theedge

Creador said to be keen on
selling stake in RAM Holdings p5

wednesday, june 15, 2022 w w w. t h e e d g e m a r k e t s. c o m

Issue 393/2022

ceoMorningBrief

HOME: Malaysia’s 1Q retail sales up 18.3%, higher than expected p4
Umno loses appeal to strike out RM16 mil suit from SRC and two others p9
Content producer claims she was harassed, threatened after conducting webinars on cash trusts p10
WORLD: US producer prices rise at a brisk pace, adding to Fed pressure p14

Wall Street’s latest bear market may be here to stay for a while p21&22

Approved investments
down 47% year on
year to RM42.8 bil
in 1Q2022

Report on Page 3.

wednesday june 15, 2022 2 TheEdge CEO morning brief

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[email protected] Selangor, Malaysia

RM5.1 bil in The Edge: Be
assets forfeited, careful of fake
articles shared on
returned to messaging apps
Malaysia, 99.57%
linked to 1MDB, theedgemarkets.com
says MACC chief
Dear readers,
Bernama If there is a reasonable reason to show It has come to our attention that a
an offence under the MACC’s jurisdiction, fake document purportedly of an ar-
PUTRAJAYA (June 14):The total assets for- an investigation paper would be opened ticle from The Edge CEO Morning
feited and returned to the Malaysian govern- and upon completion of the investigation, Brief (CMB) dated today (June 13,
ment last year were worth about RM5.1 bil- it would be referred to the Attorney-Gener- 2022) is being circulated through a
lion,with 99.57% of them linked to 1Malaysia al’s Chambers for further action, he added. messaging app.We wish to state that
Development Bhd (1MDB), said Malaysian there is no publication of CMB to-
Anti-Corruption Commission (MACC) chief “Although the consent to prosecute a day. Neither have we published the
commissionerTan Sri Azam Baki. case is the discretion of the Attorney-Gen- article on Rockwills Group con-
eral’s Chambers, the decision depends tained in the fake document.
He said following investigations by the on the strength of the evidence from the
MACC, 152 cases of property forfeiture MACC’s investigation,” he said. We would like to advise anyone
were filed in court, of which 121 cases had who receive such documents, pur-
been resolved. Azam said the MACC had its own stand- portedly of articles published by us
ard operating procedures in conducting in- on messaging apps, to check their au-
“117 cases or 96.7% were in favour vestigations and could not open investiga- thenticity at our website https://www.
of the prosecutor and four cases or 2.2% tion papers based only from information theedgemarkets.com/ or click at
were not in favour of the prosecutor,” he provided by a blogger or a social media user. this link https://ceomorningbrief.
said when addressing the 2021 MACC theedgemalaysia.com/home/.
Media Awards ceremony at the MACC “If there is no or not enough evidence, The Edge Communications Sdn Bhd
Headquarters here onTuesday (June 14). the investigation paper will be closed.This June 13, 2022
practice is to ensure that an innocent per-
Azam said the MACC would investigate son is not persecuted and that the accused
any complaints of corruption, even if the has the opportunity to defend himself in
amount involved was small. court,” he added.

Malaysia eases (June 14): Malaysia has eased a ban on
chicken export chicken exports, The StraitsTimes newspaper
ban, The Straits reported, saying a Singapore poultry com-
Times reports pany has been allowed to resume bringing
live premium chickens into the city state.
by Aradhana Aravindan
Bloomberg Kee Song Food told the newspaper that
it had a letter from Malaysia’s Department
Low Yen Yeing/The Edge ofVeterinary Services, in which the govern-
ment agreed to allow exports of kampung
chickens and black chickens.

The export ban on commercial broiler
chickens, which make up the bulk of Sin-
gapore’s chicken imports from Malaysia,
remains, according to the letter.

wednesday june 15, 2022 3 TheEdge CEO morning brief

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KUALA LUMPUR (June 14): Malaysia Approved Five states — Kedah, Penang, Selangor,
attracted a total of RM42.8 billion in ap- investments Sabah and Johor — contributed RM31.8
proved investments in the manufacturing, down 47% year million (74.3%) of total investments ap-
services and primary sectors — involving on year to proved in the various sectors.
910 projects — in January to March 2022 RM42.8 bil
(1Q22), according to the Malaysian Invest- in 1Q2022 Senior Minister and InternationalTrade
ment Development Authority (MIDA). and Industry Minister Datuk Seri Mo-
by izzul ikram hamed Azmin Ali said Malaysia remains
However, it was 47% lower compared theedgemarkets.com an attractive investment destination for
with the RM80.6 billion achieved in 1Q21. global trade investors with the manufac-
MIDA noted that foreign direct invest- turing sector positioned as a key pillar of
Sector-wise, manufacturing accounted ments (FDI) contributed RM27.8 billion the economy for 2022.
for the largest share of total approved in- (65%) of total approved investments, while
vestments in 1Q22, amounting to RM30 domestic direct investments (DDI) ac- “Today, we are proud to have over 5,000
billion (70.1%), followed by services at counted for RM15 billion (35%). companies from more than 40 countries
RM12.7 billion (29.7%) and primary at that have made Malaysia their location for
RM169.5 million (0.2%), according to The top five sources of FDIs were Ger- manufacturing and related services oper-
MIDA’s statement on Tuesday (June 14). many (RM8.9 billion), followed by Brunei ations,” he added.
(RM5.1 billion), the US (RM3.9 billion),
MIDA pointed out that the decline in Hong Kong (RM3.3 billion) and Japan Azmin highlighted that Malaysia will
the manufacturing sector’s approved in- (RM3.2 billion). continue to focus on high growth and high
vestments to RM30 billion in 1Q22 from value-added sectors which offer Malaysians
RM59.4 billion in 1Q21 was due to the The approved investments for this pe- exciting job opportunities.
approval of a mega project in the previous riod will create 24,906 new jobs in the
corresponding quarter. country, according to MIDA. “Aligning to the 12th Malaysia Plan
(12MP), Malaysia has been securing
“The approved investment performance new investments that position well with
in the manufacturing sector in the first the country’s National Investment Aspi-
quarter of 2020 and 2022 followed a sim- rations (NIA) and environmental, social
ilar pattern if excluding the megaproject, and governance (ESG) principles.
with RM25.9 billion and RM30 billion,
respectively,” it added. “This will stand us in good stead to cap-
ture more economic opportunities.We look
The services sector’s approved invest- forward to seeing more significant growth
ments slipped to RM12.7 billion from for the second quarter of 2022,” he said.
RM33.1 billion in the same period a year
ago. On the bright side, two sub-sectors As of June 7, 2022, there were 268
namely hotel and tourism, and other ser- projects with proposed investments of
vices jumped 581.7% and 70.4% year-on- RM14.4 billion in the manufacturing and
year respectively.This was in line with the services sectors that are within MIDA’s
government’s strategy in implementing the pipeline.
domestic travel bubble, which aided the
growth of the hotel and tourism industries. It has also identified 446 high-profile
investment prospects including Fortune
Meanwhile, the primary sector’s invest- 500 companies in the manufacturing and
ments slumped to RM169.5 million from services sectors with a combined potential
RM6.2 billion a year prior. investment value of RM150.4 billion as of
June 1, 2022.

GEORGE TOWN (June 14): Semicon- Semiconductor TF AMD Microelectronics is a
ductor companyTF AMD Microelectron- firmTF AMD’s joint-venture company established in 2016
ics (Penang) Sdn Bhd expects its RM2 bil- between China’sTongFu Microelectronics
lion manufacturing facility in Penang to RM2 bil and US-based Advanced Micro Devices
be completed in the first quarter of next manufacturing (AMD).
year (1Q23). plant in Penang to
be ready in 1Q23 AMD executive vice-president, chief fi-
Managing director and corporate nancial officer and treasurer Datuk Devin-
vice-president Neoh Soon Ee said the new Bernama der Kumar said AMD had had outstanding
facility at the Batu Kawan Industrial Park growth in the last few years, andTF AMD
would be its second site in Penang, and conference after announcing the invest- played a key role as a strategic supplier and
it is expected to create more than 3,000 ment plans here on Tuesday (June 14). partner in supporting its growth.
jobs in advanced semiconductor engineer-
ing, design and process technologies for Also present were Penang Chief Min- Commenting on the global chip
high-performance computing solutions. ister Chow Kon Yeow and InvestPenang shortage, he said the supply had not yet
chief executive officer (CEO) Datuk Loo caught up with the demand, especially
“The new facility, spanning 0.139 mil- Lee Lian. in advanced computing, where AMD
lion square metres (sq m) and occupying participates.
approximately 5.66 hectares, will manu-
facture advanced integrated circuit tech- “Demand is still strong because demand
nology. for computing continues to grow global-
ly. I hope the investment we are making
“Once completed, it will bring TF will help with the supply situation and it
AMD’s total manufacturing capacity to will probably get resolved in one or two
over 0.21 million sq m,” he told a press years,” he added.

wednesday june 15, 2022 4 TheEdge CEO morning brief

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Mohamad Shahril Basri/The Edge a good performance during the lockdowns IRB traces
had returned to pre-pandemic sales levels. more than
RGM said that so far, the retail recovery had been 31,000 tax
sustainable since the end of last year. The department store cum supermar- evaders, tax
ket sub-sector recorded a positive growth loss estimated
Malaysia’s 1Q rate of 18.3% during 1Q22 as compared at RM665 mil
retail sales up to the same period a year ago.
18.3%, higher by surin murugiah
than expected The department store sub-sector main- theedgemarkets.com
tained its recovery momentum with a
by surin murugiah growth rate of 39.1% during 1Q22. KUALA LUMPUR (June 14):The
theedgemarkets.com Inland Revenue Board (IRB) has
The supermarket and hypermarket traced around 31,598 entities com-
KUALA LUMPUR (June 14): The Ma- sub-sector witnessed its business return- prising individuals, businesses, com-
laysian retail industry recorded a prom- ing to pre-Covid-19 levels, with business panies and others who have yet to
ising growth rate of 18.3% year-on-year slowing down with a growth rate of -7.6% declare their incomes.
(y-o-y) in retail sales in the first quarter of during 1Q22.
2022 (1Q22). In a statement on Tuesday
RGM said it was the worst performing (June 14), the IRB said the tax
In its Malaysia Retail Industry Report for retail sub-sector during the quarter. losses suffered by the govern-
June 2022, Retail Group Malaysia (RGM) ment were estimated at more than
said the latest quarterly result was better than On the other hand, the mini-market, RM665 million.
the estimate made by members of the Ma- convenience store and cooperative sub-sec-
laysia Retailers Association (MRA) and the tor was able to maintain its retail sales The agency said the entities were
Malaysia Retail Chain Association (MRCA) growth at 7.6% during the quarter. identified based on asset ownership
at 16.5% in March 2022. as well as their ability to secure fi-
During 1Q22, the fashion and fashion nancing and/or security valued at
RGM said that so far, the retail recov- accessories sub-sector recorded a 52.1% RM500,000 and above.
ery had been sustainable since the end of growth rate, the highest among the retail
last year. sub-sectors during the quarter. The IRB further advised the
31,598 entities, in particular 23,751
It said shopping traffic had returned in The children and baby products sub-sec- individuals, to voluntarily appear at
all major shopping malls and commercial tor recorded a slower increment in retail sales their nearest IRB branches to regis-
centres located across the country. with a 2.5% growth rate during 1Q22. ter their income tax files and declare
their income.
The group said shoppers had returned During the quarter, the pharmacy
to physical stores to enjoy what they missed sub-sector managed to maintain its re- It said these entities shall be given
during the long period of lockdowns last year. covery momentum with a growth rate of a grace period of one month from
15.5% y-o-y. June 15 to July 15, 2022.
In addition, it said the Chinese NewYear
festival (started in early January and ended After a year of declining sales, the per- The agency said upon expiration
in the middle of February) contributed to sonal care sub-sector resumed its growth of the grace period, IRB will enforce
stronger sales for Malaysian retailers. at 5.6% during 1Q22. tax audits as well as civil and crimi-
nal investigations that had failed to
The association said the non-Chinese in Outlook file the tax declaration forms.
Malaysia took advantage of this festival to RGM said most members of the two retail-
enjoy shopping and travelling as well. Do- ers’ associations are upbeat on retail sales It said criminal probes would re-
mestic tourism had contributed to higher for the next-three-month period. sult in charges being filed in court
retail sales. under the IncomeTax Act 1967 for
It projects an average growth rate of tax evasion.
Despite daily positive Covid-19 cases 25.7% during 2Q22.
reaching 10,000 on Feb 6 this year, major
shopping centres were still crowded on The group said department store cum su-
both weekdays and weekends. permarket operators are expecting to main-
tain their pace of recovery with a growth
It said when daily positive cases climbed rate of 41.8% in 2Q22. It said department
to 20,000 from Feb 11, shoppers could store operators are expecting their business
still be seen everywhere. to moderate at 14.1% in 2Q22.

RGM, however, said not all retail sub-sec- Meanwhile, supermarket and hyper-
tors achieved robust sales during 1Q22. It market operators expect to remain in the
said selected retail sub-sectors that enjoyed red zone with a -3.5% growth rate in 2Q22.

This is the lowest estimate among the
retail sub-sectors for the quarter.

On the other hand, operators of mi-
ni-markets, convenience stores and co-
operatives are anticipating a sustainable
growth rate of 6.8%.

Retailers in the fashion and fashion acces-
sories sector expect their business to continue
to thrive with a 58.9% growth rate in 2Q22
as compared to the same period a year ago.

RGM said this is the highest estimate
among the retail sub-sectors for the quarter.

Retailers selling children and baby
products are optimistic about a strong
recovery at 41.2% in terms of the growth
rate in 2Q22.

wednesday june 15, 2022 5 TheEdge CEO morning brief

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KUALA LUMPUR (June 14): Creador is Creador said Dragonline Solutions Sdn Bhd (15.65%), and
said to be looking for an exit from RAM to be keen on Hong Leong Bank Bhd (5.8%).
Holdings Bhd, in which the private equity selling stake in
firm holds a 19.9% stake. RAM Holdings CTOS first emerged as a shareholder
in July 2021 after it bought a 4.6% stake
Creador is “likely to accept an offer” for by adam aziz from CIMB Bank Bhd for RM10.1 million.
its stake in RAM held via Oscar Matrix Sdn theedgemarkets.com
Bhd, sources told The Edge. Oscar Matrix’ The last block of 910,000 RAM shares,
stake is held under Creador IV fund. Crea- It is worth noting that the SC said on which was equivalent to a 9.1% stake, ac-
dor is also a substantial shareholder of CTOS June 10 that it “has given approval to more quired by CTOS in April this year was
holding a 30.26% shareholder via Inodes Ltd. than one applicant to hold more than 20% priced at RM25.06 million. The transac-
shareholding in a CRA”, although it did tion valued the CRA at RM275.38 million,
The exit is made possible as RAM not specify in the statement on which ap- a back-of-the-envelope calculation showed.
shareholders at last week’s annual gener- plicant or CRA it was referring to.
al meeting greenlighted the removal of the In 2020, RAM booked a profit after tax
20% cap on individual shareholding in the Aside from CTOS and Oscar Matrix,other (PAT) of RM8.38 million, with dividends
credit rating agency (CRA). substantial shareholders of RAM include S&P totalling RM3.5 million paid out.
Global Asian Holdings Pte Ltd (19.2%),Tun-
Oscar Matrix was among RAM share- ku Ali RedhauddinTuanku Muhriz’s vehicle Between 2016 and 2020, RAM’s PAT
holders who gave the nod to lift the ceiling. hovered between RM8.3 million and RM9.3
million — save for a bumper year in 2019
The 20% ceiling removal required an following the sale of RAM Credit Infor-
amendment to RAM’s company constitu- mation Sdn Bhd — with revenue between
tion.The amendment was requisitioned by RM43.6 million and RM46.4 million.
CTOS Digital Bhd, which owns 19.23%
in RAM currently. According to the SC’s website, the two
licensed CRAs are RAM Rating Services
CTOS, among the four largest share- Bhd, a unit of RAM, as well as Malaysian
holders holding more than 15%, reportedly Rating Corp Bhd (MARC).
received the nod from the Securities Com-
mission Malaysia (SC) to raise its stake in The share price of CTOS has been on a
RAM to more than 51% in April. CTOS’ decline since October last year, falling from
move to seek the SC approval indicates its RM2-level to a low of RM1.32 on Monday
intention to raise its stake in RAM. (June 13). It closed at RM1.35 onTuesday.
Year to date, the stock has dropped 25.4%
The Edge has requested comments from or 46 sen. The company made its debut
CTOS and Creador. There is no official on Bursa Malaysia in June last year at an
reply at press time. offer price of RM1.10.

KUALA LUMPUR (June 14): Bermaz Robust orders, RM133.84 million a year earlier, while full-
Auto Bhd’s impressive results for the fi- better margins year revenue rose slightly to RM2.325 bil-
nancial year ended April 30, 2022 have prompt analysts to lion from RM2.29 billion.
prompted analysts to raise their target pric- raise Bermaz’sTPs
es (TPs) for the group, on the back of ro- In light of the improved results, MIDF
bust orders, better margins and attractive by syafiqah salim raised the group’s FY23 profit forecast by
valuations. theedgemarkets.com 13% year-on-year (y-o-y) to RM177.1 mil-
lion, driven by improved sales volume of
While maintaining a “buy” call, MIDF Bermaz Auto Bhd RM Mazda, assuming no further impact from
Research raised its TP for Bermaz to the Covid-19 lockdown this year, and fur-
RM2.20 from RM1.98 previously. It said Vol (mil) 2.0 ther growth at newly acquired Kia and
the group is morphing into a multi-brand 8 RM1.78 Peugeot as new product launches gain mo-
auto car conglomerate following its recent mentum. FY24 profit is expected to grow
brand acquisitions, which is expected to 6 by 10.6% y-o-y to RM196 million.
deliver above-industry earnings and vol-
ume growth throughout the research firm’s 4 1.5 CGS-CIMB Research expects Bermaz
forecast horizon. RM1.42 to deliver 13,000 sales for Mazda and a
combined 4,000 sales for Kia and Peuge-
“Coupled with [a] reasonably unde- 2 ot, representing 24% volume growth in
manding valuation of 11.7 times FY23 PER FY23. The research firm raised its TP to
(price-earnings ratio) against an expected 0 1.0 RM2.40 from RM2.10.
earnings CAGR (compound annual growth June 14, 2021 June 14, 2022
rate) of +12% over our forecast horizon “We reiterate our ‘add’ call as the stock
as well as attractive dividend yield (4.3- Source: Bloomberg trades at an attractive CY23 PER of 10.4
4.7%), we continue to advocate Bermaz times. It also offers a decent 5.4-6.0% div-
Auto as our top sector pick,” said MIDF idend yield for CY22-23, supported by
in a research note on Tuesday (June 14). strong free cash flow and net cash position
of RM494 million or 43 sen per share as
The company recorded a net profit of at end-April 22,” said CGS-CIMB.
RM78.7 million on revenue of RM897.36
million for the fourth quarter ended April Based on expectations of better prof-
30, 2022. it margins and higher sales volumes, the
research house raised Bermaz’s net profit
Bermaz’s full-year cumulative net profit forecast to RM184.7 million for FY23 and
grew 16.35% to RM155.72 million from RM204.8 million for FY24.

wednesday june 15, 2022 6 TheEdge CEO morning brief

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KUALA LUMPUR (June 14):Building ma- (From left) M&A Securities Sdn Bhd head of corporate finance Gary Ting, Unitrade Industries Bhd independent
terial wholesaler Unitrade Industries Bhd directors Cynthia Toh and Datuk Loh Yeow Boo, executive director Simson Sim Xian Zhi, executive vice
made its ACE Market debut at 26.5 sen
on Bursa Malaysia on Tuesday (June 14), chairman Sim Keng Chor, managing director Nomis Sim Siang Leng, substantial shareholder Teh Beng Khim,
17.19% lower than its initial public offering independent chairman Datuk Abdul Majit and independent director Ong Soo Chan, and M&A Securities
(IPO) price of 32 sen. managing director of corporate finance Datuk Bill Tan at the listing ceremony on Tuesday (June 14).

At the market close of 30 sen, the counter Unitrade makes meet growing demand for building materials
was still down 6.25% or two sen, giving it a lukewarm debut from the construction sector.
market capitalisation of RM468.75 million. on ACE Market
‘No major impact from rising building
The lacklustre debut was in line with by Syafiqah Salim material costs’
with the weaker broader market sentiment theedgemarkets.com On the impact of rising building materials
as global stocks and government bonds costs related to the Russia-Ukraine war, Sim
plunged again on Monday, with the sell- go towards repayment of bank borrowings. said, the impact has stabilised, so the group
off pushing the US S&P 500 Index — which Meanwhile, RM5 million will be allo- does not expect any major impact on prices
has dropped over 20% since a recent record or the supply chain.
close — into a bear market. cated for capital expenditure to set up a
pipe fabrication centre, while the balance “Right now, supply and demand are pretty
Despite that, Unitrade managing direc- of RM4.7 million has been earmarked to balanced. We also aim to improve our mar-
tor Nomis Sim Siang Leng said the group defray listing expenses. gin by focusing on higher-margin products
firmly believes its business fundamentals and trying to reduce lower-margin products,”
are strong and that it will continue to grow With the recent move to a warehouse he added.
regardless of the share price performance twice the size of the previous one and the
on Tuesday. proceeds from the IPO, Sim said, the group For the financial year ended March 31,
now has the capacity and ability to increase 2022, Unitrade registered a revenue of
“To be honest, this is not the best time its warehouse volume and product range to RM1.29 billion and a record-breaking net
for a listing, considering the global market profit of RM43.2 million.
from last Friday until today (Tuesday).Wall
Street has impacted the entire world over- It has a dividend policy where the board of
night, not just our counter, and these things directors intends to distribute dividends of up to
are out of our control. 30% of its annual net profit to its shareholders.

“However, in the long term, we strong-
ly believe that our fundamentals are strong
and we will continue to grow irrespective
of today’s share price,” he said at a virtual
press conference onTuesday in conjunction
with Unitrade’s listing on the ACE Market.

The Selangor-based company raised a
total of RM100 million from the public issue
under its IPO, of which RM50.5 million or
50.5% will be deployed as working capital.
Another RM39.8 million or 39.8% shall

KUALA LUMPUR (June 14): M&A Se- SNS Network of the agreement will take the company a
curities Sdn Bhd has agreed to underwrite inks IPO step closer towards listing on Bursa.
35.5% of the new shares in information
and communications technology (ICT) underwriting Proceeds from the IPO will be used
system and solutions provider SNS Net- agreement with mainly for capital expenditure to expand
workTechnology Bhd, which is en route to M&A Securities the company’s DaaS subscription-based
list on the ACE Market of Bursa Malaysia service and to part finance the construction
by September. theedgemarkets.com of its new regional hub. DaaS is a mod-
el for device leasing offered to customers
M&A Securities, which is the adviser, new shares for its eligible directors, employ- based on monthly subscription payments.
sponsor, underwriter and placement agent ees and persons who have contributed to the
for SNS’ initial public offering (IPO) exer- success of the SNS group; 201.6 million new Part of the proceeds will also be used
cise, on Tuesday (June 14) signed an un- shares are reserved for private placement to to set up 10 new retail stores, to fund the
derwriting agreement with SNS in con- Bumiputera investors approved by the Minis- marketing activities for its house brand
junction with the exercise. try of InternationalTrade and Industry while JOI, to repay bank borrowings, for working
the remaining 32.3 million new shares will capital and to defray the estimated listing
Under the deal, M&A Securities will un- be placed out to selected investors. expenses.
derwrite 129 million new shares of the public
issue of 362.9 million new shares, represent- In a statement onTuesday, SNS manag- SNS’ core business activities are sale of
ing 22.5% of SNS’ enlarged share capital, ing director KoYun Hung said the signing ICT products comprising hardware, devic-
of the IPO.The IPO also involves an offer es, and related peripherals for third party
for sale of 48.4 million existing shares to se- brands and JOI via its physical stores and
lected investors by way of private placement. online and commercial channels.

Of the 362.9 million new shares, 80.6 mil- It is also involved in the provision of
lion new shares will be made available to the device repair and related services for Ap-
Malaysian public via balloting; 48.4 million ple as well as sale of broadband services
forTelekom Malaysia, Celcom and Maxis.

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KUALA LUMPUR (June 14): Former Arul Kanda in the matter.
1Malaysia Development Bhd (1MDB) will stand by his The lawyer asked where Arul Kanda
president and CEO Arul Kanda Kan- MACC witness
dasamy’s lawyer told the High Court on testimony, says would go upon completing his evidence
Tuesday that he will stand by his MACC as he will no longer be an accused per-
witness testimony if he is called as a pros- lawyer son in this trial.
ecution witness in the 1MDB audit report
tampering trial. BY TARANI PALANI & TIMOTHY ACHARIAM “I think [the prosecution] has said
theedgemarkets.com that he can no longer be an accused. So
Arul Kanda’s lawyer Datuk N Siva- once he completes his evidence, where
nanthan, who was addressing Justice Mo- Anti-Corruption Commission (MACC) does he go?... He can no longer be an
hamed Zaini Mazlan during the submis- Act 2009, was sanctioned by Attorney accused whether the indemnity is giv-
sions of the application to call Arul Kanda General Tan Sri Idrus Harun. en or not.
as a witness, said his client is ready to take Sivananthan: What will Arul Kanda’s
the stand and will stand by the statements status be? “Is he given a discharge not amount-
he gave to the Malaysian Anti-Corruption During submissions onTuesday, Sivanan- ing to acquittal? He cannot leave the
Commission (MACC) when they were than also raised some practical consider- dock without an order from the court,”
investigating 1MDB in 2018. ations for the court to consider primari- he said, adding that these were questions
ly revolving around Arul Kanda’s status that were not clear in the Section and
This came after Justice Zaini had asked after he delivers his evidence regardless would be something for all to ponder.
the lawyer about Arul Kanda’s stand on of whether the indemnity is given or not.
the matter and whether he has any ob- He also added that should the appli-
jections. He points out that after his client is cation proceed and Arul Kanda is not
no longer in the dock, they would no impeached or is not hesitant to answer
“My client has given his testimony to longer have the right to cross-examine any questions, then indemnity should be
the MACC. His position has always been the witnesses. given regardless of whether his answers
that he will stand by those statements. If favour the defence or the prosecution.
that is what the prosecution is asking him “At the end of the prosecution’s case
to do, then he will do it,” the lawyer said. assuming that is when the decision would “Lots of precedents would be set if my
be made without me having the benefit of lord allows the application,” Sivananthan
To this, Justice Zaini responded in jest cross-examining the witnesses,” he said. said, and Justice Zaini concurred.
to laughter in the court: “In English, he
says yes (to taking the stand).” If Arul Kanda is set to testify, the pros- Once Arul Kanda takes the stand, the
ecution has another witness lined up af- judge has the option of granting him in-
Arul Kanda and former prime min- ter him, namely the investigating officer demnity from the charges against him.
ister Datuk Seri Najib Abdul Razak are Click here for the full story
the two accused in this trial. Read also: Lawywer: Arul Kanda still
co-accused in 1MDB audit tapering
On May 20, the prosecution made a trial, should have never been charged
formal application to call Arul Kanda as Click here
a witness to testify against Najib. Lead
public prosecutor Datuk Seri Gopal Sri
Ram said the application, which was
made under Section 63 of the Malaysian

KUALA LUMPUR (June 14):There ap- Malaysian included his not being able to speak Ba-
pears to be growing opposition to Datuk Bar to oppose hasa Malaysia.
Seri Najib Razak’s application to have QC Laidlaw’s
Queen’s Counsel (QC) Jonathan Laid- admission to In the affidavit by Deputy Public
law represent him in his final SRC Inter- represent Najib Prosecutor (DPP) Mohd Ashrof Adrin
national Sdn Bhd appeal at the Federal in his final SRC Kamarul, the DPP said while the case
Court here. could be novel in nature, it is not diffi-
appeal cult and hence questioned the need for
The Malaysian Bar, which represents Laidlaw.
over 20,000 lawyers in the country, has BY HAFIZ YATIM
indicated that they would object to Laid- theedgemarkets.com “The applicant (Laidlaw) does not
law’s admission to practise here and rep- possess the experience to conduct crimi-
resent the former premier, who is also the On Monday, the prosecution in Na- nal trials or criminal appeals in relation to
member of parliament (MP) for Pekan. jib’s SRC case also indicated they would Section 23 of the Malaysian Anti-Corrup-
object to Laidlaw’s admission to the case, tion Commission Act (MACCA 2009),
Bar president Karen CheahYee Lynn, citing the QC’s inability or lack of qualifi- Section 409 of the Penal Code, or Section
when contacted by theedgemarkets.com, cations under Subsection 11(2) of the Le- 4 of the Anti-Money Laundering, An-
confirmed that it has engaged senior coun- gal Profession Act 1976 (Act 166), which ti-Terrorism Financing and Proceeds of
sel Datuk BastianVendargon to represent Unlawful Activities Act (AMLA) before
the Bar in the matter at the High Court. the Malaysian courts.

“Yes, we have given instructions to ob- “The applicant is not well versed with
ject to the application,” she replied via the laws involved in the pending appeals,
text message. nor has any experience in the Malaysian
legal system,” Mohd Ashrof added.
Case management to hear Laidlaw’s Click here for the full story
application for admission has been fixed
for Thursday (June 16) by the High
Court.

WEDNESDAY JUNE 15, 2022 9 THEEDGE CEO MORNING BRIEF

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PUTRAJAYA (June 14): The Court of Umno loses transferred to various individuals, organ-
Appeal on Tuesday (June 14) dismissed appeal to strike isations and third parties.
an appeal by central Umno to strike out out RM16 mil
a RM16 million suit filed by SRC Inter- suit from SRC The suit by SRC and two others against
national Sdn Bhd and its two subsidiaries and two others Umno is one of the 16 suits filed by the
Gandingan Mentari Sdn Bhd and Jendela company against various recipients of the
Pinggiran Sdn Bhd. theedgemarkets.com said funds paid by Najib.

Justice Datuk Hadhariah Syed Ismail the RM250 million dissipated from SRC Umno, represented by counsel Moham-
— who led the bench in unanimously up- as it was disguised as being for corporate ad Shahrul Fazli Kamarulzaman, argued
holding the High Court decision for the social responsibility (CSR) purposes and onTuesday that SRC’s claim is time-barred
matter to proceed for a trial — ruled that as the transfer occurred on April 8, 2015.
this was not a plain and obvious case for It also claimed that there is no reasonable
Umno to apply to strike out as there are cause of action.
various issues that can only be determined
after a full trial. SRC counsel Nur SyafinazVani Abdul-
lah replied that the suit cannot summarily
Besides Justice Hadhariah, the other be struck out as the cause of action is ac-
judges on the bench were Justices Datuk crued due to a well-orchestrated scheme to
Abu Bakar Jais and Datuk Seri Mariana wrongfully dissipate the company’s funds
Yahya. for CSR purposes.

SRC, along with Gandingan Mentari “There are triable issues that can only
and Jendela Pinggiran, filed the suit in May be determined after a full trial,” Nur Sya-
2021 — where it named Umno and the finaz from Rosli Dahlan Saravana Part-
party’s organising secretary Datuk Mohd nership argued.
Sumali Redhuan — to recover the funds
that were transferred to the Malay nation- Usually in civil suits, a claim has to be
alist party via its then president Datuk Seri filed within six years as filing it after that
Najib Razak. period is considered as time-barred.

The RM16 million is said to be part of Last November, High Court Judicial
Commissioner Quay Chew Soon dismissed
Umno’s application to strike out the suit.

SHAH ALAM (June 14): A former direc- Former UKSB Wan Quoris Shah: I disagree.
tor of Ultra Kirana Sdn Bhd (UKSB) on director denies During a re-examination by Deputy
Tuesday (June 14) denied being dishon- lying in Zahid’s Public Prosecutor Datuk Wan Shahar-
est when testifying in the corruption trial corruption trial uddin Wan Ladin,Wan Quoris Shah said
of former deputy prime minister Datuk with an income of RM100,000 a month,
Seri Dr Ahmad Zahid Hamidi in the High Bernama he could afford to buy several properties
Court here. and luxury vehicles worth RM8 million.
LOW YEN YEING/THE EDGE He said his starting salary with UKSB
Wan Quoris Shah Wan Abdul Ghani, was RM10,000 a month in 2013, be-
42, also disagreed with the suggestion of Ahmad Zahid was charged with committing all fore increasing to RM30,000 and finally
lawyer Hisyam Teh Poh Teik, who repre- the offences at Seri Satria, Presint 16, Putrajaya, RM100,000 in 2018.
sented the former home minister, that he and Country Heights, Kajang, between October Ahmad Zahid, 69, is facing 33 charges
did not give money to Ahmad Zahid. of receiving bribes amounting to S$13.56
2014 and March 2018. million (RM42 million) from UKSB as an
On Monday, Wan Quoris Shah in his inducement for himself in his capacity as
testimony said Ahmad Zahid received do- ury apartment at Pavilion Residences as a civil servant and the then home minister
nations (money) from the company be- well as various luxury vehicles worth just to extend the contract of the company
tween 2014 and 2018. over RM2 million? as the operator of the one-stop centre
in China and the overseas visa (VLN)
According to him, the financial assis- system, as well as to maintain the agree-
tance given to Ahmad Zahid was aimed at ment to supply VLN integrated system
strengthening UKSB’s position as a con- equipment for the same company by the
tractor for the Home Ministry. Home Ministry.
For another seven counts, Zahid was
Earlier, the 16th prosecution witness charged as the then home minister to have
also disagreed with Hisham’s suggestion obtained for himself S$1,150,000, RM3
that he, along with former UKSB director million, €15,000 and US$15,000 in cash
Harry LeeVui Khun and former company from the same company in connection with
administrative manager David Tan, had his official work.
conspired in corruption, money launder- He was charged with committing all
ing and criminal breach of trust. the offences at Seri Satria, Presint 16,
Putrajaya, and Country Heights, Kajang,
The witness also disagreed with lawyer between October 2014 and March 2018.
Datuk Ahmad Zaidi Zainal’s suggestion The trial before Judge Datuk Mohd
that the money allegedly paid to the Umno Yazid Mustafa continues on Thursday.
president had in fact been taken and used
by the three of them.

Ahmad Zaidi: That’s why you can live
luxuriously by owning a bungalow in Pu-
trajaya, a semi-D in Cyberjaya and a lux-

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SAM FONG/THE EDGE or Legit? (Based on Real Life Case Study MARA Corp:
& SSM Statutory Records Analysis)” were MACC proposes
Low: I vehemently deny these allegations and shared with the public on May 11 and May to AGC to charge
state that I have not defamed any party, nor have 25. The first was conducted in English,
while the second was done in Mandarin. those involved
I ever had the intention of defaming any party in integrity and
through my educational webinars. Low said the main reason she produced abuse of power
the educational webinars on cash trusts as
Content producer well as preference shares was to educate issues
claims she and increase the public’s financial litera-
cy, to help them be more savvy with their Bernama
was harassed, money and to avoid scams.
threatened after PUTRAJAYA (June 14):The Malay-
She also shared that she too was once a vic- sian Anti-Corruption Commission
conducting tim of financial fraud in the past and that she (MACC) has investigated and submit-
webinars on found no redress despite lodging complaints ted its views to the Attorney-General’s
cash trusts and reports to the authorities.This led to her Chambers (AGC) to charge those in-
studying and researching the matter herself, volved in integrity and abuse of power
BY JUSTIN LIM which culminated in her sharing her knowledge issues involving MARA Corp.
theedgemarkets.com with the public via the webinars she produced.
MACC chief commissioner Tan
KUALA LUMPUR (June 14): Educational “We see scams, financial frauds, ponzi Sri Azam Baki said the commission
webinar content producer Evanna Low claims schemes and etcetera that keep evolving and had submitted a file on the case to the
she has been receiving notices of demand to mutating,with newer,more creative and more AGC for scrutiny and also proposed a
remove her webinar content that discusses sophisticated modus operandi.Therefore, I list of names of those to be prosecuted.
how one should do due diligence on high re- strongly believe that education to increase
turn cash trust products after the content was financial literacy is important,” she said. On a report alleging that the AGC
shared through Facebook live and Zoom. would “drop” the case against three
Low said the webinar she produced re- MARA officials who are supposed
She told a press conference on Tuesday volves around how to do proper due dil- to be prosecuted, Azam said no such
(June 14) that she has received a total of five igence by using public platforms such as notice was received from the AGC
such notices from law firms alleging that SSM einfo, SSM4U, CTOS and eKe- that the case had been dropped.
their clients had been defamed by her educa- hakiman, how to interpret financial state-
tional webinar content, and who demanded ments, and how to detect accounting irreg- “As far as we are concerned, we
that she remove the content immediately. ularities of companies. She also shares how have investigated and submitted our
one can detect the differences between what views that there are sufficient state-
These legal letters were received between is presented during a sales talk, and data that ments and evidence to propose sev-
May 26 to May 31, she said. She told reporters is extracted from authoritative databases. eral charges against several individu-
that she believes one of the legal letters was als,” he told reporters after attending
sent by the lawyers on behalf of a trustee com- “With reliable data in hand, the public and the presentation of the MACC Me-
pany, while another was on behalf of a fund sales agents can ask the companies smarter dia Awards 2021 at the MACC head-
management company controlled by the trus- questions,seek clarification and demand more quarters here onTuesday (June 14).
tee. A venture capital company, she claimed, transparency and disclosures on how their
was behind one of the remaining legal letters. hard-earned money is actually being used. “As of now, I don’t want to com-
ment or say that those involved in the
“I vehemently deny these allegations “Webinar is a platform to reach out to case will not be charged,” he added.
and state that I have not defamed any par- more people in every corner.Victims will
ty, nor have I ever had the intention of de- no longer be suffering alone, we are in this On Feb 5, the MACC confirmed
faming any party through my educational together,” she said. receiving a report on alleged integ-
webinars,” she told the media. rity issues involving several senior
Low further said the reason she called for MARA officials, which were being
“I have been cyber-bullied, sexually the press conference was to highlight the seri- investigated internally by the agency.
harassed, intimidated and defamed — all ousness of the situation she is facing, and how
coincidentally after I did two [cash trust re- not just herself but also her family has been On Feb 7,the MACC raided several
lated] educational webinars with KC Lau, harassed and traumatised. She urged the rel- MARA offices for the purpose of col-
a financial educator,” she said. evant authorities to take action against these lecting documents related to the case.
perpetrators. “The intimidation, the threats
The two educational webinars entitled: — these have been getting out of hand. Our
“High Return CashTrust Products: Ponzi safety is now in danger,” she added.

She said the perpetrators have even
created a Facebook page specially to de-
fame her, calling her a scammer; that her
personal contact details were provided
to an escort’s website; and that she was
made to look as if she was a racist. She
said there were also cash trust sales agents
who threatened her and cyber-bullied her.

She has since lodged complaints with the
Malaysian Communications and Multimedia
Commission (MCMC), as well as the police.
Click here for the full story

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KUALA LUMPUR (June 14):While Ber- Is Berjaya Food “hold” call, with a consensus target price
jaya Food Bhd’s (BFood) recently proposed still attractive of RM5.15.This implies a potential upside
a four-for-one bonus issue may garner in- of 8.2% against its closing price of RM4.76
vestors’ interest with the share price adjust- after share on Tuesday (June 14).
ment, the key question is whether the stock price more than
will remain attractive after an eye-popping Maybank Investment Bank Bhd, in its
rally in its share price since the beginning doubled? research note last month, said it believes
of the year? BFood’s sequential earnings will remain
BY SULHI KHALID strong, fuelled by higher sales volume from
Having surged more than 121.4% this theedgemarkets.com the Hari Raya Aidilfitri celebrations, re-
year, the Starbucks and Kenny Rogers opening of international borders and ex-
Roasters franchise operator is currently — according to Bloomberg, which is 135% tension of business hours past midnight.
trading at trailing and forward price-to- higher than the RM47.36 million in FY21.
earnings ratios (PER) of 17.82 times and Meanwhile, the net earnings for FY23 is “We maintain a ‘buy’ call with a higher
15.89 times respectively. forecast to be slightly lower at RM109.8 target price of RM5.70, from RM3.30 pre-
million. viously, as we peg BFood to a higher FY23
At a glance, it appears that the stock’s PER of 20 times to reflect its normalised
valuation remains reasonable, judging by Of the six catalysts covering the stock, business conditions post-pandemic,” it said.
the forward PER of 17.95 times, 19.19 five have placed “buy” calls and one
times and 19.34 times for its peers — Meanwhile, Hong Leong Investment
7-Eleven Malaysia Holdings Bhd, Padini Bank (HLIB) highlighted BFood’s strong
Holdings Bhd and AEON Co.(M) Bhd, sales momentum that surpassed the
respectively. pre-pandemic level was driven by higher
transaction counts.
In the recently announced third quar-
ter ended March 31, 2022 (3QFY22), the It noted that the group has taken efforts
group’s net profit jumped nearly three times in ramping up its marketing and promo-
to RM31.58 million, from RM11.61 mil- tions for seasonal drinks and merchandise,
lion, on the back of higher same-store-sales which command higher margins.
growth, particularly from Starbucks cafe
outlets, as a result of the improved mobil- “We raise our FY22/23/24 forecasts by
ity upon the resumption of domestic tour- 52%, 66%, 84% respectively to account for
ism and further relaxation of the Covid-19 higher sales volume and improving margin.
standard operating procedures.
“We are positive on Starbucks, which
Nine-month net profit also surged to continues to grow via new outlet open-
RM82.08 million, from RM33.1 million ings and higher sales from active promo-
previously. tions and continual innovative products.
Hence, we have maintained our ‘buy’ call
For the whole of FY22, it is expected with a higher target price of RM4.83 from
to post a net profit of RM111.4 million RM3.80 previously, based on 16 times PER
of FY22 earnings per share,” it said.

KUALA LUMPUR (June 14): Rubber Main market- rowings, RM6.3 million for the installa-
processor producer and trader Seng Fong bound Seng Fong tion of biomass systems and the remaining
Holdings Bhd, en route to list on the Main to raise RM68 mil RM4.2 million for listing expenses.
Market of Bursa Malaysia on July 7, plans
to raise RM68.1 million from its initial pub- from IPO Er said the company’s bank borrowings
lic offering (IPO) to part-finance expansion had been used to instal two solar systems,
of its annual production capacity by 17% BY HAILEY CHUNG which reduce its overall electricity expenses
to 166,000 tonnes by 2023 from 142,000 theedgemarkets.com and will further its ESG initiatives.
tonnes currently.
ernment effective May 1 as only 150 work- Based on the issue price of 75 sen per
“Our immediate objectives from the list- ers in Seng Fong earned below RM1,500. share, Seng Fong will achieve a market
ing are to optimise production by increasing capitalisation of RM389.22 million upon
our total annual capacity through the hiring Seng Fong’s IPO entails the issuance of listing on the Main Market on July 7. Ap-
of additional workers for a second work- 160.87 million shares or 31% of the com- plications for Seng Fong’s IPO will close
ing shift and implementing ESG (environ- pany’s enlarged issued shares comprising on June 24.
mental, social and governance) initiatives a public issue of 90.81 million new shares
to make our business more sustainable,” and an offer for sale of 70.06 million shares In a filing with Bursa onTuesday, Seng
managing director Er Hock Lai said at the at an issue price of 75 sen per share. The Fong posted a net profit of RM13.37 mil-
company’s virtual IPO prospectus launch company’s enlarged total number of shares lion on a revenue of RM261.94 million for
on Tuesday (June 14). after IPO is 518.96 million shares. the third financial quarter ended March
31, 2022, mainly derived from the process-
The company also intends to use part Of the proceeds to be raised from ing and sale of natural rubber of various
of the proceeds raised to further its ESG the public issue, Seng Fong plans to grades, principally SMR Grade and Pre-
initiatives and repay bank borrowings. use RM19.7 million for working capital, mium Grade block rubber. Export sales
RM37.9 million for repayment of bank bor- contributed to 99.9% of the group’s reve-
Seng Fong senior manager in develop- nue for the quarter.
ment and production ChongWah Kiat said
the company is unaffected by the shortage For the cumulative nine-month peri-
of foreign labourers and the new RM1,500 od ended March 31, 2022, the company
minimum wage per month set by the gov- posted a net profit of RM31.32 million on
a revenue of RM662.43 million.

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news In brief

YX Precious Metals’ IPO for Malaysian public’s portion oversubscribed
by 26.36 times

KUALA LUMPUR (June 14): Gold jewellery wholesaler and manufacturer YX Precious Metals
Bhd (YXPM), en route to list on the ACE Market of Bursa Malaysia on June 23, saw the public
issue of 18.61 million shares for the Malaysian public has been oversubscribed by 26.36
times. In a statement on Tuesday (June 14), Tricor Investor & Issuing House Services Sdn
Bhd said a total of 8,105 applications for 509.16 million new shares worth RM142.57 million
were received, for the 18.61 million new shares made available for the Malaysian public. The
notices of allotment will be posted to all successful applicants by June 21. — by Shazni Ong

Caely appoints fashion designer Dynaciate proposes to buy Pahang Powerwell bags second contract
Jovian Mandagie as executive industrial land from KPower for worth RM94.12 mil from Tialoc
vice chairman RM12 mil Malaysia this year

KUALA LUMPUR (June 14): Lingerie maker KUALA LUMPUR (June 14): Dynaciate KUALA LUMPUR (June 14): Low voltage
Caely Holdings Bhd, whose auditor Virdos Group Bhd has proposed to acquire a and medium voltage electrical power
Lima Consultancy (M) Sdn Bhd could not piece of freehold industrial land measuring distribution equipment manufacturer and
continue with its forensic audit as critical 23,550 square metres in Bentong, Pahang solutions provider Powerwell Holdings
information is not available, has appointed from KPower Bhd for RM12 million Bhd on Tuesday (June 14) announced
fashion designer Datuk Jovian Mandagie as cash. In a bourse filing on Tuesday (June it has bagged a supply contract worth
its new executive vice chairman, effective 14), Dynaciate said its wholly-owned RM94.12 million for a new building project
Tuesday (June 14). Notably, Jovian is the subsidiary Magnitude Resources Sdn in Kulim Hi-Tech Park, Kedah. In a bourse
son-in-law of the Prime Minister Datuk Seri Bhd had entered into a sale and purchase filing, Powerwell said its wholly-owned
Ismail Sabri Yaakob. In a Bursa Malaysia filing, agreement with KPower’s wholly-owned subsidiary Powerwell International Sdn
the group said Jovian, 36, began his career in subsidiary Powernet Industries Sdn Bhd had accepted a letter of award dated
the fashion industry in 2006 and eventually Bhd for the proposed acquisition. The June 10 from Tialoc Malaysia Sdn Bhd
expanded the business over the next few years acquisition includes a double-storey office for the supply, installation, testing and
as a bridal designer and wedding planner. building, single-storey factory, double- commissioning of low voltage panels. The
Meanwhile in a separate local bourse filing, storey warehouse and a single-storey delivery of the supply contract is expected
the group also announced the appointment warehouse. Dynaciate said the acquisition to be completed by March 15, 2023. This is
of lawyer Sandraruben Neelamagham as its is complementary to the group’s strategy Powerwell’s second contract from Tialoc in
new independent director effective Tuesday. to identify, invest and develop potential 2022 and with this latest win, Powerwell’s
Sandraruben is a fellow with The Chartered industrial land and buildings for the outstanding order book has risen to
Institute of Arbitrators and Malaysia Institute purposes of capital appreciation and rental RM201 million. — by Shazni Ong
of Arbitrators. — by Sulhi Khalid income. — by Izzul Ikram

Jentayu Sustainables to raise up to Cahya Mata Sarawak to sell entire Samalaju] as of the closing date,” CMS
RM47.07 mil for pre-development stakes in Sarawak alloy smelter and said, noting that the total loans would
expenditures OM Samalaju to OM Holdings for amount to US$10.77 million (RM47.25
RM526.52 mil million) as at an assumed closing date of
KUALA LUMPUR (June 14): Jentayu Nov 15, 2022. Of the disposal proceeds,
Sustainables Bhd (formerly known as KUALA LUMPUR (June 14): Cahya CMS said it has earmarked RM131.66
Ipmuda Bhd) on Tuesday proposed a private Mata Sarawak Bhd (CMS) is disposing million for future acquisitions and
placement to raise as much as RM47.07 of its entire 25% stakes in OM Material investments, RM105.68 million for
million mainly towards financing the group’s (Sarawak) Sdn Bhd and OM Materials capital expenditure, RM263.31 million
pre-development expenditures. In a bourse (Samalaju) Sdn Bhd to OM Materials (S) for working capital, and RM25.98 million
filing, Jentayu Sustainables said the exercise Pte Ltd (OMS) for US$120 million cash for estimated expenses of the proposed
entails the issuance of up to 142.63 million (RM526.62 million). A conditional share disposal. — by Izzul Ikram
new shares representing not more than 30% sale agreement (SSA) has been signed
of the total number of issued shares, and it is between CMS and OMS, according to
intended to be placed to third party investors CMS’ filing with Bursa Malaysia. OMS — a
to be identified at a later date. Based on an wholly-owned subsidiary of Australian
indicative issue price of 33 sen per placement Securities Exchange and Bursa Malaysia-
share, the exercise is expected to raise listed OM Holdings Ltd (OMH) — owns the
gross proceeds of up to RM47.07 million, remaining 75% stakes in both OM Sarawak
of which up to RM31 million is to partially and OM Samalaju. “Pursuant to the SSA,
finance the pre-development expenditures the disposal consideration includes a full
for the hydroelectric plant projects. Jentayu and final settlement and full discharge of
Sustainables had earlier announced that it all shareholders’ loans, including interest,
intended to undertake two hydroelectric extended by SISB to [OM Sarawak and OM
plant projects in Sabah — collectively known
as Project Oriole. — by Shazni Ong

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EricTan declared According to the creditor’s petition, the Sapura
bankrupt for government applied for a bankruptcy order Energy and 22
failing to pay on Tan’s property as a debtor as he owed
the government RM68,334,219.01, which units obtain
RM68 mil income included interest and costs. restraining
tax to govt order until
The petition stated that Tan allegedly March next
Bernama failed to comply with the requirements
of the bankruptcy notice dated June 8, year
KUALA LUMPUR (June 14): The High 2021, which had been extended through
Court here onTuesday (June 14) declared Eric a court order dated Aug 30, 2021, within by hafiz yatim
Tan Kim Loong, who is alleged to be an asso- six months before the submission date of theedgemarkets.com
ciate of fugitive businessman LowTaek Jho or the petition.
Jho Low, bankrupt after failing to pay income KUALA LUMPUR (June 14):
tax of RM68,334,219.01 to the government. The bankruptcy notice was advertised in Sapura Energy Bhd and 22 of its
the News StraitsTimes on Sept 14, 2021, and wholly-owned subsidiaries have
Senior Assistant Registrar Chai Guan pasted atTan’s residence on Sept 10, 2021. obtained a nine-month exten-
Hock recorded the bankruptcy order after sion of the restraining order (RO)
hearing a creditor’s petition filed by the On May 4, 2021, the High Court from the High Court against their
government through the Inland Revenue ordered Tan to pay income tax of creditors.
Board (IRB) againstTan on Dec 15, 2021. RM67,996,891.87 and interest at the rate
of 5% per annum from the date of judg- The companies are to update
Revenue Counsel of the Klang Valley ment until the date of realisation and costs the court by Sept 28 on the pro-
branch Siti Maisarah Ab Rahim confirmed of RM2,000 to the Malaysian government, gress of the proposed scheme of
the matter. after failing to enter an appearance in a arrangement. Judicial Commis-
suit filed against him by the government sioner (JC) Adlin Abdul Majid
through the IRB. granted the RO following pro-
ceedings conducted last Wednes-
The Malaysian government filed the day afternoon (June 8).
suit against Tan seeking payment for tax
arrears amounting to RM67,996,891.87 Initially, these companies were
for the assessment year 2010 to 2013. granted a three-month RO as ap-
plied under Section 368(1) of the
reuters Companies Act 2016 last March,
which was slated to end on June 10.
(June 14): With the major tourism market AirAsia turns to
of China still mostly sealed off from the rest India to fill gap The companies filed for the RO
of the world, AirAsia, the budget carrier of left by absent and a scheme of arrangement in
Capital A Bhd, is turning to India to make China tourists March this year, and they were rep-
up the shortfall. resented by Saheran Suhendran.
by Nurin Sofia
“India is definitely a very, very impor- Bloomberg On another note, in a Bursa
tant market,” AirAsia Malaysia chief execu- Malaysia announcement by Sapu-
tive officer Riad Asmat said on the sidelines in and out of India,” said Asmat. ra Energy, it was stated that MCF
of the Aviation Festival Asia in Singapore AirAsia, which flew about 90 planes a day (multi-currency financing) finan-
onTuesday. “China, I’m not saying it’s not, ciers will, in the meantime, contin-
but at the current state, we have to work before the pandemic, currently has limited ue to be excluded from the appli-
around what we have,” he said. aircraft available, said Asmat. “We manage cation of the extended RO on the
what we have as best as we can, create ca- basis that the companies, which are
The Malaysian airline that typically fo- pacity that is sufficient for us to sustain our obligors in relation to the MCF fa-
cuses on the Southeast Asian market is see- business, and in the meantime, work to get cilities, have entered into an agree-
ing high demand from Indian passengers as many aircraft up in the air again.” ment with a significant majority of
travelling to countries like Malaysia and In- the MCF financiers for, inter alia, a
donesia, he said. Asmat said that on a flight Read also: Six Malaysia Airlines’ A380-800 standstill on claims under the MCF
he recently took to Bali, Indian tourists made superjumbos still up for sale Click here facilities for a further period of six
up about 90% of passengers. months up to Dec 10 this year.

Driven by pent-up demand following two Sapura Energy said it “is con-
years of pandemic curbs, Indians travellers tinuing to engage with the remain-
have taken to the skies since the country ing minority MCF financiers with
resumed international flights in March. “I a view to agreeing a standstill with
have not, since the opening of the borders, such MCF financiers in short
seen anything less than 90% in load factors order”.

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(June 14): Prices paid to US producers US producer appear to be resolving any time soon.
surged in May, underscoring persistent prices rise at Russia’s war in Ukraine continues to
inflationary pressures across the econ- a brisk pace,
omy that are likely to keep the Feder- adding to Fed roil food and oil supplies globally, and
al Reserve aggressively raising interest China has started re-imposing Covid-19
rates. pressure restrictions just weeks after loosening
them in major cities.The coming expira-
The producer price index for final BY READE PICKERT, KRISTY SCHEUBLE tion of labour contracts for over 22,000
demand increased 0.8% from April and & OLIVIA ROCKEMAN West Coast dockworkers risks further
10.8% from a year earlier, Labor De- Bloomberg disrupting supply chains.
partment data showed Tuesday. That
followed a 0.4% advance in the prior 1994. The CPI data, as well as recent “Risks to producer price inflation re-
month. inflation expectations, have surprised to mains tilted to the upside in the near
the upside, likely leading the Fed to con- term, and any sustained moderation will
Nearly two thirds of the May increase sider a hike of that magnitude. only come gradually over the second half
was due to an advance in goods prices, of 2022,” the economists said.
especially energy. “The latest PPI data confirm that Click here for the full story
inflation pressures continue to build Read also:
Excluding food and energy, the so- across both the goods and services sec- Markets grow unanimous on
called core PPI was up 0.5% in May and tors, pressuring the FOMC to act deci- aggressive Fed move on Wednesday
rose 8.3% from May 2021. sively to restore price stability,” Oxford Click here
Economics’ Mahir Rasheed and Kathy US credit market fear gauge rises to
The figures are the latest indication Bostjancic said in a note, referring to highest level since 2020 Click here
that inflation will remain higher for the policy-setting Federal Open Market Stagflation fears surge and ‘sentiment
longer than most economists — and the Committee. is dire’ in BofA Survey Click here
Fed — had anticipated earlier. Data re-
leased last week showed consumer in- While prices of some commodi-
flation unexpectedly accelerated to its ties have declined from an April peak,
highest level in four decades in May in a broader inflationary pressures don’t
broad-based advance that crushed hopes
that inflation was starting to moderate.

JPMorgan Chase & Co and Wells Far-
go & Co are among a number of banks
that are now expecting the Fed to raise
interest rates by 75 basis points this
week, which would be the largest since

SYDNEY (June 14): The Reserve Bank Reserve Bank in mortgage payments in an economy
of Australia (RBA) “will do what’s nec- of Australia to where the household debt-to-income ra-
essary” to bring inflation back down to tio is around 186%.
its 2%-3% target, governor Philip Lowe ‘do what’s
said, as he warned interest rates would necessary’ to hit Lowe expressed confidence that most
need to push higher to achieve that goal. inflation target, Australians would be able to manage high-
er borrowing costs.
Inflation could accelerate to as much governor says
as 7% by year’s end and is unlikely to “At the individual level, some peo-
begin slowing until the first quarter of BY SWATI PANDEY ple have taken loans that they may not
2023, Lowe said in an interview with Aus- Bloomberg have wanted to take out in retrospect,
tralian Broadcasting Corp’s 7:30 Report but the overall picture, which is real-
on Tuesday. ingly expected to increase rates by 75 ba- ly very much the focus of the Reserve
sis points at this week’s meeting as US Bank [of Australia], is a pretty resilient
“Australians need to be prepared for inflation escalates further. economy,” he said.
higher interest rates,” he said, adding that
it would be “reasonable” to expect the The RBA’s outsized hike came as Aus- To date, consumers are coping well
cash rate to climb to 2.5% at some point. tralian power prices were soaring and la- with higher rates, aided by a sharp build-
“How fast we get to 2.5%, indeed whether bour costs were pushing higher, exacer- up in savings during the pandemic. But as
we get to 2.5%, is going to be determined bating existing inflation pressures. loan repayments increase further and the
by events.” wealth effect reverses due to falling prop-
Many economists expect the RBA erty prices, households may find them-
The RBA wrong-footed markets and will take the cash rate a bit over 2% by selves squeezed.
economists last week when it hiked by year’s end. That is well below the 3.6% Read also:
a bigger-than-expected 50 basis points that the money market is pricing in.The Thailand under pressure to hike
to take the cash rate to 0.85%, and difference is explained by economists’ as price, currency risks mount
signalled further increases to come. view that Australians will struggle to Click here
Most economists are now predicting it keep pace with the associated increase
will raise by another half-point at next Turkey’s lira bonds surge as new rules
month’s meeting. push banks to buy more Click here

The central bank is among more than
50 monetary authorities that have raised
by at least a half-point in one move this
year.The US Federal Reserve is increas-

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Founder Harold
Hamm offers to
take Continental

private in
US$25 bil deal

OPEC sees egate said of the outlook for next year. BY ARUNIMA KUMAR
global oil OPEC is expected to publish its first Reuters

demand growth demand forecast for 2023 in its monthly BENGALURU (June 14): Shale producer
slowing in 2023, report on July 12, an OPEC source said. Continental Resources Inc said onTuesday
it has received an all-cash buyout proposal
sources say The IEA, which advisesWestern gov- from billionaire founder Harold Hamm’s
ernments on energy policy, will give its family trust, which values the company at
BY ALEX LAWLER & DMITRY ZHDANNIKOV first 2023 demand forecast in a monthly US$25.41 billion.
Reuters report on Wednesday, an IEA spokes-
person said. Hamm, a legendary oilman who once
LONDON (June 14):World oil demand called the Organization of the Petroleum
growth will slow in 2023, OPEC dele- OPEC is watching for signs that high Exporting Countries a “toothless tiger”,
gates and industry sources said, as surg- fuel prices will lead to oil demand de- is offering US$70 per share for around
ing crude and fuel prices help drive up struction. 17% stake in the company that his family
inflation and act as a drag on the global does not own.
economy. Two more OPEC delegates said de-
mand destruction is likely to take a toll The offer represents a nearly 9% pre-
Fuel use has rebounded from the on oil use in coming months, although mium over Continental’s closing price on
2020 pandemic-induced slump and is one of them said there was little sign of Monday, but is below a near eight-year
set to exceed 2019 levels this year even it yet in the United States, citing recent high of US$73.53 that Continental’s shares
as prices hit record highs. But high pric- gasoline demand data. traded in the previous week.
es have eaten into growth projections for
2022 and fed into expectations for slower A senior industry source at a trad- Hamm founded Continental as Shelly
growth in 2023. ing firm, not affiliated with the IEA or Dean Oil Co in 1967, and ran it as a private
OPEC, also said he expected lower de- company until 2007. He now owns about
The Organization of the Petroleum mand growth in 2023, saying his initial 83% of its outstanding common shares
Exporting Countries is expected to pub- estimates pointed to demand growing along with his family members.
lish its first forecast for 2023 demand in by 2 million bpd or less, down from 2.6
July. Its forecast, along with that of the million bpd growth in 2022. In a letter to employees detailing his
Paris-based International Energy Agency, go-private offer, Hamm lamented that the
will be watched closely for pointers on “Crude at US$120 a barrel is caus- public markets have not supported the oil
how OPEC supply policy might develop. ing demand destruction,” he said. “It is and gas industry and limited its growth,
already happening.” especially since the coronavirus pandemic.
An OPEC delegate and another
source familiar with OPEC thinking said Oil demand forecasters often have to “We have determined that the opportu-
they expected world demand growth of make sizeable revisions given changes in nity today is with private companies who
2 million barrels per day (bpd) or less in the economic outlook and geopolitical have the freedom to operate and are not
2023, a rise of just 2%, compared with uncertainties, which this year included limited by public markets,” Hamm said
growth of 3.36 million bpd expected in Russia’s invasion of Ukraine and recent in the letter.
2022. Chinese coronavirus lockdowns.
Continental’s shares rose 7.3% to
“Even if it is only 1 million bpd, that OPEC originally forecast demand US$69.20 in pre-market trading follow-
is still growth and not a peak,” the del- growth in 2022 of 3.28 million bpd, in ing the offer, which comes as the company
its first forecast published in July 2021, expands into the Permian basin, the heart
later raising it up to more than 4 million of US shale, amid a surge in oil prices after
bpd before cutting it to 3.36 million bpd. Russia’s invasion of Ukraine.
Read also: Japan’s Idemitsu to slash
refinery capacity due to shrinking oil Prices have hit triple digits as the con-
demand Click here flict disrupted supply chain at a time when
fuel demand is rising on a rebound in glob-
al travel, revitalising the shale industry’s
prospects.

Continental said it would form a spe-
cial committee of independent directors
to consider Hamm’s proposal.

If the proposal is rejected, the Hamm
family will continue as long-term share-
holders and would not push for any stra-
tegic options, according to Hamm’s offer
letter.

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(June 14): Zhejiang Geely Holding Group China’s Geely that “also act as a pathway to greater au-
Co, the satellite-to-automobile group con- takes over tomotive applications”, Li said at the time.
trolled by billionaire Li Shufu, has pur- “There is a close connection in technolo-
chased a majority stake in Chinese smart- Alibaba-backed gies within intelligent vehicle cockpits and
phone maker Meizu Technology Co, smartphone smartphone software technologies.”
according to a Caixin report that cited an maker
announcement from the State Adminis- Indeed several large Chinese tech com-
tration of Market Regulation. BY BRUCE EINHORN panies have entered into the autonomous
Bloomberg and electric car space, with Xiaomi Corp
Geely unit Hubei Xingji Shidai Tech- planning four EVs and eyeing mass pro-
nology Co bought a 79% interest in Meizu duction of automobiles in the first half of
from Meizu’s founder and a unit of Aliba- 2024. Baidu Inc and Geely have meanwhile
ba Group Holding Ltd, the report, which poured around US$700 million into their
didn’t give a value of the transaction, said electric car joint venture Jidu.
onTuesday. Speculation that Geely was in
talks to acquire the mobile phone maker Alibaba invested in Meizu in hopes of
surfaced earlier this year. staking out a spot in the lucrative smart-
phone arena, but the brand has never tak-
For Geely, adding a smartphone maker en off due to aggressive competition from
to its stable comes as cars morph from mere Xiaomi, Huawei Technologies Co and
forms of transport into electric, internet-con- Oppo. The Chinese e-commerce giant
nected and autonomous vehicles powered also hoped to encourage wider adoption
by highly sophisticated technology. of itsYunOS operating system, though it’s
unclear if Geely would gain access to that
Xingji Shidai, which counts Li as its from the acquisition.
main investor, announced its entry into
the mobile devices sector in September Geely earlier this month put its first sat-
last year, setting out its intention to “fo- ellites into space as it rolls out a celestial
cus on integrating global technologies network to help it and other companies
and resources to develop premium smart access and transmit data for autonomous
devices including smart phones to global driving.
consumers”.
Li has a net worth of about US$19.2
Mobile phones have evolved into mo- billion, according to the Bloomberg Billion-
bile terminals and application platforms aires Index.

SEOUL (June 14): A week-long strike by South Korea “The government will continue to lis-
truck drivers in South Korea has disrupt- strike disrupts ten to reasonable arguments but strictly
ed shipments to China of a key cleaning shipments of key respond to illegal actions in accordance
agent used by makers of semiconductor cleaning agent for with laws and principle,” Won said, ac-
chips, the Korean International Trade cording to a ministry statement.
Association (KITA) said on Tuesday. chipmaking
Analysts expect the strike’s impact on
It was the first sign that the strike was BY BYUNGWOOK KIM & JOYCE LEE domestic chipmakers to be limited, how-
affecting the global supply chain of chip Reuters ever, saying that both Samsung and the
production, having already cost South world’s second largest memory chip maker,
Korean industry more than US$1.2 bil- the matter, who sought anonymity and SK Hynix, usually keep on hand materials
lion in lost output and unfilled deliveries. declined to identify the company because sufficient for three months or more.
of the sensitivity of the matter.
KITA said a Korean company that “Both drastically increased inventory
produces isopropyl alcohol (IPA), a The truckers’ union, which is protest- since Japan’s export curbs on chip mate-
chemical used in the cleaning of chip ing against soaring fuel prices and de- rial in 2019 highlighted the issue,” said
wafers, faced difficulties in shipping to manding guarantees of minimum pay, Ahn Ki-hyun, senior executive director
a Chinese company that in turn supplies vowed to continue the strike after four of the Korea Semiconductor Industry
wafers to chipmakers. rounds of talks with the government Association.
failed to find a resolution.
About 90 tonnes of the material, or a Small business owners voiced concern
week’s worth of shipments, have been de- In a statement on Tuesday, it also con- about the havoc a lengthy strike could
layed, the trade body said in a statement. demned the transport ministry for being deal to the recovery from the Covid-19
“neither willing to talk nor capable of pandemic, as the truckers had launched
It corrected an earlier statement that resolving the current situation”. their action less than two months after
production had been disrupted, and social distancing norms were lifted.
clarified that the Chinese firm does not Transport Minister Won Hee-ryong
supply wafers to Samsung Electronics ruled out acceptance of any demand that “Small business owners are waiting
Co Ltd’s chip production operations in sought to use the national economy as helplessly,” a dozen lobby groups such
China. a hostage. businesses said in a joint statement, add-
ing that shipments of liquor, food, farm
Also facing problems because of the and fisheries products had been blocked.
strike are IPA shipments by a major
South Korean petrochemical company An official of HiteJinro Co Ltd, the
from its plant in the port city of Yeosu. biggest brewer of soju, the South Korean
liquor, said its shipments were cut about
Only an “essential amount” is being 40% by the strike.
let through, said a person familiar with

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(June 14): Sea Ltd is making its first major Shopee-owner chases, especially with the war in Ukraine
job cuts in areas spanning shopping and Sea cuts jobs in and rising interest rates clouding the glob-
food, joining other tech firms downsizing shopping, food al economic outlook. More than 132,000
this year in anticipation of unprecedented in first major tech jobs have been cut since the start of
market and economic volatility. the pandemic, according to tracking site
downsizing Layoffs.fyi.
Southeast Asia’s largest tech firm plans
to let employees go across its e-commerce BY OLIVIA POH The dismissals come after Sea revised its
division Shopee, Chris Feng, the unit’s Bloomberg full-year outlook for e-commerce sales, its
chief executive, said in an email to em- main source of revenue, to US$8.5 billion
ployees seen by Bloomberg News. It will BLOOMBERG to US$9.1 billion from its previous guid-
reduce headcount across its ShopeeFood ance of US$8.9 billion to US$9.1 billion.
and ShopeePay divisions in Southeast Asia. Sea representatives weren’t immediately The company also posted a wider loss for
The cuts will also extend across its Mexi- available to comment. the first three months as expenses soared.
co, Argentina, and Chile teams, as well as
the cross-border team supporting Spain. Consumers emerging from prolonged The Singaporean giant is now gradually
lockdowns are cutting back on online pur- reducing its overseas footprint and periph-
Sea faces increasing pressure to slash ery businesses, as competition takes a toll.
costs as growth in its main commerce busi- That’s a stark shift from the e-commerce
ness comes off a pandemic-era high.While and gaming platform’s previous stance of
mobile gaming has proven more resilient, continued spending for global growth.
the company has lost about US$160 billion
of its market value since an October high, “This reallocation of resources to fur-
as investors begin to scrutinize its longer- ther focus on our priorities will help us
term trajectory. grow our business even better,” Feng said
in his email. “While we need to continue
“Given elevated uncertainty in the to optimize our efficiency, we are also gen-
broader economy, we believe that it is pru- erally still growing and hiring as needed to
dent to make certain difficult but important support that growth.”
adjustments to enhance our operational ef-
ficiency and focus our resources,” Feng said Shopee will pull out of Spain as of the
in his email to staff. He emphasized that end of June 17, it said in an announcement
the job cuts are to ensure that the business on its website.The company pulled out of
remains in the “best possible position” to India and France after just a few months in
continue scaling sustainably. the countries, and plans to focus on core
markets in Southeast Asia and Brazil.

JAKARTA (June 14): Indonesia on Tues- Indonesia cuts As of Tuesday, the ministry has issued
day issued new regulations on palm oil max palm oil export permits for 566,614 tonnes of
export taxes, detailing the recently an- export levy to crude palm oil and its derivatives under
nounced levy rate cut to accelerate ship- US$200, but to this scheme.
ments that have been slow to rebound after rise in August
the ending of an export ban. Separately, companies are currently al-
BY BERNADETTE CHRISTINA lowed to sell stocks built up during the export
But the levy rate will be raised in Au- Reuters ban without having to join a domestic cook-
gust, according to the finance ministry ing oil programme. But they will have to pay
regulations, sparking concerns from an The new rates apply to sales that are tied a higher export tax of a maximum US$488
industry group. to the domestic distribution of cooking oil. per tonne for crude palm oil, bringing the
The trade ministry recently bumped up the combined levy and tax to US$688 a tonne.
The world’s biggest palm oil exporter allocation for such exports to 2.25 million
allowed palm shipments to resume from tonnes, from about 1 million previously. Indonesia had approved export permits
May 23 following a three-week ban de- as of Monday for 1.16 million tonnes of
signed to boost cooking oil stocks and keep palm oil products under the programme,
runaway local prices in check. which expires on July 31.

Authorities have since launched an ex- The export acceleration programme has
port acceleration programme and tweaked helped companies to empty their storage
tax rules after shipments were slow to restart tanks, Eddy Martono, secretary general of
amid confusion over procedural issues. industry group GAPKI told Reuters.

Details of Tuesday’s regulations were But he said to avoid hurting farmers, the
in line with previous announcements, in- government should assess the international
cluding lowering the maximum levy rate palm oil price and domestic FFB prices be-
for crude palm oil to US$200 a tonne from fore imposing a hike in export levy rates be-
US$375, effective until July 31. ginning Aug 1 “so we can avoid a case when
the price goes down and the levy is raised”.
Indonesian exporters pay a levy and an
export tax on shipments and the govern- The Indonesian Oil Palm Farmers Un-
ment last week announced a hike in the ion appreciated the levy cut, but complained
maximum export tax to US$288 per tonne. that palm fresh fruit bunches (FFB) prices
remain weak and refiners were still limiting
Overall, the combined ceiling for both purchases due to near-full storage tanks, said
levy and tax would be reduced to US$488 Sabarudin, a union official.
per tonne from US$575 per tonne.

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MUMBAI/PARIS (June 14): French gi- TotalEnergies, into the green hydrogen sector to drive
ant TotalEnergies SE and Indian billion- Adani team up down the costs,” said Debasish Mishra, a
aire Gautam Adani’s conglomerate plan for US$5 bil India Mumbai-based partner at DeloitteTouche
to invest US$5 billion to produce green hydrogen project Tohmatsu.“India can’t think of a decarbon-
hydrogen and related products in India as isation road map without green hydrogen.”
the world’s third-largest polluter seeks to BY P R SANJAI & FRANCOIS DE BEAUPUY
decarbonise. Bloomberg Total is boosting clean-energy output
while reining in oil-product sales as share-
Total will buy a 25% stake in Adani New BLOOMBERG holders demand greater efforts to fight
Industries Ltd for an undisclosed amount, climate change. It has previously teamed
according to an exchange filing from Adani as it chases the target of being net-zero up with Adani to invest in natural gas and
Enterprises Ltd onTuesday.Adani New In- carbon by 2070. renewables in India, where the govern-
dustries is a closely held company of Adani ment this year unveiled plans — and in-
Enterprises, the flagship firm for the coal- “To meet India’s energy transition goals, centives — for massive hydrogen growth.
to-ports conglomerate. Adani Enterprises’ we need big money and technology to come In 2019, Total bought a 37.4% stake in
shares rose 5.6% in Mumbai, pushing this Adani Gas Ltd — now called Adani Total
year’s jump to 28.5%. Gas Ltd — and last year spent US$2.5
billion acquiring 20% of Adani Green
The purchase would be yet another shot Energy Ltd and a 50% stake in a port-
in the arm for Adani, who has been seeking folio of solar assets.
global investors to bolster his green energy
ambitions. Adani New Industries aims to Green hydrogen, produced from water
invest more than US$50 billion over the and renewable power, is forecast for rapid
next 10 years in green hydrogen and its growth this decade, and global output could
ecosystem, the filing said, as part of the jump as much as 18-fold to about 11.6 mil-
group’s broader plan to boost its presence lion tons a year by 2030 with strong policy
in the green-energy value chain. Green hy- support, according to BloombergNEF.
drogen projects will also help India — the Click here for the full story
world’s third-largest carbon emitting coun-
try — to slash its reliance on oil and coal

(June 14): BlueBay Asset Management is Hedge fund For now, Japan’s policy makers are de-
gearing up for battle with the Bank of Japan. BlueBay is fending their yield target.The central bank
shorting Japanese boosted scheduled purchases of five-to-10-
As the BOJ escalates attempts to keep bonds until year debt to 800 billion yen (US$6 bil-
a lid on bond yields, BlueBay is betting BOJ breaks lion)Tuesday from an expected 500 billion
the central bank will be forced to aban- yen, after the benchmark yield climbed to
don a policy that’s increasingly out of sync BY RUTH CARSON 0.255%. It also announced an unscheduled
with global peers.The BOJ’s so-called yield Bloomberg operation to buy longer-dated debt after
curve control is “untenable”, according to the 30-year yield surged to 1.28% — the
Mark Dowding, BlueBay’s London-based ward guidance (in the form ofYCC) will highest since 2016.
chief investment officer. end very messily with huge implications
for global rates,” Deutsche Bank macro The yen tumbled to a 24-year low of
“We have a sizable short on JGBs,” strategist Jim Reid wrote in a note to cli- 135.19 per dollar on Monday, amid the
Dowding, whose firm oversees about ents on Tuesday. growing policy divergence between the BOJ
US$127 billion across hedge funds and and the Fed.The Japanese currency traded
other fixed income products, said in an Ten-year yen swap rates have also at around 134 on Tuesday.
interview on Monday. surged, breaking their close relationship
with domestically driven yields. At over “We do think that the BOJ will be forced
Traders are increasingly testing the BOJ 0.50%, the former have pushed well past to capitulate at some point,” Russel Mat-
as soaring inflation drives up bond yields the central bank’s 0.25% “line in the sand” thews, senior portfolio manager at Blue-
around the world. Dowding joins other for benchmark bonds, suggesting interna- Bay, said in an interview with Bloomberg
market veterans such as former Goldman tional traders believe higher yields and a Television.
Sachs Group Inc. chief currency economist policy change in Japan are inevitable.
Jim O’Neill and JPMorgan Asset Manage- Japan’s central bank bought 2.2 trillion
ment’s Seamus Mac Gorain in predicting There is “little downside to being short yen worth of government notes through its
the BOJ will eventually alter its stance on Japan rates via futures or yen swaps”, Dow- fixed-rate operation onTuesday, the biggest
yields, just as Australia’s central bank did ding said. “Yield curve control is designed amount on record since the programme
last November. so that the more the Fed hikes, the more began in 2016.
the BOJ is going to need to ease and grow
Yields on 10-year Japanese bonds its balance sheet.This is what makes it un- BlueBay started shorting Japan’s sover-
breached the upper end of the BOJ’s target tenable.” eign debt when the yen slid close to the 130
on Monday and have remained at elevated per dollar level several weeks ago, Dowd-
levels, even after the central bank acceler- ing said. “Once yields move after a change,
ated its planned bond-purchase operations then we will look to take profits,” he said.
and included longer maturities. Read also: Nearly half of Japan firms see
weak yen as bad for business — survey
“The last man standing continues to Click here
be the BOJ and to be honest the more
the market attacks the Fed and the ECB
the more likely it is that the BOJ own for-

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(June 14): Bitcoin delivered another Bitcoin turns on Monday. “This implosion could impact
white-knuckle rideTuesday, briefly turning lower again as many ecosystems, as Celsius has a range of
positive before resuming its slide as specu- Celsius weighs on assets leveraged on several platforms.”
lators struggled to price in the prospect of
even bigger Federal Reserve interest-rate sentiment Traders are also monitoring MicroStrat-
hikes to quell inflation and the consequenc- egy Inc, whose big bet on Bitcoin is back-
es of the halt of withdrawals by the lending BY JOANNA OSSINGER, SUVASHREE GHOSH firing.The firm loaded up on the coins and
platform Celsius. & SIDHARTHA SHUKLA may need to post additional collateral fora
Bloomberg loan as Bitcoin tests a key price range it
The largest digital token was down about flagged last month. MicroStrategy owns
5% to US$22,053 as of 7:24 a.m. in New REUTERS about US$2.7 billion in Bitcoin.
York. It had dropped as low as US$20,823,
the least since December 2020. Ether was US$1 trillion on Monday for the first time More than US$1.1 billion was liquidated
down as similar amount, while altcoins like since January 2021. in the crypto markets on Monday — about
Solana,Avalanche and Polkadot were mixed. US$685 million of longs and US$468 mil-
Some market watchers are predicting lion on the short side, according to Coin-
Cryptocurrencies have become emblem- more fallout from Celsius’s troubles. glass data. That’s the most for both longs
atic of a flight from speculative assets as and shorts in at least the past three months,
monetary policy is tightened around the “A run on Celsius could end up having a the data showed.
world to fight inflation, draining liquidity bigger impact on the market as a whole than
from global markets. Each swoon evokes the collapse of the Terra ecosystem — that Crypto linked shares in Asia, such as
the obligatory question of whether the time hurt a lot, but was relatively isolated,” Noelle Monex Group and SBI Holdings Inc, re-
is right to buy the dip because a nadir may Acheson, head of market insights at Gene- treatedTuesday amid the sour overall mood.
be close at hand. sis GlobalTrading, said in aTwitter thread
Some strategists are looking for signs of
“There were some buyers waiting for a crypto bottom. Mark Newton of Fund-
an opportunity to buy on dips and that’s strat Global Advisors said Bitcoin is “getting
why Bitcoin has come off its lows,” Sath- closer to intermediate-term levels of support
vik Vishwanath, chief executive officer of which suggest buying dips should be correct
the Unocoin crypto exchange, said from by the end of the second quarter.”
Bengaluru, India. But the reprieve may be Read also:
temporary as retail investors remain jittery Coinbase to lay off 18% of workers as
about liquidity, he said. crypto winter worsens Click here

Crypto lender Celsius freezing withdraw- US SEC chief Gensler warns about crypto
als on Monday exacerbated worries about lenders offering sky-high returns Click
the stress in the digital-asset sector, mark- here
ing a fresh crisis just a month after theTer-
ra stablecoin’s collapse roiled the market.
News of Celsius’s decision helped push the
overall crypto market capitalization below

PARIS (June 14): Atos SE’s shares tum- Atos considers to further management changes. Moreo-
bled the most on record after the company spin-off of ver, this means that the team leader who
said chief executive officer (CEO) Rodol- designed the turnaround plan will not be
phe Belmer would resign just five months cybersecurity there to carry it out.”
into his tenure, following a failure to agree unit; CEO to
on a potential restructuring that will lead Belmer was appointed CEO following
to a break-up of the French IT business. leave the unexpected resignation of Elie Girard
after a dire series of results. Previously
Atos is studying spinning off its big BY BENOIT BERTHELOT CEO of Eutelsat Communications SA,
data and cybersecurity business in a sepa- Bloomberg Belmer was in charge of reorganising Atos
rate entity, while Belmer will leave before to focus on cloud-based products.
September, the company announced at a was removed from the benchmark CAC
capital markets day on Tuesday. Appoint- 40 index in Paris and auditors uncovered The reorganisation is the board’s “de-
ed in late January this year, Belmer said accounting errors at two of the firm’s US cision”, Belmer said during a call with re-
he has “no choice but to resign” follow- entities. The collapse attracted takeover porters, refusing to comment on reported
ing this reorganisation, according to the interest.Thales had been studying team- disagreements over the company’s strat-
statement. ing up with private equity on a potential egy. He will receive nine months’ salary
takeover, Bloomberg reported in February. for his departure, while his contract al-
Atos shares fell as much as 27% in lowed him to receive two years of pay if
early trading in Paris. “We consider this “We see several negative elements leaving before a period of two years after
restructuring will be painful and is unlike- here,” including the departure of the CEO his nomination, he said.
ly to please investors in the short term,” “who just arrived”, Oddo BHF analysts
said Gregory Ramirez, analyst at Bryan wrote in a note to clients. “This may lead Philippe Oliva has been appointed dep-
Garnier & Co. uty CEO in charge of the BDS and Nour-
dine Bihmane deputy CEO in charge of
A series of setbacks and profit warn- the legacy business.
ings has sent Atos from a market value of Click here for the full story
€8.2 billion (US$8.6 billion) at the end of
2020 to €2.1 billion onTuesday.The firm

W E D N E S D A Y J U N E 1 5 , 2 0 2 2 20 T H E E D G E C E O M O R N I N G B R I E F

WORLD

NEWS IN BRIEF

BLOOMBERG China regulator issues compensation
guidelines to brokers, funds
A guard stands next to a barrier fence while delivery drivers drop off deliveries outside an
apartment under Covid-19 lockdown, in Beijing, China on June 13, 2022. SHANGHAI (June 14): China’s securities
regulator has issued guidelines on pay
Beijing cases hit three-week high as Covid czar urges action to the nation’s brokers and funds to
(June 14): Beijing reported the highest number of daily Covid-19 cases in three avoid handing out “excessive” short-
weeks, with the capital moving to re-impose some restrictions just days after term incentives and prevent financial
starting to ease them and appearing to avoid a broad lockdown like Shanghai. risks. The China Securities Regulatory
The city recorded 30 new local cases through 3 p.m. on Tuesday, including three Commission (CSRC) said the curbs, which
infections in the community. On Monday, there were 74 infections, the most since include deferring payouts, were based on
May 22 when the city hit a record for the current outbreak. Vice Premier Sun market law and aimed at strengthening
Chunlan, the nation’s top official for pandemic control, urged Beijing to contain the compliance and risk management,
flareup as soon as possible, the official Xinhua News Agency reported late Sunday. according to a statement on Tuesday.
After starting to ease pandemic restrictions in major Chinese cities, authorities Meanwhile, the watchdog said it did
have begun to walk back some of those plans as infections creep up again. Most not set limits on the compensation of
schools in Beijing delayed a reopening that was planned for Monday, while all sports bankers or specify any execution details.
competitions were halted. Authorities closed more bars, movie theaters, gyms and The response came after Bloomberg News
other venues deemed to be “potential magnifiers” of the outbreak. — Bloomberg reported on Monday that the CSRC told
global banks including Credit Suisse Group
AG, Goldman Sachs Group Inc, and UBS
Group AG in meetings in Shanghai and
Beijing earlier this year to report details
on how they compensated their top
bankers. The CSRC said on Tuesday that it
had not held such meetings. The watchdog
said it will regulate the 11 foreign
brokerages and fund companies that have
won majority ownership of their China
ventures in a unified way and respect
their rights to make business decisions. —
Bloomberg

Disney, Reliance bid US$6.2 bil to Rewritten schoolbooks say Click here for the full story
beam India cricket Hong Kong was never British colony,
SCMP says Cathay first-half loss to narrow as
MUMBAI (June 14): The cost to acquire airline plots recovery
media rights for the Indian Premier (June 14): New schoolbooks will teach
League (IPL) tripled to 483.9 billion rupees students in Hong Kong that the city was (June 14): Cathay Pacific Airways Ltd
(US$6.2 billion), catapulting the cricket never a British colony, the South China flagged it will post a narrower first-half
tournament over the English Premier Morning Post reports, as Beijing seeks loss than the previous year on continued
League as global firms vie for subscribers to tighten its control of the territory. strong cargo demand and cost-cutting
on the subcontinent. Viacom18 Media Pvt, The four sets of textbooks for a class on measures. “Our consolidated losses in
a joint venture between Paramount Global citizenship say the Chinese government the first half of 2022, while substantial,
and Mukesh Ambani’s Reliance Industries never recognised the 19th-century are expected to be lower than the
Ltd, won digital streaming rights for 238 treaties that handed Britain control of consolidated losses reported in the first
billion rupees, Jay Shah, secretary of Hong Kong, the report says. They also half of 2021,” Ronald Lam, the airline’s
the Board of Control for Cricket in India stick to the government’s stance on the chief customer and commercial officer,
(BCCI), said on Twitter on Tuesday. Walt large and sometimes violent protests said in a statement Tuesday. Cathay
Disney Co bagged television rights for in the city in 2019, blaming them on reported a HK$7.6 billion (US$968
about 236 billion rupees. For the first time “external forces”. The educational million) deficit for the six months ended
ever, streaming rights beat traditional materials have been provided to June 30, 2021. The Hong Kong-based
broadcast bids, highlighting how crucial schools so they can pick which to teach carrier also said it expects the number of
the five-year contract is for Ambani’s from September, the newspaper said. destinations it operates to will double by
ambitions to vault into the club of global Textbook publishers are responsible for the end of the year from 29 in January, as
over-the-top media behemoths. The IPL choosing the appropriate materials for the Asian financial hub dials back some
lured more than 600 million viewers this schoolbooks in accordance with official of the world’s most restrictive Covid-19
year and is seen as the quickest way to guidelines, the Education Bureau said measures. The airline flew to just over
boost subscribers in a market with almost in a statement to Bloomberg News. — 100 destinations prior to the crisis. —
1.4 billion people. — Bloomberg Bloomberg Bloomberg

Click here for the full story Click here for the full story Click here for the full story

W E D N E S D A Y J U N E 1 5 , 2 0 2 2 21 T H E E D G E C E O M O R N I N G B R I E F

WORLD

Wall Street’s latest bear market
may be here to stay for a while

BY JAN-PATRICK BARNERT & MICHAEL MSIKA Chart 1
Bloomberg

FRANKFURT/LONDON (June 14): US Chart 2
stocks have entered a bear market and if his- Chart 3
tory is any guide, it could be long and painful.

This is the fourth such event for the
S&P 500 Index over the past two decades.
While the last bear market of 2020 was
mostly a so-called shock trade brought
about by the Covid-19 pandemic, earlier
ones in 2000 and 2008 took much longer
to find a bottom and then recover losses.

According to Peter Garnry, head of eq-
uity strategy at Saxo Bank A/S, the cur-
rent sell-off has most in common with the
dotcom bust of 2000 and the 1973-1974
bear market that was punctuated by surg-
ing oil prices linked to an OPEC oil em-
bargo. That is due to the combination of
high technology valuations and the current
commodity crisis, he said.

“This drawdown could extend to 35%
and last over a year before the trough is
reached,” Garnry wrote in a note.

Here are six charts providing context
on previous bear markets:

Time and depth
The S&P 500 Index fell 51% from peak to
trough between 2000 and 2002, and by 58%
during the period of the global financial cri-
sis, and on both those occasions it took more
than 1,000 trading days to recover the losses.
In the case of the former, it took 638 days
before a low was reached, while for the lat-
ter it took 352 days, suggesting the current
sell-off might be young in age. (see chart 1)

Valuations
Valuations were at an all-time high just be-
fore the tech bubble burst in 2000. The
S&P 500’s forward price-to-earnings ratio
was around 25 times back then. That was
similar to the current situation, as forward
valuations were approaching 24 before the
market started falling this year. By contrast,
stocks were relatively cheap ahead of the
global financial crisis, but in both cases the
drop in valuations exceeded 40%, compared
with less than 30% currently. (see chart 2)

Earnings
Every stock rout, particularly previous bear
markets, were events that brought equities
back to fundamentals.The S&P 500 has of-
ten decoupled from its earnings trend, but
eventually comes back in line. (see chart 3)

CONTINUES ON PAGE 22

W E D N E S D A Y J U N E 1 5 , 2 0 2 2 22 T H E E D G E C E O M O R N I N G B R I E F

WORLD

FROM PAGE 21 Chart 4
Chart 5
Support
Equity investors should not bet on any help
from central banks at this point. On the con-
trary, the end of extreme monetary easing is
set to halt a two-year bull run that was among
the most powerful ever recorded,while stocks
may find it hard to live without the drug of
cheap money. It is also a challenge for in-
vestors to adopt a new regime after years of
the “don’t fight the Fed (Federal Reserve)”
mantra. (see chart 4)

Bear haunting bear
Recent sharp increases in government
bond yields bode ill if the recent past is
anything to go by. European stock markets
were pushed back into bear territory in
2011 as the aftermath of the financial cri-
sis morphed into the sovereign-debt crisis
due to skyrocketing yields and a plunging
euro. (see chart 5)

Inflation and rates
One crucial difference between the cur-
rent bear market and previous ones is the
monetary policy environment.This one is
the first in a long time where markets have
to battle high inflation and rising rates si-
multaneously. (see chart 6)

Chart 6

BLOOMBERG

W E D N E S D A Y J U N E 1 5 , 2 0 2 2 23 T H E E D G E C E O M O R N I N G B R I E F

MARKETS

CPO RM 5,851.0058.00 OIL US$ 123.250.98 RM/USD 4.4205 RM/SGD 3.1831 RM/AUD 3.0613 RM/GBP 5.3756 RM/EUR 4.6125

Top 20 active stocks

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

UNITRADE INDUSTRIES BHD 246.86 -0.020 0.300 0.00 468.8

DAGANG NEXCHANGE BHD 101.90 0.005 0.910 19.74 2,872.2

TOP GLOVE CORP BHD 80.90 0.000 1.030 -60.23 8,247.4

YONG TAI BHD 65.30 0.005 0.090 -30.77 125.4

YEW LEE PACIFIC GROUP BHD 55.61 0.000 0.295 0.00 157.1

MNC WIRELESS BHD 42.50 0.005 0.020 33.33 45.7

TA WIN HOLDINGS BHD 41.90 0.000 0.085 -32 290.9

SERBA DINAMIK HOLDINGS BHD 41.30 0.005 0.105 -70.00 389.5

WIDAD GROUP BHD 38.60 0.000 0.360 -1.37 990.9 World equity indices

LGMS BHD 37.43 0.050 0.780 0.00 355.7

PRICEWORTH INTERNATIONAL BHD 31.30 -0.020 0.110 83.33 149.5 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE

HIBISCUS PETROLEUM BHD 29.30 0.020 1.230 50.92 2,475.3 (%) (%)
DOW JONES 30,516.74 -876.05 -2.79 INDONESIA 7,049.88 54.44 0.78
MY EG SERVICES BHD 24.40 -0.005 0.880 -17.76 6,499.3

SAPURA ENERGY BHD 23.70 -0.005 0.045 -10.00 719.1 S&P 500 3,749.63 -151.23 -3.88 JAPAN 26,629.86 -357.58 -1.32

NWP HOLDINGS BHD 22.50 0.005 0.270 10.20 142.1 NASDAQ 100 11,288.32 -544.50 -4.60 KOREA 2,492.97 -11.54 -0.46

JADE MARVEL GROUP BHD 19.90 0.010 0.900 36.360 295.2 FTSE 100 7,183.14 -22.67 -0.31 PHILIPPINES 6,474.53 7.52 0.12

BUMI ARMADA BHD 19.30 0.010 0.420 -10.64 2,485.6 AUSTRALIA 6,686.03 -245.95 -3.55 SINGAPORE 3,108.89 -30.46 -0.97

MALAYAN UNITED INDUSTRIES BHD 17.60 0.000 0.055 -21.43 171.0 CHINA 3,288.91 33.36 1.02 TAIWAN 16,047.37 -23.61 -0.15

PUBLIC BANK BHD 17.40 0.030 4.510 8.410 87,542.2 HONG KONG 21,067.99 0.41 0.00 THAILAND 1,603.03 2.97 0.19

KUMPULAN JETSON BHD 17.20 -0.015 0.270 28.57 72.4 INDIA 52,762.19 -84.51 -0.16 VIETNAM 1,230.31 3.27 0.27

Data as compiled on Jun 14, 2022 Source: Bloomberg Data as compiled on Jun 14, 2022 Source: Bloomberg

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

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

CHINA AUTOMOBILE PARTS 0.015 50.00 490.2 0.00 20.4 VERTICE BHD 0.080 -27.27 4,219.4 -63.64 25.5

NEXGRAM HOLDINGS BHD 0.015 50.00 851.0 50.00 66.3 TALAM TRANSFORM BHD 0.020 -20.00 1,163.9 0.00 85.9

GREEN OCEAN CORP BHD 0.020 33.33 439.6 -33.33 42.2 AE MULTI HOLDINGS BHD 0.025 -16.67 241.4 -16.67 54.1

MNC WIRELESS BHD 0.020 33.33 42518.4 33.33 45.7 SANICHI TECHNOLOGY BHD 0.025 -16.67 111.1 0.00 35.1

IMPIANA HOTELS BHD 0.025 25 4101.1 -66.67 36.1 MLABS SYSTEMS BHD 0.025 -16.67 1,300.3 -16.67 36.2

ADVANCE INFORMATION 0.115 15.00 0.1 -11.54 30.6 PRICEWORTH INTERNATIONAL 0.110 -15.38 31,332.2 83.33 149.5

FAST ENERGY HOLDINGS BHD 0.040 14.29 1480.4 -57.89 29.5 ALDRICH RESOURCES BHD 0.030 -14.29 1,070.5 -25.00 33.4

TFP SOLUTIONS BHD 0.085 13.33 1095.0 -19.05 49.7 QUALITY CONCRETE HOLDINGS 1.210 -12.95 4.1 -9.70 70.1

TAFI INDUSTRIES BHD 0.375 11.94 3405.3 -48.86 142.3 CME GROUP BHD 0.040 -11.11 19.0 -33.33 39.4

KEN HOLDINGS BHD 0.540 11.34 3.0 -8.47 96.8 MENTIGA CORP BHD 0.575 -10.16 2.0 -11.54 40.3

PUC BHD 0.050 11.11 5769.7 -65.52 81.3 PTT SYNERGY GROUP BHD 0.980 -10.09 165.9 9.50 88.2

PROGRESSIVE IMPACT CORP BHD 0.100 11.11 159.9 -4.76 65.5 REACH ENERGY BHD 0.045 -10.00 184.3 -25.00 49.3

BINA PURI HOLDINGS BHD 0.055 10.00 1243.0 22.22 87.9 MERIDIAN BHD 0.045 -10.00 4,404.4 -30.77 40.7

HARN LEN CORP BHD 1.270 9.48 3399.9 81.43 258.2 KEY ASIC BHD 0.045 -10.00 650.7 -35.71 61.3

TUJU SETIA BHD 0.35 9.38 48.7 -29.29 110.9 SAPURA ENERGY BHD 0.045 -10.00 23,661.7 -10.00 719.1

MALAYSIAN GENOMICS RESOURCE 0.700 9.38 6901.4 -39.66 86.9 TRIVE PROPERTY GROUP BHD 0.055 -8.33 169.5 83.33 69.5

IVORY PROPERTIES GROUP BHD 0.120 9.09 562.5 -4.00 58.8 PAN MALAYSIA HOLDINGS BHD 0.055 -8.33 20.0 -31.25 51.1

MINETECH RESOURCES BHD 0.065 8.33 32.5 -35.00 77.2 ICONIC WORLDWIDE BHD 0.170 -8.11 4,702.6 -38.18 95.6

CHINA OUHUA WINERY HOLDINGS 0.065 8.33 6530.0 -45.83 43.4 MENANG CORP M BHD 0.510 -8.11 1.1 -5.56 253.1

INIX TECHNOLOGIES HOLDINGS 0.070 7.69 1169.5 -39.13 35.9 SILVER RIDGE HOLDINGS BHD 0.115 -8.00 153.5 -43.90 22.6

Data as compiled on Jun 14, 2022 Source: Bloomberg Data as compiled on Jun 14, 2022 Source: Bloomberg

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

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

NESTLE MALAYSIA BHD 135.40 3.400 104.5 0.89 31751.3 BATU KAWAN BHD 24.640 -0.560 24.0 8.55 9697.4

CARLSBERG BREWERY MALAYSIA 22.78 0.600 172 13.45 6964.9 MALAYSIAN PACIFIC INDUSTRIES 29.840 -0.480 252.8 -39.55 5935.1

PETRONAS DAGANGAN BHD 21.06 0.540 226.900 2.23 20,922.1 QUALITY CONCRETE HOLDINGS 1.210 -0.180 4.1 -9.70 70.1

KUALA LUMPUR KEPONG BHD 24.70 0.500 1029 13.41 26630.5 HARTALEGA HOLDINGS BHD 3.170 -0.140 11655.0 -44.68 10833.4

PPB GROUP BHD 16.04 0.480 994.8 -6.20 22818.5 AJINOMOTO MALAYSIA BHD 12.460 -0.140 26.5 -19.09 757.5

HEINEKEN MALAYSIA BHD 24.46 0.380 225.8 17.37 7389.3 PTT SYNERGY GROUP BHD 0.980 -0.110 165.9 9.50 88.2

HONG LEONG FINANCIAL GROUP 18.76 0.340 102.3 8.19 21484.8 UNIMECH GROUP BHD 1.390 -0.110 3.1 0.00 205.2

PETRON MALAYSIA REFINING 6.71 0.270 1107.5 53.20 1811.7 DUTCH LADY MILK INDUSTRIES 32.700 -0.100 1.8 -2.45 2092.8

SIME DARBY PLANTATION BHD 4.79 0.270 5536.7 27.39 33126.3 OM HOLDINGS LTD 2.440 -0.090 197.0 -13.78 1802.2

PETRONAS GAS BHD 16.54 0.240 607.6 -7.57 32728.2 ADVANCED PACKAGING 2.710 -0.080 1.0 4.23 53.2

HENGYUAN REFINING CO BHD 5.45 0.200 3200.5 40.83 1635.0 PARAGON UNION BHD 1.570 -0.080 69.4 4.67 130.3

HAP SENG CONSOLIDATED BHD 7.36 0.180 189.8 -4.42 18324.0 MENTIGA CORP BHD 0.575 -0.065 2.0 -11.54 40.3

KHIND HOLDINGS BHD 2.84 0.180 6.7 -25.46 113.8 BLD PLANTATION BHD 9.490 -0.060 1.5 5.33 887.3

FRASER & NEAVE HOLDINGS BHD 19.88 0.160 225.6 -19.64 7291.6 KOSSAN RUBBER INDUSTRIES BHD 1.370 -0.060 11388.0 -28.65 3495.7

MISC BHD 7.15 0.150 1379.1 1.42 31915.8 ALLIANZ MALAYSIA BHD 12.740 -0.060 17.5 -0.93 2267.2

TELEKOM MALAYSIA BHD 5.15 0.150 2566.8 -6.36 19434.6 TIME DOTCOM BHD 4.270 -0.050 827.8 -6.65 7795.4

DIGI.COM BHD 3.25 0.150 3777.7 -25.46 25268.8 UMW HOLDINGS BHD 3.200 -0.050 290.2 7.74 3738.5

D&O GREEN TECHNOLOGIES BHD 3.91 0.140 1849.7 -33.73 4837.2 CRESCENDO CORP BHD 1.120 -0.050 29.5 -7.44 312.9

CAN-ONE BHD 3.44 0.140 33.4 -6.78 661.0 DUOPHARMA BIOTECH BHD 1.300 -0.050 313.5 -22.62 1237.9

DUFU TECHNOLOGY CORP BHD 2.80 0.120 1850.7 -34.73 1481.7 SENI JAYA CORP BHD 2.400 -0.050 10.4 -9.09 116.5

Data as compiled on Jun 14, 2022 Source: Bloomberg Data as compiled on Jun 14, 2022 Source: Bloomberg