FRIDAY | DEC 29, 2023 Editorial T: 03-7784 6688 F: 03-7785 2624/5 E: [email protected] Advertising T: 03-7784 8888 F: 03-7784 4424 SCAN ME E: [email protected] Penang remains country’s top exporter in November million), Kedah (-RM78.8 million), Sarawak (-RM60.9 million), Kelantan (-RM43 million), Perak (-RM15.9 million) and Perlis (-RM6.2 million),” he said. Selangor continued to dominate Malaysia’s imports with a share of 26.5%, followed by Johor (20.6%), Penang (20.4%), Kuala Lumpur (9.4%) and Kedah (5.6%), he said. - Bernama oState registers 29% share, value of shipments down RM5.4 billion: Statistics Dept Saudi Aramco mulls retail operations in Malaysia, Southeast Asia DHAHRAN: Saudi Aramco, one of the world’s largest integrated energy and chemicals companies, is looking at expanding its downstream activities in Malaysia as it aims to make Pengerang Integrated Complex (PIC) in Johor the largest hub in Southeast Asia. Aramco president (downstream) Mohammed Y. Al Qahtani said the company is excited about the Pengerang project and looking forward to not only sustaining the operation but also its potential expansion in the future. Asked if the 90-year-old company was looking at retail operations in Southeast Asia, Mohammed said that is something that Aramco is currently doing globally. “We always look at our assets to see any potential for upgrades, expansion and most importantly, converting liquids to chemicals. “That will be something that we will be evaluating for the future,“ he said in a recent interview with Bernama and selected media outlets from China, South Korea and Japan at Aramco’s headquarters here. Citing Aramco’s recent 100% equity acquisition of Esmax, a leading diversified downstream fuels and lubricants retailer in Chile, Mohammed said the move was part of the company’s strategy to expand retail, lubricants and trading businesses globally. He said the acquisition would enable Aramco to enter the South American retail market, adding that the company’s downstream segment’s activities consist of refining petrochemicals, base oils and lubricants, retail operations, distribution, supply and trading as well as power generation. These activities, he said, support Aramco’s upstream and downstream operations by enabling it to optimise crude oil sales and product placement through its significant infrastructure network of pipelines and terminals as well as access to shipping and logistics resources. On the PIC, which is jointly developed with Petroliam Nasional Bhd (Petronas), Mohammed noted that the facility is running at its full potential, improving reliability and profitability and securing the right platform for growth in the future. During his visit to Riyadh last October, Prime Minister Datuk Seri Anwar Ibrahim said that Aramco is committed to expanding its Pengerang facilities by adding petrochemical and gas downstream activities for it to become the largest hub in Southeast Asia. He said the commitment was conveyed to him by Saudi Arabia’s Trade Minister Dr Majid Abdullah Alkassabi and the president and CEO of Saudi Aramco, Amin H Nasser. Aramco had teamed up with Petronas to set up the Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd, in Pengerang, Johor, with an investment of US$7 billion (RM32 billion) in the joint venture. Johor-S’pore SEZ seen spurring demand for office space, especially in JB JOHOR BAHRU: The proposed JohorSingapore Special Economic Zone (JS-SEZ) is set to spur and amplify demand for office space, especially in Johor Bahru, in the coming years. IGB Property Management Sdn Bhd director Wong Khim Chon said demand for office space in the state has been on the rise since the reopening of Malaysia’s borders and the transition phase to endemic in April last year, driven by economic growth and stability. He said the surge is particularly evident during periods of economic expansion as businesses experience growth, leading to an increased need for office space to support expanding operations. “Moreover, certain industries may undergo rapid growth or changes, influencing their office space requirements. “The potential establishment of the Johor-Singapore Special Economic Zone and the impending completion of the Johor Baru-Singapore Rapid Transit System link are expected to further facilitate crossborder movement of people and goods, potentially amplifying the demand for office space in Johor Baru,“ he told Bernama in an email interview yesterday. Wong said, however, despite the intensifying competition in the commercial property market due to the influx of new developments, the company remained steadfast in its commitment to providing superior specifications tailored to the specific needs of tenants. IGB’s primary focus, he said, is prioritising its tenants’ businesses, ensuring that they thrive within welldesigned and strategically located towers. Commenting on the office space offered at the North Tower @ Mid Valley Southkey, he said currently, the committed occupancy at the North Tower is about 30% of the total net lettable area of about 327,000 sq ft. The completion of South Tower @ Mid Valley Southkey is targeted for the second quarter of next year. Regarding the potential addition of more towers in Mid Valley Southkey in the future, Wong said if there is an increased demand in the Johor market for office space, the company would certainly be interested in exploring the possibility of adding more towers. Mid Valley Southkey has rapidly evolved into a bustling hub of commerce, leisure and lifestyle. KUALA LUMPUR: Penang has remained the top exporter for November 2023 in the country with a 29% share followed by Johor (22.6%), Selangor (16.9%), Sarawak (8.3%) and Kuala Lumpur (5.7%), said the Department of Statistics Malaysia (DoSM). However, Penang’s exports for the month recorded a decrease of RM5.4 billion, said chief statistician Datuk Seri Mohd Uzir Mahidin. He said other states that recorded lower exports were Selangor (-RM2.4 billion), Sarawak (-RM1.6 billion), Terengganu (-RM869.1 million), Malacca (-RM755.1 million), Labuan (-RM704.8 million), Pahang (-RM308 million), Negri Sembilan (-RM164.2 million), Perlis (-RM29.9 million) and Kuala Lumpur (-RM9.9 million). Conversely, exports grew in Johor by RM3 billion, Kedah (RM929.2 million), Perak (RM540.8 million), Sabah (RM472.3 million) and Kelantan (RM18.6 million), he said in a statement yesterday. According to the department’s ExportImport Statistics by State November 2023 report, Malaysia’s total trade for November 2023 amounted to RM231.8 billion, with exports and imports recorded at RM122.1 billion and RM109.7 billion, respectively. The country’s exports eased by RM7.6 billion (-5.9%) compared with the same month a year ago. Meanwhile, looking at the performance of imports by state, Mohd Uzir said imports grew RM1.8 billion (1.7%) as compared to the same month in 2022. “The increase in imports was attributed to higher imports in most states such as Kuala Lumpur (RM2.7 billion), Negri Sembilan (RM1.4 billion), Pahang (RM1.1 billion), Sabah (RM514.3 million), Selangor (RM492.7 million), Johor (RM197.1 million), Malacca (RM114.4 million) and Terengganu (RM109.4 million). “However, imports decreased in Penang by RM3.9 billion, Labuan (-RM280.2
BIZ & FINANCE BIZ & FINANCE FRIDAY | DEC 29, 2023 22 5G saga – Malaysia decides to adopt dual network model oSecond grid will provide more control and flexibility for telcos to expand their coverage KUALA LUMPUR: The telecommunication sector witnessed some major decisions by the government in 2023, including the shift in implementation of the 5G network from a single wholesale network model to a dual-network model. On May 3, Communications and Digital Minister Fahmi Fadzil announced that the government has decided to implement a dualnetwork once Digital National Bhd’s (DNB) 5G rollout has reached 80% coverage of populated areas (CoPA). DNB is a special purpose vehicle established in 2021 under the Finance Ministry and is now the sole owner of the 5G spectrum network, soon to be operating alongside the second network which is yet to be finalised. As of mid-November 2023, the 5G network coverage in Malaysia has reached 73% of populated areas, with the adoption rate at 9.1% as of September. GlobalData principal analyst Alfie Amir said the second wholesale network will provide more control and flexibility for telecommunication companies (telcos) with their 5G network. “This will also drive wider innovations such as collaboration with preferred partners; leveraging 5G features like network slicing, multi-access edge computing and aligning coverage with business strategy,” he told Bernama. To support the country’s 5G network development, smooth deployment remains the top priority for the mobile network operators (MNOs). Five telcos have agreed to take up equity stakes in DNB. The five MNOs namely CelcomDigi Bhd, Maxis Bhd, Telekom Malaysia Bhd, U Mobile Sdn Bhd and YTL Communications Sdn Bhd have executed their share subscription agreement to take up an accumulative 70% stake in the single wholesale network. Upon a successful due diligence, the telcos will inject RM233 million each to acquire a 14% stake. The government, through the Minister of Finance (Incorporated) (MoF Inc) will retain the remaining 30% and hold a Special Share. In June, CelcomDigi officially commenced its full-scale programme to build a future digital network by integrating and modernising the largest 4G network in Malaysia with the latest long-term evolution (LTE) and 5G-ready technologies. The programme includes consolidating the respective 12,000 sites from Celcom and Digi into a single largest network deployment of Mercury Securities posts credible results, declares maiden interim dividend of 0.5 sen KUALA LUMPUR: Mercury Securities Group Bhd (MSG), reported revenue of RM8.71 million for the fourth quarter ended Oct 31, 2023 (Q4’23), an increase of 19.93% from RM7.26 million in the preceding quarter (Q3’23). In a press release, MSG said its stockbroking segment contributed RM6.35 million, while the corporate finance segment added RM2.36 million, reflecting the group’s multichannel revenue stream. MSG’s gross profit margin stood at 57.93% for Q4’23. Profit before tax (PBT) for the cumulative quarters reached RM12.46 million, after fully charging the one-off non-recurring listing expenses of RM3.93 million. Excluding this one-off non-recurring listing expenses of RM3.93 million, the group performed creditably with PBT for the current quarter of RM4.6 million and RM16.39 million for the full financial year. The directors of the group declared a maiden interim dividend of 0.5 sen per share based on the entitlement date of Jan 12, 2024 whilst the payment date has been fixed on Feb 2, 2024. MSG said, ”Our credible performance this quarter, evidenced by a meaningful increase in revenue and a healthy gross profit margin, demonstrates the effectiveness of our business strategies. These results underscore our resilience and our all-round proficiency in a mixed market environment. We are particularly proud of our team’s efforts in achieving these results and remain focused on sustaining this growth trajectory.” Looking ahead, MSG said it was committed to drive revenue growth and optimising operating costs. Key initiatives include expanding its share margin financing portfolio, enhancing its online trading platform with algorithmic capabilities to increase market share, enlarging its proprietary trading teams and adding corporate finance personnel to further expand the corporate finance division. Alliance Bank offers flood relief aid KUALA LUMPUR: Alliance Bank Malaysia Bhd (ABMB) yesterday announced a flood relief assistance programme to help ease some of the financial burdens faced by customers impacted by the recent floods. These comprise options of a loan moratorium of up to six months, loan repayment modifications, and waivers of fee and charges for customers and businesses that have been affected by the flood situation in several states nationwide. “We understand the emotional and financial strain on the families and businesses impacted by the flood. We hope the flood relief assistance will help ease some of their financial worries. Affected customers can contact us to discuss the relief package that meets their needs,” said ABMB group CEO Kellee Kam. The bank is also assisting its employees affected by the flood to help them through this trying time. The flood relief assistance is open for application with immediate effect until Jan 26, 2024. It offers payment relief on all conventional loans and Islamic financing facilities. The bank will also waive fees and charges for selected services such as replacement of debit card, ATM cards, cheque books and passbooks lost or damaged during the flood. To find out more about the flood relief assistance programme, affected customers may contact the bank’s customer service at 03-5516 9988 (consumer banking) or 1300-80-3388 (business banking). Alternatively, customers may contact their relationship managers directly. As of midNovember 2023, 5G network coverage in Malaysia has reached 73% of populated areas, with the adoption rate at 9.1% as of September. – BERNAMAPIX 18,000 sites following their successful merger back in December 2022. CelcomDigi CEO Datuk Idham Nawawi expects the company’s integration exercise to reach 30% by the end of this year, a further 40% next year and the remaining 30% in the third year. Alfie said CelcomDigi Bhd as the new market leader, has greater control of the market such as higher pricing power, stronger brand, economies of scale and wider distribution level. “This will also drive other players to drive wider initiatives such as operational efficiency, service experience, product innovation and customer experience to close the gap with CelcomDigi. “Nevertheless, the integration between Celcom and Digi could also lead to issues such as customer experience, service disruption, redundancies, and brand confusion,“ he added. GlobalData forecast that the overall telecommunications market in Malaysia – both enterprise and consumer segment – is maturing and is expected to grow at only 2.6% yearon-year (y-o-y) in 2024 to RM32.4 billion. Alfie noted that between the mobile and fixed sectors, mobile services would increase by 3.4% y-o-y in 2024 to RM23.9 billion driven by the growth in data and IoT revenues but cushioned by the decline in legacy voice and messaging services. He added that 5G adoption would grow and account for 12% of the total mobile users by the end of 2024, while fixed services would remain flat at RM8.5 billion with only 0.5% y-o-y growth next year. “The strong growth of broadband services (7.1% y-o-y) driven by higher bandwidth and wider adoption would be offset by the continuous decline of traditional fixed voice services,” said Alfie. In a move to ensure more people can enjoy and experience 5G connectivity, the government had on Aug 29 launched the 5G Rahmah package as well as the Civil Servant Rahmah postpaid package. The packages and incentives were a result of the Madani government’s effort in collaboration with five major MNOs as well as phone manufacturing companies namely Samsung Malaysia Electronics and Honor Malaysia.
BIZ & FINANCE BIZ & FINANCE FRIDAY | DEC 29, 2023 23 Master Tec aims to raise RM61.66 million from IPO PETALING JAYA: Master Tec Group Bhd, a manufacturer of wires and cables, aims to raise RM61.66 million through its initial public offering (IPO) on the ACE Market. Executive director and CEO Tee Kok Hwa said two-thirds of the proceeds will be allocated for the construction of two manufacturing plants in Alor Gajah, Malacca, and the purchase of new machinery and equipment for expansion into the manufacture of medium voltage (MV) power cables. “With the two new plants, we aim to increase our annual production capacity by 3,600 tonnes of MV power cables per year, in addition to the existing cumulative production capacity of up to 9,500 tonnes of copper-cored and aluminium-cored wires and cables per year. We target to commence the newly added production of MV power cables by the fourth quarter of 2024,” he said at the prospectus launch yesterday. He added, “With the commencement of our new factories and increase in production capacity, we will be positioned to serve a wider range of customers which we are confident will translate into the delivery of a better financial performance for the From left: Master Tec directors Hooi Lian Jye and Yee Ying Sung; Tee; managing director Datuk Lau Kim San; SJ Securities Sdn Bhd managing director and CEO Datuk Ahmad Azman; capital markets adviser Datuk Wan Asmadi; head of corporate finance David Chan Tze Kwang; and executive director of operations Annie Lee Mui Mui at the prospectus launch. oBulk of proceeds to fund building of two factories, expansion into medium-voltage power cable production █ BYHAYATUN RAZAK [email protected] company.” The RM61.66 million IPO proceeds will be allocated as follows: 27.22% for new medium voltage power cable manufacturing plants (RM16.78 million), 39.55% for new machinery and equipment purchases (RM24.39 million), 26.42% for general working capital (RM16.29 million), and 6.81% for estimated listing expenses (RM4.2 million). Master Tec’s IPO entails the public offering of 285.6 million ordinary shares, comprising a public issue of 158.1 million new shares and an offer for sale of 127.5 million existing shares which collectively represent 28% of the group’s enlarged issued share capital of 1.02 billion ordinary shares. Based on the enlarged share capital of 1.02 billion ordinary shares and IPO price of RM0.39 per share, Master Tec is expected to have an indicative market capitalisation of RM397.8 million. SJ Securities Sdn Bhd is Master Tec’s principal adviser, sponsor, sole underwriter and sole placement agent for the group’s IPO and listing exercise. Master Tec is primarily involved in the manufacturing and distribution of a wide range of lowvoltage power cables, control and instrumentation cables and solar direct current power cables under its “Mastertec” trademark since 2009. The group is also involved in the trading and distribution of a wide range of MV power cables and fibre optic cables to cater to various enduser markets. In 2022, it held a market share of about 3.57% in Malaysia. All three of its manufacturing plants are located in Alor Gajah. The group has an accumulated capacity to produce up to 9,500 tonnes of wires and cables annually – 4,000 tonnes of copper-cored wires and cables and 5,500 tonnes of aluminium-cored wires and cables. Its wires and cables are used in sectors including power utilities, renewable energy, property development and construction, oil and gas, infrastructures, public transport, manufacturing, industrial, electrical and electronics and telecommunications. It is the supplier of power cables to utilities Tenaga Nasional Bhd, Sarawak Energy and Sabah Electricity Sdn Bhd . Based on the IPO prospectus, Master Tec registered a slightly lower revenue of RM138.039 million for the six-month financial period ended June 30, 2023 (FPE 2023) compared with RM169.705 million in the previous year’s corresponding period. However, profit after tax increased by 65% year-on-year, from FPE 2022’s PAT of RM8.240 million to RM13.632 million in FPE 2023. Master Tec is scheduled to list on the ACE Market on Jan 29, 2024. Wentel Engineering inks underwriting deal with TA Securities PETALING JAYA: Wentel Engineering Holdings Bhd has inked an underwriting agreement with TA Securities Holdings Bhd for the company’s initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities. In a statement yesterday, the company said the IPO entailed an offering of 273.2 million new ordinary shares and an offer for sale of 46 million existing ordinary shares. “Of the 273.2 million public issue shares, 57.5 million public issue shares will be made available to the Malaysian public via balloting, and 33 million public issue shares to eligible directors, employees and persons who have contributed to the success of Wentel Engineering and its subsidiaries. “About 38.95 million public issue shares will be allocated by way of private placements to selected investors and the remaining 143.75 million public issue shares are allocated for bumiputra investors approved by the Ministry of Investment, Trade and Industry,“ Wentel Engineering said. According to the agreement, TA Securities would underwrite 57.5 million public issue shares, namely the portion made available to the Malaysian public via balloting. Wentel Engineering executive director Wong Chun Wei said the IPO would provide funding for the company’s expansion and enable the public to participate in its future growth. “Our focus is to establish the new manufacturing plant as well as purchase new machinery and equipment to address opportunities in Malaysia and Singapore, targeting existing and new customers,“ he added. He said the company will continue to leverage its core competencies and strengths in the fabrication of semi-finished metal products, metal parts and assembly of finished products to grow its business. M’sian consumers remain positive on economic outlook: UOB study PETALING JAYA: Malaysian consumers remain positive about the economic outlook and are focused on securing their long-term financial health through savings, investments and insurance, according to UOB’s flagship Asean Consumer Sentiment Study (ACSS) 2023. The study found that Malaysian consumers are more optimistic about the economic situation than their counterparts in other parts of the Asean region, with about two in three respondents expecting themselves to be financially better off by June next year. Although three in four respondents feel Malaysia will likely face an economic downturn within the next six to 12 months, this downcast sentiment has softened compared with last year. “With this optimism, about 30% of Malaysian consumers plan to increase their allocation for savings, investment and insurance,” it said. UOB said spending on insurance tops the Baby Boomers’ list while Gen Z and Y are more focused on increasing their savings. “Gen X, on the other hand, prioritise their investments,” it said. On daily concerns and spending habits, three out of four Malaysian consumers surveyed are increasingly more concerned about their finances, specifically due to rising inflation, increased household expenses and a decline in savings holdings. About 37% surveyed indicated they have increased spending on essentials such as groceries with another 35% have spent more on utilities. Consequentially, Malaysian consumers are most worried about having the ability to set aside money for saving (34%), ability to afford essential items (30%) and ability to maintain current lifestyles (26%). “Separately, on discretionary spending, consumers are cutting back spending on jewellery (36%), vacation (35%) and dining out (34%),” UOB said. Malaysian consumers have a strong preference to adopt digital banking channels with 54% considering mobile banking apps as the most trusted banking channel followed by internet banking through web browsers (43%). “This correlates to the increase in usage of mobile banking apps by 44% and internet banking by 34%. “One in three Malaysians surveyed prefer to apply for simple products (38%) such as purchasing insurance (32%) and investment products (36%) online,” it said. In its fourth year, ACSS is UOB’s regional flagship study analysing consumer trends and sentiments in Singapore, Malaysia, Thailand, Indonesia and Vietnam. This year’s study was conducted from June 1 to 26 and surveyed 3,400 respondents online across the five countries, including 600 in Malaysia. AWC completes acquisition of Stream Group, Premium Patents PETALING JAYA: AWC Bhd has completed the acquisition of Stream Group Sdn Bhd and 51% equity interest in Premium Patents Sdn Bhd following the payment of the balance sum amounting to RM99 million to the vendors in accordance with the share sale agreement. Stream Group, which owns the remaining 49% equity interest in Premium Patents, will now become a wholly owned subsidiary of AWC. In a statement, AWC group CEO and president Datuk Ahmad Kabeer said the acquisitions, with a total purchase consideration of RM110 million, are a strategic move to form the foundation of the company’s multi-year growth strategy. “AWC is excited about the opportunities it brings to enhance and strengthen market position in the Automated Waste Collection System (AWCS) space. “Notably, the addition of Stream Group as a wholly owned subsidiary gives us the impetus to put our efforts and financial resources behind Stream Group as we provide the necessary support for them to venture into new markets like Indonesia and the Kingdom of Saudi Arabia where we expect to replicate the large-scale adoption of Stream Group’s AWCS like in Al Raha Beach, Abu Dhabi,” he said. Kabeer said the company has also exercised the call option for the remaining stake in Trackworks and Supplies, completing the acquisition and further solidifying AWC’s commitment to expand capabilities and service offerings in the rail sector. “With our support and the opportunities that abound, I am confident that Stream Group and Trackworks and Supplies will positively contribute to our growth in the near term,” he added. Stream Group is an engineering company specialising in the design and installation of AWCS with presence in Malaysia, Singapore, China, the United Arab Emirates, Qatar, Australia and India. As at July 1, 2023, Stream Group had an outstanding order book of about RM132.36 million and a tender book of about RM107.11 million. Premium Patents is principally involved in registering industrial methods, systems or processes patents and trademarks worldwide and licensing activities. The proprietary “WasteStream Shuttle” system will be a unique selling point. The system can reduce the energy cost of AWCS by abut 70%.
BIZ & FINANCE BIZ & FINANCE FRIDAY | DEC 29, 2023 24 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper TOKYO: Toyota Motor’s small-car unit Daihatsu Motor said yesterday it would compensate lower-tier contractors in its supply chain to cushion the blow from an indefinite production stoppage after revelations last week of a wider safety scandal. Daihatsu, which had already announced plans to compensate 423 direct suppliers, has said it would keep production halted in Japan at least until the end of January while authorities investigate it for safetyinspection irregularities. Production was stopped at all of its factories in Japan this week. Daihatsu says it has more than 4,000 companies in its supply chain that are linked to its production and more than 1,000 other firms are associated in other ways. A Daihatsu executive yesterday declined to provide an estimate on how much the more than onemonth production stoppage and supplier compensation would cost the company. “We fully understand that suspending the company’s business and providing compensation will cost a considerable amount of money,” Keita Ide, an executive manager at the company told reporters. “However, it is difficult to accurately calculate the impact at this point as it is unclear how long this period will last.” Daihatsu has held two meetings, each attended by more than 300 direct contractors, over the scandal’s fallout so far. Toyota’s chief communications officer Jun Nagata said the company would fully support its wholly owned unit, including with loans already prepared for dealer and supplier compensation if Daihatsu requested such help. “We’ll fully back them up in the event of a lack of funds,” Nagata said. Daihatsu wants to keep open various options for dealing with the cost of the stoppage and the wider fallout of the scandal, including possible bank loans, said Ide from the company’s corporate management group. Daihatsu is already consulting with financial institutions, he said. – Reuters China smartphone maker Xiaomi unveils its first EV oCompany aspires to become one of world’s top five automakers BEIJING: Chinese smartphone maker Xiaomi took the wraps off its first electric vehicle yesterday and promptly announced it was aiming to become one of world’s top five automakers. The sedan, dubbed the SU7, is a highly anticipated model that is expected to make the most of its shared operating system with the company’s popular phones. But the car is making its debut at a time when the world’s largest auto market is wrestling with a capacity glut and slowing demand that have stoked a bruising price war. That did not stop Xiaomi chief executive Lei Jun outlining big ambitions that include building “a dream car comparable to Porsche and Tesla”. “By working hard over the next 15 to 20 years, we will become one of the world’s top five automakers, striving to lift China’s overall automobile industry,” Lei said at the event. Like several other tech firms, Xiaomi has been seeking to Lei speaking at the event on the company’s first electric vehicle in Beijing yesterday. – REUTERSPIC Daihatsu to compensate lower-tier suppliers Vietnam central bank ready to tackle soaring local gold prices HANOI: Vietnam’s central bank said yesterday it stood ready to intervene in the local gold market as soaring domestic prices of the metal prompted a rebuke from the country’s prime minister. The price of gold in the Southeast Asian country has gained nearly 20% since the beginning of the year, reaching a peak of 80 million dong (US$3,292.86/RM15,176) per tael on Tuesday. The State Bank of Vietnam (SBV), the country’s central bank, said both bid and ask prices were rising but the gold bar market was not seeing abnormal fluctuations. “It was because domestic prices were following global cues but at a bigger pace,” the SBV said in a statement, adding it “stands ready to intervene to stabilise the prices”. The SBV also warned people to be cautious with gold transactions amid the “complex and unpredictable market”. Earlier yesterday, Prime Minister Pham Minh Chinh said the high prices had negatively impacted market sentiment and ordered the central bank to tackle the issue more effectively. “The State Bank has to have healthy, effective solutions to stabilise the market,” he said in a statement. One Hanoi-based stockbroker said many of his clients were withdrawing money from bank accounts to invest in the safe haven that is gold. “Stock market is gloomy, so is real estate market while deposit rates are exceptionally low. Therefore many are turning to gold as a safer bet,” he said. – Reuters B R I E F STHAILAND’S HOUSEHOLD DEBT-TO-GDP RATIO RISES TO 90.9% AT END OF Q3 BANGKOK: Thailand’s ratio of household debt to gross domestic product rose slightly to 90.9% at the end of the third quarter from a revised 90.8% in the previous quarter, central bank data showed yesterday. The amount of debt increased to 16.2 trillion baht (RM2.1 trillion) at the end of September from 16.1 trillion baht at the end of June. Other data showed Thailand’s private consumption and investment grew in November but exports increased less than in October leading to a current account deficit. The country recorded a current account deficit of US$1.2 billion (RM5.5 billion) in November, after a surplus of US$700 million the previous month. – Reuters S. KOREA REASSURES MARKETS AFTER BUILDER PLANS DEBT REVAMP SEOUL: Taeyoung Engineering & Construction, a mid-sized South Korean builder, said yesterday it planned to restructure its debt and authorities quickly announced they were working to ensure its troubles did not spill over into financial markets. The country’s 16th largest builder has 4.58 trillion won (RM16.4 billion) in debt including project financing loans, which is less than 1% of assets held by local financial institutions, the Financial Services Commission said in a statement. “We see limited impact on financial markets as the issue was already known and as the market situation is stable, but the government plans to significantly beef up contingency measures to make sure any negative sentiment doesn’t lead to increased volatility,” it said. – Reuters diversify beyond its core business to EVs – a plan it first flagged in 2021. It has pledged to invest US$10 billion (RM46 billion) in autos over a decade and is one of the few new players in China’s EV market as authorities have been reluctant to add to the supply glut. At the launch event in Beijing, Lei said the autonomous driving capabilities of Xiaomi cars would be at the forefront of the industry. The Xiaomi-branded cars will be produced by a unit of stateowned automaker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles. – Reuters TOKYO: Japan’s factory output declined in November, weighed by falls in autos production and clouding the outlook for the export-reliant economy. Industrial production fell 0.9% in November from the previous month, data from the Ministry of Economy, Trade and Industry (Meti) showed yesterday. The reading was better than the median market forecast for a 1.6% drop. Motor vehicle production, which has underpinned industrial output, fell 2.5% in November from the prior month due to slowdowns in the manufacturing of small cars and engines, a ministry official said. Output of electrical machinery and information and communication electronics equipment also fell 3.5%, due to sluggish demand in semiconductor and integrated-circuit testing equipment, the official said. Manufacturers surveyed by the industry ministry expect seasonally adjusted output to increase 6.0% in December and decline 7.2% in January. Meti maintained its assessment of industrial output as “seesawing”. “We’ll continue to monitor the impact of the global economic downturn and rising prices,” the official said. Furthermore, a production halt at Toyota Motor’s small car-unit Daihatsu due to safety scandal is expected to add downward pressure on output from January onward, the Meti official said. Regarding the outlook on semiconductor production, the Meti official expected a gradual recovery. Separate data showed Japanese retail sales expanded 5.3% in November from a year earlier. That was roughly in line with the median market forecast for a 5% gain. Compared with the previous month, retail sales grew 1.0% in November, following a 1.7% decline in October, the data showed. Outside of Japan, South Korea’s November factory output posted the fastest gain since May 2022 on soaring chip production, official data showed yesterday. The industrial output index increased 5.3% in November from a year earlier, according to Statistics Korea. From a month earlier, the index gained 3.3%. In Thailand, the manufacturing production index in November dropped 4.71% from a year earlier, the industry ministry said yesterday. It followed October’s 4.31% revised decline. – Reuters Japan November factory output falls on weaker auto production
SPORTS SPORTS FRIDAY | DEC 29, 2023 31 TOTTENHAM HOTSPUR’S Son Heung-min was named in South Korea’s Asian Cup squad yesterday and coach Jurgen Klinsmann said it was “about time” they ended their 64-year continental title drought. Wolves forward Hwang Hee-chan, who scored his 10th Premier League goal of the season against Brentford on Wednesday, was also among Klinsmann’s 26-man selection for the tournament, which kicks off in Qatar on Jan 12. Son will captain a squad that includes Bayern Munich defender Kim Min-jae and 22-year-old Paris Saint-Germain attacking midfielder Lee Kang-in. South Korea have been drawn in Group E and will face Malaysia, Jordan and Bahrain in the first round. They lost 1-0 to eventual champions Qatar in the quarterfinals of the 2019 Asian Cup in the United Arab Emirates. Klinsmann, a World Cup winner with Germany in 1990, will have one of the strongest squads in the tournament in Qatar and he said he could “see it in their eyes that they are hungry for it”. “A competition like this is about timing,“ said Klinsmann, whose team will face Bahrain in their group stage opener on Jan 15 before taking on Jordan and Malaysia. “You want your players to peak exactly at this time, when this tournament happens. “I have a good feeling because they’re doing well at their clubs,” he said. “They’re healthy, they’re fit, they’re ambitious and they’re very hungry. This is the foundation for playing a good tournament. Son will be appearing at his fourth Asian Cup and was part of the South Korea team that lost to hosts Australia in the 2015 final. Lee is also making a splash after moving to Paris from Mallorca in the summer, and Klinsmann described him as “a flower that starts to bloom”. “We have a lot of different pieces in that roster and that makes us one of the favourites for the Asian Cup,” said Klinsmann. “We have to fine tune these elements over the next couple of weeks and then go into the tournament with confidence. “Once the tournament starts it all needs to fall into place and you need a little bit of luck too. “It’s 64 years, and 64 years is a long time for Korea, so it’s about time we get this done.” – AFP/Reuters ‘I’m very excited’ Morales never expected to represent Malaysia in Doha Son ‘ready’ to win Asian Cup ENGLISH PREMIER LEAGUE: Brentford 1 (Wissa 16) Wolves 4 (Lemina 13, Hwang 14, 28, Bellegarde 79), Chelsea 2 (Mudryk 13, Madueke 89-pen) Crystal Palace 1 (Olise 45+1), Everton 1 (Harrison 29) Manchester City 3 (Foden 53, Alvarez 64- pen, Silva 86). P W D L F A Pts Liverpool 19 12 6 1 39 16 42 Arsenal 18 12 4 2 36 16 40 Aston Villa 19 12 3 4 40 25 39 Man City 18 11 4 3 43 21 37 Tottenham 18 11 3 4 37 24 36 Man Utd 19 10 1 8 21 25 31 West Ham 18 9 3 6 31 30 30 Newcastle 19 9 2 8 37 25 29 Brighton 18 7 6 5 34 31 27 Chelsea 19 7 4 8 31 29 25 Wolves 19 7 4 8 27 31 25 Bournemouth 18 7 4 7 27 32 25 Fulham 19 6 3 10 26 34 21 Brentford 18 5 4 9 25 28 19 Crystal Palace 19 4 6 9 19 28 18 Nottm Forest 19 4 5 10 22 34 17 Everton 19 8 2 9 24 25 16 Luton 18 4 3 11 21 34 15 Burnley 19 3 2 14 18 38 11 Sheff Utd 19 2 3 14 15 47 9 RESULTS & STANDINGS TOUCHLINES NEWCASTLE UNITED are confident they can agree a deal to sign England midfielder Kalvin Phillips from Manchester City but face competition from Juventus, Everton and Crystal Palace for the 28-year-old. PORTUGAL midfielder Joao Neves, 19, who has been linked with a move to Manchester United, is in talks over a new contract at Benfica that could see his release clause increased from €120m (RM615m) to €150m (RM769m). UNITED are also being linked with 25- year-old Sweden striker Viktor Gyokeres from Benfica’s rivals Sporting Lisbon. LIVERPOOL have asked Fulham about the availability of United States international Antonee Robinson, 26, as they look to sign a leftback in the January transfer window. TOTTENHAM have told 29-year-old England defender Eric Dier, Denmark midfielder Pierre-Emile Hojbjerg, 28, and French keeper Hugo Lloris, 37, they can leave the club in January. SEVILLA and Tottenham Hotspur are both set to bid for Ajax’s Belgian midfielder Stanis Idumbo Muzambo, 18, who has turned down a new offer from the Dutch club. FRANCE forward Antoine Griezmann, 32, says Atletico Madrid will be his last club in Europe and he would be interested in finishing his career in the United States. AC MILAN are set to recall 24-year-old Italian centreback Matteo Gabbia from his loan with Villarreal next week. Malaysia Open eyeing qualifier status for prestigious British Open THE US$1 million (RM4.6 million) Malaysian Open golf tournament is set to return after a three-year hiatus, with the 2024 edition hoping to be accepted as one of the qualifying tournaments for the prestigious British Open (The Open) 2024. If successful, it will surely elevate the status of the Malaysian Open, which was not held for the last three years due to the Covid-19 pandemic, and draw the attention of prominent golfers when it tees off under the Asian Tour at the Mines Resort and Golf Club here from Feb 15-18. Malaysian Golf Association (MGA) president Tan Sri Mohd Anwar Mohd Nor said they have applied to the organiser of The Open, the Royal & Ancient (R&A) Golf Club of St Andrews in the United Kingdom, to get the qualifier status. “We are still waiting for confirmation from the R&A… the announcement (will come) from the Asian Tour Commissioner. “If the R&A confirms that the top two or three players will qualify for The Open, I am sure many top golfers will come to play (in the Malaysian Open),” he said during the tournament press conference yesterday. The 152nd edition of the world’s oldest golf tournament – The Open – is scheduled to be held at the Royal Troon Golf Club in Scotland from July 18-21. Founded in 1860, The Open offered a whopping US$16.5m (RM76m) prize purse for the 2023 edition and is one of the world’s four majors in men’s golf. Meanwhile, Mohd Anwar said about 25 to 28 Malaysian golfers, including four amateurs, will get a chance to tee off in the Malaysian Open, which was last held in March 2020 at the Kota Permai Golf and Country Club, Shah Alam, after which the Covid-19 outbreak put a pause to the global sporting scene. He said popular national golfers Gavin Green, Shahriffuddin Ariffin, Ben Leong and Ervin Chang have all qualified (to play in the Malaysian Open) based on their rankings, while others will be confirmed later based on their rankings in the 2023 Professional Golf of Malaysia (PGM) Tour (known as Toyota Tour). The best-ever achievement by a local golfer since its inception in 1962 was the second-place finish in 1994 by the late P. Gunasegaran, who lost the title to Sweden’s Joachim Haeggman after a thrilling eight-hole playoff. – Bernama File pix of Kuala Lumpur City FC’s Romel Morales (left) in action against Sri Pahang FC’ Mohamad Azwan Mohd Aripin. – BERNAMAPIX REPRESENTING Malaysia has never crossed the mind of Harimau Malaya squad’s newly minted naturalised striker Romel Morales who is among 26 players named by head coach Kim Pan Gon for the 2023 Asian Cup in Doha, Qatar next month. The 26-year-old Colombia-born said he arrived in Malaysia six years ago with many dreams but never expected the opportunity to don the Malaysian jersey, especially ahead for the Asian Cup. According to the Kuala Lumpur (KL) City FC player, he was grateful to be called up by Pan Gon and is determined to help the team achieve good results in Doha. “I’m very excited about this great opportunity, this is a new challenge in my career, six years ago I arrived in Malaysia with so many dreams but I never expected something like this, this is great and I’m so grateful for this. “I just want to give my best to help the team and continue doing a great job,” he said when met at the national team’s training session at Wisma FAM in Kelana Jaya yesterday. Commenting further, Morales said that Malaysia is a special country for him and he did not hesitate to accept the invitation to join the Harimau Malaya squad. “I feel I’m part of this country because I have already experienced so many things here… this is a special country for me, when I got this opportunity I didn’t think long to take it,” he said. Morales started his career in Malaysia with PKNS FC and featured in the 2018 Super League season before joining KL City to lift the Malaysia Cup in 2021 as well as emerging as runner-up in the 2022 Asian Football Confederation (AFC Cup). Meanwhile, goalkeeper Sikh Izhan Nazrel Sikh Azman also thanked Pan Gon for retaining him and he remains committed and determined to serve the country and gain as much experience as possible in Doha. The Negeri Sembilan FC player, who is among youngsters in the squad, said there was no pressure on his side since Ahmad Syihan Hazmi Mohamed remains the first choice goalkeeper for the Doha outing. “This is the best opportunity for me to gain experience but I must be well prepared to seize such an opportunity, just in case anything happens to the first choice goalkeeper,” said the 21-year-old player. – Bernama
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] -Story on page 30 SCAN ME FRIDAY | DEC 29, 2023 or download app from the App Store or Google PlayTM . www.thesun.my Free access to iPaper PDF Download SCAN ME Malaysian Paper Read iPaper at Malaysian Paper Malaysian Paper Man City’s Phil Foden (2nd right) shoots at goal during the English Premier League match against Everton at Goodison Park yesterday. – REUTERSPIX Nadal’s last hurrah Noni spot on for Blues MANCHESTER CITY manager Pep Guardiola believes their 3-1 victory in a “massive” game at Everton will serve as a reminder to their rivals not to write them off. City arrived back from Saudi Arabia as Club World Cup winners looking to correct a record which had seen them win just once in six Premier League matches and drop off the pace in the title race. But while they were away, results went in their favour which meant winning their two matches in hand on Liverpool would reduce the deficit at the top to just two points, and the first of those was achieved after they recovered from former winger Jack Harrison’s opener with goals from Phil Foden, Julian Alvarez – from the penalty spot – and Bernardo Silva. “Really, really important. It was a massive game for us, coming from Saudi Arabia,” said Guardiola. “We were really pleased with how we reacted and it proved again how special this group of players is and the mentality that we have in our bones. “We want to be there. I know we are not top of the league, (but) a lot of things are going to happen. “I never saw a Premier League where every game the teams down low and mid-table can beat everyone. There will be a lot of surprises and the thing is to be there.” Guardiola said the Club World Cup was not only a distraction, but also helped refocus the players’ minds. “I remember on the plane coming back from Saudi Arabia I listened to the players when they didn’t know I was listening and they started to talk about Everton,” he added. “I said ‘wow, this is my team’. I have the feeling they still want to try. “We play many games this season and people say we are not the same. We have lost one of the last 13 (not including the Club World Cup). We don’t talk enough about how good we are.” The only downside to the game was an ankle problem for John Stones, who left the stadium wearing a protective boot, on only his fifth Premier League start of a season already significantly affected by injury. “Hopefully the damage isn’t big and he can come back soon,” said the City boss, who is also hopeful Erling Haaland and midfielder Kevin De Bruyne will be available soon. Haaland has missed six matches with a foot problem while De Bruyne has not played since August because of a hamstring injury. “He (Haaland) is training alone and getting better, it’s a question of when the pain will disappear,” he said. “He’s not a skinny guy like Phil Foden, he’s huge and tall so it is more difficult sometimes. “Kevin is close, but he had fatigue yesterday and we have to be careful. If you don’t handle the timings good you can get injured again. “I’d love for him to play the next game or Huddersfield (in the FA Cup), but what is important is keeping him fit for a long time, not for one game or another.” Everton manager Sean Dyche was frustrated by the award of the penalty for handball against Amadou Onana that allowed City to take the lead through Alvarez, but did not use it as an excuse. “I don’t have a clue. No-one does. Is that deliberate? Of course not. I don’t know where you are supposed to put your hands,” he said. “If he deliberately did that he must be some keeper. His reactions were cat-like. I’ve never seen anything like it. “But they are still a top side. We know they make chances and you have to try to stop those, which we didn’t do.” – The Independent █ BY CARL MARKHAM Guardiola hails City’s comeback victory over Everton Massive win -Story on page 28