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ceoMorningBrief thursday, november 2, 2023 Issue 663/2023 theedgemalaysia.com Capital A seeks US$1 bil Nasdaq listing for brand management unit via SPAC Aetherium p4 HOME: Apex court bins MyCC’s bid to review case against AirAsia, MAS p2 YTL Power emerges as substantial shareholder of Ranhill Utilities p7 Court awards RM700,000 to man who had money stolen from crypto platform Luno p11 WORLD: MAS prohibits DBS from acquiring new business ventures for six months p15 Bond fund managers head for third year of losses for first time in decades p16 Samuel Isaac Chua/The Edge Singapore IOI Properties’ Lee Yeow Seng to buy Shenton House for S$538 mil Report on Page 3. Mavcom suspends MYAirline’s flying licence 13 days before expiry Report on Page 6.

thursday november 2, 2023 2 The E dge C E O m o rning brief published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] Apex court bins MyCC’s bid to review case against AirAsia, MAS PUTRAJAYA (Nov 1): A three-member Federal Court bench on Wednesday dismissed Malaysia Competitions Commission’s (MyCC) application to review an apex court decision made last year that refused to grant leave for the regulatory body to challenge the Court of Appeal (COA) decision to set aside the RM10 million fine imposed on AirAsia and Malaysian Airline System (MAS). COA president Tan Sri Abang Iskandar Abang Hashim, who led the bench, said the decision was unanimous as it ruled that MyCC has not passed the threshold under Rule 137 of the Federal Court Rules. “We agree there is not an iota of evidence that the previous apex court decision was tainted with denial of justice on MyCC. The law in allowing a review to an apex court decision is trite. “Hence, we dismiss the review application by MyCC and order it to pay costs of RM60,000,” he said. Abang Iskandar sat together with Federal Court judges Datuk Zabariah Mohd Yusoff and Datuk Harmindar Singh Dhaliwal on the bench. MyCC, led by Datuk Lim Chee Wee, sought a review of the apex court’s decision made in February last year that refused MyCC leave to appeal the COA decision which set aside the compound. Lim had argued that the February 2022 decision had resulted in the regulatory body not being able to review the decision of its Competitions Appeal Tribunal (CAT) in court, whereby other litigants are allowed to do so. MyCC, Lim said, was seeking the Federal Court, as the court of last resort and court of justice, to further prevent injustice to MyCC by allowing it leave to review CAT’s and the earlier Federal Court decision. h o m e by Hafiz Yatim theedgemalaysia.com It was reported that MyCC had imposed the fine following MAS and AirAsia entering into a corroboration agreement to share routes back in 2012. CAT, however, allowed a lifting of the fine, following MAS and AirAsia’s appeals, after which MyCC filed a judicial review at the High Court, where it reversed CAT’s decision. The appellate court subsequently reversed the High Court’s decision, ruling that MyCC cannot challenge its appellate authority and that the commission is not considered an aggrieved party under Order 53 Rule 2, to initiate legal challenge against CAT. MyCC, in applying for leave to appeal, had failed to do so last February 2022, resulting in this review. Lim, in arguing for a review, said MyCC — as a regulator — not being able to challenge its appellate authority in CAT’s decision had resulted in “a shut door”, where it is not able to address the issue. “This resulted in a grave injustice to MyCC and there should be a reversal that allows MyCC access to justice (when the CAT decision did not fall in its favour),” he said, adding there was no prior Federal Court decision on this, and by not allowing it, would deprive the matter from being decided on. MyCC amending its provisions to give it locus standi Senior counsel Logan Sabapathy for MAS said there was no grave injustice to MyCC as the regulator had somewhat accepted the COA decision and is now amending its provision to allow it to review CAT’s decision. This amendment, Logan said was done since Oct 2022, in amending Section 44 of the Competition Act to give MyCC the locus standi (legal standing) to review the CAT decision. “This shows MyCC had accepted the COA decision and went down the amendment exercise to address the issue,” he said. Harmindar then interjected to enquire if the amendment would allow MyCC to be a party in the High Court and Logan replied in the affirmative, saying it would allow MyCC to question CAT’s decision. Logan said this was lifted from MyCC’s own document on the proposed amendment. He further argued that the matter should be put to bed, as MAS is in liquidation but yet faces such proceedings. Datuk Ambiga Sreenevasan, appearing for AirAsia, said that it was not only an issue of legal standing that MyCC faces, but also one of liability, which it did not address before the Federal Court. She said MyCC is required to get permission from CAT, if it wants to review CAT’s decision, but in this case, MyCC did not and the issue was addressed by the Court of Appeal, further saying that MyCC had not taken this point up to the earlier bench. For these reasons, Logan and Ambiga applied that a review of the earlier apex court decision should not be granted. Lim in reply to Logan, said that with regards to the proposed amendment, MyCC was uncertain when or if it would be passed to address the issue.

thursday november 2, 2023 3 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 1): Malaysian manufacturers experienced a challenging business environment again at the start of the final quarter of 2023 as demand conditions continued to wane. In a statement on Wednesday, S&P Global Market Intelligence said new orders moderated and production was scaled back. It said employment also eased, but firms were still able to deplete backlogs of work to the greatest extent since the survey began in July 2012. Meanwhile, currency weakness and higher raw material prices added to firms’ input costs, but the rate of inflation was relatively muted. Likewise, selling prices increased only slightly during the month. The seasonally adjusted S&P Global Malaysia Manufacturing Purchasing Managers’ Index (PMI) was unchanged at 46.8 in October and signalled an easing of business conditions for the fourteenth consecutive month. The historical relationship between the PMI and official GDP data suggests that GDP is still set to improve modestly. Looking at official data on manufacturing production, however, the PMI readings are indicative of a stagnation on a yearon-year basis. S&P Global said the latest PMI survey pointed to a further moderation of manufacturing output, the fifteenth in as many months. The pace at which production eased was marked and the fastest since January. S&P Global: Malaysian manufacturers bogged down by weak demand in October SINGAPORE (Nov 1): Shenton 101, a private company owned by Lee Yeow Seng, CEO and major shareholder of Bursa Malaysia-listed IOI Properties Group, has emerged as the sole bidder for Shenton House at the close of the collective sale tender at 3pm on Nov 1. JLL is the marketing agent for Shenton House. The purchase price of S$538 million (RM1.87 billion) is equivalent to the reserve price, which was reduced from S$590 million when the collective sale was relaunched on Oct 20. “Due to the size of the subject acquisition and the tight timing set by the sales committee of this collective sale, I feel that it would be more appropriate to bid for Shenton House via a privately-owned vehicle,” says Lee of IOI Properties Group (IOIPG). The Collective Sale Committee (CSC) of Shenton House had obtained more than 80% of the strata-titled owners’ consent to the lower reserve price of S$538 million before the close of the tender on Nov 1. However, the sale is conditional on a five-day statutory cooling-off period and the CSC obtaining the approval of the sale from the Strata Titles Board or the Court. Last remaining redevelopment opportunity Situated at 3 Shenton Way, Shenton House has a prominent triple frontage and a site area of 36,350 sqft that is zoned “commercial” with a gross plot ratio (GPR) of 11.2 in the 2019 Master Plan. The site has a 99- year lease from June 2, 1969. It is one of the last buildings from the 1970s still standing on Shenton Way. “Shenton House is the last remaining redevelopment opportunity at this stretch of the prime Shenton Way thoroughfare,” says Tan Hong Boon, JLL executive director of capital markets who brokered the deal. Under the CBD Incentive Scheme, the Shenton House site is eligible for a 25% bonus gross floor area. It could be redeveloped into a mixed-use development IOI Properties’ Lee Yeow Seng to buy Shenton House for S$538 mil with commercial, residential, or hotel at the GPR of 14.0. Shenton House’s purchase price of S$538 million reflects a unit land rate of S$1,885 psf per plot ratio (psf ppr) based on the GPR of 14.0, after factoring in land betterment charges and lease top-up premium to a fresh 99-year term. The unit land rate is also based on a proposed redevelopment into a mixed-use project with 60% commercial and 40% residential components under the CBD Incentive Scheme, with a 25% uplift in GPR. “With over half a million sq ft of gross floor area, we will develop this strategically located and very prominent site into a premier Grade A office and luxury branded serviced residences,” says IOIPG’s Lee. “This purchase demonstrates my continued confidence in Singapore’s prime office sector and residential rental market.” Lee adds: “Shenton Way is where Singapore’s first CBD is located. It pays homage to Singapore’s transformation as a global financial centre akin to how the late LKY [Lee Kuan Yew, Singapore’s Founding Prime Minister] described Singapore as transforming itself from a third-world city to a first-world city.” Read the full story by Cecilia Chow theedgesingapore.com by Surin Murugiah theedgemalaysia.com Data collected October 12-25, 2023. Sources: S&P Global PMI, Department of Statistics Malaysia via S&P Global Market Intelligence Malaysia Manufacturing PMI Gross domestic product -20 -15 -10 -5 0 5 10 15 20 30 35 40 45 50 55 60 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 sa, >50 = improvement since previous month %yr/yr continues on Page 4

thursday november 2, 2023 4 The E dge C E O m o rning brief home Respondents largely attributed the latest easing in production to weak demand conditions both domestically and internationally. This anecdotal evidence was consistent with data covering total new orders and new export business, both of which saw a sustained slowdown in October. With new orders softening, manufacturers were able to transfer spare resources to work on outstanding business. Backlogs of work subsequently fell sharply over the month, and to the largest degree in the survey’s history. This record backlog depletion was registered in spite of a further scaling back of workforce numbers. Employment was reduced for the sixth month running amid the reported loss of some permanent members of staff. Although modest, the pace at which workforce numbers eased was the fastest since June 2022. Lower new orders and output requirements also led firms to ease back on their input buying and run down inventories of both purchases and finished goods. Weak demand for inputs meant a lack of pressure on capacity at suppliers. Lead times on the delivery of items continued to lengthen, however, amid material shortages. The rate of input cost inflation strengthened gradually in October, reaching the highest since last November. That said, the latest increase was still softer than the series average and much weaker than seen over much of the past three years. According to respondents, inflation reflected both currency weakness and higher costs for raw materials in international markets. Output charges rose for the third month running as firms passed higher input costs on to their customers, but the rate of inflation remained only slight. Hopes that the demand environment will improve over the course of the next 12 months supported confidence in the outlook for production. Optimism picked up to a six-month high, but was still softer than the series average. Around 19% of respondents predicted growth of output, while 8% were pessimistic. Read the full story KUALA LUMPUR (Nov 1): Capital A Bhd is seeking to float its AirAsia brand royalty business and aircraft leasing unit in the US by injecting these operations into a Nasdaq-listed special purpose acquisition company (SPAC), aiming for an indicative valuation of US$1 billion (RM4.77 billion), as part of its plans regularise its financials. The plan came after sister company AirAsia X Bhd’s application for relief from having to submit and implement a regularisation plan for its Practice Note 17 (PN17) status was rejected by Bursa Securities. While the specifics of the restructuring were never disclosed, it was understood that the restructuring would have involved a share swap and a valuation of goodwill of Capital A’s airlines. In an interesting twist, Capital A said on Wednesday that it would instead unlock the value of the AirAsia brand by floating the brand management business on the Nasdaq, and expects a one-off gain from the listing exercise to improve its negative shareholders’ equity, which stood over RM10 billion as at June 30. Notably, on the same day, Capital A was granted an extension until Dec 31, 2023 to submit its regularisation plan to the regulatory authorities. In a separate filing, Capital A said it had entered into a letter of intent with the SPAC, Aetherium Acquisition Corp (GMFI), for a proposed merger between the latter and an upcoming Cayman Islands entity known as Capital A International (CAPI) to be set up by the low-cost carrier operator. After incorporating CAPI, this special purpose unit will acquire Brand AA Sdn Bhd and Fleet Consolidated Pte Ltd from Capital A. Brand AA is a brand management company. It is the registered proprietor for all the rights under the AirAsia brand. Under a master brand licensing agreement dated May 31 this year, Brand AA has the right to collect royalty fees from AirAsia Aviation Group Ltd, Capital A’s aviation division. Fleet Consolidated, meanwhile, will primarily be responsible for the procurement and delivery of the requisite aircraft for the aviation group based on the agreed allocation plan. The proposed listing was leaked by the Financial Times last month, citing unnamed sources, reporting that Capital A is planning to raise over US$1 billion in debt and equity, while listing some businesses via GMFI. Capital A told Bursa Malaysia on Wednesday that both parties are expected to complete due diligence and negotiations for the execution of a definitive agreement within three months. “In connection with the definitive agreement, the parties will negotiate in good Capital A seeks US$1 bil Nasdaq listing for brand management unit via SPAC Aetherium faith, and mutually agree on a minimum cash condition (additional net cash proceeds), which will be included in the definitive agreement,” it said. “GMFI will ascribe to CAPI for purposes of the proposed business combination an indicative equity value of US$1 billion and the additional net cash proceeds received by CAPI, if any, prior to the signing of the definitive agreement and retained by CAPI until the closing of the proposed business combination,” it added. Upon the completion of the merger with GMFI, Capital A said, it will have exposure to US capital markets through the Nasdaq. “The proposed business combination will result in the AirAsia brand and the leasing businesses of the group being listed and traded on the Nasdaq,” it said, adding that it will also be able to indirectly participate in the profit from the US-listed entity. Apart from the nod of capital market regulators in both Malaysia and the US, the corporate exercise also requires Capital A shareholders’ approvals via an extraordinary general meeting, and holders of the group’s seven-year redeemable convertible unsecured Islamic debt securities of RM974.5 million. Capital A chief executive officer Tan Sri Tony Fernandes said the exercise marks the group’s first step to venture out of Asean in terms of capital raising. “This is a coming-of-age moment for Capital A, which has morphed from AirAsia into a low-cost, value-driven aviation and travel services group of five entities, the first of which that’s coming to the public market would be CAPI,” he said in a statement on Wednesday. Read the full story by Chester Tay theedgemalaysia.com from Page 3

thursday november 2, 2023 5 The E dge C E O m o rning brief H O N O U R I N G M A L AY S I A’ S B E S T P E R F O R M E R S I N ESG EXCELLENCE Knowledge Partner (Funds Category) Main Partner Auditor Official Broadcast Partner Automotive Partner In Collaboration With

thursday november 2, 2023 6 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 1): Salutica Bhd has stated that while there are no undisclosed corporate developments, rumours, or reports explaining unusual market activity (UMA), the ongoing legal suit involving their subsidiary and Apple Malaysia is a potential contributing factor. In a response to Bursa Securities regarding the UMA of the counter, Salutica said there is no rumour or report concerning the business and affairs of the group that may account for the trading activity. It is also unaware of any credible rumour or report concerning the business and affairs of the group that may account for the trading activity. However, other possible explanation to account for the trading activity could be its ongoing legal suit involving its subsidiary Salutica Allied Solutions Sdn Bhd and Apple Malaysia in the Kuala Lumpur High Court. “As at the date of this announcement, the legal suit is on-going with the trial dates fixed on March 11-14, 2024 and March 18-21, 2024 as stated in our previous announcement dated Aug 23, 2023. “In addition to the Malaysian suit, the group will also consider other appropriate avenues to safeguard its intellectual property rights against potential infringement from time to time,” it said in a filing on Wednesday. Intraday short selling of Salutica Bhd shares was suspended on Wednesday, after its share price closed down 29.5 sen or 28.92% at 72.5 sen, giving it a market capitalisation of RM307.39 million. A day prior, the counter rose to an intra-day high of RM1.04, before retreating to close at RM1.02, still up 17.5 sen or 20.71%  In response to UMA query, Salutica cites ongoing legal suit with Apple Malaysia  BHIC says disposal of 20.77% stake in Boustead Naval Shipyard to MOF Inc extended by a month KUALA LUMPUR (Nov 1): The Malaysian Aviation Commission (Mavcom) on Wednesday suspended MYAirline Sdn Bhd’s air service licence (ASL) with immediate effect, after reviewing the written submission submitted by the budget carrier on Oct 27. In a statement, the economic and commercial regulator of the Malaysian civil aviation industry said the representations made by MYAirline were “not satisfactory to the show cause letter” issued to the airline on Oct 13. “Although the revocation of MYAirline’s ASL was highly considered, the potential implication of that could result in halting efforts in initiating refund payments to the affected passengers,” said Mavcom executive chairman Datuk Seri Saripuddin Kassim. The regulator said it made the decision with the view to safeguard the interests of passengers and employees affected by MYAirline’s suspension of operations, as well as taking into consideration the challenges faced by the aviation industry post-Covid-19. Mavcom pointed out that MYAirline is KUALA LUMPUR (Nov 1): Boustead Heavy Industries Corp Bhd (BHIC) and Minister of Finance Inc (MOF Inc) have mutually agreed to extend the conditional period for the disposal of a 20.77% stake in Boustead Naval Shipyard Sdn Bhd (BNS) to MOF Inc by another one month to Dec 1. BHIC said that the parties “require additional time for the fulfilment of the conditions precedent” to finalise the conditional agreement. In a filing with Bursa Malaysia on Wednesday, BHIC said the disposal agreement for a nominal sum of RM1 had already been extended for 21 working days until Nov 2. BHIC in a past filing said that the divestment is conditional upon fulfilling the conditions precedent within 30 business days, or a further period of 21 business days or such a longer period as the parties may agree. The deal was part of the government’s intention to take full control of the RM9.13 billion littoral combat ship project that BNS had failed to deliver on time. There were four conditions precedent, including the execution of a conditional inter-company trade receivables reorganisation agreement to be entered into between BHIC and BNS. The agreement was meant for the repayment of RM383.94 million or such other sum owed by BNS to BHIC. Other conditions precedent include necessary written consent from BNS’ lenders and BHIC’s financiers or creditors. Of the remaining equity interest in BNS, Boustead Holdings holds a direct stake of 68.85%, while the Armed Forces Fund Board (LTAT) owns 10.38%. LTAT took Boustead Holdings private in June this year. Shares in BHIC ended down one sen or 2.11% at 46.5 sen on Wednesday, with a market capitalisation of RM115.53 million. still liable to refund its affected passengers as per the Malaysian Aviation Consumer Protection Code 2016, even though its ASL has been suspended. For the record, a total of over 117,000 passengers are affected by MYAirline’s suspension of operations, with a total value of over RM22 million in forward sales for scheduled flights from October 12, 2023 until March 31, 2024. Some 58% (RM12.8 million) of the forward sales are from travel agencies, followed by 41.8% (RM9.2 million) from payments made by credit or debit cards. “Mavcom will continue to engage with Bank Negara Malaysia in finding possible avenues of recourse for affected passengers to obtain refunds for unfulfilled flight bookings,” the commission said. It added that its task force has been mandated to look into the affected passengers’ refunds and to provide recommendations on the way forward. Separately, Mavcom said its task force will also be reviewing the licensing approval framework for enhancement. “This decision is in line with Mavcom’s functions which include among others, to provide a mechanism for aviation passengers’ protection and promote timely investments in the civil aviation industry to meet Malaysia’s evolving demand and development needs. “Hence, Mavcom’s role requires a balancing act for commercial activity to promote the sustainability and progress of the industry, while ensuring passengers are protected,” said chairman Saripuddin. Mavcom suspends MYAirline’s flying licence 13 days before expiry by Sulhi Khalid theedgemalaysia.com by Isabelle Francis theedgemalaysia.com by Anis Hazim theedgemalaysia.com

thursday november 2, 2023 7 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 1): Carlsberg Brewery Malaysia Bhd’s net profit for the third quarter ended Sept 30, 2023 (3QFY2023) fell marginally to RM75.94 million, from RM76.39 million a year earlier, largely due to a weaker trading environment and softer consumer sentiment. Earnings per share dropped 24.84 sen from 24.98 sen, it showed in a Bursa Malaysia filing on Wednesday. Quarterly revenue declined by 10.18% to RM513.44 million, from RM571.63 million a year ago, underpinned by soft market sentiment and affordability pressure caused by rising cost of living. The group declared a third interim dividend of 19 sen per share, to be paid on Dec 29. For the nine-month period ended Sept 30, 2023 (9MFY2023), net profit fell by 3% to RM249.22 million, from RM256.93 million previously, due to lower sales in the Malaysian and Singapore markets. Revenue, on the other hand, fell by 6.63% to RM1.68 billion, compared with RM1.80 billion for 9MFY2022. In comparison to the immediate preceding quarter (2QFY2023), net profit came in 13.9% lower from RM88.23 million, while revenue edged up marginally from RM506.73 million. Carlsberg Malaysia managing director Stefano Clini said the persistent weak consumer sentiment continued to affect the group’s results in 3QFY2023. “The higher interest rates and ongoing concerns over the escalating cost of living, particularly the rising cost of food, amid the backdrop of global economic uncertainty, continue to put pressure on consumer spending,” Clini said. In a separate filing, the group expects the non-renewal of the Asahi agreements to have an annual net profit impact of approximately RM30 million in FY2024. However, it highlighted that this will be progressively mitigated by the introduction of Sapporo premium beer in 2024, pursuant to the memorandum of understanding (MOU) signed with Sapporo Breweries Ltd on Wednesday. Under the MOU, Carlsberg Malaysia will have the exclusive manufacturing and distribution of Sapporo premium beer in Malaysia from 2024. Similarly, the group’s Singaporean operations will have the joint distribution rights to sell and distribute both Sapporo premium beer and Yebisu. “We are pleased to announce our partnership with the pioneer premium beer brand in Japan. Sapporo, with its rich history and high standard of quality, perfectly aligns with our SAIL’27 premiumisation strategy. “Our partnership marks the beginning of an exciting journey, as we are here to build the brand over the long term, and we look forward to a successful launch next year,” Clini noted. Shares in Carlsberg Malaysia closed eight sen or 0.4% lower at RM19.82 on Wednesday, giving the group a market capitalisation of RM6.06 billion. Year to date, the stock has fallen by 10.32%. Carlsberg posts lower 3Q net profit, sees RM30 mil hit from non-renewal of Asahi agreements KUALA LUMPUR (Nov 1): Independent power producer YTL Power International Bhd has become a substantial shareholder of smaller rival Ranhill Utilities Bhd, after acquiring 243.33 million shares, equivalent to an 18.87% stake, in Ranhill. In a bourse filing, YTL Power said the transaction was made on Wednesday. At Wednesday’s noon market break, shares in Ranhill settled up half a sen or 0.86% at 58.5 sen, with 1.08 million shares done. Ranhill’s counter was trading in the range of 58 sen to 59.5 sen in the morning session on Wednesday when the announcement was made, which a back-of-the-envelope calculation would suggest that YTL Power fork out between RM141.13 million and RM144.78 million for the 18.87% stake in Ranhill. Meanwhile, YTL Power shares closed the morning session down two sen or 0.95% at RM2.09 per share, with 4.6 million shares traded. At market close, Ranhill emerged as the top gainer on the local bourse, surging 15.5 sen or 26.7% to 73.5 sen, giving it a market capitalisation of RM953.1 million. Its share price has risen 61.5% so far this year. YTL Power, on the other hand, gained seven sen or 3.3% to settle at RM2.18, giving it a market value of RM17.8 billion. In a note to clients following the announcement on Wednesday, MIDF Research said it understands the 18.87% block was acquired from Cheval Infrastructure Fund LP, which in turn is expected to cease to be a shareholder of Ranhill. YTL Power emerges as substantial shareholder of Ranhill Utilities “Our quick channel checks suggest this is a strategic investment decision for YTL Power, as it sees good assets within the Ranhill group, such as its exclusive rights to Johor water supply and Sabah power sector exposure. Ranhill has been building exposure to the renewable energy (RE) sector via its soon-to-be-operationalised 50-megawatt (MW) Large Scale Solar 4 (LSS4) plant, and is actively looking to expand its presence in this space,” the local research firm said. It noted that YTL Power is similarly building its presence in Johor and RE via its upcoming 72MW data centre (Phase 1) and 500MW solar farm in Kulai, Johor. “YTL Power has also indicated interest to participate in RE exports to Singapore, pending finalisation of the RE export framework by the government,” MIDF Research added. Since YTL Power’s stake is still below the 20% threshold, the research firm said it sees no impact on YTL Power’s earnings at this point, unless there is intention to increase its stake further in Ranhill, and if any strategic venture with Ranhill is on the cards. “The entry of a large multinational utility as YTL Power into Ranhill speaks volumes of the value of the latter,” MIDF Research said, reaffirming its “buy” calls on Ranhill, with a target price (TP) of 80 sen, and YTL Power, with a TP of RM2.45. theedgemalaysia.com by Sulhi Khalid theedgemalaysia.com

thursday november 2, 2023 8 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 1): Bank Pembangunan Malaysia Berhad (BPMB) has granted Tawarruq Asset Financing facilities totaling RM1 billion to Lebuhraya Kajang-Seremban Sdn Bhd (Lekas) with the aim to support the Malaysian government’s initiative to reduce the urban cost of living. In a statement on Tuesday, the bank said Lekas and the government had previously initiated a concession restructuring exercise that involved a reduction in toll rates. The objective of this financing is to restructure Lekas debt obligations to ensure the highway remains sustainable and affordable to travelers. “As the nation’s premier development partner, we see investments in infrastrucBank Pembangunan grants RM1 bil facility to Lekas to enable reduction in toll rates KUALA LUMPUR (Nov 1): Maybank Islamic Bhd, the Islamic banking arm of Malayan Banking Bhd (Maybank), has no plans to go for a listing, according to Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican. He said the bank’s primary focus is to strengthen its Islamic banking franchise to cater for its customers globally. “[There’s] no plans. I think for us, the focus is to strengthen the Maybank Islamic franchise, and I believe that through our offering of Islamic wealth management, it will create return values for our customers [in] Malaysia and beyond (its operations outside Malaysia),” he told reporters after Maybank Asset Management Sdn Bhd’s shariah-compliant artificial intelligence-powered hyper-customised discretionary portfolio mandate launch on Wednesday. Besides Malaysia, Maybank Islamic, which is the largest Islamic banking group by assets in Asean, also has a presence in Indonesia, Singapore, Hong Kong, the UK and the United Arab Emirates, according to its latest annual report. In August, Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar encouraged listed banking companies to look into shariah-compliant instruments, so that their Islamic banking arms can be listed on the stock exchange. KUALA LUMPUR (Nov 1): Maybank Asset Management Sdn Bhd (Maybank AM) hopes to raise about RM100 million within the first 12 months from its newly launched shariah-compliant artificial intelligence-powered (AI) hyper-customised discretionary portfolio mandate (DPM). The newly launched platform will offer an AI-driven approach to shariah-compliant investment platforms also targetting for its existing and new investors. Maybank AM has formed a partnership with London-based Arabesque AI, an investment advisory and technology company to provide the AI solutions for net-high-worth investors of Maybank Islamic Wealth Management in Malaysia. The AI-driven platform will also equip asset managers and investment professionals with the ability to design their preferred shariah-compliant portfolios, customising them according to each investor’s unique preferences with specified goals. Maybank AM chief executive officer (CEO) Ahmed Muzni (pic) said that the launch of their highly customised DPM will position them at the leading edge of offering innovative shariah-compliance investment opportunities to investors. “Investors increasingly seek tailored investment insights and strategies that reflect their goals and values. “By leveraging Arabesque AI’s platform, investors can now incorporate these factors seamlessly into their portMaybank Islamic says no plans for listing, to focus on strengthening franchise by Anis Hazim & Luqman Amin theedgemalaysia.com by Anis Hazim & Luqman Amin theedgemalaysia.com by Lee Ming Hui theedgemalaysia.com Maybank AM aims to raise RM100 mil from AI-powered shariah-compliant investment platform in first year folios,” said Ahmed Muzni during the launch here on Wednesday. Arabesque AI combines proprietary AI-driven alpha assessment with market-leading environment, social and governance (ESG) data to deliver personalised and values-driven portfolios at scale. It uses the computational power of AI to provide fully active asset management, calculating expected returns for at least 25,000 listed equities using both financial and non-financial datasets, offering investors an unparalleled level of data-driven insights. “We use more data to analyse portfolios and trends, so what we can do is predict the stock prices on a one month basis, we also spend a lot of time constructing portfolios in institutional light. “We have a proprietary model as we want to make sure that our portfolios are stable at adapting with the market conditions,” said Arabesque AI CEO Carolina Minio Paluello at the press conference after the launch. The hyper-customised DPM is exclusively available at Maybank branches nationwide. ture such as Lekas as crucial for Malaysia’s economic growth, in line with the government’s Madani aspirations. Our support for Lekas reflects our purpose of delivering impact capital for national development.” “In support of the growing population within the greater Klang Valley, our funding for Lekas will further contribute to thriving economic development.” said Roni Abdulwahab, group chief executive officer of BPMB. Wan Salwani Wan Yusoff, chief executive officer of Lekas, added that this funding marks a significant step towards achieving its shared vision of a more connected and sustainable future, while furthering its commitment to easing the financial burdens of the communities it serves. Shahrin Yahya/The Edge

thursday NOVEMb e r 2, 2023 9 The E dge C E O m o rning brief presents real estate matters Official Solar Partner Supported By built this year’s outstanding overseas proJect? Which Malaysian developer

thursday november 2, 2023 10 The E dge C E O m o rning brief home news In brie f Chong Hong Chuon confirmed as AmFIRST REIT CEO  KUALA LUMPUR (Nov 1): Chong Hong Chuon has officially assumed the role of the chief executive officer of AmREIT Managers Sdn Bhd, the manager of AmFIRST Real Estate Investment Trust (AmFIRST REIT), effective immediately. Prior to this, Chong had been in acting CEO capacity since Dec 1, 2022, following the resignation of Raja Nazirin Shah Raja Mohamad as the CEO and director of the commercial space REIT “to pursue other opportunities”. In a bourse filing on Wednesday, AmFIRST REIT said resulting from his appointment as the CEO, Chong simultaneously relinquished his position as the chief financial officer of the REIT, a position he had held since November 2015. — theedgemalaysia.com Former Miss World Malaysia ceases to be MGRC substantial shareholder after trimming stake  KUALA LUMPUR (Nov 1): Former beauty queen Datin Seri Jacqueline Ngu Hia Kee has ceased to be a substantial shareholder in Malaysian Genomics Resource Centre Bhd (MGRC) after disposing of 201,200 shares, bringing her stake to 4.98%, below regulatory threshold of 5% that requires timely disclosures to changes in shareholdings. MGRC told Bursa Malaysia that the transaction occurred on Wednesday without disclosing the transacted price. The stock, which fell 40% year-to-date, closed unchanged at 46 sen on Wednesday, valuing it at RM63.12 million. Ngu emerged as a substantial shareholder in July this year, by subscribing seven million shares or 5.13% stake via private placement that was priced at 41 sen per share, raising some RM2.87 million for MGRC. — by Chester Tay Taib Mahmud’s son Abu Bekir ceases to be substantial shareholder of KNM Group KUALA LUMPUR (Nov 1): Datuk Seri Mahmud Abu Bekir Taib, the son of Sarawak Yang di-Pertua Negeri Tun Abdul Taib Mahmud, has ceased to be a substantial shareholder of KNM Group Bhd, after he disposed of a 0.03% stake or 1.1 million shares in the group. The disposal comes less than a month after Abu Bekir emerged as a substantial shareholder of the group on Oct 9. Following the stake disposal, he now has a 4.99% stake or 202.37 million shares in the oil and gas engineering firm. — by Sulhi Khalid MHB appoints Petronas director Mohd Nazir as managing director KUALA LUMPUR (Nov 1): Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) has appointed Mohd Nazir Mohd Nor as its managing director, effective from Dec 1, 2023. Nazir replaces the current managing director and chief executive officer, Pandai Othman, who will resign on Nov 30, after the end of his secondment assignment. Nazir has a lot of experience in the energy and gas sector, and currently holds the position of a director of Petronas Energy and Gas Trading Sdn Bhd and CEFS Response Sdn Bhd. Prior to this, he served in key positions at Petronas, including as the country head and CEO of Petronas E&P Argentina, director of gas infrastructure of Petronas Canada Energy Ltd, and manager of the East Malaysian operation for Petronas Gas Bhd, among others. Nazir holds a Bachelor of Civil Engineering from Universiti Teknologi Mara (UiTM), and a professional qualification in management programme from Duke Corporate Education. — by Lee Ming Hui mhb.com.my Rapid Synergy’s auditor raises red flags over FPE2023 accounts  KUALA LUMPUR (Nov 1): Rapid Synergy Bhd’s external auditor KPMG PLT has issued a qualified opinion on the precision tool-making company’s financial statements for the 18-month period that ended June 30, 2023 (FPE2023), due to insufficient disclosures over a RM4.43 million rental income, a RM2.32 million gain from the disposal of property and deposits paid for acquisition of properties, that were recognised during the financial period. In an independent auditors report on Wednesday, KPMG said it could not confirm the appropriateness and veracity of Rapid Synergy’s RM4.43 million rental income recognised for FPE2023. The rental income is in relation to the renting of two properties to an entity, which was a former subsidiary of the group. KPMG also said it was “unable to obtain sufficient appropriate evidence” to the gain of RM2.32 million from the disposal of an 80,000 sq ft piece of freehold land by Rapid Synergy’s wholly-owned subsidiary Persiaran Eksklusif Sdn Bhd (PESB) for RM4.16 million cash to an entity last year. — by Kang Siew Li Malakoff inks solar power purchase deal with DRB-Hicom KUALA LUMPUR (Nov 1): Malakoff Corp Bhd has signed a solar power purchase agreement with DRB-Hicom Bhd to develop, operate and maintain solar photovoltaic systems at 14 locations in Selangor, Perak, Melaka and Pahang. According to the group’s statement on Wednesday, its subsidiary Malakoff Radiance Sdn Bhd had entered into the deal with 10 companies under the DRBHicom banner for the project, which has a total capacity of 20.78 MWp and total electricity generation of 26,546.45 MWh per annum. Malakoff currently has a total of 151MW of RE generation capability. The company is part of the Albukhary group of companies which aims to reach 500MW of solar power projects. — by Lam Jian Wyn Heitech Padu secures RM30 mil IT contract from KPDN  KUALA LUMPUR (Nov 1): Heitech Padu Bhd has accepted a RM29.68 million contract for strengthening the IT technology system for the Ministry of Domestic Trade and Cost of Living (KPDN). In a filing with Bursa Malaysia on Wednesday, the group said the 36-month contract will commence from November 2023 till October 2026. “The contract is in the best interests of the company and is expected to contribute positively to the earnings and net assets per share of the company for the financial year ending December 31, 2023 (FY2023) and onwards until the completion of the contract,” it said. — by Sulhi Khalid

thursday november 2, 2023 11 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 1): Businessman Tan Sri Halim Saad maintained allegations of being forced by Tun Dr Mahathir Mohamad and then minister Tan Sri Nor Mohamed Yakcop to sell his stake in Renong and UEM Bhd, hence causing a loss of property to him and constituting a breach of his rights. Halim, in his reply to Dr Mahathir, Nor Mohamed and the government’s defence, alleged that Syarikat Danasaham Sdn Bhd, a wholly-owned subsidiary of Khazanah Nasional Bhd, had, on or around July 23, 2001, made a general offer for the entire shareholding of UEM. “Syarikat Danaharta was the means by which the government affected the compulsory acquisition, which is the subject matter of this suit. “The plaintiff [Halim] did not agree to the compulsory acquisition of his vested right and deprivation of his rights as a controlling shareholder of Renong. The claim is not caught by res judicata by reason of its prior suit [it filed in 2013]. Hence, the claim is not barred by any limitation period under the Limitation Act 1953 and Public Authorities Protect Act 1948.” Res judicata is a Latin term meaning a matter had been adjudicated or decided earlier by the same parties, as Halim had brought a similar action in 2013 against Nor Mohamed and others and failed all the way to the Federal Court. Halim also denied that the poor performance of the then Kuala Lumpur Stock Exchange (KLSE) in 1998 was attributable to the performance of Renong and UEM shares. Halim Saad maintains he was forced to relinquish his interests in Renong and UEM KUALA LUMPUR (Nov 1): The Sessions Court awarded some RM700,000 to a businessman in a suit he filed against cryptocurrency platform Luno Malaysia Sdn Bhd (Luno) for not safeguarding cryptocurrencies kept in his Luno account. In the negligence suit filed by plaintiff Yew See Tak, Yew claimed that he had lost some RM600,000 in cryptocurrencies after his Luno account was hacked into, and held the platform responsible for failing to safeguard his holdings. In the first decision of its kind against a cryptocurrency platform in Malaysia, Petaling Jaya Sessions Court judge Sazlina Safie said that Yew had proven his claim against Luno based on the balance of probabilities. The court held Luno to be negligent and awarded Yew RM597,920.05, together with an additional RM100,000.00 as exemplary damages. RM597,920.05 was the sum that was withdrawn by an unknown hacker from Yew’s Luno cryptocurrency account. The court also ordered costs and interests on the judgment sum to be paid by Luno to Yew. Luno is recognised by the Securities Commission. The platform was represented by Faisal Moideen, Maximilian Tai and Clarence Tang. Meanwhile, Yew was represented by Ong Yu Jian Joshua Ho and Hanani Azamuddin. Court awards RM700,000 to man who had money stolen from crypto platform Luno by Timothy Achariam theedgemalaysia.com by Hafiz Yatim theedgemalaysia.com Read the full story He claimed that contrary to the defendants’ contention, Renong Group was one of the most successful Bumiputera-owned groups at the material time where it controlled or owned the top 30 companies on the KLSE. “I deny that there was a causal link between the performance of Renong and the price of UEM shares, on the one hand, and the performance of the then KLSE leading to the compulsory acquisition. There is no quantitative basis for the defendants’ claim that the UEM/ Renong Group of companies had caused the entire stock market to underperform.” He further denied the government’s claim that Renong’s management had resulted in the decline of Renong Group’s market capitalisation between 1997 and 2000, and claimed that the decline in the company’s market capitalisation was in line with the overall decline due to the 1997 Asian Financial Crisis. Halim alleged that the financial crisis and monetary policies like the pegging of the ringgit by Dr Mahathir, as prime minister then, had the effect of isolating Malaysia in particular from foreign investors. He cited other measures, including restrictions on non-resident sellers of Malaysian securities, who were required to hold on to their ringgit proceeds for at least 12 months before being permitted to repatriate, as another reason, as well as the political instability due to the arrest and prosecution of then deputy prime minister Datuk Seri Anwar Ibrahim and the attack on the judiciary in 1988. “It gave rise to an impression that the federal government was not concerned with the rule of law; there was interference by the government in the economy and the deployment of government-controlled public funds... [which] led to declining confidence in official policy,” he added. PLUS, TIMEdotCom and Putra Halim further alleged in the reply filed on Monday that during the Asian Financial Crisis, Malaysia fell into a deep recession where the gross domestic product (GDP) dropped 28.37% to US$72.2 billion (RM343.8 billion) in 1998 from US$100.8 billion in 1996. The Corporate Debt Restructuring Committee (CDRC), Halim claimed, had indicated that the debt restructuring could be carried out without any financial support from the government, and it was confident that significant value could be extracted over the coming years from Renong’s asset portfolio — which he had built — that included Commerce Asset Holding Bhd (now CIMB Bank), Ho Hup Bhd, Kinta Kellas Bhd, Cement Industries Malaysia Bhd, Pharmaniaga Bhd, TIME Engineering Bhd, TIMEdotCom Bhd, ParkMay Bhd, Faber Bhd, Crest Petroleum Bhd, EPE Bhd and Intria Bhd. Suhaimi Yusuf/The Edge

thursday november 2, 2023 12 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 1): The government intends to review the 1962 water agreement with Singapore because of “certain issues” with aspects of the agreement, according to Natural Resources, Environment, and Climate Change Minister Nik Nazmi Nik Ahmad. In winding up his ministerial speech on Budget 2024 in the Dewan Rakyat on Wednesday, Nik Nazmi stated that the last time Malaysia and Singapore discussed the water agreement was at the end of 2019 and early 2020. “We believe it is important to review the water agreement because we believe there are ‘a few problems’ within some aspects, and we want to review it to find the best solution,” he said in response to an interjection from Datuk Seri Tuan Ibrahim Tuan Man (Perikatan Nasional-Kubang Kerian), who was his predecessor at the ministry. However, Nik Nazmi did not elaborate on the specific “’problems” alluded to, but acknowledged reviewing the water agreement is not a simple matter, as it involves water supply for both Malaysia and Singapore. “Yes, Malaysia supplies raw water at a lower price, but at the same time, Johor also purchases treated water from Singapore. According to the original agreement, there is a limit, and exceeding that limit incurs a higher fee. “So, there is a tolerance where Johor is allowed to purchase treated water beyond the limit at a cheaper rate. Given M’sia to review 1962 water deal with S’pore, as govt finds ‘certain issues’ with aspects of agreement, says Nik Nazmi KUALA LUMPUR (Nov 1): There is unanimous consensus among all state governments to increase water tariffs for domestic users, Natural Resources, Environment, and Climate Change Minister Nik Nazmi said on Wednesday. He stated that his ministry had already engaged in several discussions with the state governments, and there is a consensus across political parties over the necessity of raising water tariffs for domestic users, especially since some had not seen an increase in the past 40 years. “While the previous government allowed tariff increases for non-domestic users, we still need to address the issue, as many states lack industrial or commercial sectors,” he explained while wrapping up his ministerial response on Budget 2024 in the Dewan Rakyat on Wednesday. Nik Nazmi also informed that his ministry is currently in the process of developing a mechanism that eliminates the need for state water operators to seek ministerial approval for tariff adjustments. “We will submit a proposal to the Cabinet regarding a mechanism to set water tariffs. This would allow water operators to determine the tariff rates. However, we will also consider how to protect the interests of consumers in the bottom 40% and middle 40% income groups,” he added. The previous government on June 22, 2022 agreed to adjust water supply tariffs for non-domestic and special categories in Peninsular Malaysia and Labuan, with an average increase of 25 sen per cubic metre. Unanimous consensus among all state govts to increase water tariffs for domestic users — minister by Choy Nyen Yiau theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com Low Yen Yeing/The Edge Johor’s high water demand, we need to find a comprehensive solution for this issue,” he added. It is unclear what the “tolerance” level is after which the higher fee kicks in for water that Johor purchases beyond the stated limit. Nevertheless, while the government is aware that substantial investments are needed to upgrade the infrastructure near the Johor River, Nik Nazmi emphasised that Malaysia will not compromise on the country’s interests, as the government aims to ensure that Johor generates more revenue. The 1962 agreement, which expires in 2061, entitles Singapore to draw up to 250 million gallons a day (mgd) of raw water from the Johor River, at a rate of three sen per thousand gallons of raw water. In return, Johor is entitled to a daily supply of treated water, up to 2% or 5 mgd of the raw water supplied to Singapore. In 2018, then prime minister Tun Dr Mahathir Mohamad described the price of three sen per thousand gallons as “ridiculous” and expressed Malaysia’s intention to approach Singapore to renegotiate the terms of the water supply deal. However, during the 10th Singapore-Malaysia Leaders’ Retreat held on Monday, Prime Minister Datuk Seri Anwar Ibrahim reportedly stated that Malaysia’s position is clear, affirming the commitment to honouring the water supply from Johor to Singapore. Anwar also emphasised the need for a joint effort to enhance the capacity of the Johor River to supply both Johor’s expanding needs and Singapore’s requirements. Shahrill Basri/The Edge

thursday november 2, 2023 13 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 1): The government’s decision to allow Elon Musk-linked companies Tesla and Starlink to operate in Malaysia as 100% foreign-owned companies is based on the anticipated benefits that the country would receive, according to Prime Minister Datuk Seri Anwar Ibrahim. Anwar stated that the exemption for Starlink has been granted by the Ministry of Communications and Digital (KKD) through the Communications and Multimedia Commission Malaysia (SKMM) for the provision of satellite internet services in Malaysia. “Starlink Malaysia was awarded Network Facilities Providers (NFP)(I) and Network Services Provider (NSP)(I) licences on July 17, 2023, valid for a period of 10 years,” Anwar said in a written parliamentary response to Hamzah Zainudin (PN-Larut) on Tuesday (Oct 31). Anwar explained that under the Communications and Multimedia Act 1998 (Act 588), NFP(I) and NSP(I) licence holders generally face a limit of 49% on foreign equity ownership. However, the Minister of Communications and Multimedia has the authority, based on recommendations and assessments by MCMC, to allow licensees to have 100% foreign ownership. “Starlink applied for an exemption from this requirement. The approval for this exemption took into consideration factors such as Starlink’s global organisational structure, which necessitates more efficient decision-making processes, the status of Digital Malaysia based on the Malaysian bill of guarantees (BoG), and the direct and indirect 100% foreign ownership for Tesla, Starlink benefits the nation, says Anwar KUALA LUMPUR (Nov 1): In dealing with the weakness of the ringgit to the US dollar, the government is steadfast in its decision not to peg the ringgit to the greenback due to concern about the potential adverse impacts on the public, says Deputy Finance Minister II Steven Sim Chee Keong. Sim explained that the government does not intend to peg the ringgit as it did during the Asian financial crisis in 1998, as it is not the right solution for today’s challenges. “Our economic system is in a far better position to face the global financial market volatility and exchange rate movements.” Sim said during an oral question and answer session in the Dewan Rakyat on Wednesday. He was replying to a question from Wan Ahmad Fayhsal (PN-Machang) regarding the possibility of the government pegging the ringgit, similar to what was done in 1998. In addition, Sim explained that pegging the ringgit would result in Malaysia losing the ability to continue its monetary policy and having to align with the interest rate of the currency to which the ringgit is pegged. “For instance, if we peg RM3 to the US dollar, we have to raise the interest rate in line with the US interest rate. This action will certainly put pressure on higher financing costs for the people,” he added. Sim pointed out that pegging the ringgit would necessitate a substantial international reserve to maintain the peg at the set value. It could lead to the reintroduction of capital control measures to counter speculative pressure on the ringgit. “Such a move would negatively impact investor confidence and disrupt capital flows, given that Malaysia’s financial Govt steadfast in not pegging ringgit to US dollar as it is ‘not right solution’, says deputy finance minister by Choy Nyen Yiau theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com market is much larger now than in 1998,” Sim added. Thus, Sim said that Bank Negara Malaysia (BNM), as the central bank responsible for the stability of financial and currency markets, would ensure that the ringgit’s adjustment is more orderly to mitigate the risk of sudden fluctuations in its value against the US dollar. “The government, through BNM, will continue to manage risks arising from domestic and external developments and be prepared to use operational policy instruments to ensure a more regulated market,”he said In response to a supplementary question from Datuk Seri Shafie Apdal (Warisan-Semporna), Sim emphasised the importance of upholding a flexible exchange rate for the ringgit within an uncertain global financial market, highlighting its pivotal role as an external shock absorber while minimising its impact on domestic economic activities. Sim reiterated the government’s commitment to implementing structural policies that enhance economic growth and the country’s competitiveness to attract funds and foreign investments that would support the ringgit. These policies include measures to improve Malaysia’s investment climate, productivity enhancement through the implementation of the New Investment Policy (NIP), economic transformation through the Madani Economic Framework, and a commitment to bolster fiscal sustainability through the introduction of the Public Finance and Fiscal Responsibility Act 2023. benefits of Starlink’s services in Malaysia. “Starlink’s service is viewed as an alternative solution to satellite services in Malaysia, capable of addressing coverage gaps, particularly in rural and remote areas, without relying on the universal service provision (USP) fund,” Anwar added. He further highlighted that Starlink services are well-suited for use in the maritime and oil and gas industries, as Starlink’s stable internet connection in remote areas, far from the coast or in the middle of the sea, provides high-quality internet access at all times. This efficient internet access enables these industries to monitor operations more effectively, enhance navigation safety, and facilitate remote control through effective automation systems. As for Tesla, Anwar said that the company has been granted 100% foreign ownership, aligning with the government’s policy to allow complete foreign ownership for new, expansionary, and diversification projects in the manufacturing sector for both existing and newly established companies, starting from June 2003. Deputy Finance Minister II Steven Sim Chee Keong said the government does not intend to peg the ringgit as it did during the Asian financial crisis in 1998, as it is not the right solution for today's challenges. bernama

thursday november 2, 2023 14 The E dge C E O m o rning brief home KUALA LUMPUR (Nov 1): Mobile network operators (MNOs) and Digital Nasional Bhd (DNB) are expected to sign a share subscription agreement (SSA) this month, said Communications and Digital Minister Fahmi Fadzil. He said a decision on the signing date was agreed upon after a meeting with telecommunications companies (telcos) on Wednesday, and is now just awaiting some decisions from the boards of the telcos. “On the issue of DNB, I am pleased to announce that I met with DNB and the telcos, represented by their chief executive officers, at 2.30pm, and we have decided on the SSA signing date, which we hope to take place his month, Insyallah, depending on some decisions that the CEOs need to refer to their respective boards,” he said. Fahmi said this when winding up the debate on the Supply Bill 2024 for his ministry in the Dewan Rakyat on Wednesday. DNB is currently the sole holder of Malaysia’s 5G spectrum, set to achieve 80% coverage by the end of 2023. Five MNOs, namely CelcomDigi Bhd, Maxis Bhd, Telekom Malaysia Bhd, U Mobile Sdn Bhd and YTL Communications Sdn Bhd, have agreed to take up equity stakes in DNB to support the country’s 5G network development. DNB was established in early March 2021 to accelerate the deployment of 5G infrastructure and network in Malaysia. As for the announcement of the appointment of DNB’s CEO, Fahmi said the Ministry of Finance (MOF) will be managing this. “In terms of the structure, it (the DNB CEO’s appointment) is under the MOF,” he said. The minister reiterated that 5G coverage in Malaysia had reached 70.2% in populated areas as at Sept 30, and is on track to reach 80% coverage by the end of 2023. Telcos, DNB to sign agreement on 5G in November, says Fahmi KUALA LUMPUR (Nov 1): Tenaga Nasional Bhd (TNB) is exploring carbon capture and storage (CCS) and hydrogen-based generation solutions to address the sustainable electricity consumption needs of the growing energy-guzzling data centre industry in Malaysia. TNB chief operating officer Datuk Megat Jalaluddin Megat Hassan said there are limitations to depending on solar energy as a sustainable energy source to power data centres, which require continuous uptime. “Solar technology is a given for the country, but the challenge is that it is only available for four to five hours a day. You cannot cater for the whole 24 hours [a day], so we have to source a different kind of technology,” Megat Jalaluddin said during a panel session at the NTT Data Inc Elevate 2023 Conference on Wednesday. Hence, he said TNB is looking at hydrogen as a fuel for electriciticy generation, as well as integrating CCS for gas fired power plants. Later on the sidelines, Megat Jalaluddin told The Edge that TNB is working in collaboration with Petroliam Nasional Bhd (Petronas) in exploring these potential solutions, with the application of CCS solutions at TNB power generation plants currently at feasibility study stage. In August last year, TNB inked a memorandum of understanding with Petronas for the development of green hydrogen ecosystem and CCS technology. “By the end of this year, we will decide on how to proceed,” he said. In seven years, Malaysia is set to see a net decrease of 1,561 megawatts (MW) from coal-based electricity generation as it phases towards a cleaner generation mix. Commenting on this, Megat Jalaluddin commented that Malaysia’s reserve margin of 30% to 40% is sufficient to fuel the nation’s consumption needs during the transitionary period. Malaysia’s installed capacity breakdown in 2023 stands at gas accounting for 37.9% (14,584MW), followed by coal at 33.69% (12,962MW), renewable energy (RE) at 27.05% (10,410MW) and diesel at 1.36% (522MW), according to the latest Power Development Plan 2022 Planning and Implementation Committee for Electricity Supply and Tariff meeting. By 2030, the breakdown is projected to comprise 38.94% (19,098MW) gas-based generation, 37.81% (18,545MW) from RE, and coal at 23.25% (11,401MW). TNB looking at carbon capture, hydrogen solutions to address data centre industry’s energy needs High-Value Goods Tax to commence on May 1, 2024 — MOF by Izzul Ikram theedgemalaysia.com by Choy Nyen Yiau theedgemalaysia.com Bernama KUALA LUMPUR (Nov 1): The High-Value Goods Tax, previously known as the Luxury Goods Tax, is set to be implemented from May 1, 2024, according to the Ministry of Finance. In a written parliamentary response to Chong Zhemin (PH-Kampar), the ministry stated that it is in the final stages of finalising the high-value goods tax policy and legislation. “The implementation mechanism, types of goods, and high-value goods tax rates will be announced as soon as the matter is finalised and approved by the Cabinet,” the ministry added. The ministry also ensured that the process of setting policies and drafting legislation took into account input received from various parties during engagement sessions conducted by the ministry and the Royal Malaysian Customs Department. On October 13, while presenting Budget 2024 at the Dewan Rakyat, Prime Minister cum Minister of Finance Datuk Seri Anwar Ibrahim announced that the Luxury Goods Tax would be set at 5% to 10%. Anwar also mentioned that new legislation related to the imposition of the new tax would be introduced, applying to items such as jewellery and watches that exceed a certain price threshold.

THURSDAY NOVEMBER 2, 2023 15 THEEDGE CEO MORNING BRIEF WORLD (Nov 1): DBS Group Holdings Ltd clinched a deal to rent retail space in Central’s New World Tower for 18% less than the asking price, according to a person familiar with the matter. The Singapore-based bank will rent the 12,000 sq ft space for HK$1.8 million (US$230,000 or RM1.1 million) a month, less than the HK$2.2 million sought, the person said, asking not to be identified because the matter is private. Hong Kong’s commercial rental market has suffered from a downturn dented by a population outflow, weakening spending power among mainland visitors, and rising interest rates that have prompted companies to cut back on spending. Shopping spaces in other prime commercial districts have also come down from their highs. A former Burberry shop was leased for 70% less than its peak price, Sing Tao Daily reported in August. Christian Dior was expected to pay 36% lower than the former tenant for a shop in Central, the Hong Kong Economic Times reported in April. DBS said by email that it was unable to comment. Sing Tao reported earlier that the bank signed up for the space at a price more than 70% cheaper than the peak. Read also: Singapore set to direct largest bank DBS to fix ‘unacceptable’ online outages Singapore’s GIC buys 35% stake in European hotel operator HIP Great Eastern reports 21% rise in 3Q earnings to S$180 mil CapitaLand, Thai developer launch up to US$730 mil healthcare-related fund DBS said to rent Hong Kong retail space at 18% lower than asking price SINGAPORE (Nov 1): The Monetary Authority of Singapore (MAS) has imposed a six-month pause on DBS Bank’s non-essential information technology changes to ensure that the bank keeps sharp focus on restoring the resilience of its digital banking services. The bank will not be allowed to acquire new business ventures during this period, or reduce the size of its branch and ATM networks in Singapore. The actions were taken following the repeated and prolonged disruptions of DBS’ banking services this year. In April, MAS had directed DBS to engage an independent third-party to conduct a comprehensive review of the effectiveness and adequacy of the people, processes and technology supporting its digital banking services. Shortcomings were identified in the following areas — system resilience; incident management; change management; as well as technology risk governance and oversight. Following the independent review, DBS has set out a technology resiliency roadmap to address the shortcomings, improve system resilience and better position the bank to meet future digital banking needs. The roadmap is being implemented in phases, with the changes affecting its system architecture design taking more time to complete. The regulator has reviewed DBS’s remediation plan under the roadmap and is satisfied with its scope and the planned measures to improve system resilience. In line with MAS’ expectations, DBS will hold senior management accountable for the lapses and the board will enhance its governance approach to oversee implementation of the roadmap. MAS will review the progress made by DBS Bank on its remediation efforts at the end of six months. The regulator may extend the duration of the measures, vary the additional capital requirement currently imposed, or take further actions at that point. Separately, the DBS board and management has put out a statement apologising for the series of digital disruptions this year, adding that the bank is addressing the issues at hand with utmost priority. “With the incidents of the past year, we have failed to live up to these expectations, and have also fallen short of our own standards. As an acknowledgement that the bank could have done better, senior management will be held accountable, and this will be reflected in their compensation,” says DBS chairman Peter Seah. “Over the past few months, the bank has been making every effort possible to strengthen our resiliency and business continuity, and to be able to recover more quickly when incidents happen. This is a work in progress, and we seek customers’ patience as we work through our remedial actions,” he adds. Read the full story MAS prohibits DBS from acquiring new business ventures for six months BY KHAIRANI AFIFI NOORDIN theedgesingapore.com BY KRYSTAL CHIA Bloomberg With the incidents of the past year, we have failed to live up to these expectations, and have also fallen short of our own standards.” — DBS Chairman BLOOMBERG

THURSDAY NOVEMBER 2, 2023 16 THEEDGE CEO MORNING BRIEF WORLD (Nov 1): To have a shot at taming inflation, the Federal Reserve is intent on tightening financial conditions across the economy. But they haven’t made much of a dent in corporate America yet. The extra yield investors demand for risk in the US investment-grade and highyield bond markets has remained below their 20-year averages and well under levels seen during historical times of stress in the economy. Borrowing remains robust, one measure of credit quality is improving at a record rate and recent earnings reports for some of the nation’s most indebted companies have come in stronger than expected. How that’s all happening after the Fed increased its benchmark rate at the fastest pace in four decades — and to the highest level in 22 years — is nothing short of remarkable. And it once again raises the question if policymakers have hiked interest rates to what they deem a “sufficiently restrictive” level, or held them there for long enough. “If you had told me two years ago that the Fed would hike by this much in a short time, I would have said that they would leave dead bodies littered across the corporate credit landscape,” said former Fed governor Jeremy Stein, who’s now a professor at Harvard University. “I really don’t have any good story to explain why things have instead been so resilient.” Since interest-rate hikes can take awhile to impact the real economy, Fed officials watch financial conditions closely as real-time gauges for how their policy is working. So far, that’s really just affected Treasury yields — which are trading around the highest levels since the financial crisis — while equity and oil prices have remained largely resilient. The ebullience of credit conditions gets to the heart of the debate on Wall Street right now. Will the Fed have to increase rates more, or can it simply hold around current levels and give policy time to seep into strong Credit strength is baffling US Fed watchers ahead of rate decision LONDON (Nov 1): Many of the world’s biggest bond funds are facing their third straight year of losses for the first time in roughly 40 years, as a relentless US economy sends bond yields to their highest levels in more than a decade. Yet far from being put off, investors are loading up on bonds again in 2023 after bailing out of the market last year, drawn in by the same run-up in yields that has caused so much pain. US diversified bond funds — which invest in public and corporate debt — are on track for a third year of negative returns, after losing more than 10% in 2022, Morningstar data shows. European funds have effectively returned nothing this year after two down years. Government bond funds have fared even worse and are set to fall for a third year in both the US and Europe, according to figures from Morningstar and data provider EPFR. “The repricing has been quite aggressive — I would say brutal,” said Stefano Fiorini, global fixed income fund manager at Generali Investments Partners. The main driver in the years-long selloff has been central banks’ rapid interest rate hikes to tame inflation. More recently, the culprit has been a US economy that has ploughed ahead deBond fund managers head for third year of losses for first time in decades BY HARRY ROBERTSON Reuters BY OLIVIA RAIMONDE & CRAIG TORRES Bloomberg spite the Federal Reserve pushing borrowing costs to their highest level in 22 years. Worries about high government debt and central banks stepping out of bond markets have also played a part. The yield on the 10-year US Treasury note is on track for its third consecutive annual increase for the first time since the economic chaos of the early 1980s, according to Refinitiv data. It climbed above 5% last week to its highest since 2007. Bond yields rise as prices fall, and vice versa. A Citi index which tracks how strong US economic data has been relative to analysts’ forecasts shows that it is defying all expectations. Many investors think that means the Fed won’t need to cut interest rates any time soon. “The rerating in the forecasts has just been incredible in the US,” said Oliver Blackbourn, a multi-asset portfolio manager at Janus Henderson. “(It) has caught everyone out.” The consolation for bond fund managers is that yields are now far more attractive to investors than three years ago, when they were close to zero. Now, interest income can keep bond fund returns positive even if prices fall further. Read also: US dollar is near to its peak Druckenmiller says he has ‘massive’ bullish ‘only’ bets on two-year notes Read the full story Read the full story REUTERS household and corporate balance sheets? “There’s a lot of uncertainty around lags,” Fed chair Jerome Powell said at an event earlier this month. “One of the reasons why we have slowed down significantly this year is to give monetary policy time to work.” Powell and his colleagues are expected to hold rates steady for a second consecutive gathering when they meet this week, and investors will parse for clues as to whether another hike may still be in store. Some Fed officials contend they aren’t done hiking yet given the recent strength of economic data — hiring remains robust, consumer spending is still supporting growth and inflation is well above target. The culprit has been a US economy that has ploughed ahead despite the Federal Reserve pushing borrowing costs to their highest level in 22 years. Worries about high government debt and central banks stepping out of bond markets have also played a part.

THURSDAY NOVEMBER 2, 2023 17 THEEDGE CEO MORNING BRIEF WORLD (Nov 1): China’s manufacturing activity unexpectedly shrank in October, according to a private survey, signaling that the economic recovery is losing momentum and pressuring policymakers who are trying to shore up growth. The Caixin manufacturing purchasing managers index (PMI) fell to 49.5 from 50.6 in September, missing economists’ forecast of 50.8. The 50 line separates expansion from contraction. The data mirrored the official reading from the National Bureau of Statistics released on Tuesday, which showed factory activity slipping back into contraction at 49.5. The disappointing numbers have stoked concern about the fragility of the economic recovery, and fuelled calls for more policy support. Investors have been looking for evidence that China’s recent stimulus measures are shoring up an economic growth that has been challenged this year by weak consumer and business confidence and an ongoing property crisis. The government this month announced more support for the economy, including issuing extra sovereign China’s Caixin PMI drop adds to signs of economic fragility HONG KONG (Nov 1): China Evergrande has proposed a new debt restructuring plan for offshore bondholders, offering to swap their debts into about a 30% equity stake in each of the developer’s two Hong Kong-listed subsidiaries, according to two sources familiar with the matter. The property firm’s offshore bondholders holding about US$19 billion (RM90.5 million) of debt are likely to take a major cut on their investments if they agree to the new terms, said the two sources who declined to be named because they were not authorised to speak with media. Evergrande did not respond to a request for comment. The property developer’s dollar bonds last traded at about 2.25 cents on the dollar on Tuesday, according to LSEG data, as bondholders weigh the possible recoveries in the revised restructuring plan against other options like a winding up. A lawyer for representing an ad hoc group of key bondholders told a Hong Kong court on Monday the restructuring plan could have a higher recovery rate for creditors than a liquidation scenario of less than 3%. Shares in the units the bondholders will be offered the stake in, Evergrande Property Services Group and Evergrande New Energy Vehicle Group (NEV), have fallen by more than 80% this year amid Evergrande’s debt woes. Their combined market value was only around HK$9 billion (RM5.4 billion) as of Wednesday morning, with the parent holding 52% of the property arm and 59% of the vehicle firm. Creditors would be given existing shares of the two units, the first source said, in a deal that would need to be approved by Chinese regulators. The new plan was raised with some bondholders about two weeks ago, the first source added, after Evergrande’s original debt restructuring plan was thrown off course when its billionaire founder Hui Ka Yan was in late September confirmed to be under investigation for suspected criminal activities. Evergrande was also banned from issuing new dollar bonds, a key part of its original restructuring plan, while its flagship mainland unit was being investigated by regulators. Evergrande proposes offshore creditors get 30% equity stake in subsidiaries — sources BY XIE YU & JULIE ZHU Reuters Bloomberg Read also: China’s billionaires looking to move their cash out — report China offers cash to rocket start-ups in hunt for its own SpaceX debt and raising the budget deficit ratio. The Caixin report “confirmed a softening in economic momentum from September, and it’s still a mild recovery”, said Ding Shuang, the chief economist for Greater China and North Asia at Standard Chartered plc. “Policies will stay accommodative,” he said. Chinese shares reversed gains, with those trading in Hong Kong losing as much as 0.9% on Wednesday, while the mainland’s benchmark CSI 300 Index dropped immediately after the report. The yield on China’s 10-year government bonds was little changed at 2.69%, after falling three basis points a day ago, following the official PMI release. The offshore yuan weakened 0.1% at 7.3349 against the dollar as of 10.59am local time. Read the full story BLOOMBERG The new plan was raised with some bondholders about two weeks ago, the first source added, after Evergrande’s original debt restructuring plan was thrown off course when its billionaire founder Hui Ka Yan was in late September confirmed to be under investigation for suspected criminal activities. Evergrande was also banned from issuing new dollar bonds, a key part of its original restructuring plan, while its flagship mainland unit was being investigated by regulators. The second source said the new plan was driven by a work committee under the southern Guangdong provincial government that has been overseeing Evegrande’s restructuring since late 2021, after the developer defaulted on its debts. The provincial government did not respond to a request for comment. The renewed proposal will be key to Evergrande’s survival as the company was on Monday ordered by a Hong Kong court to form a concrete debt restructuring plan before a liquidation hearing on Dec 4, which will decide whether it should be wound up. Evergrande’s original plan, which was backed by the ad hoc group of bondholders before it was thrown off course, offered options including equity-linked instruments backed by the parent Evergrande and the two Hong Kong-listed subsidiaries.

thursday november 2, 2023 18 The E dge C E O m o rning brief world Biden’s Israel balancing act gets harder as Gaza offensive grows by Iain Marlow & Peter Martin Bloomberg (Nov 1): President Joe Biden will meet with Chinese leader Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco in November, White House press secretary Karine JeanPierre said Tuesday. The confirmation follows months of work between the two countries to set up a sitdown for the two leaders around the Apec meeting — though the official acknowledgment appeared to happen almost by mistake during the daily White House press briefing. Jean-Pierre was asked why a formal announcement had not yet been finalised, and disputed the premise of the question. “The president said he’s looking forward to meeting with President Xi, and so, not going to get into details about this meeting that’s going to happen in this — tomorrow’s November — next month,” Jean-Pierre said. “It’s going to be in San Francisco. It’s going to be a constructive meeting. The president’s looking forward to it.” When asked if she was confirming the meeting was actually happening, the White House spokeswoman responded “yes.” “I believe we have been clear about that,” she said. Pressed further, Jean-Pierre backed away slightly, saying the US was “aiming to have a constructive conversation, meeting between the leaders in San Francisco in November.” But later, she conceded that the meeting was “going to happen.” Biden and Xi will meet in San Francisco next month — White House (Nov 1): After internet and mobile phone service abruptly disappeared in the Gaza Strip on Friday, US officials gave Israel a quiet but clear message: Get the networks up and running again. Prime Minister Benjamin Netanyahu’s government quickly obliged, even as Israeli tanks and troops pushed into the enclave in the opening assaults of its ground invasion. For the US administration, the episode was the latest example of how combining full-on public support of Israel with softer but still insistent signals on protecting civilians and limiting the spread of the conflict is getting results. “That close public embrace gives you the ability to whisper the more challenging aspects of your advice quietly, and also gives the other side a greater capacity to hear what you’re saying,” said Mara Rudman, a former White House adviser on the Middle East who is now a senior counselor at the Center for American Progress think-tank. But the balancing act is getting harder as Israel steps up its attacks, worsening the humanitarian crisis in Gaza, and fighting spreads on Israel’s northern borders with Lebanon and Syria, fueling fears of a wider war. by Jenny Leonard & Jordan Fabian Bloomberg On Tuesday, Israel struck a refugee camp in the north of Gaza, with Palestinian officials in the Hamas-run territory saying hundreds of people were killed or wounded. Arab governments strongly condemned the strike on the Jabaliya camp, which Israel said Hamas was using as a training center. The rising civilian death toll — Palestinian authorities say thousands of people have been killed by Israeli airstrikes — raises fresh questions about whether the US’s relatively unconditional public support is the right approach and whethThe Chinese Embassy in Washington said it had “no information to offer” on a Xi-Biden summit, repeating the Chinese foreign minister’s remarks that the road to such a sit-down wouldn’t be smooth. Read the full story er President Joe Biden is doing enough to prevent the conflict spinning out of control. Meanwhile, the administration is running into growing congressional opposition to its push for more aid to Israel. “We have leverage — the question is are we using it?” said Daniel Kurtzer, a former US ambassador to Egypt and Israel. “If there has been a message about the bombing, that apparently has not had an impact, because you would have seen some reduction in the scope and scale of what’s going on.” The Chinese Embassy in Washington said it had “no information to offer” on a Xi-Biden summit, repeating Chinese Foreign Minister Wang Yi’s remarks last month that the road to such a sit-down wouldn’t be smooth. The two sides agreed in principle to a meeting between Biden and Xi following Wang’s visit in October, according to an American official at the time, but held off on an announcement as they worked to finalise the details. The agenda for the Biden-Xi meeting is likely to span issues including disputes over their economic and technological ambitions, disagreements over Taiwan, human rights, as well as broader geopolitical issues such as Russia’s invasion of Ukraine and the Israel-Hamas war. The US has pushed China to use its ties with Iran to keep the conflict from escalating and drawing in other countries and groups in the Middle East. Biden administration officials had been eager to announce a face-to-face meeting between the leaders of the world’s two largest economies. It will be the first time Biden and Xi have spoken since they met in November 2022 at the Group of 20 summit in Bali, Indonesia. That meeting saw a short-lived thaw between the leaders as new tensions rose in the bilateral relationship. reuters

THURSDAY NOVEMBER 2, 2023 19 THEEDGE CEO MORNING BRIEF WORLD JAKARTA (Nov 1): Indonesia’s annual inflation rate edged up in October, official data showed on Wednesday, in line with expectations and within the central bank’s target range, though some economists say more rate hikes are likely if the rupiah weakens further. The annual inflation rate accelerated slightly to 2.56% in October, from 2.28% in the previous month, and was a fraction below the 2.60% forecast in a Reuters poll. Bank Indonesia (BI) targets inflation within a range of 2% to 4% this year. The target will be lowered to 1.5% to 3.5% in 2024. The annual core inflation rate, which strips out volatile food prices and government controlled prices, slowed a touch to 1.91% in October, from September’s 2%. The poll had expected 2%. Rising prices of rice, chicken meat, cigarettes and home rental costs drove inflation last month, the statistics bureau said. Inflation in Indonesia has slowed since peaking near 6% in September of 2022, after the government raised subsidised fuel prices amid rising global energy prices. BI has raised interest rates by 250 basis points since August 2022 to cool inflation, with its latest rate hike last month aimed at stabilising the rupiah’s exchange rate and mitigating imported inflation. Despite Indonesia’s relatively low inflation, some economists have said BI may need to raise rates further if the rupiah continues to weaken against the US dollar. The currency has come under pressure on the back of global risk-off asset moves linked to US monetary tightening and the Middle East and Ukraine conflicts. It weakened 0.4% to 15,945 a dollar at 0500 GMT Wednesday, near its lowest since 2020, ahead of a Federal Open Market Committee (FOMC) policy decision later in the day. There is a risk of inflation surging if global oil prices rise to above US$120 per barrel due to the conflict in the Middle East, which may force Jakarta to hike subsidised fuel prices again, said Irman Faiz, an economist with Bank Danamon. Danamon’s baseline is for end-year inflation at 2.7%, within BI’s target, though Irman said the central bank may raise policy rates again “if the exchange rate remains like this (depreciating) after the FOMC meeting.” Read also: El Nino is biggest wildcard for world’s most consumed edible oil Indonesian president breaks ground for airport in planned US$32 bil capital Indonesia sets emission target for G7 funding, lays out investment map Indonesia inflation stays within central bank target but currency poses rate risks JAKARTA (Nov 1): Some 200,000 hectares (494,210 acres) of oil palm plantations found in areas designated as forests in Indonesia are expected to be returned to the state to be converted back into forests, a government official said late on Tuesday. Indonesia, the world’s biggest palm oil producer and exporter, issued rules in 2020 to sort out the legality of plantations operating in areas that are supposed to be forests, aimed at fixing governance in the sector. Officials said the measures were necessary as some companies have already been tending the land for years, although green groups have attacked the government for forgiving past forest encroachment. Companies have to submit paperwork and pay fines to obtain cultivating rights on their plantation by Nov 2, 2023, according to the rules. While 3.3 million hectares (8.1 million acres) of the country’s nearly 17 million hectares of palm plantation have been found in forests, only owners of plantations with a combined size of 1.67 million hectares have been identified, forestry ministry secretary general Bambang Hendroyono told reporters. Indonesia says 200,000 hectares of palm plantations to be made forests The government is still cataloguing which of those are found in designated production forests, meaning owners will have to pay fines but they can continue to grow palm trees, and which are in protected areas and must be returned to the state, he said. He gave an estimate that about 200,000 hectares will be returned, adding the figure may increase. “The ones in protected forests and conservation forests, the government wants to restore after they pay the fine,” Bambang said, adding this will be part of the government’s efforts to mitigate climate change. Indonesia’s chief security minister Mahfud MD has threatened to pursue legal action against palm oil companies that use land illegally after the Thursday deadline passes. Indonesia has launched several programmes to improve governance in its massive palm oil industry, amid criticism by environmentalists of the crop’s impact on deforestation. Last year it started an industry-wide audit, followed by this year’s launch of a task force aimed at ensuring companies pay the right taxes. BY BERNADETTE CHRISTINA Reuters BY STEFANNO SULAIMAN & GAYATRI SUROYO Reuters REUTERS

THURSDAY NOVEMBER 2, 2023 20 THEEDGE CEO MORNING BRIEF WORLD (Nov 1): Red Bull heir Mark Mateschitz received a €582 million (US$615 million or RM2.93 billion) dividend as his first payment since inheriting the energy-drink empire from his late father last year. The company, based in the Austrian town of Fuschl am See, distributed half of last year’s €1.56 billion profit among its shareholders, according to a shareholder resolution published in the country’s corporate registry. Mateschitz owns 49% via his holding company, making him eligible for a €383 million handout. The Yoovidhya family in Thailand holds the remaining 51%. Europe’s richest millennial received an additional €199 million on top of the pro-rata distribution following a years-long tradition of making an extra payment to the company’s Austrian owner. Chalerm Yoovidhya was paid an additional €3.17 million. The dividend is the lowest in three years with rising marketing and production costs eating into profitability last year. Mateschitz took over the company in 2022 following the death of his father, Dietrich, who founded the company. Red Bull’s sponsorship payments exceeded €1 billion for the first time last year. It sold more than 11 billion cans of its caffeinated beverage, reaching net revenue of €9.68 billion. Red Bull heir gets US$615 mil payout after inheriting firm TOKYO (Nov 1): Toyota Motor reported a more than doubling of second-quarter profit on Wednesday, helped by a weak yen and strong sales, and raised its full-year forecast by 50%. The world’s top-selling automaker said operating profit for the three months to the end of September rose 155.6% from a year earlier to ¥1.44 trillion (RM45.3 billion). The Japanese automaker said it sold more cars in all global regions, including the US, Asia and its home market, over the six months to end-September compared to the same period a year earlier. Toyota lifted its full-year profit forecast to ¥4.5 trillion from ¥3 trillion, largely due to favourable effects from foreign exCOPENHAGEN (Nov 1): Carlsberg has cut all ties with its Russian business and refuses to enter a deal with Russia’s government that would make its seizure of the assets look legitimate, the brewer’s new CEO said on Tuesday. The Danish group has since last year been trying to sell its Baltika subsidiary in Russia, following in the footsteps of many other Western companies exiting Russia since its invasion of Ukraine. However, after the company announced in June it had found a buyer for its business, Russian President Vladimir Putin the following month ordered the temporary seizure of Carlsberg’s stake in the local brewer. “There is no way around the fact that they have stolen our business in Russia, and we are not going to help them make that look legitimate,” said Jacob Aarup-Andersen, who took over as CEO in September. Carlsberg had eight breweries and about 8,400 employees in Russia, and took a 9.9 billion Danish crown (RM6.7 billion) write-down on Baltika last year. change rates. It expects the weaker yen to account for ¥1.18 trillion of the revision to the full-year profit. It said a further boost from cost reduction and marketing efforts and price revisions especially outside of Japan was likely to offset higher expected expenses. The new projection compared to analysts’ average forecast of ¥4 trillion. The quarterly results compared to an average ¥1.08 trillion profit estimate in a poll of 10 analysts by LSEG and a profit of ¥562.8 billion in the same period last year. Toyota shares, which were up 4.4% just before the release of the earnings, jumped immediately after and were up 5.6% at ¥2,735 by 0516 GMT. Toyota unveiled in June a sweeping revamp of its battery-powered vehicle strategy and committed to technologies to improve the driving range and cut costs of electric vehicles. It said overnight it would boost investment by USUS$8 billion in a North Carolina plant that will make batteries for hybrids, plug-in hybrids and full-battery vehicles. In the first nine months of the year it sold 7.5 million cars, which included the Lexus luxury brand, nearly a third of them hybrids. It sold around 76,000 battery EVs, or about 1% of total sales, during the same period. While Toyota has avoided the kind of hit other Japanese automakers such as Nissan Motor Honda Motor have taken in China from a shift to EVs and the rise of domestic brands, Toyota still faces pressure in the world’s biggest auto market. It also faces a battle in Southeast Asian markets such as Thailand due to rising Chinese investments, fuelled by higher demand for EVs. Toyota more than doubles quarterly profit, raises annual forecast Carlsberg CEO: Russia has ‘stolen our business’ BY DANIEL LEUSSINK Reuters BY JACOB GRONHOLT-PEDERSEN Reuters BY MARTON EDER Bloomberg Read also: WeWork plans to file for bankruptcy as early as next week — source Orsted abandons US Wind projects after taking US$4 bil hit in 3Q GSK lifts profit forecast, boosted by world’s first RSV vaccine Zillow plunges after verdict on real estate brokerage commissions Read the full story REUTERS

THURSDAY NOVEMBER 2, 2023 21 THEEDGE CEO MORNING BRIEF WORLD (Nov 1): Chip designer Advanced Micro Devices on Tuesday forecast US$2 billion (RM9.5 billion) in sales in 2024 from a chip that aims to compete with Nvidia in the artificial intelligence (AI) market, helping shares recover after a quarterly outlook missed expectations. AMD forecast fourth-quarter revenue and gross margins below Wall Street estimates, hurt by a weak gaming market as well as a decline in demand from some industries for its programmable chips. Shares of the Santa Clara, California-based company fell as much as 4.6% in after-market trading but turned roughly flat after executives disclosed on a conference call the outlook for its chip to compete with Nvidia. AMD is readying a chip called the MI300X it hopes will loosen Nvidia’s grip on the market for data centre AI chips used to create technologies similar to ChatGPT. During a call with investors, AMD chief executive Lisa Su said that “multiple, large hyperscale customers” had committed to using MI300 chips, using a term that commonly refers to large tech and cloud computing companies. The company said it expects US$400 million in revenue from the chip in the fourth quarter, up from the US$300 million forecast the company had given in August. Su gave investors a 2024 sales forecast for the first time for the MI300 chip, of US$2 billion. But weakness in other segments left the company short of Wall Street expectations for the fourth quarter. While the PC market is in recovery mode, demand for programmable chips used by industries such as wireless communications, healthcare and automotive has slowed down. Intel last week said it expects demand from that segment to decline and stay down for the “next few” quarters. That same slowdown appears to be hitting AMD forecasts US$2 bil sales of AI chips, helping shares rebound (Nov 1): Southeast Asia’s internet economy will log its slowest growth on record this year, a group of researchers said, as they slashed near-term e-commerce spending estimates for the region by 13%. Total online spending will rise about 11% this year to US$218 billion (RM1 trillion) in the region, research from Google, Temasek Holdings Pte and Bain & Co showed, slowing from 20% a year earlier and reaching its lowest rate since at least 2017. The biggest category, e-commerce, is set to reach only US$186 billion in 2025, rather than the US$211 billion the researchers estimated previously. Consumers in the region of more than 650 million people are curbing spending to cope with elevated inflation and interest rates. Meanwhile, competition is intensifying. Global giants like Amazon.com Inc and Alibaba Group Holding Ltd as well as regional players Grab Holdings Ltd, Sea Ltd and GoTo Group are vying for a slice of markets from online retailing to food delivery and ride hailing. The region’s entire internet economy is now on track to reach US$295 billion by 2025, according to the report, down from a previous forecast of US$330 billion. This is the second time estimates have been revised downward in the companies’ annual study, which covers Singapore, Indonesia, Malaysia, Thailand, Vietnam and the Philippines. Sea, Grab face slowest Southeast Asia internet growth since 2017 BY OLIVIA POH Bloomberg BY CHAVI MEHTA & STEPHEN NELLIS Reuters The region’s entire internet economy is now on track to reach US$295 bil by 2025, down from a previous forecast of US$330 bil. Read the full story Read also: Google’s 2019 ‘Code Yellow’ blurred line between search, ads “We’re now seeing a major trend in a focus and shift towards profitability,” Sapna Chadha, Southeast Asia vice president at Google, said in an interview with Bloomberg TV. “What we need to see is more of a focus on impact and outcomes.” Even as more people in Southeast Asia come online, a bulk of the region’s spending still comes from relatively wealthier consumers in major cities. The top 30% high-value users account for more than 70% of digital economy transaction values, the report said, signaling internet companies are struggling to attract potential customers in more remote regions. Private funding of companies in Southeast Asia has dropped to its lowest level in six years, slowing sharply from pandemic highs as investors become choosier and capital becomes more expensive. The number of deals involving tech companies in the region shrank by more than half to 564 in the first half of 2023 from the year-earlier period, according to the report. Investors in the region, many of whom started funds in the middle of the last decade, are facing mounting pressure to deliver returns in a challenging market for public listings. Funds in Southeast Asia started in the past five to seven years have only returned 4% on average, compared with about 50% for China and 40% for the US, according to the study. BLOOMBERG AMD’s Xilinx business for programmable chips, which is known for its high margins. Analysts said the recent expansion of US sanctions on chip exports to Beijing will require AMD to seek licenses to sell its most high-end artificial intelligence chips to China, which it plans to launch and ramp only in the fourth quarter. Moreover, capital spending cuts by key customer Meta Platforms could also weigh on the company. AMD forecast current-quarter revenue of about US$6.1 billion, plus or minus US$300 million. Analysts polled by LSEG expect revenue of US$6.37 billion. AMD forecast adjusted gross margins of 51.5%, slightly below estimates of 52.1%, according to LSEG data. Adjusted revenue in the third quarter rose 4% to US$5.8 billion, compared with estimates of US$5.7 billion. Adjusted profits were 70 cents per share, above analyst estimates of 68 cents per share, according to LSEG data.

THURSDAY NOVEMBER 2, 2023 22 THEEDGE CEO MORNING BRIEF WORLD SYDNEY (Nov 1): Chances of an imminent hike in Australian interest rates grew on Wednesday after data showed house prices rebounding to near record highs and the International Monetary Fund recommended tightening monetary and fiscal policy screws to curb inflation. Markets responded by pricing in a near-70% chance that the Reserve Bank of Australia (RBA) will raise rates by a quarter point to 4.35% when it meets on Nov 7, ending four months of keeping rates on hold. High readings for inflation and consumer spending had already suggested policy might be too loose, and that view was reinforced by a CoreLogic report showing house prices had regained all the ground lost during the RBA’s previous 12 rate hikes. “The turnaround in property prices has been quite remarkable,” declared Gareth Aird, head of Australian economics at CBA. “The RBA’s 400 basis points of tightening reduced home borrower capacity by 30%, but property prices are now back to their previous peak.” So far this year, values in Sydney, Perth and Brisbane are all up more than 10%, adding billions to household wealth at a time when the RBA would really rather they not be spending. A separate report from PropTrack foresaw further gains ahead given booming migration, a tight rental market and a supply squeeze as home building lagged far behind population growth. IMF weighs in The IMF also weighed in on Wednesday by arguing tighter monetary and fiscal policy was needed in order to bring inflation back to the RBA’s target band of 2-3%. Read the full story Read also: Food inflation still high around world, says World Bank Lack of homes for sale gives UK house prices a surprise boost — Nationwide Canadian dollar hits one-year low as data shows likely recession Australia rate risk grows as house prices jump and IMF chimes in (Nov 1): Traders are piling into fresh bets against the yen, triggering pushback from Japanese authorities who are threatening once again to take action including the possibility of currency intervention. The yen edged away from a year-to-date low on Wednesday after Masato Kanda, Japan’s top currency official at the finance ministry, said authorities are ready to act if needed. “We’re on standby,” Kanda told reporters, echoing language he used a year ago on the day Japan made the first of three forays into the market. “But I can’t say what we’ll do, and when — we’ll make judgments overall, and we’re making judgments in a state of urgency.” The currency posted its biggest one-day drop since April on Tuesday after the Bank of Japan’s (BOJ) underwhelming tweak to its cap on bond yields suggested any move away from ultra-loose policy would be slow and gradual. The yen strengthened after Kanda’s and held a gain of about 0.3% at 151.27 per dollar as of 1.47pm in Tokyo. It slumped 1.7% on Tuesday. Despite Wednesday’s intraday relief for the yen, its longer-term slide towards 152 has the currency around the threshold that a year ago drove Japanese authorities to swoop in to prop it up. The movement of well over two yen in less than a day fits in with the extent of volatility that triggered Japan to spend more than US$60 billion (RM286.66 billion) buying the currency in markets last year. The yen also weakened to the lowest since 2008 against the euro on Tuesday. “We’re very concerned about one-sided, sudden moves in currencies,” Kanda said in the morning. “Fundamentals don’t move several yen in one night.” He followed up with second round of comments around midday in which he said speculation had been the biggest factor in recent moves in the currency. Finance ministry figures released on Tuesday showed no money was spent on intervention in the currency market between Sept 28 and Oct 27. The period includes Oct 3, when the yen’s decline to 150.16 suddenly reversed to 147.43, a move that had sparked discussion in markets that Japan may have intervened. Meanwhile, Japanese government bond yields were edging higher on Wednesday, while their US counterparts were fractionally lower, giving mild support to the yen. While the central bank announced an unscheduled bond-purchase operation in the afternoon to tamp down yields, it had only minimal impact in the debt and currency markets. Traders were showing little fear that Japan will start buying the yen to halt its slide. Speculative US dollar calls pointed to mounting wagers on the yen’s weakness, while leveraged funds were seen adding to shorts following the BOJ meeting. Japan ramps up yen intervention warning after BOJ-fuelled selloff BY ERICA YOKOYAMA & ANYA ANDRIANOVA Bloomberg BY STELLA QIU & WAYNE COLE Reuters

thursday november 2, 2023 23 The E dge C E O m o rning brief MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) Classita Holdings Bhd 143.1 0.000 0.065 -82.19 80.1 Ageson Bhd 86.4 0.045 0.075 -63.41 23.4 Ranhill Utilities Bhd 83.7 0.155 0.735 61.54 947.8 Kanger International Bhd 68.4 0.000 0.125 212.50 81.2 Sarawak Consolidated Industries 62.5 0.010 0.560 286.21 358.5 Salutica Bhd 55.9 -0.295 0.725 173.58 307.0 Widad Group Bhd 53.2 0.000 0.450 4.65 1,393.4 Leform Bhd 41.7 0.000 0.245 18.70 362.8 Sedania Innovator Bhd 40.6 0.020 0.205 -22.64 71.2 Meta Bright Group Bhd 33.1 -0.020 0.240 41.18 571.7 CSH Alliance Bhd 31.7 -0.005 0.045 12.50 62.2 Dataprep Holdings BHD 31.7 0.010 0.150 -33.33 110.7 Tanco Holdings Bhd 30.9 0.000 0.575 71.64 1,149.0 Top Glove Corp Bhd 29.4 -0.020 0.705 -22.10 5,645.8 YTL Power International Bhd 26.0 0.070 2.180 204.90 17,662.7 Kumpulan Jetson BHD 25.7 0.000 0.265 23.26 71.0 Nexgram Holdings Bhd 25.3 0.010 0.035 -50.00 22.7 UEM Sunrise Bhd 25.0 -0.020 0.775 203.92 3,920.3 Kinergy Advancement Bhd 22.7 0.010 0.330 -16.46 641.9 PDZ Holdings Bhd 22.3 0.005 0.040 0.00 23.3 Data as compiled on Nov 1, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) Ageson Bhd 0.075 150.00 86,436.8 -63.41 23.4 Compugates Holdings BHd 0.020 100.00 11,230.0 100.00 110.0 Pegasus Heights Bhd 0.010 100.00 1,620.0 0.00 108.2 Nexgram Holdings Bhd 0.035 40.00 25,344.0 -50.00 22.7 Ranhill Utilities Bhd 0.735 26.72 83,717.2 61.54 947.8 Saudee Group Bhd 0.030 20.00 2,473.9 -33.33 44.6 TWL Holdings Bhd 0.030 20.00 10,037.8 -14.29 146.1 LYC Healthcare Bhd 0.225 18.42 2796.4 12.50 146.2 Annum Bhd 0.100 17.65 3,069.0 -68.75 22.7 Grand Central Enterprises Bhd 0.380 16.92 6.1 8.57 74.9 Alam Maritim Resources Bhd 0.035 16.67 617.8 40.00 53.6 BSL Corp Bhd 0.040 14.29 920.5 -40.83 77.3 CME Group BHD 0.040 14.29 3,729.7 33.33 41.3 Fitters Diversified Bhd 0.040 14.29 342.8 -42.86 93.7 PDZ Holdings Bhd 0.040 14.29 22,327.7 0.00 23.3 Ta Win Holdings BHD 0.040 14.29 256.3 -27.27 137.4 SC Estate Builder Bhd 0.045 12.50 2,023.6 0.00 48.3 TFP Solutions Bhd 0.050 11.11 1,886.2 -23.08 29.2 Sedania Innovator Bhd 0.205 10.81 40,644.2 -22.64 71.2 Parkwood Holdings BHD 0.160 10.34 0.2 10.34 44.0 Data as compiled on Nov 1, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) AT Systematization Bhd 0.005 -50.00 2,354.4 -66.67 33.9 XOX BHD 0.010 -33.33 2,725.5 -33.33 50.5 Salutica Bhd 0.725 -28.92 55,885.2 173.58 307.0 ZEN Tech International Bhd 0.015 -25.00 385.0 -25.00 39.4 Xidelang Holdings Ltd 0.020 -20.00 676.0 -20.00 42.3 MQ Technology Bhd 0.025 -16.67 2,364.6 -50.00 34.5 Rekatech Capital Bhd 0.050 -16.67 912.8 -37.50 29.6 XOX Technology Bhd 0.050 -16.67 258.0 11.11 44.7 CSH Alliance Bhd 0.045 -10.00 31,744.1 12.50 62.2 Green Packet Bhd 0.045 -10.00 595.0 -18.18 89.8 Hong Seng Consolidated Bhd 0.045 -10.00 6,456.3 -79.55 229.9 Permaju Industries Bhd 0.045 -10.00 356.2 0.00 87.5 Sapura Energy Bhd 0.045 -10.00 2,585.3 28.57 719.1 Citra Nusa Holdings Bhd 0.050 -9.09 50.0 -23.08 36.0 Green Ocean Corp Bhd 0.105 -8.70 3,056.1 -47.50 22.2 Multi-Usage Holdings BHD 0.475 -7.77 13.0 -18.80 26.8 Cheetah Holdings Bhd 0.120 -7.69 59.0 9.09 58.3 Meta Bright Group Bhd 0.240 -7.69 33,112.4 41.18 571.7 Bright Packaging Industry Bhd 0.195 -7.14 225.4 0.00 40.0 Luster Industries Bhd 0.065 -7.14 8768 -31.58 196.5 Data as compiled on Nov 1, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Nestle Malaysia Bhd 122.500 -1.300 242.0 -12.50 28,726.3 HextarTechnologies Solutions 23.120 -0.640 60.3 35.52 2,974.4 Fraser & Neave Holdings Bhd 25.760 -0.340 40.4 19.37 9,448.2 Malaysian Pacific Industries 25.420 -0.320 254.2 -11.61 5,055.9 Salutica Bhd 0.725 -0.295 55,885.2 173.58 307.0 Heineken Malaysia Bhd 23.580 -0.260 58.0 -6.43 7,123.5 Hong Leong Bank Bhd 19.200 -0.200 487.6 -6.61 41,620.2 PanasonicManufacturing M BHD 17.700 -0.200 73.1 -22.71 1,075.2 Petronas Chemicals Group Bhd 7.140 -0.200 4,450.4 -16.98 57,120.0 Rapid Synergy Bhd 26.600 -0.200 367.4 66.67 2,843.4 Pentamaster Corp Bhd 4.850 -0.150 982.2 9.48 3,449.9 HAP Seng Consolidated Bhd 4.780 -0.130 8,816.1 -25.31 11,900.6 Bursa Malaysia Bhd 6.670 -0.120 412.2 0.30 5,398.0 Petronas Gas Bhd 17.080 -0.120 2,055.2 -0.23 33,796.7 Ajinomoto Malaysia Bhd 15.280 -0.100 12.6 16.82 929.0 Dutch Lady Milk Industries BHD 22.500 -0.100 6.8 -25.6 1440 Pertama Digital BHD 3.860 -0.100 872.7 119.32 1,691.5 Press Metal Aluminium Holdings 4.820 -0.100 5,320.1 -1.23 39,715.0 Malaysia Airports Holdings Bhd 7.300 -0.090 1,113.3 11.28 12,180.4 Dialog Group Bhd 2.060 -0.090 10972.2 -15.92 11623.7 Data as compiled on Nov 1, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Ranhill Utilities Bhd 0.735 0.155 83,717.2 61.54 947.8 Batu Kawan Bhd 20.600 0.100 0.3 -7.62 8,103.6 Gas Malaysia Bhd 3.380 0.090 1,797.5 3.68 4,339.9 Malayan Cement Bhd 3.670 0.090 736.3 73.11 4,808.4 Teck Guan Perdana BHD 1.650 0.080 1.2 -6.78 66.2 Stella Holdings BHD 1.080 0.070 420.8 8.54 72.4 United U-Li Corp BHD 1.810 0.070 1,592.6 50.83 394.2 YTL Power International Bhd 2.180 0.070 25,956.0 204.90 17,662.7 Central Global Bhd 3.000 0.060 3,772.7 231.49 523.8 Grand Central Enterprises Bhd 0.380 0.055 6.1 8.57 74.9 AME Elite Consortium Bhd 1.500 0.050 1,076.5 20.97 958.6 Hong Leong Industries Bhd 9.050 0.050 14.1 -1.63 2,891.2 Pecca Group Bhd 1.200 0.050 5,121.9 44.58 902.1 Ageson Bhd 0.075 0.045 86,436.8 -63.41 23.4 APM Automotive Holdings Bhd 2.090 0.040 8.0 14.21 408.6 Catcha Digital Bhd 0.475 0.040 8,287.7 156.76 210.5 Citaglobal Bhd 1.630 0.040 2090.9 12.41 680.7 Crescendo Corp Bhd 1.380 0.040 30.2 18.97 385.6 HSS Engineers Bhd 0.975 0.040 7,048.1 126.74 483.6 Hume Cement Industries Bhd 1.740 0.040 190.0 85.11 889.6 Data as compiled on Nov 1, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 33,052.87 123.91 0.38 S&P 500 * 4,193.80 26.98 0.65 NASDAQ 100 * 14,409.78 74.27 0.52 FTSE 100 * 7,321.72 -6.69 -0.09 AUSTRALIA 6,838.31 57.63 0.85 CHINA 3,023.08 4.31 0.14 HONG KONG 17,101.78 -10.70 -0.06 INDIA 63,591.33 -283.60 -0.44 INDONESIA 6,642.42 -109.79 -1.63 JAPAN 31,601.65 742.80 2.41 KOREA 2,301.56 23.57 1.03 PHILIPPINES 5,973.78 11.79 0.20 SINGAPORE 3,076.77 9.03 0.29 TAIWAN 16,038.56 37.29 0.23 THAILAND 1,379.96 -1.87 -0.14 VIETNAM 1,039.66 11.47 1.12 Data as compiled on Nov 1, 2023 Source: Bloomberg CPO RM 3,688.00 9.00 OIL US$ 86.38 1.36 RM/USD 4.7715 RM/SGD 3.4805 RM/AUD 3.0229 RM/GBP 5.7927 RM/EUR 5.0337 * Based on previous day’s closing

MyCC fails to reinstate RM20m fines on airlines KUALA LUMPUR: Malaysia has commended the 121 countries that stood up for humanity and supported the resolution on Gaza proposed by Jordan, said Malaysian Permanent Representative to the United Nations in New York Datuk Dr Ahmad Faisal Muhamad. The resolution, co-sponsored by 46 countries including Malaysia, called for an immediate, durable and sustained humanitarian truce between Israel and Hamas in Gaza. Ahmad Faisal said the resolution adopted during the 10th Emergency Special Session (ESS) of the UN General Assembly also marked an important first step taken at the UN, bringing back a glimmer of hope, faith and trust in the multilateral process. “The adoption of the resolution is a sign that we in the UN, hear the resounding cry of people around the world, demanding an immediate end to the massacre of innocent lives in Gaza,” he said in delivering Malaysia’s statement at the emergency session that resumed on Tuesday. The resolution, titled “Protection of Civilians and Upholding Legal and Humanitarian Obligations”, was adopted with 120 affirmative votes, 14 against and 45 abstentions during the 10th ESS of the assembly on Friday, Bernama reported. Ahmad Faisal said Malaysia joins others in demanding for an immediate ceasefire in Gaza, adding that this is absolutely vital to stop further loss of life and for necessary humanitarian work to be carried out. “We call for the establishment of humanitarian corridors as well as unhindered and unfettered humanitarian access so that aid can reach those in need throughout Gaza, without any impediments. The supply of electricity, water and fuel must be restored. These are all life-saving essentials.” He said Malaysia also categorically rejected actions of forced displacement of the population of Gaza, where 1.4 million (62%) of the population has been internally displaced. He also called on the UN Security Council (UNSC) to respond to the General Assembly resolution by taking prompt, unified and decisive action. He added that inaction would amount to complicity in the crimes against humanity committed in Gaza and noted the general assembly’s proactive role compared with the Security Council’s inaction. He expressed Malaysia’s disappointment with the UNSC’s paralysis due to the narrow self-interests of some member states. oMalaysia commends nations for standing up for Gaza in UN emergency session Kudos to supporters INSIDE TELLING IT AS IT IS ON THURSDAY NOVEMBER 2, 2023 No. 8385 PP 2644/12/2012 (031195) www.thesundaily.my CATASTROPHE ... Buildings at the Gaza Strip in ruins after incessant Israeli bombardment. – AFPPIC See report on — page 7 5 page Biological way to reduce dengue 4 carrier mosquitoes page PETALING JAYA: Platform speaker and trainer Ong Hock Siew is an avid sportsman and adventurer. The former banker has climbed Mt Kinabalu 60 times but was still amazed by the drive and perseverance of former AmBank chairman Tan Sri Azman Hashim (pic) in his latest endeavour to climb Malaysia’s highest peak. Below are excerpts of his comments in awe of Azman’s accomplishment in scaling the highest peak in Southeast Asia. The morning after It is the morning after. Our tired bodies and painwracked limbs have been stretched to the furthest limit. The summit, at last After a long gruelling journey, we stood at the summit of Mt Kinabalu. It was a huge accomplishment. Victorious feeling The feelings of victory was palpable. It had seemed such an unlikely fulfillment at the start. Tears of joy I had tears in my eyes as I watched 84-year-old Tan Sri Azman stand graciously at the summit, thanking the Almighty for His grace and strength. Shared camaraderie He then stretched his hand out to me and we shook as “comrades” on this incredible journey of a lifetime. Remarkable achievement Tan Sri Azman’s accomplishment is nothing short of remarkable. When he first asked me if I could accompany him on one more climb up this great mountain, I was somewhat taken aback. An unlikely answer Most octagenarians are frail and sickly. Despite my initial doubts, I quickly said “Yes!” Responsibility and safety The responsibility was huge. The safety concerns were bigger. The risk of injury was high and I had to make special plans to avoid injury. An 84 year old can’t afford a fall. Added condition Tan Sri Azman had conditions for me. No carrying up or down, no extra help – he had to make it on his own. Determination and humility His enthusiasm and exhilaration really carried the day. Here was a man who was facing one of the toughest challenges of his life and his determined attitude and humility with the guides endeared him to all of them. Unbelievable weather The weather was really kind to us. The weather forecast said “storms”, but the weather was one of the best I have seen in my 70 climbs. A song at every stop With a ukulele in hand, we sang much of the way. Tan Sri Azman took it all in and sang with the climbers. Living out our dreams again For many happy moments, we lived our young dreams again. The climb to the summit Finally, the challenge of the summit climb came. We woke up very early on the second morning and I had fear and trepidation that the adventure would be fraught with risks. No doubts Not once did Tan Sri Azman expressed one word of doubt. We made it our mission to stand at the summit and forget about all else ... and we did. Hands raised in victory The last few steps to the summit took all of 30 minutes. As we sat down relieved that we had achieved our goal, we raised our hands in deserved victory. A wonderful inspiration Tan Sri Azman has shown us that age is truly only a number. To me, he is a great inspiration to “seniors” who think they are too old for adventure. His legacy will live on in many hearts. A leader of leaders Tan Sri Azman is a true Malaysian – a leader of leaders. Tremendous privilege It was my tremendous privilege to have walked these Kinabalu steps with him. Ong Hock Siew A leader of leaders

2 theSUN ON THURSDAY | NOVEMBER 2, 2023 NEWS WITHOUT BORDERS /thesundaily FOLLOW ON FACEBOOK SCAN ME Move to help graduates earn premium pay KUALA LUMPUR: The Higher Education Ministry is confident that it is on the right track to increase the percentage of graduates earning a premium salary of RM4,000 per month, by strengthening ties with industries and implementing specific and strategic measures, said its minister Datuk Seri Mohamed Khaled Nordin. He said the ministry plans to ensure that upcoming graduates possess the necessary skills through more focused and targeted approaches to address industry needs. He added that Universiti Sains Malaysia (USM) has started a pilot project with the establishment of the ministry’s Research and Industry-Infused Incubator to develop industry-ready talent for the electrical and electronic sectors. “Approximately 40 graduates have been produced through this oGovt to ensure candidates possess necessary skills via focused, targeted approaches to address industry needs 27% population aged under 18: Statistics Dept KUALA LUMPUR: The number of children under 18 in Malaysia in 2023 is estimated to be 9.13 million, which accounts for 27.4% of the country’s total population of 33.38 million. Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said based on the Children Statistics Malaysia 2023 data published by the Statistics Department yesterday, the number of boys and project and are earning around RM4,000 each. Currently, there are about 70 to 80 individuals undergoing training but the industry’s demand exceeds 200 people and can reach up to 900. USM certainly cannot meet this supply alone,” he told a media conference yesterday. Earlier, he officiated at the Graduate Job Market Conference, organised by the ministry and Universiti Putra Malaysia, which aims to identify and gather information related to future job markets for graduates. Mohamed Khaled said the ministry has also signed an MoU with Sirim, which covers various programmes, including Technical Vocational Education and Training, consultation services, quality certification and related recognition, Bernama reported. He said he was informed that Sirim needs about 1,000 graduates per year to do audit works for companies applying for Quality Management System certification. Asked about the percentage of graduates earning premium salaries, he said Universiti Teknologi Malaysia currently produces 30%, while other universities produce 10% to 15%. “So, the effort to ensure that graduates earn premium salaries does not happen automatically, it requires specific and strategic cooperation with the industry.” He added that the ministry has developed the Graduate Employability Management digital platform, which allows users, especially graduates under the ministry, to apply for internships and employment and makes it easier for industries to identify those who meet the criteria. The conference was also held to find the best intervention for the ministry to increase graduate marketability and determine the best solution for issues related to job-skills mismatch and others. It was supported by Talent Corporation Malaysia, Malaysia Digital Economy Corporation, Study on new Socso and Linkedin Malaysia. traffic cameras KUALA LUMPUR: The Transport Ministry is conducting a study on the use of a new surveillance camera that is able to capture and recognise vehicles using digital plates as a measure to improve and reduce the risk of traffic collisions in the country. Deputy Transport Minister Datuk Hasbi Habibollah said the new features found in the camera are expected to be able to detect the driver, vehicle plate number and capture the speed of the vehicle, thus facilitating enforcement. “The ministry and the Road Transport Department are researching and considering a new direction with regard to the Automatic Awareness Safety (Awas) cameras. Perhaps, these cameras will be added at new locations but not in the current form (Awas). “However, the use of e-plates is still being studied. Our current study is on ways to determine those who have violated regulations. “In future, more features will be added to be able to capture information on vehicle speed. “These new cameras will be installed and more will be added,” he said during the question and answer session in the Dewan Rakyat yesterday. He was replying to a supplementary question from Datuk Suhaimi Nasir (BN-Libaran), who wanted to know what the government plans to do to reduce the rate of road crashes in Malaysia. In reply to a supplementary question from Khairil Nizam Khirudin (PN-Jerantut) on the cost of the new cameras, Hasbi said the matter is still in the research stage and the actual cost would be announced when the use of the camera is approved. Replying to Suhaimi’s original question about the effectiveness of Awas cameras, Hasbi said a study by the Malaysian Institute of Road Safety Research found that the level of compliance by road users at locations where the cameras were installed reached 99%. – Bernama Cap on varsity admission fees KUALA LUMPUR: Public universities nationwide have been urged to adhere to the government directive to limit admission fees to RM1,500 starting from January. Higher Education Minister Datuk Seri Mohamed Khaled Nordin said appropriate action would be taken against those who violate the directive. “However, I believe that when there is a clear directive and decision, universities will not violate it. (But in case they do), the ministry will intervene,” he told a media conference after officiating at the Graduate Job Market Conference organised by the Higher Education Ministry and Universiti Putra Malaysia yesterday. When tabling Budget 2024 last month, Prime Minister Datuk Seri Anwar Ibrahim announced that starting January, the registration fees for admission to public universities would be capped at RM1,500. He said this was in line with the value of the National Higher Education Fund Corporation advance loan, which amounts to RM1,500 for all eligible prospective students. – Bernama girls under the age of 18 is 4.72 million and 4.42 million respectively. “The composition of children under five years old in 2023 is 2.35 million, with 1.21 million boys and 1.14 million girls. This group covers 25.7% of the total number of children in Malaysia,” he said in a statement yesterday. According to Mohd Uzir, the Federal Territory of Putrajaya recorded the highest percentage of children under 18 in 2023 with 41.1% of the population, followed by Kelantan with 34.4% and Terengganu at 33.5%. The Federal Territory of Kuala Lumpur recorded the lowest percentage at 22.6%. “However, Selangor recorded the highest number of children under 18 at 1.81 million, followed by Johor with 1.11 million and Sabah with 1.1 million. The lowest number of children under 18 was recorded in the Federal Territory of Labuan at 0.03 million.” The statistics also indicate that children under the age of five experiencing severe malnutrition increased slightly to 0.3% in 2022 compared with 0.2% in 2021. In terms of education, the number of pupils in government and government-aided schools in 2022 was 4.96 million, an increase of 0.6% from 4.93 million the previous year. During the same period, the number of pupils in private schools dropped 1.2% to 0.42 million from 0.43 million, he added. From the child protection perspective, the number of children needing care and protection in 2022 increased by 10.2% to 6,770 (4,303 girls and 2,467 boys) compared with 6,144 individuals in 2021. The majority of children in need of care and protection are Bumiputera (73.5%), followed by Indians (9%), Chinese (7.5%) and others (10.1%). According to the statistics, the number of children involved in crime in 2022 dropped by 12.8% to record 3,013 cases compared with 3,457 cases in 2021, while the number of sexual crime cases involving children increased by 9.5% in 2022 with 1,621 cases compared with 1,481 cases in 2021. The Children Statistics Malaysia 2023 can be downloaded from the department’s official website at ww.dosm.gov.my. – Bernama Children Statistics Malaysia 2023 EDUCATION HEALTH CHILD PROTECTION CHILDREN INVOLVED IN CRIME 1 POPULATION Total population 33.38 million 32.70 million Children Transition rate of enrolment Immunisation coverage for infant 9.19 million l 9.19 million Boys 4.72 million 4.74 million Girls 4.42 million 4.44 million Notes: Source: Ministry of Education Malaysia Source: Ministry of Health Malaysia Source: Department of Social Welfare Note: Refers to government and government-aided schools Preliminary Refers to the mid-year current population estimates The total may differ due to rounding P 1 Primary to lower secondary level 90.76% 90.88% Lower secondary to upper secondary level 99.35% 99.28% Upper secondary to post-secondary level 3.98% 2.79% Child in need of care and protection Number of live births Boys 423.1 thousand I 439.7 thousand 218.3 thousand I 226.9 thousand Girls 204.8 thousand I 212.8 thousand Hepatitis B 97.1% 93.0% 97.2% 94.2% 97.2% 94.0% 97.1% 98.8% HIB Diphtheria, Tetanus & Pertussis (DTP) Poliomyelitis (Polio) Bacillus Calmette-Guerin (BCG) 97.2% 94.2% 6,770 persons 6,144 persons 1,621 cases 1,481 cases Cummulative number of registered Children with Disabilities cases 152,038 persons 148,013 persons Source: Royal Malaysia Police Note: Includes gang rape Note: Child is defined as a person below 18 years Source: Children Statistics, Malaysia, 2023, Depertment of Satatistics Malaysia (DOSM) Sexual crimes involving children Total 44 cases 35 cases Sexual harassment 62 cases 63 cases Unnatural sex 30 cases Molest 11 cases 1,123 cases 1,277 cases Rape 2 222 cases 235 cases Incest 2 1 2023 P 2022 2021 Measures to address bullying KUALA LUMPUR: The Education Ministry plans to increase the number of guidance and counselling teachers if cases of bullying at schools continue to persist and show a rising trend, the Dewan Rakyat was told yesterday. Its deputy minister Lim Hui Ying said guidance and counselling are among the immediate measures that could be taken to address this social issue in schools. “The bullies must be given proper guidance to understand why they should not engage in bullying. So, counselling is very important,” she said in reply to Dr Ahmad Fakhruddin Fakhrurazi (PN-Kuala Kedah) during Question Time. Lim added that based on the ministry’s Sistem Sahsiah Diri Murid statistics, bullying incidents at schools had shown an increase, with 4,994 cases recorded as of last month, compared with 3,887 cases last year. She said all the cases had been investigated and follow-up action had been taken, with focus on providing guidance and counselling to those involved. “Our objective is to ensure that bullying cases can be reduced.” – Bernama

3 NEWS WITHOUT BORDERS theSUN ON THURSDAY | NOVEMBER 2, 2023 KUALA LUMPUR: Subsidies and price controls on chicken have been lifted effective yesterday to enable the government to enhance various socio-economic initiatives and welfare programmes, including cash assistance. Despite the removal of price controls, the government guarantees that there will be no sudden price hikes for chicken, in addition to a consistent and sufficient supply. On Monday, Agriculture and Food Security Minister Datuk Seri Mohamad Sabu said the government had allocated RM3.8 billion for chicken and egg subsidies since February 2022. He said the rationale for ending bulk subsidies for chicken was to reduce leakage of subsidies, which were also enjoyed by foreigners and high-income groups. Meanwhile, the Agriculture and Food Security Ministry through its “frequently asked questions” said the government could save RM100 million per month by floating chicken prices. Besides implementing various initiatives for the people, these savings can also be used to provide incentives in terms of revolving fund financing to small and medium-sized breeders, and micro-credit schemes as working capital assistance to community farmers. To ensure that chicken prices remain competitive and do not burden the people, especially those in rural areas, the government said it will continue organising the Agro Madani and Rahmah Sales programme nationwide. The government has also given an assurance that it will conduct regular monitoring of chicken prices from farms to retail outlets, which will be jointly carried out by Agriculture and Food Security Ministry and Domestic Trade and Cost of Living Ministry. – Bernama KUALA LUMPUR: Universiti Teknologi Malaysia (UTM) continued its outstanding performance at the 15th National Academic Awards (NAA) organised by the Higher Education Ministry on Tuesday, when three of its academic members were recognised through two awards. The three are Dr Mariani Abdul Hamid, who won the Innovation and Commercialisation of Products Award, Assoc Prof Dr Adibah Abdul Latif, who received the Teaching Award for the Applied Literature and Applied Social Sciences category, and Dr Norliza Mohd Isa, who received the Teaching Award for the Applied Science category. Winning the award through the Dermags Intensive Brightening Serum, a mangosteenbased cosmetic product, Mariani said nearly seven years of research efforts have paid off as she was recognised as the best innovator. “In 2014, we launched Dermags and now, this product has been in the market for eight years. We have gone through several ups and downs. Alhamdulillah, through product marketing, we have created 10 millionaires. They are distributors, agents, stockists and so forth. “We have also provided returns to UTM in the form of royalties, technology licensing, endowments, research contracts and more, amounting to over RM700,000 for the university. So, I think that is a very proud achievement for us,” she said after the award presentation ceremony. Meanwhile, Adibah, who has been directly involved in various teaching and education plans and policies at the university and national levels, said the recognition she received is motivation for her to continue contributing to the field she ventured into, Bernama reported. “What I received today is the result of the efforts of many, especially my family and UTM itself. I have been with UTM as a lecturer since 2003. Of course, to reach this level and achieve this award is something I’ve never thought of. “I believe any educator when they teach, they never think of returns. So, with this award, it’s not a reward, but probably a motivation, an appreciation for educators to feel that they are significant in our community or society,” she said. Working at the Faculty of Social Sciences and Humanities at UTM, Adibah focuses on educational assessment, which requires her to master curriculum aspects, teaching delivery and improvement processes. She has implemented various innovations in the teaching context to enhance students’ knowledge acquisition and development. UTM Faculty of Built Environment and Surveying senior lecturer Norliza hopes that the award will serve as a motivation to continue to strive to provide the best for the benefit of her students. The three award recipients took home a cash prize of RM50,000 each, along with a trophy and a certificate. Among the UTM academic members who previously received awards include UTM vice-chancellor Prof Datuk Dr Ahmad Fauzi Ismail (7th edition), Prof Mohd Hafiz Dzarfan (14th edition), Prof Dr Mohamad Roji Sarmidi (11th edition), Assoc Prof Fatimah Puteh (9th edition) and Assoc Prof Hayati Abdullah (5th edition). UTM, through UTM CDEX, continues to encourage its academic members to excel in advancing academia, especially in the context of teaching and learning and research. Subsidy removal allows focus on other initiatives Academics honoured at national event oUTM trio recognised for contributions in respective fields and significant role in community KLANG: The Klang Municipal Council is unveiling proposed amendments to its Draft Local Plan 2035 (Amendment 1) aimed at reshaping land use and building regulations, said its president Noraini Roslan. “These modifications are planned to assist large-scale infrastructure initiatives such as the East Coast Rail Link (ECRL), enhance flood mitigation measures and respond to the growing need for more industrial zones to sustain the expanding logistics sector.” Noraini said the modifications are integral to preparing Klang for its envisioned city status, which is expected by Nov 23. Speaking during the launch of the public participation programme for the Draft Local Plan on Tuesday, she emphasised the need to ensure that it aligns with the city’s anticipated growth and development. “The proposed adjustments to land use allocations, if approved, will result in a 2.36% increase in total industrial land. “This expansion will be balanced by a slight reduction of 0.32% in farmland, 0.07% in commercial land and 1.87% in housing land. “The alterations indicate a noteworthy transformation in the surrounding terrain, underscoring the area’s dedication to industrial advancement and financial expansion. “The driving force behind the revisions is the ECRL project, which will impact four planning blocks in the Klang area. “These are specifically Kapar to Meru, Klang Utama, Sementa and the Selangor Maritime Gateway. “Additionally, the ECRL will introduce two new stations – the Kapar station, which caters to passengers exclusively in Bandar Bukit Raja, and the Jalan Kastam station, which serves both passengers and cargo,” she said. Noraini added that a thorough investigation had been carried out to guarantee proper planning and development surrounding the stations. “This includes establishing a 1.5km buffer on each side of the rail alignment and a 3km buffer around each station. “These precautions are essential to managing urban growth, infrastructure development and environmental sustainability in the region. “For those interested in reviewing the proposed changes and offering their opinions, the Draft Local Plan 2035 (Amendment 1) is accessible at (the council) headquarters on its website, and at PLANMalaysia Selangor. “The deadline for all input and submissions is Nov 16. This gives residents and stakeholders a chance to voice their opinions and participate in the development and evolution of the city. “This collaborative approach reflects the commitment of the council to inclusive, sustainable, and well-informed urban development,” she said. Undocumented children at govt institutions KUALA LUMPUR: A total of 51 residents at children’s institutions under the purview of the Social Welfare Department had no valid identity documents as of Oct 1 this year, said Deputy Women, Family and Community Development Minister Aiman Athirah Sabu. She added that the Women, Family and Community Development Ministry consistently collaborates with the National Registration Department to process late birth registration applications for these children, enabling them to obtain the necessary documents. “We are committed to ensuring that all children placed in the institutions are provided with identity documents before they leave,” she said in her reply to a question from Datuk Siti Zailah Mohd Yusoff (PN-Rantau Panjang) on the issue. Aiman Athirah also pointed out that 156 children who have been abandoned and lack parental guardians are currently under the department’s care. – Bernama █ BYRAVEEN AINGARAN [email protected] Attendance of Orang Asli students up KUALA LUMPUR: The attendance of Orang Asli students in schools under the purview of the Education Ministry was at 83.15% from January to September. Deputy Education Minister Lim Hui Ying said the percentage has increased compared with figures from last year, which was at 77.93%. “The percentage of attendance of Orang Asli students was 81.39% in 2020 and 94.09% in 2021. “The ministry always pays close attention to the issue of school dropouts and attendance of children from the Orang Asli community,” she said during the question and answer session at the Dewan Rakyat yesterday. She was responding to a supplementary question from Yeo Bee Yin (PH-Puchong), who wanted to know specific measures taken by the ministry to encourage Orang Asli students to attend school. – Bernama Klang council reviewing development plans FESTIVE ATTRACTION ... Visitors to the Berjaya Times Square shopping mall in Kuala Lumpur yesterday taking a wefie next to Deepavali decorations. – ADIB RAWI YAHYA/THESUN

4 theSUN ON THURSDAY | NOVEMBER 2, 2023 NEWS WITHOUT BORDERS Enclosed is my payment of RM payable to SUN MEDIA CORPORATION SDN BHD. Please WhatsApp your bank-in slip to 0182929936 or email to [email protected] *Not inclusive of vendor service charge Stay informed with the latest news and trends All the best articles from Monday to Friday 32 pages full colour SCAN TO SUBSCRIBE Subscribe now for Monday-Friday copies of theSun newspaper 6 month subsciption (128 issues) for only RM110* (Normal price RM128) 1 year subscription (258 issues) for only RM200* (Normal price RM258) 1 year subscription at normal price RM258* (258 issues) + RM50 administration fee to get 2nd year free theSun is published and printed by Sun Media Corporation Sdn Bhd (221220-K) of Lot 6, Jalan 51/217, 46050 Petaling Jaya, Selangor. Tel: 03-7784 6688 Fax: 03-7783 7435 • Tel (Editorial): 03-7784 6688 Fax:03-7785 2624/5 Email: [email protected] • Tel (Advertising): 03-7784 8888 Fax: 03-7784 4424 M Email: [email protected] IKEL ARTETA said the way Eddie Nketiah trained made him impossible to leave out against Nottingham Forest as the striker repaid the faith by opening the scoring on his recall. The 24-year-old had not scored a competitive goal in over 10 hours before breaking the deadlock as the Gunners began their quest for the Premier League title with a narrow 2-1 win. After a 30-minute delay to kickoff following an issue at the turnstiles, Nketiah struck just after the midway point of the first-half, his deflected strike coming on the back of a fine piece of skill from Gabriel Martinelli. Bukayo Saka’s fine curling effort proved enough to secure the points, even though Forest rallied and pulled a late goal back through substitute Taiwo Awoniyi. “I’m delighted for him because he is a role model,” Arteta said of Nketiah, who was back in the starting XI having missed out on a berth against Manchester City in the Community Shield win the previous week. “He was a player who was so disappointed not to play the final in the absence of Gabi (Jesus). “What he did was he came on the field in the final and changed the game. That’s number one. The second one was the way he was training this week was saying ‘gaffer, if you’re not playing me you are blind’. “A lot of players come and say ‘oh why am I not playing’ and you have to try to explain, other players come and say ‘these are the reasons why I deserve to play’. This is exactly what Eddie does. “This is exactly what he did and then he got on the pitch and he performs that way. He’s a clear and very good example to everybody.” Defeat at Forest in May saw Arsenal’s title charge come to an end last season and, despite starting the new campaign with a win, Arteta conceded he was concerned by the fall in performance levels. “For sure,” he replied when asked if he was worried by the drop-off. “It’s going to be very difficult to dominate games for 100 minutes. But we allowed them to get some grip of the game because they didn’t create anything but on that action the game changes. “Momentum shifts immediately after that goal. That’s not the moment to change it, you cannot change it, now you have to be so good at dealing with that situation, running the clock down and earning the points. “The team has done that really well but we’re going to have to be more ruthless and more critical of ourselves to be more pushy and kill the game.” The big worry for Arteta is the injury to Jurrien Timber, who lasted less than 50 minutes on his Premier League debut before being forced to leave the field through injury. It was only his second appearance for the Gunners, having played in the Community Shield win over Manchester City ahead of the start of the season. Forest boss Steve Cooper was left ruing the defending for Arsenal’s goals after setting up the visitors to create the sort of chances that led to their late consolation. “I was disappointed with elements of our game in the first half,” he said. “Structurally we were good but I didn’t like us on the goals – we should have defended those much better. “I didn’t love that we didn’t back ourselves in the duels. I showed some clips to the lads at halftime – we needed to believe, back ourselves and compete. “The real chance in the first half was Brennan Johnson’s from open play. The plan was going to plan with our counter-attacks but we needed to compete more. So it is a game of ‘what might have been’.” – The Independent or download app from the App Store or Google PlayTM . Read iPaper at www.thesundaily.my Free access to iPaper PDF Download SCAN ME MONDAY • AUGUST 14, 2023 HARRY KANE made his debut for Bayern Munich in the German Super Cup, but missed out on his first trophy as Leipzig won 3-0 at the Allianz Arena. The England captain stepped off the bench as a 63rd-minute replacement for Mathys Tel but made little impact, with DFB-Pokal holders Leipzig running out convincing winners thanks to Dani Olmo’s hattrick. Kane, who wore the No. 9 shirt after training with his new teammates for the first time on Saturday morning, has yet to win any silverware in his 14-year senior playing career. Kane, who has signed a deal until June 2027 after Tottenham agreed an £86.4 million (RM501m) deal plus add-ons with the German champions, was given a rapturous reception by the Bayern fans after stepping out of the dug-out. The striker had earlier taken to social media to announce his departure from Spurs, which chairman Daniel Levy said the club “reluctantly” agreed to as Kane, who had entered into the last 12 months of his contract in north London, had made it clear he was seeking a fresh challenge. Kane said: “It’s not a goodbye because you never know how things pan out in the future, but it’s a thank you and I’ll see you soon.” He told his new club’s website: “I’m very happy to be a part of FC Bayern now. “Bayern is one of the biggest clubs in the world and I’ve always said that I want to compete and prove myself at the highest level during my career. This club is defined by its winning mentality – it feels very good to be here. “I feel like it was the right step in my career to really push myself and test myself on the highest level so that’s why I’m here and I look forward to that challenge.” Shortly before the deal was officially confirmed, Kane posted a message on social media in which he thanked the fans and said he had not wanted to start the season with his future unresolved. “From the moment I’ve been playing I’ve been one of your own and I’ve given everything that I possibly could to make you proud and give you as many special moments and memories to hopefully last forever,” Kane said. “I felt like it was the time to leave. I didn’t want to go into the season with a lot of unresolved future talk. “I think it’s important for the new manager and the players to concentrate on trying to get Tottenham back to around the top of the table and fighting for trophies, so I wish Ange (Postecoglou) and all the boys all the very best of luck. “I’ll be watching from a fan point of view now and really hope the team can be successful.” Postecoglou had revealed on Saturday that Kane’s move was “imminent” after a breakthrough in negotiations between the clubs was reached on Thursday. It left the ball in Kane’s court and he decided on Friday to leave his boyhood club for Bayern. Kane leaves Tottenham as the club’s all-time leading scorer with 280 goals but without a trophy. Bayern had seen their previous bids for Kane turned down, but refused to give up their pursuit of the 30-year-old, who remains 47 goals shy of equalling Alan Shearer’s Premier League record of 260. Kane’s strike partner at Spurs, Son Heung-min, paid tribute to his departing colleague in a post on Instagram and was later confirmed by the club to have been appointed as their new captain. Son, who holds the Premier League record for goal combinations with Kane, wrote: “Leader, brother, legend. “Since day one it has been a joy to play by your side. So many memories, amazing games and incredible goals together. “Harry, thank you for everything you have given to me, to our club, and to our fans. Wish you nothing but the best in your new chapter. Good luck brother.” – The Independent Kane misses out on trophy as Leipzig thrash Bayern Bayern Munich’s Harry Kane look dejected after the DFL Super Cup match yesterday against RB Leipzig at Allianz Arena. – REUTERSPIX Gunners role model Arteta says Nketiah forced his way into Arsenal team in training Ű MARK MANN-BRYANS 7 Glover holds on to lead -page 21 Jude not obscure anymore -page 22 7 Eddie Nketiah PERSONAL PARTICULARS Name: NRIC: Race: Malay Chinese Indian Others Profession: Commencement date: Delivery Address: Residence Ofice Postcode: State: Tel: Mobile No: E-mail: DETAILS OF CURRENT NEWS VENDOR (IF ANY) Vendor name: Contact no: For your convenience, you may call or send in your subscription particulars via any of the following: Tel: KL/PJ 03-7781 4000, 03-7784 6688 (9.30am - 5pm, Monday to Friday) Fax: 03-7781 4484 Post: P.O. Box 179, Jalan Sultan, 46720 Petaling Jaya, Selangor Darul Ehsan Attn: Subscription Email: [email protected] *Terms & Conditions apply Important note: SMCSB reserves the right to revise the price at any time without prior notice. (*Limited to ffrst 1,000 subscribers) Pay to Maybank ( Account number 508177700420 ) Account name ( SUN MEDIA CORPORATION SDN BHD ) PUTRAJAYA: Anwar Ibrahim said the government Prime Minister Datuk Seri will continue providing subsidies to the people in Budget 2024. However, he emphasised that subsidies need to be targeted to avoid leakage and to ensure they only benefit deserving groups. Anwar, who is also finance minister, said this was because at present, the super-rich and 3.5 million foreigners in the country were also enjoying the benefits of government subsidies. “The government has been providing RM81 billion in subsidies, the highest in the world. Although I was often criticised for the statement promising that “the day we come to power, the following day fuel prices will drop”, it is a different context because at the time, the oil price in Saudi Arabia was 50 sen, and now it’s RM2.85 there while here, it’s RM2.05. “The subsidies for fuel, chicken and electricity are also enjoyed by 3.5 million foreigners and 10% of the super-rich, and this does not include those smuggled out. “Hence, proper planning needs to be done to prevent leakage,” he said at the monthly assembly with staff of the Prime Minister’s Department yesterday. Citing the diesel subsidy as an example, Anwar said there is a need for a policy to address subsidy leakage because the government found that the number of vehicles has not shown an increase as significant as the increase in diesel consumption. “This means that diesel is being taken out (smuggled) ... that’s why we are improving the policies on diesel subsidy.” Anwar also said the early incentive payment of RM2,000 for civil servants in Grade 56 and below as announced in Budget 2024 is a form of recognition for the services of civil servants. He said the incentive payment is pending review of the Public Service Remuneration System (SSPA), and signalled that the oAssistance to be targeted to avoid leakage and ensure only deserving groups benefit: Anwar Subsidies continue INSIDE TELLING IT AS IT IS OCTOBER 17, 2023 ON No. 8373 PP 2644/12/2012 (031195) TUESDAY www.thesundaily.my Anwar said the 114-page Budget 2024 was the result of teamwork. – BERNAMAPIC government is paying serious attention to the wage rate of the 1.6 million civil servants in the country, Bernama reported. “It is not reasonable to expect better performance and higher productivity, but no increase in the wage rate. “If we look at a study by the Statistics Department, there is an increase in productivity, but the increase in wages is moderate. There is no encouragement,” said Anwar. He hoped employers in the private sector would make a similar move, taking into account the current economic factors. On the review of SSPA, he said he wanted it to be completed before the middle of next year so that the outcome could be shared during the tabling of Budget 2025. PETALING JAYA: Budget 2024 provisions to enhance potency of EPF schemes The Employees Provident Fund (EPF) has hailed Budget 2024, saying it prominently addresses some of the concerns it had raised on the long-term financial well-being of Malaysians, and specifically lauding four key points involving EPF savings. Increase of government matching incentive for i-Saraan programme EPF said it welcomes the government’s initiative to extend the i-Saraan programme beyond 2023 and increase the annual maximum incentive limit from RM300 to RM500 per year. Additionally, the i-Saraan programme has also been enhanced to allow eligible Malaysians in the informal sector, including housewives and those with no fixed income under the age of 60 to have the opportunity to receive a lifetime incentive of RM5,000 per individual, with a capping of RM500 per year. This incentive is set to benefit more than 350,000 current and new i-Saraan participants. Expanding i-Sayang programme to husbands Beginning next year, the i-Sayang programme will be expanded to include husbands, and working wives will also have the option to allocate 2% of their monthly EPF contributions (employee’s portion) to the husband’s EPF account. The i-Sayang programme, launched in March 2023, allows husbands to voluntarily allocate 2% of their monthly EPF contributions (employee’s portion) to the EPF account of the wife. Since its launch, about 34,000 husbands have registered and participated in i-Sayang, involving a cumulative savings of RM14.7 million. Extension of i-Suri programme with matching contributions and maximum incentive amount for housewives Acknowledging the contribution of housewives to family development and nation-building, the government seeks to enhance incentives for the i-Suri Programme, in which a matching incentive will be provided for every ringgit contributed to EPF by housewives under the age of 60 registered in the e-Kasih database. Additionally, participants of the i-Suri programme will receive a lifetime incentive of up to RM3,000 per individual, subject to a capping of RM300 matching incentive per year. Turn to — page 2 Turn to — page 2 Prostitution scourge on social media 5 page SST hike will create fair economy: Expert 3 page Perak info drive rolling smoothly KUALA KANGSAR: The Perak Information Department continues to implement its “Info on Wheels” (IOW) programme to keep the public informed about the latest information and current issues. Its director Yosri Abu Mahsin said the department was mobilising officers and vehicles to make announcements in selected areas with a frequency of 20 times a month. “In October, we organised IOW programmes in 13 districts, comprising 2,600 announcement activities and distributing 3,350 leaflets to the people. “The department is targeting to reach over 100,000 people through IOW across the state this year,” Yosri said after attending a Perak IOW event held in conjunction with the announcement of Budget 2024 recently. He added that the main focus of the event was to convey the government’s commitment to realising the Malaysia Madani concept through the Budget. Yosri also said the people needed to be informed about the government’s strategy as Budget 2024 was part of its promise to bring prosperity to all Malaysians. “We will also share information about programmes organised by departments and agencies in Perak.” Yosri said officers on duty during IOW events would also respond to questions posed by the public on current issues. “We will respond to them directly to avoid confusion. We want them to understand every government policy so that no one would be left behind or marginalised,” he added. – Bernama Biological way to fight dengue KUALA LUMPUR: Dengue cases in Malaysia have experienced a significant surge, with 2,284 cases reported in a week from Sept 3 to 9. Environmentalists are now urging the public to take swift action in eliminating potential breeding grounds for mosquitoes, which are the primary carriers of the dengue virus. Universiti Teknologi Mara (UiTM) Centre for Environmental Health and Safety Studies senior lecturer Dr Muhammad Afiq Zaki said the country’s Wolbachia project aims to replace wild dengue-transmitting mosquito populations with those that cannot transmit dengue, zika, or chikungunya viruses. “During the Wolbachia mosquito release phases, the Health Ministry and local councils will refrain from conducting fogging that contains strong chemicals, as the Wolbachia mosquitoes will also be killed.” Muhammad Afiq said the Health Ministry has identified 66 dengue hotspots nationwide, with Selangor having the highest number, at 47. This is followed by Kuala Lumpur and Putrajaya with 13 hotspots, and smaller numbers in Kelantan, Penang, Perak and Sabah. Muhammad Afiq advised the public to be aware of initiatives being carried out by the government, including the Wolbachia project to control the spread of dengue. “Wolbachia is a genus of intracellular bacteria found naturally in insects. Some mosquito species like Aedes aegypti do not naturally carry Wolbachia and researchers have to inject the bacterium into their eggs. “Wolbachia-based control strategies have been safely implemented by several countries, including Malaysia and Singapore, to reduce oWolbachia-based control initiative aims to replace wild mosquitoes with those that cannot transmit diseases █ BYSIVANISVARRY MORHAN [email protected] disease transmission.” As reapplication is unnecessary, this method of containing dengue is sustainable, cost-effective and does not involve genetic modification. Malaysian Association of Environmental Health honorary secretary Rudiaswady Abdul Rahim said biological control methods aim to achieve two significant outcomes. “These are reducing the Aedes aegypti reproduction rates and creating an unfavourable environment for mosquitoes to develop the dengue virus.” Wolbachia mosquitoes have been released in multiple localities in Selangor, Kuala Lumpur, Putrajaya, Penang, Kelantan and Malacca. Rudiaswady said Keramat AU2 in Kuala Lumpur was chosen for a pilot study in 2017 on the effectiveness of Wolbachia mosquitoes to control dengue, with the mosquitoes still being released in the area. The results showed a reduction in dengue cases, with the best results seen at clustered high rise premises or flats. “The success of the initiative relies on community involvement, effective communication and cooperation among stakeholders,” he said. Malacca Health Director Datuk Dr Rusdi Abd Rahman recently said only some 50,000 Wolbachia mosquitoes could be bred a week as it depended on third parties, including the Institute for Medical Research to produce the mosquito eggs. Rudiaswady said stakeholders must work together to increase investments in more pilot research centres for Wolbachia to allow the country to tackle the dengue outbreak while minimising dependence on potentially harmful chemical control methods. “In May, the Health Ministry reported that this year, it will expand the Wolbachia mosquito release programme to 27 localities that have seen increasing dengue fever cases. “Malacca, Kuala Lumpur, Selangor, Penang and Sabah will benefit from expansion of the programme,” he said. Putrajaya records highest cases of children with stunted growth KUALA LUMPUR: About 29.7% of preschool children have developed stunting (stunted growth) in the past five years, said Health Deputy Minister Datuk Lukanisman Awang Sauni. He said the problem was not only found among children from low-income families but in urban and suburban areas as well, adding that Putrajaya recorded highest cases of stunting. Responding to a supplementary question from Datuk Seri Dr Dzulkefly Ahmad (PH-Kuala Selangor) in the Dewan Rakyat yesterday, Lukanisman said one of the reasons for stunting could be that parents tend to feed their children fast food due to their hectic careers. Dzulkefly also asked about the follow-up to the United Nations Children’s Emergency Fund study that was released a few years ago. – Bernama

5 NEWS WITHOUT BORDERS theSUN ON THURSDAY | NOVEMBER 2, 2023 Cops act on triad recruitment of secondary school students JOHOR BAHRU: Police here have detected infiltration of secret societies actively recruiting secondary school students. State police chief Datuk Kamarul Zaman Mamat said students are believed to be recruited to engage in criminal activities, including drug trafficking. He said the suspicion was recently confirmed when they received two reports of students being beaten and forced to join two secret societies known as “Hong Hong San Gang” and “Ngo Sek Kee Gang”. “The secret society recruitment of schoolboys seems to have just happened recently. Two reports were received and there may be more unreported cases. “The underworld is believed to be targeting students in urban as opposed to rural areas. We hope victims, teachers and parents will report to police immediately if such incidents happen,” he said after a handover of duties ceremony for the Johor Criminal Investigation Department head yesterday. Also present was state deputy police chief DCP M. Kumar. Kamarul Zaman said police have their ears to the ground to actively monitor activities of secret societies in the state, and urged schools to pass on information to the school liaison officer to deal with such cases. “We see now that secret societies have dared to rear their ugly heads again by boldly encroaching schools to recruit students. “My advice to teachers in particular is to report to police because there are liaison officers in schools. So, please pass on the information.” Commenting on “Hong Hong San Gang” and “Ngo Sek Kee Gang”, he said six men involved in the case were charged under Section 323 of the Penal Code and Section 45 of the Societies Act 1966 in the Muar Magistrate’s Court on Oct 17. He added that two of them pleaded guilty and were fined RM3,000 each. – Bernama Single mother, housemate jailed for child abuse JOHOR BAHRU: A single mother and her female friend were jailed seven years each for ill-treating and neglecting her seven-year-old son and causing him to suffer injuries. Sessions Court Judge V.M. Mabel Sheela meted out the sentence on Nurul Asyiqin Mohamad Zahid, 27, and her housemate Awiin Chua, 30, after they pleaded guilty to two charges of child abuse on Aug 16. The court sentenced them to seven years’ jail on each charge and ordered them to serve the sentences concurrently from the date of their arrest on Aug 12. Mabel Sheela said such an incident should not have occurred as the bond between a mother and her child is extraordinarily special. “If you ask your child to follow you, he will definitely do it even if it means enduring pain. “The court could not imagine the condition the victim would be in if this situation had continued, and we are fortunate that the public intervened. Otherwise, the victim could have died.” DPP Nur Diyana Zubir asked for a deterrent sentence, saying the victim had suffered more than 20 physical injuries and had been frequently abused. “In this case, we must commend the victim’s neighbours for their vigilance, which ultimately saved him. It is a case of public interest, which has also attracted the attention of the consort of the Johor Crown Prince, Che’ Puan Besar Khaleeda Bustamam.” Nur Hazneena Zureen Jaesleen Mohd Hanafiah, representing the duo, appealed for a lighter sentence, considering that it was their first offence and they deeply regretted their actions. The two women committed the offences in a house on Jalan Wau Kikik 7, Bandar Layang Kasa in Pasir Gudang between July 1 and Aug 9. They were charged under Section 31(1)(a) of the Child Act 2001, read together with Section 34 of the Penal Code, which provides a maximum fine of RM50,000, imprisonment of not more than 20 years, or both. – Bernama MyCC fails to reinstate RM10m fine on MAS, AirAsia PUTRAJAYA: The Malaysia Competition Commission (MyCC) has failed in its application to review a previous Federal Court decision in refusing to give the regulatory body leave to pursue its appeal to reinstate RM10 million in fines imposed on Malaysia Airlines (MAS) and AirAsia Berhad each for breaching a market sharing prohibition. Its review application was dismissed by a Federal Court three-member bench comprising Court of Appeal president Tan Sri Abang Iskandar Abang Hashim and Federal oFederal Court rules earlier decision in refusing leave application not tainted with denial of natural justice Perak records slight increase in flood evacuees IPOH: The number of flood evacuees in Perak rose slightly to 329 from 94 families as of yesterday compared with 316 from 90 families on Tuesday. The State Disaster Management Committee said in a statement all evacuees were housed at three temporary relief centres in the Kerian and Hilir Perak districts. In Kerian, 90 people from 22 families were taking shelter at SK Changkat Lobak and 56 from 18 families were placed at SK Alor Pongsu, while Dewan Serbaguna Padang Tembak in Hilir Perak housed 183 from 84 families. The Department of Irrigation and Drainage reported that the water level at Sungai Bidor in Changkat Jong has decreased, but remained at a danger level of 4.09m compared with the average level of 2m. – Bernama Woman charged over false Socso claims ALOR SETAR: A company owner pleaded not guilty in the Sessions Court yesterday to seven charges of submitting false documents to the Social Security Organisation (Socso) to claim incentives totalling RM24,500 under the Penjana Kerjaya 2.0 programme two years ago. Aisy Maju Abadi Trading owner Nur Kesuma Kartini Mohamad Zahir, 41, was charged over submitting employee verification forms containing false details of seven individuals who were not employees of the company to a Socso agent with the intention to deceive and mislead Socso in an attempt to claim incentives. She allegedly committed the offence at the Socso office in Jalan Teluk Wanjah on June 22, 2021. Each of the charges under Section 18 of the Malaysian Anti-Corruption Commission (MACC) Act 2009 carries imprisonment of up to 20 years and a fine of not less than five times the value of the incentives or RM10,000, whichever is higher. Judge Rohatul Akmar Abdullah allowed the accused bail of RM10,000 for all charges and set Dec 5 for remention. MACC prosecuting officer S. Sujatha prosecuted, while Ummi Kalthum Zakaria represented Nur Kesuma. – Bernama Court judges Datuk Zabariah Mohd Yusof and Datuk Harmindar Singh Dhaliwal yesterday. Abang Iskandar said there were no merits in the review application and that MyCC failed to meet the threshold requirement to warrant a review of the previous Federal Court decision. He said there is not an iota of evidence suggesting that the previous decision in refusing to grant leave to MyCC was tainted with denial of natural justice. He ordered MyCC to pay MAS and AirAsia RM50,000 each in costs, Bernama reported. In the review application, MyCC wanted the panel to review the previous Federal Court decision on Feb 9 last year, which rejected the regulatory body’s application for leave to pursue its appeal against a Court of Appeal decision. On April 26, 2021, the Court of Appeal quashed the fines imposed by MyCC in 2014 after both airlines were found to have breached market sharing prohibition under Section 4(2) of the Competition Act 2010 by entering into an agreement on sharing markets in the air transport services sector within Malaysia. AirAsia and MAS appealed over the fines. On Feb 18, 2016, the Competition Appeal Tribunal set aside the MyCC decision. MyCC then filed a judicial review application in the High Court, seeking a certiorari order to quash the tribunal decision and to reinstate its decision in imposing the fines on MAS and AirAsia. In December 2018, the Kuala Lumpur High Court allowed its judicial review and reinstated the regulatory body’s decision to impose the fines, prompting MAS and AirAsia to appeal to the Court of Appeal. The fine quantum was calculated based on flights by both airlines from January to April 2012 on the Kuala Lumpur-Kota Kinabalu, Kuala Lumpur-Kuching, Kuala Lumpur-Sibu and Kuala Lumpur-Sandakan routes. A resident is forced to use a boat to move around after his village in Jalan Changkat Jong, Teluk Intan was flooded. – BERNAMAPIC

6 theSUN ON THURSDAY | NOVEMBER 2, 2023 NEWS WITHOUT BORDERS ‘Biden aiming for constructive talks with Xi’ WASHINGTON: US President Joe Biden is expected to meet China counterpart Xi Jinping on the sidelines of a summit in San Francisco this month for “constructive” talks, the White House said on Tuesday. The comments came days after China’s Foreign Minister Wang Yi made a rare visit to Washington to pave the way for Xi to meet Biden at the Asia-Pacific Economic oWhite House comments come days after China foreign minister’s visit to Washington Cooperation (Apec) summit. China has not yet confirmed that Xi will come. “We’re aiming to have a constructive conversation, meeting between the leaders in San Francisco in November,” press secretary Karine Jean-Pierre said of the long-awaited talks. “That’s what’s going to happen in November. We’re having a constructive conversation in San Elderly Japanese hostage taker ‘had grudge’ with post office TOKYO: Japanese police were probing yesterday the motives of an 86-year-old who took two women hostage in a post office after reportedly first setting his home on fire and shooting into a hospital. Two people were wounded at the hospital in Saitama, outside Tokyo, while the two hostages were unharmed after an eight-hour ordeal at the hands of the irate and armed pensioner on Tuesday. Media reports said Tsuneo Suzuki had a grudge against the postal service and was angry with a doctor at the hospital. “He demanded to police officers at the scene that he wanted to see a specific someone,” a Saitama police spokesman told AFP, adding only that an investigation was ongoing. In addition to a handgun attached to a cord around his neck, Suzuki reportedly had with him two knives as well as an 18-litre container and two bottles containing an unspecified liquid, according to major media including TV Asahi network. He also confirmed to police that he was behind the hospital shooting, which resulted in two injuries, and the fire at an apartment where he lived, local media said. Broadcaster NTV said Suzuki told police he had “shot” a gun at the hospital and “burned my house”. He told police he “was frustrated” by a meeting with a doctor at the hospital, the Asahi Shimbun said, and had a grudge against the post office over a traffic accident. The eight-hour post office showdown lasted until after 10pm, with live television pictures showing the building surrounded by police cars with flashing lights. Police finally arrested Suzuki after one of the hostages was released and the other managed to leave the building on her own. Earlier in the day, a man had been seen firing a gun at Todachuo General Hospital, injuring two people, reportedly a doctor and a patient, before leaving on a motorbike. Before that, a fire started at Suzuki’s apartment in the city of Toda, near the post office. Neighbours described Suzuki as a friendly man who lived alone. – AFP Francisco. I think I just confirmed it.” A senior US administration official said: “There is an agreement in principle to meet in San Francisco in November. We are still working through important details needed to finalise those plans.” Biden and Xi have had no contact since a meeting in Bali in November last year. Relations have been tense for years between the world’s top two economies as they vie for influence in the Asia-Pacific region and beyond, and as Beijing boosts cooperation with Russia in a bid to reduce US dominance. After Wang met senior US North Korea sent Russia artillery rounds for satellite advice: Seoul SEOUL: North Korea has provided Russia with over one million artillery rounds to use in its war with Ukraine with Pyongyang appearing to receive advice on satellite technology in return, a South Korean lawmaker said yesterday. Russia and North Korea, which are historic allies, are both under a raft of global sanctions – Moscow for invading Ukraine and Pyongyang for testing nuclear weapons. The countries’ leaders, Kim Jong-un and Vladimir Putin, held a summit in September in Russia’s far east, with the US subsequently claiming Pyongyang had begun providing Moscow with weapons. The South’s National Intelligence Service (NIS) told lawmakers at a closed-door parliamentary audit yesterday that North Korea had made at least 10 arms transfers to Russia since August. “The NIS has learned that more than one million artillery rounds have been transferred,” lawmaker Yoo Sang-bum told reporters. “It’s analysed to be sufficient for around two months in the Russia-Ukraine war.” In return, North Korea appeared to have received technical advice from Moscow on its bid to launch a military reconnaissance satellite, he said. After a failed second attempt in August, Pyongyang said it would carry out a third satellite launch last month – but this has not materialised. “While the October launch date has been postponed, final preparations such as inspections of the engine and launch device are in full swing,” Yoo said. – AFP officials last week, the White House said the two sides were “working together towards a meeting”. But the Chinese foreign minister said on Saturday that the road to talks was still “not smooth.” Wang told a Washington event hosted by the Aspen Strategy Group that “both sides hope to stabilise and improve bilateral relations as soon as possible and agreed to work together towards a San Francisco summit between the two heads of state”, Xinhua news agency reported. “The path to San Francisco is not smooth and cannot be left to ‘autopilot’,” Wang warned, according to Xinhua. – AFP B R I E F SCOURT JAILS CEO OVER COUGH SYRUP JAKARTA: An Indonesian court yesterday sentenced to jail the chief executive and three other officials of a company whose cough syrup has been linked to the death of more than 200 children, for violating drug safety laws. The Indonesian company, Afi Farma, was accused of producing cough syrups containing excess amounts of toxic material and prosecutors charged the four officials for “consciously” not testing the ingredients, despite having the means and responsibility to do so, according to a charge sheet. The officials, including CEO Arief Prasetya Harahap, were given two years in prison by a court in the town of Kediri. – Reuters NIGHT OF ‘SHOCKING’ FIRES IN AUSTRALIA CANBERRA: Helicopters buzzed over bushfire-scarred swathes of eastern Australia yesterday, assessing the damage left by “shocking” blazes. Water bombing aircraft swooped on fires smouldering in Queensland and New South Wales (NSW), while fire crews raced to dig containment lines. Firefighters toiled through the night to repel bushfires on the border between the two states, while more than 50 houses have now been razed by a separate blaze on Queensland’s Western Downs, one of Australia’s most vital food bowls. “It was a shocking day for firefighters and residents,” NSW fire chief Rob Rogers said. – AFP FRIGHT NIGHT ... Revellers in costumes posing on a street ahead of Halloween in China’s commercial capital Shanghai. – AFPPIC Japan train hits bear, stranding passengers TOKYO: Eight people spent the night in an unheated train in chilly northern Japan after the vehicle hit a bear, authorities said yesterday. The number of bear attacks on people is sharply higher this year, with experts blaming a poor acorn harvest forcing the animals to search further afield for food. The small train on the island of Hokkaido collided with the 1.8m bear in the city of Furano at around 11.30pm (10.30pm in Malaysia) on Monday, Japan Railways (JR) said. The accident put the train out of action and those on board were advised not to leave until hunters arrived to check there were no other bears. But with hunters not allowed to open fire at night, passengers had to wait until dawn, JR Hokkaido said. Once the sun rose, the bear was found dead and removed by rail employees under the guidance of hunters, the company said. “I felt this sudden jolt,” one of the passengers told a local broadcaster. “It looks like the heating system was left broken so it was cold inside, which was a bit tough.” – AFP

7 NEWS WITHOUT BORDERS theSUN ON THURSDAY | NOVEMBER 2, 2023 King Charles ‘deeply regrets’ colonial abuses in Kenya NAIROBI: Britain’s King Charles and Queen Camilla began the second day of a state visit to Kenya yesterday as survivors of colonial-era abuses criticised his failure to issue a full apology or propose reparations. At a state dinner on Tuesday, Charles expressed his “deepest regret” for what he called abhorrent and unjustifiable acts of violence committed against Kenyans during the country’s independence struggle. President William Ruto commended the monarch’s first step towards going beyond the “tentative and equivocal half-measures of past years”, but said much remained to be done. During the 1952-1960 Mau Mau revolt in central Kenya, some 90,000 Kenyans were killed or maimed and 160,000 detained, the Kenya Human Rights Commission has estimated. British colonialists also committed gross human rights violations, including land expropriation, killings, torture and sexual violence, against hundreds of thousands of people in western Kenya over decades, UN investigators have said. British High Commissioner to Kenya Neil Wigan said last week that an apology would take his country into “difficult legal territory”. “Acknowledgement alone is not enough,” said David Ngasura, a historian from the Talai clan in western Kenya, whose members were forced from their land in the 1930s and sent to detention camps. Today, much of that land belongs to multinational tea companies. “I am yet to hear him about compensation and reparations by the British government to the victims of historical injustices meted out by the British colonial government.” Kipchoge araap Chomu, the great-grandson of King Koitalel Arap Samoei, who led a decade-long rebellion by the Nandi people before he was killed by a British colonel in 1905, said Charles’ speech fell short of his hopes for an apology, reparations and the return of his ancestor’s remains. – AFP B R I E F SUKRAINE REPORTS EXTENSIVE RUSSIAN SHELLING KYIV: Ukraine said yesterday that Russia had shelled more than 100 settlements over the last 24 hours – more than in any single day so far this year. Moscow has fired millions of shells on cities, towns and villages along the frontlines since it launched its offensive last February, reducing several across the eastern part of the country to rubble. “Over the last 24 hours, the enemy shelled 118 settlements in 10 regions. This is the highest number of cities and villages that have come under attack since the start of the year,” Ukrainian Interior Minister Igor Klymenko said in a post on social media. Kyiv also reported a Russian attack on an oil refinery in Kremenchuk, a central industrial city. – AFP GERMAN PRESIDENT ASKS FOR FORGIVENESS IN TANZANIA BERLIN: President Frank-Walter Steinmeier yesterday expressed his “shame” at crimes committed during Germany’s colonial rule in Tanzania and pledged to raise awareness of the atrocities in his own country. “I would like to ask for forgiveness for what Germans did to your ancestors here,” Steinmeier said during a visit to the Maji Maji Museum in the city of Songea. Tanzania was part of German East Africa, which saw one of the bloodiest uprisings in colonial history between 1905 and 1907. Experts say 300,000 members of the indigenous population were murdered during the Maji Maji Rebellion. – AFP MACRON BOOSTS FRENCH PROFILE IN CENTRAL ASIA ASTANA: French President Emmanuel Macron said he wanted to “accelerate cooperation” with Kazakhstan yesterday, as part of a visit to boost France’s footprint in Central Asia. Macron is on a two-day visit to the resource-rich region. “The strength (of our partnership) demonstrates the good strategic direction that has been taken, and the need to complement and accelerate it, which is the whole meaning of this visit,” Macron said. Kazakhstan President Kassym Jomart Tokayev said France was his country’s “key and reliable partner in the EU”. – AFP Give Afghans more time to leave Pakistan: Taliban KABUL: Afghanistan’s Taliban government has urged Pakistan to give undocumented Afghans in the country more time to leave as pressure mounts at border posts swarmed by thousands of returnees fleeing the threat of deportation. The Pakistani government has given 1.7 million Afghans it says are living illegally in the country until Nov 1 to leave voluntarily or be forcibly removed. More than 130,000 people have left Pakistan since the order was given at the start of October, according to Pakistani border officials, creating bottlenecks on either side of crossing points. Taliban authorities thanked Pakistan and other countries that have hosted millions of Afghans who fled during decades of conflict. However, in a statement on Tuesday, they also “asked them to not forcibly deport Afghans with little notice but to give them time to prepare”. Since taking power, the Taliban government has urged Afghans to return home but has also condemned Pakistan’s actions, saying its nationals are being punished for tensions between Islamabad and Kabul. Pakistan has said the deportations are to protect its “welfare and security” after a sharp rise in attacks, which the government blames on militants operating from Afghanistan. The Taliban government statement again denied the claim, saying: “In countries where Afghans live, they have not threatened the security of those countries, nor have they been the cause of instability”. The statement hit out at Pakistan for restrictions on what Afghans could bring across the border, including property such as livestock and cash. Border officials on the Afghan side at the Torkham crossing in eastern Afghanistan said they were facing an “emergency situation” as they tried to keep up with waves of arrivals in their thousands. An ad hoc settlement has sprung up near the border post, where people are becoming increasingly desperate, sleeping outdoors with limited access to food, water and medicines as they wait for registration. The government has established a high commission to address the issue and said two temporary camps would be set up in the area near Torkham. – AFP Israel bombs Gaza’s largest refugee camp GAZA CITY: An Israeli strike on Gaza’s largest refugee camp killed at least 47 people on Tuesday, including, Israel said, a Hamas commander involved in the Oct 7 attacks. A large explosion ripped through the densely packed Jabalia camp before nightfall, tearing facades off nearby buildings and leaving a deep, debris-littered crater. Wails filled the air as hundreds of bystanders and volunteers clawed at concrete blocks and twisted metal looking for survivors. AFP witnessed at least 47 corpses being recovered. Horrified resident Ragheb Aqal, 41, likened the explosion to “an earthquake” and spoke of seeing “homes buried under the rubble and body parts and martyrs and wounded in huge numbers”. Hamas said yesterday that seven hostages, A Palestinian man reacting as people search for survivors in the aftermath of Israeli strikes in the Gaza city of Khan Younis yesterday. – REUTERSPIC oHamas says seven hostages killed in strike including three foreign passport holders, were killed in the bombing. “Seven detainees were killed in the Jabalia massacre, including three holders of foreign passports,” said a statement from the Hamas military wing. Israel said its warplanes had struck a “vast” tunnel complex at the site, killing “many”, including local battalion commander Ibrahim Biari. Military spokesman Jonathan Conricus described Ibrahim as “pivotal in the planning and execution” of Hamas raids into Israel last month that killed 1,400 people, most of them civilians. Israel’s leaders have vowed to “crush” Hamas in retribution for the worst attack in the country’s history. But Tuesday’s strike is sure to fuel anger at Israel’s prosecution of the war, and the toll on Palestinian civilians. Gaza’s Hamas-run Health Ministry denounced the incident as “a heinous Israeli massacre” and said an initial toll of 50 dead and 150 wounded was sure to rise. The ministry claims that the three-plus weeks of Israeli bombing has killed more than 8,500 people in Gaza, two-thirds of them women and children. Earlier, Bolivia had said it was severing diplomatic ties with Israel as a “repudiation and condemnation” of the Gaza offensive. Qatar warned that expanded strikes would “undermine mediation and de-escalation efforts”. Saudi Arabia also criticised the strike, with its Foreign Ministry issuing a statement saying it condemned “in the strongest terms possible the inhumane targeting by the Israeli occupation forces of the Jabalia refugee camp”. But there is little sign of the conflict abating. As the aerial war continued, Israel said two soldiers were killed as troops engaged in “fierce battles” with Hamas “deep inside the Gaza Strip” Hamas’s armed wing, the Ezzedine al-Qassam Brigades, has vowed to turn Gaza into a “graveyard” for invading forces. – AFP

8 theSUN ON THURSDAY | NOVEMBER 2, 2023 SPEAK UP Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesundaily.my/ Reverse environmental deficit I N the recent Budget speech, Prime Minister Datuk Seri Anwar Ibrahim said it was highly inappropriate for institutions to sell strategic assets to make settlements. Clearly, sacrificing assets which generate income in the long-term is a poor way to solve short-term issues. In the same vein, we must consider how we manage essential resources – our natural capital – upon which our economy, society and well-being are reliant on. According to calculations from the Global Footprint Network, our resource consumption is accelerating at an alarming pace, and it is only a matter of time before ecosystems that are already deteriorating face inevitable collapse. Earth Overshoot Day marks the point in the year when our ecological consumption surpasses the Earth’s ability to replenish itself annually. This means that from that moment until Dec 31, we are accumulating a planetary debt. Alarming as it is, this day is arriving earlier each year. In 2023, Earth Overshoot Day occurred on Aug 2, and we have been in ecological deficit since 1970. Notably, Malaysia’s Earth Overshoot Day came even earlier this year, on May 16. The analogy of belum habis bulan, sudah habis gaji (spending your entire salary before the end of the month) is highly relevant in this context. In a responsible household, it is customary to allocate a portion of our income for unforeseen circumstances and savings. However, in our current situation, we have exhausted our income even before reaching the middle of the month, necessitating assistance from others to cover our basic needs. This mirrors the significance of Earth Overshoot Day, where we deplete our yearly allotment of natural resources well before the year’s end. Our environmental deficit is growing, and we are seeing the consequences materialise in the form of natural calamities. For example, extensive deforestation has diminished the forests’ capacity to mitigate soil erosion, resulting in occurrences of landslides and flash floods during intense rainfall. To make matters worse, we are converting forests into agricultural plantations for medium-term gains. Given this, it was heartening to see the recognition of our natural heritage and biodiversity continuing to feature in budget announcements. One such mechanism is the Ecological Fiscal Transfer (EFT), in which the federal government allocates funds to state governments depending on the size of their protected areas. The increase from RM150 million to RM200 million is an essential step that will assist states in preserving their protected areas within marine and terrestrial environments. These areas represent our invaluable natural assets, playing a pivotal role in delivering crucial ecosystem services and ensuring food security for people across Malaysia. EFT is a way to protect and nurture our rich heritage, and we hope it will reach the level needed for meaningful impact. Nurturing our natural resources creates the opportunity for Malaysia to be a regional economic champion. Looking at the current global shift to greener practices as well as our rich natural advantages, we are wellpositioned to succeed in the green economy. The budget supports the Green Economy through the allocation of RM1 billion in biodiversity sukuk to replant degraded forests. Tax exemptions are additionally available for social enterprises engaging in carbon projects aimed at bolstering our forests as a carbon sink in the fight against climate change. The allocation of funds towards this initiative is a good move as it has the potential to effectively accelerate and spur forest restoration efforts. However, some of the reskilling allocations should be channelled to build a workforce that can support our Green Economy transition. Furthermore, the government’s allocation of RM11.8 billion to support 33 flood mitigation projects demonstrates a proactive measure to mitigate and prevent future disasters. However, to fully address the root causes of the problem, we need to value nature in economic and social terms, and prioritise nature-based solutions that harness the power of nature to address major societal issues, including climate change. Although the RM200 million allocated through the EFT to nurture our natural resources and ensure the proper functioning of our forests may appear substantial, it represents only 1.69% of the RM11.8 billion designated for flood mitigation projects. This suggests that prioritising the protection of our natural resources is a more cost-effective approach compared with addressing the consequences of floods resulting from our deteriorated forests. While WWF (World Wide Fund for Nature)-Malaysia commends the government’s allocation of RM563 million for slope rehabilitation, it is important to recognise that a portion, if not the entirety, of this expenditure may have been prevented if established environmental regulations and guidelines had been strictly followed. Stricter regulations and proper land-use planning should be adopted to avoid forest conversion and overdevelopment in environmentally sensitive areas. Funding was also granted for an infrastructure project that includes a proposed port on Carey Island, known to be home of the Mah Meri people. It also houses significant mangrove habitats. We urge the government to carefully assess all infrastructure development projects, including their carrying capacity as well as environmental, social and climate impacts, and to adhere to proper decision-making procedures when allocating financial resources. This is in line with the prime minister’s statement: “Malaysia is one of the 17 megadiverse countries in the world, making it a biodiversity superpower.” As such, Malaysia has the potential to emerge as a leading economic force in the region by leveraging and enhancing its natural advantages, and developing a sustainable economy rooted in our green assets. While Budget 2024 is a positive step forward, it is only the beginning. Just as we strive to reduce our fiscal deficit, we urge the government to increase investment in our natural capital to create a more sustainable, prosperous and equitable Malaysia for all. Together, let us try to reverse the alarming trend of Earth Overshoot Day occurring prematurely each year in Malaysia. This article was contributed by the World Wide Fund for Nature-Malaysia. Comments: [email protected] “Malaysia has the potential to emerge as a leading economic force in the region by leveraging and enhancing its natural advantages, and developing a sustainable economy rooted in our green assets. Our resource consumption is accelerating at an alarming pace, and it is only a matter of time before ecosystems that are already deteriorating face inevitable collapse. – PIC BY MAZIDI ABD GHANI/WWF-MALAYSIA COMMENT

9 SPEAK UP theSUN ON THURSDAY | NOVEMBER 2, 2023 Ensuring employee well-being MORE than half of the world’s population has returned to work. According to the World Health Organisation, 15% of working adults were living with a mental disorder in 2019. Globally, an estimated 12 billion working days are lost every year to depression and anxiety at a cost of US$1 trillion (RM4.77 trillion) in lost productivity. Employee well-being has become a critical concern for organisations in recent years. The rise of remote and hybrid work arrangements has increasingly blurred the boundary between work and personal life. This has, in turn, spurred business and human resources (HR) leaders to prioritise employee well-being holistically, factoring in physical as well as mental health. Are we doing enough? Lululemon Athletica Inc’s third annual Global Well-being Report found that while 67% of people placed well-being as a top priority, 44% considered it unattainable, and only 12% said their well-being is where it should be. Some of the obstacles include prevailing societal and gender norms as well as persistent stigma around discussing mental health. Another study, HP Inc’s Workplace Relationship Index found that most of the people surveyed lacked a positive relationship with their organisation, and this in turn had affected their mental well-being, self-esteem and physical health. There is a growing recognition of the significance of employee well-being, but there is still a considerable amount of effort required. Supporting employee well-being is an ongoing process, and organisations must strive to create and sustain a culture where employees feel secure, nurturing a workplace that is not only safe but also conducive to productivity, akin to a second home. Challenges in prioritising employee well-being 0 One-size-fits-all approach: Many well-being programmes adopt a onesize-fits-all approach that does not cater to the diverse needs of employees. Employees have unique physical, mental and emotional requirements, and the initiatives should reflect this diversity. 0 Lack of mental health support: While physical health is essential, mental health is equally critical. Yet, mental health support remains underemphasised in many organisations, perpetuating the stigma surrounding mental health issues. 0 Work-life balance: The line between work and personal life has blurred for many employees, leading to increased stress and burnout. Achieving a healthy work-life balance remains a challenge in several industries. 0 Inconsistent Implementation: Even when well-being programmes are in place, their implementation can be inconsistent. Some employees may have access to resources while others may not, creating disparities in support. Holistic approach to employee wellbeing While there is no one-size-fits-all solution, there are some measures that companies can take to nurture a work environment that supports their employees’ overall well-being. These include: 0 Mental health support: Place a strong emphasis on mental health by providing access to counselling services, mental health days and training for managers to recognise and support employees facing mental health challenges. 0 Flexible work arrangements: Encourage flexible work arrangements, such as remote work options and flexible hours to promote a healthy work-life balance. 0 Workplace wellness activities: Incorporate wellness activities into the workplace, such as yoga or meditation classes, healthy eating options and ergonomic workspaces. 0 Financial education: Providing financial education and resources can help employees manage their finances and reduce financial stress. The question of whether organisations are doing enough to prioritise and nurture the well-being of their employees is a critical issue. While progress has been made in recognising the importance of looking at employee well-being in a holistic manner, there is ample room for improvement. By embracing a comprehensive approach that includes physical, mental and emotional health, companies can establish an environment in which employees flourish, leading to enhanced productivity, greater employee retention and an improved corporate reputation. Investing in employee well-being is not a one-time initiative but an ongoing commitment. It is an investment that pays dividends in the form of a healthier, happier and more productive workforce. The writer is the founder and managing director of Aisling Group, an integrated talent solutions company. Comments: [email protected] COMMENT by Melissa Norman Sarawak’s rich tapestry of traditions promotes unity AS a Sarawakian who has been away from my beloved homeland for the past few months, my heart swells with anticipation as I look forward to returning home. The scent of the rain-soaked earth, the whispers of the mighty rainforest and the rhythmic beats of our cultural heritage have never felt so distant as they do now. It is in these moments of longing that I have come to realise the true significance of Sarawak’s local arts, culture, festivals and lifestyle. My journey away from home has been an odyssey of self-discovery, a pilgrimage of sorts, where I have not only discovered the world beyond my homeland, but also unearthed the deep roots that tie me to Sarawak’s vibrant culture. Each passing day has revealed just how precious the traditions that make up our Sarawakian identity are. From the soul-stirring melodies of the sape to the intricate weaving of the pua kumbu, and the kaleidoscope of colours that adorn our festivals, it is in these unique elements that I find my essence as a Sarawakian. These traditions are not merely parts of our daily lives, they are the threads that bind us together as a community, creating a mosaic of culture and heritage that is diverse and profoundly beautiful. The moments spent with my friends and family back in Sarawak are etched in my memory – moments where we come together in celebration, laughter and song. And it is these cherished experiences that I cannot wait to share with my friends from overseas when I return home. Among the events, two in particular fill me with anticipation – the recently concluded Sarawak International Dragon Boat Regatta and the upcoming Sarawak Regatta, scheduled to take place from tomorrow until Sunday. During this period, the Kuching waterfront will be bustling with a plethora of activities, which should not be missed. The annual Sarawak Regatta is not just a race, it is a spectacle that transcends competition. It is a grand event that unites communities and showcases strength. It is a time when villages across Sarawak come together, families from beyond Kuching make their annual visit, and we all gather to celebrate the spirit of competition, friendship and camaraderie. At the heart of the regatta is the highly sought-after coveted “Raja Sungai” title in the bidar category, a prestigious honour that keeps us on the edge of our seats as we fervently cheer for our local teams. The dragon boats slicing through the water, the rhythmic drumming and the synchronised rowing create an electrifying atmosphere that is hard to express. It is a thrilling experience that binds us together as one community, making us proud of our heritage. It is the ability to come together in pursuit of a common goal. In many ways, the Sarawak Regatta is a living embodiment of our Sarawakian spirit. It reminds us of the beauty and strength of our culture, and how we share it with those from across the world. This year’s event boasts a total of 60 teams from 20 different countries. Notable among them are Australia, China, Hong Kong, Indonesia, Ireland, Japan, Kazakhstan, Qatar, Spain, Brunei, Singapore and Malaysia. For these 12 countries – Australia, Cambodia, China, Hong Kong, New Zealand, Ireland, Japan, Kazakhstan, United Arab Emirates, Myanmar, Spain and Taiwan – this marks their inaugural participation in the race. It is heart-warming to see the recognition this regatta is gaining. It is not difficult to imagine the excitement that is anticipated by visitors and participants as they witness this unique and exhilarating event for the first time. The deafening cheers, the adrenaline in the air and the sense of unity are all powerful reminders of what it means to be a part of this extraordinary community. I am grateful to be able to share the wonders of Sarawak with my friends from afar. It is a chance to offer them a glimpse into our rich tapestry of traditions and immerse them in the warmth and hospitality of our people. The sarong-clad men and women, the smell of local delicacies wafting through the air and the genuine smiles of the Sarawakian people – all these will definitely leave an indelible mark in their hearts. Afiqah Samad Kuala Lumpur LETTERS [email protected] “By embracing a comprehensive approach that includes physical, mental and emotional health, companies can establish an environment in which employees flourish, leading to enhanced productivity, greater employee retention, and an improved corporate reputation. Sarawak’s unique identity is deeply rooted in its diverse culture. – SYED AZAHAR SYED OSMAN/THESUN WE, the undersigned, welcome the United Nations (UN) General Assembly resolution adopted by 120 member states on the Gaza crisis, which calls for an “immediate, durable and sustained humanitarian truce leading to a cessation of hostilities”. While it is a non-binding resolution, it has moral force at a time when these are most needed. It also serves as a reminder that human rights are inalienable rights that are guaranteed by a body of international law. It is disappointing to note that some member states have declined to adopt the resolution that calls for action on humanitarian grounds. We wish to commend UN Secretary-General Antonio Guterres, who has been relentless in his defence of the human rights and humanitarian needs of the countless civilians subjected to the ravages of war. That he speaks without fear or favour is vital at a time when powerful nations act with impunity, and must be held accountable. We mourn with the rest of the world for the needless loss of lives, including those of medical and other aid workers and journalists. We condemn the Israeli government’s disproportionate attack on Palestinian civilians in Gaza, where civilian lives seem to have been made expendable and children are forced to face the full wrath of a heinous war. We denounce Hamas for the killing and kidnapping of Israeli civilians, but such horrendous acts do not justify the sustained collective punishment of Palestinian civilians. What is unfolding before us is nothing less than a genocide. The cruel and indefensible deprivation of food, water and electricity is a violation of the rules of war set out in international humanitarian law. Most disappointing is the unqualified support of the US and other Western nations for Israel, and worse, their complete lack of outrage or empathy for the grave loss of lives. The views we give voice to here have been expressed repeatedly by many. If these wars have taught us one thing, it is that human rights do matter. Only when we see such an abhorrent violation of human rights, do we wake up to their immeasurable value. Past Malaysian Bar presidents Zainur Zakaria, Kuthubul Zaman Bukhari, Yeo Yang Poh, Ambiga Sreenevasan, Ragunath Kesavan, Lim Chee Wee and Christopher Leong. UN resolution on Gaza crisis lauded

10 theSUN ON THURSDAY | NOVEMBER 2, 2023 Juwai IQI expects BNM to leave key rate unchanged PETALING JAYA: Juwai IQI cofounder and group CEO Kashif Ansari (pic) believes Bank Negara Malaysia (BNM) will leave the Overnight Policy Rate (OPR) unchanged today to avoid surprising the market or squeezing the economy. Forecasting the sixth and final monetary policy statement of 2023, he said the housing and financial markets like it when interest rates fall, but they do not like surprises, and a decision not to adjust the OPR is widely expected. “All indicators suggest that we don’t need higher rates. Inflation is under control and economic growth has cooled. Because the bank was one of the first in the world to start raising rates in this cycle, Malaysia was able to beat inflation without a recession. That has been good for the housing market,” said Ansari. He said the ringgit has fallen against the US dollar, and some have called on BNM to increase the OPR to help stem the ringgit’s drop. Interest rates are lower in Malaysia than in the United States, so many investors are moving their money to the US for higher returns on cash and bonds. By increasing the OPR, the central bank would hope to help the ringgit regain some of its value. It may yet do this in 2024, he said. “Strong household finances and strong employment are two of the indicators we look at to evaluate how housing demand is likely to trend. Both are in good shape,” he added. Household Finances Support Homebuying “One of the statistics we look at to get a sense of household finances is the household debt-to GDP (gross oHousing and financial markets do not like surprises and ‘hold’ decision widely anticipated, says CEO domestic product) ratio. In June, that ratio was 81.9%, hardly changed from 81% in December 2022 and much better than the 84.4% of a year earlier. “Another is the median debt toincome (DTI) ratio,” Ansari said, adding that when this goes up, it means families are taking on more debt relative to their earnings, which often leads to more families ending up unable to pay their mortgages and losing their homes. He said the DTI ratio is basically stable at 1.4. Among those earning less than RM3,000 per month, it is an even better 1.3. “The third indicator that helps us know if households are in good financial shape is the median debt service ratio. For newly approved household loans, that ratio is 42% and for outstanding household loans it is 36%. Both are safe numbers. The debt service ratio tells us that households have more than enough income to pay off their debt,” he added. The Incredible Shrinking Overhang “The overhang of unsold housing units started shrinking in 2022 and has kept shrinking through the first half. The peak of unsold housing was 183,900 in 2021. By the second quarter of this year, it had fallen to just 141,900, and the trend continues to be downwards. The supply of unsold expensive highrises has improved the most. “The volume of unsold housing is now 12% lower than in 2019 and 23% below its 2021 peak. That’s a big relief to the housing industry. It helps to stabilise pricing and makes price trends more predictable,” said Ansari. Affordable Housing Sells Faster “Affordable housing is selling faster than higher-priced homes, even though it is among relatively expensive high-rise homes that the oversupply of units has most improved. “Houses that are priced RM500,000 and below made up nearly 80% of all purchases in the first half of the year,” said Ansari. “We may see a shortage of homes in this mass-market price range in 2024 because homes priced RM500,000 account for a smaller and smaller share of new construction.” In 2022, he said, these more affordable homes made up 71.1% of all n e w l y launched residential properties. In the first half, however, their share dropped by more than 13 percentage points to just 58%. Steady Home Price Growth Is Sustainable Ansari said home prices are growing at a sustainable rate that is lower than the pre-Covid level. In the first quarter of 2023, prices climbed 4.8%, higher than the 3.9% of the prior quarter. This stronger pace is nonetheless below the 5.3% longterm average during 2015 to 2019. “We think it is likely that price growth will continue into 2024. We see three factors driving this demand. Homebuyers have more money and are more likely to have good jobs. Also, buyers want to take advantage of the stamp duty exemptions provided by the Malaysian Home Ownership Initiative.” He said that household finances are strong, household debt is manageable and private sector wages are up by 4.1%, which boosts household income. Employment is up, which contributes to household income and to the confidence to buy a home. The number of people with jobs increased by more than 208,000 in the second quarter alone. “Bank Negara’s decision to leave the Overnight Policy Rate unchanged this month will help sustain our current economic growth and help more people afford to buy their own home, which is the key to economic security. In 2024, if the US Federal Reserve continues to maintain its “higher for longer” interest rate regime, Bank Negara will come under more pressure to raise rates and stem the ringgit’s fall.” Tropicana WindCity planned as holistic township at Gohtong Jaya PETALING JAYA: Tropicana Corporation Bhd’s Tropicana WindCity is envisioned as a holistic 596-acre township comprising three distinctive master plans – 112-acre Tropicana Grandhill, 308-acre Tropicana Paradise and 176-acre Tropicana Avalon – offering a good mix of residential to commercial components that will generate income through high rental yield of at least 8%. In view of the surrounding environmental factors, the changing demographics as well as the recent property boom in Genting Highlands, Tropicana WindCity is poised to be the most well-planned, and comprehensive township with excellent connectivity and accessibility. TwinPines Serviced Suites is the first residential phase at Tropicana Grandhill. These modern suites are suitable for savvy property investors, offering 1,443 residential units in two towers, with built-ups from 379 sq ft to 1,330 sq ft. Residents can enjoy ample resortstyle facilities, from a heated swimming pool, spring jacuzzi and putting green to a gymnasium, yoga studio and more. The first phase was a success, recording over 90% take-up for Tower A. Tropicana has also introduced Tropicana Avalon, which will be home to a mix of commercial and residential components, a mix of shop, serviced suites, alfresco food and beverage outlets, and galleria epicentre interspersed with an open courtyard and green landscape for visitors to enjoy the cool mountain air. The prelaunch preview of the first phase of retail shops at Tropicana Avalon will be announced this quarter. To fill the market gap, Tropicana recently rolled out a luxurious landed development known as Tropicana Paradise, offering capacious bungalow lots. Phase 1 is open for booking, featuring 83 bungalow lots that are priced from RM1.2 million with sizes ranging from 4,000 sq ft to 12,000 sq ft. Artist’s impression of Tropicana Avalon, a township that is envisioned to be home to a mix of commercial and residential components. Mitrajaya awarded RM84.5m apartment block construction job PETALING JAYA: Mitrajaya Holdings Bhd, via wholly owned subsidiary Pembinaan Mitrajaya Sdn Bhd, has executed a letter of acceptance for a contract awarded by GDP X Properties Sdn Bhd for the construction and completion of one 31-storey block comprising 188 units of apartments at Mukim Batu, Kuala Lumpur, for a contract sum of RM84.5 million. In a filing with Bursa Malaysia, Mitrajaya said the contract is for a duration of 24 months from the date for possession of site on Dec 8, 2023 and is expected to be completed by Dec 8, 2025. The contract is expected to contribute positively to the earnings and net assets of the Mitrajaya group for the financial years ending Dec 31, 2024 to 2025. The contract will not have any effect on the share capital and shareholding structure of the company. Knight Frank Malaysia achieves ‘over 100 buildings under management’ feat PETALING JAYA: Knight Frank Malaysia Property Management (KFPM) has reached the milestone of managing more than 100 buildings to date. In a celebration held at Knight Frank Malaysia’s headquarters during the Building Managers Workshop recently, the company celebrated the achievement with its building managers. Starting with one building in 2006, the company has grown to have more than 100 buildings under management with more than 500 employees dedicated full-time to property and facilities management. KFPM’s portfolio currently exceeds 45 million sq ft of various asset classes. As at 2023, the company is managing 13 million sq ft of high-rise office buildings, 35 strata management buildings and six million sq ft of retail malls, and has 6.3 million sq ft under facilities management. A notable feature of KFPM’s service is its head office support services. This centralised support is designed to enhance the efficiency and effectiveness of property management service across all sites in its portfolio throughout Malaysia. Head office support includes procurement and management accounts services, ensuring that necessary resources are acquired and managed cost-effectively. One of the key features of KFPM’s services is the iKFPM app. This cloudbased property management system centralises operations, finance, maintenance and management for an entire portfolio in a powerful smartphone application. Majestic Residence redefines urban elegance in Kuala Lumpur PETALING JAYA: Majestic Residence, a freehold project by Majestic Gen, is primed to redefine luxury living in the heart of Kuala Lumpur City Centre. With the developer’s commitment to innovative design and prime locations, Majestic Residence is conceptualised as a distinctive and upscale residential offering tailored to modern lifestyles. Majestic Residence achieved an impressive 85% take-up rate, with most residential units claimed during its launch on Oct 21 and 22. Nestled in one of Kuala Lumpur’s most esteemed neighbourhoods, the property holds the promise of significant value appreciation and robust rental demand, fuelled by long-term growth prospects. In anticipation of the Malaysian capital’s ascent as a pivotal business and financial hub within the region, the strategic importance of the project’s central location is undeniable. Majestic Gen executive director Ta Wee Dher said, “Our development embodies a harmonious fusion of tradition and innovation; sophistication and simplicity. It serves as a juxtaposition of vintage charm and contemporary living. It is not a sterile, lifeless structure; quite the opposite. We have conscientiously crafted an inviting exterior that conceals an interior full of warmth and eclecticism.” With a gross development value of RM384 million, Majestic Residence encompasses a 0.66 acre site, offering 478 units designed to cater to diverse needs. Prices start at RM596,000, with unit sizes ranging from 459 sq ft to 654 sq ft. “Inspired by my travels and globetrotting adventures, Majestic Residence’s unique design assimilates influences from Ecuadorian Otavalo, creating a sophisticated yet rustic living environment,” said Majestic Gen CEO Datuk Hoo Kim See. “The interior design philosophy, affectionately termed ‘Loftavalo’, harmoniously blends the Otavalo pattern with materials like wood, metal, glass, leather, and concrete.” Majestic Residence has unparalleled proximity to landmarks such as Petronas Twin Towers, Pavilion KL and TRX.

KLCI 1,435.33 742.80 STI 3,076.77 9.03 HANG SENG 17,101.78 23.57 SCI 3,023.08 4.31 NIKKEI 31,601.65 10.70 TSEC 16,038.56 37.29 KOSPI 2,301.56 S&P/ASX200 6,838.30 57.60 THURSDAY NOVEMBER 2, 2023 Editorial Tel: 03-7784 6688 Fax: 03-7785 2624/5 Email: [email protected] Advertising Tel: 03-7784 8888 Fax: 03-7784 4424 Email: [email protected] 5 MOST ACTIVES November 1, 2023 STOCK VOL CLSG (sen) +/– (sen) CLASSITA 14,308,100 6.0 UNCH AGES 86,436,500 7.0 +4.5 RANHILL 83,714,200 73.0 +15.5 KANGER 68,352,200 12.0 UNCH SCIB 62,512,400 56.0 +1.0 EXCHANGERATES NOVEMBER 1, 2023 Foreign currency Bank sell Bank buy Bank buy TT/OD TT OD 1 US DOLLAR 4.8410 4.7080 4.6980 1 AUSTRALIAN DOLLAR 3.0830 2.9620 2.9460 1 BRUNEI DOLLAR 3.5340 3.4330 3.4250 1 CANADIAN DOLLAR 3.4860 3.3940 3.3820 1 EURO 5.1290 4.9660 4.9460 1 NEW ZEALAND DOLLAR 2.8200 2.7180 2.7020 1 SINGAPORE DOLLAR 3.5340 3.4330 3.4250 1 STERLING POUND 5.8880 5.7060 5.6860 1 SWISS FRANC 5.3050 5.1860 5.1710 100 UAE DIRHAM 133.4500 126.6200 126.4200 100 BANGLADESH TAKA 4.4780 4.1870 3.9870 100 CHINESE RENMINBI 66.6700 63.8900 N/A 100 HONGKONG DOLLAR 62.5800 59.4900 59.2900 100 INDIAN RUPEE 5.9200 5.5500 5.3500 100 INDONESIAN RUPIAH 0.0316 0.0286 0.0236 100 JAPANESE YEN 3.2050 3.1040 3.0940 100 NEW TAIWAN DOLLAR N/A N/A N/A 100 PAKISTAN RUPEE 1.7500 1.6400 1.4400 100 PHILIPPINE PESO 8.6000 8.1500 7.9500 100 QATAR RIYAL 134.4400 127.6300 127.4300 100 SAUDI RIYAL 130.6200 124.0000 123.8000 100 THAI BAHT 13.9700 12.4000 12.0000 Source: Malayan Banking Berhad/Bernama KL MARKET SUMMARY November 1, 2023 INDICES CHANGE FBMEMAS 10,581.20 -57.39 FBMKLCI 1,435.33 -6.81 CONSUMER PRODUCTS 548.68 -2.06 INDUSTRIAL PRODUCTS 170.01 -2.39 CONSTRUCTION 185.26 -0.98 FINANCIAL SERVICES 16,201.70 -49.80 ENERGY 857.65 -10.64 TELECOMMUNICATIONS 558.76 -1.21 HEALTH CARE 1,655.22 -14.65 TRANSPORTATION 923.39 -2.04 PROPERTY 839.94 -7.13 PLANTATION 6,886.06 -18.11 FBMSHA 10,764.70 -76.88 FBMACE 4,998.52 -18.89 TECHNOLOGY 60.58 -0.63 TURNOVER VALUE 2.798 BIL RM1.799 BIL 5 TOP GAINERS November 1, 2023 STOCK VOL CLSG (RM) +/– RM RANHILL 83,714,200 0.735 +0.155 BKAWAN 300 20.60 +0.10 GASMSIA 1,797,500 3.38 +0.09 MCEMENT 736,200 3.67 +0.09 YTLPOWR-C28 814,900 0.81 +0.085 5 TOP LOSERS November 1, 2023 STOCK VOL CLSG (RM) +/– RM NESTLE 241,900 122.50 -1.30 HEXTECH 60,300 23.12 -0.64 F&N 40,400 25.76 -0.34 MPI 254,200 25.42 -0.32 SALUTE 55,885,200 0.725 -0.295 Malakoff to expand presence in RE, aims for 25% market share by 2031 SHAH ALAM: Malaysian power company Malakoff Corporation Bhd is set to capture 25% of the total renewable energy (RE) market share in Malaysia by 2031, on the back of their aspiration to achieve 1,400MW of RE capacity by 2031, in line with the government’s total RE target of 4,000MW by 2030. Malakoff managing director and CEO Anwar Syahrin Abdul Ajib said that their RE initiatives includes a variety of projects including solar and electric vehicles, financed through a combination of debt financing (80%) and internal funds (20%). “We are confident (in achieving its target) as the company has the financial strength and capabilities to achieve it. We are competitive and very driven. When we announced this journey and rebranded our organisation, it marked a significant transition and transformation for Malakoff. So, by hook and crook, we have to make it happen. This is a big commitment from the organisation,” he told reporters at the Solar Power Purchase Agreement (SPPA) document exchange event with the DRB-Hicom Group of Companies for solar projects yesterday. He stated that Malakoff is actively seeking opportunities to expand its RE portfolio, explore larger-scale large scale solar projects, and consider mergers and acquisitions (M&A) to achieve this goal. Anwar Syahrin delivering his speech at the event. █ BYHAYATUN RAZAK [email protected] Financial sector urged to continue green financing KUALA LUMPUR: The financial sector must continue to play an important role in facilitating the funding and investment required towards reducing the intensity of greenhouse gas emissions of the gross domestic product by 45% by 2030. Deputy Finance Minister II Steven Sim said the collective funding required to support the development of projects and initiatives as planned in the National Energy Transition Roadmap (NETR) in the next few decades is big. Hence, he said, Malaysia cannot rely entirely on public sector funding owing to fiscal constraints. “In this context, it is important to stress that there is a close alignment between Islamic financing and sustainable and responsible investment. “The basic principles of Islam to promote justice, environmental sustainability and business ethics are also in tandem with the concept of sustainable investment, and the oCollective funding required to support development of projects and initiatives as planned in NETR is huge: Minister 6.81 government is emphasising these in its Madani Economy framework,” he said at the Dewan Rakyat yesterday. He was replying to a question from Datuk Seri Hasni Mohammad (BNSimpang Renggam) who wanted to know the government’s latest initiative to mobilise Islamic green finance to fulfil part of the funding for the country’s carbonneutral agenda 2050 and NETR. In 2021, he said the government issued the global sukuk, amounting to US$1.3 billion (RM6.2 billion) and received very encouraging response from investors. Of that amount, US$800 million was the first US dollar-denominated sovereign sustainability sukuk in the world. Based on the successful issuance, the government has also issued the Malaysian Government Investment Issue (MGII) Lestari, which is a federal government domestic debt instrument amounting to RM4.5 billion in 2022 and RM5.5 billion in 2023, making the accumulated amount of the debt papers at RM10 billion, thus achieving the target as announced in Budget 2022. “In Budget 2024, the federal government will pioneer the issuance of biodiversity sukuk totalling up to RM1 billion involving the planned replanting of degraded forests. This replanting initiative will be undertaken in collaboration with the state government,” he said. Meanwhile, he said via the Malaysian capital market, various initiatives have been implemented to take advantage of the synergy between the Islamic capital market and sustainable and responsible investment (SRI) initiative. As the first initiative that integrates shariah and SRI principles, the SRI sukuk framework enables green, social and sustainable project owners to issue SRI sukuk to finance the project, he said. Until December 2022, a total of RM18.92 billion SRI sukuk were issued since 2015, including the issuance of the world’s first green sukuk in 2017. Furthermore, he said that to encourage local companies and entrepreneurs to participate in projects based on green technology, the Green Technology Financing Scheme (GTFS) was introduced by the government in 2010. “Until 2022, RM7.5 billion funding was provided for this purpose including shariah-compliant funding,” he said, adding that via Budget 2023, GTFS 4.0 would offer funding of up to RM1 billion and is open for applications until 2025. Meanwhile, the financial sector has committed a funding amount of over RM200 billion until 2025 for environmental, social and governance funding purposes. Islamic banking institutions had allocated almost RM16 billion for green projects from 2017 until September 2021, he added. – Bernama “If there are opportunities for M&As … we would like to see if there are any parties out there who want to cash out. We want to build market share because we have said that 1,400 megawatt target. So time is running out and it’s a market share game. “But it’s also a way for us to neutralise the fact that we have a lot of thermal plants. And people criticise us for not doing enough. So this is just a commitment in terms of trying to reduce or offset against the GHGs that we generate from our power plants,” he added. Within its solar space, Malakoff has the aspiration towards achieving a 500MW target of solar projects within the Albukhary Group of Companies, its parent company. Malakoff has inked the 25 years SPPA through its subsidiary Malakoff Radiance Sdn Bhd with the DRB-Hicom Group of Companies namely Motosikal dan Enjin Nasional (Modenas) Sdn Bhd, PMB Properties Sdn Bhd, Isuzu Hicom Malaysia Sdn Bhd, Hicom Automotive Manufacturers (Malaysia) Sdn Bhd, CTRM Aero Composites Sdn Bhd, Hicom Teck See Manufacturing Malaysia Sdn Bhd, DRB-hicom Bhd, DRBHicom Defense Technologies Sdn Bhd, Defence Services Sdn Bhd and PHN Industry Sdn Bhd for the development, operation and maintenance of solar photovoltaic systems at 14 locations in Selangor, Perak, Kedah, Malacca and Pahang. With a total capacity of 20.78 MWp and total electricity generation of 26,546.45 MWh per annum, the company said this project is expected to play a role in making a contribution to an annual reduction of 20,706 tCO2e equivalent to a carbon sequestration of 23,204.56 acres of forest, offsetting Co2 from the atmosphere. “Currently, the project is worth roughly RM50-60 million. The total (project value) is dependent on when we get more from them (DRB Hicom). So for the time being we’re working on another about 10MW for expansion. They’re happy with what we’ve installed so far. So there are opportunities for us to expand beyond the existing SPPAs that we’ve signed with them. So then we’ll get more,” he said. Participation 27.3 42.7 29.9 100.0 Retail Institutions Foreign Bought RM m 504.8 810.6 484.0 1799.4 Sold RM m 479.2 727.0 593.2 1799.4 Net RM m 25.6 83.6 -109.2 0 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R I T I E S S D N. B H D. 197201001092 (12738-U) 1/11/2023

12 theSUN ON THURSDAY | NOVEMBER 2, 2023 SUNBIZ READ OUR HERE /thesundaily SCAN ME MAM targets RM100m AUM in next 12 months KUALA LUMPUR: Maybank Asset Management Sdn Bhd (MAM) aims for RM100 million assets under management (AUM) in the next 12 months with the launch of its shariah-compliant artificial intelligence (AI)-powered Hyper Customised Discretionary Portfolio Mandate (DPM), catered for high net-worth investors in Malaysia. It was launched in collaboration with investment advisory and technology company Arabesque AI, and the partnership empowers investors access to Arabesque AI’s cutting-edge technology platform. In addition, the platform enables asset managers and investment professionals to craft hypercustomised shariah compliant portfolios, personalising them to each investor’s unique preferences and objectives at a faster speed, as well as portfolio monitoring and rebalancing. MAM Malaysia CEO Ahmed Muzni said that initially, it is targeting to entice high net-worth investors from its existing pool as well as to onboard new clients. “We are targetting high net worth for now but as we evolve, we want to go down the segment from high net worth to affluent …. but we hope to offer this to the masses in the future. “We will try to raise at least RM100 million over the next 12 months. (In terms of minimum investment size), From left: Ahmed Muzni, Omar, Maybank Asset Management Group chairman Dr Hasnita Datuk Hashim and Maybank Islamic Bhd CEO Datuk Mohamed Rafique Merican, at the launch. oMaybank’s fund management arm to launch AI-powered Hyper Customised DPM catering to high net worth investors in Malaysia █ BYGLORIA HARRY BEATTY [email protected] its RM5 million to start,” he told reporters during the press conference after the Hyper-Customised DPM launch yesterday. Commenting on a call from Bursa Malaysia for Malaysian Islamic banks to list on the exchange, he said that currently Maybank Islamic does not have any plans to list on the former as it is more focused on strengthening its Islamic bank franchise. “We believe that through our offering of Islamic wealth management, it will create greater value for our customers as well … beyond Malaysia. We have footprints in Singapore, Indonesia which is quite sizable and we have offices in Dubai and London. So, our focus is to broaden the Islamic banking franchise to deepen the offerings that we have, (continuing with this new platform), he added. Meanwhile, Arabesque Group CEO Omar Selim said that the company believes in the convergence of sustainability and technology as the driving force for a more sustainable future. “It’s no longer sufficient for investments to yield returns; we must scrutinise how they’re generated. Arabesque leads the sustainable finance revolution, leveraging AI, ESG data, and digital technology. In a world where investors prioritise societal impact and values, the true power of AI lies in crafting highly personalised portfolios down to the individual stock level. “This values-driven shift reshapes finance for a more sustainable future. We are delighted to have pioneers like MAM Malaysia use our technology to deliver highperforming, customised portfolios aligned with individual values, forging a future where finance is both profitable and purposeful,” he added. Arabesque AI combines proprietary AI-driven alpha assessment with market-leading ESG data to deliver personalised and values-driven portfolios, at scale. SBH Kibing Solar opens factory at KK industrial park KUALA LUMPUR: SBH Kibing Solar New Materials (M) Sdn Bhd has opened its new manufacturing facility at the Kota Kinabalu Industrial Park (KKIP), as part of its RM3 billion investment plan. In a joint statement yesterday,, SBH Kibing Solar and the Malaysian Investment Development Authority (Mida) said the plant will manufacture solar photovoltaic (PV) glass and create 1,400 new jobs, with a commitment to have at least 90% of these positions be filled by Sabahans. The statement said intensive training programmes will be implemented for the incoming workforce to ensure smooth operations of its new facility. The launch was officiated by Sabah Chief Minister Datuk Seri Hajiji Noor and attended by officials from Mida and the Sabah state government, including Kibing Group chairman Yu Qibing. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz welcomed SBH Kibing Solar’s RM3 billion expansion through its second manufacturing plant in Sabah. “This reflects the company’s confidence in Malaysia’s attractiveness as an investment hub, as well as in our policies on sustainable manufacturing and green economy, particularly as emphasised by the recently launched New Industrial Master Plan 2030,” he said. Tengku Zafrul said this significant investment in the new plant reaffirms Malaysia’s standing as a key player in the complete manufacturing value chain for solar PVs while supporting Malaysia’s net zero greenhouse gas emissions goal by 2050. Mida CEO (CEO) Datuk Wira Arham Abdul Rahman said the agency is optimistic that the new solar photovoltaic glass manufacturing facility will serve as a guiding light for the entire industry, motivating others to emulate its path and contribute to Malaysia’s shared progress and achievements. Meanwhile, Kibing Group assistant CEO Yao XinXi said the company is aiming to produce highquality solar glass, foster local talent and create employment opportunities for the community. “Our commitment to excellence in technology, innovation, and sustainability will ensure that the plant operates at the highest standards,” he said. – Bernama MDEC initiative to drive interoperable e-invoicing in businesses CYBERJAYA: The Ministry of Communications and Digital (KKD), through the Malaysia Digital Economy Corporation (MDEC), is implementing the National E-Invoicing initiative, aiming to drive interoperable E-Invoicing by digitalising how businesses exchange invoices (B2B). This initiative will establish an interoperable E-Invoicing framework tailored to Malaysia’s requirements, develop local service providers, and promote the adoption of e-invoicing by businesses. It complements the e-invoice for tax implemented by the Inland Revenue Board of Malaysia (HASiL). In 2022, MDEC signed a memorandum of understanding with HASiL regarding the implementation of e-invoicing in Malaysia. MDEC’s E-Invoicing implementation for business digitalisation (B2B) will make it seamless for businesses to comply with the einvoicing for tax compliance. Businesses adopting interoperable einvoicing will benefit from improved efficiency by eliminating manual data entry and paper handling, enhanced security through data transmission encryption, ease of cross border data exchange on business transaction, and supports for companies in environmental, social and governance (ESG) by reducing paper use and carbon footprint. The National E-Invoicing initiative is a programme under the 12th Malaysia Plan (12MP) with MDEC as the implementing agency. It is also a programme under the National e-Commerce Strategic Roadmap (NESR 2.0) and aligns with MDEC’s Malaysia Digital Catalytic Programmes or Pemangkin. The government has mandated MDEC to implement e-invoicing for business digitalisation (B2B), using the Peppol framework. The Peppol framework consists of technical specifications applicable to existing eProcurement solutions or Enterprise Resources Planning (ERP) systems, enabling systematic interoperability between disparate systems across businesses and facilitating seamless einvoice exchange. It is the most widely implemented e-invoicing framework globally. Recently appointed as Malaysia’s Peppol Authority, MDEC plays the role of accrediting Malaysia’s Peppol service providers and Peppol ready solution providers, specifying local requirements and technical standards, governing the overall Malaysia Peppol framework compliance, and promoting business adoption of e-invoicing in Malaysia. Additionally, a panel session on “A Vision for Interoperability: E-Invoicing and its potential in Digital Trade” will be held during the MDEC’s Malaysia Digital Expo 2023 on Nov 6. Ministry revises 2025 MSME contribution to GDP target KUALA LUMPUR: The target contribution of micro, small and medium enterprises (MSMEs) to Malaysia’s gross domestic product (GDP) for 2025 has been revised from 45% to 41% after taking into account the Covid-19 pandemic’s impact on the national economy as well as the Ukraine-Russia conflict, the Entrepreneur Development and Cooperatives Ministry said. Its minister Datuk Ewon Benedick said MSMEs contribution to the GDP continued to rise in 2022 despite the review of the target contribution for 2025. “MSMEs contribution to the GDP in 2022 recorded a double-digit growth of 11.6% compared to 1.3% in 2021 and 5.9% in 2019. “MSMEs contribution in ringgit value also rose to RM580.4 million last year, which is above the pre-pandemic level of RM553.4 billion in 2019,” he said in the Dewan Rakyat in response to a question from Roslan Hashim (PN-Kulim Bandar Bahru) on the government’s commitment to increase the MSMEs’ economic contribution. Roslan noted that in the original 12th Malaysia Plan (2021-2025), MSMEs’ target contribution to the GDP was set at 45% by 2025 but this was lowered to 41% in the plan’s mid-term review. Ewon said the government is focusing on high growth, high value industries which are able to contribute more to the country’s total exports MSMEs contribution to the GDP in 2022 recorded a double-digit growth of 11.6% compared to 1.3% in 2021 and 5.9% in 2019. - BERNAMAPIX to further raise MSME’s GDP contribution. Additionally, he said, the launch of the New Industrial Master Plan 2030 (NIMP 2030) will be able to raise MSMEs’ competitiveness and participation in the high-growth manufacturing industry value chain domestically and internationally. The ministry has also implemented several programmes supporting the implementation of NIMP 2030 via the Vendor Development Programme, the Programme for Enhancement of Strategic Industry and High Growth Enterprise and the PKSlestari Programme. – Bernama

13 SUNBIZ theSUN ON THURSDAY | NOVEMBER 2, 2023 Play Interactive goes green via tie-up with DHL PETALING JAYA: Play Interactive Sdn Bhd, a gaming hardware and accessories distributor in Malaysia, has moved towards climate-neutral practices by signing a GoGreen Plus partnership with DHL Express. Through the service, Play Interactive aims to deliver a 30% reduction in carbon emissions for its time-definite international shipments. Launched in February this year, DHL’s GoGreen Plus allows businesses to effectively mitigate the environmental footprint of their supply chains via carbon insetting. Play Interactive aims to deliver a 30% reduction in carbon emissions for its time-definite international shipments via its partnership with DHL Express. oMalaysian gaming hardware and accessories distributor signs up for initiative to reduce carbon emissions Enter the MINI Clubman Final Edition PETALING JAYA: MINI, the most sophisticated compact premium automotive brand in Malaysia has introduced the MINI Clubman Final Edition (pic) to the local market. With only 1,969 units available worldwide, the MINI Clubman Final Edition cites the year in which the legendary MINI Clubman was created, combining the specific brand tradition with exclusive design elements and strong driving characteristics. Limited to only 20 units in Malaysia, the MINI Clubman costing RM318, 888 bears the “1 of 1969” badge on its C-pillar and a glistening “Final Edition” on the rear denoting its exclusivity within the limited-production run. The amount of sustainable aviation fuel (SAF) committed is then blended with conventional jet fuel at point of air transport to lower the release of carbon dioxide equivalent and other greenhouse gases. SAF is currently the only scalable measure to address carbon-friendly flight, given its unparalleled capacity for longer distances. “We are excited to work together with DHL Express to sustainably distribute our products to gaming communities overseas,” said Play Interactive CEO Gary Chong. “Decarbonisation is part of our efforts to be more responsible in our actions for the people and planet. We believe that SAF is a promising solution to achieve this, and we are proud to be among the first companies in Malaysia to adopt it for our logistics needs,” he added. With GoGreen Plus, Play Interactive is taking tangible steps to achieve clean operations by tackling Scope 3 emissions during transport and distribution activities. According to the UN Global Compact, Scope 3 accounts for 70% of the emissions resulting from the average corporate value chain. “Play Interactive’s support demonstrates how SAF can add value for organisations that are serious about minimising their environmental impact. Collaborations like this help to accelerate further motivations to use and adopt renewable energy technologies. We look forward to providing more customers with accessible means for decarbonisation,” said DHL Express Malaysia and Brunei managing director Julian Neo. SAF is produced from sustainably sourced renewable waste and residue raw materials. In neat form and over the lifecycle, it reduces emissions by up to 80% compared to conventional jet fuel. An independent third-party agency, Société Générale de Surveillance, has verified the reductions. GoGreen Plus is part of DHL Group’s sustainability roadmap for 2030 and contributes to the interim target of having at least 30% of fuel requirements covered by sustainable fuels. Carlsberg Malaysia posts RM75.9m net profit for third quarter PETALING JAYA: Carlsberg Brewery Malaysia Bhd has reported a decline in revenue of 10.2% to RM513.4 million and a drop of 0.6% in net profit to RM75.9 million for the third quarter ended Sept 30, 2023 (Q3’23) versus the same quarter last year due to a weaker trading environment and softer consumer sentiment. The decline in revenue was mitigated at net profit level by the absence of the prosperity tax imposed last year as well as higher share of profit from the group’s Sri Lanka-based associate company Lion Brewery (Ceylon) PLC. Group’ earnings per share (EPS) for Q’23 were 24.84 sen, compared with 24.98 sen in Q3’22. The board of directors announced an interim dividend of 19 sen per share for Q3’23, bringing the total interim dividend for nine months to 62 sen per share. For the cumulative nine months ended Sept 30, 2023 (9M’23), group revenue decreased by 6.6% to RM1.68 billion, while net profit declined by 3.0% to RM249.2 million against the same period last year. The subdued performance was mitigated by an increase in profit from Lion Brewery (Ceylon) due to stronger business performance and the absence of one-off surcharge tax expense of RM3.7 million incurred last year. Carlsberg Malaysia managing director Stefano Clini said: “The persistent weak consumer sentiment has continued to affect our third-quarter results. The higher interest rates and ongoing concerns over the escalating cost of living, particularly the rising cost of food amidst the backdrop of global economic uncertainty, continue to put pressure on consumer spending”. On prospects, the group maintains a cautious outlook due to the anticipated higher inflationary pressures, and rising interest rates that are expected to depress consumer spending. However, the end of Prosperity Tax 2022 in Malaysia will positively impact net profit. Yesterday, the group entered into a memorandum of understanding with Sapporo Breweries Ltd for the exclusive manufacturing and distribution of Sapporo Premium Beer in Malaysia commencing from 2024. Similarly, the group’s Singapore operations will have joint distribution rights to sell and distribute Sapporo Premium Beer and Yebisu. RHB expands supplier and vendor financing scheme to SMEs nationwide PETALING JAYA: RHB Banking Group is extending its Supplier and Vendor Financing Programme to small and medium enterprises nationwide and aims to provide RM450 million to eligible SMEs by the end of this year. “We first launched the pilot RHB Supplier and Vendor Financing Programme in March this year to SMEs in Sarawak who were awarded contracts by the state government and selected GLCs (government-linked companies). This has received overwhelmingly positive feedback. “The SMEs experienced swift and hassle-free loan application and quick fund disbursement, significantly improving their business cash flow. This, in turn, enabled them to tender for more projects and grow their business quickly,” RHB’s group community banking managing director, Jeffrey Ng Eow Oo, said in a statement yesterday. “Building on this, we are now extending the RHB Supplier and Vendor Financing Programme to SMEs nationwide, where we aim to finance RM450 million to eligible SMEs by the end of 2023 under this initiative,” he added. The programme offers eligible SMEs with up to RM10 million in financing. Eligible SMEs are those which are main contractors or vendors with a minimum two-year track record with ministries (ePerolehan) or one level down subcontractor or approved state ministries, agencies or GLCs. “Our RHB Supplier and Vendor Financing Programme is one of the ways we fulfil our commitment to offer customised solutions to support SMEs’ growth. At the same time, this aligns with our ambition to become an SME specialist bank under our three-year corporate strategy of ‘Together We Progress 2024,” Ng said The programme is undertaken in collaboration with Syarikat Jaminan Pembiayaan Perniagaan, a government guarantee scheme, and is offered to SMEs that are contracted to provide goods and services to federal and state governments and selected GLCs. LGMS partners Finland’s WithSecure to develop cybersecurity solutions for small, medium firms PETALING JAYA: Cybersecurity company LGMS Bhd has signed a partnership agreement with Finland’s WithSecure Corporation to develop innovative and userfriendly cybersecurity solutions specifically for Malaysian small and medium enterprises. The partnership’s objective is to protect SMEs from cyber threats, in line with the country’s digital transformation and in support of the upcoming national cybersecurity bill that is set to be unveiled by the unity government early next year. The agreement was signed by LGMS executive chairman Fong Choong Fook and WithSecure Corporation CEO Juhani Hintikka at LGMS’s office in Subang Jaya here. The signing was witnessed by Deputy Communications and Digital Minister Teo Nie Ching and Finland’s ambassador to Malaysia and Brunei, Sami Leino. Teo, in her remarks, said the partnership is timely and represents a significant leap towards a secured digital economy. “It is also aligned with the government’s Madani Economy’s vision of attracting significant foreign direct investments and generating avenues for technological advancements and innovations. “It serves to demonstrate how collaborative efforts can facilitate a robust, secure and prosperous digital ecosystem, thereby solidifying Malaysia’s position as a preferred destination for global technology investments,” she said at the event. LGMS’s collaboration with WithSecure aims to deliver cybersecurity solutions that are not only robust but intuitive and user-friendly as well, and the purpose is to empower the SME community to navigate the digital landscape confidently and securely, Fong said. He added preorders for the solution can already be made and the product is expected to be in the market by the first quarter of next year. Hintikka said the partnership initiative showcases WithSecure’s endeavour to foster a secure and prosperous digital economy for Malaysia and the region and its commitment to crafting solutions that align with local business needs. “It embodies WithSecure’s ethos of merging global cybersecurity expertise with local insights to foster a safer digital realm,” he said. – Bernama

14 theSUN ON THURSDAY | NOVEMBER 2, 2023 SUNBIZ @thesundaily FOLLOW ON INSTAGRAM SCAN ME SE Asia’s internet economy growth to slow in 2023: Report SINGAPORE: Southeast Asia’s internet economy is expected to grow 11% year-on-year in 2023, slowing from last year’s growth of 20%, an annual industry report showed yesterday. The report, published by Google, Singapore state investor Temasek Holdings and global business oForecast reduction mainly due to long-term goal change and post-pandemic stabilisation consultant Bain & Company, also said the region’s internet economy is seen at US$295 billion (RM1.4 trillion) by 2025, down from a previous estimate of US$330 billion. “Digital economy sectors are showing positive growth trajectories, with travel and transport on track to exceed pre-pandemic levels by DBS barred from making acquisitions, non-core IT changes for 6 months TOKYO: Toyota ramped up its annual net profit forecast yesterday after reporting it more than doubled in the first six months of the year. The world’s biggest automaker by sales said a weaker yen and costcutting efforts meant it now expects annual net profit of ¥3.95 trillion (RM124.6 billion), a record if achieved, from a previous estimate of ¥2.58 trillion. “The forecast has been revised upwards from the previous forecast in light of the impact of exchange rate fluctuations as well as efforts to improve profitability,” the company said in a statement. For the six months to September, Toyota said net profit more than doubled to ¥2.59 trillion on sales of ¥21.98 trillion, which were up almost a quarter on the previous year. Toyota is having a roaring year, thanks to strong demand for its products especially in Japan, North America and Europe. Production has recovered significantly from a year ago, when the auto sector was hit by severe semiconductor and supply shortages. Toyota said before the earnings announcement it saw record global production of 5.058 million units during the first half, when global sales reached 5.172 million vehicles. Its strong results come as it makes a rapid shift towards electric vehicles, playing catchup with European and Chinese rivals that have made the shift already. Toyota said on Tuesday it now plans a US$13.9 billion (RM66.3 billion) investment in a battery plant in North Carolina in the United States, expanding a previous commitment to spend US$5.9 billion. Shares in the firm closed up 4.71% after the release of the earnings report. But Toyota’s profit in the Chinese market dropped mainly due to currency fluctuations and the increased sales cost of subsidiaries, while the volume of vehicle sales remained nearly flat. – AFP 2024,” they said in a joint statement. The forecast cut is mainly due to a long-term goal change and a postpandemic stabilisation, and it should now be a fairly steady runway towards 2025, said Florian Hoppe, partner and head of vector in Asia-Pacific, Bain & Company. The region of 11 countries has more than half a billion people, with a predominantly young population, widespread smartphone usage, and a growing middle class, making it one of the world’s fastest growing internet markets. Evergrande proposes new debt restructuring plan HONG KONG: China Evergrande has proposed a new debt restructuring plan for offshore bondholders, offering to swap their debts into about a 30% equity stake in each of the developer’s two Hong Konglisted subsidiaries, according to two sources familiar with the matter. The property firm’s offshore bondholders holding about US$19 billion (RM90.6 billion) of debt are likely to take a major haircut on their investments if they agree to the new terms, said the two sources who declined to be named because they were not authorised to speak with media. Evergrande did not respond to a request for comment. The property developer’s dollar bonds last traded at about 2.25 cents on the dollar on Tuesday, according to LSEG data, as bondholders weigh the possible recoveries in the revised restructuring plan against other options like a winding up. A lawyer for representing an ad hoc group of key bondholders told a Hong Kong court on Monday the restructuring plan could have a higher recovery rate for creditors than a liquidation scenario of less than 3%. Shares in the units the bondholders will be offered the stake in, Evergrande Property Services Group and Evergrande New Energy Vehicle Group (NEV), have fallen by more than 80% this year amid Evergrande’s debt woes. Their combined market value was only around HK$9 billion (RM5.9 billion) as of yesterday morning, with the parent holding 52% of the property arm and 59% of the vehicle firm. Creditors would be given existing shares of the two units, the first source said, in a deal that would need to be approved by Chinese regulators. The new plan was raised with some bondholders about two weeks ago, the first source added, after Evergrande’s original debt restructuring plan was thrown off course when its billionaire founder Hui Ka Yan was in late September confirmed to be under investigation for suspected criminal activities. Evergrande was also banned from issuing new dollar bonds, a key Vietnam’s digital economy is expected to grow 20% a year in the 2023-2025 period and is on track to reach around US$45 billion by 2025, the fastest in Southeast Asia along with the Philippines, according to the report. “Digital payment continues to grow in Vietnam driven by strong support from the government, investment from commercial banks, and the widespread popularity of QR codes,” the report said. The trend is expected to accelerate as the country’s central bank promotes cashless payments in rural and remote areas, it added. The report, which also covers Indonesia, Thailand, Vietnam, Singapore, Malaysia, and the Philippines, said private funding for digital economy-related sectors has declined to 2017 levels from record highs in 2021. But cash reserves for investments are still rising despite investors becoming increasingly cautious. “To exit this funding winter, Southeast Asia’s digital businesses need to prove that quality deals with visible exit pathways are readily available,” the report said, adding that the decline is in line with global shifts towards high cost of capital and issues across the funding lifecycle. Venture capitalists had US$15.7 billion on hand to drive deals at year-end 2022, according to the report. “It’s really a function of how quickly companies can pivot towards profitability. The sooner they play this out, the quicker funding will return,” said Fock Wai Hoong, head of Southeast Asia at Temasek. – Reuters B R I E F STOYOTA LIFTS ANNUAL FORECAST AFTER H1 PROFIT DOUBLES TOKYO: Toyota ramped up its annual net profit forecast yesterday after reporting it more than doubled in the first six months of the year. The world’s biggest automaker by sales said a weaker yen and cost-cutting efforts meant it now expects annual net profit of ¥3.95 trillion (RM124.6 billion), a record if achieved, from a previous estimate of ¥2.58 trillion. For the six months to September, Toyota said net profit more than doubled to ¥2.59 trillion on sales of ¥21.98 trillion, which were up almost a quarter on the previous year. – AFP THAILAND SCALES DOWN EV SUBSIDY AS SALES GAIN PACE BANGKOK: Thailand yesterday approved a drawn-down subsidy package for its booming electric vehicle industry, as the top regional auto hub looks to continue its strong EV sales momentum while balancing budgetary support, a government official said. The new package, cleared by the National Electric Vehicle Policy Committee, will offer a subsidy of up to 100,000 baht (RM131,680) per EV car, said Narit Therdsteerasukdi, secretary general of the Thailand Board of Investment. Starting from next year and ending in 2027, the scheme will also include lower import duty and excise taxes, he said. – Reuters A man browsing the internet in front of an advertising billboard for 4G connection service at a bus stop in Hanoi. Vietnam’s digital economy is expected to grow 20% a year in the 2023-2025 period and is on track to reach around US$45 billion by 2025, a report says. – REUTERSPIC part of its original restructuring plan, while its flagship mainland unit was being investigated by regulators. The second source said the new plan was driven by a work committee under the southern Guangdong provincial government that has been overseeing Evegrande’s restructuring since late 2021, after the developer defaulted on its debts. The provincial government did not respond to a request for comment. The renewed proposal will be key to Evergrande’s survival as the company was on Monday ordered by a Hong Kong court to form a concrete debt restructuring plan before a liquidation hearing on Dec 4, which will decide whether it should be wound up. – Reuters Asia’s factories squeezed as China’s nascent recovery teeters TOKYO: Asia’s manufacturers faced worsening pressure in October with factory activity in China slipping back into decline, clouding recovery prospects for the region’s major exporters already squeezed by weaker global demand and higher prices. Purchasing managers’ indices (PMI) for factory powerhouses China, Japan and South Korea showed activity shrinking while Vietnam and Malaysia also struggled with the broadening fallout from a Chinese slowdown. China’s Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, a private sector survey showed yesterday, falling back below the 50.0 point threshold that separates growth from contraction. The impact of China’s slowdown is being felt in countries such as Japan and South Korea, whose manufacturers are heavily reliant on demand from the Asian giant. Japan’s factory activity shrank for a fifth straight month in October, the final au Jibun Bank PMI showed. South Korea’s factory activity fell for the 16th straight month while PMIs from Taiwan, Vietnam and Malaysia also showed continued declines in activity. India’s factory activity growth also slowed for a second straight month in October. Shivaan Tandon, emerging Asia economist at Capital Economics said: “The outlook for manufacturing in the region remains bleak in the near term as elevated inventory levels and weaker foreign demand are set to curtail production.” – Reuters

2 N O V E M B E R 2 0 2 3 T H U R S D A Y From Oscar stage to family home on page 17 Khan celebrates birthday on page 19 BLACKPINK’s Jisoo‘s love interrupted by stardom on page 18 Journey of passion, Journey of passion, perseverance and promise Yuvaraj writing his own stardom story on page 16

16 SOCIALMEDIA INFLUENCER theSun LYFE ON THURSDAY | NOVEMBER 2, 2023 /thesuntelegram FOLLOW ON TELEGRAM SCAN ME Star’s ascent THESUN recently had the privilege of conducting an indepth interview with the promising and dynamic talent, Yuvaraj Krishnasamy, in order to gain valuable insights into his remarkable journey within the realm of the entertainment industry. Hailing from the vibrant town of Klang in Selangor, Yuvaraj Krishnasamy candidly opened up about his background, the profound sources of inspiration that have fuelled his creative drive, and the formidable obstacles he has encountered and surmounted during his illustrious career. Humble beginning in the world of entertainment Yuvaraj grew up in a modest family of six. His early fascination with movies and dance led him on a unique path to the world of entertainment. Initially, he aspired to be a footballer but was sidelined by a severe knee injury. It was during his college years that his passion for the arts, including short films, stage plays and filmmaking, ignited. He cites the legendary Tamil actor and filmmaker, Kamal Hassan, as a pivotal inspiration that propelled him into the world of acting. Overcoming hurdles The journey to success in the entertainment industry is seldom smooth. Yuvaraj faced various challenges, especially as a newcomer. The daunting world of networking, auditions and opportunities felt overwhelming. His family and peers, initially sceptical of his career choice, added to the pressure. However, Yuvaraj persevered and honed his acting skills to stand out. He took advantage of every opportunity that came his way, including starring in short films and music videos on platforms like YouTube. It took nearly Yuvaraj believes hard work is the ultimate key to success. oYuvaraj shares his path to stardom and aspirations in entertainment █ BYTHASHINE SELVAKUMARAN Yuvaraj’s dedication and passion shines brightly. Yuvaraj receiving an award. MAIN COVER IF NEEDED five years of unwavering determination to prove the doubters wrong. Sweet taste of victory Recently, Yuvaraj received the Ulagam Award, a moment he describes as surreal and exhilarating. Winning an award is a tangible symbol of the hard work and passion poured into one’s projects. Yuvaraj extends his gratitude to Astro, his fans and the public for their support. He also emphasises that success in the entertainment industry is a team effort and acknowledges the contributions of his fellow cast and crew. Multifaceted well of inspiration Apart from Kamal Hassan, Yuvaraj draws inspiration from a multitude of international actors, including Denzel Washington, Jim Carey, Joaquin Phoenix and Heath Ledger. He is equally inspired by renowned directors like Martin Scorsese, Christopher Nolan, Mani Ratnam and Tim Burton. Locally, he considers K a r t h i k S h a a m a l a n , Deepban M V i g n e s h , L o g a n Kannapathy and others as mentors and teachers. Future aspirations Yuvaraj has his sights set on becoming a filmmaker, in addition to pursuing acting. He is passionate about exploring these avenues deeply and continuously improving. He expresses a desire to take on antagonistic roles in the near future and even envisions directing his first feature film. Impactful work Yuvaraj takes pride in the fact that many of the characters he is portrayed have left a significant impact on his audience. His work on projects like Venpa (feature film), Kalyanaam 2 Kaathal (Astro series) and Vengaiyan Magan (Astro series) has garnered a d e v o t e d f o l l o w i n g . People have d r a w n inspiration from his dialogues, mimicked his performances, and shared his content on social media, making him feel fulfilled as an actor. Continuous growth As both an actor and an individual, Yuvaraj has evolved over the years. He attributes this growth to the experiences he has gained and the people he has encountered on his journey. Learning from directors and understanding their vision for the characters he portrays has been instrumental in his development. Balancing act Maintaining a work-life balance is a constant challenge in the entertainment industry. Yuvaraj acknowledges the industry’s demanding nature, with unpredictable working hours. He is actively working to strike a balance between his personal and professional lives. Advice for aspiring actors Yuvaraj offers valuable advice to aspiring actors. He emphasises the importance of perseverance and not giving up in the face of rejection. Mastering the fundamental skills of acting is crucial for standing out in this highly competitive field. Above all, he e n c o u r a g e s aspiring actors to hold onto their p a s s i o n , considering it t h e i r b i r t h r i g h t , even when faced with tough times. Yuvaraj’s journey in the entertainment industry is a testament to his determination, passion and commitment to growth. His story serves as an inspiration to aspiring actors looking to make their mark in this challenging but rewarding field.

17 ENTERTAINMENT theSun LYFE ON THURSDAY | NOVEMBER 2, 2023 AFTER the successful “Subculture Live” in 2023, Fred Perry’s global event has been renamed “Fred Perry Night Tales,” and this year’s chapter in Malaysia will take place at the new JioSpace in Petaling Jaya. Presented by the iconic British fashion label, the nightlong music event will take place on Nov 11 from 4pm onwards, featuring a collision of different genres of music, fashion and subculture that brings individuality to the forefront. This year’s lineup seems to be as eclectic as last year, featuring ska punk and reggae band Plague of Happiness, new wave rock Prasasti, synth-pop artist FLQ, electro-pop artist Darren Ashley, dark-pop artist Su San, rapper Lil Asian Thiccie and the indie band Monotones. On top of this colourful bunch, two local music acts that won the “Fred Perry x TuneCore” open call are also being roped in to perform. There will also be DJ sets, such as DJ rEmPiT g0dDe$$. Last year’s Subculture Live was held in the historic Sentul Depot, featuring nine artists and over 3,000 attendees. As the upcoming “Fred Perry Night Tales: JioSpace” is a community event, there are no ticket admission charges. However, registration is necessary and can be done by visiting fpmynighttales2023.peatix.com – BY MARK MATHEN VICTOR RECENTLY, John Travolta and Peanut, his son’s furry companion, recreated a charming moment reminiscent of Disney’s Lady and the Tramp. The 69-year-old actor shared a delightful photo on his Instagram story, showcasing Peanut’s playful interaction with a slice of cheese pizza, a scene resembling the iconic spaghetti moment from the animated film. In this heartwarming picture, Travolta and Peanut were in sync as they enjoyed a slice of pizza. The little pup stood on the table, tugging at a particularly stringy piece of cheese, while Travolta took a hearty bite. It was a delightful and endearing moment, capturing the joy of shared meals between pets and their owners. Travolta also shared another snapshot featuring Peanut, the lovable pup belonging to his son Benjamin. This time, the photo depicted the pair snuggled up together, sleeping face-to-face in bed. The scene was peaceful and heartwarming, a stark contrast to a video Travolta had shared in the past of himself and Peanut in bed. In September 2022, the actor posted a sweet clip of Peanut playfully poking and licking his face, making a lighthearted attempt to wake him up. The caption humorously read, “This is how Ben’s dog Peanut wakes me up.” It showcased the playful and affectionate bond between Travolta and his son’s furry companion. Peanut’s journey into the Travolta family began when Jamie Lee Curtis brought the rescue pup onstage during a segment dedicated to Betty White and her dedication to animal welfare at the 94th Academy Awards in 2022. Peanut, originally known as Mac and Cheese, was one of the pups abandoned in a box outside the Avenal Shelter in California, along with her mother and siblings. Chad Atkins, co-founder and executive director of the animal rescue organisation Paw Works, revealed that Peanut was the only one in her family who had not found a forever home at the time of the Oscars. Curtis, an advocate for animal rescue, insisted that a rescue animal be part of the tribute, leading to Peanut’s remarkable journey to the Oscar stage. After Peanut’s appearance at the Oscars, several people expressed interest in adopting her. However, it was Travolta who became captivated by the adorable pup, holding her for an extended period and ultimately inquiring about adopting her the following day. In March 2022, Travolta made the adoption official on Instagram, sharing a heartwarming photo featuring himself, Peanut and his son Ben. The post expressed gratitude to Lee Curtis and Paw Works for bringing Peanut into their lives. Perry hoists subculture flag Latest Perry event is free. Walken on SNL. – SATURDAY NIGHT LIVE/TWITTER Travolta’s soft spot for Peanut oDuo recreates iconic Lady and the Tramp moment in heartwarming photos EMBRACING the Halloween spirit, Christopher Walken made a memorable appearance on Saturday Night Live (SNL), marking his return to the show for the first time since 2008. In the cold opening of the weekend’s episode, the 80-year-old actor portrayed the spirit of Halloween, providing comical insights into the essence of this spooky holiday. Introducing himself, Walken’s character declared, “I’m the spirit of Halloween, the ghost of All Hallow’s past,” even humorously noting that in South America, they refer to him as “Papa Pumpkin.” In a whimsical twist, the spirit of Halloween explained his unconventional entrance into the White House by stating that he came in through the toilet, emphasising that it is the Halloween way. Walken went on to share the true meaning of Halloween, emphasising camaraderie and the unique tradition of meeting neighbours you might prefer not to see on any other day. He quirkily pointed out that Halloween begins with “Hello” and proceeded to recite a playful Halloween poem, which included the familiar line, “Trick or treat, smell my feet, gimme something good to eat.” When Mikey Day’s President Joe Biden tried to interject, Walken humorously shut him down and continued the poem with a mischievous twist, stating, “If you don’t, I don’t care - I’ll pull down your underwear.” “Biden” expressed concern that the last line sounded like a crime, but Walken’s character clarified that such rules do not apply on Halloween, especially not when Papa Pumpkin is around. He concluded the sketch by playfully suggesting, “Come on, let me smell those feet.” As the skit came to an end, Walken transitioned into introducing the episode’s stars and welcoming host Nate Bargatze. He also introduced the Foo Fighters, who were set to perform. In the lead-up to the episode, SNL cast member Andrew Dismukes humorously acknowledged that it fell just before Halloween and jokingly proposed renaming the Foo Fighters as the “Boo Fighters”. Dave Grohl, the band’s guitarist, initially appeared hesitant but eventually embraced the festive idea, exclaiming, “That’s the best idea I’ve ever heard. Happy Halloween, everyone.” This humorous and lighthearted Halloween-themed skit provided a delightful moment in the episode. – BY YASMIN ZULRAEZ Spooky SNL comeback delights audiences █ BY YASMIN ZULRAEZ Travolta shares slice of pizza with his son Ben’s furbaby, Peanut. – JOHN TRAVOLTA/INSTAGRAM

18 ENTERTAINMENT theSun LYFE ON THURSDAY | NOVEMBER 2, 2023 the Hellblazer graphics novel that is part of the Vertigo Comics label, which is a DC Comics property. “Keanu and Akiva Goldsman and I have been in meetings and have been hashing out what we think the story is going to be, and there’s more meetings of those that have to happen. The script has to be written,” he added. Lawrence then revealed that the people behind the film want Constantine 2 to be R-rated. Differing greatly from the Hellblazer comics, the titular character in Lawrence’s Constantine is an occult detective with a different backstory, mannerisms and goals told in a modern noir story compared to the John Constantine from the source material, who is a magician that is capable of fighting demons and even superpowered beings set against comic book storytelling. – BY MARK MATHEN VICTOR Jisoo and Bo-hyun split amid hectic schedules BLACKPINK’s Jisoo and Ahn Bo-hyun have recently put an end to their once highly publicised relationship. Their love story first came to light in August, when South Korean media outlet Dispatch shared photographs of the couple leaving Jisoo’s Yongsan apartment. However, as per multiple reports, their demanding schedules caused them to grow distant, prompting their decision to part ways. On Oct 24, an industry representative disclosed that the two had mutually agreed to break up due to their busy commitments. YG Entertainment, Blackpink’s agency, also confirmed the breakup, making it official. Fans have fervently supported this celebrity union ever since the news of their relationship became public. While they may be disheartened by the breakup, they wholeheartedly understand and respect the personal choices of both Jisoo and Ahn Bo-hyun. They remain committed to Jisoo and Bo-hyun’s agencies confirmed their relationship in August. – KOIMOI oDemands of stardom take a toll on their once-publicised romance █ BY THASHINE SELVAKUMARAN Hashing out Constantine 2’s story obviously held up by the writers’ strike,” Lawrence told GameSpot. “And we had to jump through a bunch of hurdles to get control of the character again, because other people had control of the Vertigo stuff. We have control.” He also explained that there were hurdles they had to jump through, as Constantine is based on Tilda Swinton (right) co-starred with Reeves, along with Rachel Weisz. – WARNER BROS PICTURES Tuan’s The Other Side Asia Tour 2024 lands in Kuala Lumpur PREPARE yourselves, Malaysian IGOT7s, as the heartthrob of the K-pop universe is poised to captivate your hearts with “The Other Side” Asia Tour 2024, arriving in the heart of Kuala Lumpur. This eagerly anticipated fan gathering will take place on Jan 6, 2024, at 6pm in Zepp KL, promising an unforgettable evening filled with music, charm and excitement. Mark Tuan, renowned for his remarkable rap skills and extensive contributions to GOT7’s songs, is a globally celebrated K-pop idol, amassing a remarkable 14 million Instagram followers and three million YouTube subscribers. Notably, in 2019, he not only received a nomination but also clinched the prestigious Hot Star Award at the Weibo Starlight Awards, solidifying his position as a shining star in the K-pop realm. With numerous hits to his name, such as One in a Million, Lonely, Far Away and more, his official YouTube videos have garnered substantial viewership. Brought to you by Trumpet International, the Mark Tuan “The Other Side” Asia Tour 2024 in Malaysia offers a range of ticket categories, including VVIP at RM1499 (free standing), VIP at RM889 (free standing), Cat 1 at RM689 (free standing) and Cat 2 at RM439 (numbered seat), with an additional RM4 processing fee. The VVIP category, limited to just 150 tickets, promises a once-in-alifetime chance to experience Mark Tuan up close and personal in a free-standing section, ensuring a concert experience like no other. Secure your tickets at excitix.com.my and for more updates, keep an eye on Trumpet International’s official social media channels. – BY THASHINE SELVAKUMARAN For ticket inquiries, contact Excitix ticketing hotline +6010-3098998. – TRUMPET Jenner channels Monroe in stylish Halloween costume CAPTIVATING Halloween enthusiasts with her latest costume choice, Kendall Jenner, the 27-year-old supermodel, opted for a sleek and stylish ensemble this year, transforming herself into the iconic model-actress Marilyn Monroe. Her costume was a chic tribute to the legendary blonde bombshell. Rather than replicating one of Monroe’s glamorous gowns or donning the original outfit, as her sister Kim Kardashian famously did, Jenner chose to pay homage to a more understated yet equally iconic Marilyn Monroe look. She drew inspiration from Monroe’s famous 1953 Life magazine photo shoot, during which the then26-year-old icon was captured wearing a simple black turtleneck and white cigarette pants, complemented by her signature curly bob hairstyle. In her sultry Instagram post, Jenner fully embodied the Hollywood starlet, humorously captioning it, “Happy birthday, mister president,“ in reference to Monroe’s memorable serenade to President John F Kennedy in 1962. This glamorous transformation comes on the heels of Jenner hosting a star-studded Halloween soirée at the Chateau Marmont. The guest list included luminaries like Billie Eilish, Channing Tatum, Zoe Kravitz and Charli D’Amelio, making it a night to remember. Jenner has a history of setting the bar high when it comes to Halloween costumes. In the past, she has donned a variety of captivating looks, each displaying her creativity and style. Notable costumes include a sophisticated witch in 2018, a fembot from the Austin Powers series, and even a lighthearted cucumber costume in 2022, poking fun at her own culinary mishap on her family’s reality show. Jenner’s past Halloween choices have ranged from a sexy version of Jessie from Toy Story and a fairy princess to channelling Pamela Anderson and a corpse bride. However, she faced criticism in 2020 for hosting a lavish Halloween party during the ongoing Covid-19 pandemic, illustrating her family’s dedication to celebrating the holiday in style. In her latest Marilyn Monroe-inspired costume, Jenner once again showcases her i m p e c c a b l e taste and style, offering fans and fashion enthusiasts yet another H a l l o w e e n look to admire. Jenner as Monroe. – KENDALL JENNER/ INSTAGRAM █ BYYASMIN ZULRAEZ FOLLOWING the confirmation that a sequel to 2005’s Constantine was given the green light by Warner Bros a little over a year ago, there has been no update to the film’s production status. All that was known for the past year is what was reported by Deadline that director Francis Lawrence would be re-teaming with Keanu Reeves, with Akiva Goldsman set to write the screenplay and produce the film, alongside Bad Robot’s JJ Abrams and Hannah Minghella. During a press tour for Lawrence’s upcoming Hunger Games prequel, GameSpot managed to squeeze a status update for the Constantine sequel out of the director. According to him, the script for Constantine 2 does not even exist at the moment, as Lawrence, Reeves and Goldsman were still figuring things out when the WGA strikes happened. “So Constantine 2 got showing unwavering support and love for their cherished stars as they navigate their individual paths. The dissolution of Jisoo and Ahn Bo-hyun’s relationship marks the conclusion of a romance that initially captured the hearts of fans and the media, highlighting the challenges that fame and hectic schedules can pose to personal relationships.

19 ENTERTAINMENT theSun LYFE ON THURSDAY | NOVEMBER 2, 2023 Deepavali delights ASTRO, the leading Malaysian entertainment platform, is all set to ignite the Festival of Lights with an electrifying line-up of local and international Deepavali premieres across its TV channels, Astro GO and On Demand. This year, it has truly outdone itself, making sure that every Malaysian can bask in the joy of Deepavali, not just on TV but also on the radio, through Raaga and its digital platform, Astro Ulagam. Astro’s Indian customer business Vice-President Prem Anand, shared his excitement, stating, “We are honoured to be part of our customers’ Deepavali celebrations by offering them top-class entertainment featuring a variety of compelling local and international premieres across all our platforms to ensure that our customers are spoilt for choice when it comes to Deepavali content. “In line with this year’s theme of Kondaduvom Semmaiyaga Kondaduvom (Brighter Celebration Together), let this be an occasion for us to celebrate meaningful, brighter and greater bonds with family and friends.” Anand and the Astro team along with the cast and crew of Rasikka Rusikka Deepavali Special and Badep. oAstro shines bright for Deepavali festivities █ BYTHASHINE SELVAKUMARAN With a smorgasbord of entertainment, Astro promises a plethora of programming options to cater to diverse tastes. From reality shows to live concerts, telemovies, food travelogue shows, series and awards shows, it has got them all covered. Plus, here is a thrilling twist – Malaysians stand a chance to win cash prizes of up to RM50,000 with the Yaar Antha Kanna contest presented by Astro Ulagam. Local Deepavali specials are also in abundance, with offerings like reality shows Kanavu Meipadum and Raangi Ragalai, the romantic drama telemovie Mangalyam as well as the live concert Deepavali Kondattam 2023. Foodies can rejoice with the Rasikka Rusikka Deepavali Special, and there is even a comedy drama series called Badep. Global flavour with local talent Astro does not stop at local offerings - it also brings the best of Tamil cinema and entertainment from India and Singapore. Look out for local Tamil films such as the fantasy drama Adai Mazhai Kaalam and the action thriller Kaaval. Singaporean talent will shine in the live musical show Amarkala Deepavali 2023, featuring local stars. From India, you can expect musical shows, concerts, films and more, all premiering on Astro Vaanavil. The musical shows feature legends such as Sanjay Subrahmanyan, Vani Jairam and P Susheela, while concerts will keep you grooving with D Imman and Meena. Action-drama lovers will relish Dasara and Christopher, among other exciting films. A Deepavali extravaganza The Deepavali celebrations extend to other Astro channels as well. Astro Vinmeen is all set to showcase films like Luckyman, Kick, Pizza 3 and more. Astro Vellithirai presents actiondrama and thriller drama, while Astro Ulagam’s social pages will feature the original Deepavali song, Kondaduvom Semmaiyaga Kondaduvom. Do not miss the Deepavali Carnival at Bukit Jalil, Kuala Lumpur, with events like the Tamil Amutham finale, Ultimate Star Search 2023 and the Deepavali Kondattam 2023. There is something for everyone to celebrate. Spreading joy beyond entertainment Astro’s outreach goes beyond the realm of entertainment. Raaga is giving back to the community with the Raani Silks Mattrum Raaga vin Etho Engalaal Mudinthathu campaign, providing cash vouchers to orphan children. And for small and medium-sized enterprises (SMEs), there is an opportunity to showcase its products at the Agenda Suria Deepavali Carnival 2023 via the “Deepavali Viyaabaara Vaippu” campaign. Astro’s gift to Malaysians For Malaysians looking to sign up with auto-debit on Astro, there is a fantastic deal with up to 30% discounts on the Astro Primary, Entertainment, or Movies Pack. With prices starting at just RM41.99 per month, you can enjoy over RM600 in savings over 24 months. The Primary Pack offers access to more than 75 channels, including Astro Vaanavil and Astro Vinmeen. For a comprehensive list of offerings and more information, visit astroulagam.com.my/Semme Deepavali. This Deepavali, Astro has truly outdone itself, offering a delightful smorgasbord of entertainment, community engagement and savings for all Malaysians. It is time to embrace the Festival of Lights with open arms and celebrate the brighter, more meaningful bonds with family and friends, courtesy of Astro. Aryan, a true star KARTHIK ARYAN is the new generation star, and he has a huge female fan following, all thanks to his looks and talent. But one female fan recently had a pleasant encounter with the star. The female fan was shopping at a shopping complex when she heard that Aryan was in the same place. Aryan had made his purchase and left the building, and so she followed a group of people until she reached the entrance of a hotel. She asked the group of people if they knew where he was without realising she was talking to the star himself. The star humbly asked her if she wanted a photo and she said yes. She took a video instead and posted it on social media, glowing with happiness. - By S. TAMARAI CHELVI Aryan’s fan pleasantly surprise by actor’s humility. - INSTAGRAM Khan plans to throw huge birthday bash SHAH RUKH KHAN is turning 58 on Nov 2. The actor, who was born in 1965, is said to have planned a starstudded event, inviting all the big names in the industry. Meanwhile, his fan club is said to have planned his birthday as a celebration. Every year, fans will gather at his house located at Mannat in Bandra, Mumbai, to catch a glimpse of him. This year has been a great year for the actor, who had two blockbusters this year - Pathan, which was released in Jan, and collected US$130 million (RM619 million) at the box office and Jawan, released on Sept 7, that collected US$140 million ( RM667 million). With two blockbusters to his name in a year, Khan, simply called SRK, has a lot to celebrate. The teaser to his latest movie, Dunk, is expected to be released on his birthday. while the movie itself will be released on Dec 2. Dunk is directed by Rajkumar Hirani, whose work includes 3 Idiots, Munna Bhai MBBS and Sanju. - By S. TAMARAI CHELVI Khan in the music video for Jawan. - IMDB

20 LIFESTYLE theSun LYFE ON THURSDAY | NOVEMBER 2, 2023 @thesundaily FOLLOW ON TWITTER SCAN ME MEZCAL, the fastest-growing category of agave spirits, beckons with its diverse aroma and taste profiles, ranging from sweet and fruity to earthy, pungent and even medicinal. It is a spirit that harmoniously complements a wide variety of culinary experiences and Montelobos Mezcal’s latest offerings are here to tantalise your taste buds. Campari Malaysia, in collaboration with its importer, Luen Heng F&B, has partnered with Undisclosed Location in Petaling Jaya to craft an unparalleled AsianMexican gastronomic journey, perfectly complemented by Montelobos’ freshest mezcal creations. As I had the exclusive opportunity to explore the world of Montelobos Mezcal, I dove into the heart of the Mexican tradition, discovering not just a spirit but a rich tapestry of culture and heritage. Founded by Ivan Saldana, a master distiller with a passion for craftsmanship, and fifth-generation mezcalero Don Abel Lopez Mateos, Montelobos Mezcal has spent more than a decade perfecting the art of mezcalmaking. Their journey is a tribute to Oaxaca, a place where mezcal’s roots run deep and the result is an unmistakable symbol of Mexican territory and craftsmanship. Montelobos Mezcal lineup Montelobos introduces three captivating additions to the Campari Group portfolio, alongside Montelobos Espadin, which graced the scene in 2022. Montelobos Ensamble Crafted from a blend of agaves, Montelobos Ensamble is an explosion of contrasting flavours. With notes of cooked agave, smoke and citrus, it offers a tantalising dance of body and acidity, accentuating both smoke and fruit. Montelobos Tobala This unaged joven mezcal is a true artisanal masterpiece, made from roasted underground tobala agave. With clear, bright platinum colour and scents of lemon, licorice and green pepper, it strikes a harmonious balance between green agave, sweetness, and subtle smoke. Montelobos Pechuga Montelobos Pechuga is a unique mezcal espadin, distilled with turkey breast, seasonal fruit and spices. An homage to Oaxacan traditions, it adds an experimental twist to mezcal. With its crystalline appearance, hints of orange peel, pumpkin in tacha and nutmeg, it is a delightful and intriguing concoction. Montelobos Espadin Montelobos Espadin showcases the perfect balance between the four fundamental flavour profiles in artisanal mezcal - green agave, cooked agave, smoke and wild fermentation. With a crystalline appearance, it offers a nose of damp earth, freshly cut grass, honey and citrus, and a taste that combines the best of cooked and green maguey, with notes of nuts, herbs and smoke. Where can you find these delightful spirits? Montelobos Mezcal is available at various retail chain outlets, including Hanks, Mercato, Village Grocer, The Food Merchant and many more. A gastronomic journey to remember Now, let us dive into the unforgettable gastronomic journey that Campari Malaysia and Luen Heng F&B have crafted. It is an adventure of flavours and sensations, paired perfectly with Montelobos mezcal. The fivecourse menu unfolds as a delightful tapestry of tastes and experiences. █ BYTHASHINE SELVAKUMARAN (From Right) Montelobos Espadin, Ensemble, Tobala and Perchuga Smoked baby octopus som tam with Montelobos Espadin Mezcal. Malacca asam fish taco and chili lime prawn with mango salsa taco. Grilled ribeye fajitas on spicy kimchi fried rice@avacado. Lamb churizo flautas with perattal curry and guacamole. Pechuga mezcal. Mezcal marvel First course A smoked baby octopus son tam, paired with Montelobos espadin, was a combination that brought out the best in both the dish and the mezcal. The first sip might seem strong, but the smoked baby octopus proved to be a brilliant choice. Second course Malacca asam fish taco and chile lime prawn with mango salsa taco, paired with Montelobos ensamble, offered a delightful fusion of flavours. The taco’s goodness and the smoothness of the mezcal created a match made in culinary heaven. Third course Grilled ribeye fajitas on spicy kimchi fried rice and avocado or lamb churizo flautas with peratal curry and guacamole – both paired with Montelobos Tobala – were a testament to the culinary artistry on display. The organisers even catered to dietary preferences by offering a salmon alternative, showcasing their dedication to delivering a memorable experience. Fourth course A Thai mango sticky rice with Mezcal coconut cream, paired with Montelobos Pechuga, was a sweet and satisfying finish to the meal. Fifth course An unexpected twist awaited as the espadin mezcal was poured onto an exquisite cake, creating a unique and unforgettable dessert experience. It was an adventure that left me spellbound, a journey through cultures and tastes that will linger in my memory. In conclusion, this Montelobos Mezcal and culinary collaboration represented a journey beyond flavours. It was a journey through time, tradition and innovation. The experience transcended the ordinary, and for me, it was an unforgettable encounter with the magic of mezcal and the art of gastronomy. oDiscovering the enchanting world of Montelobos Mezcal’s newest range

21 * SPORTS theSUN ON THURSDAY | NOVEMBER 2, 2023 IN THE MATTER OF THE COMPANIES ACT 2016 (Pursuant to Section 439(2)(b)) AND IN THE MATTER OF JACO NUTRIMIX SDN. BHD. Company No. 200201020483 (588146-X) (IN MEMBERS’ VOLUNTARY WINDING UP) At an Extraordinary General Meeting of the above-named Company, the special resolution set out below was duly passed by member of the company on 1 November 2023: “Resolved that the Company be wound up voluntarily and that Miss Lim Ying Khoo, Chartered Secretary, of S.C. Chua Management Services Sdn. Bhd., 36 (2nd Floor), Jalan Pesta 1-2, Taman Tun Dr Ismail 1, Jalan Bakri, 84000 Muar, Johor be and is hereby appointed as liquidator for the purpose of such winding up.” Date: 2 November 2023 LAU JOO HAN DIRECTOR IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF JACO NUTRIMIX SDN. BHD. Company No. 200201020483 (588146-X) (IN MEMBERS’ VOLUNTARY WINDING UP) Notice is hereby given that the creditors of the above-named Company, which is being wound up voluntarily are required on or before the 1 December 2023 to send in their names and addresses with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the said company and if so required by notice in writing from the said liquidator, are by their Solicitors or personally to come and prove their debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts or claims are proven. Date: 2 November 2023 LIM YING KHOO LIQUIDATOR SSM PRACTICING CERTIFICATE NO: 201908000327 S.C. CHUA MANAGEMENT SERVICES SDN. BHD. COMPANY NO. 199001000110 (191668-U) 36 (2nd Floor), Jalan Pesta 1-2, Taman Tun Dr Ismail 1, Jalan Bakri, 84000 Muar, Johor. IN THE HIGH COURT OF MALAYA AT SHAH ALAM IN THE STATE OF SELANGOR DARUL EHSAN, MALAYSIA COMPANIES WINDING-UP NO.: BA-28NCC-540-09/2023 In the matter of Section 465 (1) (e) of the Companies Act 2016, the provisions of the Companies Act 2016 and the Companies (Winding-up) Rules 1972 AND In the matter of Sewarna K Sdn. Bhd. [Company No. : 200901008001 (850976- K)] BETWEEN PERBADANAN USAHAWAN NASIONAL BERHAD [COMPANY NO.: 199101010745 (221057-V)] …PETITIONER AND SEWARNA K SDN. BHD. [COMPANY NO.: 200901008001 (850976-K)] …RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above-named Company by the High Court at Shah Alam was on the 26th day of September 2023 presented to the said Court by Perbadanan Usahawan Nasional Berhad. And that the said Petition is directed to be heard before the High Court of Insolvency sitting at Shah Alam on Thursday, the 4th day of January 2024 at 9:00 o’clock in the morning and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at 7th Floor, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. The Petitioner’s Solicitor is Messrs. Kama & Wan,whose address is at 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. ……………………………. Messrs. Kama & Wan Solicitor for the Petitioner NOTE: Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Messrs. Kama & Wan, notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm and must be signed by the person or firm or his or their Solicitors (if any) and must be served, or if posted, must be sent by post in sufficient time to reach the abovenamed not later that 12:00 o’clock in the noon of the 3rd day of January 2024. This Advertisement of Petition is filed by Messrs. Kama & Wan, Advocate & Solicitor on behalf of the Petitioner of No. 5-1-1, Jalan Medan PB4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. (Tel: 03 89221485) (email: [email protected]) (Ref No.: WS/PUNB/SKSB/1044(L)nsa IN THE HIGH COURT OF MALAYA AT KUALA LUMPUR IN THE FEDERAL TERRITORY OF KUALA LUMPUR, MALAYSIA COMPANIES WINDING-UP NO.: WA-28NCC-1036-10/2023 In the matter of Section 465 (1) (e) of the Companies Act 2016, the provisions of the Companies Act 2016 and the Companies (Winding-up) Rules 1972 AND In the matter of UG Retailing and Manufacturing Sdn. Bhd. [Company No. 201201044557 (1029034- V)] BETWEEN PERBADANAN USAHAWAN NASIONAL BERHAD [COMPANY NO.: 199101010745 (221057-V)] PETITIONER AND UG RETAILING AND MANUFACTURING SDN. BHD. (COMPANY NO.: 201201044557 (1029034-V)) RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above-named Company by the High Court at Kuala Lumpur was on the 17th day of October 2023 presented to the said Court by Perbadanan Usahawan Nasional Berhad. And that the said Petition is directed to be heard before the High Court of Insolvency sitting at Kuala Lumpur on Wednesday, the 31st day of January 2024 at 9:30 o’clock in the morning and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at 7th Floor, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. The Petitioner’s Solicitor is Messrs. Kama & Wan,whose address is at 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. …………………… Messrs. Kama & Wan Solicitor for the Petitioner NOTE: Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Messrs. Kama & Wan, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm and must be signed by the person or firm or his or their Solicitors (if any) and must be served, or if posted, must be sent by post in sufficient time to reach the abovenamed not later that 12:00 o’clock in the noon of the 30th day of January 2024. This Advertisement of Petition is filed by Messrs. Kama & Wan, Advocates & Solicitor on behalf of Petitioner at No. 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. (T: 03 8922 1485) (email: [email protected]) (Ref. No.: WS/PUNB/UGRMSB/1191(L)/ sk) 322 Notices 322 Notices IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF INTERFLOW TANK CONTAINER SYSTEM SDN. BHD. (198701007987 (166704-W)) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE OF RESOLUTION At an general meeting of the members of Interflow Tank Container System Sdn. Bhd. duly convened and held at No. 3, Lengkuk Gerudi, Off Jalan Pelabuhan Utara, 42000 Port Klang, Selangor Darul Ehsan on the 30 day of October 2023, the Special and Ordinary Resolutions set out below was agreed to:- 1. THAT, the Company will be liquidated by way of members’ voluntary winding up. 2. THAT, Mr. Lee Chun Weng of No. 13-1, Empire Galleri, Jalan Empayar, Off Persiaran Sultan Ibrahim /KU1, 41150 Klang, Selangor Darul Ehsan be appointed as Liquidator to act for the purpose of windingup the Company’s affairs and distributing its assets. Yeoh Chin Huat Director Klang, Selangor Darul Ehsan Dated: 2 November 2023 NOTICE FOR CREDITORS NOTICE IS HEREBY GIVEN that the creditors of the abovenamed Company which is being wound up voluntarily are required on or before 2 December 2023 to send their names and addresses with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the said Company; and if so required in writing from the said Liquidator, are by their solicitors or personally to come in and prove their debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefits of any distribution made before such debts are proven. Lee Chun Weng Liquidator Klang, Selangor Darul Ehsan Dated: 2 November 2023 322 Notices DALAM MAHKAMAH TINGGI MALAYA DI KUALA LUMPUR DALAM WILAYAH PERSEKUTUAN MALAYSIA BAHAGIAN SIVIL GUAMAN SIVIL NO.: WA-22NCvC-656-11/2022 ANTARA ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) … PLAINTIF DAN 1. PATHMANATHAN A/L MUNIANDY @ KRISHNAN (No. K/P: 630218-06-5381) 2. CREST PROPERTIES SDN BHD (No. Syarikat: 201901027496) 3. PENDAFTAR HAKMILIK NEGERI SELANGOR 4. PENGARAH TANAH DAN GALIAN NEGERI SELANGOR ... DEFENDAN-DEFENDAN (Di dalam Tindakan Asal) DAN ANTARA 1. CREST PROPERTIES SDN BHD (No. Syarikat: 201901027496) … PLAINTIF DAN 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) ... DEFENDAN-DEFENDAN (Di dalam Tuntutan Balas) DAN ANTARA 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) ... PLAINTIF-PLAINTIF DAN 1. PATHMANATHAN A/L MUNIANDY @ KRISHNAN (No. K/P: 630218-06-5381) 2. HARMIZA SARY BINTI ABDUL HAMID (No. K/P: 700718-14-5020) 3. MURALI A/L V RAJARAM (No. K/P: 661129-10-6067) 4. CREST PROPERTIES SDN BHD (No. Syarikat: 201901027496) ... DEFENDAN-DEFENDAN NOTIS PENGIKLANAN KEPADA:- 1. HARMIZA SARY BINTI ABDUL HAMID (No. K/P: 700718-14-5020) No. 21, Lorong Samagagah 18D, Telok Gedung Indah, 41200 Selangor AMBIL PERHATIAN BAHAWA atas permohonan Plaintif yang dinamakan di atas, Notis Permohonan (Lampiran 67) bertarikh 6.10.2023, Perintah untuk Penyampaian Ganti bertarikh 20.10.2023, mengiklankan Tuntutan Balas Kepada Tuntutan Balas yang dimeterai bertarikh 16.5.2023 diiklankan di dalam surat khabar harian tempatan “The Star” dan “The Sun” dan bahawa penampalan dan pengiklanan tersebut hendaklah dianggap sebagai penyampaian yang sempurna yang cukup kepda kamu empat belas (14) hari selepas tarikh terakhir penampalan dan pengiklanan tersebut. AMBIL PERHATIAN BAHAWA bahawa Tuntutan Balas Kepada Tuntutan Balas yang dimeterai bertarikh 16.5.2023 telah ditetapkan untuk Pengurusan Kes secara e-Review pada 2.11.2023 jam 9:00a.m. Jika tiada kehadiran dimasukkan perintah seperti dipohon akan dimasukkan terhadap kamu. Bertarikh 26.10.2023 NOTIS PENGIKLANAN ini oleh Tetuan Chambers of Firdaus, selaku Peguamcara Plaintif-Plaintif yang mempunyai alamat penyampaian di Unit J-5-1, 5th Floor, Parklane Commercial Hub, Jalan SS 7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. Tel: 03-7887 5360 Faks: 03-7887 5361 No. Ruj: 1152/ABD KADER/L4 Email: [email protected] DALAM MAHKAMAH TINGGI MALAYA DI SHAH ALAM DALAM NEGERI SELANGOR DARUL EHSAN GUAMAN SIVIL NO.: BA-22NCvC-493-12/2022 ANTARA 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) … PLAINTIF-PLAINTIF DAN 1. PATHMANATHAN A/L MUNIANDY @KRISHNAN (No. K/P: 630218-06-5381) 2. HO YOON PIN (No. K/P: 600403-10-6301) 3. LAI KOON SANG (No. K/P: 560909-10-6129) 4. GREEN WATER CARE SDN BHD (No. Syarikat: 481233-V) 5. RHB BANK BERHAD (No. Syarikat: 6171-M) 6. PENDAFTAR HAKMILIK NEGERI SELANGOR 7. PENGARAH TANAH DAN GALIAN NEGERI SELANGOR ...DEFENDAN-DEFENDAN (Di dalam Tindakan Asal) DAN ANTARA 1. HO YOON PIN (No. K/P: 600403-10-6301) 2. LAI KOON SANG (No. K/P: 560909-10-6129 … PLAINTIF-PLAINTIF DAN 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) ... DEFENDAN-DEFENDAN (Di dalam Tuntutan Balas) DAN ANTARA 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) ... PLAINTIF-PLAINTIF DAN 1. PATHMANATHAN A/L MUNIANDY @ KRISHNAN (No. K/P: 630218-06-5381) 2. HARMIZA SARY BINTI ABDUL HAMID (No. K/P: 700718-14-5020) 3. HO YOON PIN (No. K/P: 600403-10-6301) 4. LAI KOON SANG (No. K/P: 560909-10-6129 … DEFENDAN-DEFENDAN (Di dalam Tuntutan Balas kepada Tuntutan Balas) DAN ANTARA GREEN WATER CARE SDN BHD (No. Syarikat: 481233-V) … PLAINTIF DAN 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) 3. AZDY FAISAL BIN MD ZULKIFLY (No. K/P: 730519-11-5213) ... DEFENDAN-DEFENDAN (Di dalam Tuntutan Balas) DAN ANTARA 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) ... PLAINTIF-PLAINTIF DAN 1. PATHMANATHAN A/L MUNIANDY @ KRISHNAN (No. K/P: 630218-06-5381) 2. HARMIZA SARY BINTI ABDUL HAMID (No. K/P: 700718-14-5020) 3. KEN SAKAI (No. K/P: 630906-10-7661) 4. GREEN WATER CARE SDN BHD (No. Syarikat: 481233-V) … DEFENDAN-DEFENDAN NOTIS PENGIKLANAN KEPADA:- 1. HARMIZA SARY BINTI ABDUL HAMID (No. K/P: 700718-14-5020) No. 21, Lorong Samagagah 18D, Telok Gedung Indah, 41200 Selangor AMBIL PERHATIAN BAHAWA atas permohonan Plaintif-Plaintif yang dinamakan di atas, Notis Permohonan (Kandungan 68) bertarikh 6.10.2023, Perintah untuk Penyampaian Ganti bertarikh 11.10.2023, mengiklankan Tuntutan Balas kepada Tuntutan Balas (terhadap Defendan-1, Defendan-2, Defendan-3 dan Harmiza) yang dimeterai bertarikh 25.5.2023 dan Tuntutan Balas kepada Tuntutan Balas (terhadap Defendan-1, Defendan-4, Harmiza dan Ken) yang dimeterai bertarikh 25.5.2023 bersama dengan Perintah Mahkamah untuk Penyampaian Ganti yang dimeterai diiklankan di dalam surat khabar harian tempatan “The Star” dan “The Sun” dan bahawa penampalan dan pengiklanan tersebut hendaklah dianggap sebagai penyampaian yang sempurna yang cukup kepda kamu empat belas (14) hari selepas tarikh terakhir penampalan dan pengiklanan tersebut. AMBIL PERHATIAN BAHAWA bahawa Tuntutan Balas kepada Tuntutan Balas (terhadap Defendan-1, Defendan-2, Defendan-3 dan Harmiza) yang dimeterai bertarikh 25.5.2023 dan Tuntutan Balas kepada Tuntutan Balas (terhadap Defendan-1, Defendan-4, Harmiza dan Ken) yang dimeterai bertarikh 25.5.2023 telah ditetapkan untuk Pengurusan Kes secara e-Review pada 20.11.2023 jam 9:00 a.m. Jika tiada kehadiran dimasukkan perintah seperti dipohon akan dimasukkan terhadap kamu. Bertarikh 26.10.2023 NOTIS PENGIKLANAN ini oleh Tetuan Chambers of Firdaus, selaku Peguamcara Plaintif-Plaintif yang mempunyai alamat penyampaian di Unit J-5-1, 5th Floor, Parklane Commercial Hub, Jalan SS 7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. Tel: 03-7887 5360 Faks: 03-7887 5361 No. Ruj: 1152/ABD KADER/L4 Email: [email protected] 322 Notices 322 Notices SPEED WORK ENTERPRISE SDN BHD [In Liquidation] (Company No.: 279060-A) c/o PLC & C Sdn Bhd, Unit 1128, 11th Floor, Block A, Damansara Intan, No.1, Jalan SS20/27, 47400 Petaling Jaya, Selangor Darul Ehsan FORM 67 NOTICE OF CREDITORS AND CONTRIBUTORIES MEETING TAKE NOTE that a meeting of creditors and contributories in the above matter will be held on 15 November 2023 at 11.00am at Unit 1128, 11th Floor, Block A, Damansara Intan, No.1, Jalan SS 20/27, 47400 Petaling Jaya, Selangor Darul Ehsan. The agenda for the said meeting are as follows: 1) to update the creditors and contributories on the status of the winding up; 2) to make partial distribution of surplus assets to contributories after settling issues on creditors’ claims and claims against debtors; 3) any other matters. Dated this 25 day of October 2023 Chang Chee Ching Liquidator Forms of general and special proxies to be used at the meeting must be lodged not later than 5.00 pm on the 13 day of November 2023 322 Notices IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF MECCO SDN. BHD. (Registration No. 1237929-U) (In Members’ Voluntary Winding-Up) NOTICE OF RESOLUTION At a General Meeting of the Company duly convened and held at A-15-03, Residensi Harmoni 2, No. 1, Jalan Prima Pelangi 7, 51200 Kuala Lumpur, W.P. Kuala Lumpur on 28th October 2023, the following special resolution was duly passed: - SPECIAL RESOLUTION 1 - MEMBERS’ VOLUNTARY WINDING UP THAT the company will be liquidated by way of members’ voluntary winding up. LIM HOCK SIONG Liquidator Dated this 2nd November 2023 NOTICE TO CREDITORS NOTICE is hereby given that the creditors of abovenamed Company, which is being wound up voluntarily are required on or before 2nd December 2023 to send their names and addresses and the particulars of their debts or claims, and the name and addresses of their solicitors (if any), to: The Liquidator, HS Lim & Co (Registration No. NF 2599), No. 50-02- 2, Lorong Batu Nilam 1D, Bandar Bukit Tinggi, 41200 Klang, Selangor and if so required by the notice in writing from the Liquidator, is to come in and prove their debts or claims at such time and place be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution made before such debts or claims are proved. LIM HOCK SIONG Liquidator Dated this 2nd November 2023 IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF GANDING SERIMAS SDN BHD COMPANY NO. 970439-V (MEMBERS’ VOLUNTARY WINDING UP) NOTICE IS HEREBY GIVEN pursuant to Section 439(1) of the Companies Act, 2016, that the Special Resolution set out below was duly passed by members of the Company on 30.10.2023 “That the Company be wound-up voluntarily and that Mr. Wong Soon Fong of 221B, Jalan Mahkota, Taman Maluri, 55100 Kuala Lumpur be and is hereby appointed liquidator for the purpose of such winding-up.” Dated this 02.11.2023 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF GANDING SERIMAS SDN BHD COMPANY NO. 970439-V (MEMBERS’ VOLUNTARY WINDING-UP) NOTICE IS HEREBY GIVEN that the creditors of the abovenamed Company which is being wound-up voluntarily are required on or before 04.12.2023 to send their names and addresses with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the liquidator of the said Company and if so required in writing by the said liquidator, are by their solicitors or personally to come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefits of any such distribution made before such debts are proved. Dated this 02.11.2023 Liquidator Wong Soon Fong c/o SFW Insolvency Services 221B, Jalan Mahkota, Taman Maluri 55100 Kuala Lumpur IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF SUNGAI JIMAT SDN BHD COMPANY NO. 353437-T (MEMBERS’ VOLUNTARY WINDING UP) NOTICE IS HEREBY GIVEN pursuant to Section 439(1) of the Companies Act, 2016, that the Special Resolution set out below was duly passed by members of the Company on 30.10.2023 “That the Company be wound-up voluntarily and that Mr. Wong Soon Fong of 221B, Jalan Mahkota, Taman Maluri, 55100 Kuala Lumpur be and is hereby appointed liquidator for the purpose of such winding-up.” Dated this 02.11.2023 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF SUNGAI JIMAT SDN BHD COMPANY NO. 353437-T (MEMBERS’ VOLUNTARY WINDING-UP) NOTICE IS HEREBY GIVEN that the creditors of the abovenamed Company which is being wound-up voluntarily are required on or before 04.12.2023 to send their names and addresses with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the liquidator of the said Company and if so required in writing by the said liquidator, are by their solicitors or personally to come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefits of any such distribution made before such debts are proved. Dated this 02.11.2023 Liquidator Wong Soon Fong c/o SFW Insolvency Services 221B, Jalan Mahkota, Taman Maluri 55100 Kuala Lumpur 168 Houses for Sale 322 Notices 322 Notices 322 Notices CALL TO PLACE CLASSIFIED ADS MS. SHOBA T 03 7784 8888 F 03 7784 4424 IN THE MATTER OF THE COMPANIES ACT 2016 (Pursuant to Section 439(2)(b)) AND IN THE MATTER OF JACO NUTRIMIX SDN. BHD. Company No. 200201020483 (588146-X) (IN MEMBERS’ VOLUNTARY WINDING UP) At an Extraordinary General Meeting of the above-named Company, the special resolution set out below was duly passed by member of the company on 1 November 2023: “Resolved that the Company be wound up voluntarily and that Miss Lim Ying Khoo, Chartered Secretary, of S.C. Chua Management Services Sdn. Bhd., 36 (2nd Floor), Jalan Pesta 1-2, Taman Tun Dr Ismail 1, Jalan Bakri, 84000 Muar, Johor be and is hereby appointed as liquidator for the purpose of such winding up.” Date: 2 November 2023 LAU JOO HAN DIRECTOR IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF JACO NUTRIMIX SDN. BHD. Company No. 200201020483 (588146-X) (IN MEMBERS’ VOLUNTARY WINDING UP) Notice is hereby given that the creditors of the above-named Company, which is being wound up voluntarily are required on or before the 1 December 2023 to send in their names and addresses with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the said company and if so required by notice in writing from the said liquidator, are by their Solicitors or personally to come and prove their debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts or claims are proven. Date: 2 November 2023 LIM YING KHOO LIQUIDATOR SSM PRACTICING CERTIFICATE NO: 201908000327 S.C. CHUA MANAGEMENT SERVICES SDN. BHD. COMPANY NO. 199001000110 (191668-U) 36 (2nd Floor), Jalan Pesta 1-2, Taman Tun Dr Ismail 1, Jalan Bakri, 84000 Muar, Johor. IN THE HIGH COURT OF MALAYA AT SHAH ALAM IN THE STATE OF SELANGOR DARUL EHSAN, MALAYSIA COMPANIES WINDING-UP NO.: BA-28NCC-540-09/2023 In the matter of Section 465 (1) (e) of the Companies Act 2016, the provisions of the Companies Act 2016 and the Companies (Winding-up) Rules 1972 AND In the matter of Sewarna K Sdn. Bhd. [Company No. : 200901008001 (850976- K)] BETWEEN PERBADANAN USAHAWAN NASIONAL BERHAD [COMPANY NO.: 199101010745 (221057-V)] …PETITIONER AND SEWARNA K SDN. BHD. [COMPANY NO.: 200901008001 (850976-K)] …RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above-named Company by the High Court at Shah Alam was on the 26th day of September 2023 presented to the said Court by Perbadanan Usahawan Nasional Berhad. And that the said Petition is directed to be heard before the High Court of Insolvency sitting at Shah Alam on Thursday, the 4th day of January 2024 at 9:00 o’clock in the morning and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at 7th Floor, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. The Petitioner’s Solicitor is Messrs. Kama & Wan,whose address is at 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. ……………………………. Messrs. Kama & Wan Solicitor for the Petitioner NOTE: Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Messrs. Kama & Wan, notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm and must be signed by the person or firm or his or their Solicitors (if any) and must be served, or if posted, must be sent by post in sufficient time to reach the abovenamed not later that 12:00 o’clock in the noon of the 3rd day of January 2024. This Advertisement of Petition is filed by Messrs. Kama & Wan, Advocate & Solicitor on behalf of the Petitioner of No. 5-1-1, Jalan Medan PB4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. (Tel: 03 89221485) (email: [email protected]) (Ref No.: WS/PUNB/SKSB/1044(L)nsa IN THE HIGH COURT OF MALAYA AT KUALA LUMPUR IN THE FEDERAL TERRITORY OF KUALA LUMPUR, MALAYSIA COMPANIES WINDING-UP NO.: WA-28NCC-1036-10/2023 In the matter of Section 465 (1) (e) of the Companies Act 2016, the provisions of the Companies Act 2016 and the Companies (Winding-up) Rules 1972 AND In the matter of UG Retailing and Manufacturing Sdn. Bhd. [Company No. 201201044557 (1029034- V)] BETWEEN PERBADANAN USAHAWAN NASIONAL BERHAD [COMPANY NO.: 199101010745 (221057-V)] PETITIONER AND UG RETAILING AND MANUFACTURING SDN. BHD. (COMPANY NO.: 201201044557 (1029034-V)) RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the above-named Company by the High Court at Kuala Lumpur was on the 17th day of October 2023 presented to the said Court by Perbadanan Usahawan Nasional Berhad. And that the said Petition is directed to be heard before the High Court of Insolvency sitting at Kuala Lumpur on Wednesday, the 31st day of January 2024 at 9:30 o’clock in the morning and any creditor or contributory of the said company desirous to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at 7th Floor, Block 1B, Plaza Sentral, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur. The Petitioner’s Solicitor is Messrs. Kama & Wan,whose address is at 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. …………………… Messrs. Kama & Wan Solicitor for the Petitioner NOTE: Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Messrs. Kama & Wan, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm and must be signed by the person or firm or his or their Solicitors (if any) and must be served, or if posted, must be sent by post in sufficient time to reach the abovenamed not later that 12:00 o’clock in the noon of the 30th day of January 2024. This Advertisement of Petition is filed by Messrs. Kama & Wan, Advocates & Solicitor on behalf of Petitioner at No. 5-1-1, Jalan Medan PB 4A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan. (T: 03 8922 1485) (email: [email protected]) (Ref. No.: WS/PUNB/UGRMSB/1191(L)/ sk) 322 Notices 322 Notices IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF INTERFLOW TANK CONTAINER SYSTEM SDN. BHD. (198701007987 (166704-W)) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE OF RESOLUTION At an general meeting of the members of Interflow Tank Container System Sdn. Bhd. duly convened and held at No. 3, Lengkuk Gerudi, Off Jalan Pelabuhan Utara, 42000 Port Klang, Selangor Darul Ehsan on the 30 day of October 2023, the Special and Ordinary Resolutions set out below was agreed to:- 1. THAT, the Company will be liquidated by way of members’ voluntary winding up. 2. THAT, Mr. Lee Chun Weng of No. 13-1, Empire Galleri, Jalan Empayar, Off Persiaran Sultan Ibrahim /KU1, 41150 Klang, Selangor Darul Ehsan be appointed as Liquidator to act for the purpose of windingup the Company’s affairs and distributing its assets. Yeoh Chin Huat Director Klang, Selangor Darul Ehsan Dated: 2 November 2023 NOTICE FOR CREDITORS NOTICE IS HEREBY GIVEN that the creditors of the abovenamed Company which is being wound up voluntarily are required on or before 2 December 2023 to send their names and addresses with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the said Company; and if so required in writing from the said Liquidator, are by their solicitors or personally to come in and prove their debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefits of any distribution made before such debts are proven. Lee Chun Weng Liquidator Klang, Selangor Darul Ehsan Dated: 2 November 2023 322 Notices DALAM MAHKAMAH TINGGI MALAYA DI KUALA LUMPUR DALAM WILAYAH PERSEKUTUAN MALAYSIA BAHAGIAN SIVIL GUAMAN SIVIL NO.: WA-22NCvC-656-11/2022 ANTARA ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) … PLAINTIF DAN 1. PATHMANATHAN A/L MUNIANDY @ KRISHNAN (No. K/P: 630218-06-5381) 2. CREST PROPERTIES SDN BHD (No. Syarikat: 201901027496) 3. PENDAFTAR HAKMILIK NEGERI SELANGOR 4. PENGARAH TANAH DAN GALIAN NEGERI SELANGOR ... DEFENDAN-DEFENDAN (Di dalam Tindakan Asal) DAN ANTARA 1. CREST PROPERTIES SDN BHD (No. Syarikat: 201901027496) … PLAINTIF DAN 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) ... DEFENDAN-DEFENDAN (Di dalam Tuntutan Balas) DAN ANTARA 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) ... PLAINTIF-PLAINTIF DAN 1. PATHMANATHAN A/L MUNIANDY @ KRISHNAN (No. K/P: 630218-06-5381) 2. HARMIZA SARY BINTI ABDUL HAMID (No. K/P: 700718-14-5020) 3. MURALI A/L V RAJARAM (No. K/P: 661129-10-6067) 4. CREST PROPERTIES SDN BHD (No. Syarikat: 201901027496) ... DEFENDAN-DEFENDAN NOTIS PENGIKLANAN KEPADA:- 1. HARMIZA SARY BINTI ABDUL HAMID (No. K/P: 700718-14-5020) No. 21, Lorong Samagagah 18D, Telok Gedung Indah, 41200 Selangor AMBIL PERHATIAN BAHAWA atas permohonan Plaintif yang dinamakan di atas, Notis Permohonan (Lampiran 67) bertarikh 6.10.2023, Perintah untuk Penyampaian Ganti bertarikh 20.10.2023, mengiklankan Tuntutan Balas Kepada Tuntutan Balas yang dimeterai bertarikh 16.5.2023 diiklankan di dalam surat khabar harian tempatan “The Star” dan “The Sun” dan bahawa penampalan dan pengiklanan tersebut hendaklah dianggap sebagai penyampaian yang sempurna yang cukup kepda kamu empat belas (14) hari selepas tarikh terakhir penampalan dan pengiklanan tersebut. AMBIL PERHATIAN BAHAWA bahawa Tuntutan Balas Kepada Tuntutan Balas yang dimeterai bertarikh 16.5.2023 telah ditetapkan untuk Pengurusan Kes secara e-Review pada 2.11.2023 jam 9:00a.m. Jika tiada kehadiran dimasukkan perintah seperti dipohon akan dimasukkan terhadap kamu. Bertarikh 26.10.2023 NOTIS PENGIKLANAN ini oleh Tetuan Chambers of Firdaus, selaku Peguamcara Plaintif-Plaintif yang mempunyai alamat penyampaian di Unit J-5-1, 5th Floor, Parklane Commercial Hub, Jalan SS 7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. Tel: 03-7887 5360 Faks: 03-7887 5361 No. Ruj: 1152/ABD KADER/L4 Email: [email protected] DALAM MAHKAMAH TINGGI MALAYA DI SHAH ALAM DALAM NEGERI SELANGOR DARUL EHSAN GUAMAN SIVIL NO.: BA-22NCvC-493-12/2022 ANTARA 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) … PLAINTIF-PLAINTIF DAN 1. PATHMANATHAN A/L MUNIANDY @KRISHNAN (No. K/P: 630218-06-5381) 2. HO YOON PIN (No. K/P: 600403-10-6301) 3. LAI KOON SANG (No. K/P: 560909-10-6129) 4. GREEN WATER CARE SDN BHD (No. Syarikat: 481233-V) 5. RHB BANK BERHAD (No. Syarikat: 6171-M) 6. PENDAFTAR HAKMILIK NEGERI SELANGOR 7. PENGARAH TANAH DAN GALIAN NEGERI SELANGOR ...DEFENDAN-DEFENDAN (Di dalam Tindakan Asal) DAN ANTARA 1. HO YOON PIN (No. K/P: 600403-10-6301) 2. LAI KOON SANG (No. K/P: 560909-10-6129 … PLAINTIF-PLAINTIF DAN 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) ... DEFENDAN-DEFENDAN (Di dalam Tuntutan Balas) DAN ANTARA 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) ... PLAINTIF-PLAINTIF DAN 1. PATHMANATHAN A/L MUNIANDY @ KRISHNAN (No. K/P: 630218-06-5381) 2. HARMIZA SARY BINTI ABDUL HAMID (No. K/P: 700718-14-5020) 3. HO YOON PIN (No. K/P: 600403-10-6301) 4. LAI KOON SANG (No. K/P: 560909-10-6129 … DEFENDAN-DEFENDAN (Di dalam Tuntutan Balas kepada Tuntutan Balas) DAN ANTARA GREEN WATER CARE SDN BHD (No. Syarikat: 481233-V) … PLAINTIF DAN 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) 3. AZDY FAISAL BIN MD ZULKIFLY (No. K/P: 730519-11-5213) ... DEFENDAN-DEFENDAN (Di dalam Tuntutan Balas) DAN ANTARA 1. ABDUL KADER BIN ABDUL RAZAK (No. K/P: 471110-71-5121) 2. SALINAH BINTI ABDUL KADER (No. K/P: 741206-05-5444) ... PLAINTIF-PLAINTIF DAN 1. PATHMANATHAN A/L MUNIANDY @ KRISHNAN (No. K/P: 630218-06-5381) 2. HARMIZA SARY BINTI ABDUL HAMID (No. K/P: 700718-14-5020) 3. KEN SAKAI (No. K/P: 630906-10-7661) 4. GREEN WATER CARE SDN BHD (No. Syarikat: 481233-V) … DEFENDAN-DEFENDAN NOTIS PENGIKLANAN KEPADA:- 1. HARMIZA SARY BINTI ABDUL HAMID (No. K/P: 700718-14-5020) No. 21, Lorong Samagagah 18D, Telok Gedung Indah, 41200 Selangor AMBIL PERHATIAN BAHAWA atas permohonan Plaintif-Plaintif yang dinamakan di atas, Notis Permohonan (Kandungan 68) bertarikh 6.10.2023, Perintah untuk Penyampaian Ganti bertarikh 11.10.2023, mengiklankan Tuntutan Balas kepada Tuntutan Balas (terhadap Defendan-1, Defendan-2, Defendan-3 dan Harmiza) yang dimeterai bertarikh 25.5.2023 dan Tuntutan Balas kepada Tuntutan Balas (terhadap Defendan-1, Defendan-4, Harmiza dan Ken) yang dimeterai bertarikh 25.5.2023 bersama dengan Perintah Mahkamah untuk Penyampaian Ganti yang dimeterai diiklankan di dalam surat khabar harian tempatan “The Star” dan “The Sun” dan bahawa penampalan dan pengiklanan tersebut hendaklah dianggap sebagai penyampaian yang sempurna yang cukup kepda kamu empat belas (14) hari selepas tarikh terakhir penampalan dan pengiklanan tersebut. AMBIL PERHATIAN BAHAWA bahawa Tuntutan Balas kepada Tuntutan Balas (terhadap Defendan-1, Defendan-2, Defendan-3 dan Harmiza) yang dimeterai bertarikh 25.5.2023 dan Tuntutan Balas kepada Tuntutan Balas (terhadap Defendan-1, Defendan-4, Harmiza dan Ken) yang dimeterai bertarikh 25.5.2023 telah ditetapkan untuk Pengurusan Kes secara e-Review pada 20.11.2023 jam 9:00 a.m. Jika tiada kehadiran dimasukkan perintah seperti dipohon akan dimasukkan terhadap kamu. Bertarikh 26.10.2023 NOTIS PENGIKLANAN ini oleh Tetuan Chambers of Firdaus, selaku Peguamcara Plaintif-Plaintif yang mempunyai alamat penyampaian di Unit J-5-1, 5th Floor, Parklane Commercial Hub, Jalan SS 7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. Tel: 03-7887 5360 Faks: 03-7887 5361 No. Ruj: 1152/ABD KADER/L4 Email: [email protected] 322 Notices 322 Notices SPEED WORK ENTERPRISE SDN BHD [In Liquidation] (Company No.: 279060-A) c/o PLC & C Sdn Bhd, Unit 1128, 11th Floor, Block A, Damansara Intan, No.1, Jalan SS20/27, 47400 Petaling Jaya, Selangor Darul Ehsan FORM 67 NOTICE OF CREDITORS AND CONTRIBUTORIES MEETING TAKE NOTE that a meeting of creditors and contributories in the above matter will be held on 15 November 2023 at 11.00am at Unit 1128, 11th Floor, Block A, Damansara Intan, No.1, Jalan SS 20/27, 47400 Petaling Jaya, Selangor Darul Ehsan. The agenda for the said meeting are as follows: 1) to update the creditors and contributories on the status of the winding up; 2) to make partial distribution of surplus assets to contributories after settling issues on creditors’ claims and claims against debtors; 3) any other matters. Dated this 25 day of October 2023 Chang Chee Ching Liquidator Forms of general and special proxies to be used at the meeting must be lodged not later than 5.00 pm on the 13 day of November 2023 322 Notices IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF MECCO SDN. BHD. (Registration No. 1237929-U) (In Members’ Voluntary Winding-Up) NOTICE OF RESOLUTION At a General Meeting of the Company duly convened and held at A-15-03, Residensi Harmoni 2, No. 1, Jalan Prima Pelangi 7, 51200 Kuala Lumpur, W.P. Kuala Lumpur on 28th October 2023, the following special resolution was duly passed: - SPECIAL RESOLUTION 1 - MEMBERS’ VOLUNTARY WINDING UP THAT the company will be liquidated by way of members’ voluntary winding up. LIM HOCK SIONG Liquidator Dated this 2nd November 2023 NOTICE TO CREDITORS NOTICE is hereby given that the creditors of abovenamed Company, which is being wound up voluntarily are required on or before 2nd December 2023 to send their names and addresses and the particulars of their debts or claims, and the name and addresses of their solicitors (if any), to: The Liquidator, HS Lim & Co (Registration No. NF 2599), No. 50-02- 2, Lorong Batu Nilam 1D, Bandar Bukit Tinggi, 41200 Klang, Selangor and if so required by the notice in writing from the Liquidator, is to come in and prove their debts or claims at such time and place be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution made before such debts or claims are proved. LIM HOCK SIONG Liquidator Dated this 2nd November 2023 IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF GANDING SERIMAS SDN BHD COMPANY NO. 970439-V (MEMBERS’ VOLUNTARY WINDING UP) NOTICE IS HEREBY GIVEN pursuant to Section 439(1) of the Companies Act, 2016, that the Special Resolution set out below was duly passed by members of the Company on 30.10.2023 “That the Company be wound-up voluntarily and that Mr. Wong Soon Fong of 221B, Jalan Mahkota, Taman Maluri, 55100 Kuala Lumpur be and is hereby appointed liquidator for the purpose of such winding-up.” Dated this 02.11.2023 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF GANDING SERIMAS SDN BHD COMPANY NO. 970439-V (MEMBERS’ VOLUNTARY WINDING-UP) NOTICE IS HEREBY GIVEN that the creditors of the abovenamed Company which is being wound-up voluntarily are required on or before 04.12.2023 to send their names and addresses with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the liquidator of the said Company and if so required in writing by the said liquidator, are by their solicitors or personally to come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefits of any such distribution made before such debts are proved. Dated this 02.11.2023 Liquidator Wong Soon Fong c/o SFW Insolvency Services 221B, Jalan Mahkota, Taman Maluri 55100 Kuala Lumpur IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF SUNGAI JIMAT SDN BHD COMPANY NO. 353437-T (MEMBERS’ VOLUNTARY WINDING UP) NOTICE IS HEREBY GIVEN pursuant to Section 439(1) of the Companies Act, 2016, that the Special Resolution set out below was duly passed by members of the Company on 30.10.2023 “That the Company be wound-up voluntarily and that Mr. Wong Soon Fong of 221B, Jalan Mahkota, Taman Maluri, 55100 Kuala Lumpur be and is hereby appointed liquidator for the purpose of such winding-up.” Dated this 02.11.2023 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF SUNGAI JIMAT SDN BHD COMPANY NO. 353437-T (MEMBERS’ VOLUNTARY WINDING-UP) NOTICE IS HEREBY GIVEN that the creditors of the abovenamed Company which is being wound-up voluntarily are required on or before 04.12.2023 to send their names and addresses with particulars of their debts or claims and the names and addresses of their solicitors (if any) to the undersigned, the liquidator of the said Company and if so required in writing by the said liquidator, are by their solicitors or personally to come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefits of any such distribution made before such debts are proved. Dated this 02.11.2023 Liquidator Wong Soon Fong c/o SFW Insolvency Services 221B, Jalan Mahkota, Taman Maluri 55100 Kuala Lumpur 168 Houses for Sale 322 Notices 322 Notices 322 Notices CALL TO PLACE CLASSIFIED ADS MS. SHOBA T 03 7784 8888 F 03 7784 4424 INSIDE EDGE Pakistan stay alive in semifinal race FORMER champions Pakistan kept alive their slender chances of making the semifinals of the 50-over World Cup with a comprehensive seven-wicket victory against Bangladesh, who were eliminated from the tournament yesterday. Electing to bat, Bangladesh never recovered from a top order collapse and posted a modest 204 before being all out in the 46th over at Eden Gardens. Pakistan’s three-pronged pace attack impressed with the new ball and were equally effective in the death overs with only Mahmudullah (56) managing a half-century for Bangladesh. Openers Fakhar Zaman (81) and Abdullah Shafique (68) combined in a 128-run stand to set up the victory that came with 17.3 overs to spare in a major net run-rate boost for them. Babar Azam’s men moved into fifth place after their third win in seven matches, while Bangladesh became the first team to drop out of contention. “We are trying to force things but it isn’t working,” Bangladesh captain Shakib Al Hasan said after their sixth defeat in seven matches. “We have to perform together, which is not happening. We are looking for answers but aren’t getting them.” Pakistan head coach Grant Bradburn had rued how lack of swing in India had defanged his team’s pace attack, usually their strong suit, in the tournament. Bradburn must have been pleased as the pace trio of Shaheen Afridi, Mohammad Wasim and Haris Rauf collectively claimed eight of the 10 Bangladesh wickets in the match. Fakhar has no regrets over missed ton PAKISTAN opener Fakhar Zaman has no regrets about missing out on a World Cup hundred, for he knows how important it was to try and boost their net run-rate in yesterday’s comprehensive win against Bangladesh. Pakistan began their campaign with backto-back wins but went into the match at the Eden Gardens with their semifinal hopes hanging in balance after four defeats in a row. Fakhar led Pakistan’s chase with a freewheeling 81, which earned him player-ofthe-match award, but fell short of a hundred trying to wrap up their chase early. “The situation we were in at that moment, we were looking to chase it in 28-29 overs,” the 33-year-old said. “So that’s why I was just going (after the bowlers). “Otherwise, it was very easy for me to get to the 100 after 50. But our goal was to achieve the target within 29-30 overs.” Fakhar said the mood was upbeat in the dressing room despite the uncertainty around the 1992 champions making the semifinals. “In the World Cup, each win gives you confidence and we were waiting for this win. “We are in the ifs-and-buts (zone) right now – but we will try to win both the remaining matches with good run rates. Our target is the semifinal and we will try for that.” Coach not to blame for dismal WC, says England’s Malan ENGLAND opener Dawid Malan thinks it is unfair to blame coach Matthew Mott for the team’s shambolic title defence at the 50-overs World Cup in India. The holders stay rooted to the bottom of the table after five losses in six matches and are only mathematically alive in the race for a place in the semifinals. Their only win in the tournament came against Bangladesh and Sunday’s defeat at the hands of table-toppers India was their fourth successive loss. “Motty is not the one walking out on the field,” Malan told BBC Sport ahead of their next match against a resurgent Australia on Saturday. “As players, we need to take responsibility when we cross that rope. “We are being given everything we need to perform. “The facilities and work, everything is being done as it always has been, we just haven’t been able to find a way to get wins on the board. “It has been frustrating from a players’ point of view because we know we’re better than that.” Pakistan’s Abdullah Shafique in action. – AFPPIX

22 theSUN ON THURSDAY | NOVEMBER 2, 2023 SPORTS /theSunMedia FOLLOW ON YOUTUBE SCAN ME 5713/2023 01/11/2023 (WED) 7195 8787 4815 8749 3366 9695 0103 0341 1266 4344 9612 8280 1866 0599 3888 6538 0172 6998 8113 2961 1533 5941 7672 5,609,917.64 7195 7195 7195 4815 4815 8787 4815 4815 8787 8787 7195 8787 135,664.43 7195 8787 4815 RAT 92163 71003 1003 003 65141 0 3 8 1 836181 36181 6181 181 83618 8361 836 8 3 3,231,721.50 1,710,133.67 1 24 31 48 52 53 100,000.00 126 25 31 43 48 18 24 29 33 45 49 21 11,446,220.66 RM365,128 Toto 4D Jackpot 2 won on 31/10/2023 ! 912 003 +DRAGON 230 614 + TIGER 570 936 + RABBIT Draw Date: 01/11/23 (Wed) Draw No: 5660/23 Venue: PERAK TURF CLUB 2003 0614 0936 7758 + 6646 1709 + 5438 5164 + 7381 6365 + 2361 8384 + 0449 0262 + 0550 3586 + 1010 3241 + 7756 7415 + 3013 2078 + 7882 RM4,480,916.60 2003 + 0614 0614 + 2003 2003 + 0936 0936 + 2003 0614 + 0936 0936 + 0614 RM156,205.60 RM2,180,327.50 RM1,916,817.00 RM80,000.00 967 758 486 646 811 709 265 438 085 164 577 381 006 365 482 361 738 384 080 449 180 262 980 550 713 586 801 010 613 241 797 756 977 415 933 013 912 078 577 882 003 614 936 RM697,914.80 003 + 614 + 936 614 + 936 + 003 003 + 936 + 614 936 + 003 + 614 614 + 003 + 936 936 + 614 + 003 Play 1+3DJ SB5 LP & join GO Cash Contest Round 2 now! Alcaraz stunned in Paris Spaniard’s return from injury cut short by Russian qualifier CARLOS ALCARAZ slipped to a shock defeat on his return from injury yesterday at the Paris Masters while Alexander Zverev needed three sets to see off Marton Fucsovics. Spanish world No. 2 Alcaraz, who was making his return to the court following injuries to his lower back and left foot, had been given a bye in the first round but had no answer to Russian qualifier Roman Safiullin who eased through 6-3, 6-4. “He didn’t surprise me at all because I knew that he has been playing a great level these last few months, beating big guys, reaching finals,” said a disconsolate Alcarez. “I knew that he was going to play a high level.” Safiullin, ranked 45 in the world, cancelled out an early Alcaraz break in the first set and then never looked back as he ran on to claim the opener 6-3. The same scenario then played out in the second set, with Alcaraz breaking for an early lead only for his opponent to strike back immediately. Having only announced he would play in the tournament last Wednesday, Alcaraz looked far from his sharpest. “I just didn’t feel well, you know, on the court,” he said. “A lot of things to improve, a lot of things to practice. “I think I didn’t move well. In the shots, I think I had a good quality of shots. But physically, in terms of movement, I have to improve a lot.” However, much credit must go to Safiullin, who was relentless in getting over the line for a career-boosting win in what was his first meeting with the Spaniard. The 26-year-old held his nerve under pressure from the Wimbledon champion to serve out for the win, despite facing several deuce points in the final game. “Even if he’s not in the best shape it’s tough to beat him,” said Safiullin. “So, I’m really happy that I made it.” The German 10th seed Zverev also had his difficulties, having to come back from a set down to beat Hungarian Fucsovics 4-6, 7-5, 6-4 in the round of 64 at Bercy Arena. “It was just one or two points (that made the difference),” said Zverev. “He was playing incredibly well and tactically I think he was unbelievable. “His slice was effective as I did not know what to do on this surface here. It was a very difficult match, and I am happy to be through. I found my level and I am happy with that.” Zverev is still seeking to secure his place among the top eight who will go on to the ATP Finals in Turin next month. After this victory, the 2021 champion sits seventh just behind Stefanos Tsitsipas and 430 points ahead of ninth-placed Hubert Hurkacz. – AFP Pegula upsets Sabalenka JESSICA PEGULA upset world No. 1 Aryna Sabalenka 6-4, 6-3 to win her second group stage match at the WTA Finals in Cancun yesterday and advanced to the semifinals after Elena Rybakina edged Maria Sakkari 6-0, 6-7(4- 7), 7-6(7-2) in the evening match. Pegula, who came into the contest with a dismal 1-4 record against the hard-hitting Sabalenka, managed to absorb her powerful serve to extend rallies and thwart the Belarusian’s comeback attempts. Sabalenka, who has said she did not feel safe playing on the newly constructed Estadio Paradisus, never looked totally comfortable against Pegula, committing 29 unforced errors on a sunny day in the coastal Mexican city. After the match, Pegula pushed back on the notion that her game is lacking in power compared to the likes of Sabalenka. “I hit hard,” she told Tennis Channel. “People don’t seem to think I hit hard, like commentators. Seriously, I don’t know why they say that. “Maybe because it looks like I’m not? I hit flatter, I don’t hit as heavy as maybe as Aryna, but I hit hard.” Pegula’s second group stage win in a row ensured a place in the semifinals as fourth seed Elena Rybakina shook off a late comeback attempt from Maria Sakkari to get her first win in the competition. “I felt at the beginning, for Maria, maybe it took her some time to get used to my speed,” Rybakina said in a postmatch interview about the one-sided first set. “As we all know, the surface is not the greatest. We’re struggling, all of us.” – Reuters Mercedes F1 technical head leaves FORMER Formula One world champions Mercedes announced the surprise departure of chief technical officer (CTO) Mike Elliott yesterday only months after he took on the role in a job swap with James Allison. Elliott had been appointed technical director in July 2021, with Allison moving to the CTO role, but they switched positions last April after Mercedes made a slow start to the season following a difficult 2022. Red Bull have won the last three drivers’ titles with Max Verstappen as well as the 2022 and 2023 constructors’ championships. Mercedes are second in the standings with three races remaining. Mercedes said Elliott, who had been with the team for 11 years and through their record eight successive constructors’ titles, had chosen to depart after developing a technical strategy for the future. “Mike has been one of the pillars of the team’s achievements over the past decade,” said co-owner and principal Toto Wolff in a statement. “And it’s with truly mixed feelings that we say goodbye to him today. “But on the other side, it’s clear that he’s ready for new adventures beyond Mercedes, so I know this is the right step for him to take, too.” – Reuters Carlos Alcaraz in action against Roman Safiullin (unseen). – REUTERSPIX

23 SPORTS theSUN ON THURSDAY | NOVEMBER 2, 2023 REAL MADRID are reportedly prepared to offer Chelsea a part-exchange deal to sweeten a permanent agreement for goalkeeper Kepa Arrizabalaga. The Spaniard joined the La Liga giants on loan in the summer but has made clear that he wants to extend his stay at the Bernabeu. Chelsea were keen for Arrizabalaga to stay ahead of the 2023-24 season but he insisted on seeking a new challenge. Madrid beat European rivals Bayern Munich to a big-money temporary deal. The 29-year-old has shone in the absence of the injured shot-stopper Thibaut Courtois, who was also snapped up from Stamford Bridge five years ago. Los Blancos have lost just once with Arrizabalaga in goal and want to make his deal permanent. Chelsea paid £72 million (RM417m) to sign the goalkeeper from Atletico Madrid in 2018, incidentally to replace Courtois. However, it is claimed that Madrid are only willing to spend £17.5m (RM101m). According to The Sun, the Spanish giants will offer reserve goalkeeper Andriy Lunin to Chelsea in an attempt to sweeten the transfer. Ukrainian Lunin will become the third-choice at Madrid when Courtois returns from a serious knee injury next summer. Arrizabalaga is keen to stay in the Spanish capital beyond this season. He is reportedly prepared to face a battle for the No. 1 shirt with Courtois. “It’s true that (Mauricio) Pochettino wanted me to stay and he told me that I was going to play, that he trusted me. But I thought a change would be good for me. I wanted a change,”Arrizabalaga said last month. “(Bayern Munich manager) Thomas Tuchel called me. We were close to going to Munich. I felt it was time for a change of scenery. I wanted to stay but I felt that the project was not the right one. “When Madrid calls you, everything changes. My signing was closed in just a few hours and a couple of calls. My intention is to stay for more than a year.” Chelsea replaced Arrizabalaga with the signing of Robert Sanchez from Brighton. Djordje Petrovic was also brought in as a backup during the summer transfer window but the Blues are supposedly preparing to sign another goalkeeper with reports indicating that Aaron Ramsdale is a target. – Express Newspapers WOLFSBURG produced the first shock of this season’s German Cup, knocking out holders RB Leipzig with an inspired 1-0 win as fourth-tier Homburg upset Greuther Fuerth and Kaiserslautern sank Cologne. Wolfsburg, coached by Niko Kovac, who guided Eintracht Frankfurt to glory in this competition in 2018, took an early lead through Vaclav Cerny – and Leipzig never recovered. The Red Bull outfit have a rich recent pedigree in the competition, reaching the previous three finals, losing in 2021 to Borussia Dortmund first but winning the last two against Freiburg and Frankfurt. However, Wolfsburg have not made it beyond the quarterfinals since lifting the trophy in 2015. But on home turf, Kovac’s side put their Bundesliga troubles behind them and pulled off their biggest victory of the season. Despite going into this game having lost four of their last five league games, Wolfsburg flew out of the blocks. Summer signing Cerny latched onto a perfectly-weighted pass by Tiago Tomas and unleashed an unstoppable left-footed drive into the roof of the net for his first goal of the season. Leipzig struggled to find their rhythm and when Yussuf Poulsen saw red nine minutes into the second half for a clumsy second yellow, the reigning champions’ chances disappeared. In another surprise result, Bundesliga strugglers Cologne were sent packing by second-tier Kaiserslautern, whose slick performance put them 3-0 up after 65 minutes and seemingly out of sight. Cologne clawed it back to 3-2 but it was too little too late, ending the game with nine men after Eric Martel and captain Florian Kainz were sent off within the space of five second half minutes. Hamburg were 13 minutes from going out to third-tier Arminia Bielefeld but levelled the game at 1-1, with the second division club eventually clinching victory 4-3 in a penalty shootout. – AFP S AUDI ARABIA is prepared to host the 2034 World Cup in summer or winter, its football chief told AFP, after the oil giant became the sole bidder for the tournament. “Of course, we are ready for all possibilities,” Saudi Arabian Football Federation president Yasser al-Misehal said late on Tuesday at the Asian Football Confederation awards in Doha. Saudi Arabia’s successful bid, just 27 days after announcing it, comes less than a year after neighbouring Qatar held the first winter World Cup, a decision that forced a pause to league competitions in Europe. Summers in the desert kingdom can touch 50°C, temperatures that would be considered dangerous for football and likely too hot for fans to be outside. “Today there are many new technologies that help you with cooling or adding air conditioners in stadiums, in addition to the fact that there are many cities in the kingdom that enjoy a very wonderful atmosphere in the summer,” Misehal said. Misehal also indicated that Saudi Arabia intends to push ahead and host the tournament alone, without asking its neighbours to hold any games. The world’s biggest oil exporter would then become the first country to host the newly expanded, 48-team World Cup alone, after the United States, Canada and Mexico hold it in 2026 followed by Spain, Portugal and Morocco in 2030. “Saudi Arabia will submit a separate bid,” Misehal said, when asked if another country would host any matches. Like the rest of the Gulf countries, most cities in Saudi Arabia experience extreme heat in the summer, with temperatures ranging between 40- 50°C. But some cities enjoy temperate weather in the summer, including Abha, Taif and Al-Baha, which hosted the Arab Club Champions Cup in July and August. However, none of those cities has international-level stadiums, and the bigger Saudi venues are clustered in the major cities of Willing host Saudi Arabia ready for summer or winter World Cup in 2034: FA chief Riyadh and Jeddah. Saudi Arabia, which has invested heavily in football as well as Formula One and golf, is set to take over from the unprecedented tri-continental line-up for the 2030 event, which includes three matches in South America. At this point, only “expressions of interest” have been submitted, although bidding is closed. After the full bids for 2030 and 2034 are handed over, they will be evaluated by FIFA and put to a vote at two separate congress meetings at the end of next year. But the absence of any competition leaves little room for suspense, while also raising numerous questions about the environmental impact of the 2030 event and the compatibility of the 2034 tournament with FIFA’s human rights commitments. FIFA president Gianni Infantino has already confirmed the 2030 and 2034 hosts in a post on Instagram, adding that “the bidding processes were approved by consensus via the FIFA Council”. – AFP Real preparing swap deal for Kepa Holders Leipzig knocked out of German Cup Howe backs Saudi Arabia to throw ‘really good’ WC NEWCASTLE UNITED’S Eddie Howe would expect a World Cup in Saudi Arabia to be well organised having previously travelled there with his team, the manager said yesterday. With Australia deciding not to enter a bid to host the 2034 World Cup, FIFA announce Saudi Arabia as the only bid received before the Oct 31 deadline. Newcastle, majority owned by Saudi Arabia’s Public Investment Fund (PIF), have first-hand experience having travalled there for training camps. “Our trips out there to Riyadh and Jeddah were two different experiences really,” Howe told a press conference yesterday. “Everywhere we went was well organised, we were well looked after. If that’s a sign of what a World Cup might look like, structurally it will be really good.” Newcastle also hosted two Saudi Arabia international games at St. James’ Park in September with Costa Rica and South Korea. ‘Only a matter of time’ ERIK TEN HAG is convinced “it is only a matter of time” until Manchester United show their “true selves” after a poor start to the campaign was compounded in the Manchester derby. Sunday’s 3-0 home humbling at the hands of neighbours Manchester City provided the exclamation mark on a difficult start to the Dutchman’s second season in the hotseat. United were outclassed and outthought for the most part at Old Trafford. “At Manchester United, every game involves high stakes,” the Red Devils boss said. “Every single day, there is pressure on everybody involved with this club, but those demands and standards are a challenge which we must always meet head-on. While this has not been the start to the season that we had all hoped for, I am certain that we have the talent and attitude as a collective to move in the right direction. I believe that it is only a matter of time before we are showing our true selves. It will come, I am certain. I continue to believe in these players and am confident we will improve after a difficult start to the season.” ENGLISH LEAGUE CUP 4TH ROUND: Exeter 2 Middlesbrough 3, Mansfield Town 0 Port Vale 1. ITALIAN CUP ROUND OF 32: Cremonese 2 Cittadella 1, Salernitana 4 Sampdoria 0, Bologna 2 Hellas Verona 0. COPA DEL REY ROUND 1/ SELECTED: Mensajero 0 Espanyol 2, Varea 0 Levante 3. GERMAN CUP 2ND ROUND/SELECTED: St Pauli 2 Schalke 1, Stuttgart 1 Union Berlin 0, Wolfsburg 1 RB Leipzig 0, Kaiserslautern 3 Cologne 2, Borussia M’gladbach 3 Heidenheim 1. RESULTS SIDENETTING Wolfsburg’s Sebastiaan Bornauw (left) and Leipzig’s Xavi Simons vie for the ball. – AFPPIX

theSun is published and printed by Sun Media Corporation Sdn Bhd (221220-K) of Lot 6, Jalan 51/217, 46050 Petaling Jaya, Selangor. Tel: 03-7784 6688 Fax: 03-7783 7435 • Tel (Editorial): 03-7784 6688 Fax: 03-7785 2624/5 Email: [email protected] • Tel (Advertising): 03-7784 8888 Fax: 03-7784 4424 Email: [email protected] or download app from the App Store or Google PlayTM . Read iPaper at www.thesundaily.my Free access to iPaper PDF Download SCAN ME THURSDAY • NOVEMBER 2, 2023 A good break-up? Tottenham are not better without Kane, just different, exactly what Spurs needed S OME JOKES just write themselves, or seem to. When Tottenham sold Harry Kane and it transpired that his Bayern Munich debut would come in the German Super Cup final, the punchline was obvious. Kane played 435 games for Spurs, scored a record 280 goals, and then left without winning a trophy. Yet on his first appearance for Bayern, Kane had the chance to immediately end his silverware drought while Tottenham’s grew forever longer. If waving goodbye to the greatest player of the club’s modern era wasn’t bad enough, this was a further punch in the stomach for those who remained in north London. Of course, though, this particular joke didn’t go to script. Kane’s debut for Bayern came in a 3- 0 defeat to RB Leipzig – his search for a trophy continuing until at least the end of this season – but more pertinently, Tottenham haven’t looked back since. Under Ange Postecoglou, and without Kane, Spurs have made their best start to a League season since 1960/61, the last time they won the title. There has been no hangover, no sense of loss, and beyond that, the most remarkable aspect about the first two months of the post-Kane era is how little Kane has been mentioned at all. The break-up is still in its early days but, against all the odds, Tottenham are thriving. Tottenham are top of the Premier League, but that’s not even the point. Spurs have been refreshed and it feels as if making the ultimate change of selling Kane has accelerated how Postecoglou has been able to transform the club within just two months. There has been no hangover or feeling that Tottenham have been left behind. Instead there has been the opposite: Tottenham, as a team that plays with confidence and spirit, are unrecognisable to the confused mess of last season that Kane left. But if Spurs’s early-season success has been unexpected, there is little about Kane’s immediate impact at Bayern that comes as a surprise. The 30-year-old already has 12 Bundesliga goals in nine appearances, a further two in the Champions League, and has seven assists as well. Bayern may have some issues under Thomas Tuchel – they aren’t the perfectly oiled machine of recent years but a club with 10 consecutive Bundesliga titles to their name have been given a lift by the arrival of a genuine superstar. There have started to be whispers of people thinking and then declaring out loud that Tottenham are better without Kane. Now that is a good joke, though one that would have been easy enough to fall into after Tottenham went five points clear at the top of the Premier League table on Saturday. It is instead the ethos of Postecoglou’s approach helps to understand why Tottenham are not better without Kane, but just different. In an astonishingly quick timeframe, the Australian has implemented a mindset that focuses on the system rather than the individual. Yet by doing that, it has allowed the improvements of individuals within that system to cover for the loss of a club legend like Kane. There is a greater share of responsibility now, as emphasised by how James Maddison has literally stepped into Kane’s No. 10 shirt. Tottenham have shown an ability to figure out tricky situations as a team. There are other factors, too. Tottenham are obviously better because of Postecoglou’s impact in the transfer market. Unlike previous managers at Spurs, he has not only signed the right players and used them correctly, but improved others already at the club. Tottenham are perhaps better this season because they are benefitting from missing out on European football altogether and having a lighter schedule. Whatever it is, Spurs fans are beginning to dream. – The Independent IT was a display of pointless petulance. Enter the second most expensive footballer in Manchester United’s history. He should have exited a few minutes later, slightly prematurely, for kicking and slapping Jeremy Doku. Referee Paul Tierney spared Antony the ignominy of a Manchester derby red card; Jadon Sancho may argue it is the not the first time the £86 million (RM499m) winger has received preferential treatment. His initial station among the substitutes nevertheless told a tale. Dropped for the derby, Antony has merited a place for too few of the games he has started. But only Paul Pogba has ever cost United more than him. Manchester City’s glory has not come on the cheap, but only Jack Grealish in their history has had a higher price tag than Antony. He has one goal in his last 29 League games; in all competitions, eight goals and a mere three assists in 53 outings for United. A deeply undistinguished footballer and a diabolical signing is the face of a wider problem. After a £400m (RM2.3b) refurbishment in his reign, Erik ten Hag’s United have more League defeats than Nottingham Forest. They are already eight points off the top four, seven behind Aston Villa. When the 35-year-old free transfer Jonny Evans was charged with halting Erling Haaland on Sunday, it was tempting to wonder where the money went. And when the bench contained two of Ten Hag’s biggest buys, in Mason Mount and Antony, the logical conclusion is that United’s recruitment has failed. The reality may be more complicated. For now, however, United stand accused of paying over the odds, of bringing in some who are not good enough, of confused thinking, of continuing to spend too much and achieve too little. In different ways, there have been demoralising starts for each of this summer’s three main buys, Andre Onana, Hojlund, and Mount. There is confidence at Old Trafford that each will come good. Their combined cost – add-ons will take the fees to around £180m (RM1.04b) – is eye-catching, more than United initially hoped to spend and, so far, not exactly value for money. A different issue is that some of last season’s supposed success stories have struggled this year. Casemiro, whose age meant he will have scant resale value at £60m (RM348m), has begun to look in decline. Lisandro Martinez, meanwhile, is sidelined. It has meant that United have derived too few benefits this season from the six signings who account for the vast majority of that £400 million: Antony and Mount have been dropped; Casemiro, Onana and Martinez perhaps should have been. Perhaps United did not need a £12m (RM70m) back-up to Luke Shaw when they signed the Dutchman Tyrell Malacia. His compatriot Wout Weghorst represented a bizarre interlude, his 31 games producing a mere two goals. Sofyan Amrabat’s World Cup displays indicated his arrival was a coup – but Ten Hag’s former Utrecht ally has been hauled off at half-time in each of the last two games. He, too, has time to come good. But, in their different ways, Weghorst and Amrabat are proof that everything in United’s transfer business comes back to Antony, sooner or later. Having overspent last summer, they had limited funds in January and had to look for loanees – all of which may have been forgivable had Antony been worth £86m. Whatever Ten Hag saw in him at Ajax has rarely been glimpsed at Old Trafford. The sullen substitute is not the only reason why United currently have too little to show for their £400m outlay. But if that may change as Onana, Mount and Hojlund settle, when Martinez is fit again, if he and Casemiro recapture last season’s form. Ten Hag’s choices nevertheless put his decision-making under the microscope because at the moment, Manchester United have a rather expensive brand of mediocrity. – The Independent Antony’s signing reveals a bigger problem at Manchester United █ JAMIE BRAIDWOOD █ RICHARD JOLLY Tottenham’s James Maddison (centre) celebrates with Son Heung-min (left). – REUTERSPIX Kane