The Edge - 21 June 2022

tuesday, june 21, 2022 w w w. t h e e d g e m a r k e t s. c o m

Issue 396/2022

ceoMorningBrief

WORST YET TO COME FOR FOOD INFLATION IN ASIA,
NOMURA WARNS p19

TUESDAY, JUNE 21, 2022 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 396/2022

CEOMorningBrief
HOME: Deep sell-off in Malaysian bonds after brief respite — RAM p4
Palm oil sinks further into bear market as more losses expected p8
Husni did not address clause that empowered Najib in 1MDB,
while Irwan said not to do anything – witness p10

WORLD: It took a record US$81 bil bond buy for BOJ to restore calm p20
Mounting crypto liquidations make DeFi go to extremes p26

MoF: No SST waiver
extension but cars

booked by June 30 and
registered by March 2023

still exempted

Report on Page 2.

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KUALA LUMPUR (June 20):The deadline MoF: No SST tax exemption on imported passenger vehicles
for the passenger vehicle sales tax exemption waiver extension but or completely built-up (CBU) from June 15,
remains on June 30,2022,announced the Min- 2020, and will end on June 30, 2022.
istry of Finance (MoF) on Monday (June 20). cars booked by
June 30 and This was to maintain and increase the mo-
Finance MinisterTengku Datuk Seri Za- mentum of demand and sales of passenger
frulTengku Abdul Aziz, however, said buyers registered by March vehicles affected by the Covid-19 pandemic.
who make reservations for vehicles until the 2023 still exempted
aforementioned date (June 30) will continue To date, a total of 868,422 vehicles have
to enjoy the sales tax exemption incentives by Shazni Ong been sold and citizens have benefited from the
after the registration period of the vehicles theedgemarkets.com sales tax exemption amounting to RM4.7 bil-
at the Road Transport Department (JPJ) lion, said the finance minister.
that has now been extended until March period is a midpoint solution to balance the
31, 2023. interests of consumers and national tax revenue Prior to the announcement, Tengku Za-
which needs to be re-enhanced post-pandem- frul said last Thursday that the government
In a statement on Monday,Tengku Zafrul ic to ensure the welfare of the people and the — which was studying whether there is a need
explained that a total of 264,000 vehicles economic well-being of the country continue to extend the exemption for the tax it granted
booked during the exemption period have to be preserved,” he said. for the purchase of new vehicles — has lost
not yet completed installation and cannot be RM4.8 billion worth of tax collection to date
supplied to the buyers in the wake of disrup- Tengku Zafrul added the government had from the waiver.
tions to the global supply chain. introduced the full sales tax exemption on pas-
senger vehicles including multi-purpose vehi- He said the tax loss was considered “big”
According to Tengku Zafrul, in line with cles (MPVs) and sport utility vehicles (SUVs) and was money that the government could
the opening of the economy, the automotive which are locally assembled and a 50% sales have used to help the rakyat in the current
sector has returned to operations but at the challenging economic situation.
same time, the whole world is also facing a
shortage of semiconductor microchips which The exemption, first granted for six months
are widely used across several industries, in- in June 2020 to mitigate the effects of the first
cluding the automotive industry. movement control order, had been extended
twice to June 30, 2021 and then Dec 31, 2021.
“The extension of the vehicle registration
Automotive players previously appealed to
the government to again extend the exemption.

MAA: Total vehicle sales declined for second consecutive month in May

by Ahmad Naqib Idris Total vehicle sales by month
theedgemarkets.com
80000 Total sales (units)
KUALA LUMPUR (June 20):Vehicle sales 70000
in May declined for the second consecutive 47,204
month, as carmakers continued to be af- 60000 1,921
fected by the shortages of chips and com-
ponents, bringing total sales for the month 50000 7,086
down 12% to 49,603, from 56,213 in April. 17,500
40000 44,275
In a statement, the Malaysian Automo- 63,489
tive Association (MAA) attributed the fall 30000 58,742
to shortages of chips and components, as 65,184
well as logistics disruptions. It was also a 20000 40,581
short working month due to the Hari Raya 43,722
festive holidays, MAA added. 10000 73,222
56,213
On a year-on-year (y-o-y) basis, sales of 49,603
passenger vehicles increased 3% to 43,710 0
units from 42,515, while sales of commercial May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May
vehicles increased 2.6% to 5,893 from 4,692.
2021 2022
Year-to-date (YTD), sales of passenger ve-
hicles stood at 234,115 units,up 5% from 221, Source: MAA
964 units a year earlier,while sales of commer-
cial vehicles rose 25% to 31,541 from 25,286. Overall, total YTD sales increased 7% sales tax exemption incentive for consumers
y-o-y to 265,656 units.The nation saw a 16% to buy passenger vehicles, which will expire
increase in total vehicle production for the by end-June, and aggressive sales push by
month to 49,154 units from 42,536 a year car companies.
earlier, while YTD total vehicle production
increased 7% to 258,048 from 241,012. However, the shortages of chips and
components and the supply chain disrup-
Looking ahead, MAA expects better sales in tions will continue to affect some makes,
June 2022 than in May 2022, supported by the it said.

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KUALA LUMPUR (June 20): Malaysian Deep sell-off in monetary policy tightening in the lead-up to
bonds saw a deep sell-off in the first half of Malaysian bonds the policy rate decision sparked a deep sell-
June 2022 after a brief respite in May 2022 after brief respite off in 1H (first half) of June. Investors were
as investors were spooked in early June by an spooked in early June by an acceleration
acceleration in the most-recent US inflation — RAM in the most recent US inflation print, after
print, which led to expectation of more ag- signs of moderation in the previous month.
gressive US interest rate hikes to fight rising by sulhi khalid
consumer prices, according to RAM Rating theedgemarkets.com “The Federal Reserve went ahead with
Services Bhd (RAM Ratings) on Monday. a 75 bps hike in the policy rate on June 15
“Consequently, bond yields on the longer (2022) after signalling a 50 bps increase in
“We expect foreign interest in the ringgit end of the curve fell broadly, with the 10-year its previous guidance, while again lifting its
bond market to remain challenged in the near MGS (Malaysian Government Securities) interest rate projections for the next three
term, given further US rate hikes,” RAM Rat- yield down by 12.8 bps m-o-m as of end-May. years,”Woon said.
ings analystWoon Khai Jhek wrote in a note. The 1-year MGS yield rose 16.5 bps m-o-m
in reaction to the 25 bps hike in the overnight US and Malaysian Goverment bond yields
Woon said Malaysian bonds saw a brief res- policy rate on May 11 (2022),” he said. rose after the US’ 75 bps interest rate hike.
pite in May 2022 during which the securities
registered net foreign buying amounting to “This rally in May was however short- Woon said the 10-year USTreasury se-
about RM500 million (+RM0.5 billion) after lived as growing fears of more aggressive US curities’ yield surged to 3.25% as of Friday
two successive months of net foreign selling. (June 17, 2022) after a 40 bps rise from
end-May 2022.
According to him, foreign investors
bought RM455.3 milllion worth of long- “Likewise, the 10-year MGS yield
and short-term Malaysian government climbed 14 bps to 4.33% over the same
bonds and securities in May 2022. period, completely offsetting the m-o-m
decline in May,” he said.

KUALA LUMPUR (June 20): Foreign Foreign selling of MIDF said that year-to-date, local retail-
selling of Malaysian equities on Bursa Ma- Malaysian equities ers had been net buyers at RM1.53 billion.
laysia accelerated last week to RM511.51
million from RM436.91 million the pri- accelerated to “In terms of participation, foreign in-
or week. RM511.5 mil last vestors, institutional investors and retail
week, says MIDF investors all showed a weekly growth in
In its weekly fund flow report on Mon- average daily trade value at 47.61%, 7.98%
day (June 20), the MIDF Research team by surin murugiah and 3.04% respectively.
said foreign investors were net sellers every theedgemarkets.com
trading day last week except last Tues- “In terms of the sectors, financial servic-
day whereby it recorded a net buying of Weekly net flow of foreign es, industrial products and services and utili-
RM9.38 million. funds into Malaysian equities ties saw the highest net outflow by foreigners
since January 2021 amounting to RM141.6 million, RM105.7
It said the steepest net selling days by million and RM83.9 million respectively.
foreigners were last Monday andWednes- (RM mil) Sept June
day at RM163.2 million and RM146.28 1,400 2021 2022 “The biggest net buying by foreigners was
million respectively. 1,200 in plantation with RM61.8 million,” it said.
1,000
“Local institutions continued to be net Commenting on the global markets,
buyers again at RM288.68 million after 800 MIDF said sell-offs continued to domi-
being net sellers for four consecutive weeks 600 nate the market following the fears of a
since the week ended on May 13. 400 rising risk of recession.
200
“Local retailers also continued to be net “Out of the 16 indices we track (exclud-
buyers at a rate of RM222.85 million,”it said. 0 ing the Nasdaq), the Shanghai Shenzhen
-200 CSI 300 Index stood to be the only ad-
According to MIDF, international funds -400 vancer, closing the week higher by 1.65%.
have been net buyers for 17 out of 24 weeks -600
of 2022, with a total net inflow of RM6.45 -800 “All other indices were in the red with
billion to date. the Nikkei 225 at the bottom of the list
Jan with a 6.69% decline for the week.
The research house said that local in- 2021
stitutions began the week as net buyers at “Meanwhile, the US Dow Jones and
RM99.89 million last Monday, the strong- Sources: Bursa Malaysia statistics, S&P 500 posted declines of 4.79% and
est net buying day before turning as net MIDF Research 5.79% respectively,” it said.
sellers on the following day with net selling
of RM21.13 million. “Their strongest net buying days were The research house said the major event
lastWednesday and Monday to the tune of last week was the decision by the US Fed-
“They continued to be net buyers again RM63.89 million and RM63.31 million re- eral Reserve to raise interest rates by 75
for the rest of the week, starting from last spectively. basis points (bps) to 1.5% to 1.75% as
Wednesday to Friday. predicted by the market.
“Local retailers have been net buyers
“Local institutions have been net sellers for 15 out of 24 weeks of 2022,” it said. “The 75bps hike was the largest rate
for 19 out of 24 weeks this year,” it said. increase since 1994, in line with market
forecast.
MIDF said that to date, they had sold
RM7.98 billion of equities. “We expect the Fed to continue hiking
its policy rate by at least 50bps in the up-
It said local retailers were net buyers coming Federal Open Market Commit-
every day of the week to a total value of tee meetings as inflation has yet to show
RM222.85 million in equities. a moderating trend,” it said.

TUESDAY JUNE 21, 2022 5 THEEDGE CEO MORNING BRIEF

tuesday june 21, 2022 6 TheEdge CEO morning brief

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FBMTop 100 investors recalibrate risks around elevated Maybank sees
slips below 10,000 inflation, potential capital outflows amid hawkish pivots
an aggressive Fed and quantitative tight- among ASEAN
for first time ening (QT), a protracted Russia-Ukraine central banks
since May 2020 war, heightened US-China conflict, and following us Fed
political fluidity amid speculation about
by justin lim the 15th general election (GE15) in the rate hike
theedgemarkets.com second half of 2022 (2H22).
Bernama
FBM 100 index Having said that, the hammer candle-
stick pattern seen last Friday and a steep- KUALA LUMPUR (June 20):
12000 ly oversold market may cushion further Maybank Investment Bank Bhd
11,200.11 slumps in the KLCI, he said, with major (Maybank IB) saw “hawkish” pivots
supports at 1,429-1,445 levels, and resist- among ASEAN central banks after the
11000 ances near 1,483-1,500 levels. US Federal Reserve (Fed) front-loaded
its interest rate hikes and sent the federal
10000 10,006.99 “Hence, the current beleaguered mar- funds rate to a higher level than the last
9000 ket presents a buying opportunity as the interest rate hike cycle’s peak of 2.5%.
positives from reopening will still outweigh
8000 June 20, 2022 in 2H22 to drive economic recovery,” he In a research note on Monday (June
Jan 2, 2020 said in a research note. 20), chief analyst Suhaimi Ilias said
Fed chairman Jerome Powell also in-
Source: Bloomberg Similarly, Oanda’s senior market ana- dicated a 50- to 75-basis-point rate
lyst for Asia Pacific Jeffrey Halley said the hike for the next Federal Open Market
KUALA LUMPUR (June 20):The FTSE Asia Pacific equity market is poised for a Committee meeting on July 26 and 27.
Bursa MalaysiaTop 100 index (FBM 100) corrective bounce following the selldown
dropped below 10,000 on Monday (June last Friday (June 17). He said Bank Negara Malaysia is
20) for the first time since May 2020 amid expected to increase the overnight pol-
a global rout in the stock market, dragged “After such a torrid week last week, a icy rate (OPR) by 25 basis points in
by concerns about the US economy fall- corrective bounce by the equity markets the next Monetary Policy Commit-
ing into recession, which could reverber- cannot be ruled out this week. However, tee meeting from July 5 to 6 after the
ate globally. that may have to wait for another 24 hours 25-basis-point hike in the May 10 to
as US markets are closed today (Mon- 11 meeting.
The index, which comprises the constit- day),” he added.
uents of the FTSE Bursa Malaysia KLCI The analyst said there is also the
and the FTSE Bursa Malaysia Mid 70 In- Nonetheless, Halley expects Asian prospect of another 25-basis-point
dex, opened 18.62 points or 0.18% low- markets to be off to a weak start as re- hike by end-2022 to raise the OPR
er at 10,118.39 on Monday, compared cessionary fears that swept the US last to 2.5% versus the previous view of
with last Friday’s (June 17) closing of Friday continue to weigh on sentiments another 25-basis-point hike later in
10,137.01. in Asia. the second half of 2022 to 2.25%.

The index fell as much as 148.61 points The FBM KLCI closed 15.5 points “We maintain our forecast of the
or 1.47% to an intra-day low of 9,998.4, or 1.06% lower at 1,441.24 — also a lev- OPR reaching 3% in 2023,” he said.
before paring some losses and ending the el it has not seen since May 2020. The
session at 10,021.77 (dropped by 115.24 benchmark index was trading between He said the Bangko Sentral ng
or 1.14%). 1,437.23 and 1,454.4 throughout Mon- Pilipinas (BSP) also signalled interest
day’s session. rate hikes this month and in August
Hong Leong Investment Research tech- 2022, following the 25-basis-point
nical analyst Ng Jun Sheng warned that KLCI-component stocks were over- increase to 2.25% last month, and
the risk-off mood remained, amid lingering whelmingly negative, with 20 losers versus going “data-dependent” afterwards.
worries that a hawkish US Federal Reserve nine gainers, while one closed unchanged.
to combat red-hot inflation may inadvert- “Our BSP’s policy interest rate
ently trigger a US recession, the possibil- Laggards among the KLCI compo- forecasts currently are 2.75% this year
ity of which has already been flagged by nents included MISC Bhd (down 21 sen and 4% next year with upside risk
several economic indicators, such as retail or 2.84% to RM7.18), Malayan Banking of ‘front-loading’ this year given the
sales, housing starts and industrial produc- Bhd (down 23 sen or 2.59% to RM8.65), above-mentioned signal by BSP on its
tion, which pointed to slower economic RHB Bank Bhd (down 15 sen or 2.55% near-term policy rate trajectory,” it said.
activities. to RM5.73),Top Glove Corp Bhd (down
2.5 sen or 2.48% to 98.5 sen) and Press Meanwhile,he said Maybank IB had
He added that Bursa Malaysia may wit- Metal Aluminium Holdings Bhd (down revised its forecast of Bank ofThailand’s
ness further volatility in the short term, as 11 sen or 2.34% to RM4.59). benchmark interest rate, expecting a
50-basis-point hike to 1% by end-2022
Across the Asia-Pacific, South Korea’s and another 50-basis-point increase to
KOSPI was the top loser after it closed 1.5% in 2023 versus a 25-basis-point
2.04% lower, followed by theTaiwan Stock hike this year and 50-basis-point hike
Exchange (-1.75%) and Japan’s Nikkei 225 next year previously.
(-0.74%).

Meanwhile, Shenzhen Composite In-
dex rose 1.27%, while Hong Kong’s Hang
Seng climbed 0.42%.
Read also: CGS-CIMB cuts year-end
KLCI target to 1,568 points due to GE15,
US recession fears Click here

tuesday june 21, 2022 7 TheEdge CEO morning brief

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KUALA LUMPUR (June 20): Caely Caely founder the resolutions by 6.50pm, which was
Holdings Bhd founder Datin Fong Nyok lodges police only a 10-minute time frame for con-
Yoon has lodged a police report against the sideration and deliberation,” her state-
lingerie maker’s board of directors for the report for ment read.
dissemination of alleged false and mislead- announcement
ing information on Bursa Malaysia regard- Fong said that she did not approve the
ing the appointment of Datuk Jovian Man- of board appointments and was also shocked to
dagie and Sandraruben Neelamagham as appointments discover that the candidates never con-
board members. sented to the appointments in the first
by izzul ikram place.
In a statement on Monday (June 20), theedgemarkets.com
Fong said that she lodged the police report Beyond this, she also noted that the
on June 17 following Mandagie’s revelation an independent and non-executive direc- press releases issued by Caely were not ap-
earlier the same day that his appointment tor — citing miscommunication. proved by its board of directors, and added
as the group’s executive vice chairman was that it also did not approve any resolution
false as he did not agree to accept it. Fong in her police report claimed that to appoint the public relations agency that
the directors were only given documents disseminated the press releases.
Fong said that she was disappointed with regard to their qualification and ad-
with how Caely’s board of directors pro- equacy, and added that those present in Shares in Caely closed four sen or
ceeded with the two appointments as it the meeting were given the impression that 11.11% lower at 32 sen, giving the group a
had resulted in allegations by Mandag- the then two potential board members had market capitalisation of RM82.64 million.
ie that the appointment was false, untrue consented to the appointments. Read also:
and misleading. Caely retracts appointment of two
She said the two resolutions and draft directors, cites miscommunication
Fong noted that the announcement of announcements pertaining to the appoint- Click here
the appointments on the local bourse on ments were posted by the company’s sec-
June 14 without agreement by those ap- retary via Caely’s boardWhatsApp group Cheetah creative director says did
pointed had led to a false and misleading on June 14, 2022 at 6.40pm. not accept Caely vice chairman
representation of the group to its share- appointment, to report lingerie
holders, and reflected the incompetency “The board was requested to approve maker’s false announcement to Bursa,
and lack of transparency of the personnel SC Click here
responsible.

Later on June 17, Caely retract-
ed the appointment of Mandagie and
Neelamagham — who was appointed as

KUALA LUMPUR (June 20): UMW UMW’s As for Perodua, UMW said the associ-
Group’s automotive sales grew 4% year- automotive sales ate company’s year-to-date sales jumped
on-year (y-o-y) in May 2022, carried by 10% to 106,179 units from 96,281 units in
healthy sales by both UMW Toyota Motor up 4% y-o-y the same five-month period a year earlier.
(UMWT) and its associate company Perusa- in May 2022,
haan Otomobil Kedua Sdn Bhd’s (Perodua). up 10%YTD “To date, Perodua has achieved 43%
of its target of 247,800 units for 2022,”
In a statement on Monday (June 20), by izzul ikram the group added.
UMW said the group sold 26,480 units theedgemarkets.com
in May this year as compared with 25,568 UMW Holdings Bhd president and
units in the same month last year. of its 2022 sales target of 73,000 units. group chief executive officer Datuk Ah-
“To further strengthen its order book, mad Fuaad Mohd Kenali said the group
“UMWT registered sales of 7,579 units is pleased with the healthy sales logged by
in May 2022, consistent with the 7,595 units UMWT is offering special promotions for both UMWT and Perodua in May 2022
it sold in May 2021.ToyotaVios,Yaris, Co- the purchase of the Vios andYaris as part and noted that both companies will con-
rolla Cross and Hilux were among its best- of its mid-year sales campaign,” it added. tinue to ramp up production.
selling models in the month of May 2022.
“Furthermore, the introduction of all-
“Meanwhile, Perodua registered sales new and facelift models is expected to
of 18,901 units in May 2022, 5% higher drive sales in the second half of the year.
than the 17,973 units registered in May We strive to offer exciting and great value
2021,” it added. models as well as offer superior aftersales
services to meet our customers’ require-
The group noted that this was despite ments and expectations,” he added.
May being a shorter working month — due
to the Hari Raya holidays — as it contin- Ahmad Fuaad also said that the group
ued to fulfil its outstanding order book. is hopeful that the government will further
extend the sales tax exemption in view of
Year-to-date, UMW posted 143,151 the high outstanding orders which could
units delivered for the first five months of not be delivered by June 2022 due to dis-
2022, which it noted was a 10% increase ruptions caused by Covid-19, as well as
as compared to the same period last year. the semiconductor chip shortage.

The group said UMWT sold 36,972 UMW shares settled six sen or 1.9%
units in the five-month period — 9% high- lower at RM3.09, giving it a market cap-
er than the 34,026 units sold in the same italisation of RM3.61 billion.
period a year ago — and had achieved 51%

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KUALA LUMPUR (June 20):MalaysiaAir- Travel surge “Despite this significant increase, Ma-
lines Bhd has given its commitment to ensure impacts laysia Airlines has recorded continuous im-
optimal customer service delivery amid a customer provements in managing customer queries,
surge in customer queries that impacts cus- reducing the average waiting time to below
tomer waiting time for its contact centre. waiting time — 20 minutes to address the queries received
Malaysia Airlines via its contact centre,” it explained.
As part of its commitment to address
customer queries timely and efficiently, Bernama The carrier said that it has recorded
the national carrier said it will be waiving the healthy growth of more than 100%
offline booking fees for customers who ex- on ticket sales and 80% load factor on
perience a waiting time of more than 10 most flights since the border reopening
minutes, effective immediately. announcement.

In a statement on Monday (June 20), Group chief executive officer Captain
Malaysia Airlines said with high attrition Izham Ismail said the company is taking
rates and increase in passenger volume, it active measures to minimise any inconven-
is susceptible to challenges in addressing ience the customers experience and will
the surge in customer queries it receives continue to improve its service delivery
with the headcount it has — a phenome- during this crucial time.
non experienced by airlines globally.
“Malaysia Airlines will work closely with
“The airline has ramped up its contact our global customer contact centre service
centre customer service headcount, more provider who have (sic) indicated their col-
than doubling its agents since February lective commitment and responsibility to
2022, and is continuously doing its best address and improve the critical functions
to strengthen its headcount to attend to impacting Malaysia Airlines’ overall cus-
the increasing number of calls received. tomer experience,” he said.

As the national carrier, Malaysia Air-
lines said, it continues to take active meas-
ures to ensure it can continue to meet the
growing consumer demands, offer attrac-
tive fares, and reinstate and introduce new
exciting routes, while ensuring that its ser-
vice quality is uncompromised.

Read also: Malaysia Airlines: No Boeing
777X orders amid planned Airbus A330
replacement Click here

(June 20): Palm oil fell deeper into bear Palm oil sinks Crude palm oil active futures
market territory on concern that surging further into
Indonesian exports will challenge cargoes bear market 7000 RM/MT
from Malaysia, with the most active con- as more losses
tract sliding below RM5,000 for the first 6000
time since January. expected
5000 4,865
Futures for September delivery lost as by Sing Yee Ong, Atul Prakash & June 21, 2022
much as 9.1% to RM4,958 (US$1,127) Anuradha Raghu 4000
a ton, the lowest level for the most active Bloomberg 3,329
contract since January. Prices have plum-
meted about 30% since peaking at a close more export permits.” 3000
of RM7,104 in April. Data on Monday show Malaysia’s palm May 28, 2021

Traders have been assessing measures by oil exports in the first 20 days of June coming Source: Bloomberg
Indonesia to speed up shipments after lifting under pressure. Shipments declined more
a temporary ban on exports last month.The than 10% from the previous month, com- The Malaysian export figures were
top shipper is working to “flush out” its over- pared with a gain of 5.6% in the first half of significantly below levels last month, said
flowing stockpiles, slashing the maximum June, according to IntertekTesting Services. Gnanasekar Thiagarajan, head of trading
crude palm oil export levy by nearly half and hedging strategies at Kaleesuwari
and introducing a programme that allows Cargoes to India fell about 30% in the Intercontinental. “Prices are expected to
firms to choose to pay an additional tax to first 20 days, while exports to the European test at least RM4,700 in the near term,
accelerate their shipment process. Union dropped 13%, the Intertek data show. and RM4,200 eventually in the coming
Shipments to China jumped more than 70%. months.”
“Indonesia is on course for a large re-
bound in June exports after May overseas
shipments fell by 66%,” said Avtar Sandu,
senior manager of commodities at Phillip
Nova. “Malaysian exports are expected to
face stiff competition as Indonesia issues

tuesDAy june 21, 2022 9 TheEdge CEO morning brief

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Four broad
industries recover
to pre-pandemic
levels — Jobstreet

Bernama

KUALA LUMPUR (June 20): Four broad tive and retail sectors. Engineering-related cal, manufacturing and production, food and
industries have recovered to pre-pandemic posts contributed the most industry job ads beverages, retail and merchandise, building,
levels or even higher, as evident by the num- at 35.8%, with Penang once again account- construction and engineering, as well as
ber of job opportunities posted and applica- ing for 50% of job ads, followed by Selangor banking and finance,” the report said.
tions received on online employment plat- at 23%,” said the report.
form, JobStreet. The report noted that hiring activities in-
It also revealed that the growth in the creased with more people having been fully
According to JobStreet’s Job Outlook Re- number of job postings and applications in vaccinated, coupled with the easing of move-
port 2022 (Malaysia), the four broad indus- the IT-software industry reflected the global ment restrictions.
tries are semiconductor and wafer fabrication, shortage of IT talents, indicating that employ-
electrical and electronics (E&E), computer ers need to attract workers with better com- Most industries, 55 out of 60, saw in-
and information technology (IT) (software), pensation, benefits and work arrangements. creases in job ad postings in fourth quarter
as well as transportation and logistics. of 2021, it said.
Meanwhile, the rise of online shopping
“Demand for semiconductors rose strong- has created a myriad of job opportunities Meanwhile, JobStreet Malaysia operations
ly last year due to digital transformation in logistic companies and third-party logis- director Ashwin Jeyapalasingam said these
brought by the pandemic and shortages in tics sectors. four broad industries experienced strong re-
the automotive industry with around 70% covery and growth primarily due to digital
of job ads for the semiconductor and wafer “Other industries showing gradual and transformation initiatives which increased
fabrication industry were for engineering and steady recovery include healthcare and medi- productivity and operational efficiencies.
manufacturing specialisations,with a majority
of 55% of job ads from Penang.

“The E&E industry remained resilient in
driving growth of the healthcare, automo-

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KUALA LUMPUR (June 20): Having Husni did not Shafee then asked her if she noted this
met resistance from management of address clause down in a report, to which she replied:
1Malaysia Development Bhd (1MDB) that empowered “It was just a discussion.”
to change its constitution, then Minis- Najib in 1MDB,
ter of Finance Inc (MoF Inc) secretary while Irwan said Shafee: You can’t remember writing
Datuk Siti Zauyah Mohd Desa testified not to do anything a report?
that when she went to former second fi-
nance minister Datuk Seri Ahmad Husni — witness Siti Zauyah: I can’t remember.
Hanadzlah and former Treasury secre- The witness said that her objection to
tary-general Tan Sri Mohd Irwan Serigar by Timothy Achariam & Tarani Palani the M&A was due to it being different
Abdullah, Irwan told her not to do any- theedgemarkets.com from all other companies under the MoF
thing while Husni said he did not want Inc. She testified last week that Article
to get involved. Datuk Siti Zauyah Mohd Desa 117 was not present in any other M&A
of companies under MoF Inc and only
Testifying at the 1MDB-Tanore trial, Siti Zauyah said that in her effort to applied to 1MDB.
the prosecution’s 26th witness, Siti Zauy- change the M&A she went to Irwan and Shafee then moved on to Husni and
ah, was subject to cross-examination from Husni. asked her what Husni did when she went
former prime minister Datuk Seri Najib to him.
Razak’s lawyer Tan Sri Muhammad Sha- Siti Zauyah: I discussed it with Ir- She said that Husni told her he did not
fee Abdullah who questioned her about wan and he told me not to do anything. want to get involved with 1MDB matters.
the company’s Memorandum and Arti- Shafee: Husni did not want to get
cles of Association (M&A), specifically involved. How did you know this? Did
Article 117. he tell you this?
Siti Zauyah: Yes.
Article 117 gave the then prime min- Shafee: He told you ‘I don’t want to
ister power for any appointment and re- get involved with 1MDB’?
moval of directors and the senior man- Siti Zauyah: Yes.
agement. It also stated that the premier Shafee: And when [did he tell you]
had power over any financial commitment this?When 1MDB first came under MoF
(including investment) which was likely Inc?
to affect government guarantees. Siti Zauyah said that she was not sure
but later agreed that it was most likely
In her witness statement last week, when 1MDB first came under MoF Inc.
Siti Zauyah stated that she was unsure Click here for the full story
how this article was included in the The Edge is covering the trial live
M&A as the preparation of the M&A here.
was made in advance by the company
secretary of 1MDB before being trans-
ferred to MoF Inc from 1MDB’s prede-
cessor,Terengganu Investment Authority
(TIA), in 2009.

KUALA LUMPUR (June 20):The case of High Court “Therefore, I agree with the prosecution’s
former Goldman Sachs banker Roger Ng postpones application for a new date of mention,”he said.
Chong Hwa involving the sale of security Roger Ng’s
notes and bonds valued at US$6.5 billion case pending Judge Datuk Muhammad Jamil Hus-
belonging to a subsidiary of 1Malaysia De- sentencing sin then set Oct 19 for the prosecution
velopment Bhd (1MDB) in the High Court for another and defence to inform the court of the
here has been postponed pending sentencing case in US accused’s latest status.
of his criminal case in the US on Sept 13.
Bernama On Dec 19, 2018, Ng pleaded not guilty
On April 8, Ng was found guilty by the to four charges of abetting Goldman Sachs
US court of corruption charges related to court of the latest status of the accused in over the sale of 1MDB bonds valued at
his role in helping loot hundreds of mil- the US,” the DPP said during case man- US$6.5 billion by dropping material facts
lions of dollars from Malaysia’s 1MDB agement on Monday (June 20). and making false statements.
development fund.
Ng’s lawyer Datuk Tan Hock Chuan He was charged with the offences
Deputy Public Prosecutor (DPP) Zaki confirmed the date of sentencing and also which took place at the 1MDB office on
Asyraf Zubir earlier told the court that Ng’s told the court that his client had also filed the eighth floor of Menara IMC, No. 8,
criminal case in the US had been conclud- an appeal against the US court’s decision. Jalan Sultan Ismail here between March
ed and sentencing was slated for Sept 13. 19, 2012 and Nov 11, 2013.

“The US Department of Justice (DOJ) On Sept 4 last year, the charges against
had applied for temporary extradition of Goldman Sach International Ltd and its
Ng to New York until the end of August. two entities in Asia, namely Goldman
I’m sure that they (the DOJ) will apply for Sachs (Asia) LLC and Goldman Sachs
an extension of the temporary extradition (Singapore), were dropped after High
as the sentencing is in September. Court Judge Mohamed Zaini Mazlan
allowed the prosecution’s application
“As such, I hereby request a date of to withdraw the charges over the sale of
mention on Oct 18 or 19 to inform the 1MDB bonds valued at US$$6.5 billion.

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RM3.4 bil en, which in some cases is insufficient like the Food security:
needed to repair RM68 million required to repair federal road Second meeting
FT004 (the East-West Highway).
federal roads with livestock
in Peninsular “We are not blaming the Ministry of Fi- industry players
Malaysia, says nance but that is the challenge we are facing.
However, we will find ways to improve the in July
Fadillah situation in the short and long terms.
Bernama
Bernama “My ministry has identified the roads,
not just in Perak but throughout Peninsular KUALA LUMPUR (June 20): A sec-
GERIK (June 20):TheWorks Ministry needs Malaysia, that need to be repaired after five ond meeting between the government
an allocation of RM3.4 billion to repair the or seven years as the original layer could no and livestock industry players to gather
sick or damaged federal roads throughout longer cope with the traffic volume. Imagine input to address food security issues will
Peninsular Malaysia. the condition of the roads if these were built be held early next month, said Minister
40 years ago like in Gerik.” of Science, Technology and Innovation
SeniorWorks Minister Datuk Seri Fadillah (MOSTI) Datuk Seri Dr Adham Baba.
Yusof said this is for resurfacing or putting He said this at a news conference on Mon-
another layer or building new roads, with the day (June 20) after a briefing on the FT004 Through the initiative, Dr Adham said
works expected to be completed by 2023. here, about 130km from Ipoh, with Perak MOSTI can continue to connect industry
Menteri Besar Datuk Seri Saarani Moham- players with existing technologies such as
“We are aware that a lot of priorities have ad also present. aquaponics, artificial intelligence (AI) and
to be considered before the allocation is giv- the Internet ofThings (IoT) that can be
Fadillah said that usually, among the pre- used to reduce production costs.
liminary or short-term measures taken by his
ministry is to resurface the road before build- “Last Wednesday (June 15), we had
ing another layer or a new road at the identi- our first meeting with the relevant minis-
fied damaged stretches of the federal roads. tries and I will meet with livestock breed-
ers including the National Farmers Or-
On his one-hour visit to the location here ganisation (NAFAS) early next month.
with Saarani, he said the patching and resur-
facing work on the damaged stretch of the “There are two approaches that can
road would be done fast this Saturday. be taken in this regard, namely by meet-
ing them or they (industry players) come
The Perak stretch of the FT004 route is to certain sites to see how existing tech-
114.66km from Section 83.74 at the Kedah nology can be fully utilised,” he said af-
border and ends at Section 198.40 in Jeli at ter attending the Southeast Asia Science
the Kelantan border. Advisory Network Meeting (SEA SAN)
at a hotel here on Monday (June 20).
Along the stretch, the road surface and
streetlights were found to be damaged, the Dr Adham said he had recently in-
painted road lines fading and the drains also vited Agriculture and Food Industries
damaged, thus leaving stagnant water. (MAFI) Minister Datuk Seri Ronald
Kiandee to visit the aquaponics site in
JAKARTA (June 19): Several Malaysian con- Malaysian Perak, which uses nano-fertiliser ferti-
glomerates are currently in talks to secure conglomerates gation systems and solar energy in rear-
mega development projects in Indonesia, es- eye mega projects ing livestock.
timated to be worth a total of between RM5 worth up to RM7 bil
billion and RM7 billion. “As a result of the technology used,
in Indonesia the quality of the product is increased.
According to the Malaysia ExternalTrade That is why we are trying to connect not
Development Corporation (MATRADE) by Mohd Iswandi Kasan Anuar only farmers but also growers because the
Trade Commissioner in Jakarta, Har Man Bernama source of material such as corn, and soy-
Ahmad, the projects include the development beans need to be highlighted in addition
of the Rebana Metropolitan area inWest Java including engineering consulting services to palm kernel expeller (PKE) which can
and the construction of the Solo-Yogyakar- company, SD Associates Sdn Bhd are taking replace corn as animal feed (palm kernel
ta highway which is part of the Trans-Java part in the Megabuild Indonesia 2022. cake),” he said.
Highway.
The launch of the Malaysia Pavilion also Meanwhile, Dr Adham said Malay-
“The Malaysian companies’ participation saw the signing of an agreement between SD sia had sought to propose that the Open
is still being discussed and will be finalised Associates and the Kikim Area Community Science initiative be established through
soon,” he said to Bernama at the opening cer- Communication Forum. the Malaysia Open Science Platform
emony of the Malaysia Pavilion by the Chargé (MOSP) since 2019, to enable data on
d’Affaires of the Malaysian Embassy in Indo- SD Associate has been appointed as the best practices in the industry to be widely
nesia,Adlan Mohd Shaffieq, at the Megabuild manager of an urban planning project span- shared among scientists.
Indonesia 2022 exhibition. ning 1,400 square kilometres that will become Click here for the full story
a new autonomous area, namely Kikim Dis-
Har Man also urged the Malaysian busi- trict, South Sumatra Province, Sumatra.
ness community to continue exploring op-
portunities in Indonesia for their future
growth, and to take advantage of the coun-
try’s post-pandemic economic recovery.

Meanwhile, 15 Malaysian construction
services and building materials companies,

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KUALA LUMPUR (June 20): SFP Tech SFPTech closes camera imaging and electronics systems.
Holdings Bhd ended its debut day on the 123% higher on On the global semiconductor chip short-
ACE Market with a closing price of 67
sen, representing a premium of 37 sen or ACE Market ages, SFP Tech head of corporate strategy
123% above its initial public offering (IPO) debut day and communications IvanYap said the issue
price of 30 sen. faced by SFPTech is under control.
by Hailey Chung & Syafiqah Salim
Shares of SFPTech opened 30 sen high- theedgemarkets.com In regard to the weakening of the ring-
er at 60 sen, and touched an intraday high git, Yap said SFP Tech would benefit as
of 70 sen. It was the top active counter of SFP Tech Holdings Bhd Sen the company is a net exporter, and that
the day, with 329 million shares traded. the cornerstone of its earnings is from for-
70 eign-based multinational companies.
At its last close, SFPTech has a market
capitalisation of about RM536 million. 60 67 sen “As for fluctuations in material prices
60 sen happening on a weekly basis, of course our
SFP Tech first commenced its opera- quotes also change accordingly.There is a
tions in sheet metal fabrication back in 50 pass-through mechanism to our custom-
2012. It was later involved in the provision ers,”Yap said.
of computer numerical control machining 40
and mechanical assembly services, as well On the group’s dividend policy,Yap said
as automation equipment solutions. IPO price: 30 sen a policy has yet to be fixed except that there
30 are plans to pay dividend if the company’s
The group has customers in Malaysia, profit grows.
the US, Singapore,Vietnam,Thailand and 20 9am 4:59pm
Europe. June 20, 2022 In the first quarter ended March 31,
Source: Bloomberg 2022, the Penang-based company posted
SFPTech raised RM62.23 million from a revenue of RM17.9 million and a net
its IPO, which will be predominantly uti- track to be fully operational by the fourth profit of RM8.67 million.
lised for its capital expenditure including quarter of 2022.
the construction of Manufacturing Plant “Our first-quarter results were an indi-
3 in Penang Science Park and purchase of Moving forward, SFP Tech plans to cation of our [growing] trend but bear in
machinery. It will also be utilised for the further expand both its engineering sup- mind that there was an exceptional gain in
set-up of a design and development centre. porting services and automated equipment the results from our acquisition of EST (Ex-
solutions into other industries, such as au- hibit Automation Sdn Bhd),” saidYap. EST
The IPO exercise entails a public issue tomotive and healthcare. focuses on provision of automation equip-
of 207.44 million new ordinary shares with ment solutions and trading of spare parts.
an enlarged issued share capital of 800 The group also intends to move into the
million, bringing SFPTech a market capi- semiconductor back-end inspection industry, Meanwhile, Hong Leong Investment
talisation of RM240 million at the point of through the manufacturing of vision inspec- Bank (HLIB) Research has initiated cover-
listing. Public Investment Bank Bhd was tion equipment platforms embedded with age of newly listed SFPTech with a “buy”
the principal adviser, sponsor, sole under- call and a target price of 63 sen per share,
writer and sole placement agent for the based on 18 times financial year 2023
IPO exercise. price-to-earnings ratio.

Speaking after the listing ceremony, The research house pointed to SFP
managing director Keoh Beng Huat said Tech’s “strong foothold” in the semicon-
the listing marks the beginning of a new ductor, electrical and electronics and solar
chapter for the company. photovoltaic spaces.

Keoh expects Manufacturing Plant 3 “We project earnings to grow significant-
to be completed in this quarter and on ly at a three-year compound annual growth
rate of 22% for FY22-24,” said HLIB.

KUALA LUMPUR (June 20): IT infra- ACE Market- million shares, Infoline will have a market
structure and cybersecurity solutions spe- bound InfolineTec capitalisation of RM116.2 million upon
cialist Infoline Tec Group Bhd, which is to raise RM23 mil listing.
slated to list on the ACE Market of Bursa
Malaysia on July 13, aims to raise about from IPO Out of the RM23.68 million gross pro-
RM23.68 million from the initial public ceeds, Infoline said RM8.46 million will be
offering (IPO) exercise, to enhance its ca- by Syafiqah Salim used to set up a technology centre in Kota
pabilities and strengthen its market position theedgemarkets.com Damansara and disaster recovery centre at
to meet growing demand for IT solutions. a co-location facility while RM4.3 million
placement to selected investors, and the re- will be used to improve the infrastructure
The IPO comprises a public issuance of maining 45.4 million will be made available of Infoline’s existing network operations
74 million new shares, as well as an offer for by way of private placement to identified centre.
sale of 22.25 million existing shares by way Bumiputera investors approved by the Min-
of private placement to selected investors. istry of International Trade and Industry. Another RM4.7 million will be used
to set up a security operations centre and
Of the public issuance of 74 million Based on an issue price of 32 sen per RM2.2 million will be for business expan-
shares, 18.16 million shares will be allo- share and an enlarged share capital of 363.2 sion into the Southern region of Peninsular
cated to the Malaysian public while 8.27 Malaysia, East Malaysia and several major
million will be for directors, employees and cities in People’s Republic of China.
persons who have contributed to the suc- Click here for the full story
cess of the group. Another 2.17 million
will be made available by way of private

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SHAHRILL BASRI/THE EDGE

Kerjaya
Prospek
bags building
project worth
RM154 mil

(From left): Berjaya Corp Bhd founder and chairman Tan Sri Vincent Tan, Quays, BY SURIN MURUGIAH
SPC Group president Heo Jin-Soon and Lee theedgemarkets.com

BFood: Klang SPC Group and is the number one bak- KUALA LUMPUR (June 20): Ker-
Valley’s first Paris ery chain in South Korea. jaya Prospek Group Bhd has bagged
Baguette outlet a contract worth RM154.68 million
to be opened by It noted that the brand owns over 4,000 for a residential development project
units globally including 3,400 stores in in Kuala Lumpur.
end-2022 South Korea and more than 440 locations
across the US, China, France, Vietnam, In a bourse filing on Monday
BY HAILEY CHUNG Indonesia, Cambodia and Singapore. It (June 20), the company said its
theedgemarkets.com added that Malaysia is its eighth interna- unit Kerjaya Prospek (M) Sdn
tional market in the world. Bhd had accepted a letter of award
KUALA LUMPUR (June 20): Berjaya from Bangsar Hill Park Develop-
Food Bhd (BFood) said on Monday that According to the statement, SPC ment Sdn Bhd for the main build-
its 50:50 joint venture (JV) with Paris Ba- Group has begun the initial stages of ing of the development at Lorong
guette Singapore plans to open the first building its regional manufacturing and Maarof.
Paris Baguette outlet in the Klang Valley distribution centre named SPC Centre in
by the end of 2022. Johor in its target to obtain halal certifica- It said the project will commence
tion for this centre to cater its business to on July 15, 2022 and be completed
According to BFood chief executive the Southeast Asia (SEA) and the Middle within 35 months from the com-
officer (CEO) Datuk Sydney Lawrance East markets. mencement date.
Quays, the JV — that was announced on
Monday — targets to open five Paris Ba- “As we look at setting out the facility Kerjaya Prospek said the contract
guette outlets in Malaysia in a year. in SEA, it is clear to us that our market is is expected to provide an additional
the Muslim market… of course we want stream of revenue for the group over
Under the JV agreement, BFood — to get the best halal certification. And we the next three years.
that has a 50% ownership in the venture recognise that the Malaysian JAKIM halal
— will be the principal operator of Paris certification is one of the renowned and The company said the project is
Baguette outlets in Malaysia, according best within the region. expected to contribute positively to
to Quays. its earnings for the financial years
“We want to make sure the certification ending 2022 to 2025.
“It (the first store) will be in Kuala is recognised within the Middle East and
Lumpur.We are not at liberty to say where SEA.We also want to make sure the facility With this contract, Kerjaya Pros-
it is because we are still in talks. But gener- is quite near to Singapore so that it is con- pek said its total outstanding order
ally, we will be looking at bigger and more venient for us,” said Paris Baguette SEA book now stands at approximately
established malls,” Quay said. chief executive officer Hana Lee. RM4.3 billion.

He was speaking at a press conference As for BFood, it said the strategic In a separate statement, Kerjaya
at the Berjaya Times Square Hotel on partnership is part of BFood’s broader Prospek chief executive officer and
Monday in conjunction with the JV sign- retail push to be a more inclusive food executive director Tee Eng Tiong
ing ceremony. and beverage group on the Main Mar- said being able to surpass the in-
ket of Bursa. itial target order book replenish-
According to a separate statement, Par- ment of RM1.2 billion for 2022
is Baguette is a French-inspired bakery When asked about the pricing strate- in just six months is a testament
brand operated by South Korea-based gy of the products, Quay responded that of the market’s trust and confi-
the retail price will be managed to make dence in the company’s products
it affordable for every consumer. and services.

At noon break, BFood’s share price “Going forward, we have re-
traded five sen or 1.21% higher at RM4.18, vised our target wins for the year to
bringing the group a market capitalisation RM1.5 billion as we continue to lev-
of RM1.63 billion. erage on our competitive strengths
when tendering for new projects,”
said Tee.

Shares of Kerjaya Prospek settled
up two sen or 1.77% to RM1.15,
giving it a market capitalisation of
RM1.46 billion.

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EPF buys “Ending weeks of speculation, the Internet
more shares rate-setting Federal Open Market Commit- providers to
in Petronas tee took the level of its benchmark funds rate face action for
Chemicals to a range of 1.5%-1.75%, the highest since poor quality
just before the Covid pandemic began in
BY SHAZNI ONG March 2020,” CNBC reported onWednes- service
theedgemarkets.com day, after markets were closed across Asia. — MCMC

Petronas Chemicals Group Bhd At Bursa on Wednesday, the 30-stock Bernama
FBM KLCI closed down 22.23 points or
Vol (mil) RM 1.5% at 1,459.05. KUALA LUMPUR (June 19):The
25 12 Communications and Multimedia
Petronas Chemicals is a KLCI constituent. Commission (MCMC) will take
20 RM9.48 Besides the EPF, newsflow on Petro- regulatory action against internet
10 nas Chemicals included one on the latter’s service providers should they fail
recent acquisition of a maleic anhydride to provide quality internet services.
15 plant in Gebeng, Pahang.
Reports indicated that maleic anhydride MCMC chief regulatory officer
10 RM7.63 8 is an organic compound, which is man- Zulkarnain Mohd Yasin, said this
5 ufactured for the production of coatings was an aggressive approach to en-
and polymers. sure service providers provide qual-
0 6 On Monday (June 20), Petronas Chem- ity customer service.
May 28, 2021 June 20, 2022 icals said in a statement that Petronas
Chemicals recently signed an agreement “At the same time, consumers will
Source: Bloomberg with its joint venture company, BASF Pe- be able to enjoy the ‘quality of expe-
tronas Chemicals Sdn Bhd (BPC), to ac- rience’ that was promised by the 4G
KUALA LUMPUR (June 20): The Em- quire the 113 kilo-tonne per annum maleic service,”said Zulkarnain when appear-
ployees Provident Fund (EPF) had raised anhydride plant from BPC. ing on“Buletin Bernama”programme
its direct stake in Petronas Chemicals Petronas Chemicals, which did not in- produced by BernamaTV on Sunday.
Group Bhd to 7.716% after acquring 7.56 dicate the plant’s purchase price, said the
million shares in recent days amid broader acquisition will enable Petronas Chemicals He said suppliers who were found
market weakness ahead of the US’ 75 ba- to broaden its current product portfolio to have failed to fulfill what was prom-
sis point interest rate hike announcement. and strengthen its focus to diversify into ised in the service are liable to a fine
derivatives and differentiated chemicals. not exceeding RM300,000 or jail of
Petronas Chemicals said in its Bursa “The maleic anhydride plant was pre- up to three years or both, as provided
Malaysia filings on Monday (June 20) that viously shut down by BPC, following a under the Communication and Mul-
the EPF had onWednesday (June 15) ac- product portfolio realignment exercise that timedia Act 1998.
quired a cumulative 4.56 million led to the permanent closure of its butan-
ediol and derivatives plant. He said the Commission had earlier
Petronas Chemicals shares in two “With the acquisition, Petronas Chemi- received instructions from the Minis-
tranches, comprising a 4.5 million share cals will repurpose the plant by rejuvenating try of Communications and Multime-
tranche and 63,700 share portion. and upgrading the facility to produce higher dia (K-KOMM) to conduct network
quality maleic anhydride that is better suited service audit in all areas of each state.
Prior to theWednesday transactions, the to the food and pharmaceutical industries.
EPF had on Tuesday (June 14) acquired “Petronas Chemicals is currently per- “So far we have conducted audits or
three million Petronas Chemicals shares, forming a detailed assessment, which is ex- inspections, where we check in terms
according to the filings. pected to be completed in the first quarter of coverage and internet speed. At the
of 2023 and subject to final approval; the same time, we have issued reminders to
Following the purchase of the 7.56 mil- plant is targeted to be ready by the first them (internet service providers) to take
lion shares, the EPF’s direct stake in Pe- half of 2025,” Petronas Chemicals said. action to improve the service,” he said.
tronas Chemicals rose to 7.716% as of Petronas Chemicals managing director/
Wednesday, from 7.659% on Tuesday chief executive officer MohdYusri Mohamed K-KOMM had earlier instructed
(June 14), the filings showed. Yusof said in the statement that the compa- MCMC to implement nationwide
ny’s integrated facility will ensure competitive mapping, to measure the actual level of
Petronas Chemicals’ Bursa filing on and secured feedstock supply to the plant. internet speed and compare the reports
May 27, 2022 showed that the EPF’s di- “In addition, the proximity of the (maleic of telecommunications companies.
rect stake in the company stood at 7.424% anhydride) plant and our identified target mar-
as of May 24, 2022. kets within theAsia-Pacific and Indian subcon-
tinents will enable us to provide competitive
OnWednesday, the broader market fell pricing to our customers,” MohdYusri said.
ahead of the US’ 75 basis point interest rate At 5pm on Monday, Petronas Chemi-
hike announcement then to fight inflation. cals’ share price closed down four sen or
0.42% at RM9.48 for a market capitali-
“The Federal Reserve raised its benchmark sation of RM75.84 billion, based on its
interest rates three-quarters of a percentage eight billion outstanding shares.
point in its most aggressive hike since 1994. Petronas Chemicals’ share price had
fallen to current levels from its closing
price at RM10.26 on May 31, 2022.

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news In brief

Covid-19: 16% drop in death cases Sam Fong/The Edge Agong undergoes treatment
last week, says Health DG for leg pain — palace
increase to 24,053 cases compared to the
KUALA LUMPUR (June 20): Malaysia previous week, while the cumulative number KUALA LUMPUR (June 20): The Yang
recorded a 27.9% increase in the number of Covid-19 cases in the country stood at di-Pertuan Agong Al-Sultan Abdullah
of new Covid-19 cases for the 24th 4,538,922. “The average infectivity rate Ri’ayatuddin Al-Mustafa Billah Shah is
epidemiological week (ME 24) from June showed a 12.5% increase to 1.08, compared currently receiving treatment and is
12 to 18 to 14,195 cases, compared with with 0.96% in the previous week,” he said in a under specialist’s observation at a hospital
11,096 cases reported for the previous statement on Monday (June 20). — Bernama here after complaining of pain in the leg.
week. Health director-general Tan Sri Dr Comptroller of the Royal Household
Noor Hisham Abdullah said, however, the of Istana Negara Datuk Ahmad Fadil
number of deaths in ME 24 showed a 16% Shamsuddin, however, said His Majesty’s
drop with 21 cases, compared with 25 health condition is generally good and not
cases in the previous week, bringing the worrying. As such, he said all programmes
country’s cumulative number of fatalities involving the King have been postponed to
due to Covid-19 to 35,732. He said average a date to be announced later. “His Majesty
daily active cases for ME 24 were a 9.3% is expected to return to Istana Negara
soon after completing the treatment,” he
Pengerang Energy Complex to receive Cagamas concludes RM100 mil three- said in a statement on Monday (June 20).
US$2.4 bil funding by year end, says year sukuk ahead of FOMC meeting Ahmad Fadil said the public have been
ChemOne asked to pray for the King to be blessed
KUALA LUMPUR (June 20): Cagamas Bhd with quick recovery and continuing good
KUALA LUMPUR (June 20): ChemOne Group has successfully priced the RM100 million health. — Bernama
has announced that the Pengerang Energy three-year Islamic Medium Term Notes
Complex (PEC) project is on track to receive (IMTNs) to fund the purchase of house Kelington secures RM62 mil contract
export guarantee facilities of around US$2.4 financing from the financial system. for gas hook-up works in Shanghai
billion (about RM10.56 billion) by the end of The transaction was successfully priced
the year. “Slated to start construction in the ahead of the widely expected further KUALA LUMPUR (June 20): Kelington
fourth quarter of this year, the US$4.4 billion interest rate hike by the US Federal Group Bhd has secured a contract worth
PEC facility will be located in the Pengerang Reserve (Fed) in its efforts to contain RMB94 million (about RM62 million)
Integrated Petroleum Complex, Johor, inflation, said the National Mortgage from China’s largest semiconductor
centrally located to access core international Corporation of Malaysia. “The Fed foundry to perform gas hook-up works
feedstock sources and to supply key product later announced an increase of 75 basis in Shanghai, China. In a bourse filing,
demand centres in Asia,” said ChemOne, which points (bps) in interest rates, the largest Kelington said the job was awarded to
is a Singapore-based petrochemical, green increase since 1994,” Cagamas said its wholly owned Kelington Engineering
energy and natural resources conglomerate. in a statement on Monday (June 20). (Shanghai) Co Ltd, and that it will
The project is slated to be fully operational The Federal Open Market Committee commence this month and be completed
in 2026, and will be capable of processing (FOMC) meeting was held on June 14 by March 2023. The contract is expected
150,000 barrels per day of condensate plus and 15. Cagamas president and chief to contribute to its earnings and net
a side-feed of naphtha, which will, in turn, executive officer Datuk Chung Chee assets for the financial years ending Dec
produce aromatics of 2.3 million metric tons Leong said the company was encouraged 31, 2022 and 2023. Shares in Kelington
per annum (mmtpa), energy product output by its issuance performance thus far, finished four sen or 3.51% lower at
of 3.9 mmtpa and hydrogen output of 50,000 registering a total of RM7.3 billion worth RM1.10, giving it a market capitalisation
metric tons per annum. — Bernama of bonds and sukuk. — Bernama of RM709.77 million. The stock has
dropped 36.42% since the start of the
year. — by Sulhi Khalid

CIMB in landmark RM1 bil Islamic capital markets. CIMB Islamic chief executive (From left) Standard Chartered financial
transaction with Standard Chartered officer (CEO) Ahmad Shahriman Mohd Shariff markets corporate sales ASEAN head
said a secured funding instrument such as
KUALA LUMPUR (June 20): CIMB Islamic the CCM is also crucial for most central Sylvia Wong, Mohd Suhaimi, Bank Negara
Bank Bhd has entered into a RM1 billion banks with open market operations to adjust Malaysia assistant governor Adnan Zaylani
landmark sustainable collateralised liquidity in the financial system. — Bernama Mohamad Zahid, Ahmad Shahriman, as well
commodity murabahah (CCM) transaction as CIMB Group treasury and markets group
with Standard Chartered Saadiq Malaysia. head Chu Kok Wei at the signing ceremony.
In a joint statement on Monday (June 20),
the banks said all transaction proceeds
of the CCM will be earmarked for eligible
syariah-compliant assets or projects that
fall within the boundaries of CIMB Group’s
Sustainable Development Goals (SDGs)
bond and sukuk framework, enhancing its
market leadership position in sustainable
finance as well as Islamic treasury and

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world

Worst yet to
come for food
inflation in Asia,
Nomura warns

by Claire Jiao
Bloomberg

MANILA (June 20): Asia’s red-hot food minimum wage levels to account for the India will likely see the highest print at
prices will likely heat up further in the higher cost of living. 9.1% due to rising feedstock costs, based
coming months, with Singapore, South on Nomura estimates.
Korea, and the Philippines set to see the Inflation is already spreading beyond
sharpest price increases, according to No- cereals and edible oils to other catego- While Asia’s central banks initial-
mura Holdings Inc. ries like meat, processed food, and even ly pledged to look through supply-side
dining out, Nomura said. Rice — so far shocks, Nomura said looming sec-
Food prices in Asia ex-Japan rose 5.9% kept stable by ample stocks — may be ond-round effects will trigger faster mon-
annually in May, from 2.7% in Decem- next if demand surges as nations seek etary policy normalisation.
ber, Nomura said in a report on Mon- alternatives to pricey wheat. Read also: More than half of global con-
day. That rate should accelerate in the sumers did not save during pandemic —
second half of the year given the rough- That is flashing warning signs for large survey Click here
ly six-month lag between the movement food importers like Singapore, which is
of global food costs and their impacts in expected to see food inflation double to
Asia. Issues like China’s pandemic lock- 8.2% in the second half from 4.1% now.
downs,Thailand’s swine fever outbreak,
and India’s heat wave add to woes.

“Consumers’ perception of inflation
is strongly influenced by the prices of
frequently purchased necessities, such
as food, and can lead to higher inflation
expectations,” it said, adding that Jakar-
ta and Manila have already had to raise

SHANGHAI (June 20): China stood pat China keeps Capital Economics said in a note earlier.
on its benchmark lending rates for corpo- lending “That could plausibly happen if it low-
rate and household loans, as expected, on
Monday, with global central banks’ rate benchmarks ered rates now when almost every other
increases making it tough for Beijing to unchanged, major central bank has turned much more
stimulate a weak domestic economy by wary of policy hawkish.”
lowering rates. divergence risks
Divergent Sino-U.S. policies have
Markets widely believe that Chinese by Winni Zhou & Brenda Goh wiped out China’s yield advantage in April,
policymakers are wary of risks that the Reuters triggering a record monthly tumble in the
yuan will depreciate and capital outflows yuan. And a deeper inversion of U.S. and
will be triggered if they embark on fur- and measures to boost credit.” Chinese government-bond yields could
ther monetary easing to underpin a Cov- Central banks across Europe raised revive such depreciation pressure on the
id-19-hit economy at a time when other Chinese currency.
major economies are tightening their rates interest rates last week, some by a level
policies. that shocked markets, in the wake of the About 90% of traders and analysts in a
Fed’s 75 basis point hike to combat high Reuters survey last week expected China
The one-year loan prime rate (LPR) inflation. to keep both rates unchanged.
was kept at 3.70%, and the five-year LPR
was unchanged at 4.45%. “While the PBOC has little to fear from China lowered the five-year LPR, the
a weaker currency — the renminbi remains benchmark reference rate for mortgag-
“Perhaps there is some reluctance in extremely strong — the last thing it wants es, by an unexpectedly wide margin last
loosening monetary policy to support eco- is to have to defend against a sharp, poten- month, in a bid to revive the ailing housing
nomic activity, which could reflect some tially destabilising sell-off,” economists at sector to prop up the economy.
caution in moving in the opposite direc-
tion to other central banks, particularly Most new and outstanding loans in
the Federal Reserve,” said Stephen Innes, China are based on the one-year LPR.
managing partner at SPI Asset Manage- The five-year rate influences the pricing
ment. of mortgages.
Read also: Biden says US recession avoid-
“It seems a matter of time, however, able after call with Summers Click here 
before there are larger liquidity injections

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

WORLD

It took a record
US$81 bil bond
buy for BOJ to

restore calm

BY CHIKAKO MOGI
Bloomberg

(June 20):Tokyo’s bond market began the in foreign bonds resumes, it would not be — something it reconfirmed at its policy
week on a much calmer footing as traders surprising were the yen rates market to start decision Friday. But the impact of the cen-
mulled unprecedented intervention by the testing the BOJ again,” wrote Citigroup tral bank’s bond purchases have squeezed
Bank of Japan, which dragged benchmark Inc. strategist Tomohisa Fujiki in a note. some corners of the futures markets, put-
yields back below their closely-watched ting at least some arbitrage traders under
ceiling. Implied volatility for 10-year JGBs eased pressure.
after rising to the highest since the global
Ten-year yields edged higher to 0.225% financial crisis in 2008 on Friday.The BOJ Meanwhile, the appointment of a Japa-
Monday in the aftermath of the BOJ’s 10.9 said Friday its bond buying will continue nese government bond expert with experi-
trillion yen ($80.8 billion) of government for an extended period of time. ence of the market turmoil of the late 1990s
bond purchases last week, the most on re- to a key role in the Finance Ministry has
cord, according to data compiled by Bloomb- “Since the JGB market volatility has caught the attention of market watchers
erg.The central bank ramped up bond buy- been initiated by the global reaction to US in Tokyo. Michio Saito — dubbed “Mr.
ing as benchmark yields breached its 0.25% CPI and the Federal Reserve’s tightening, JGB” — will head up a division that covers
tolerated limit amid a global debt selloff. the structure keeping it unstable remains the bond market and may strengthen lines
quite intact,” said Mari Iwashita, chief mar- of communication with the central bank,
By way of comparison, European Cen- ket economist at Daiwa Securities. “Even according to some strategists.
tral Bank asset purchases under its so-called as the BOJ steps up efforts to defend its
APP program averaged about $27 billion turf, the structure behind the challenges For the BOJ to seek a smooth exit from
— per month — this year through May. remain the same.” massive bond purchases, close cooperation
with the finance ministry is essential, so the
Market watchers see the calm as tem- Speculative attacks on Japan’s bond appointment of an experienced person in
porary as the BOJ continues to defy an market have mounted amid bets the BOJ charge is very significant, Iwashita said.This
intensifying global wave of central bank will cave in to pressure and tweak its in- “is positive news for the market,” she said.
tightening and concentrated market pres- creasingly isolated easy monetary policy
sure on the yen and government bonds.
Treasuries are closed for the Juneteenth
holiday Monday, but remain a key driv-
er as does the direction of the dollar-yen,
hovering around a 24-year low.

“If the yen weakens further as a sell-off

Lagarde restates ECB hiking plan as crisis tool takes shape

(June 20): European Central Bank Presi- BY ALEXANDER WEBER & CAROLYNN LOOK Lagarde said that work is under way, and
dent Christine Lagarde restated officials’ Bloomberg declined to divulge details on how it’s sup-
intention to raise interest rates in July and posed to function.
September, signaling that concerns over inflation under control.
financial-market tensions aren’t derailing “We need to be absolutely certain that “Suffice to say that fragmentation will
the fight against inflation. be addressed if the risk of it arises,” she told
our monetary policy stance is actually driv- lawmakers.“And it will be done so with the
The comments on Monday follow an en to all countries of the euro area,” she appropriate instruments, with the adequate
emergency meeting last week where offi- said.“It’s right at the core of the mandate.” flexibility, it will be effective, it will be pro-
cials accelerated work on a tool to defend portionate, it will be within our mandate.
the integrity of the euro region. Officials were forced to act following a And anybody who doubts that determina-
blowout of Italian bond yields in the wake tion will be making a big mistake.”
“We intend to raise the key ECB in- of their plan to tighten monetary policy in Click here for the full story
terest rates by 25 basis points at our July coming months. The new crisis-fighting Read also: BOE to get rid of mortgage
monetary policy meeting,” and hike again tool is likely to feature purchases of debt affordability rules Click here
in September, she told European Union from more highly-indebted nations.
lawmakers on Monday.
The measure is meant to be finalized
Lagarde characterized the decision to before the ECB’s Governing Council next
develop a crisis measure as one that un- scheduled policy meeting on July 20-21,
derpins a previous commitment to keep people familiar with the matter have said.

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

WORLD

SINGAPORE/LONDON (June 20): Oil Oil holds onto Jerome Powell testifies before lawmak-
held onto Friday’s sharp losses as traders sharp decline as ers later this week. On Sunday,Treasury
weighed whether aggressive US monetary Secretary Janet Yellen warned that high
policy tightening will lead to a recession traders weigh prices were likely to stick through 2022
that would stymie consumption. growth outlook while growth slows.

Brent traded near US$114 a barrel BY ELIZABETH LOW & ALEX LONGLEY At the weekend, US Energy Secretary
after shedding more than 5% on Friday Bloomberg Jennifer Granholm warned drivers of a
as escalating concerns about the pace “continued upward pull on demand”, and
at which the Federal Reserve (Fed) was sis points to tame price gains, and leading the likelihood of sustained high gasoline
raising rates rattled financial markets. policymakers vowed to keep going until prices.
Trading was thin on Monday due to a inflation starts to ebb.
US holiday. While the US projected in its June
“A slowdown in global economic short-term outlook that local pump prices
Daily oil production in Libya rebound- growth now looks inevitable,” said Ste- will average about US$4.27 a gallon in
ed to around 800,000 barrels a day af- phen Brennock, an analyst at brokerage the third quarter, the forecast could be
ter the country’s energy minister said re- PVM Oil Associates. “The backdrop of “completely upended” by world events,
cently it had fallen to between 100,000 aggressive monetary tightening policies, for instance if the European Union were
and 200,000 a day. That implied supply a firmer US dollar, and Russian hints of to fully cut off Russian oil, Granholm told
disruptions in the OPEC member’s pro- rising oil production and exports made CNN’s “State of the Union”.
duction could be smaller than traders for a potent bearish cocktail,” he said of Read also:
had expected. Friday’s sell-off. China buys US$7.5 bil of Russian energy
with oil at record Click here
Oil has soared in 2022 as the war in Investors will hear more about the
Ukraine disrupted supplies just as con- Fed’s assessment of the economy and Massive refining capacity idle in China as
sumption increased following the pan- the bank’s likely next steps when chair prices soar Click here
demic. Despite the recent pullback, the
US benchmark remains set for a re-
cord-setting ninth quarterly gain, con-
tributing to rampant inflation. Last week,
the Fed increased interest rates by 75 ba-

Iron ore sinks and
steel mills go dark

on deepening
China gloom

BY LIZ NG
Bloomberg

SINGAPORE (June 20): Iron ore Blast furnace rates inTangshan fell last second half, she said.
plunged more than 7% in Singapore — week for the first time since mid-May, Daily spot trading of construction-re-
giving up all its gains this year — as steel with industry consultant Mysteel saying
mills idled blast furnaces amid growing in a note that more mills in the steelmak- lated steel products is around 11 million
pessimism over the demand outlook in ing hub are cutting output to do main- to 13 million tons now, compared with
China. tenance due to weak margins. An index 17 million to 19 million tons usually,Wei
of Chinese steel profits has plunged by said.
The steelmaking ingredient has now almost 90% so far this month. Read also:
lost around a fifth of its value in a run of European gas rises further as Russian cuts
declines that has extended to an eighth “With the slow spot trade, steel prod- bring rationing risk Click here
day. Chinese prices of metallurgical coal, uct prices have plunged, with more steel
used to make steel, were down as much mills now losing money and hastening ConocoPhillips sees gas volatility lasting
as 12% at the lowest since late February. planned maintenance,” said Wei Ying, a years as it invests in Qatar Click here
ferrous analyst at China Industrial Fu-
Consumption of iron ore has been hit tures. However, given the speed of the
by China’s slumping property market and drop, iron ore “may have been oversold”
the country’s inability to put the coro- and there is likely to be a rebound in the
navirus behind it. While there was some
optimism last month that an easing of the
current outbreaks would spur a swift re-
bound in economic activity, that appears
to have been replaced by the realities of
regular mass testing and the constant
threat of more lockdowns.

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POST COVID WORLD

In the wake of the Covid 19 pandemic, new
challenges and opportunities have emerged as
theThird Age generation now has to navigate the
new normal of rising interest rates, a growing
need for healthcare and the fast-paced
digital world, among others. So how does
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t u e s d a y j u n e 2 1 , 2 0 2 2 24 T h e E d g e C E O m o r n i n g b r i e f

world

Glass Lewis urges
vote against

Sumitomo Mitsui
Financial Group
board picks after

scandal

ThaiBev’s In Hong Kong, Tianqi Lithium Corp by Taiga Uranaka & Takako Taniguchi
brewery unit, also began pre-marketing its shares for an Bloomberg
battery supplier offering that could raise between US$1
brave Asia’s billion and US$1.2 billion. It could po- TOKYO (June 20): Prominent share-
IPO market tentially be the largest listing in the Asian holder-advisory firm Glass Lewis & Co
financial hub since August, as large-size has called for a vote against Sumitomo
by Filipe Pacheco deals vanished this year. The company Mitsui Financial Group Inc’s board
Bloomberg already trades in Shenzhen’s exchange, nominees over the trading scandal that’s
where the stock is up 11% year-to-date. engulfed its brokerage unit.
HONG KONG (June 20): The brewery
unit of Thai Beverage Pcl (ThaiBev) and Both companies and their sharehold- Glass Lewis recommended stock-
a Chinese supplier of a material used in ers are aiming to tap investors in a market holders vote against the election ofTake-
batteries started gauging demand for share that has not been this bad for nearly two shi Kunibe andYasuyuki Kawasaki to the
sales in Singapore and Hong Kong, re- decades, with proceeds from global IPOs board of Japan’s second-largest lender at
spectively, testing appetite in a tough mar- and follow-on share sales down about 70% its annual shareholder meeting sched-
ket for listings globally. from a year ago. Surging inflation, aggres- uled for June 29. It also urged them to
sive central bank interest-rate hikes, and vote against some outside directors.
ThaiBev’s BeerCo initial public offering the risk of a global recession have been
(IPO) could raise between US$800 mil- eroding sentiment. “We believe this incident may sig-
lion and US$1 billion through the Singa- nal weak expertise, poor internal con-
pore IPO, people familiar with the matter ThaiBev is attempting to sell shares in trols and a lack of risk management,”
said last month. At the top of that range, the unit after having shelved plans twice according to the Glass Lewis proxy pa-
it would be the biggest offering in the city due to the coronavirus pandemic. It is per report published June 14.“Members
since 2017, according to data compiled seeking to float about 20% of BeerCo, of the board bear the responsibility for
by Bloomberg. according to a filing with the Singapore ensuring that the company and its sub-
Exchange. sidiaries maintain appropriate internal
bloomberg controls and fair and reliable disclosure
The two firms are are not alone in their to investors,” it said.
hunt for investors’ attention as the week
starts. PT CSM CorporatamaTbk, a pro- Tokyo prosecutors have charged six
vider of car rental services, also started individuals in relation to the alleged at-
gauging demand for an IPO in Jakarta tempts at SMBC Nikko Securities Inc to
that could raise up to US$250 million, underpin share prices for trades known
according to IFR.TI Cloud Inc, a Chinese as block offers.The saga has rocked the
cloud-native customer solution provid- country’s financial industry and hurt
er, started taking orders on Monday for SMBC Nikko’s bottom line, with ma-
a Hong Kong offering that aims to raise jor institutional investors and others
up to US$77 million. stopping doing business with the firm.

Read also: Sumitomo Mitsui isn’t the only ma-
Gulf Domino’s Pizza operator IPO jor Japanese bank facing proxy advisory
books said covered within hours — sources firms’ recommendations.
Click here
Institutional Shareholder Services
ABB postpones US$750 mil electric- Inc has recommended Mizuho Finan-
mobility IPO on market rout Click here cial Group Inc shareholders vote against
Tatsuo Kainaka, Izumi Kobayashi and
some other board members for their
responsibilities in that firm’s IT-sys-
tem troubles. Glass Lewis also has rec-
ommended voting against some of the
nominees at Mizuho’s annual general
meeting June 21.

In 2019, Nomura Holdings Inc’s then
chief executive officer won a shareholder
vote, even after ISS urged them to vote
against him over an information leak.

T U E S D A Y J U N E 2 1 , 2 0 2 2 25 T H E E D G E C E O M O R N I N G B R I E F

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t u e s d a y j u n e 2 1 , 2 0 2 2 26 T h e E d g e C E O m o r n i n g b r i e f

world

PORTLAND (June 20): The record-set- Mounting crypto by liquidators can also further pressure
ting rout in cryptocurrencies has put a slew liquidations make token prices, prompting another cascade
of decentralized-finance applications and of liquidations. By stepping in, DeFi com-
their communities in a race to protect DeFi go munities are trying to avoid all of this.
themselves against a cascade of liquida- to extremes
tions — sometimes by employing unprec- “A lot of DeFi protocols are reducing
edented measures. by Olga Kharif & Joanna Ossinger counterparty exposure during this volatile
Bloomberg time,” said Paul Veradittakit, a partner at
On Sunday, token holders of Solend, Pantera Capital.
a lending app on the Solana blockchain, deposited to get higher yields into another.
voted to temporarily take over a large us- When crypto prices tank as has happened The DeFi apps’ communities are also
er’s account that faced the threat of a large recently, that can trigger margin calls on rallying to make sure their apps don’t get
liquidation, an extreme move for DeFi that collateral, and users that don’t address this damaged by things like bad debt: If a liq-
appears to be a first.That decision was re- by adding more collateral get liquidated uidator can’t sell illiquid tokens, or if the
versed in a second vote on Monday. in a process triggered by software and ex- tokens’ prices collapse as they are being
ecuted by bots designed for this purpose. sold, the apps can end up being held re-
That all took place after MakerDAO, sponsible for reimbursements.
an app that supports stablecoin DAI and When a user is ready to be liquidated, Click here for the full story
is run by a crypto community that formed these bots — run by third-party program- Read also:
one of the first decentralized autonomous mers and traders — jockey to liquidate Bitcoin holds near US$20,000 as
organizations, suspended the token from the positions so they can earn a bonus for investors fear ‘domino effect’ Click here
being deposited and minted in DeFi crypto doing so, a common practice in DeFi. As Distressed crypto lender Babel wins
lending platform Aave. many bots compete to liquidate a position, reprieve on debt repayments Click here
that can clog a blockchain with transac-
DeFi apps — in which users can trade, tions. Meanwhile, a dump of a slew of coins
borrow from and lend to each other without
intermediaries like banks — are suffering
because they tend to be interconnected, and
troubles in one can have cascading effects
on others. Users often put up tokens as col-
lateral to borrow a coin in one app, to be

(June 20): China handed down five big goals China lists Hong Since then, Hong Kong has experienced
for incoming Chief Executive John Lee’s gov- Kong housing huge anti-government street protests and
ernment to meet, as Beijing seeks to cement among big strict Covid-related border controls that
greater control over the Asian financial hub. focuses for next left it isolated. Hong Kong’s economy con-
leader John Lee tracted 4% in the first quarter, one of its
The Hong Kong & Macau Affairs Of- worst performances in the past 30 years.
fice, China’s cabinet-level office overseeing by Kari Lindberg
the city, published the targets on Sunday, Bloomberg In recent years, China has imposed a
after approving Lee’s cabinet line-up.The national security law on the city and re-
statement, titled “NewTeam, New Atmos- Bloomberg made its electoral system so only Com-
phere, New Chapter”, ordered Chief Exec- munist Party loyalists can hold power. Lee
utive Carrie Lam’s successor to do more to: John Lee will be sworn into office on July 1 — the
• Correctly implement “one country, two halfway mark in Beijing’s 50-year pledge to
principle in the practice of governance,” preserve city’s liberal financial and political
systems” the statement said, referring to the city’s systems — at an event that Xi might attend.
• Address issues of immediate con- status as a special administrative region. It
called on Lee’s administration to “write a The Hong Kong government announced
cerns for Hong Kong residents, such new chapter” for the city’s development, Sunday evening that Lee’s cabinet selec-
as housing by uniting the strengths of all sectors. tions had been approved by China’s State
• Promote social development Council. Financial Secretary Paul Chan will
• Integrate Hong Kong with the nation’s The statement was the latest the exam- stay in his post, while former director of the
development ple of President Xi Jinping’s government chief executive’s office, Eric Chan, has been
• Consolidate and improve Hong Kong’s taking a more hands-on role in Hong Kong named chief secretary, and Senior Counsel
international competitiveness in the wake of Lam’s tumultuous five-year Paul Lam will head the Justice Department.
The HKMAO also called for “clearer tenure. The HKMAO issued no such di-
goals, greater courage and stronger meas- rectives before Lam took power in 2017. “The central government places high
ures” to ease the world’s most unafforda- hopes in them,” the HKMAO statement
ble housing market, where many live in tiny added. “Hong Kong society and the gen-
subdivided units or cage homes, and there’s eral public are full of expectations.”
a long wait for public apartments.While Bei- Read also:
jing has blamed social unrest in the former Hong Kong’s new health chief staunchly
British colony on such economic issues, solv- defends Covid Zero Click here
ing the housing problem would require tam-
ing powerful local property tycoons. Macau casino stocks drop on first Covid
“The sixth term of the Hong Kong SAR outbreak in months Click here
government must be good at accurately
implementing ‘one country, two systems’

t u e s d a y j u n e 2 1 , 2 0 2 2 27 T h e E d g e C E O m o r n i n g b r i e f

world

(June 20): Air India Ltd is considering or- Air India “This order presumably involves new
dering as many as 300 narrowbody jets, ac- prepares one methods of financing to play out in the
cording to people familiar with the matter, of the largest right manner, including factoring in mac-
in what could be one of the largest orders aircraft deals roeconomic trends — notably the fluctuating
in commercial aviation history as the for- rupee and rising inflation,” said Satyendra
merly state-run airline looks to overhaul in history Pandey, managing partner of aviation ad-
its fleet under new ownership. visory firm AT-TV. “Some airlines have
by Siddharth Philip, Anurag Kotoky, placed voluminous orders only to find that
The carrier may order Airbus SE’s Charlotte Ryan & Julie Johnsson they are unable to line up financing at fa-
A320neo family jets or Boeing Co’s 737 Bloomberg vourable terms.While it is not an outcome
Max models, or a mix of both, the people that one envisions and certainly not with a
said, asking not to be identified because the Bloomberg group such as the Tatas, nevertheless it has
discussions are confidential. A deal for 300 to be planned for.”
737 Max-10 jets could be worth US$40.5
billion at sticker prices, although discounts Air India’s ownerTata Group is also close
are common in such large purchases. to an order for Airbus A350 long-range jets
that are capable of flying as far as the US
Winning a narrowbody order in India West Coast from New Delhi, Bloomberg News
would be a coup for Boeing, as rival Air- reported this month. Once known for its pre-
bus dominates the skies in the country, the mium services and advertisements featuring
world’s fastest-growing aviation market be- Bollywood stars, the airline still has lucrative
fore the Covid pandemic. IndiGo, operated landing slots at most major airports, but it
by InterGlobe Aviation Ltd, is the world’s faces competition from foreign airlines with
largest customer for the European manufac- nonstop services to India, as well as carriers
turer’s best-selling narrowbodies, ordering that fly via hubs in the Middle East.
more than 700, and others includingVistara,
Go Airlines India Ltd and AirAsia India Ltd Tata bought the airline earlier this year
fly planes from the same family. in the most high-profile privatization under
Prime Minister Narendra Modi. It is ex-
Production and delivery of 300 planes pected to consolidate its aviation business-
would likely take years or even more than es, including four airline brands. An order
a decade. Airbus builds about 50 narrow- for new planes, especially with favourable
body jets in a month, with plans to increase terms on long-term maintenance, would
that to 65 by the middle of 2023, and 75 help it cut costs and compete better with
by 2025. rivals that offer very cheap fares.

Representatives for Air India and Boe- Read also:High fares,rising economic worries
ing declined to comment. An Airbus rep- could weigh on airline recovery Click here
resentative said the company is always in
contact with existing and potential custom-
ers, but any discussions are confidential.

(June 20): Zilingo Pte’s board of direc- Zilingo’s board gapore-based company’s board late Sun-
tors is weighing options for the embattled to weigh options day. He has secured commitments from
Singapore startup after a financial advis- a small group of new investors including
er to the company said liquidation is the including a US private equity firm, Bloomberg News
most viable solution and its co-founder liquidation or reported Sunday.The offer detailed plans
presented an 11th-hour pitch for a man- for the investor group to inject US$8 mil-
agement buyout. buyout lion in new equity in a newly incorporated
entity in tranches, while the remaining
The board members met on Monday by Olivia Poh & Yoolim Lee assets and the old corporate entity would
to hear the alternatives, including a pres- Bloomberg be liquidated in due course.
entation from adviser Deloitte LLP to sell
off the company’s assets, according to peo- Bloomberg Ankiti Bose, the startup’s ousted chief
ple familiar with the matter. Co-founder executive officer, endorsed Kapoor’s
Dhruv Kapoor briefly made the pitch for Ankiti preliminary proposal minutes after it
a buyout, a surprise, last-minute devel- Bose was sent out to existing shareholders.
opment, said the people, asking not to In her email, as seen by Bloomberg News,
be identified because the discussions are Bose urged investors to see beyond their
private. “personal differences” and support the
initiative.
The board meeting ended without a
decision on Zilingo’s fate, they said. Di- Allegations of financial irregularities
rectors will consider Deloitte’s findings, in March prompted an investigation into
as well as the new management buyout Zilingo, valued at US$970 million in 2019,
proposal, and they’re trying to set a date and led to the dismissal of co-founder Bose
for a new gathering. as CEO in May. Her ouster plunged the
once high-flying startup into crisis and
Zilingo and Deloitte representatives sent shockwaves through Southeast Asia
didn’t respond to requests for comment. and India’s technology industry.

Kapoor proposed the buyout to the Sin-

t u e s d a y j u n e 2 1 , 2 0 2 2 28 T h e E d g e C E O m o r n i n g b r i e f

world

news In brief

reuters

Jokowi offers Tesla investment in entire EV supply chain: CNBC Google co-founder Sergey Brin files for
divorce from his wife of three years
(June 20): Elon Musk, the world’s richest person, was offered the opportunity to (June 20): Sergey Brin, the Google co-
invest in an end-to-end electric vehicle supply chain in Indonesia by President Joko founder and world’s sixth-richest person,
Widodo, CNBC reported. Jokowi, as the president is popularly known, made the filed for a divorce from his wife of three
pitch about Tesla Inc to Musk during their meeting in May, he said in an interview years, making him the third mega-billionaire
with CNBC. “We had a lot of discussions, particularly on how Tesla can build their to do so in as many years. Brin filed a petition
industry from upstream to downstream, end-to-end starting from smelter then for dissolution of his marriage to Nicole
build the cathode and precursor industry, build EV batteries, build lithium batteries, Shanahan this month, citing “irreconcilable
then the vehicle factory,” Jokowi said. “Everything in Indonesia, because that’s differences”, according to court documents.
very efficient. That’s what I offered.” Indonesia has been pushing for more EV The couple, who have a three-year-old son,
investments onshore to help it capitalize on its nickel reserves, which is the world’s took steps to keep the details of the split
biggest. Companies like Hyundai Motor Group and LG Energy Solution have started private, requesting that documents be
to build their electric car and battery plant in the country, while nickel producers sealed by the court. Brin, 48, has a fortune
Tsingshan Holding Group Co expand their local smelters to comply with Jokowi’s of US$94 billion, according to the Bloomberg
push to export less raw commodities and more refined goods. — Bloomberg Billionaires Index, derived largely from his
holdings in Google, the company he co-
Russian rouble hits near 7-year high Euromoney gets £1.6 bil private founded with Larry Page in 1998 that later
vs dollar as tax payments loom equity takeover approach formed the holding company Alphabet Inc.
MOSCOW (June 20): The Russian rouble Both he and Page left Alphabet in 2019,
surged on Monday to a near seven- LONDON (June 20): Financial news although they remain on the board and
year high against the dollar on Moscow and information business Euromoney still are the controlling shareholders. Brin’s
Exchange, supported by capital controls Institutional Investor plc is discussing a earlier marriage to 23andMe co-founder
and the promise of upcoming month-end £1.6 billion (US$1.96 billion) takeover Anne Wojcicki ended in divorce in 2015.
tax payments, as the government presented approach with a private equity — Bloomberg
its new budget. By 1219 GMT, the rouble consortium, it said on Monday. The £14.61
soared 1.2% to 55.75 against the dollar, per share cash offer from Luxembourg- Click here for the full story
earlier touching 55.44, its strongest mark based private equity manager Astorg
since early July 2015. It had gained 0.6% to Asset Management Sarl and British BlackRock strategist sees big
58.49 against the euro, edging closer to its firm Epiris LLP came after four earlier opportunity in European banks
strongest level in nearly five years of 57.10 offers, the company said. The current LONDON (June 20): European banks may
hit in May. The rouble, which has become offer represents a premium of 33.6% be an unlikely bet when recession risks
the world’s best-performing currency this compared with its Friday market value, are stacking up, but BlackRock Inc has said
year, is steered by Russia’s high proceeds according to Bloomberg calculations. it is the right time to add exposure to the
from commodity exports and a sharp drop Euromoney’s share price peaked at beleaguered sector. “It’s contentious, but
in imports along with a ban on households £14.98 in September 2019 prior to the I see an extreme valuation opportunity in
withdrawing their foreign currency savings. pandemic shutting down the global European banks,” Nigel Bolton, co-chief
Top policymakers used Russia’s annual event business. Euromoney’s shares investment officer of BlackRock Fundamental
economic forum in St. Petersburg last week rose as much as 29% to £14.12 in early Equities, said in a phone interview on Friday.
to highlight the rouble’s recent strength. trading in London on Monday, the biggest “Rising interest rates are boosting net
There are concerns this could weigh on intraday move in over 20 years. London- interest margins. Banks are still very cheap
the economy as it tips into recession amid based Euromoney sells subscriptions and backed up by strong earnings, with
harsh sanctions over what Moscow calls a to financial professionals and also runs retail-focused banks to benefit in particular.”
“special military operation” in Ukraine. events, a business line which rivals like Lenders — which typically benefit from
— Reuters Informa plc are seeing bounceback as rising real yields — have become a proxy for
global pandemic restrictions lift. The Daily recession fears as central banks turn hawkish
Click here for the full story Mail group previously held a large stake to rein in inflation. — Bloomberg
before spinning it out in a shareholder
distribution in 2019. — Bloomberg Click here for the full story

Goldman strategists add Netflix, Microsoft to stable stocks list

LONDON (June 20): Goldman Sachs strategists have added Netflix, Microsoft,
Zebra Technologies, Dish Network, and Disney to their basket of stable stocks
that are expected to outperform amid hawkish monetary policy and slowing
growth. Despite the bear market, S&P 500 implied economic slowdown rather than
recession, strategists including David Kostin wrote in a note dated June 17. Note
median stock in Goldman’s custom basket is expected to generate 2x the return
of the median S&P 500 stock with only slightly higher implied volatility. Google’s
parent Alphabet, Omnicom, Royal Caribbean, Expedia, Mondelez, P&G also entered
the basket. — Bloomberg

T U E S D A Y J U N E 2 1 , 2 0 2 2 29 T H E E D G E C E O M O R N I N G B R I E F

WORLD

Baltic Exchange shipping updates

A weekly round-up of tanker and dry bulk market (June 17, 2022)

CAPESIZE was seemingly found on Tuesday, primarily in
the Atlantic. However, Asia soon followed suit
It was turbulent seas this week as global markets This report is with improved demand found in both basins.
buffeted the Capesize sector. Amongst this tur- produced by the The Atlantic was for the most part grain cen-
moil the sector managed to find a floor under its Baltic Exchange. tric with decent levels of support found in both
recent softening as sentiment improved in the the North and South Americas absorbing ton-
latter part of the week with the Capesize 5TC The Baltic Exchange, a wholly- nage open Gibraltar-Continent range. This in
lifting $5,111 over the week to finish at $24,776. owned subsidiary of Singapore turn added assistance to rates to theTransatlan-
Miners were heard to be bidding up strongly Exchange, is the world’s tic runs the latter part of the week. A 79,000-
amidst a tightening tonnage supply at the end only independent source of dwt delivery Cape Passero agreed to a rate of
of the week on West Australia to China C5 as it maritime market information $23,000 for aTransatlantic round trip, typifying
settled at $13.49. The North Atlantic was seen for the trading and settlement route P1a levels. Indonesia coal demand ap-
to jump in value, despite seemingly few fixtures. of physical and derivative peared the main driver for the Pacific this week
They were said to be of high value providing solid contracts. with plentiful activity. And, with an improving
signal of the improving market.TheTransatlan- EC South America market, the south was well
tic C8 now sits at $29,994, once again the pre- Its international community supported. An 82,000-dwt delivery South China
mium paying region to theTransatlantic C10 at of over 650 members agreed $23,500 for an Indonesia to China trip,
$22,418.The market looks set to break through encompasses the majority of the highlight of the week.
on the upside of a recent trading range.Whether world shipping interests and
there is enough push to keep the market pumping commits to a code of business ULTRAMAX/SUPRAMAX
higher, especially while global markets appear far conduct overseen by the Baltic. A rather positional week overall. Whilst some
from settled, is difficult to read.Yet coming into key areas such as the US Gulf lacked impetus,
the second part of the year history tells us car- For daily freight market reports from South America better opportunities were
go flows will be increasing while downside from and assessments, please visit seen. Similarly, from Asia, mixed blessings as
$20,000 on the 5TC never seems to last too long www.balticexchange.com. Indonesian coal business ramped up there was
under owner resistance. little fresh enquiry from NoPac and Australia.
However, although some said period activity
PANAMAX had renewed interest, few fixtures surfaced.The
The Panamax market encountered a steady rise Atlantic saw the ultramax size now seeing in the
this week following recent weeks of falls. A floor
CONTINUES ON PAGE 30

T U E S D A Y J U N E 2 1 , 2 0 2 2 30 T H E E D G E C E O M O R N I N G B R I E F

WORLD

FROM PAGE 29 withWS300 (+WS72.1) done onTC1 75k 17 points to about the WS130 level (a
Middle East Gulf / Japan (equivalent TCE round-trip TCE of $24,100 per day),
low $20,000s plus low $1,000,000 million of $55,409/day).West of Suez, on the LR2s, while the 130,000mt Nigeria/UKC
ballast bonus for East coast South Amer- TC15, 80k Mediterranean / Japan, has also route saw rates soar 21 points to a shade
ica fronthaul business. By contrast, an ul- seen improved sentiment increasing from above WS115 (a round-trip TCE of
tramax was heard fixed for a Barranquilla US$4.2m last week to US$4.6m about $15,300 per day). In the Middle
to Argentina under $20,000. Renewed in- East rates for the 140,000mt Basrah/West
terest from South Asia saw a 63,000-dwt The MRs of TC17, 35kt Middle East Mediterranean steadily rose five points to
fixing delivery Chittagong trip via Indone- Gulf / East Africa, came off 101.66 points the WS62.5 mark.
sia redelivery West Coast India at around toWS459.17 (equivalentTCE of $55,569/
$28,000. Meanwhile, a 55,000-dwt fixed day).The LR1s onTC16 60k Amsterdam AFRAMAX
delivery Passing Singapore trip via Indo- / Offshore also improved on last week’s The 80,000mt Ceyhan/Mediterrane-
nesia redelivery China at $29,000. Activity activity with at least one vessel fixed for an market saw a continued ascent this
from the Indian Ocean saw a 66,000-dwt a voyage atWS270 and with expectations week, with rates improving a further 21
fixing delivery Hazira trip via Arabian Gulf for higher in the coming weeks. points through the WS200 barrier to be-
redelivery Chittagong at $34,000. tween WS202.5-205 (showing a round-
On the UK-Continent, MRs saw the trip TCE of about $41,400 per day). In
HANDYSIZE TC2 (WS365) and TC19 (WS374.29) Northern Europe rates saw upward move-
During the week there were more signifi- softening in tandem together as owners ments with 80,000mt Hound Point/UK
cant drops from East Coast South America, are currently less willing to end up inWest Continent up 18.5 points to WS160 (a
as well as the US Gulf, due to lack of fresh Africa due to high bunker prices and repo- daily round trip TCE of $23,600) and for
enquiry. A 32,000-dwt fixing from Recala- sitioning costs. the 100,000mt Primorsk/UK Cont route
da to Liverpool with an intended cargo of eight points firmer atWS174 (a round trip
grains at $19,600 and a 34,000-dwt being U.S. Gulf MRs have had a good week TCE of $32,800/day). Across the Atlan-
placed on subjects for a trip from Galves- withTC14, 38k US Gulf / UK-Continent, tic, the 70,000mt EC Mexico/US Gulf
ton to Spain at $16,000.The Continent and increasing toWS 178.57 (+6.43) andTC18 route dipped two points at the very end of
Mediterranean markets also softened during the MR US Gulf / Brazil run also improving last week and has now recovered that lost
the week with a 33,000-dwt rumoured to to finish the week at WS260.71 (+17.14). ground to settle back atWS180 (a round-
have fixed from Egypt to East Coast South Baltic Handymax on TC9 30kt CPP Pri- trip TCE of $16,400 per day) and for the
America at around $14,000 and a 35,000- morsk / Le Havre has crept up this week 70,000mt Caribbean/US Gulf route rates
dwt rumoured to have been placed on sub- from WS430 to WS442.86. In the Medi- have remained steady at just over WS175
jects for a trip from Morocco to Brazil with terranean TC6 30kt Skikda / Lavera has (a round-trip TCE of about $14,100
an intended cargo of fertilizer at $13,000. In improved from WS411.25 to WS491.88. per day). For the Transatlantic trip of
Asia, brokers spoke of limited fresh enquiry 70,000mt US Gulf/UK Continent, rates
for prompt tonnage and numbers started VLCC have been pushed up about two points to
to soften. A 44,000-dwt open in Singapore VLCC fixing rates were modestly firmer this WS171 ($13,800 per day round-tipTCE).
was fixed via Indonesia to China at $29,000. week, with 280,000mt Middle East Gulf/
A 29,000-dwt was fixed from Loukou via USG (via Cape of Good Hope) climbing BALTIC EXCHANGE NEWS
North China to the Arabian Gulf at $24,000. almost one point toWS26.4 while rates for The Baltic Exchange runs a series of
the 270,000mt Middle East Gulf/China trip professional training courses through its
CLEAN were flat at just below WS45 (a round trip Academy.When possible, these take place
The BCTI continued its impressive rise in TCE of minus $20,300 per day). in key shipping centres but are also avail-
recent months with the index finishing the able as an e-learning option. The cours-
week just a shade over the 1700 mark. In In the Atlantic markets the rate for es are designed to help shipping, finance
the Middle East Gulf freight levels earn- 260,000mt West Africa/China rose a and commodity executives build on their
ings have continued to grow as owners are meagre point toWS45.5 (minus $17,500 knowledge of the maritime markets. The
feeling able to push for higher rates on the per day round-trip TCE) and the rate for courses are led by experts and deliver a
back of plentiful cargoes. And, with more 270,000mt US Gulf/China voyage rose high-level education, combining theory
July stems expected, it seems likely that the $106,250 to almost $5.49m (a round with real-life practical examples. See on-
numbers seen so far could be pushed even voyage TCE of minus $20,200 per day). line for more details.
higher. LR2s have been very active this week
SUEZMAX
Rates for the 135,000mt Black Sea/Au-
gusta changed course this week and rose

Disclaimer:
While reasonable care has been taken by the Baltic Exchange Information Services Limited (BEISL) and The Baltic Exchange (Asia) Pte. Ltd. (BEA, and
together with BEISL being Baltic) in providing this information, all such information is for general use, provided without warranty or representation,
is not designed to be used for or relied upon for any specific purpose, and does not infringe upon the legitimate rights and interests of any third party
including intellectual property. The Baltic will not accept any liability for any loss incurred in any way whatsoever by any person who seeks to rely on
the information contained herein.

All intellectual property and related rights in this information are owned by the Baltic. Any form of copying, distribution, extraction or re-utilisation
of this information by any means, whether electronic or otherwise, is expressly prohibited. Persons wishing to do so must first obtain a licence to do
so from the Baltic.

T U E S D A Y J U N E 2 1 , 2 0 2 2 31 T H E E D G E C E O M O R N I N G B R I E F

MARKETS

CPO RM 4,975.00-479.00 OIL US$ 113-0.12 RM/USD 4.4000 RM/SGD 3.1736 RM/AUD 3.0765 RM/GBP 5.3893 RM/EUR 4.6347

Top 20 active stocks

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

SFP TECH HOLDINGS BHD 329.00 0.370 0.670 0.00 536

DAGANG NEXCHANGE BHD 162.00 -0.045 0.765 0.66 2,414.5

CYPARK RESOURCES BHD 74.40 0.030 0.37 -59.34 217.9

SAPURA ENERGY BHD 67.70 -0.005 0.040 -20.00 639.2

MNC WIRELESS BHD 57.50 0.000 0.015 0.00 34.3

HIBISCUS PETROLEUM BHD 56.10 -0.020 1.060 30.06 2,133.2

TECHNA-X BHD 49.00 0 0.040 -46.67 88.6

TA WIN HOLDINGS BHD 47.30 0.015 0.095 -24.00 325.1

MQ TECHNOLOGY BHD 42.50 -0.005 0.035 -30.00 43.8 World equity indices

LKL INTERNATIONAL BHD 42.10 -0.015 0.045 -35.71 43.7

TOP GLOVE CORP BHD 34.10 -0.025 0.985 -61.97 7887.1 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE

LGMS BHD 33.40 -0.095 0.680 0 310.1 (%) (%)
DOW JONES 29,888.78 -38.29 -0.13 INDONESIA 6,976.38 39.41 0.57
UNITRADE INDUSTRIES BHD 33.30 -0.020 0.255 0.00 398.4

FAST ENERGY HOLDINGS BHD 32.30 0.000 0.040 -57.89 29.5 S&P 500 3,674.84 8.07 0.22 JAPAN 25,771.22 -191.78 -0.74

JADE MARVEL GROUP BHD 31.70 -0.005 0.890 34.85 291.9 NASDAQ 100 11,265.99 138.42 1.24 KOREA 2,391.03 -49.90 -2.04

KUMPULAN JETSON BHD 29.40 0.010 0.280 33.33 75.0 FTSE 100 7,062.10 45.85 0.65 PHILIPPINES 6,333.94 2.38 0.04

WIDAD GROUP BHD 28.40 0 0.360 -1.37 990.9 AUSTRALIA 6,433.37 -41.43 -0.64 SINGAPORE 3,096.40 -1.69 -0.05

AHB HOLDINGS BHD 23.60 -0.010 0.130 0.00 48.9 CHINA 3,315.43 -1.36 -0.04 TAIWAN 15,367.58 -273.68 -1.75

LAY HONG BHD 20.50 0.030 0.280 16.67 207.3 HONG KONG 21,163.91 88.91 0.42 THAILAND 1,559.21 -0.18 -0.01

KNM GROUP BHD 16.70 0.000 0.135 -10.00 496.3 INDIA 51,676.23 315.81 0.61 VIETNAM 1,180.40 -36.90 -3.03

Data as compiled on Jun 20, 2022 Source: Bloomberg Data as compiled on Jun 20, 2022 Source: Bloomberg

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

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

CHINA AUTOMOBILE PARTS 0.015 50.00 1116.2 0.00 20.4 VSOLAR GROUP BHD 0.005 -50.00 660.3 -66.67 24.2

TALAM TRANSFORM BHD 0.025 25.00 592.0 25.00 107.4 ANZO HOLDINGS BHD 0.010 -33.33 540.0 -66.67 11.2

SCOMI ENERGY SERVICES BHD 0.025 25.00 232.0 -54.55 11.7 EA TECHNIQUE M BHD 0.030 -25.00 180.0 -62.50 15.9

MLABS SYSTEMS BHD 0.025 25.00 0.1 -16.67 36.2 LKL INTERNATIONAL BHD 0.045 -25.00 42,137.0 -35.71 43.7

AE MULTI HOLDINGS BHD 0.025 25.00 16532.1 -16.67 54.1 DGB ASIA BHD 0.015 -25.00 69.2 -50.00 25.5

REACH ENERGY BHD 0.055 22.22 1317.0 -8.33 60.3 KHEE SAN BHD 0.080 -20.00 7.0 -42.86 11.0

TA WIN HOLDINGS BHD 0.095 18.75 47316.1 -24.00 325.1 ASIA BRANDS BHD 0.495 -16.81 11.8 -1.00 115.2

SILVER RIDGE HOLDINGS BHD 0.130 18.18 15.3 -36.59 25.5 FOCUS DYNAMICS GROUP BHD 0.025 -16.67 6,620.2 -37.50 159.3

THRIVEN GLOBAL BHD 0.135 17.39 10.0 -6.90 73.8 BARAKAH OFFSHORE PETROLEUM 0.025 -16.67 3,916.9 -68.75 25.1

LAY HONG BHD 0.280 12.00 20502.9 16.67 207.3 SOUTH MALAYSIA INDUSTRIES 0.250 -13.79 3,823.9 25.00 52.5

BOUSTEAD HEAVY INDUSTRIES 0.515 11.96 9.3 7.29 128.0 PASDEC HOLDINGS BHD 0.250 -13.79 21.0 -28.57 100.1

AMLEX HOLDINGS BHD 0.400 11.11 50.1 14.29 107.2 DESTINI BHD 0.125 -13.79 15,506.4 -30.56 207.9

KEY ASIC BHD 0.050 11.11 1030.2 -28.57 68.2 EURO HOLDINGS BHD 0.130 -13.33 6,187.7 -73.20 104.2

SHH RESOURCES HOLDINGS BHD 0.535 10.31 35 16.30 53.5 OVERSEA ENTERPRISE BHD 0.100 -13.04 114.9 -16.67 113.5

EFFICIENT E-SOLUTIONS BHD 0.215 10.26 15.0 2.38 152.5 MQ TECHNOLOGY BHD 0.035 -12.50 42,467.5 -30.00 43.8

MMAG HOLDINGS BHD 0.055 10.00 2624.5 -26.67 72.3 LGMS BHD 0.680 -12.26 33,364.7 0.00 310.1

JIANKUN INTERNATIONAL BHD 0.235 9.30 9165.3 11.90 54.9 SAPURA ENERGY BHD 0.040 -11.11 67,721.3 -20.00 639.2

LAMBO GROUP BHD 0.060 9.09 116.0 -29.41 92.4 ECOBUILT HOLDINGS BHD 0.080 -11.11 277.6 -48.39 30.6

CYPARK RESOURCES BHD 0.370 8.82 74352.6 -59.34 217.9 CAELY HOLDINGS BHD 0.320 -11.11 841.3 -11.11 82.6

DYNACIATE GROUP BHD 0.125 8.70 3350.6 25.00 122.1 KIA LIM BHD 0.285 -10.94 23 -41.24 17.7

Data as compiled on Jun 20, 2022 Source: Bloomberg Data as compiled on Jun 20, 2022 Source: Bloomberg

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

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

NESTLE MALAYSIA BHD 131.60 0.400 20.5 -1.94 30860.2 MALAYSIAN PACIFIC INDUSTRIES 28.520 -0.980 347.7 -42.22 5672.5

FRASER & NEAVE HOLDINGS BHD 19.90 0.200 67.800 -19.56 7,298.9 BATU KAWAN BHD 22.700 -0.520 11.3 0.00 8933.9

AMWAY MALAYSIA HOLDINGS BHD 5.20 0.180 1.6 -2.96 854.8 DUTCH LADY MILK INDUSTRIES BHD 32.320 -0.460 3.4 -3.58 2068.5

PETRONAS GAS BHD 16.14 0.100 145.0 -9.80 31936.7 PETRON MALAYSIA REFINING 5.450 -0.430 1571.3 24.43 1471.5

NEGRI SEMBILAN OIL PALMS BHD 3.79 0.090 1.2 24.95 266.1 HENGYUAN REFINING CO BHD 4.340 -0.410 4076.7 12.14 1302.0

TEO GUAN LEE CORP BHD 1.13 0.090 8.7 10.78 92.9 CHIN TECK PLANTATIONS BHD 8.960 -0.330 24.3 27.10 818.6

KKB ENGINEERING BHD 1.40 0.080 10.0 -7.28 404.2 AEON CREDIT SERVICE M BHD 13.040 -0.320 116.5 -4.26 3329.2

MALPAC HOLDINGS BHD 1.13 0.080 20.0 8.65 84.8 HONG LEONG BANK BHD 20.700 -0.300 695.8 11.17 44871.8

PETRONAS DAGANGAN BHD 19.90 0.080 361.2 -3.40 19769.7 KESM INDUSTRIES BHD 6.310 -0.290 21.1 -48.62 271.4

BERJAYA FOOD BHD 4.20 0.070 219.5 95.35 1514.3 SARAWAK OIL PALMS BHD 4.390 -0.280 950.3 25.79 2565.9

COUNTRY VIEW BHD 1.00 0.065 6.0 -0.50 99.5 SOUTHERN ACIDS MALAYSIA BHD 3.550 -0.250 9.3 -8.03 486.1

PTT SYNERGY GROUP BHD 1.02 0.065 3.2 13.97 91.8 KUALA LUMPUR KEPONG BHD 23.160 -0.240 536.3 6.34 24970.1

YSP SOUTHEAST ASIA HOLDINGS 1.98 0.060 7 2.59 279.1 MALAYAN BANKING BHD 8.650 -0.230 4966.9 4.22 103540.6

CI HOLDINGS BHD 2.88 0.060 30.6 1.05 466.6 TA ANN HOLDINGS BHD 4.150 -0.230 1027.4 18.23 1827.9

BOUSTEAD HEAVY INDUSTRIES 0.52 0.055 9.3 7.29 128.0 GAMUDA BHD 3.380 -0.220 3554.7 16.55 8632.3

WHITE HORSE BHD 0.67 0.050 4.2 5.51 147.8 MISC BHD 7.180 -0.210 958.1 1.84 32049.7

IHH HEALTHCARE BHD 6.33 0.050 784.4 -13.76 55721.6 VITROX CORP BHD 7.040 -0.200 207 -29.32 6650.2

PINTARAS JAYA BHD 2.34 0.050 0.3 -16.43 388.1 BONIA CORP BHD 2.200 -0.190 604.1 129.30 440.9

MR DIY GROUP M BHD 2.94 0.050 5556.4 -18.56 18475.9 HAP SENG CONSOLIDATED BHD 7.270 -0.180 82.9 -5.58 18099.9

SHH RESOURCES HOLDINGS BHD 0.535 0.050 35 16.30 53.5 UNISEM M BHD 2.400 -0.180 1561.9 -41.18 3871.4

Data as compiled on Jun 20, 2022 Source: Bloomberg Data as compiled on Jun 20, 2022 Source: Bloomberg