The EDGE - 01 April 2022

BIDEN ORDERS RECORD OIL RELEASE FROM US RESERVE
TO TAME PRICES p14

FRIDAY, APRIL 1, 2022 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 357/2022

CEOMorningBrief
HOME: Travel insurance no longer required to enter Singapore — CAAS p4
Malaysia not exporting renewable energy, says Takiyuddin p5

MySejahtera owners say share sale dispute due to buyer not securing service contract,
partnership agreement from govt p11

WORLD: Putin tells Europe: pay in roubles or we’ll cut off your gas p15
Winners and losers in whirlwind US$1 trillion tech stock rout p22

Foreign investors
emerge as net buyers
as plantation sector

lead gains in 1Q

Report on Page 3.

friday april 1, 2022 2 TheEdge CEO morning brief

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KUALA LUMPUR (March 31):The gov- Khairy:Talks Covid-19 cases and vaccination
ernment has so far not approved or made ongoing with progress in Malaysia
any payment to the operator of MySe- MySejahtera
jahtera application, said Health Minister operator to On March 30, 2022 51,867
Khairy Jamaluddin. achieve win-win 45,480
Daily vaccine doses administered
“The government and the Ministry of situation 97.6
Health (MoH) will ensure that any deci- Daily booster administered
sion on the payment will take into account by syafiqah salim 67.0
the interests of the country and its people. theedgemarkets.com % of adult population received
two-dose vaccination
“Therefore, the negotiation is still on- “I would like to reiterate that the gov-
going, and we will try as much as possible ernment has not approved or made any % of adult population received
to achieve a win-win situation,” he added. payment to the operator of the MySe- booster shots
jahtera application to date,” he said.
Winding up the debate on a motion on On March 30, 2022
the MySejahtera application in the Dewan Khairy also clarified the shareholders of
Negara on Thursday (March 31), Khairy Entomo Pte Ltd (earlier known as KPISoft Number of new cases 15,941
said the price that is being negotiated is “far Malaysia Sdn Bhd) based in Singapore are
less than RM300 million” market price. Malaysians. “They made the decision to Local cases 15,773
be based in Singapore as other technology
Khairy said there was no issue on the companies from Malaysia as it is easier to Imported cases 168
sale of the application to a private entity as it obtain investors in Singapore,” he said.
was a decision of the Cabinet in November Category 1 7,474
last year which agreed that the ownership of See also story on Page 11
MySejahtera is to be transferred from the (no symptoms) (46.88%)
National Security Council (NSC) to MoH. News portal Codeblue had earlier report-
ed, citing court documents, that there was a Category 2 8,359
The NSC had on behalf of the govern- licencing agreement between KPISoft and (mild symptoms) (52.44%)
ment entered into a non-disclosure agree- MySJ Sdn Bhd in October 2020, which stip-
ment with KPISoft (M) Sdn Bhd (now ulated that KPISoft would transfer the intel- Category 3 50
known as Entomo Malaysia) on April 1, lectual property of MySejahtera and grant
2020, on terms agreed upon by both parties the software licence for the app to MySJ Sdn (with pnemonia) (0.32%)
before the government launched the MySe- Bhd for RM338.6 million.The agreement
jahtera app on April 20, 2020. KPISoft was was expected to run until the end of 2025. Category 4 26
responsible for managing the application. ‘I’m ready to appear before PAC’ (with pneumonia requiring oxygen therapy) (0.16%)
Khairy said he is ready to testify before
However, when Khairy was appointed as Parliament’s Public Accounts Committee Category 5 32
Health Minister on Aug 30 last year, he took (PAC) on the development of the MySe- (critical and requiring assisted ventilation) (0.20%)
the view that the MoH should take over the jahtera application.
operation of MySejahtera from the NSC, as Number of new recoveries 21,186
the key functions and data obtained through “There is nothing to hide. The MoH
the application are related to healthcare. and I will fully cooperate with all the pro- Active cases 206,591
cedures that will be carried out, including
Then, in November, the Cabinet agreed those of PAC,” he said. Daily Covid-19 deaths 33
that ownership of MySejahtera’s data
would be transferred from the NSC to the OnWednesday (March 30), the PAC said Hospital bed utilisation (%) 64.5
MoH, allowing the Ministry to facilitate it would begin an investigation into the devel-
the operation of the system. MySejahtera opment and procurement of the MySejahtera Source: Ministry of Health
enables contact monitoring and tracking app in mid-April, saying the controversial
as well as strengthening public health. matter needed to be cleared up transparently
for the sake of the people and the country.
“Just to clarify, this transfer is not from
a private company to the MOH, but from Its chairman Wong Kah Woh said the
another government agency to the MoH,” first two witnesses, Finance Minister and
Khairy said in his winding-up speech. Health Minister Datuk SeriTengku Zafrul
Abdul Aziz and Khairy Jamaluddin, would
He said one of the main factors for select- be called to testify.The time and date for
ing KPISoft is the company’s offer to provide the trial would be announced soon.
corporate social responsibility services for one
year,from March 27,2020 to March 31,2021. At the same time, the PAC raised the
issue of how the ownership of the MySe-
The Minister clarified that the govern- jahtera app was transferred from KPISoft
ment did not make any payment to the to MySJ. The PAC said it believes that a
company during the entire CSR period. new company should not be appointed
through direct negotiation.

Read also:

Covid-19: Daily cases below 20,000
for fourth consecutive day on March
30 Click here

Over 1.3 million Malaysian children
given first jab Click here

friday april 1, 2022 3 TheEdge CEO morning brief

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Foreign investors emerge as net buyers
as plantation sector lead gains in 1Q

KUALA LUMPUR (April 1): Foreign in- by seah eu hen A local analyst added that the recent

stitutional, retail and local retail investors theedgemarkets.com trend signals improved investor confidence,

have emerged as the largest net buyers in while noting that investors have moved on
Malaysian equities with a combined net biF nourfyieerisrgstnqoiufnaMvreatseltaroyorssfia2lan0r2eg2qeus titnieest fRyrioiesl“mkdIWsfRyienuoigsuthshilteaoedoAaknISndaEdtCAetxhNh,eiMnrMaeagtSliaooCynssIei.aeA’ksCwfoAeriSgbhEetAtatgNeer
value of almost RM6.89 billion invested Net Bought/(Sold) is higher than most of its neighbours, which
(as at March 30), contributing to a mea-
gre 1.27% or 38.31 points year-to-date
gain in the the domestic benchmark index Investors
FBM KLCI, which closed in the green at in RM bil has some benefit but the long-term trend

1,587.36 points on the last day of the first 1Q22* 4Q21 depends on whether we can attract more
quarter in 2022 (1Q22). Local institutions investors than our ASEAN neighbours

Local institutional investors and nominees & nominees (6.89) (2.36) such as Indonesia and Philippines,” the
had sold just as much Malaysian equities at Local retail 1.78 analyst added.
a total value of RM6.89 billion on the pe- 0.53
nultimate day of 1Q22, according to fund
T otal local net value (6.36) (0.59) Plantation & Technology sector sees
0.61 fortune reversed in 1Q22
flow data on Bloomberg and Bursa Malaysia. Foreign institutions 6.33
Market observers believe that local insti- Foreign retail 0.03 (0.01) Despite crude palm oil (CPO) prices re-
tutional investors, particularly the nation’s 0.60 treating from record highs, the plantation
largest retirement fund, the Employees’ Total foreign net value 6.36 sector remains the best performing sec-
Provident Fund’s (EPF), had been rebal- tor with the KL Plantation Index gaining
*As at Mar 30, 2022
Sources: Bloomberg, Bursa Malaysia

ancing its portfolio by taking profits and 21.38% YTD, while the KL Technology
preparing for the surprise fourth withdraw- Index lost 19.89% YTD from the lofty
al announced on March 16. valuations ascribed to the sector in 2021,
Nonetheless, MIDF Amanah Invest- based on Bloomberg data.
ment Bank Bhd research head Imran Market darlings during the pandem-
YassinYusof said foreign fund net inflows ic such as the healthcare sector and ACE
so far this year have been encouraging. Market-listed companies have suffered
He believes this trend will likely continue YTD declines of 9.28% and 12.47% re-
into the second quarter of 2022 contin- spectively, as investors are expecting the
gent on three factors: the unresolved Rus- pandemic to be over, while seeking out
sia-Ukraine conflict, elevated commodity stable earnings.
prices and unmarred expectations of better Imran also said that the most favoured
economic growth. sector by foreign investors has been the
“Out of the 68 trading days, there have financial services sector, which received
been 59 days of net inflows, evidence of a RM2.8 billion in bought value and re-
strong trend in our opinion. In comparison, turned 7.79%YTD.
during the same period, we have observed “We opine that this is akin to a vote of
a net outflow of RM1.43 billion, RM7.74 confidence in Malaysia’s economic pros-
billion and RM1.35 billion in 2021, 2020 pects, given that banks and the finance
and 2019 respectively,” Imran said. sector are strongly tied to the performance
of the economy,” Imran said.
He adds that foreign investors also fa-
Plantation, tech sectors see divergence in YTD returns voured industrial products & services and

Returns (%) plantation companies, with net buys of
40 RM2.1 billion and RM1.6 billion respec-
21.38 tively, despite the ESG (environmental,
social & governance) concerns in the latter.

20 Meanwhile, the analyst has singled out oil
1.27 & gas service providers as the dark horse,as
0 the Brent crude oil rally and a potential ramp
-12.47 up in capital expenditure (capex) cycle by
upstream players could see these companies
-20 re-rated in the near future.
-19.89 “The lack of investment and capex af-

-40 March 31, 2022 ter the oil crash in 2014 has dragged these
Dec 31, 2021 companies’ earnings down but the upstream
giants will have to start soon to avoid further
FBM KLCI ACE Market Plantation Technology supply shocks, so that is a positive point for
oil & gas companies,” the analyst said.
Source: Bloomberg, Bursa Malaysia

friday april 1, 2022 4 TheEdge CEO morning brief

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SINGAPORE (March 31): All fully vacci- Travel insurance Emergency Use Listing (EUL) Covid-19
nated short-term visitors entering Singapore no longer vaccines and meeting the minimum dose
under its GeneralTravel Category countries interval period.
or regions via air, land and sea borders will required to enter
no longer be required to purchase compul- Singapore They may refer to https://safetravel.ica.
sory travel insurance, effective April 1, 2022. — CAAS gov.sg/health/vtsg for more information.

However, travellers are still encouraged by Massita Ahmad Singapore had earlier introduced the
to purchase travel insurance to safeguard Bernama travel insurance requirement to help short-
against any unforeseen circumstances while term visitors pay for the costs of their medi-
travelling, said the Civil Aviation Author- gov.sg/contact-us or call the SafeTravel cal treatments in Singapore, should they be
ity of Singapore (CAAS) in a statement Enquiries helpline at +65 6812 5555. suspected of being infected with Covid-19
issued in response to media queries on or require medical treatment for Covid-19
Thursday (March 31). According to CAAS, travellers are con- while in Singapore.
sidered fully vaccinated only if they meet
These may include medical emergencies two conditions at least two weeks before Visitors were required to have a min-
and hospitalisation costs, as well as travel-re- arriving in Singapore, namely receiving the imum coverage of S$30,000 (about
lated disruptions, it added. full regimen of World Health Organisation RM93,199.84), and could purchase the
travel insurance from Singapore-based
For more details, CAAS said visitors may or overseas insurers.
refer to https://safetravel.ica.gov.sg/ar-
riving/general-travel/fully-vaccinated. Singapore will reopen its borders to all
fully vaccinated travellers from its General
Travellers who need assistance can Travel Category countries or regions and
write to the Safe Travel Office through its will transition to a new Vaccinated Travel
enquiry form at https://safetravel.ica. Framework from April 1, 2022.

Genting among refashioned as casino-like properties, albeit KPJ names former
front runners for without games like blackjack or roulette Petronas vice-
— inYonkers and Queens, which already
casino licence employ thousands of union members. president Md Ariff as
in NewYork — chairman, ex-MAHB
The NYT said gambling companies are CEO Shukrie as MD
report spending roughly US$300,000 a month
on a lobbying blitz to push the state to by sulhi khalid
by surin murugiah fast-track the timetable for NewYork’s fi- theedgemarkets.com
theedgemarkets.com nal three casino licenses, and to influence
the decision on where the casinos will be KUALA LUMPUR (March 31):KPJ
KUALA LUMPUR (March 31): Malay- located, and who gets to operate them. Healthcare Bhd has named Datuk
sia’s Genting Group is seen among the Md Arif Mahmood as its new chair-
front runners for a casino licence in the It said casino interests argue that New man and Datuk Mohd Shukrie Mohd
NewYork area, according to The NewYork York is losing out on tax revenue from New Salleh as its new managing director.
Times (NYT). Yorkers gambling in neighboring states by
waiting until 2023 to allow casinos down- Md Ariff, the former Petronas ex-
In a report on Wednesday (March 30), state, as an amendment to the State Con- ecutive vice-president and CEO of
the NYT said that in the next several days, as stitution passed in 2013 dictates. downstream business, is replacingTan
part of state budget negotiations, Governor Sri Dr Ali Hamsa, who resigned as
Kathy Hochul and legislative leaders may Hochul, who was endorsed by the Hotel the chairman due to health reasons
hash out a deal that could authorise three and GamingTrades Council in her run for after having served since June 2021.
casino licenses for the NewYork City area. a full term, is pushing to include a provision
in the state budget to expedite the licenses. Shukrie, the former Malaysia Air-
It said many lawmakers and lobbyists in ports Holdings Bhd CEO, is replac-
Albany believe that two of the licenses are The NYT said Senate Democrats have ing Ahmad Shahizam Mohd Shariff
likely to be awarded to Genting and MGM also embraced the idea, and proposed that who had served as managing director
Resorts, which operate the two so-called operators pay a minimum of US$1 billion since July 2020.
racinos — horse racetracks that have been for each license, a potential boon for state
coffers. But it remains unclear if the final KPJ also announced the redesig-
budget, due April 1, will include a mini- nation of Datuk Mohd Redza Shah
mum licensing fee. Abd Wahid as independent and
non-executive director.
The report said the influential union
representing hotel workers has been coor- The changes are effective April 1,
dinating with some casino operators, argu- according to the group’s stock ex-
ing that new casinos in and around New change filings.
York City — and particularly at existing
electronic games facilities inYonkers and KPJ’s share price ended un-
in Queens — would lead to the employ- changed at RM1.01 on Thursday
ment of thousands of hotel workers who (March 31), valuing the healthcare
lost their jobs when the pandemic under- group at RM4.55 billion.
cut the tourism industry.
Click here for the full story

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ALOR GAJAH (March 31):The govern- Malaysia not In the meantime, he said electricity gen-
ment does not export the renewable energy exporting eration from cleaner sources would be im-
it produces, but instead uses it to attract plemented through the operation of several
more investors to the country, said Ener- renewable energy, cycle gas turbine power stations, such as
gy and Natural Resources Minister Datuk saysTakiyuddin the EMPP, as well as several renewable
Seri Takiyuddin Hassan. energy projects throughout the peninsula
Bernama to be developed in stages.
He said renewable energy was a top
choice of a majority of foreign investors, lemma, namely the elements of securi- Earlier, he said the EMPP was one of the
especially those who chose to apply green ty, affordability and sustainability, which main projects listed in the Peninsular Ma-
technology in their industrial operations are the main pillars of electricity gener- laysia Generation Development Plan 2020
or investments. ation planning implemented in Penin- (2021-2039), aimed at meeting the coun-
sular Malaysia. try’s needs for safe, clean and secure energy.
“Apart from coal and diesel, the renew-
able energy sources available in the coun- “The EMPP’s success in reaching this
try are hydrogen, solar and gas. Renewa- commercial operation date is timely, es-
ble energy is one of the investors’ choices, pecially now that the Malaysian economy
and it is one of the advantages available is in the process of recovery following the
in this country. Covid-19 pandemic, thus strengthening
the stability of electricity supply in the pen-
“Until now, the use of renewable energy insula and helping to stimulate economic
has reached 25% compared to its target, development.
which has been set at 31% by 2025,” he
told reporters after the opening ceremony “It also signifies the readiness and confi-
of the Edra Melaka Power Plant (EMPP) dence of investors from within and outside
here on Thursday (March 31). the country towards Malaysia’s strong and
competitive basic facilities and infrastruc-
The ceremony was officiated by Mel- ture,” he said.
aka Chief Minister Datuk Seri Sulaiman Read also: Edra Melaka Power Plant
Md Ali and was also attended by Edra commences full commercial operation
Power Holdings Sdn Bhd chairman Dai Click here
Honggang.

Takiyuddin said the government also
emphasises the balance in the energy tri-

KUALA LUMPUR (March 31): Bank BNM: Growth uary, mainly reflecting lower inflation in
Negara Malaysia (BNM) said growth in in loan the transport segment at 3.9% against 6%
total loan disbursements moderated in in January.
February but remained high as disburse- disbursements
ment growth for businesses continued to moderate to 12.3% Underlying inflation, as measured by
be elevated. core inflation, was higher at 1.8% during
in February the month, compared with 1.6% in Jan-
Total loan disbursements grew 12.3% uary, driven mainly by food away from
in February compared with 21.5% in Jan- by Justin Lim home and rental.
uary.The February growth was, however, theedgemarkets.com
higher than the average growth of 5% be- Malaysia’s exports grew 16.8% in Feb-
tween 2017 and 2019, the central bank remained stable, supported by sustained ruary versus 23.9% recorded in January,
said. growth in deposits. reflecting continued strength across Ma-
laysia’s export products.
Financing growth was sustained at BNM said gross and net impaired loans
4.8%, as outstanding corporate bonds ratios remained low at 1.5% and 0.9%, Moving forward, the central bank said
growth increased 5.2% in February (Jan- respectively. the export performance will continue to
uary: 5.0%) while outstanding loan growth benefit from the expansion in external de-
was stable at 4.7%, BNM said in its month- “Banks continue to be prudent in loan mand and global technology upcycle.
ly highlights for February. provisioning to buffer against potential
credit losses, with total provisions and In addition, high commodity prices will
For businesses, outstanding loan growth regulatory reserves amounting to RM41.1 provide support to export growth.
was stronger at 5.5% compared with 5.3% billion (January: RM40.8 billion),” it said, Click here for the full story
in January amid higher lending to small adding that the total provisions remained Read also:
and medium enterprises (SMEs) and sus- at 1.9% as a share of total banking sys- RM10,000 special withdrawal will not
tained growth in working capital loans, tem loans. affect EPF’s investment strategy —
which stood at 8.3% versus 8.2% in Jan- Headline inflation moderates to 2.2%, CEO Click here
uary. exports stay buoyant Corporates’ performance no longer
BNM said headline inflation moderated on financial standing alone: Petronas
Household’s outstanding loans contin- to 2.2% in February from 2.3% in Jan- Click here
ued to expand at 4.7%, reflecting broadly
sustained growth across most purposes.

The central bank said the banking sys-
tem continued to maintain healthy liquidity
positions, with the liquidity coverage ratio
remaining strong at 151.3%.

It added that banks’ funding profile

friday april 1, 2022 6 TheEdge CEO morning brief

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KUALA LUMPUR (March 31): Sapura Sapura Energy Sapura Offshore is alleged to have failed
Energy Bhd has made its first settlement unit settles with to pay RM210,443 in relation to a con-
in relation with the slew of winding-up one vendor as tract for the provision of goods sold and
petitions filed since February against more winding-up delivered.
the group by vendors over non-payment petitions come
issues. The petition against Sapura Geo-
by Seah Eu Hen sciences is with regard to the failure to
Sapura Energy’s unit Sapura Fabrica- theedgemarkets.com pay RM624,139 under a contract for the
tion Sdn Bhd (SFSB) has reached a settle- supply of marine gas oil.
ment with Sun Hardware Enterprise Sdn High Court grants Sapura Energy and 22
Bhd, who served a petition on Feb 18 for subsidiaries orders for proposed schemes of Based on Sapura Energy’s audited fi-
RM70,597.63 owed by SFSB. nancial statements for the financial year
arrangement to restructure debt ended Jan 31, 2021, the group’s total in-
SFSB owed the amount for the pur- vestment in Sapura Offshore and Sapu-
chase of materials including compacted Its wholly-owned subsidiaries, Sapu- ra Geosciences is RM2.62 million and
steel wire ropes, bulldog clips, aluminium ra Offshore Sdn Bhd and Sapura Geo- RM71.6 million respectively.
tags and magnetic filter. sciences Sdn Bhd, were served the pe-
titions by VKI Marketing Sdn Bhd and Sapura Energy and its subsidiaries are
“The board of directors of Sapura En- Tumpuan Megah Development Sdn Bhd currently given a three-month restrain-
ergy wishes to announce that SFSB has respectively. ing order by the court from March 10 to
agreed to a settlement with the petitioner,” give it time to engage with creditors for a
Sapura Energy said in its filing on Thurs- proposed scheme of arrangement (SOA)
day (March 31). as part of its debt restructuring plan. A
total of 22 Sapura Energy subsidiaries are
Details of the settlement were not dis- involved in the SOA, as well as Sapura
closed in the filing. Energy itself.

“On March 4, 2022, Sapura Fabrica- “Pending the outcome of the orders,
tion received a notice of discontinuation there will be no financial and operational
of the winding-up petition taken against impact and expected loss from the peti-
Sapura Fabrication by Sun Hardware.The tions,” it said.
winding up hearing on March 10, 2022
has been discontinued,” it said. Sapura Energy’s share price closed
half a sen or 12.50% lower at 3.5 sen on
Separately, Sapura Energy announced Thursday (March 31), giving the group
it has received two more winding-up pe- a market capitalisation of RM559.27
titions, this time for an aggregate sum of million.
RM834,582.

KUALA LUMPUR (March 31): Comput- Sanichi founder ny operates through five segments, name-
er Forms (M) Bhd has received a notice offers to take over ly business forms and data print services,
of an unconditional mandatory takeover Computer Forms commercial printing, flexible packaging,
offer from major shareholder Datuk Seri business of property management, and
Pang Chow Huat to acquire the remaining at discount to system development and implementation.
shares in Computer Forms not owned by market price
Pang for 60 sen per share. Prior to this acquisition, Pang, who is
by Justin Lim founder and group managing director of
The offer is at a discount of 22 sen or theedgemarkets.com SanichiTechnology Bhd, did not hold any
26.83% to Computer Forms’ last closing shares in Computer Forms.
share price of 82 sen. The counter had last traded price of 91 sen as at Oct 23, 2018.
jumped by 29 sen or 54.71% from 53 sen It is unclear what is Pang’s plan with Com- Pang, 48, intends to maintain the listing
on March 16, 2022. status of Computer Forms on the Main
puter Forms.The group underwent five con- Market, the filing added.
As at end-Dec 2021, Computer Forms’ secutive years in the red in the financial year
net asset per share stood at 32 sen apiece, ended March 31, 2016 (FY16) to FY20, be- Across other listed entities, Pang holds
from RM1.10 at end-March 2021. fore turning into the black with net profit of 0.91% direct stake in loss-making Sanichi.
RM328,000 on revenue of RM29.3 million Apart from that, he holds a 15.31% stake in
The offer for the company, which man- BSL Corp Bhd and a 7.9% interest in Fit-
ufactures computer paper documents and In the nine-month period ended Dec ters Diversified Bhd as of March 29, 2022.
other customised forms, was triggered on 31, 2021 (9MFY22), the group booked a
Thursday (March 31) after Pang acquired hefty net profit of RM61.91 million follow- Shares in Computer Forms closed up
the entire 133.19 million shares or 64.97% ing a land sale of RM63.1 million ,while 8.5 sen or 11.56% to 82 sen on Thursday
stake owned by major shareholder Tan Sri revenue fell 6.36% to RM20.15 million, (March 31), bringing a market capitalisa-
Tan Hua Choon in Computer Forms. from RM21.52 million. tion of RM168 million.
Read also:
The purchase was made through a direct According to company filing, Computer Nationwide Express to be delisted on
business transaction for a total cash consid- Forms is principally engaged in printing April 5 as Bursa rejects time extension
eration of RM79.91 million or 60 sen per and distributing computer forms, stock appeal Click here
share, company filing showed. forms and specialised forms.The compa-
JAG bags BNM contract to melt
Tan, who is exiting the company, had cupronickel, nickel raw materials as scrap
bought into the company in 2016 before Click here
making a takeover offer in October 2018
with at RM1.25 per share. At the time, the
offer by the Casio King was at a premium of
34 sen or 37.36% premium to the group’s

friday april 1, 2022 7 TheEdge CEO morning brief

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Astro’s 5-year performance lion on improved margins and lower de- Barakah fails
preciation of right-of-use assets, offset by in RM1 billion
Revenue Net pro t higher finance costs and tax expense. Rev-
(RM bil) (RM mil) enue rose 0.87% q-o-q to RM1.03 billion suit against
from RM1.02 billion, as higher advertising Petronas
8 770.64 800 revenue offset lower subscription revenue
and merchandising sales. by ahmad naqib idris
655.3 theedgemarkets.com
On a year-on-year basis, revenue for
6 462.92 539.85 600 the television segment for 4QFY22 was KUALA LUMPUR (March 31): Bar-
lower by 4.7% to RM907.9 million from akah Offshore Petroleum Bhd and
5.53 460.88 a year ago, mainly due to a decrease in its subsidiary PBJV Group Bhd have
4 5.48 4.91 4.36 4.18 400 subscription revenue, offset by an increase failed in their RM1.02 billion claim in
in sales of programming rights and adver- the High Court against Petroliam Na-
2 200 tising revenue. sional Bhd (Petronas) and its explora-
tion arm Petronas Carigali Sdn Bhd.
00 Its television EBITDA decreased by
21.8% against the corresponding quarter Delivering the court’s decision dur-
FY18 FY19 FY20 FY21 FY22 on a decrease in revenue, higher licence, ing virtual proceedings on Thursday
Source: Bursa Malaysia copyright and royalty fees, broadband cost, (March 31), Justice Datuk Aliza Su-
and marketing and distribution expenses. laiman said Petronas does not owe a
Astro 4Q profit duty of care to its licensees in exer-
falls 24% to Meanwhile, its home-shopping revenue cising its powers to suspend licences
for 4QFY22 reduced by 39.5% to close at under the Petroleum Development
RM126 mil, pays RM66.9 million from a year earlier, pri- Act 1974 (PDA).
2.25 sen dividend marily due to subdued consumer senti-
ment, more cautious spending and floods The judge further held that Petro-
by tan siew mung affecting sales and delivery. nas did not abuse its powers in sus-
theedgemarkets.com pending PBJV’s licence under PDA,
In addition, the easing up of restrictions and ordered Barakah and its unit to
KUALA LUMPUR (March 31): Astro imposed by Movement Control Order re- pay RM400,000 in costs to Petronas
Malaysia Holdings Bhd’s net profit for sulted in customers frequenting physical and Petronas Carigali.
the financial year ended Jan 31, 2022 stores following months of restrictions, it
(4QFY22) fell 24.57% to RM126.59 mil- added. Barakan had announced in Au-
lion from RM167.83 million a year ago, gust 2019 that it was demanding
due to higher license, copyright and roy- For FY22, Astro’s net profit declined RM1.02 billion as compensation
alty fees, staff related and financing costs. by 14.63% to RM460.88 million or 8.84 from Petronas and Petronas Cari-
sen per share from RM539.85 million or gali over what it claims to be an un-
Its revenue for 4QFY22 also slipped 10.35 sen per share a year earlier, while its warranted suspension notice.
6.98% to RM1.03 billion from RM1.11 revenue decreased by 4.22% to RM4.18
billion a year ago, due to a decrease in billion, from RM4.36 billion. It said the sum is, among others,
subscription and merchandise sales, the based on the loss of future profits,
company said in a bourse filing. Becoming an internet service provider reputation and market share prices,
Moving forward to FY23, Astro chief ex- as a result of the three-year suspen-
Quarterly earnings per share fell to 2.43 ecutive officer Henry Tan said the group sion notice issued by Petronas on
sen, from 3.22 sen in 4QFY21. is powering up by becoming an internet July 8, on PBJV’s licence.
service provider, bundling Astro Fibre
The group declared a fourth interim with content, introducing Astro Fibre stan- Barakah said the notice was issued
dividend of 1.5 sen per share and proposed dalone broadband to complement its suite after the completion of a contract to
a final dividend of 0.75 sen per share for of offerings, as well as the full-scale rollout provide underwater services for Petro-
4QFY22, bringing its total dividend for of our addressable advertising proposition. nas Carigali, and was issued — accord-
the full-year ended Dec 31, 2022 (FY22) ing to Petronas — based on grounds of
to 6.75 sen per share, from 8 sen in FY21. “The group continues to invest in its adverse reports of PBJV’s performance.
transformation plans, in particular content,
In 4QFY22, earnings before interest, broadband, streaming, customer experience, Barakah’s share price fell 0.5 sen or
tax, depreciation and amortisation (EBIT- data, addressable advertising and technolo- 7.7% to close at six sen, giving it a mar-
DA) margin decreased by 3.5% against gy infrastructure, to simplify our processes ket capitalisation of RM60.18 million.
4QFY21, mainly due to higher licence, and most importantly to better serve our
copyright and royalty fees, and staff relat- customers,” he said in a statement.
ed costs, mitigated by lower merchandise
costs, as a percentage of revenue. On anti-piracy efforts in Malaysia, the
passing of the Copyright (Amendment) Act
Revenue continues to be impacted by 2022 is another major step forward, enabling
the Covid-19 pandemic, and saw a de- legal action to be taken against sellers of
crease in subscription and merchandise Illegal Streaming Devices (ISD),Tan said.
sales, offset by an increase in advertising
revenue, Astro said. The group remains cautiously optimis-
tic and will continue to monitor business
Quarter-on-quarter (q-o-q) how- conditions, whilst prudently managing
ever, Astro’s net profit rose 19.51% to costs, he added.
RM126.59 million from RM105.92 mil-
Astro closed two sen or 1.85% higher at
RM1.10 onThursday (March 31), valuing
the group at RM5.63 billion.Year-to-date,
the counter has gained 15.79%.

friday april 1, 2022 8 TheEdge CEO morning brief

home

PETALING JAYA (March 31):The Ma- Margma to bank Margma immediate past president Den-
laysian Rubber Glove Manufacturers As- on non-medical is Low Jau Foo also concurred that the
sociation (Margma) hopes that returning sector to spur ageing population will also drive demand
non-medical industries will drive future glove demand for gloves.
demand for gloves as Malaysia prepares to
enter and progresses through the endem- by shazni ong “We believe that the nursing homes will
ic stage from Friday (April 1) onwards. theedgemarkets.com be a big user of gloves going forward, so
are the housewives, having to take care of
According to Margma president Dr Su- consumption side which will start in- the elderly,” he said.
pramaniam Shanmugam, the demand for creasing. We are banking on that to see
gloves would not be able to match levels growth,” he said during a question and Meanwhile, Supramaniam expects av-
seen during the pandemic stage of Covid-19, answer session at Margma’s industry brief- erage selling prices (ASPs) for gloves to
but glove makers are also aware that there ing on Thursday. normalise to 2019 levels, as there is still
are industries out there that critically need ample supply of gloves in the market.
gloves but are currently not prioritised. Using the food and beverage industry
as an example, Supramaniam said the in- “Once this has been taken away, then
Setting aside regulatory and healthcare dustry was only a small consumer of gloves we will expect ASPs to actually move up
requirements which will always be there, for the longest time. to at least 10% to 12% on the back of the
Supramaniam believes that the growing cost of doing business which will come
and ageing population will also ensure that “But in the past eight to 10 years, there into play, such as the upcoming mini-
demand for gloves will remain robust on have been a lot of activities. People have tak- mum wage as well as the cost of doing
a year-on-year basis when the economy en cognisance of the fact that handling food environment, social [and] governance
comes back into play. revolves around the levels of cleanliness. (ESG),” he said.

“The only other thing we need to bank “This goes the same if you look at the On the Russian-Ukrainian conflict, Su-
on is we need to wait for the various indus- semiconductor electronic industry for ex- pramaniam said it’s business as usual at
tries out there who are on the backburn- ample, to protect the electrical or electronic this point in time and hopes that the crisis
ers, who are glove consumers basically like component from contamination,” he added. would be resolved soon.
those in the industries of food and bever-
age, tattooist. They never move because “If there are sanctions upon us in terms
of the pandemic restrictions. of these two countries for example, I think
our gloves will make their way to third
“They are slowly coming back, and as party countries. But at the end of the day,
they come back slowly, so will the glove Russia and Ukraine are a very small seg-
ment of our market share,” he said.

Rubber glove export value to decline despite higher volume
projected for 2022 on lower ASPs

PETALING JAYA (March 31): The by shazni ong requirements by governments concern-
Malaysia Rubber Glove Manufacturers theedgemarkets.com ing glove usage would drive growth for
Association (Margma) expects the val- the industry.
ue of glove exports to shrink despite an reuters
expected 12% to 15% annual expansion “This is very important in North Amer-
in volume this year, due to lower average turing disruptions caused by Covid-19 and ica and Europe, whereby America takes up
selling prices (ASPs). erratic energy supply. 35% of our production output and Europe
takes up the other 30% of the output.This
“Unfortunately in the glove indus- According to Chan, rubber glove demand is followed by healthcare awareness and
try, exporting more does not mean we for this year is expected to hit 452 billion growing affluence which actually drive up
are making more. Average selling prices gloves — or 14,333 pieces per second — the demand of glove usage.
(ASPs) go down so we will earn less. In with Malaysia anticipated to produce the
this case, we will be exporting more gloves, lion’s share at 294 billion pieces or 65% of “In Asia, the population growth is also
but our export revenue goes down. all gloves, followed by China at 20%,Thai- giving us some advantage in terms of
land at 10% and Indonesia at 3%. additional regulatory requirements for
“Like last year for example, we didn’t gloves,” he said.
decrease a lot in terms of quantity but we In comparison, last year Margma had Margma expects new min wage to
increased almost double in terms of export projected global supply of rubber gloves raise costs by up to 2.75%
revenue due to glove prices shot through to reach 420 billion pieces in 2021, some Meanwhile, there are a total of 162 facto-
the roof,” said Margma chief executive 80 billion pieces short of the projected de- ries with 2,520 installed production lines
officer (CEO) Chan Wone Fu during a mand of 500 billion pieces. and an installed production capacity at 370
briefing on Thursday (March 31). billion pieces a year, according to Chan.
However, Chan believed that regulatory
However, he declined to offer a specific This comprises Margma’s 75 ordi-
quantum of export value for 2022, citing nary members as at January this year,
price volatility amid disruptions worldwide. with them operating 75% and above in
terms of utilisation rate.
For this year, Margma is expecting a
shortfall in the global supply of gloves Click here for the full story
by 5% to 10%, as China — the world’s
second-largest manufacturer of the pro-
tective gear — contends with manufac-

FRIDAY APRIL 1, 2022 9 THEEDGE CEO MORNING BRIEF

The
world’s ƈrst
digital bank

And how and why it came to pass

I n October 1994, Stanford Credit Union in the
US became the first institution globally to let its
customers access banking functions via the new
World Wide Web, according to Forbes.

On Oct 6, 1995, Presidential became the first US
bank to offer its bank accounts over the internet.

And only in 1997 did the bank begin to offer online account

statements and real time PC banking, such as fund transfers

between accounts in the bank.

In June 1995, in Malaysia, Phileo Allied Bank launched

PalDirect, an online banking and stock trading platform, after

18 months of research and development. Transaction value

exceeded RM200 million within a month, with exponential

growth onwards.

On Aug 8, 1996, Phileo launched PALWORLD, an e-commerce

and payment platform via Windows that allowed online

shopping, airline ticketing and so on. (Note, Alibaba was founded

on April 4, 1999, and Amazon went into online bookselling in July

1995).

In September 1996, ONE Account was created by Phileo,

which combined all the deposits, loans and trading accounts of

its customers into one, and was enabled online.

While Alibaba and Amazon grew into global giants, Phileo

was forcefully taken over under the guise of consolidating the

banking sector and died prematurely. The moral of the story is

that property rights, governance and rule of law are extremely

important. This book, published in 2003, gives some insight into

the above … and some stories yet to be told.

November 2021

The book was published in 2003. Listen
to the
Limited print copies in English available on Podcast
books.theedgemarkets.com and Shopee.
Hard cover: RM70 | Soft cover: RM45
* FREE delivery within Malaysia for purchases
via books.theedgemarkets.com

OR

download the digital editions absolutely FREE.
* Available in English, Bahasa Melayu & Chinese.

Scan the QR code now for more information.

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Former auditor-general:
Ambrin was reluctant to share

opinion on audit report

KUALA LUMPUR (March 31): Former by Tarani Palani istence of two versions of the audit reports.
auditor-general (AG) Tan Sri Dr Madi- theedgemarkets.com On Wednesday, Madinah testified that
nah Mohamad told the High Court that
her predecessor Tan Sri Ambrin Buang and it was around the time of her appoint- she was “shocked” to find out about the
was “reluctant” to share his opinions of ment as AG in February 2017. two versions of the audit report.
the 1Malaysia Development Bhd (1MDB)
audit report with her. Madinah said that as the incoming AG, Shortly after assuming her post, in
she was asked from time to time about March 2017, she was informed briefly by
Madinah, 66, said she did inquire about 1MDB as it was a “hot topic”, so she then 1MDB audit team coordinator Datuk
the audit report in order to glean her pre- sought Ambrin’s opinion as he was the Nor Salwani Muhammad before a meet-
decessor’s opinion, however he had re- AG when the audit report was conducted. ing of the two reports. Despite orders to
mained tight-lipped and instead asked destroy the “original copy”, Salwani had
her to “read the report herself”. “So it’s because it was something [of] kept a copy.
a hot topic [people] were skirting around
“We had no handing over ceremony. and [the AG’s office] conducted an audit Madinah had described the first as the
[During a chat with him,] I wanted to hear on 1MDB, [questions were posed to me “original copy” and the “second one” as
if he had some mandate (amanat), orders from time to time:]What happened?What the amended copy.
(pesanan) or areas of interest [which] he did you discover,” she said.
couldn’t finish [that] he wanted me to The two issues that were omitted from
complete and one of the hottest topics She said she also inquired about the the second version were an audit finding
was 1MDB. former premier’s involvement in the mat- on 1MDB’s audited financial statement
ter, but Ambrin had said that it could not in 2014, and the presence of fugitive busi-
“I wanted to understand through him be verified. nessman Low Taek Jho, better known as
what his final [opinion was.] What did he Jho Low, in a special meeting with 1MDB
discover? What did he glean from it?” she “He (Ambrin) was reluctant to share... board of directors.
said. [he said you can] read it yourself, we can-
not verify [Najib’s involvement]. [So] I Madinah added that even after finding
Madinah, the prosecution’s 12th wit- understood he was not prepared to share out about the two versions of the report,
ness, said this during cross-examination by more,” Madinah said, adding that govern- she did not confront Ambrin about it as it
lawyerTan Sri Muhammad Shafee Abdul- ment officials at this time had to “tread could have been a very “unpleasant” ex-
lah in the ongoing 1MDB audit tampering lightly” on any issues pertaining to 1MDB. change.
trial involving former prime minister Datuk
Seri Najib Razak and former 1MDB chief Shafee, however, maintained that Mad- “[I knew if I were to] confront Ambrin
executive officer Arul Kanda Kandasamy. inah was not hindered from reading the [about] what happened, [there] will most
audit report. “He didn’t say I’m not going likely be [an] unpleasant [exchange].
Madinah, who served as the AG till Feb- to share with you,” said the senior lawyer.
ruary 2019, said she couldn’t recall the “Even if I were to confront him and ask
exact timing of the meeting with Ambrin At the time of the meeting with Ambrin, him why he did it, I wasn’t sure I would get
Madinah said she was unaware of the ex- the answers that are necessary,” she said.

She, however, agreed with Shafee that
she had no way of knowing if Ambrin
would have cooperated should she have
had the conversation.

She also denied that she didn’t bring
up the discrepancies in the audit report
with Najib to protect her tenure as the
nation’s AG.

In the trial, Najib is charged with abuse
of power as a public officer in his capacity
as prime minister and finance minister in
altering the 1MDB audit report which was
to be tabled to the PAC in 2018.This was
so that no action could be taken against
him by Parliament.

Meanwhile, Arul Kanda is charged with
abetting Najib.

The trial continues on Friday before
Justice Mohamed Zaini Mazlan.

Madinah said she did inquire about the audit report in order to glean her predecessor's opinion, Read also: Former auditor-general Madinah
however Ambrin (pictured) had remained tight-lipped and instead asked her to "read the report herself". says she relied on Salwani’s briefing regard-
ing audit tampering recording Click here

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MySejahtera owners say share sale dispute
due to buyer not securing service contract,

partnership agreement from govt

Zahid Izzani Mohd Said/The Edge

by Hafiz Yatim
theedgemarkets.com

KUALA LUMPUR (March 31) : The However, by end-June 2021, P2 Asset unlawful and/or unconscionable,” Entomo
shareholding dispute between Entomo Management had yet to obtain the LOA. and Revolusi said.
Malaysia Sdn Bhd — the developer of the Both P2 and Revolusi agreed to consider
MySejahtera app — with P2 Asset Man- the execution of a supplemental agreement The two companies are seeking to dis-
agement Sdn Bhd arose due to the latter’s to address the receipt of the additional sum miss the suit, while MySJ has yet to file
failure to obtain the letter of award (LOA) of RM12.27 million, namely P2’s obliga- its defence.
from the government to continue using the tion to obtain the LOA, the statement said. Who owns the disputing companies?
app via a service contract or a private-pub- A check on the Companies’ Commis-
lic partnership. However, the intended supplemental sion of Malaysia (SSM) shows that MySJ
agreement was not executed beyond the is 81.43%-owned by Revolusi, followed
P2, which is buying into MySejahtera’s 30-day period given to P2 under the sup- by EcoWorld Development Group Bhd’s
holding company MySJ Sdn Bhd, has sued plementary agreement, it added. wholly-owned unit Hasrat Budi Sdn Bhd
Entomo, Revolusi Asia Sdn Bhd, and MySJ (10.05%), P2 with 7.03%, and Ganesan
for alleged breach of share sale agreement “Despite Revolusi Asia’s insistence on Shanmugam with 1.49%.
(SSA). Revolusi is currently acting as a P2 Asset Management complying with its
nominee for Entomo in holding majority obligations under the SSA, the latter’s law- Meanwhile P2’s largest sharehold-
stake in MySJ. yer contended that its obligation to facili- ers are brothers Johnathan Jaya Sudhir,
tate in obtaining the LOA is only on a best 28 and Gregory Jaya Sudhir, 27, with a
In Entomo and Revolusi’s statement of endeavour basis. Revolusi Asia disputed combined 75.56%, followed by Tan Wei
defence dated Jan 14 against P2’s suit, the this contention in a letter dated July 21, Meng (12.89%), Kuan Arunasalam Po-
two companies claimed that P2 represent- 2021,” the defence said. raviappan (9.33%), and three other mi-
ed that it will facilitate in getting the LOA nority shareholders.
from the government. “It was in this letter that P2 Asset Man-
agement first alleged that a portion of the Entomo Malaysia is 100%-owned by
Based on a SSA inked between P2 and third tranche shall be paid out of the on- Singaporean entity Entomo Pte Ltd.
Revolusi in end-2020, P2 is to pay RM19.2 sale of some part of the shares. Through
million to Revolusi for 2.6 million MySJ that letter, P2 proposed terms of the in- Revolusi Asia meanwhile lists Entomo
shares across two tranches. A third tranche tended Supplemental Agreement that in- Pte Ltd’s CEO Raveenderen Ramamoothie
of RM76.8 million is to be paid in ex- cluded its proposal to pay a portion of the with 76% stake, with another 12% held
change for another 10 million MySJ shares third tranche upon the on-sale of shares. each by Anuar Rozhan and Naveen Pral-
90 days after the LoA is secured. The proposed terms were rejected by Rev- had Deshpande.
olusi Asia,” the legal document said.
P2 was to facilitate the LOA within Read also: MySejahtera: High Court fixes
60 days of the SSA, upon which Revolusi “It contended that P2 Asset Manage- April 15 for decision on P2 Asset Manage-
will transfer 10% stake in MySJ to P2, the ment’s intention to on-sale the shares with- ment’s bid to amend statement of claim
statement of defence said. out paying the value of the same is an at- Click here
tempt to dodge the obligation to obtain
“As at May 2021, P2 Asset Manage- the LOA, (and) was unacceptable as being
ment had, despite assurances, failed in ob-
taining the LOA. Revolusi Asia’s intention
in selling its shares in MySJ was amongst
others, to raise funds for MySJ’s operating
expenses,” the statement of defence said.

“Delays in obtaining the LOA and
consequently, the completion of the
transaction, were matters of concern
at the material time. P2 Asset Manage-
ment had agreed to advance monies to
Revolusi Asia on the understanding that
those additional amounts would only be
accounted as payment towards the third
and final tranche upon the LOA being
obtained,” it added.

Thereafter, the defendants said an ad-
ditional sum of RM12.27 million was re-
mitted by P2 Asset Management on “a
piece meal basis”, on top of the payment
of the first two tranches.

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KUALA LUMPUR (March 31):The High High Court Hearing of UMNO’s appeal has been
Court has dismissed a stay application by dismisses moved to June 14 from March 2 in the
UMNO and its president Datuk Seri Ah- UMNO, Zahid’s Court of Appeal, against the High Court’s
mad Zahid Hamidi to stop the hearing of a bid to stay SRC November 2021 decision to dismiss the
RM16 million lawsuit filed against Umno suit hearing political party’s application to strike out
by 1MDB’s former subsidiary SRC Inter- SRC’s RM16 million suit against UMNO.
national Sdn Bhd and its two units. by hafiz yatim
theedgemarkets.com Hearing of the case at the Court of
High Court Judicial Commissioner Appeal has, however, been rescheduled
Datuk Mohd Arief Emran Arifin ruled ies are Rosli Dahlan Saravana Partnership to June 14.
that there were no special circumstances lawyers Syafinaz Vani, Elani Mazlan and
to grant a stay of the hearing pending the Rakkshanaa Samasundaram. SRC, Gandingan Mentari and Jende-
disposal of UMNO’s appeal at the Court la Pinggiran are suing UMNO for RM16
of Appeal, against the High Court’s earli- Appearing for UMNO are Shahrul Hamidi million, which was alleged to have been
er decision in November 2021 to dismiss & Haziq lawyers Shahrul Fazli Kamarulzaman wrongfully transferred to UMNO by Ah-
UMNO’s striking out application against and Mohamed Baharudeen Mohamed Ariff. mad Zahid’s predecessor and former prime
the suit and to allow SRC to amend its minister Datuk Seri Najib Razak.
statement of claim against the party.
The three companies claimed that
Mohd Arief also said the High Court UMNO knew or ought to have known
also found the merits of UMNO’s appeal that the money belonged to SRC and that
irrelevant to UMNO and Ahmad Zahid’s UMNO had no basis to receive the funds.
stay application and that UMNO’s appeal
would not be rendered nugatory or no val- In August 2021, UMNO filed the ap-
ue if the political party files its defence. plication to strike out the suit as the plain-
tiffs are said to have filed the legal action
As such, Mohd Arief instructed UMNO outside the limitation period.
to file its defence against the suit by SRC and
its two units Gandingan Mentari Sdn Bhd UMNO alleged that the plaintiffs had
and Jendela Pinggiran Sdn Bhd within 14 omitted material information when they
days, and that the plaintiffs file their reply filed the suit hence there is no reasonable
within 14 days after UMNO and Ahmad cause of action for the plaintiffs to take
Zahid’s defence filings. legal action against the defendant.
Read also: Umno claims SRC has no rea-
Mohd Arief fixed May 9 as the date for sonable action to recover RM16m ‘wrong-
the next case management for the lawsuit. fully transferred’ to party Click here

Representing SRC and its subsidiar-

KUALA LUMPUR (March 31): Former Najib: I was merely Dr Dzulkefly, who is also Kuala Selan-
prime minister Datuk Seri Najib Razak highlighting PH gor member of Parliament, had filed the
said he was merely defending the Perika- hypocrisy in defamation suit last December, and the
tan Nasional (PN) coalition in highlight- court had allowed him to amend his state-
ing Pakatan Harapan (PH)’s hypocrisy in alleging nepotism, ment of claim earlier this month.
alleging nepotism, cronyism and political cronyism
appointments with regards to posts made The former health minister filed the suit
in government-linked companies (GLCs). by hafiz yatim following Najib’s Facebook post which al-
theedgemarkets.com leged that the Amanah politician practised
Najib in his defence to a defamation suit nepotism to ensure his daughter Nurul
by former health minister Datuk Seri Dr Patrick Goh/The Edge Iman’s appointment as a board member of
Dzulkefly Ahmad said PH had criticised Amanah Ikhtiar Malaysia (AIM) in 2019.
PN in 2020 over such allegations of nep- Najib (centre) claimed that the posting is a fair
otism and cronyism. comment as it was not to impute actual guilt of He had denied such suggestions and
nepotism, and cronyism by Dr Dzulkefly but rather said his daughter’s appointment had noth-
“I deny the words referred to [in my on hypocrisy by the PH alliance and government ing to do with him holding a post as a
Facebook] are on Dr Dzulkefly and were minister and that Nurul Iman’s contin-
defamatory on him. for not criticising Nurul Iman's appointment. ued appointment to the AIM board shows
her own credibility and capability to hold
“The defendant (Najib) was highlight- the post.
ing the hypocrisy in the PH coalition for
alleging nepotism, cronyism, and politi- A case management was done on
cal appointments in the defendant’s PN Wednesday (March 30) before High Court
coalition at that time regarding the ap- Deputy Registrar Nurul Izzah Hasan Basri
pointments to various GLCs despite the via e-review, where Nurul Izzah instruct-
fact that while PH was in government, ap- ed Dr Dzulkefly’s solicitor Datuk N San-
pointments of similar nature were made kara Nair to file a reply to the defence by
without protest or like allegations of PH,” April 13.
Najib said in his defence.
The next case management for the mat-
The former BN chairman said this in ter is on April 14.
his defence filed by Messrs Shafee & Co Click here for the full story
onTuesday (March 29) in response to Dr
Dzulkefly’s defamation suit.

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(March 31):The wife of former Goldman Roger Ng’s wife “No, I don’t need to protect Roger,”
Sachs Group Inc banker Roger Ng told says truth will Lim said. “I wouldn’t want to see him con-
the jury in his trial over the 1Malaysia save him, as victed for a crime.The truth itself will save
Development Bhd (1MDB) scandal that defence in 1MDB him. He doesn’t need me to do anything.”
the “truth itself will save him”.
trial rests The US says Jho Low paid tens of mil-
Hwee Bin Lim, the defence’s last wit- lions of dollars in bribes to Malaysian and
ness after six weeks of testimony, was on by Patricia Hurtado Abu Dhabi officials in the global scam,
the stand on Wednesday (March 30) on Bloomberg as well as kickbacks to Leissner and Ng.
behalf of her husband. Ng is the only
Goldman banker to be tried by the US article in a Singapore newspaper report- After the defence concluded, prose-
over the looting of sovereign wealth fund ing that Malaysian officials were about to cutors called two Federal Bureau of In-
1MDB. arrest Jho Low and Ng. vestigation (FBI) employees as rebut-
tal witnesses. One had done a financial
Ng is accused of conspiring with his “Was that upsetting for you?” Smith analysis designed to refute Lim’s claims
former boss Tim Leissner and Malaysian asked. that an initial investment of US$830,000,
financier LowTaek Jho (Jho Low) to drain made around 1998, grew by 2005 to the
billions of dollars from the fund as Gold- “I wouldn’t use the word ‘upset’, but US$34.9 million she said she earned by
man arranged a trio of bond deals for it. it was pretty irritating to have his name investing in China-based businesses owned
come up,” Lim said. by the family of Judy Chan Leissner.
During a second day of cross-exami-
nation, prosecutor Alixandra Smith close- Smith suggested Lim was testifying in The government is expected to rest its
ly questioned Lim about her claim that an effort to protect her husband. case when the trial resumes next Monday.
US$35 million the government says was Jurors will then hear closing arguments
a kickback to Ng was just a gain from a from both sides.
separate, legitimate investment she made
with Leissner’s ex-wife. Smith also asked The case is US v. LowTaek Jho, 18-cr-
Lim about her reaction to a June 2018 538, US District Court, Eastern District
of NewYork (Brooklyn).

news In brief

Malaysian bond sales at US$11.9 bil Ahmad Zaki signs deal to continue Pintaras Jaya to dispose of Klang
YTD bunkering activities at Kemaman base industrial land to Senheng’s unit for
RM25.28 mil
(March 31): Malaysia sold US$11.9 billion KUALA LUMPUR (March 31): Ahmad
(about RM50.03 billion) worth of bonds Zaki Resources Bhd (AZRB) has signed a KUALA LUMPUR (March 31): Pintaras
this year as of March 30, according to rental and bunkering services agreement to Jaya Bhd is disposing of a plot of industrial
Bloomberg calculations using official data. enable the group to continue its bunkering land in Klang to Senheng New Retail Bhd’s
Issuance was down 12% compared to the activities at the Kemaman Supply Base in wholly owned subsidiary Senheng Electric
same period last year. The dollar value of Terengganu. AZRB said its wholly-owned (KL) Sdn Bhd for a total cash consideration
the sales is calculated using the US dollar- subsidiary, Inter-Century Sdn Bhd, signed of RM25.28 million. In a Bursa Malaysia
ringgit exchange rate on the day of the the agreement with Pangkalan Bekalan filing, the group said the freehold land,
issuance and might differ from the official Kemaman Sdn Bhd to receive, store, measuring 11,744 sqm, was acquired
figures. The total figures may include distribute and sell marine oil and carry out in June 2011 for RM5.85 million. “The
treasury bills, swaps and market issuances bunkering activities at the main wharf of proceeds derived from the proposed
when available. Sovereign agencies’ bonds the supply base. AZRB, in its bourse filing, disposal will be utilised as working capital
and asset-backed securities like gold bonds did not indicate the cost of renting the of the group,” it added. In a separate filing,
may be omitted. The figures don’t include wharf. The agreement will be effective for Senheng New Retail said the land is to be
direct loans but only the bonds issued. The a period of 10 years from Friday (April 1), utilised as a warehouse and the main point
official figures could differ from Bloomberg with an option to extend the lease period to distribute products to other regional
calculations. — Bloomberg for another 10 years. — By Justin Lim hubs and customers throughout Peninsular
Malaysia, Sabah and Sarawak. The property
Cypark’s 1Q net profit rises 6% y-o-y on lower tax expenses, is strategically located next to its existing
but down 39% q-o-q central distribution centre, it said. The
acquisition will be satisfied by its internal
KUALA LUMPUR (March 31): Cypark Resources Bhd’s net profit for the first quarter funds and the company’s proceeds from
ended Jan 31, 2022 (1QFY22) increased 5.56% to RM15.82 million from RM14.98 the initial public offering early this year, it
million in the same quarter last year, on lower recognition of deferred tax expenses. added. — By Sulhi Khalid
The environmental solutions and renewable energy group posted a 0.95% increase
year-on-year (y-o-y) in its quarterly revenue to RM77.2 million from RM76.48 million
on better performance in its renewable energy (RE) division. On a quarter-on-quarter
(q-o-q) basis, Cypark’s net profit dropped 38.51% from RM25.72 million as revenue
declined 11.21% from RM86.95 million in 4QFY21. This was due to lower work
activities amid the recent surge of Covid-19 infections at project sites which caused
disruption of manpower, and inclement weather which affected the sites’ condition
and onsite working hours. — By Syafiqah Salim/theedgemarkets.com

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Bloomberg

Biden orders record oil release
from US reserve to tame prices

(March 31):The US will release roughly a by Alberto Nardelli, Jennifer Jacobs, has said Russia’s ongoing invasion of Ukraine
million barrels of oil a day from its reserves Saleha Mohsin, Grant Smith is further disrupting global energy markets.
for six months, a historic drawdown that & Salma El Wardany
underscores White House concern about Bloomberg Pump prices are weighing heavily on the
rising gas prices and supply shortages fol- White House’s political prospects in No-
lowing Russia’s invasion of Ukraine. bridge for US supply until the fall, when vember, when voters will decide whether
domestic production is anticipated to in- Biden’s party will retain control of Con-
President Joe Biden also will invoke Cold crease, the White House said. gress.The president has struggled to tame
War powers to encourage domestic produc- both gasoline prices and broader inflation,
tion of critical minerals for batteries for elec- But OPEC+’s refusal to increase its own which is at 40-year highs as the global econ-
tric-vehicles and other uses, theWhite House production may blunt any effect of the US omy adjusts from pandemic disruptions.
said. Battery materials will join the list of items release, the largest by far in the history of
covered by the 1950 Defense Production Act. the Strategic Petroleum Reserve. Despite the administration’s assurances
last year that gasoline prices would fall in
The White House said in a statement Oil dropped by more than US$5 a barrel 2022, they have instead risen dramatically.
that the release from the Strategic Petro- in a matter of minutes, following the news
leum Reserve was “unprecedented”. lateWednesday of Biden’s plans. Brent crude, The previous releases of oil from US re-
the international benchmark, was down 4.7% serves have had a muted effect on prices — US
“This record release will provide a histor- at US$108.09 as of 1:05 p.m. in London. average pump prices rose after the administra-
ic amount of supply to serve as bridge until tion began discussing its first release last fall.
the end of the year when domestic produc- “It is hard to overstate the scale of this in-
tion ramps up,” theWhite House added. tervention if it bears out,” Kevin Book, man- Although oil in the stockpile has been
aging director of ClearView Energy Partners, sold or exchanged roughly two dozen
Biden will order as much as 180 million said in a research note.“It would be the larg- times, including to mitigate supply dis-
barrels released from US reserves over the next est draw-down volume announced in the 45- ruptions, reduce the deficit and offset fed-
several months. He’ll speak about his plan at year history of the SPR by a factor of 3.6x”. eral spending, it’s never been on this scale.
theWhite House at 1:30 p.m. inWashington.
OPEC+’s decision to stick with plans As of March 25, the reserve had 568
The administration also will push the for a gradual supply increase was in line million barrels remaining, according to
International Energy Agency to coordinate with expectations. Riyadh has prioritized its Energy Department data.
releases from reserves by other oil-con- relationship with Moscow, which co-leads Read also:
suming nations.The organization will meet the OPEC+ alliance, and the cartel insists What a 180-million-barrel oil release may
within days, two people familiar with the there’s no shortage of oil in the market. mean for the market Click here
matter said, and the administration expects OPEC+ refuses to deviate from gradual
other countries will make some reserve re- Yet U.S. gasoline prices are near record oil output hikes Click here
leases but not as much as the US. highs, even after Biden previously announced US targets Russian chipmaker in fresh
releases totaling 80 million barrels in Novem- round of sanctions Click here
Even so, the releases won’t be accompa- ber and March.A gallon of regular unleaded US oil curve flattens as strategic release
nied by greater production from OPEC+ na- costs about $4.23 on average, according to the blunts supply risk Click here
tions, after the cartel saidThursday it’ll stick auto club AAA, and almost $6 in California.
to gradual increases. OPEC+, which includes
Russia, ratified an existing plan to increase In its statement about Biden’s planned
supply in May by 432,000 barrels a day in remarks, theWhite House blamed high gas-
an online meeting, according to a statement. oline and energy prices on Russian President
Vladimir Putin. The Biden administration
The goal of Biden’s plan is to create a

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REUTERS tin, foreign buyers would use special ac- India raises
counts at Gazprombank to pay for the gas. natural gas
Putin tells Gazprombank would buy roubles on be- price to record
Europe: Pay in half of the gas buyer and transfer roubles as rates soar on
roubles or we’ll to another account, the order said. global crunch
cut off your gas
A source told Reuters that payments for BY DEBJIT CHAKRABORTY
BY REUTERS CORRESPONDENTS INCLUDING gas delivered in April on some contracts Bloomberg
STEPHEN JEWKES, VERA ECKERT, JOSEPH started in the second half of April and May
NASR & TASSILO HUMMEL, NINA CHESTNEY, for others, suggesting the taps might not (March 31): India increased the price
MAREK STRZELECKI, CHRISTOPH STEITZ be turned off immediately. of natural gas produced from domestic
fields to a record as a global fuel short-
& MARK TREVELYAN Putin’s decision to enforce rouble pay- age pushed up rates overseas, benefit-
Reuters ments has boosted the Russian currency, ing producers including Oil & Natural
which fell to historic lows after the Feb 24 Gas Corp and Reliance Industries Ltd.
BERLIN/LONDON/MILAN/WARSAW/ invasion. The rouble has since recovered
FRANKFURT (March 31): Russian Pres- much lost ground. The price of gas produced from
identVladimir Putin is demanding foreign fields and awarded to state explorers
buyers pay for Russian gas in roubles from Searching for alternatives has been more than doubled to US$6.1
Friday or else have their supplies cut, a Western companies and governments have per million British thermal units for six
move European capitals rejected and which rejected any move to change their gas sup- months starting April 1, according to
Berlin said amounted to “blackmail”. ply contracts to another payment currency. the oil ministry’s Petroleum Planning &
Most European buyers use euros. Executives Analysis Cell. It also raised the ceiling
Putin’s move, via a decree signed onThurs- say it would take months or longer to rene- price for gas produced from difficult
day,leaves Europe facing the prospect of losing gotiate terms. fields such as Reliance’s KG-D6 block
more than a third of its gas supply. Germany, by 62% to US$9.92/mmBtu.
the most heavily reliant on Russia, has already Payment in roubles would also blunt
activated an emergency plan that could lead to the impact ofWestern curbs on Moscow’s Higher prices will boost the income
rationing in Europe’s biggest economy. access to its foreign exchange reserves. of producers that are already benefiting
from higher crude prices, and encourage
Energy exports are Putin’s most powerful Meanwhile, European states have been more investments in exploration activ-
lever as he tries to hit back against sweep- racing to secure alternative supplies, but ities to help reduce India’s dependence
ing Western sanctions imposed on Russian with the global market already tight, they on overseas energy. Still, the increase
banks, companies, businessmen and asso- have few options. The United States has will cascade into higher energy costs,
ciates of the Kremlin in response to Rus- offered more of its liquefied natural gas causing trouble for governments globally.
sia’s invasion of Ukraine. Moscow calls its (LNG) but not enough to replace Russia.
Ukraine action a “special military operation”. “The increase in prices provides re-
“It is important for us not to give a lief to Indian upstream producers, as
Putin said buyers of Russian gas “must signal that we will be blackmailed by Pu- at earlier prices, gas production was a
open rouble accounts in Russian banks. It tin,” Germany Economy Minister Robert loss-making proposition for most fields,”
is from these accounts that payments will Habeck said, adding that Russia had not according to PrashantVasisht, vice pres-
be made for gas delivered starting from been able to divide Europe. ident at credit assessor ICRA Ltd.
tomorrow,” or April 1.
German Finance Minister Christian India sets the price of domesti-
“If such payments are not made, we will Lindner said existing gas contracts were cally-produced natural gas through
consider this a default on the part of buyers, based in euros and payments would con- a formula linked to international rates,
with all the ensuing consequences. Nobody tinue to be made in that currency. including the UK and the US, on a
sells us anything for free, and we are not going lag.The new rates capture the prices
to do charity either - that is, existing contracts French economy minister Bruno Le for the heating and power-generation
will be stopped,” he said in televised remarks. Maire said France and Germany were pre- fuel for last year, which has been rising
paring for the possibility of Russian gas to new heights.
It was not immediately clear whether in flows being halted. He declined to com-
practice there might be a way for foreign ment on technical details linked to latest Read also:
firms to continue payment without using Russian demands for rouble payment. US says no ‘red line’ for India’s oil
roubles, which the European Union and imports from Russia Click here
G7 group of states have ruled out. Putin said the switch to roubles would
strengthen Russia’s sovereignty. He said Singapore raises power tariffs by
Under the mechanism decreed by Pu- theWest was using the financial system as 10%, adding to price pressures
a weapon, and it made no sense for Russia Click here
to trade in dollars and euros when assets in
those currencies were being frozen.

“What is actually happening, what has
already happened?We have supplied Euro-
pean consumers with our resources, in this
case gas.They received it, paid us in euros,
which they then froze themselves. In this
regard, there is every reason to believe that
we delivered part of the gas provided to
Europe practically free of charge,” he said.

“That, of course, cannot continue,”
Putin said, although he said Russia still
valued its business reputation and would
continue to meet obligations in its gas and
other contracts.

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China weighs stability, unlike previous funds that were Shanghai to lift
raising billions to more targeted. eastern lockdown
rescue troubled
financial firms The central bank is working with the with some
China Banking and Insurance Regulatory compounds sealed
Bloomberg Commission and the Ministry of Finance to
set up the fund.The capital will come from Bloomberg
(March 31): Chinese authorities are consid- a variety of sources including local govern-
ering a plan to raise several hundred billion ments and major banks, as well as funds (March 31): Shanghai will lift its lock-
yuan for a new fund to backstop troubled set up to insure retail deposits and bail out down of the eastern half of the city on
financial firms, according to people familiar insurance and trust firms, the people said. Friday as scheduled, but certain com-
with the matter. pounds will continue to be sealed because
The PBOC, CBIRC and the finance of Covid-19 infections, according to a
The People’s Bank of China is leading ministry didn’t immediately respond to local government statement.
the effort, seeking to shore up confidence requests seeking comment.
in the US$60 trillion financial system as Movement restrictions will still be in
the economy slows and a debt crisis in The State Council last week said Chi- place for apartment buildings and com-
the property industry spreads.The stabil- na aims to complete the stability fund by pounds where positive Covid-19 cases
ity fund would dwarf other pools available September after Premier Li Keqiang an- have been found through nucleic acid
to bail out troubled institutions and their nounced the plan this month.The facility tests conducted during the four-day lock-
depositors. will be used to dissolve major risks, and down this week,said the statement posted
become part of the safety net for China’s on the city government’sWechat account.
China is moving to stem financial risks financial system, according to the banking
ranging from hundreds of weak rural banks regulator. The government didn’t elabo- The announcement came as the west-
to dozens of distressed developers saddled rate on where the money will come from ern part of the city of 25 million residents
with at least US$1 trillion of liabilities. or how big the fund will be. Several hun- is set to enter a four-day lockdown Fri-
Challenges are mounting as the debt cri- dred billion yuan would equate to tens of day, as authorities seek to curtail a record
sis ripples through the property market and billions of dollars. outbreak that’s brought unprecedented
as a resurgence in Covid infections forces disruptions to the financial hub.
a partial shutdown in Shanghai, threaten- As part of the proposal, the regulators
ing to sap momentum in the world’s sec- may also raise the premium rate paid by Shanghai has emerged as the epicenter
ond-largest economy. some banks to insure their deposits, said of China’s worst virus outbreak since the
the people. The size of the fund could be early days of the pandemic. The city’s
While the key mandate of the new fund increased if needed, they said. Details of daily infections shot up from less than
is to rescue financial institutions, it could the plan are still under discussion and sub- five at the beginning of March to more
indirectly help too-big-to-fail entities in ject to change. than 5,600 onThursday, though that’s a
other sectors including real estate by pro- slight decline onWednesday’s tally.
viding financing through banks, said the The PBOC labelled 316 financial insti- Click here for the full story
people, asking not to be identified discuss- tutions as high-risk entities in the fourth
ing a private matter.This would be the first quarter, most of them small rural banks.
fund dedicated to ensure broad financial Confidence in the regional banks was jolted
in 2019 when regulators seized control of
Baoshang Bank Co in Inner Mongolia —
the first such move in two decades — and
imposed losses on some creditors. Authori-
ties have since orchestrated bailouts of two
other banks and intervened to quell at least
two bank runs.

(March 31): China’s oil majors are China’s oil 2021. PetroChina plans to spend 242
boosting spending to take advantage of majors open their billion yuan next year — it had budg-
high prices and help meet political de- eted 239 billion for 2021, but the final
mands for energy security. checkbooks to figure came in at 251 billion.
fight fuel scarcity
The country’s three state-owned China called for companies to boost
drillers are planning capital expendi- Bloomberg gas production and keep oil output at
ture of at least 530 billion yuan (US$84 high levels in its five-year plan for ener-
billion), up 4.6% from 2021. PetroChi- with the US began in 2018, highlighting gy development published last week. Pet-
na Co and Sinopec are budgeting for its vulnerability as the world’s biggest roChinaVice President Ren Lixin echoed
more spending than any oil major importer of oil, gas and coal. the theme on an earnings call Thursday,
outside Saudi Aramco, despite small- saying the company would maintain stable
er market capitalizations than many Sinopec is planning an 18% spending oil output while increasing gas.
Western giants. increase to 198 billion yuan, a record
for the company, while offshore driller “Oil growth will slow and gas will be
The spending plans align with Bei- Cnooc Ltd is aiming for 90 billion to bread and butter for them now,” said
jing’s emphasis on energy security as it 100 billion yuan, a slight increase from Henik Fung, an analyst with Bloomberg
tries to keep economic growth steady Intelligence.
amid persistent virus outbreaks and sky- Read also: PetroChina scores best profit
rocketing global commodity prices.The in 7 years on rising oil price Click here
country has broadly pushed for more
domestic production since tariff wars

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SHANGHAI/HONG KONG (March China oil lic offering, according to Refinitiv data.
31): CNOOC Ltd, China’s top offshore giant CNOOC “China’s demand for oil and gas has
oil and gas producer, plans to raise about plans US$5.5b
35 billion yuan (US$5.5 billion or about Shanghai listing been steadily rising, and its dependency
RM23.21 billion) next month in what amid heightened on oil and gas imports increases every
will likely be China’s 10th biggest listing geopolitical risks year ... the supply-demand situation is
to fund oil and gas extraction as Beijing very grave,” CNOOC said in its prospec-
prioritises energy security amid rising ge- BY SAMUEL SHEN & JULIE ZHU tus on Thursday.
opolitical tensions. Reuters
“With China’s demand for oil and gas
State-owned CNOOC, which is black- BLOOMBERG rising, and the government’s high atten-
listed by Washington, said in a prospec- tion to energy security, we expect Chinese
tus on Thursday (March 31) it plans to investment in oil and gas exploration to
sell 2.6 billion shares on April 12 and increase further.”
list thereafter on the Shanghai Stock Ex-
change. CNOOC said it had no business in
Ukraine, but its 10% stake in the Arctic
CNOOC is taking advantage of soar- LNG 2 project in Russia could be vul-
ing global oil prices as Russia’s war on nerable to financial sanctions triggered
Ukraine pushes up already high inflation. by Russia’s military operations.
CNOOC expects first-quarter profit to
jump 62% to 89% from a year earlier and CNOOC, whose US shares were del-
its Hong Kong-listed shares hit two-year isted by the New York Stock Exchange
highs on Wednesday. in October after Washington added it to
an economic blacklist, said it could face
The oil giant said it would use the additional sanctions.
share sale proceeds to fund one gas and
seven oilfield projects in China and over- “We cannot predict if the company or
seas, and to replenish capital. its affiliates and partners will be affect-
ed by US sanctions in future if policies
The company said in September it change,” CNOOC said.
aimed to raise up to 35 billion yuan, po-
tentially making the share sale China’s CNOOC is preparing to exit one of
10th largest on record, trailing China the North Sea’s largest field in a strategic
Railway Construction Corp’s initial pub- shift of focus to newer oil and gas devel-
opments and away from Western assets,
banking and industry sources told Reuters.

(March 31): The US Securities and Ex- Baidu added for two decades over the mandate that all
change Commission (SEC) on Wednes- to US SEC list companies that trade publicly in America
day (March 30) added Baidu Inc to a of firms facing grant access to audit work papers. Since
growing list of companies that may get possible delisting Congress passed the law in 2020, the
kicked off American stock exchanges be- Public Company Accounting Oversight
cause of Beijing’s refusal to permit US BY BEN BAIN Board, which oversees auditors, and the
officials to review their auditors’ work. Bloomberg SEC have been laying the groundwork for
identifying companies that don’t comply.
The SEC’s publication of the business- REUTERS
es’ names is required by a 2020 US law Firms face removal if they shirk re-
that started a three-year clock for firms Wednesday’s additions bring the total quirements for three straight years, mean-
to comply with inspection requirements number of firms identified by the regu- ing they could be kicked off the NewYork
that cover all public companies in the US. lator to 11. Stock Exchange and Nasdaq as soon as
The SEC also added Futu Holdings Ltd, 2024.
Nocera Inc, iQIYI Inc and CASI Phar- The US and China have been at odds
maceuticals Inc to its provisional list for Critics say Chinese companies enjoy
possible delisting. the trading privileges of a market econ-
omy — including access to US stock ex-
Wall Street’s main watchdog has changes — while receiving government
long been expected to crack down on support and operating in an opaque sys-
about 200 New York-traded firms with tem. But regulators in Beijing argue that
parent companies based in China and Chinese national security law prohibits
Hong Kong because the jurisdictions them from turning over audit papers to
refuse to allow the inspections. Still, the US regulators.
SEC’s recent publication of companies
has jarred investors who’d been hoping For its part, Baidu, China’s online
for a deal between regulators in Beijing search leader, has been hammered by
and Washington. Beijing’s crackdown on private industry.
The company is in the process of tran-
Baidu shares ended 3.2% lower in sitioning from a marketing company to
Hong Kong on Thursday. The search a tech supplier.
giant and its video arm iQiyi said they
were exploring solutions, without elabo- As one of the earliest and largest Chi-
rating. Baidu “will strive to maintain its nese tech giants to go public in NewYork,
listing status”, it said in a filing. its addition to the SEC list sends a stark
warning to smaller peers.

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BLOOMBERG

Apple and Meta
gave user data
to hackers who

used forged
legal requests —

sources

BY WILLIAM TURTON
Bloomberg

(March 31): Apple Inc. and Meta Plat- gency requests don’t require a court order. believed to be the mastermind behind the
forms Inc., the parent company of Face- Snap Inc. received a forged legal request cybercrime group Lapsus$, which hacked
book, provided customer data to hackers Microsoft Corp., Samsung Electronics Co.
who masqueraded as law enforcement from the same hackers, but it isn’t known and Nvidia Corp., among others, the peo-
officials, according to three people with whether the company provided data in re- ple said. City of London Police recently
knowledge of the matter. sponse. It’s also not clear how many times arrested seven people in connection with
the companies provided data prompted by an investigation into the Lapsus$ hacking
Apple and Meta provided basic sub- forged legal requests. group; the probe is ongoing.
scriber details, such as a customer’s ad- Click here for the full story
dress, phone number and IP address, in Cybersecurity researchers suspect that
mid-2021 in response to the forged “emer- some of the hackers sending the forged
gency data requests.” Normally, such re- requests are minors located in the U.K.
quests are only provided with a search and the U.S. One of the minors is also
warrant or subpoena signed by a judge, ac-
cording to the people. However, the emer-

(March 31): Apple Inc is exploring new Apple weighs at designing and developing homegrown
sources of the memory chips that go into more memory 3D NAND flash memory, widely used
iPhones, including potentially its first Chi- chip suppliers, for storing data in smartphones, laptops,
nese provider, after a production disrup- including China servers and future gadgets such as elec-
tion at a key Japanese partner exposed the tric vehicles. Beijing regards the crucial
risks to its global supply. Bloomberg component as one of the bottlenecks that
could endanger its economy, because of
It’s considering expanding a roster of with the US. For semiconductor players a heavy reliance on imports.
suppliers that already includes Micron aspiring to build a business on a national
Technology Inc and Samsung Electronics scale, memory is typically a gateway be- The testing and discussions are no guar-
Co after Kioxia Holdings Corp lost a batch cause production capabilities count more anteeYangtze chips will ultimately ship. It’s
of output to contamination in February, than the intricate designs needed for ad- unclear if the Chinese firm can convince
people familiar with the matter said.While vanced processors and other logic chips — Apple of its dependability, the people said.
Samsung and SK Hynix Inc — the world’s though it requires enormous investment Yangtze Memory technology is at least one
largest makers of flash memory — are like- to sustain. generation behind and could at best be a
ly to pick up the slack, Apple remains keen backup choice to Apple’s main suppliers
to diversify its network and offset the risk Tying up withYangtze could open Ap- like Korea’s Hynix and Samsung, they said.
of further disruption from the pandemic ple to criticism back home given ties be- Even if Apple qualifies Yangtze’s compo-
and shipping snarls, they said. tweenWashington and Beijing are fraying nents, it will need to gauge its reliability in
over China’s ambiguous stance on the terms of yields and quality. It took years
The iPhone maker is now testing sam- Ukraine war as well as American efforts for Beijing-based BOETechnology Group
ple NAND flash memory chips made by to contain its technological ascent. US Co, another prominent Chinese Apple sup-
Hubei-basedYangtze Memory Technolo- lawmakers have long railed against the plier, to reach high-volume production of
gies Co, the people said, asking not to be way Beijing champions and subsidises iPhone displays.
identified discussing private deliberations. local industry.
Apple’s been discussing the tie-up with Yet because memory chips are largely
Yangtze, owned by Beijing-backed chip- Created through a merger with a gov- commoditised, Apple could conceivably
making championTsinghua Unigroup Co, ernment-run chip factory in 2016,Yangtze decide to use Yangtze’s product in low-
for months though no final decisions have Memory is regarded as China’s best shot er-end devices such as the iPhone SE, the
been made. people said. Representatives for Yangtze
Memory and Apple declined to comment.
A contract forYangtze and its well-con- Click here for the full story
nected parent would be a milestone for
China’s ambitions to build a world-class
domestic chip industry that can compete

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G7 must act laying out a common understanding on GoTo to raise
quicker on closing how to update current rules, which do not US$1.1b after
sufficiently take into account the growing finalising IPO
digital loophole presence of digital currencies, he said. at top end of
versus sanctions
— BOJ official “G7 nations are now working together price range
on this front, while sharing information on
BY LEIKA KIHARA & TAKAHIKO WADA current developments,” said Kamiyama, BY ANSHUMAN DAGA
Reuters who is involved in G7 discussions on dig- Reuters
ital currencies.
TOKYO (March 31): G7 policymakers SINGAPORE (March 31): GoTo
must speed up creation of a common U.S. allies including Japan imposed Group, Indonesia’s biggest tech firm,
framework to regulate digital currencies, sanctions against Russia for invading said it plans to raise US$1.1 billion
as the Ukraine war heightens the need Ukraine on Feb. 24, including the remov- (about RM4.62 billion) in an initial
to avoid them being used as a loophole al of many Russian banks from the global public offering (IPO), pricing the deal
against sanctions, a senior Bank of Japan payments system SWIFT. in the top half of its indicative range
official said. and making it one of Asia’s biggest
But regulating cryptoassets and stable- IPOs so far this year.
Cryptoassets and stablecoins have come coins isn’t easy, as holders can transfer
under the regulatory spotlight amid con- funds across borders far more easily than GoTo, formed last year by the
cerns they could be used to evade finan- through legal tender. merger of ride-hailing-to-payment
cial sanctions imposed on Russia since its firm Gojek and e-commerce leader
invasion of Ukraine. The need to balance privacy and mon- Tokopedia, surprised some investors
ey-laundering concerns will also affect de- and analysts when it launched its IPO
Such digital currencies could upend the bate on the design of a digital yen, said process earlier this month, braving
global settlement system as they make it Kamiyama, whose department is charged turbulence in global equity markets.
easier to circumvent conventional payment with the BOJ’s experiments on issuing a
means using the U.S. dollar, euro and yen, central bank digital currency (CBDC). “We are pleased with the investor
said Kazushige Kamiyama, the head of response, which has remained resil-
the BOJ’s payment and settlement systems The BOJ will begin the second phase ient, despite global macro and mar-
department. of experiments from April, which will last ket volatility,” Andre Soelistyo, GoTo
about a year and check features such as Group’s chief executive officer, said in
“By using stablecoins, it’s not very dif- whether to set a limit on the sum each a statement on Thursday (March 31).
ficult to create an individual global settle- entity can hold, he said.
ment system,” Kamiyama told Reuters in GoTo’s offering attracted strong in-
an interview. While BOJ Governor Haruhiko Kuro- stitutional demand in the book-build-
da has said a decision on whether to issue ing process despite a weak investor
Policymakers of the Group of Seven CBDC may come by 2026, Kamiyama appetite for tech stocks that has bat-
advanced economies must act quickly in said the timing will depend partly on how tered shares in the company’s South-
quickly other central banks move. east Asian peers, such as Sea Ltd and
Grab Holdings.
“Given how so many advanced nation
central banks are moving collectively, dra- GoTo is backed by the likes of Soft-
matically and simultaneously on CBDC, it Bank Group Corp, Alibaba Group and
could cause big changes in the settlement Singapore sovereign wealth fund GIC.
system in the future,” he said. “Japan needs
to make sure it’s not left behind.” It priced its IPO at 338 rupiah per
share, representing a projected market
(March 31): Start-up Blockchain.com said it Blockchain. value of about US$28 billion, which
raised new funding that values the company com raises would make it the country’s fourth
at about US$14 billion (about RM58.84 bil- new funding at most valuable listed company.
lion), more than doubling its worth in a sign US$14b valuation
that cryptocurrency firms still enjoy the favour Reuters reported last week that
of investors in turbulent venture capital markets. BY IVAN LEVINGSTON & OLGA KHARIF GoTo had received enough inves-
Bloomberg tor orders for its IPO to raise at least
The financing round, which vaults Block- US$1.1 billion, within its targeted
chain.com into the ranks of the most valuable Blockchain.com last year said it was mov- price band.
crypto companies,was led by LightspeedVenture ing its US headquarters from New York to
Partners with major participation from Baillie Miami, and is leasing a 22,000 sq ft (2,044 The firm had set an indicative price
Gifford & Co, Blockchain.com said. Represent- sq m) office in Miami’s Wynwood arts dis- range of 316 rupiah (about 9.3 sen)
atives of Lightspeed and Baillie Gifford didn’t trict, and will eventually employ about 300 to 346 rupiah per share.
immediately respond to requests for comment. people in the building.
It is selling 46.7 billion Series A
Founded in 2011, Blockchain.com allows The company has 37 million verified us- shares, comprising newly issued and
users to buy and store digital tokens such as ers with 82 million wallets created, and more treasury shares, thereby raising 15.8
Bitcoin and is led by chief executive officer Peter than US$1 trillion transacted, according to trillion rupiah (US$1.1 billion) in to-
Smith. In March 2021, the firm raised US$300 its website. tal.The IPO will be open from April 1
million at a US$5.2 billion valuation in a round to 7, and the listing will take place on
that included Lightspeed andVY Capital. April 11 with the stock code GOTO.

The UK company’s single largest in-
vestment as of last April was from Edin-
burgh-based Baillie Gifford, which put
US$100 million into Blockchain.com.

F R I D A Y A P R I L 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

Australia’s soaring
property prices
drive wealth to
record high

BY SWATI PANDEY
Bloomberg

(March 31): Australia’s soaring property to drive increases in household wealth,” property prices will cool in the period ahead
prices drove household wealth to a record said Katherine Keenan, head of Finance as the Reserve Bank of Australia embarks on
last quarter, while net worth on a per capita and Wealth at the ABS. “Prices increased a policy tightening path, having held rates
basis also hit an all-time high, suggesting the 4.7% during the quarter, reflecting record at 0.1% since November 2020. Economists
wider population was better off on average. low interest rates, labour market recovery, expect the first rate hike in August.
and strong demand for housing.”
Household wealth climbed 4.5% to “The excess savings that many house-
A$14.7 trillion (US$11 trillion) in the final Higher pension fund balances, driven by holds have gained will really help them to
three months of 2021, the Australian Bu- bumper jobs growth, also boosted house- keep their consumption up during periods
reau of Statistic said in a report on Thurs- holds’ net worth, Keenan added. of high inflation and higher interest rates,
day.Home values contributed 3.5 percentage even if home prices do fall,” said Adelaide
points to the quarterly increase. Demand In a sign the labour market is set to extend Timbrell, a senior economist at ANZ Bank-
for credit was also the strongest on record its powerful run, separate data showed job ing Group Ltd.
at A$54.4 billion. vacancies hit a record in the three months
through February.There was also evidence “We also only expect a very shallow fall
Record-low borrowing costs and govern- of more firepower in the housing market, in housing prices, after a very intense in-
ment incentives during the pandemic have with another report showing approvals to crease, and that would really reduce the risk
sent house prices soaring in major cities and build new homes jumped 43.5% last month, of consumption falling over,” she said.ANZ
regions.The data highlight how massive fiscal driven by private houses and apartments. is predicting nationwide home prices to de-
and monetary support to help households cline by 6% in 2023.
and firms through Covid lockdowns have in- Economists are increasingly predicting
flated asset prices across the wider economy.

That augers well for consumer spend-
ing, which accounts for more than half of
the country’s A$2.2 trillion annual output.

“Residential property prices continued

(March 31): Global offerings of sukuk are off Islamic finance seven years for a Bloomberg gauge of global
to their busiest start on record this year, with deals have the high-grade notes in various currencies.
bankers at HSBC Holdings Plc and Deutsche best start ever
Bank AG citing the high price of oil as a driver with oil up 40% “Many issuers are dynamic, with diver-
of the vibrant issuance. sified funding avenues, and select to tap the
BY AMEYA KARVE, ELFFIE CHEW market which offers strong liquidity,” said
Sales of new sukuk maturing in at least a & LAURA BENITEZ Agata Raszkiewicz, head of Southeast Asia
year have touched nearly US$24 billion so Bloomberg debt capital markets at Deutsche Bank.The
far in 2022, the best start to any year, accord- popularity of sukuk “can be partly attribut-
ing to Bloomberg-compiled data going back est in sukuk issuance relative to conventional ed to higher oil prices boosting sentiment of
to 1999. Saudi Arabia and Turkey were the bond issuance,” said Khaled Darwish, Middle some Middle Eastern investors.”
two biggest issuers. East and north Africa’s head of debt capital
markets at HSBC. But the boom may not endure. Acceler-
Although it slid onThursday, crude is up ating inflation is bad news for fixed income
roughly 40% this year, leaving investors in The bank is the top arranger of sukuk investors, and Russia’s Ukraine invasion has
oil-producing countries, some of the biggest deals this year, Bloomberg-compiled data show. hurt appetite for emerging-market assets,
markets for Islamic finance, flush with cash. Fitch Ratings wrote earlier this month.
With fixed-income markets in upheaval as the In a world of rising interest rates, inves-
US raises interest rates, Shariah-compliant tors often favor debt with shorter maturities, The commodities boom may actually
debt has fared better than global bonds with which adds to the attractiveness of sukuk. hamper issuance as it reduces the need for
investment-grade ratings, losing only 4% ver- external financing.
sus their 7% dive so far this year, according The average duration of a note in Bloomb-
to Bloomberg indexes. erg’s index of global dollar sukuks is just about Moody’s Investors Service sees lower sales
four years. That compares with more than in 2022 compared with last year. CIMB In-
“There has been pent-up liquidity and vestment Bank Bhd, a key arranger in Ma-
demand for Islamic Sukuk for quite a while laysia, the world’s largest sukuk market, isn’t
and that, coupled with challenging market quite so pessimistic.
conditions overall affecting primary and sec-
ondary markets, is driving increasing inter- “Global sukuk issuance volume is expected
to be flat for the remainder of 2022,” CIMB’s
Chief Executive Officer Jefferi Hashim said.

F R I D A Y A P R I L 1 , 2 0 2 2 21 T H E E D G E C E O M O R N I N G B R I E F

WORLD

China almost NEWS IN BRIEF
done with airline
crash search and Pakistan PM faces no confidence vote as opposition gets support
rescue, working
(April 1): Pakistan Prime Minister Imran Khan said he will face a no-confidence vote
on report on Sunday amid reports that the opposition has garnered the numbers it needs to
oust him from office, raising political uncertainty as the country grapples with high
BY STELLA QIU inflation and debt repayments. “On Sunday, Pakistan’s fate will be decided,” Khan
Reuters said in a televised address on Thursday. “I will fight to the last and if I win, I will
come back stronger,” he added. The joint opposition, led by former president Asif Ali
BEIJING (March 31): China has com- Zardari and ex-premier Nawaz Sharif, had cobbled together 196 lawmakers the day
pleted the main search and rescue work at before, well above the 172 needed to vote out the former cricket star, local media
the site of a China Eastern Airlines plane
crash last week, and plans to complete a said. Some of Khan’s own party members are also expected
preliminary report within 30 days of the to vote against him amid growing public anger over rising
event, an aviation official said onThursday. living costs. Khan’s two major allies — the Karachi-based
Muttahida Qaumi Movement-Pakistan and the Balochistan
A final report into the crash of the Boeing Awami Party — have exited his coalition government over
737-800 will be completed and made pub- the past two days — forcing the beleaguered premier to
lic after the investigation is concluded, Civil once again turn to the country’s military for
Aviation Administration of China (CAAC) support. The opposition has named Sharif’s
safety head ZhuTao told reporters. brother, Shehbaz Sharif, to lead the next
coalition government if Khan is voted
The plane crashed into a mountainside out. — Bloomberg
in southern China on March 21, killing all
132 people onboard. Click here for the full story

Under international rules, a 30-day report India’s current account deficit Thai covid cases jump to record as
must be lodged with the UN aviation agency widens to near decade high easier visa rules kick in
ICAO but it does not need to be public. A
final report is due within a year of the crash, (March 31): India’s current-account (March 31): Thailand reported a record
though sometimes it can take longer. balance widened to the highest in number of new Covid infections on Thursday,
nearly a decade, as the nation’s trade a day before easier entry rules for foreign
Zhu said authorities have done prelim- gap ballooned and foreign investments tourists are set to take effect. The Health
inary analyses of the crash, such as pre- fell. The current account, the broadest Ministry confirmed 27,560 new cases and
dicting the possible trajectory, position and measure of the country’s overseas trade 85 Covid deaths in the past 24 hours. The
impact force of the airplane when it hit the and services flows, was in a deficit of infections included 61 imported cases, the
ground and reading data from air traffic US$23 billion, or 2.7% of gross domestic ministry said on its website. Starting Friday,
control radar systems. product, in the three months ended no pre-travel Covid tests will be required
December, the Reserve Bank of India said for foreign visitors as the tourism-reliant
CAAC investigators are also working in a statement on Thursday. The median Southeast Asian nation seeks to draw more
to decode the data from both the black in a Bloomberg survey of 12 economists holidaymakers to help it sustain a nascent
boxes, he added. was for a deficit of US$24.25 billion. economic recovery. Overseas visitors will
The shortfall in the current account was still be required to undergo an RT-PCR test
Investigators from the US National US$9.9 billion or 1.3% of GDP in the on arrival and a self-administered antigen
Transportation Safety Board are set to second quarter period spanning July to test on day five. The flare-up in cases
travel to China to support the CAAC’s September of 2021. In the same period comes ahead of the Songkran festival, the
investigation into mainland China’s dead- a year ago, the deficit stood at US$2.2 Thai new year celebrations, from April 13
liest aviation disaster in 28 years. billion or 0.3% of GDP. The balance was in with authorities cautioning against large
deficit of US$31.86 billion in the quarter gatherings and traditional splashing of
Over 40,000 pieces of aircraft wreckage ended December 2012, according to data waters on revelers to prevent more people
and debris have been found and a majority on Bloomberg. — Bloomberg getting infected. — Bloomberg
of the pieces have been transported to a
hangar, Zhu said.

REUTERS

Rescue workers work at the site where a China Travel insurance no longer required to enter Singapore — CAAS
Eastern Airlines Boeing 737-800 plane flying
from Kunming to Guangzhou crashed, in Wuzhou, SINGAPORE (March 31): All fully vaccinated short-term visitors entering
Guangxi Zhuang Autonomous Region, China Singapore under its General Travel Category countries or regions via air, land and
sea borders will no longer be required to purchase compulsory travel insurance,
March 24, 2022. effective April 1, 2022. However, travellers are still encouraged to purchase travel
insurance to safeguard against any unforeseen circumstances while travelling, said
the Civil Aviation Authority of Singapore (CAAS) in a statement issued in response
to media queries on Thursday (March 31). These may include medical emergencies
and hospitalisation costs, as well as travel-related disruptions, it added. — Bernama

f r i d a y a p r i l 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

Winners and losers in whirlwind
US$1 trillion tech stock rout

(March 31): Tech stocks’ volatile start to by Subrat Patnaik slid 5% this year and Baidu Inc dropped
2022 offers a stark reminder of how harshly Bloomberg 9%, while JD.com Inc and Pinduoduo Inc
Wall Street is punishing the former stars slumped 17% and 29% each.
of the pandemic era. 1. Pandemic boom to bust
Companies that thrived during Covid lock- 4. Faangs diverge
Onetime stay-at-home winners like downs have plummeted as demand for their The most high-profile set of companies
Etsy Inc, Netflix Inc and PayPal Hold- services wane now that consumers are ventur- that have typically led the charge for tech
ings Inc are among the biggest losers in ing out again.Home-fitness equipment maker stocks have been split in their recovery.
the S&P 500 Index this year.They’re part Peloton Interactive Inc has slumped 25% and While Amazon and Apple have eked out
of a US$1.3 trillion wipeout in market val- electronic signature solutions provider Do- some gains in March, Netflix and Meta
ue for the Nasdaq 100 Index — a tide so cuSign Inc is down 29%, while e-commerce have been decimated this quarter, losing
strong that even megacaps Amazon.com company Etsy and online payments firm Pay- more than US$400 billion in market value
Inc and Apple Inc are struggling to stay Pal have declined 40% and 37% respectively. combined due to their uncertain growth
in the green. Investors will be looking at first-quarter results outlooks. The NYSE FANG+ Index is
to see if the companies can revive their growth down almost 10% this year.
The reversal for some of 2021’s hottest in the post-pandemic era.
stocks makes tech one of the worst-hit sec- 5. Cybersecurity boom
tors in the S&P 500. 2. Social media slump Russia’s invasion of Ukraine has further fue-
Pinterest Inc and Snap Inc have led declines led a rally in one group of pandemic winners:
Geopolitical tensions and supply chain in social media stocks hurt by Apple’s priva- cybersecurity firms. Stocks like Crowdstrike
hurdles have added to concerns over ris- cy updates, making it challenging for them Holdings Inc and Palo Alto Networks Inc
ing interest rates and surging bond yields to effectively track consumer habits for tar- have posted double-digit gains this year, far
— which can hurt the present value of get advertising. They have each slumped outpacing the Nasdaq 100, as investors bet
future profits. more than 20% this year. Facebook parent on increased spending on digital defenses.
Meta Platforms Inc, which draws almost This comes after a two pandemic-led strong
“The pandemic winners now have to all its revenue from ad sales, has tumbled years as investors flocked into these firms
face a situation where all Covid-related 33%. The Global X Social Media ETF, on bets companies would spend more on
tailwinds have disappeared and the current which includesTencent Holdings Ltd and beefing up their online security.
situation facing them is of economies suf- Alphabet Inc, is down about 20%.
fering from huge inflation which is curbing Tech chart of the day
individual purchasing power and putting 3. China’s wild ride Nearly 80% of Nasdaq 100 members are
pressure on discretionary spending going An uncertain regulatory environment in trading above their 50-day moving average
forward,” said Jim Dixon, a senior equity both the US and China have sparked a wild
sales trader at Mirabaud Securities. ride in Chinese stocks listed in the US.The A strong rebound by US tech stocks
Nasdaq Golden Dragon China Index has over the last two weeks has driven one
Some of that rout has turned around. lost 20% this quarter amid Beijing’s on- measure of market breadth to its highest
Those who initially fled the sector have going corporate crackdown and as the US in nearly a year.The Nasdaq 100 Index has
started to come back, enticed by discounts Securities and Exchange Commission lists seen its share of members that are trading
and the belief that some marquee names more companies that may get kicked off above their 50-day moving average surge
can continue to churn out bigger profits. American stock exchanges for violating an to 78%, the most since April 2021. It’s
Still, the Nasdaq 100, down 7.7%, is on audit law. Alibaba Group Holding Ltd has a rapid change of fortune for the gauge,
pace for its first quarterly decline since the which saw that figure plunge to two-year
pandemic-driven selloff in March 2020 af- low of about 12% just over a month ago.
ter falling into bear-market territory this
month.

Here’s a look at some of the quarter’s
standout moves:

F R I D A Y A P R I L 1 , 2 0 2 2 23 T H E E D G E C E O M O R N I N G B R I E F

MARKETS

CPO RM 5,814.00-116.00 OIL US$ 108.58-4.87 RM/USD 4.2048 RM/SGD 3.1065 RM/AUD 3.1449 RM/GBP 5.5185 RM/EUR 4.6749

Top 20 active stocks

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

METRONIC GLOBAL BHD 191.8 0.005 0.020 0.00 43.4

TWL HOLDINGS BHD 95.0 0.005 0.07 40.00 196.5

CAPITAL A BHD 56.9 -0.015 0.735 -7 3058.9

SMTRACK BHD 55.7 0.005 0.08 -57.9 61.5

PUBLIC BANK BHD 39.3 0.020 4.67 12.3 90647.9

WIDAD GROUP BHD 36.4 0.005 0.365 0 1004.7

TOP GLOVE CORP BHD 30.3 0.000 1.92 -25.9 15373.8

MALAKOFF CORP BHD 26.7 -0.005 0.6 -16.7 2932.2

TANCO HOLDINGS BHD 26.5 0.005 0.350 45.8 608.8 World equity indices

VORTEX CONSOLIDATED BHD 26 0.005 0.085 30.8 91.2

SAPURA ENERGY BHD 24.8 -0.005 0.04 -30 559.3 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE

GREEN PACKET BHD 24.3 -0.005 0.110 37.5 153.5 (%) (%)
DOW JONES 35,228.81 -65.38 -0.19 INDONESIA 7,071.44 18.25 0.26
VELESTO ENERGY BHD 23.9 0.000 0.11 -12.50 862.6

MY EG SERVICES BHD 22.8 0.000 1.02 -4.7 7533.2 S&P 500 4,602.45 -29.15 -0.63 JAPAN 27,821.43 -205.82 -0.73

BSL CORP BHD 22.7 -0.010 0.18 -82.4 49.8 NASDAQ 100 15,071.55 -167.77 -1.10 KOREA 2,757.65 10.91 0.40

DAGANG NEXCHANGE BHD 21.5 -0.010 1.01 32.90 3,187.3 FTSE 100 7,574.57 -4.18 -0.06 PHILIPPINES 7,203.47 36.45 0.51

HIBISCUS PETROLEUM BHD 20.8 0 1.15 41.1 2314.3 AUSTRALIA 7,499.59 -14.94 -0.20 SINGAPORE 3,418.96 -23.65 -0.69

FITTERS DIVERSIFIED BHD 20.7 -0.005 0.14 -55.6 85.1 CHINA 3,252.20 -14.39 -0.44 TAIWAN 17,693.47 -47.09 -0.27

ATA IMS BHD 19.9 -0.005 0.43 -30.3 511.2 HONG KONG 21,996.85 -235.18 -1.06 THAILAND 1,693.99 -4.41 -0.26

MQ TECHNOLOGY BHD 19.5 0.000 0.05 0 44.7 INDIA 58,549.03 -134.96 -0.23 VIETNAM 1,492.15 1.64 0.11

Data as compiled on Mar 31, 2022 Source: Bloomberg Data as compiled on Mar 31, 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)

METRONIC GLOBAL BHD 0.02 33.3 191841.2 0 43.4 DAYA MATERIALS BHD 0.005 -50.00 249 -50 10.2

EDUSPEC HOLDINGS BHD 0.02 33.3 917.5 33.3 60.9 VSOLAR GROUP BHD 0.010 -33.30 3,391.1 -33.3 48.3

DOLOMITE CORP BHD 0.025 25 18190.5 -16.7 14.8 NEXGRAM HOLDINGS BHD 0.01 -33.30 1,910.2 0 44.2

BORNEO OIL BHD 0.03 20 1456.2 0 224 COMPUGATES HOLDINGS BHD 0.010 -33.30 1,444.1 -33.3 45.8

MILUX CORP BHD 0.885 18 12731.8 -7.8 208 PASUKHAS GROUP BHD 0.015 -25.00 3,978.6 -40 26.8

FOCUS DYNAMICS GROUP BHD 0.040 14.3 4269.6 0 254.9 GREEN OCEAN CORP BHD 0.020 -20.00 11,390.4 -33.3 42.2

JERASIA CAPITAL BHD 0.04 14.3 3634 -75 3.3 DGB ASIA BHD 0.02 -20.00 3,164.0 -33.3 32.4

IMPIANA HOTELS BHD 0.04 14.3 485.3 -46.7 57.8 MNC WIRELESS BHD 0.020 -20.00 4.0 33.3 45.7

WOODLANDOR HOLDINGS BHD 1.13 13.6 2,568 46.8 45.2 XIDELANG HOLDINGS LTD 0.03 -14.30 645.3 -14.3 63.5

SKB SHUTTERS CORP BHD 0.43 13.2 13677.8 -35.8 56.8 SAPURA ENERGY BHD 0.035 -12.50 24,765.2 -30 559.3

GOLDEN PHAROS BHD 0.35 12.9 965.8 18.6 49.2 ALDRICH RESOURCES BHD 0.04 -11.1 212 0 44.5

RESINTECH BHD 1.15 12.7 9900.7 31.4 167.7 S&F CAPITAL BHD 0.085 -10.5 580.0 -5.6 46.8

EA TECHNIQUE M BHD 0.045 12.5 206.1 -43.8 23.9 DIGISTAR CORP BHD 0.05 -10.00 240.0 -25 35.2

ARTRONIQ BHD 0.7 12 13492.7 13.8 222.5 CME GROUP BHD 0.05 -9.1 4851.3 -16.7 48.4

COMPUTER FORMS MALAYSIA BHD 0.82 11.6 1260.6 31.2 168.1 MALAYAN UNITED INDUSTRIES BHD 0.05 -9.10 3,202.0 -28.6 152.5

PDZ HOLDINGS BHD 0.05 11.1 373.7 11.1 29.1 MINDA GLOBAL BHD 0.055 -8.30 1,234.7 0 72.7

SCOMI ENERGY SERVICES BHD 0.05 11.1 92.5 -9.1 23.4 BARAKAH OFFSHORE PETROLEUM 0.060 -7.70 9,306.4 -25 60.2

BIG INDUSTRIES BHD 0.82 10.8 5929.2 -5.7 52.1 DOLPHIN INTERNATIONAL BHD 0.060 -7.70 453.6 -14.3 63.3

MUDAJAYA GROUP BHD 0.215 10.3 2641.741 22.9 279 TECHNA-X BHD 0.065 -7.10 2,350.1 -13.3 143.1

SAUDEE GROUP BHD 0.055 10 18141.9 0 54.5 LAMBO GROUP BHD 0.07 -7.10 152.9 -23.5 100.1

Data as compiled on Mar 31, 2022 Source: Bloomberg Data as compiled on Mar 31, 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)

PMB TECHNOLOGY BHD 18.34 0.94 164.6 49.30 4292.8 NESTLE MALAYSIA BHD 133.60 -0.90 111.0 -0.40 31329.2

HEINEKEN MALAYSIA BHD 22.48 0.44 13.2 7.9 6791.2 GENTING PLANTATIONS BHD 8.55 -0.19 278.90 29.7 7671

AEON CREDIT SERVICE M BHD 15.12 0.30 237.5 11 3860.3 MANULIFE HOLDINGS BHD 2.30 -0.10 19.0 0.00 486.6

YINSON HOLDINGS BHD 4.80 0.25 1,952.2 -20.00 5108.4 KESM INDUSTRIES BHD 8.60 -0.10 7.7 -30.00 369.9

BRITISH AMERICAN TOBACCO 12.44 0.20 77.1 -11.00 3552.0 GREATECH TECHNOLOGY BHD 4.74 -0.08 2095.5 -29.60 5935.1

AJINOMOTO MALAYSIA BHD 14.50 0.20 2.3 -5.80 881.6 PETRONAS DAGANGAN BHD 20.42 -0.08 716.4 -0.90 20286.3

COMPLETE LOGISTIC SERVICES BHD 3.69 0.19 86.3 47.00 474.7 ADVANCED PACKAGING 2.55 -0.07 38.3 -1.90 49.0

MALAYSIAN PACIFIC INDUSTRIES 36.40 0.18 314.1 -26.30 7239.8 TRANSOCEAN HOLDINGS BHD 2.06 -0.06 3.9 -33.5 134.1

KOTRA INDUSTRIES BHD 4.35 0.17 47.2 37.70 643.7 MBM RESOURCES BHD 3.09 -0.06 1660.7 -0.40 1207.8

HAP SENG CONSOLIDATED BHD 7.48 0.15 673.5 -2.90 18622.7 BATU KAWAN BHD 26.30 -0.06 7.0 15.90 10355.9

VITROX CORP BHD 8.20 0.15 604.7 -17.7 7745.4 PERTAMA DIGITAL BHD 0.75 -0.06 9536.5 28.4 322.9

PENTAMASTER CORP BHD 3.77 0.14 2522 -32.1 2681.7 RALCO CORP BHD 0.98 -0.05 545.5 3.2 49.8

TELEKOM MALAYSIA BHD 4.89 0.14 3556.4 -11.10 18453.4 OM HOLDINGS LTD 2.77 -0.05 12.3 -2.1 2046

MILUX CORP BHD 0.89 0.14 12731.8 -7.80 208 AMWAY MALAYSIA HOLDINGS BHD 5.12 -0.05 85.3 -4.50 841.7

WOODLANDOR HOLDINGS BHD 1.13 0.14 2567.5 46.8 45.2 TOYO VENTURES HOLDINGS BHD 0.85 -0.045 99.0 -39.7 91

RESINTECH BHD 1.15 0.13 9900.7 31.4 167.7 KUCHAI DEVELOPMENT BHD 1.71 -0.04 7.5 -5 211.6

SCIENTEX PACKAGING AYER KEROH 2.45 0.12 0.7 2.10 802.1 AURELIUS TECHNOLOGIES BHD 1.89 -0.04 2481.0 -19.90 677.0

MALAYSIA SMELTING CORP BHD 4.62 0.120 1098.4 42.20 1940.4 BONIA CORP BHD 2.03 -0.04 1205.1 111.6 406.8

PETRONAS GAS BHD 16.66 0.12 804.2 -6.90 32965.7 INARI AMERTRON BHD 3.07 -0.04 9323.9 -23.3 11375.9

FRASER & NEAVE HOLDINGS BHD 21.00 0.12 244.6 -15.10 7702.3 ANCOM BHD 3.65 -0.04 450.9 18.50 1047.1

Data as compiled on Mar 31, 2022 Source: Bloomberg Data as compiled on Mar 31, 2022 Source: Bloomberg