allocated to implement it in the settlements. “The programme has been implemented since 2019 and it has benefitted about 200 individuals in Kelantan.” – Bernama Farmers irked by project delay KUALA KRAI: About 27 padi farmers in Kuala Krai have alleged that a developer entrusted with upgrading irrigation and drainage infrastructure in the Kenor scheme is behind schedule. State Development Office director Jasri Kasim said the project completion date has been extended to Feb 6. “We made a series of visits to identify the problems and found that the contractor hasn’t planned properly to complete this project on time. “The project has reached 79% completion. So, we urged for close monitoring at the meeting held yesterday with the Agriculture and Food Security Ministry and state agencies.” – Bernama █ BY JADEN RAUL [email protected] health and sustainability, adding that WonderMeat gained entry into the Malaysia Book of Records due to its innovative product, marking a significant achievement in the food and beverage (F&B) industry. GMG was previously listed in the Malaysia Book of Records for having the most investors in an equity crowdfunding campaign, which was used to accelerate its research. He also said the company plans to engage in marketing and educational campaigns, leveraging platforms to communicate WonderMeat benefits, versatility and its role in a health-conscious and sustainable lifestyle. “GMG is promoting the product to hotels and restaurants and F&B outlets will soon be serving WonderMeat-based dishes.” Cheng added that the company has also planned outreach programmes and collaborations. “We are constantly exploring opportunities for expansion and innovation, and bringing more exciting variations of WonderMeat to meet diverse consumer preferences.”

TUESDAY | NOV 21, 2023 6 Single mother loses RM170,000 in love scam KUANTAN: A single mother has fallen victim to a love scam syndicate and suffered losses of over RM170,400 after meeting an individual through social media. In a statement yesterday, Pahang police chief Datuk Seri Yahaya Othman said the 40-year-old civil servant met a man known as Fahad Ramzan on Instagram last month. He said the two then got in touch through WhatsApp and the man promised to marry the woman. “A few weeks later, the man borrowed RM1,500 from her on the pretext of paying his hospital bill and promised to repay her. “However, the man continued to ask her to lend him money by cooking up various excuses and the woman made nine cash transactions totalling over RM170,400.” Yahaya said the woman, upon realising she had been cheated, lodged a police report at the Bentong district police headquarters. The case is being investigated under Section 420 of the Penal Code. Yahaya advised the public not to entertain unknown individuals or easily trust social media acquaintances. – Bernama Producer charged with receiving RM18,000 KUALA LUMPUR: A principal assistant director of a television station pleaded not guilty in the Sessions Court yesterday to a charge of receiving RM18,000 without consideration from a person whom she knew had connection with her official function. Suhaila Md Zaini, 44, was charged with receiving the money as a civil servant from an individual whom she knew had connection with her official function as a producer at Radio Televisyen Malaysia. The offence was allegedly committed at Wisma TV, Angkasapuri, between April 17, 2019 and June 5, 2019. The charge, under Section 165 of the Penal Code, carries imprisonment for up to two years or a fine or both, upon conviction. Deputy public prosecutor Muaz Ahmad Khairuddin requested the court to adopt the RM7,000 bail set in another case involving the accused and additional conditions for her to surrender her passport, as well as report herself to the Malaysian Anti-Corruption Commission office as required by the Shah Alam Sessions Court. – Bernama Cops to quiz ex-DG over video KUALA LUMPUR: The police will record a statement from former Community Communications Department director-general Datuk Dr Mohammad Agus Yusoff over a video that he claimed was doctored. Inspector-General of Police Tan Sri Razarudin Husain said Mohammad Agus is expected to provide his statement at the Kajang police headquarters, adding that apart from him, several other individuals will be called to assist in the investigations. “Wahab (department assistant officer Abdul Wahab Abdul Kadir Jilani) will be called soon.” Meanwhile, Razarudin said police were still investigating the identity of an individual known as “Mr H”. The video features a conversation said to be between Mohammad Agus and Abdul Wahab. At a press conference on Friday, Mohammad Agus claimed the video was edited and that he has filed a police report on the matter. – Bernama Ex-CEO, former MB aide charged with graft ALOR SETAR: Former Kedah Menteri Besar Incorporated (MBI Kedah) CEO Muhamad Sobri Osman pleaded not guilty in the Sessions Court here yesterday to charges of soliciting and accepting gratification in connection with a joint venture mining of rare earth elements (REE). Muhamad Sobri, 63, made the plea after the charges were read out to him before judge Rohatul Akmal Abdullah. On the first count, he was charged with soliciting gratification of RM4 million from one John Abad Pe, from Kumpulan Perlombongan REE Sdn Bhd, as an incentive for him to help the company carry out joint venture REE mining through a memorandum of understanding (MoU) between the company and MBI Kedah. The offence was allegedly committed at a hotel in Hatyai, Thailand, on May 20 this year. For this charge, the prosecution requested oBoth cases linked to mining of rare earth elements in Kedah involving RM5 million to apply the provision under Section 66 of the Malaysian Anti-Corruption Commission Act (MACC) 2009, which provides that any citizen and permanent resident of Malaysia who commits an offence abroad can be prosecuted in the country. Muhamad Sobri was also charged with accepting a gratification of RM1 million in cash from John Abad Pe through Liyana Mamat@Khalid as an inducement to help Kumpulan Perlombongan REE Sdn Bhd to carry out a joint venture REE mining in Kedah through an MoU between the company and MBI Kedah. The offence was allegedly committed in the parking lot of Wisma Darul Aman, Jalan Tunku Bendahara, here on May 29. Both charges are framed under Section 16(a)(A) of the Malaysian Anti-Corruption Commission Act 2009 (Act 694) which provides imprisonment for up to 20 years and a fine of not less than five times the sum or value of the gratification which is the subject matter of the offence, where such gratification is capable of being valued or is of a pecuniary nature, or RM10,000, whichever is the higher, upon conviction. The court allowed Muhamad Sobri bail of RM100,000 with one surety for both charges and also ordered him to surrender his passport, report himself to the nearest MACC office on the first week of every month and not intimidate witnesses in the case. The court also set Jan 22 next year for mention for the submission of documents. Meanwhile, a former aide to the Kedah menteri besar was charged in the Sessions Court here yesterday with soliciting and accepting bribes in connection with the REE mining project in the state. Mohamad Hilmi Abdul Wahab, 50, pleaded not guilty to both charges which were read out before Judge Suzana Hussin. On the first charge, Mohamad Hilmi was alleged to have solicited a cash bribe amounting to RM250,000 from Liyana through Syed Muhammad Syed Aluvi, 34. It was allegedly as an inducement for the then political secretary to Menteri Besar Datuk Seri Muhammad Sanusi Md Nor to help the company get the approval for its application for REE mining licence and exploration licence in Kedah. The offence was allegedly committed at a premises in Sunway Kiara Hills, Taman Sri Hartamas, Kuala Lumpur on July 4 this year. He was also charged with receiving RM150,000 from Liyana for the same purpose at a restaurant in Sri Hartamas Village on July 11. – Bernama Police tracing missing box of explosives SHAH ALAM: A box containing explosives is believed to have fallen off a vehicle while it was being transported to a quarry in Puchong on Nov 14. In a statement, Kuala Langat district police chief Supt Ahmad Ridhwan Mohd Nor @ Saleh said a report was received at 10.28pm on the day of the incident from a 28-year-old man who suspected the explosives had accidentally dropped off while he was on his way to the quarry. “While the complainant and his friend were on the Kajang Dispersal Link Expressway, the complainant noticed that there was a vehicle behind flashing a sign that the rear bonnet of the SUV they were driving was open.” Ahmad Ridhwan said the complainant then stopped the car and closed the rear bonnet without suspecting that some cargo had dropped out because traffic at the time was heavy and it was hazardous to stop the vehicle. “At 8.25am, the complainant and his friend arrived at the location and while unloading the goods, the complainant found a box of 400gm cast booster explosives (a detonator for blasting operations) was missing. “He then returned to the road he was travelling on but did not find the box.” The case is being investigated under Section 286 of the Penal Code for reckless conduct involving explosives. Ahmad Ridhwan urged those with information related to the incident, or who had found the explosives, to contact the nearest police station or investigating officer Sgt Zulfadzly on 016-4123834. – Bernama ILLEGAL OPERATION BUSTED ... Domestic Trade and Cost of Living Ministry enforcement officers checking a tank containing some of the 28,000 litres of diesel seized from a store near Permatang Pauh in Penang yesterday. – BERNAMAPIC

TUESDAY | NOV 21, 2023 7 Rescuers drill to send more food to trapped workers SILKYARA: Rescuers are trying to send cooked food and set up a phone connection to 41 workers trapped for eight days in a collapsed tunnel in the Indian Himalayas as they explore fresh rescue plans after previous attempts stalled, officials said yesterday. The men have been stuck in the highway tunnel in Uttarakhand state since it caved in early on Nov 12 and are safe, authorities said. They have access to light and supplies of oxygen, with dry food, water and medicines are being sent via a pipe. Authorities expect that a second, six-inch pipeline being drilled into the debris for delivery of cooked food will soon be ready, with 42m out of an estimated 60m already completed, said Bhaskar Khulbe, an officer on special duty for the tunnel project. “Our priority is to save 41 lives who are trapped inside the tunnel. Through this (pipeline) we will be able to send necessary things to them,” federal Road Transport Minister Nitin Gadkari said on Sunday. He added that officials are also considering setting up an optical fibre connection through this pipeline, which can be used to insert a camera or phone connection into the tunnel to help workers speak to their families. The men currently receive nuts, puffed rice, chickpeas and other dry food items via a pipe and the district chief medical officer R. C. S. Panwar said three of them have complained of dysentery. Rescuers are exploring five new plans to pull out the workers after a machine drilling horizontally into the debris, to create space for the men to come out, developed a snag and a sudden “cracking sound” during efforts to restart it caused panic. The new plans include drilling vertically from the top of the mountain, which rescuers hope can start by Tuesday as they await arrival of machinery. Authorities have not said what caused the 4.5km tunnel to cave in, but the region is prone to landslides, earthquakes and floods. Fifty to 60 workers were on the overnight shift at the time of the collapse and those near the exit got out of the tunnel on the national highway that is part of the Char Dham Hindu pilgrimage route. – Reuters S. Korea warns the North to scrap spy satellite launch plans SEOUL: South Korea’s military warned North Korea yesterday to immediately stop preparations for a spy satellite launch, vowing to take “necessary measures” if it goes ahead. North Korea is preparing to launch a spy satellite for the third time, after failing twice this year to put a military eye in the sky. Earlier this month, Seoul’s spy agency said that Pyongyang was in the final stages of preparations for its third try and South Korean defense minister Shin Won-sik said Sunday that the lift-off could take place as early as this week. “We sternly warn North Korea to immediately suspend the current preparations to launch a military spy satellite,” said Kang Ho-pil, chief director of operations at the Joint Chiefs of Staff. “If North Korea goes ahead with the launch of a military reconnaissance satellite despite our warning, our military will take necessary measures to guarantee the lives and safety of the people,” he added. After a failed second attempt in August, Pyongyang said it would carry out the third launch in October, though it never materialised. South Korea has said Pyongyang is providing Moscow with arms in exchange for Russian space technology. Analysts have said there is significant technological overlap between space launch capabilities and the development of ballistic missiles, from which Pyongyang has been banned under multiple UN sanctions. North Korea has conducted a record number of weapons tests this year, ignoring warnings from the US, South Korea and their allies. Last week, it said it carried out successful ground tests of a “new type” of solid-fuel engine for its banned intermediate-range ballistic missiles, calling it a crucial step against “the grave and unstable security environment”. – AFP Taiwan’s former US envoy named running mate TAIPEI: Lai Ching-te, the frontrunner for Taiwan’s presidency, named Taipei’s former envoy to the US as his running mate in January’s election yesterday, a high-profile diplomat well known in Washington but who Beijing denounces as a separatist. Lai, vice-president and the ruling Democratic Progressive Party’s (DPP) presidential candidate, has led in most opinion polls ahead of the election which is taking place as Taiwan comes under increased pressure from China to accept its sovereignty claim. His running mate, Hsiao Bi-khim, 52, who had been Taiwan’s de facto ambassador to the oDe facto ambassador well known in Washington, described as formidable politician with rare diplomatic talent US since 2020, has extensive connections in Washington and had been widely expected to be Lai’s running mate. In a post on his Facebook page, Lai said he would formally present Hsiao as his running mate. Taiwan’s foreign ministry said it had accepted her resignation. “I believe that Bi-khim is definitely an excellent person when it comes to Taiwan’s diplomatic work today and she is a rare diplomatic talent in our country,” Lai added. Rupert Hammond-Chambers, president of the US-Taiwan Business Council who has known Hsiao since the 1990s, said she was a “formidable politician”, and would add much needed diplomatic and security heft to Lai’s ticket. “Bi-khim’s relationships in (Washington) DC will be invaluable to a President Lai, if he is elected. She’s going to bring all of those relationships into his government and he doesn’t have those,” he told Reuters. The US, as with most countries, has no formal ties with Taiwan, but is the island’s most important international supporter and arms supplier. Like Lai, Hsiao is despised by China, which has twice placed sanctions on her, most recently in April, saying she was an “independence diehard”. China’s Taiwan Affairs Office referred to Lai and Hsiao as an “independence double act”, adding that Taiwan’s people were “very clear” about what their partnership meant for the “situation in the Taiwan Strait”. It did not elaborate. China carried out military drills around Taiwan in August, after Lai returned from a brief visit to the US, in what the Chinese military said was a “serious warning against Taiwan independence separatist forces colluding with external forces to provoke”. The DPP champions Taiwan’s separate identity from China. The DPP-led government said only Taiwan’s people can decide their future and it has repeatedly offered talks with Beijing but been rebuffed. The DPP’s smooth handling of its vicepresidential nominee stands in contrast with efforts by Taiwan’s two main opposition parties to agree on a joint ticket. Their negotiations have stalled. B R I E F SCHINESE NAVY INCIDENT WAS ‘DANGEROUS’ SYDNEY: Australia’s Prime Minister Anthony Albanese said a Chinese warship acted in a dangerous and unprofessional manner during an incident with an Australian navy vessel that injured a military diver, his first comments on the matter which he said had damaged ties. HMAS Toowoomba, a longrange frigate, was conducting a diving operation in Japan’s Exclusive Economic Zone on Nov 14 to clear fishing nets from its propellers when the incident occurred, Defence Minister Richard Marles said on Saturday. Albanese, who met briefly with Chinese president Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (Apec) forum in San Francisco last week, has come under domestic political pressure over whether he raised the matter with the Chinese leader. In an interview on yesterday with Sky News Australia, Albanese said the incident caused injury to one person and shows the need for “communication guardrails” between militaries. “This was dangerous, it was unsafe and unprofessional from the Chinese warship,” he said. – Reuters PM-ELECT SAYS ‘SIGNIFICANT MILESTONE’ REACHED WELLINGTON: New Zealand’s Prime Minister elect Christopher Luxon said yesterday that a “significant milestone” had been achieved in forming a government overnight with the National Party, ACT New Zealand and New Zealand First agreeing on policy programmes. National won the largest share of votes in New Zealand’s Oct 14 general election but needs both NZ First and ACT to form a government. The three parties are currently negotiating coalition agreements. Luxon told reporters in Auckland that National had agreed their policy programmes with ACT and NZ First. There was no immediate confirmation from ACT or NZ First. Website Newshub reported that Luxon said he was very relieved to have finished that part of the coalition talks. – Reuters LEFT IDLING ... Newly arrived Rohingya refugees stranded on a boat after the nearby community decided not to allow them to land after giving them water and food in Pineung, Aceh recently. – AFPPIC

TUESDAY | NOV 21, 2023 8 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper Argentina president pledges new political era BUENOS AIRES: Argentina’s new president, right-wing libertarian Javier Milei, was elected on Sunday, betting on an outsider with radical views to fix an economy battered by triple-digit inflation, a looming recession, and rising poverty. Milei, who rode a wave of voter anger with the political mainstream, won by a wider-thanexpected margin. He landed about 56% of the vote against just over 44% for his rival, Peronist Economy Minister Sergio Massa, who conceded. “The model of decadence has come to an end, there’s no going back,” Milei said in a defiant speech after the result while also acknowledging the challenges that face him. “We have monumental problems ahead: inflation, lack of work and poverty,” he said. “The situation is critical and there is no place for tepid half-measures.” In downtown Buenos Aires hundreds of Milei supporters honked horns and chanted his popular refrain against the political elite – “out with all of them” – as rock music played from speakers. Milei is pledging economic shock therapy, with plans to include shutting the central bank, ditching the peso and slashing spending, potentially painful reforms that resonated with voters angry at the economic malaise. “Milei is the new thing, he’s a bit of an unknown and it is a little scary, but it’s time to turn over a new oLibertarian plans to shut central bank, ditch peso and slash spending in radical reforms Biden turns 81 as voters show concern about age WASHINGTON: US President Joe Biden turned 81 yesterday with the traditional pardoning of the Thanksgiving turkeys at the White House, but do not expect him to mention the issue that has US voters in a flap. His birthday will turn an unwelcome spotlight on the fact that the Democrat is the oldest president in American history and that if he wins a second term next year he will be 86 by the time he leaves. Biden sometimes jokes about it and aides point to a vigorous schedule that would floor far younger people, but poll after poll show that the president’s age is the single greatest concern for American voters. That has been reinforced by a series of trips, slips and stumbles, from losing his balance on the steps of Air Force One to giving occasionally rambling answers during press conferences. Despite a series of his own recent gaffes, former president Donald Trump, whom Biden is likely to face next year, does not yet cause the same concerns among voters despite the fact that he’s 77. Biden is “not doing a lot wrong” but is struggling to change perceptions on his age as well as other issues such as the economy, said David Karol, who teaches government and politics at the University of Maryland. “He is lucid, but people just have this perception,” Karol told AFP. Biden has increasingly been making light of his age to deflect or defuse people’s concerns. B R I E F SFORMER US FIRST LADY ROSALYNN CARTER DEAD AT 96 WASHINGTON: Former US first lady Rosalynn Carter, the wife of former president Jimmy Carter, died Sunday at 96 at the couple’s home in the southern state of Georgia, their nonprofit organization announced. Carter was best known for her work post-White House, as she and her husband championed human rights, democracy and health issues around the world all while maintaining a notably humble public image. She had joined her husband in at-home hospice care on Friday after being diagnosed with dementia in May. “Former first lady Rosalynn Carter, a passionate champion of mental health, caregiving and women’s rights, passed away Sunday... at her home in Plains, Georgia, at the age of 96. She died peacefully, with family by her side,” the Carter Center said in a statement. “Rosalynn was my equal partner in everything I ever accomplished,” Jimmy Carter said in the statement. “She gave me wise guidance and encouragement when I needed it. As long as Rosalynn was in the world, I always knew somebody loved and supported me,” the former Democratic president said. – AFP HUNDREDS FACE SENTENCING IN ITALIAN MAFIA TRIAL LAMEZIA TERME: Hundreds of alleged mobsters will be sentenced Monday by an Italian court, the culmination of a historic, nearly three-year trial against Calabria’s notorious Ndrangheta mafia. Prosecutors are asking for guilty verdicts against 322 accused mafia members and their white-collar collaborators in what could mark the most significant blow to date against one of the world’s most powerful organised crime syndicates, which enjoys a near-monopoly on the European cocaine trade. The sentencing will cap Italy’s largest mafia trial in decades, a “maxi-trial” in which vast numbers of defendants accused of being part of the same mafia criminal conspiracy face justice. The court of Vibo Valentia, a province in the poor southern region of Calabria that is the birthplace of the Ndrangheta, has heard thousands of hours of testimony since the trial began in January 2021, including from more than 50 former mafia operatives turned state’s witnesses. – AFP page,” said 31-year-old restaurant worker Cristian as he voted on Sunday. Milei’s challenges are enormous. He will have to deal with the empty coffers of the government and central bank, a creaking US$44 billion (RM205 billion) debt programme with the International Monetary Fund, inflation nearing 150% and a dizzying array of capital controls. Some Argentines characterised the vote as a choice of the “lesser evil”, fear of Milei’s painful economic medicine versus anger at Massa and his Peronist party for an economic crisis that has left Argentina deeply in debt and unable to tap global credit markets. Milei has been particularly popular among the young, who have grown up seeing their country lurch from one crisis to another. “Perhaps not everything Milei says I agree with or can identify with but he is our future,” said Irene Sosa, a 20-year-old student celebrating outside his election bunker. – Reuters Zelensky calls for rapid operations changes for soldiers NEW YORK: Ukraine’s President Volodymyr Zelensky on Sunday demanded rapid changes in the operations of Ukraine’s military and announced the dismissal of the commander of the military’s medical forces. The move was announced as he met Defence Minister Rustem Umerov and coincided with debate over the conduct of the 20-month-old war against Russia, with questions over how quickly a counteroffensive in the east and south is proceeding. “In today’s meeting with Defence Minister Umerov, priorities were set,” Zelensky said in his nightly video address. “There is little time left to wait for results. Quick action is needed for forthcoming changes.” Zelensky said he had replaced Major-General Tetiana Ostashchenko as commander of the Armed Forces Medical Forces. “The task is clear, as has been repeatedly stressed in society, particularly among combat medics. We need a fundamentally new level of medical support for our soldiers.” He said this included a range of issues, including better tourniquets, digitalisation and better communication. Umerov acknowledged the change on the Telegram messaging app and set as top priorities digitalisation, “tactical medicine” and rotation of servicemen. Ukraine’s military reports on what it describes as advances in recapturing occupied areas in the east and south and last week acknowledged that troops had taken control of areas on the eastern bank of the Dnipro River in southern Kherson region. Ukrainian commander in chief General Valery Zaluzhniy, in an essay published this month, said the war was entering a new stage of attrition and Ukraine needed more sophisticated technology to counter the Russian military. While repeatedly saying advances will take time, Zelensky has denied the war is headed into a stalemate and has called on Kyiv’s Western partners, mainly the US, to maintain levels of military support. Ostashchenko was replaced by MajorGeneral Anatoliy Kazmirchuk, head of a military clinic in Kyiv. Her dismissal came a week after a Ukrainian news outlet suggested her removal, as well as that of others, was imminent following consultations with officials responsible for providing support to the military. – Reuters FLOATING SPONGEBOB ... Hotair balloons flying over spectators during the International Hot-Air Balloon Festival in Leon, state of Guanajuato in Mexico on Sunday. – REUTERSPIC

TUESDAY | NOV 21, 2023 9 31 premature babies evacuated from Al-Shifa hospital oInfants taken by Palestinian Red Crescent Society ambulances, with preparations under way for them to enter Egypt RAFAH: Palestinian medics evacuated 31 premature babies from Gaza City’s war-torn Al-Shifa hospital on Sunday in a high-risk operation, the UN said, pledging to also move patients and staff who remain there. The hospital, Gaza’s largest, has been described by the UN’s World Health Organisation (WHO) as a “death zone”, after it sent a team to visit the facility on Saturday. Mohammed Zaqut, director general of hospitals in Gaza, told AFP “all 31 premature babies in AlShifa hospital have been evacuated” and said “preparations are under way” for them to enter Egypt. The infants were taken in Palestinian Red Crescent Society ambulances to a hospital in southern Gaza for assessment and treatment, with 11 in critical condition, the WHO said in a statement. Doctors found that “all the babies are fighting serious infections due to lack of medical supplies and impossibility to continue infection control measures in Al-Shifa Hospital”. None were accompanied by family members as the health ministry in Gaza had been unable to locate them and two babies had died at Al-Shifa while awaiting the transfer, it added. Al-Shifa hospital has become a focal point for Israeli operations, with the army claiming Hamas uses it as a base. Hamas and medical staff, have denied the accusations. More than 250 patients and 20 health workers were still at Al-Shifa and plans were being made to evacuate them but it would take “several days” to do so completely. “Priority will be given to the 22 dialysis patients and 50 patients with spinal injuries,” it added. The WHO’s initial visit to AlShifa came after hundreds fled the hospital on Saturday following what Al-Shifa’s director said were Israeli army orders for it to be emptied. Israel denied ordering the move. An AFP journalist at the scene saw crowds of sick, injured and displaced people walking towards the seafront, with the health ministry saying 120 patients had stayed behind, among them a number of premature babies. “Many patients cannot leave the hospital as they are in the ICU beds or the baby incubators,” Ahmed alMokhallalati, a doctor at the hospital, wrote Saturday on X. Following its visit to Al-Shifa, the WHO said 291 patients and 25 health workers were still inside the hospital, figures issued several hours before the babies were evacuated. Since Nov 11, when fuel supplies ran out at Al-Shifa, eight babies died due to the lack of electricity to run incubator units, the health ministry has said. Three more journalists killed in Gaza in Israeli offensive GAZA: The head of a prominent media institution in Gaza and two other journalists were killed during the weekend in Israel’s offensive in the territory, their relatives said on Sunday, adding to the dozens of reporters who have died in the six-week conflict. The New York-based Committee to Protect Journalists (CPJ) said the weekend deaths raised the number of journalists and media workers it had confirmed killed in the region to 48 since Oct 7. The CPJ, whose list covers journalists killed on both sides of the conflict although most have been in Gaza, said it seeks at least two sources to verify each death. It said its list of those killed comprised 43 Palestinians, four Israelis and one Lebanese. “Journalists across the region are making great sacrifices to cover this heart-breaking conflict. Those in Gaza, in particular, have paid and continue to pay an unprecedented toll and face exponential threats,” Sherif Mansour, CPJ’s Middle East and North Africa program coordinator, said in an email to Reuters. On Sunday, Belal Jadallah, a journalist and head of the board of the Press House-Palestine, a nongovernmental organisation, was killed and his pharmacist brother-in-law was seriously wounded, his sister and other relatives said. Jadallah told his sister earlier on Sunday he was heading out of Gaza City towards the south. He was killed in the Zeitoun area of Gaza City, said his sister, who added that people who found him and took him to a medical centre where he was declared dead said he had been killed by an Israeli tank shell. Reuters could not independently verify this report or the report of the other two journalists killed this weekend. Four of Jadallah’s relatives work for Reuters in Gaza or abroad. One of the journalists on CPJ’s list of those killed is Reuters journalist Issam Abdallah who was killed in Lebanon near the border with Israel on Oct. 13. In addition to Jadallah, two freelance journalists, Hassouna Sleem and Sary Mansour, were killed on Saturday in an Israeli assault on Bureij refugee camp, in the centre of the Gaza Strip, their relatives and Palestinian health officials said. The health officials said 17 people died in the incident. The Israeli military did not immediately respond to a request for comment about the deaths of Jadallah or the others. The Press House-Palestine, on its website, said its overall objective is to contribute to developing an “independent Palestinian media, that reflects the values of democracy and freedom of expression and its principles”. ‘Act urgently’ to stop humanitarian crisis: China FM BEIJING: The international community must take urgent action to stop the “humanitarian disaster” unfolding in Gaza, Chinese Foreign Minister Wang Yi told a visiting delegation of diplomats from Arab and Muslim-majority nations yesterday. “Let us work together to quickly cool down the situation in Gaza and restore peace in the Middle East as soon as possible,” Wang told foreign ministers in opening remarks in Beijing. “A humanitarian disaster is unfolding in Gaza,” Wang told the diplomats, which include foreign ministers of the Palestinian Authority, Indonesia, Egypt, Saudi Arabia and Jordan. “The situation in Gaza affects all countries around the world, questioning the human sense of right and wrong and humanity’s bottom line. “The international community must act urgently, taking effective measures to prevent this tragedy from spreading,” Wang added. Israel has vowed to destroy Hamas in the worst-ever onslaught on the country. In Gaza, at least 13,000 people have been killed in Israel’s relentless aerial bombardment and ground operations. China late Sunday announced the visit of the delegation of ministers, which also includes the secretary-general of the Organisation of Islamic Cooperation. Beijing has said the goal of the talks will be to “promote a de-escalation of the current Palestinian-Israeli conflict, protecting civilians and justly resolving the Palestinian issue”. – AFP B R I E F SRUSSIA AND IRAN CALL FOR CEASEFIRE MOSCOW: Russia and Iran’s foreign ministers on Sunday called for a ceasefire in Gaza and said that urgent assistance must be given to the civilian population there. Russia said Foreign Minister Sergei Lavrov spoke to Iranian Foreign Minister Hossein Amirabdollahian at the request of Tehran. “During the conversation, main attention was focused on the current situation in the zone of the Palestinian-Israeli conflict,” Russia’s foreign ministry said. “General concern was expressed about the ongoing armed confrontation in the Gaza Strip,” it said. “The need for an early ceasefire and urgent assistance to the affected civilian population was stressed.” Russia, which has relationships with Iran, Hamas and major Arab powers as well as with the Palestinians and with Israel, has repeatedly accused the US and the West of ignoring the need for an independent Palestinian state within 1967 borders. – Reuters PHILIPPINE QUAKE DEATH TOLL RISES TO NINE MANILA: The number of people killed in a powerful quake off the southern Philippines has risen to nine, the national disaster agency said yesterday, warning the toll could increase further. People fled into the streets or hid under tables when the 6.7-magnitude quake struck the Mindanao region on Friday, causing buildings to shake and part of a ceiling inside a shopping mall to collapse. At least 15 people were injured and more than 800 houses damaged or destroyed, the National Disaster Risk Reduction and Management Council said in its latest update. The death toll steadily rose over the weekend as searchers found more bodies buried under rubble or soil. – AFP Palestinians walking on Salaheddine road in the Zeitoun district of the southern part of the Gaza Strip on Sunday as Israel continues its aggression in Gaza. – AFPPIC

10 TUESDAY | NOV 21, 2023 Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ Fishermen caught in net despite soaring fish prices ONE of the most underrated and underappreciated sector in Malaysia is probably the fishing industry and its workers, especially those who venture out to sea to land the food that most Malaysians love but take for granted as if it were just another item in the food industry. The fishing industry usually captures public attention when people indulge in fish and other seafood dishes. Their main concern when they buy and eat seafood revolves around the quality and pricing of prawns, fish and other marine products that go into their meals. Little or no thought is given by the urban-centric population to the fishermen community, who make a living at sea and eke out a difficult and dangerous living. These are selfemployed families continuing the occupation of their fathers and forefathers. Traditionally, the male heads of these households were bound to conventional methods and boats when they go out fishing. Times have changed and the mechanisation of boats and modernisation of fishing technology have enabled the fishing community to venture further out to sea and for longer hours. However, despite these advancements, the current generation of fishermen in Kelantan, Terengganu, Sabah, Sarawak and other states, albeit in small numbers, still rank among the most impoverished households in the nation. Poverty in fishing community A recent study conducted by academics from Universiti Malaysia Terengganu unveiled that sampled fishermen surveyed in Kuala Marang and Sebarang Takir had average household incomes of US$626 (RM2,923) and US$755 (RM3,526), respectively, within the two areas. These earnings amount to less than half and slightly more than half, respectively, of the national median household income, which stood at US$1,307 in 2016. While there is lack of conclusive studies, the persistent poverty among this group of food producers, who play a vital role in ensuring our food security and enhancing the dietary habits of Malaysians, has continued uninterrupted since independence. This poverty and the absence of corrective measures is not due to the neglect of policymakers, nor is it a result “Considering our abundant coastal and marine environment as well as natural resources, compared with most other countries, Malaysia should be among the leading marine and fish production nations in the world rather than depend on imported marine products. fisheries since the NEP may be closer to the hundred billion ringgit range. This estimate is based on the annual budget allocation of the Fisheries Department from 1969 to 2023. In 1969, RM15.3 million was provided to the department. By 1990, this annual allocation had grown to RM680 million. Since 2000, the annual budget allocation has increased from RM1.65 billion to RM3.95 billion in 2023. We will see the Fisheries Department budget reach the RM4 billion mark in 2024. The key question is: Why is the community still among the poorest in the country despite the substantial sum spent on programmes and projects intended to benefit fishermen? Even more funding has been allocated to the government ministries and agencies tasked with overseeing the country’s fisheries development. Yet, the results have been unsatisfactory. According to official data, the country’s fish production from inland, marine and aquaculture sources has consistently fallen short in meeting domestic consumption. Essentially, achieving self-sufficiency in fisheries has been elusive. The nation’s self-sufficiency level in fish production is alarming given the generous budgetary allocations provided to stimulate growth and development over the past six decades. Considering the nation’s abundant coastal and marine environment as well as natural resources, it holds a significant comparative advantage compared with most other countries. We should be among the leading marine and fish production nations in the world rather than depend on imported marine products. It is disconcerting that we trail behind other nations that lack the financial and natural resources that Malaysia possesses. Lim Teck Ghee’s Another Take is aimed at demystifying social orthodoxy. Comments: [email protected] The fishing community rank among the most impoverished households in the nation. – REUTERSPIC ANOTHER TAKE BY LIM TECK GHEE from insufficient funding for programmes and initiatives aimed at the fishing community. Recognition of the poverty status of the fishing community dates back to the pre-NEP (New Economic Policy) period. Government support during this period included subsidies on petrol and diesel to reduce the impact of rising fuel prices, fishermen’s subsistence allowance, aid for natural disasters and initiatives aimed at boosting household income and assisting families in the event of accidents. Additionally, special housing programmes were implemented to ensure that fishermen’s residences met reasonable standards. In the federal budget announced in October 2019, it was stated that the government would continue to provide fishermen with a monthly allowance of RM250 as income support. Furthermore, they would also be granted a diesel subsidy to reduce the expenses of going out to sea. Although sporadic data has been provided, an overall computation of the actual budgetary support that ultimately helped improve the incomes of fishermen is not readily available. Furthermore, there is no official analysis on how the allocation to the fishing community has influenced the reduction of their poverty status. Fisheries budgets While substantial amounts have been allocated to fishermen associations, fish complex infrastructure, marketing infrastructure and other areas in the annual budgets, obtaining data on the results of such expenditures is difficult. Despite the lack of data, it can be assumed that the total amount allocated to the fishing community and the fishing industry likely amounts to several billion ringgit throughout the implementation of the 12th Malaysia Plan to date. The total budget allocation for

11 TUESDAY | NOV 21, 2023 Adopting safety measures for tourism industry vital AS Malaysia anticipates an increase in tourist arrivals, it is essential not to neglect safety standards in our efforts to boost the tourism industry. All tour operators should strictly adhere to and enforce safety measures. The importance of integrating Occupational Safety and Health (OSH) management into the tourism sector cannot be overstated. OSH management is crucial as it will bring a positive impact on the safety and protection of not only workers but also tourists. With the Tourism, Arts and Culture Ministry aiming to achieve the target of attracting 18 million tourists this year, the relevance of safety in the tourism industry has intensified. It is necessary to ensure good OSH practices in the tourism industry. The implementation of OSH in the hospitality industry involves the application of HIRARC (Hazard Identification, Risk Assessment and Risk Control). All workplaces inherently have hazards and risks that require attention. It is incumbent upon those present in the workplace to identify the hazards and risks, taking necessary safety measures to prevent accidents or fatalities. Those involved in the tourism industry must take a serious view of the occurrence of accidents and fatalities involving tourists. While accidents are inevitable, there are various measures that we can adopt to limit their occurrences. Adopting prudent and safe work practices as an integral part of our culture can contribute to the reduction of accidents. A meticulous focus on safety should be ingrained as a fundamental value for employers and employees. Safety and health should be integrated into the culture of the industry, and not be accepted as just a priority. Many resorts, hotels and chalets provide guests with outdoor activities, such as mountain climbing, hiking, scuba diving, snorkelling, water rafting, flying fox, bungee jumping and many more. These activities involve technical and high risks. Stringent SOPs (Standard Operating Procedures) must be followed. Emergency response teams and first aiders must be thoroughly prepared for any emergency. Tour guides, too, face various occupational health and safety risks, Ensuring safety standards in the tourism industry is crucial with the rise in tourist arrivals. – REUTERSPIC Ten ringgit kindness pays off I had forgotten that I had helped to train a college student Abdul Rahman Ali in agriculture in the early 1970s until I was reminded many years later. At that time, I was a young planter in charge of a division in the Pamol oil palm estate, near Kluang in Johor. One day my manager summoned me, stating: “We have a request to train 10 agriculture students from Mara College. You will be responsible for them. Ensure the programmes are rigorous so they understand the realities of life. They can reside in the workers’ quarters to experience the hardships faced by labourers.” As I turned to leave, he added: “Do not pamper them.” When the students arrived, I greeted them with hoes for weeding, harvesting knives and long poles for harvesting tall palms. Quietly, they placed their bags on the plank beds in the workers’ houses, with two students sharing a unit. The kitchen was situated outdoors. They observed that water was accessible at a central pump, a short walk away. For food, they could buy rice and cans of sardines from a sundry shop. On the first day of work, they used their hoes to clear weeds from the interlines. The task was further complicated due to the presence of tuba vines or Derris elliptica, which had been planted several years earlier in an experiment to assess the feasibility of natural insecticides and pesticides as alternatives to chemicals. Although the experiment had been discontinued, the tuba vines had developed deep roots, making it timeconsuming for the students to uproot them. Upon learning about the students and their living conditions, my wife, Maznah, urged me to provide them with bedsheets, pillows and pillowcases, aiming to make their nights a bit more comfortable after working hard. After one week, they started harvesting the oil palm bunches, around 25ft above them. To guide them in this task, I enlisted the expertise of Lee Sang Kang, the most skilled harvester. This was a challenging task, and tackling the job at such a height required considerable skill and experience. Their progress was gradual but consistent. No one shirked their duties, and there were no complaints. One morning, during their mid-break, I strolled by and noticed that everyone had seized the opportunity to take a nap. Without disrupting their rest, I quietly left. Upon learning about their dedicated work, Maznah expressed a desire to host them at the bungalow. All of them, including the staff, arrived one evening, dressed admirably. They indulged in the wide spread of delicacies and were grateful for the invite and hospitality. The following day, I received a sombre message to convey to Abdul Rahman. I gently explained the situation. “Your father is very ill in the hospital in Kedah. They suggest you go home for a few days.” Although stricken by the message, Abdul Rahman was grateful for the opportunity to return home to be with his father. I then retrieved a note from my pocket and handed it to him. “Take this RM10 for your travel expenses.” He thanked me and left, assuring me that he would return soon. Abdul Rahman did return when his father showed signs of recovering. He continued with the training course until its completion, and the students moved on to pursue their studies at a college in Shah Alam. I had the opportunity to reconnect with the group when I was invited to deliver a speech at Jayapuri Hotel during the college’s annual dinner. At that time, I served as the national chairman of the Incorporated Society of Planters. I felt honoured and pleased that the students remembered me and invited me to speak. I did not see them again as the campus had relocated to Perlis. More than 30 years had passed since that training period, and by then, I had already retired. Life after retirement was challenging. Although I had established a consultancy company, I had yet to secure any business. Before long, the son of a friend approached me regarding a project he intended to pitch to Risda (Rubber Industry Smallholders Development Authority), a government plantation organisation. He had learned that during the initial years of my career, I manually compiled the check roll each month. Calculating this information took time. However, today, obtaining precise figures with a computer would only take seconds. The Risda office, situated on Jalan Ampang, brought a sense of nostalgia as I strolled through a place dedicated to plantation discussions. Moving past the offices, we eventually reached the sizable meeting room. Despite being seated, the bidding process did not commence until the director-general, a Datuk Seri, arrived. The team began presenting their pitch on PowerPoint, and everything was going smoothly until one of the officers, a woman, became assertive and posed questions that seemed designed to find faults. Her demeanour nearly spoiled my day. Throughout my career, I had overseen plantations in numerous countries, and now, in the role of a supplicant, with the team seeking income from a project, I found it challenging to tolerate such treatment. All I could wish for was that she might become a consultant one day and experience similar treatment. The Datuk Seri observed silently as his officers conducted their work, attentively listening to our responses. In the end, he mentioned that he would inform us of the decision in a few days. Unfortunately, I was not as optimistic. He courteously accompanied us to the lift, and while waiting, he asked if I remembered him. I replied “No”. He then said: “I underwent training in your division at the Pamol estate, and I was the one you informed about my father’s illness, advising me to go home to see him.” It took me a moment to recollect but remembered that incident long ago. “You handed me RM10 to help with the fare to go home.” Suddenly, it all came back to me. I grinned warmly and said: “Had I known you would become the top person here today, I would have given you more.” That moment broke the tension, and laughter filled the room as everyone heard us. It was later that I learned that he had furthered his studies in California, and then did his PhD in Corporate Governance. Ultimately, we secured the project, bringing joy to my friend’s son. I was pleased to have played a part in it, and it earned me my fees. While it is possible that his presentation played a significant role, I prefer to believe that, all else being equal, the small gesture I made for a young college boy may have tipped the scales in our favour. The writer has extensive experience in the management of oil palm plantations. Comments: [email protected] “While it is possible that his presentation played a significant role, I prefer to believe that the small gesture I made for a college boy may have tipped the scales in our favour. LETTERS [email protected] E STATE MANAGERWRITE S BY MAHBOB ABDULLAH including physical, biological or psychosocial hazards, that can cause serious threats to their well-being. For example, tour guides often work long hours, and prolonged working hours are associated with certain disorders. Coach drivers must be safety conscious, refraining from driving when they lack sleep and rest. Similarly, substantial physical workloads or poor ergonomics, such as prolonged sitting in vehicles, can result in injuries and musculoskeletal disorders. Taking into account these factors, the adoption and implementation of OSH for the tourism industry is vital. Tan Sri Lee Lam Thye Chairman Alliance for a Safe Community

HEALTH HEALTH 12 TUESDAY | NOV 21, 2023 According to certain TikTok users, walking alone without any noise is good for your physical and mental health. Beginner’s guide to traditional Chinese medicine IN the realm of healthcare, traditional Chinese medicine (TCM) stands as a distinctive practice, differing significantly from Western medical approaches. IMU Healthcare’s Chinese Medicine Centre Clinician-in-Charge and Senior Chinese Medicine Practitioner Dr Ong Siew Siew, sheds light on the essentials for those new to TCM. Seek a registered TCM practitioner TCM is a recognised and legitimate practice in Malaysia, governed by the Traditional and Complementary Medicine (TCM) Act 2016. Ong advises looking for licensed TCM practitioners, emphasising that by March 2024, practitioners will be registered with the TCM Council, streamlining the process of verifying their authenticity. Embrace different principles TCM operates on principles that view each person’s unique body constitution as a pattern, aiming to restore equilibrium and regulate dynamic energy. This holistic approach allows TCM practitioners to manage various ailments, differing significantly from Western medicine’s disease-specific focus. Ong highlights the importance of continuity in treatment with the same practitioner for personalised care. Demystifying TCM, dispelling misconceptions Ong clarifies that TCM is neither mystical nor religious. The initial visit mirrors a standard medical appointment, focusing on medical history, diagnostic techniques and understanding the patient’s lifestyle. TCM employs four primary treatment methods - acupuncture, cupping therapy, moxibustion and herbal prescriptions, all grounded in scientific principles. Patience in results TCM treatment duration varies based on the specific condition with chronic conditions requiring more sessions. Ong stresses the need for patients to understand that TCM and Western medicine have different strengths and principles. The ongoing transition in Malaysia’s healthcare landscape aims to enhance TCM’s professionalism, Traditional Chinese medicine is a form of holistic healing. Dr Ong AI predicts fatal heart attack risk 10 years ahead Cardiac risk can affect anyone. ensuring improved patient safety and outcomes. Embark on a journey of discovery as TCM, deeply rooted in ancient wisdom, unveils its potential to complement and enhance overall well-being. Whether you are a seasoned explorer of holistic health or a newcomer curious about alternative practices, TCM beckons with a rich tapestry of healing traditions. Silent walking wellness trend oTikTokers cannot get enough of posts on solitary stroll THE plethora of beauty, fashion and fitness trends that have surfaced and gone viral on social networks is too numerous to count. However, the latest trend, “silent walking” or “the silent walk,” is poised to dominate water cooler conversations. This wellness trend, particularly popular among the younger demographic and gaining traction on platforms like TikTok, involves disconnecting from technology entirely and embarking on a solitary stroll in nature. Advocates of this practice claim that dedicating around 30 minutes to silent walking can significantly enhance mental well-being. Is there an attempt to redefine the act of walking by the youth? This is a current topic of discussion on social networks, particularly on TikTok, where the “silent walking” trend is taking root. The concept involves a deliberate separation from all forms of technology, allowing individuals to take a solo walk in nature. The goal is to revel in the benefits of silence and the natural surroundings, creating an opportunity for self-connection. According to users on the Chinese social network, this seemingly “revolutionary” method is a powerful means of improving mental health. TikToker and life coach Val Jones, in a post on the Asian social network, attest, “Walking in silence has been the biggest part of my healing.” She describes silent walking as a meditative state, drawing parallels to eye movement desensitisation and reprocessing (EMDR) therapy, often utilised for trauma treatment. Unlike those who view it as a passing trend, Jones regards silent walking as a transformative practice contributing to a sense of calmness, reduced anxiety, increased relaxation and enhanced connection with oneself. In contrast to activities like hiking or brisk walking, silent walking does not demand specific physical prowess. It is a straightforward progression, encouraging individuals to place one foot in front of the other while immersing themselves in the natural environment, free from the distractions of music or podcasts. The aim is to blend the physical benefits of walking — such as improved muscle tone, respiratory functions, digestion and lower blood pressure — with the advantages of silence, avoiding technological interruptions. While the concept of silent walking is not groundbreaking, its proponents on TikTok highlight its undeniable health benefits. Although scientific data on this specific activity is lacking, a study published in the Journal of Environmental Psychology in October 2020, during the Covid-19 pandemic, suggested that contact with nature could elevate mood and reduce rumination. Additional research has shown that being in natural settings enhances productivity and overall well-being. The growing popularity of silence, particularly among urban dwellers, is evident in the success of silent retreats and “quiet parks,” which provide individuals with an opportunity to reconnect with themselves and nature away from artificial noises. Regardless of the origins of silent walking, the key takeaway is that this form of physical activity, beneficial for both physical health and well-being, is gaining widespread popularity — a positive development worth noting. - ETX STUDIO THE UK’s University of Oxford recently announced a major breakthrough in heart attack prevention, thanks to the development of a tool powered by artificial intelligence (AI). It could help detect potentially fatal heart attacks years in advance. The researchers worked on the idea of developing an AI tool capable of analysing cardiac risk using sophisticated algorithms. While doctors currently rely mainly on data such as age and lifestyle to assess patients’ risk of heart attack, this tool uses algorithms to examine more detailed medical data for a personalised and much more accurate risk assessment. It can predict risk up to 10 years before an incident occurs. The aim is to be able to identify high-risk patients who are unaware of their condition and offer them appropriate preventive treatment. In the long term, this tool could not only save lives but also reduce healthcare costs associated with the care and treatment that usually follow an initial attack. This would benefit both science and the British public health system. An initial trial of this AI tool on 744 patients improved treatment for 45% of the sample. Each patient was assigned an AI-generated risk “score.” In almost half the cases, doctors were able to modify their treatment plans for people who did not necessarily appear to be at risk. The researchers estimate that the use of this technology could lead to a reduction of more than 20% in heart attacks and 8% in cardiac deaths and strokes among those tested. A larger-scale pilot programme is due to be launched shortly in five hospitals. Heart attacks account for a third of all deaths worldwide. - ETX STUDIO

TUESDAY | NOV 21, 2023 Editorial T: 03-7784 6688 F: 03-7785 2624/5 E: [email protected] Advertising T: 03-7784 8888 F: 03-7784 4424 SCAN ME E: [email protected] Miti sets up one-stop Invest Malaysia Facilitation Centre at Mida KUALA LUMPUR: The Ministry of Investment, Trade and Industry (Miti) has established the Invest Malaysia Facilitation Centre (IMFC) as a one-stop centre for investment-related matters at the Malaysian Investment Development Authority (Mida). Its minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the IMFC was set up to facilitate the affairs of the business community and investors in the manufacturing sector and selected services sectors. He said the physical establishment would speed up the various approval processes including providing consultation and advisory services as well as reducing bureaucracy in the public services delivery. “This initiative is an improvement to the existing advisory service centre at Mida and it is in line with Prime Minister Datuk Seri Anwar Ibrahim’s recommendation in the cabinet decision on Nov 3 and the Madani economy aspirations to facilitate business involving the investor’s journey at various levels,“ he said in a statement. He said the one-stop centre also aims to bring together several government ministries and agencies as well as various facilities under one roof as an important step in supporting the intention of the New Industrial Master Plan 2030. Via this initiative, he said it would enable Malaysia to be a premier investor-friendly and business-friendly destination in the region based on the National Investment Aspirations. Based on the current situation, Zafrul said the negotiation and facilitation services carried out physically and face-to-face would have a positive impact, in addition to improving the confidence among investors and industry players. “Miti and Mida will take proactive steps to implement continuous reforms and improvements to provide effective and efficient services to investors and the business community in the manufacturing sector and selected services sectors in Malaysia. Miti is also committed to improving existing facilities under Mida in an effort to facilitate investment,“ he said. He said the implementation of the IMFC would be based on the whole-of-government concept and would be directly supported by several ministries and agencies such as the Royal Malaysian Customs Department, the Malaysian Immigration Department and the Malaysian Inland Revenue Board. Other supporting agencies would include the Department of Manpower, the Malaysian Communications and Multimedia Commission and telecommunication companies such as Tenaga Nasional Bhd, as well as other ministries and agencies on a needs basis. Meanwhile, he stated that one of the existing initiatives under Mida is the establishment of the project implementation and facilitation office (Track) in 2020. Track is a facilitation platform for all investment projects approved by the National Committee on Investments to ensure that approved projects can be carried out within the specified period, said Zafrul. “Via the existing Track and IMFC initiatives, Miti is confident that Malaysia will remain the investment destination of choice for the world’s global companies. “It also provides skilled and high-income job opportunities for the people, further leading and stimulating economic development, as well as the prosperity of the country,“ he said. – Bernama Malaysia’s January-October trade surpasses RM2 trillion KUALA LUMPUR: Malaysia’s total trade surpassed the RM2 trillion mark from January to October this year, reaching RM2.181 trillion, with exports amounting to RM1.186 trillion while imports were valued at RM995.55 billion. “Trade, exports and imports each posted an 8% decrease compared to the corresponding period last year, while trade surplus was lower by 7.9%, amounting to RM190.04 billion,” the Ministry of Investment, Trade and Industry (Miti) said in a statement yesterday. “On a month-on-month (m-o-m) basis, Malaysia’s trade in October 2023 expanded by 6.8% to RM239.52 billion. Exports increased by 1.5% to RM126.19 billion and imports registered a double-digit growth of 13.4% to RM113.33 billion. “Trade surplus reached RM12.87 billion, marking the 42nd consecutive month of trade surplus since May 2020,” it added. Miti said Malaysia’s trade for October 2023 declined at a softer pace of 2.4% year-on-year (y-o-y), compared with the double-digit decrease reported in the previous month. Exports eased by 4.4% and imports reduced oExports hit RM1.186 trillion while imports are valued at RM995.55b marginally by 0.2%. “Malaysia’s performance was similar with its key trading partners, notably China, Taiwan, and Indonesia which experienced negative trade growth in October 2023 and a reduction in global imports,” it noted. In October 2023, Miti said exports of manufactured goods, constituting 85.3% or RM107.59 billion of total exports, slipped by 3.5% y-o-y as a result of lower demand for petroleum products as well as electrical and electronic (E&E) products. However, it said exports of transport equipment, processed food, machinery, equipment and parts, manufactures of metal, paper and pulp products as well as wood products, registered expansion. “Exports of agriculture goods (7.1% share) improved by 3.3% to RM8.9 billion compared to October 2022, marking its first positive growth after twelve consecutive months of decline. Exports of mining goods (6.9% share) dipped by 21.9% y-o-y to RM8.75 billion attributed to lesser exports of liquefied natural gas and crude petroleum,” it said. E&E products, which were valued at RM49.23 billion and accounted for 39% of total exports, decreased by 2.3% compared to October 2022. On a m-o-m basis, the ministry said exports of agriculture and mining goods rose by 10.7 and 10.4%, respectively while exports of manufactured goods declined marginally. For the period of January to October 2023, exports of manufactured goods weakened by 6.3% to RM1.016 trillion compared to the same period in 2022, attributed to lower exports of petroleum products, palm oil-based manufactured products and rubber products. However, exports of processed food, paper and pulp products as well as transport equipment recorded strong growth. “Exports of mining goods declined by 12.8% to RM84.92 billion owing to lower shipments of LNG and crude petroleum due to lower commodity prices. “Exports of agriculture goods dropped by 23% to RM77.74 billion, underpinned by lesser exports of palm oil and palm oil-based agriculture products following the decrease in export prices of palm oil,” it said. In October 2023, trade with Asean rebounded by 1.7% y-o-y, and took up 26.9%, or RM64.39 billion of Malaysia’s total trade. “Exports fell by 5.7% to RM36.57 billion due to lower exports of E&E products and petroleum products. But contraction was partially offset by increased exports of chemicals and chemical products, coupled with palm oil and palm oilbased agriculture products. “Imports from Asean recorded double-digit growth of 13.4% to RM27.82 billion,” it said. Miti said among Malaysia’s major export markets in Asean that recorded double-digit growth were Vietnam and Philippines, buoyed by higher exports of petroleum products. – Bernama EPF investment funds at RM1.1 trillion as of August KUALA LUMPUR: The Employees Provident Fund’s (EPF) total investment funds stood at RM1.1 trillion as of Aug 31, 2023, according to Deputy Finance Minister II Steven Sim. Sim said that of the amount, the average domestic investments stood at 64.9%, including 24.4% in the domestic-listed equities. He said that besides EPF, other government-linked investment companies (GLIC), including Permodalan Nasional Bhd (PNB), Retirement Fund (Incorporated) (KWAP), Lembaga Tabung Haji (LTH) and Lembaga Tabung Angkatan Tentera (LTAT), invested more than 60% of their investment fund in the domestic market for the period from 2019 to Aug 31 this year. He said as of end-August, PNB’s total investment fund stood at RM332 billion and its average domestic investment was 84.3%, of which, 74.4% was in the domestic-listed equities. “Meanwhile, KWAP’s total investment fund was RM167 billion and the average domestic investment stood at 79.3%, of which, 45.2% was in the domestic-listed equities,” he said during the question and answer session at the Dewan Rakyat yesterday. Sim was responding to Jimmy Puah Wee Tse’s (PH-Tebrau) question about the amount invested by GLC and GLIC in Malaysia and abroad and whether the entire investments would be in line with the government’s aspirations to strengthen the equity market in Malaysia. He said as of Aug this year, LTH’s investment totalling RM91 billion with 90.1% invested in the domestic market, of which, 18.3% was in Besides EPF, other government-linked investment companies including PNB, KWAP, LTH and LTAT also invested more than 60% of their investment funds in the domestic market. - SUNPIX the domestic-listed equities while LTAT invested its entire investment fund, which stood at RM10.5 billion, in the domestic market, of which, 52% was in the domesticlisted equities. Sim said that based on the strategic asset allocation, between 15.8% and 62.7% of GLIC’s investment funds were in the domestic-listed equities on Bursa Malaysia on average. Additionally, he said the country’s sovereign wealth fund manager Khazanah Nasional Bhd made RM9.2 billion domestic investments for the period from 2019 to 2022 and this was equivalent to 32.5 of its total investment worth RM28.3 billion. “In this regard, Khazanah’s role was focused on creating added value through active stewardship in its investment companies to support and strengthen these companies’ market value. “Besides that, Khazanah’s focus was also on strategic and development assets such as aviation and tourism sectors that were facing challenges due to the Covid-19 pandemic,” he said. As of Dec 31, 2022, Khazanah’s total investment portfolio with realisable asset value amounted to RM122.5 billion, including RM81.2 billion or 66.3% in domestic holdings. – Bernama

BIZ & FINANCE BIZ & FINANCE TUESDAY | NOV 21, 2023 14 Enclosed is my payment of RM payable to SUN MEDIA CORPORATION SDN BHD. Please WhatsApp your bank-in slip to 0182929936 or email to [email protected] *Not inclusive of vendor service charge Stay informed with the latest news and trends All the best articles from Monday to Friday 32 pages full colour Subscribe now for Monday-Friday copies of theSun newspaper 6 month subscription (128 issues) for only RM110* (Normal price RM128) 1 year subscription (258 issues) for only RM200* (Normal price RM258) 1 year subscription at normal price RM258* (258 issues) + RM50 administration fee to get 2nd year free PERSONAL PARTICULARS Name: NRIC: Race: Malay Chinese Indian Others Profession: Commencement date: Delivery Address: Residence Ofice Postcode: State: Tel: Mobile No: E-mail: DETAILS OF CURRENT NEWS VENDOR (IF ANY) Vendor name: Contact no: For your convenience, you may call or send in your subscription particulars via any of the following: Tel: KL/PJ 03-7781 4000, 03-7784 6688 (9.30am - 5pm, Monday to Friday) Fax: 03-7781 4484 Post: P.O. Box 179, Jalan Sultan, 46720 Petaling Jaya, Selangor Darul Ehsan Attn: Subscription Email: [email protected] *Terms & Conditions apply Important note: SMCSB reserves the right to revise the price at any time without prior notice. (*Limited to ffrst 1,000 subscribers) Pay to Maybank ( Account number 508177700420 ) Account name ( SUN MEDIA CORPORATION SDN BHD ) Nov 8 to Nov 10 Malaysian Paper www.thesun.my RM1 WEDNESDAY NOV 8, 2023 No. 8389 PP 2644/12/2012 (031195) SCAN ME Casino chip heist: Five more identified Police have detained a total of 10 suspects, including a Chinese national, in connection with the RM4.6m theft at Genting Highlands on Oct 28. Congratulations! You are holding the first edition A new sunrise of our new 32-page paper featuring more of the great content you have loved for the past 30 years. Copies will be free until Friday and will be available via subscription and at newsstands beginning Monday for only RM1. Muruku Buntong entrepreneur’s Deepavali snack, made from a still a national favourite 60-year-old recipe, is constantly in high demand. Chicken price float benefits consumers A week after subsidies ended, market prices are competitive and lower than subsidised prices, says expert. Full report —on page 3 Full report —on page 6 Full report —on page 4 Citing protection of country’s interests in terms of diplomatic, economic relations and security as reasons for joining meeting, Anwar says he remains steadfast in defending justice and rights of Palestinians. I will show up at Apec Story on page 2 Full story -on page 2 SCAN TO SUBSCRIBE SIBS, SAS 2023 post total sales value of almost RM7b SHAH ALAM: The Selangor International Business Summit 2023 (SIBS 2023) and the Selangor Aviation Show 2023 (SAS 2023) organised by Invest Selangor, recorded a combined potential transaction value close to RM7 billion. Selangor State Investment, Trade, and Mobility Exco Ng Sze Han stated that SIBS and SAS are among the many promotional activities organised by the state of Selangor to facilitate the development of various strategic, industrial, and service sectors to drive the overall economic growth of the state. “With the resounding success of SIBS 2023 and SAS 2023, Selangor’s importance as the regional investment and trading hub as well as the gateway to Asean for local, regional and international businesses to penetrate the Asean market is gaining recognition among key stakeholders around the region and the world,” he said during a press conference to disclose the outcome of Selangor Aviation Show 2023 and Selangor International Business Summit 2023 yesterday. SIBS 2023 recorded the highest ever potential negotiated sales, with a total of RM6.12 billion, a leap from the RM1.45 billion in potential transaction value recorded in SIBS 2022. There were 34 memorandums of understanding (MoUs) signed, covering collaborations across various industry subsectors. SIBS 2023 attracted 57,249 visitors from 83 countries ranging from business owners, importers, wholesalers, distributors, retailers and hypermarket purchasing departments. This number surpassed the 44,342 visitors registered in 2022. SIBS 2023 hosted 339 trade buyers from 26 countries, 11 supermarket buyers and two pharmacy buyers this time around. Meanwhile, SAS 2023 recorded a total potential transaction value of RM823 million, lower than the previous year, which had surpassed the billion ringgit mark. Ng attributed this decline to the reopening of the aviation sector after the pandemic. SAS 2023 participation reached an all-time high, recording a total of 19,217 visitors over the three-day event, far surpassing the targeted 12,000 visitors. Of this number, 55.1% were trade visitors, while 44.9% were members of the public. This marks a jump over the 10,563 visitors recorded for SAS 2022. Twenty-eight MoUs on various aerospace industry sub-sector collaborations were signed during SAS 2023, twice as many compared to SAS 2022. The agreements signed cover various collaborations within the scope of the industry. A record total of 109 exhibitors from 10 countries representing companies in the aerospace and aviation industries displayed their latest products and services during the event. There were 49 static displays, almost double of the total in SAS 2022 by 28 Malaysiaregistered aircrafts, and 21 internationalregistered ones. There were 70 speakers from Malaysia and around the world, speaking at 34 forums and panel sessions. In addition, SAS also featured opportunities for the future generation of aviation industry talents, where 26 aviation and aerospace companies participated and opened career booths in SAS 2023. Ng said that SAS 2023 success in terms of public interest, business participation, and thought leadership, marks the event’s rising importance in positioning Selangor as a regional leader in the aerospace and aviation industries. Petronas Gas Q3 net profit rises to RM468m, 18 sen dividend declared KUALA LUMPUR: Petronas Gas Bhd’s (PetGas) net profit for the third quarter ended Sept 30, 2023 (Q3’23) rose to RM468.46 million from RM425.82 million in the same period a year earlier. However, revenue for the quarter eased slightly by 0.9% or RM14.5 million to RM1.55 billion from RM1.56 billion previously due to lower revenue from regasification and gas transportation segments. The segments posted lower revenue following lower approved regasification and transportation tariffs under Regulatory Period 2 which was offset by higher revenue from utilities and gas processing segments on the back of higher product prices and higher performance incentive. “The group maintained its world-class reliability performance across all its plants and facilities during the quarter under review,” it said in a filing with Bursa Malaysia yesterday. For the nine-month period, PetGas posted higher net profit of RM1.38 billion compared to RM1.23 billion for the same period last financial year. Revenue was also higher at RM4.86 billion compared to RM4.53 billion. The board of directors has approved a third interim dividend of 18 sen per ordinary share amounting to RM356.2 million in respect of the financial year ending Dec 31, 2023. “The dividend is payable on Dec 15, 2023 to depositors registered in the records of depositors at the close of business on Dec 5, 2023,” the group said. – Bernama █ BY HAYATUN RAZAK [email protected] oSuccess of both events proves Selangor’s importance as a regional investment hub for local, regional and foreign businesses

BIZ & FINANCE BIZ & FINANCE TUESDAY | NOV 21, 2023 15 who is also the Plantation and Commodities Minister. Helmy said the Palm Oil Research and Technical Service Institute of Malaysian Palm Oil Board (Portsim), founded in 2005, has created between three and eight new value-added products using palm oil annually to cater to Chinese consumer needs. “Chinese consumers now are very sophisticated. They require better health products, better nutrients and, of course, sustainable products, and our sustainable palm oil is the answer. So we are on the right track,” Mohamad Helmy said. He also said Chinese food and nonfood manufacturers are currently facing a shortage of tallow (animal fat) for their products, and there is potential for Malaysia to replace that with palm oil. Meanwhile, Malaysian Palm Oil Council CEO Belvinder Sron said China is more conscious about environmental, social and governance requirements because it is exporting to other countries. “We are in a good position to help China meet that demand because we already have our Malaysian Sustainable Palm Oil certificate (which) is a competitive edge we have against other palm oil producing countries,” she said. She urged Malaysian companies to be more aggressive in penetrating the Chinese market with its 1.4 billion population and to make frequent visits to be closer to their buyers. She said there are untapped opportunities in both the food and non-food sectors. Belvinder said the future expansion strategy for Malaysian palm oil will be in Asean. “But China and India will remain our prime markets. Next will be the Middle East market and the African continent. “We cannot (rely) on the European Union when it is coming out with so many regulations that are impacting our exports,” she said. – Bernama MPOB focuses on value-added exports BEIJING: There is huge potential for Malaysia to cement its presence in China’s market for palm oil and palm oil-based value-added products over the next three to five years while reducing its dependence on the European market, said the Malaysian Palm Oil Board (MPOB). Chairman Datuk Mohamad Helmy Othman Basha (pic) acknowledged that China’s import volume of the commodity from Malaysia has slowly declined in recent years, but said Malaysia is now focusing on exporting more valueadded products to the country. “This is what we are (seeking) right now. We have no problem with Indonesia exporting a big volume of crude palm oil worldwide. “As for Malaysia, we want them (China) to import higher value-added products (from us) and we are seeing an improvement (in this area) year-onyear,” said Mohamad Helmy, who was part of a palm oil promotion mission to China headed by Deputy Prime Minister Datuk Seri Fadillah Yusof, oPotential for Malaysia to cement position in China’s palm oil and palm-based products market Mestron posts impressive results for third quarter PETALING JAYA: Mestron Holdings Bhd achieved resilient earnings growth with profit after tax (PAT) increasing by 6.89% to RM3.57 million in the third quarter of the 2023 financial year (Q3’23), bolstered by a decrease in raw material costs and heightened demand for specialty poles, especially in the telecommunications sector. The performance was even more impressive given the challenging economic conditions characterised by volatile foreign exchange rates, rising interest rates and inflation. The profit rise is in line with an 11.5% increase in revenue, which reached RM41.44 million in Q3’23 compared with RM37.16 million in Q3’22. The revenue boost primarily stems from heightened sales of standard and specialty poles, particularly for telecommunications. Mestron managing director Por Teong Eng said, “We have successfully leveraged our dedication to quality and innovation to sustain a robust growth path. Our recent performance is a testament to our effective strategies. Our track record in the industry demonstrates our resilience and adaptability in responding to market needs, ensuring our continued success and leadership in the sector.” For the first nine months of FY23 (9M23), MHB’s PAT soared by 40.15% year-on-year (y-o-y) to RM9.41 million, from RM6.72 million in the corresponding period a year ago. This significant improvement was fuelled by reduced raw material costs and a spike in demand for specialty poles in the telco sector. Consequently, the group posted 29.28% revenue growth to RM106.14 million in 9M23, compared with RM82.1 million in 9M22. About 85.7% of the group’s revenue in the quarter under review came from the manufacturing sector, primarily driven by sales of standard and specialty poles for telcos. The Malaysian market remains the primary contributor, accounting for about 94.9% of total revenue. “The Malaysian market continues to be the main growth driver for us. The notable growth in revenue this quarter, especially from our telco sector offerings, underscores the effectiveness of our market-driven strategies. It also reflects the rising demand for our specialty poles for telco amid the roll out of the Jendela initiatives nationwide. “Our team’s dedication to understanding and fulfilling customer needs has been a key driver in boosting our sales of both standard and specialty poles, contributing significantly to our overall financial performance,” Por said. He added that the group remains committed to navigating the challenges in FY23 despite prevailing uncertainties in local and global economies. These challenges were worsened by volatility in the foreign exchange as well as intensifying competition from lower-quality products. The group is concentrating on maintaining vigilant business practices and is actively diversifying its portfolio. One of the key parts of its diversification strategy includes venturing into the renewable energy (RE) sector, aiming to broaden the sources of revenue and establish more stable, recurring income streams, which is poised to become the company’s second growth engine. The company’s recent achievement in securing a RM59.9 million contract for a large-scale solar project, escalating its RE segment’s order book value to RM71 million, exemplifies Mestron’s dedication to this venture. Foreign investors remain net buyers for third week, RM172.4m inflow KUALA LUMPUR: Foreign investors extended their position last week as net buyers on Bursa Malaysia for the third consecutive week, with a total inflow of RM172.4 million. However, this was a significantly moderated rate compared with the previous week’s RM676.7 million. MIDF Research said Wednesday recorded the highest daily foreign inflow at RM191.9 million. The other net inflow day was on Thursday which saw an inflow of RM43.7 million. “However, we saw a reversal on Friday which saw a net outflow of RM58.2 million,” it said in its Fund Flow Report for the week ended Nov 17. The research firm said the top three sectors with the highest net foreign inflows were utilities (RM115.2 million), healthcare (RM63.5 million), as well as transport and logistics (RM51.9 million). The top three sectors with the highest net foreign outflows were industrial products and services (RM41.6 million), consumer products and services (RM31.0 million) and technology (RM30.8 million). The market was closed on Monday for Deepavali. Meanwhile, local institutions registered net sales of RM95.6 million last week, marking the third consecutive week of net selling. Each trading day of the week saw net selling, except Friday when Bank Negara Malaysia reported that Malaysia’s gross domestic product grew by 3.3% year-on-year in the third quarter of 2023. Local retailers continued their net selling streak for the sixth consecutive week, with net sales amounting to RM76.8 million. “Only Tuesday and Friday recorded inflows of RM22.8 million and RM3.2 million, respectively,” MIDF Research said. In terms of participation, there were increases in the average daily trading volume among local retailers by 3.6% and foreign investors by 3.3%, but a decline among the local institutions by 7.4%. – Bernama Maybank IB maintains forecast for Malaysia’s 2024 GDP growth at 4.4% KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) has maintained its 2024 gross domestic product (GDP) growth forecast for Malaysia at 4.4%, underpinned by various domestic factors. The research firm said in a note that consumer spending remains resilient despite the outlook of higher inflation in view of the stable monetary policy. This is premised on the overnight policy rate remaining at 3% in 2024 with a jobless rate of 3.4% in 2024 versus 3.5% in 2023, it said. Other factors include tourism sector recovery and positive investment growth momentum as the surge in approved private sector investment since 2021 is translating into rising actual and realised private investments. Progress in ongoing major infrastructure projects and the rollout of new ones in 2024, such as the Penang Light Rail Transit and the ongoing Klang Valley Light Rail Transit 3 projects will provide a further lift to the economy. The expected rebound in the technology sector next year after the downturn this year will contribute to the GDP growth, Maybank IB said. Factoring in the nine-month 2023 (9M23) GDP growth of 3.9%, the research firm said it has cut its 2023 real GDP growth to 3.9% from 4%. Kenanga Investment Bank Bhd said it sees expected improvement in external demand and tourism activity. It said the anticipation of a potential upturn in the global technology cycle is set to propel Malaysia’s exports of semiconductors as well as electric and electronic products. Maybank IB says consumer spending remains resilient despite the outlook of higher inflation in view of the stable monetary policy. – BERNAMAPIC “This, coupled with an improvement in China’s economic growth, is likely to contribute to a broader current account surplus in the fourth quarter,” it said. On the ringgit, Kenanga IB said despite early indicators pointing towards a reduction in inflationary pressures and a softening labour market in the US, the market remains in anticipation of more substantial evidence confirming a coming US economic slowdown. “Leading up to the US Federal Open Market Committee meeting in December, we foresee more signs of labour market weakness and increasing disinflationary momentum, compelling the US Federal Reserve to shift into a dovish gear and consequently weakening the US dollar index to below the 103.0 level. “This, coupled with the US dollar seasonal weakness, expected improvement in investors’ risk appetite and robust domestic macroeconomic fundamentals, are expected to underpin the ringgit’s strength, potentially driving it below 4.50 against the greenback level by end-2023,” it added. – Bernama

COMMUNITY COMMUNITY 16 TUESDAY | NOV 21, 2023 Peaceful Jempol builds roads to rapid proPETALING JAYA: The Jempol district in Negeri Sembilan offers a unique blend of culture, breathtaking landscapes and warm hospitality. With a population of just 127,199 people or 86 individuals per sq km, who are made up of diverse ethnic groups, Jempol presents a peaceful and multicultural atmosphere. Amid ongoing infrastructure development projects and efforts in education and welfare by its member of Parliament (MP), the district highlights the progress and well-being of its community. Its MP Datuk Shamshulkahar Mohd Deli has been actively addressing the community’s concerns and needs. He said with its moderate population density, Jempol offers a peaceful and relaxed atmosphere that’s perfect for anyone looking to escape the hustle and bustle of city life. “The district is home to diverse ethnic groups. Bumiputeras comprise the largest group at 69%, followed by Chinese and Indian residents. “A small percentage of the population belongs to other ethnic backgrounds, contributing to the multicultural nature of Jempol,” he said. In terms of gender equality, Shamshulkahar said Jempol values the importance of balance, with a population ratio of men to women recorded at 107:100. “With 36,982 residents and 32,294 households, the district offers a variety of housing options to cater to different preferences and needs. “The average household size is four individuals, creating a closeknit community.” Shamshulkahar said beyond the statistical data, Jempol boasts stunning landscapes and tourist attractions that are sure to captivate visitors. The district is known for its rich cultural heritage. Visitors can immerse themselves in the local customs, cuisine and traditional festivals that celebrate its vibrant history. “The district provides a unique opportunity to witness and experience the convergence of different cultures, which creates an unforgettable multicultural experience for all. “From lush rainforests to breathtaking waterfalls, Jempol offers a bounty of natural beauty waiting to be explored. “Adventurers and nature enthusiasts can enjoy activities such oMy team and I will engage with the community, address their concerns and complaints, and manage their expectations: Shamshulkahar █ BYSIVANISVARRY MORHAN [email protected] as hiking, camping, and birdwatching in the surrounding areas.” On the maintenance of infrastructure, Shamshulkahar said projects to develop the district have been taken into consideration to provide the best for the local community and tourists. “We have repaired the collapsed federal road embankment in Serting Hilir 2 and Serting Hilir 4, and completed the construction project of a road from Kampung Geddes through Sungai Kelai to Felda Palong.” Shamshulkahar said repairs to the collapsed federal road embankment were funded by the Works Ministry. The road construction project from Kampung Geddes through Sungai Kelai to Felda Palong was announced by Prime Minister Datuk Seri Anwar Ibrahim during the presentation of the proposal for the mid-term review of the 12th Malaysia Plan in the Dewan Rakyat. Shamshulkahar (centre) meets the public in his regular walkabout in Jempol. “Through this road, Jempol now