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Lifestyle

Coffee From RM3.50: MIXUE’s Lucky Cup Coffee Now Brewing In Malaysia

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KUALA LUMPUR, Good news for coffee lovers on a budget! MIXUE, the beloved Chinese beverage brand known for its affordable ice cream and fruit tea, has officially launched its Lucky Cup Coffee line in Malaysia — starting from just RM3.50. With coffee culture booming across the nation, MIXUE is looking to bring a refreshing twist to the café scene by making quality brews accessible to everyone. The Lucky Cup Coffee range offers a variety of options, including Americano, Latte, and specialty mixes, catering to both casual drinkers and caffeine enthusiasts alike. Malaysia is the latest stop in MIXUE’s rapid global expansion. Having already built a strong presence in Asia, the brand has attracted attention for its unbeatable prices without compromising on taste. The launch of Lucky Cup Coffee adds another dimension to MIXUE’s offerings, which have already won fans for their signature soft-serve ice cream and fruit-infused teas. Industry watchers note that the move comes at a time when demand for affordable yet high-quality coffee is growing. With the rising cost of living, MIXUE’s budget-friendly pricing could shake up the local coffee market, giving Malaysians a new alternative to pricier café chains. Early customer reviews highlight the coffee’s smooth taste and satisfying portion sizes, especially given the low entry price. The Lucky Cup series also emphasizes convenience, appealing to students, young professionals, and families looking for a quick pick-me-up without breaking the bank. As MIXUE continues to expand its footprint across Malaysia, fans can look forward to more outlets and menu innovations in the months to come.

Media OutReach

First Phosphate Provides Commercial Results for LFP Battery Cells Produced Using North American Critical Minerals

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Saguenay, Quebec – Newsfile Corp. – September 3, 2025 – First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company”) announced on July 7, 2025 that it had successfully produced commercial-grade lithium iron phosphate (“LFP”) 18650 format battery cells (“PHOS – LFP 18650 Battery Cells”) using North American-sourced critical minerals, advancing its mission to localize the LFP battery supply chain in North America. Today, First Phosphate is pleased to announce the results of the commercial cell testing of its PHOS – LFP 18650 Battery Cells that have demonstrated the following performance: Battery cell capacities measured during cell testing successfully met the original manufacturing specifications (See Cell Capacity Testing Results graph below). Retention of battery cell capacities remained consistent at increasing discharge rates. This is significant given that the cells produced were from a small development run made with new critical materials and without prior history. Battery cells tested exhibited consistent and stable performance with minimal cell-to-cell variability. Battery cell cycle life experienced favorable retention of at least 80% initial capacity projected after 2000 discharge cycles. In conclusion, the PHOS – LFP 18650 Battery Cells tested are well suited for high-performance applications requiring both energy density and power capability. Battery cells showed good relative voltage stability on full discharge even up to 5C rate of current. “The production of these commercial grade PHOS – LFP 18650 Battery Cells shows that North America does have the ability to support an end-to-end LFP battery supply chain using our own critical mineral inputs,” says First Phosphate CEO, John Passalacqua. PHOS – LFP 18650 – Cell Capacity Testing Results To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8917/264764_7ac2ab3654d689bc_001full.jpg The PHOS – LFP 18650 Battery Cells were tested for capacity by discharging them at a typical C/5 rate of current. The graph above for four of the tested cells shows a consistent capacity of just over 1.6Ah which is in line with other similar commercially produced LFP 18650 format battery cells on the market. The LFP cathode and anode materials for the PHOS – LFP 18650 Battery Cells were produced using North American critical minerals from the following supply sources: Phosphate: High-purity phosphoric acid produced from igneous phosphate concentrate extracted from the First Phosphate Bégin-Lamarche property in the Saguenay-Lac-Saint-Jean region of Quebec, Canada and processed in the pilot installations of Prayon Technologies of Belgium, Europe. Iron: Iron powder produced using magnetite concentrate from the First Phosphate Bégin-Lamarche property in Quebec, Canada and processed by GKN Hoeganaes of Tennessee, USA. Lithium: Lithium carbonate produced by Century Lithium Corp. (TSXV: LCE) from its operations in Nevada, USA. Graphite: Natural graphite-based active anode material produced by Nouveau Monde Graphite (NYSE: NMG) (TSX: NMG) from its operations in Quebec, Canada. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8917/264764_first%20phosphate%20lfp%20battery%20ecosystem%20eng%20final%20web%20r.jpg The production process for the PHOS – LFP 18650 Battery Cells from North American critical minerals is viewable at: http://www.firstphosphate.com/NorthAmericanBatteryCells PHOS – LFP 18650 Battery Cells were unveiled by First Phosphate CEO, John Passalacqua, at the Oreba3 International Conference on Olivines for Rechargeable Batteries (Montreal, July 6-8, 2025, in memory of John B. Goodenough, 2019 Nobel Laureate in Chemistry). Video of Mr. Passalacqua’s presentation at the conference can be found at: http://www.firstphosphate.com/OREBA3 The PHOS – LFP 18650 Battery Cells were assembled and tested for First Phosphate by Ultion Technologies Inc. (Las Vegas, Nevada), a private battery technology company specializing in LFP battery materials and cells with development and pack assembly operations for North American applications. LFP 18650 battery cells are versatile lithium-ion batteries that are widely used in industries such as robotics, automation, military and defense, data centers, telecommunications, medical devices, consumer electronics and electric mobility. LFP 18650 battery cells can be found in autonomous electronic devices such as robots, drones and UAVs, power chargers, laptops, power tools, electric bicycles and scooters, solar storage devices, home energy and power backup units, flashlights, digital cameras, night vision goggles, medical diagnostic equipment, data centers, AI infrastructure and telecommunications towers. In other news, The Company has granted 24,000 restricted share units of the Company (“RSUs”) to a consultant to the Company. The RSUs vest on February 28, 2026 and are subject to a four month hold period. The RSUs will be granted in accordance with and subject to the terms of the Company’s Omnibus Equity Incentive Plan. About First Phosphate Corp First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is a mineral development company dedicated to producing high-purity phosphate for the LFP battery industry. The Company’s vertically integrated approach connects sustainable phosphate mining in Quebec with North American battery supply chains, targeting the energy storage, data center, robotics, mobility, and defense sectors. First Phosphate’s flagship Bégin-Lamarche property in Saguenay-Lac-Saint-Jean is a rare North American igneous phosphate resource, yielding high-purity phosphate with minimal impurities. Media & Investor Contact: Bennett Kurtz Chief Financial Officer [email protected] Tel: +1 (416) 200-0657 Investor Relations: [email protected] Media Relations: [email protected] Website: www.FirstPhosphate.com Follow First Phosphate: X: https://x.com/FirstPhosphate LinkedIn: https://www.linkedin.com/company/first-phosphate Forward-Looking Information & Cautionary Statement This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things: the Company’s planned exploration and production activities; the properties and composition of any extracted phosphate; the Company’s plans to connect sustainable phosphate mining in Quebec with North American battery supply chains and to localize the LFP battery supply chain, and the characteristics

Media OutReach

Luxshare Precision Announces 2025 Interim Results, IPO in Hong Kong Further Expands Global Competitiveness

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HONG KONG SAR – Media OutReach Newswire – 3 September 2025 – Luxshare Precision (002475.SZ) released its 2025 Interim Report at the end of last month. Under the complex and ever-changing global economic environment, the company still maintained a steady growth. The report shows that the company achieved growth in both revenue and profit in the first half of the year: operating income reached RMB 124.503 billion, a year-on-year increase of 20.18%; net profit attributable to shareholders reached RMB 6.644 billion, a year-on-year increase of 23.13%; basic earnings per share were RMB 0.92. Luxshare Precision also issued a performance forecast for the third quarter of 2025, anticipating a 20%-25% year-on-year increase in net profit for the first three quarters of the year. The report stated that the company will accelerate its diversified business strategy deployment, continuously increasing R&D investment and market penetration in cutting-edge fields such as AI intelligent terminals, optoelectronic high-speed interconnection products, and automotive intelligent electronics. The three major business sectors grew in coordination, all achieving year-on-year increases. Nowadays, Luxshare Precision has established a strategic framework for the coordinated development of its three major business segments: Consumer Electronics, Communications and Data Center, and Automotive Electronics. The consumer electronics segment, serving as the company’s revenue foundation, performed steadily. It achieved income of RMB 97.799 billion in the first half of 2025, a year-on-year increase of 14.32%. As the consumer electronics industry enters a new innovation cycle driven by AI, Luxshare Precision has successfully introduced multiple new product projects and continues to deepen cooperation with customers in emerging fields, such as AR/VR, consumer-grade 3D printing and robotics. On July 19, the Luxshare Robotics Headquarters Base project commenced construction, aiming to put into operation by the end of 2025. Once fully operational, it is expected to generate an annual output value of RMB 10 billion. The communications and data center sector achieved revenue of RMB 11.098 billion in the first half, a year-on-year increase of 48.65%. The company possesses deep technological accumulation in data centers, providing customers with products and services ranging from high-speed copper cable interconnection (DAC/ACC, etc.), high-speed backplane connectors to high-speed optical modules, and integrated “copper, optical, electrical, thermal” solutions. Currently, multiple high-speed, high-value-added products from Luxshare Precision are being delivered in batches. The automotive electronics also performed well, achieving income of RMB 8.658 billion, a significant year-on-year increase of 82.07%. The Tier 1 automotive business has gained recognition from multiple global mainstream automakers. Currently, the automotive business is in a rapid development phase, having established vertical integration capabilities from key automotive components to functional modules and system integration. Its product portfolio continues to enrich, and the customer base is continuously expanding. Strategic acquisitions of two companies in the first half of the year to enhance diversified deployment In the first half of the year, through a series of strategic acquisitions, Luxshare Precision continued to strengthen its technological capabilities and market position. At the beginning of the year, Luxshare Precision announced the acquisition of all shares in certain subsidiaries of Wingtech Technology. Through this acquisition, Luxshare Precision can expand its ODM scale and competitiveness. Leveraging Wingtech’s over 20% market share in the global mobile phone ODM market, it can provide vertical integrated ODM services to leading downstream brands, such as Samsung and Xiaomi. In July, Luxshare Precision’s Singapore subsidiary completed the acquisition of a 50.1% stake in Leoni AG，the century-old German automotive wiring harness company. Along with 100% ownership of its wholly-owned subsidiary Leoni K. Leoni’s global production bases will provide localized production capacity support, enabling Luxshare Precision to effectively enter the supply chains of global top-tier automakers. Submitting Hong Kong IPO application to ride the tailwind of international capital markets Notably, Luxshare Precision officially submitted a listing application to the Hong Kong Stock Exchange on August 18, 2025, marking a key step in its international strategic expansion. The Hong Kong IPO is expected to enable the company leverage the power of international capital markets to further enhance its global production capacity layout. According to Frost & Sullivan, Luxshare Precision ranks fourth globally and first in mainland China in the Precision Intelligent Manufacturing Solutions (PIMS) industry, with leading positions in all its major business sectors, including Consumer Electronics, Automotive Electronics, and Communications & Data Centers. Among global PIMS providers, Luxshare Precision possesses the most comprehensive and diversified product portfolio. Through its continuous outstanding performance, the company was awarded “Fortune Global 500” for three consecutive years from 2023 to 2025. The company plans to use the raised funds to expand production capacity and upgrade existing production bases, invest in technological R&D, and high-quality targets in upstream/downstream or related industries. As globalization and intelligent transformation continue to advance, Luxshare Precision is expected to create greater value for global customers through multiple business sectors and global operations. Hashtag: #LuxsharePrecision The issuer is solely responsible for the content of this announcement.

News

Bank Muamalat, Mastercard Introduce Shariah-Compliant Debit Card For SMEs

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KUALA LUMPUR, In a milestone initiative to strengthen Malaysia’s Islamic business ecosystem and enhance financial access for small businesses, Bank Muamalat Malaysia Berhad (Bank Muamalat), in partnership with Mastercard, has introduced the nation’s first Shariah-compliant SME Debit Card – the Bank Muamalat SME Debit Card-i. Designed specifically for Small and Medium Enterprises (SMEs), the card is packed with tailored benefits to help business owners manage operations more efficiently while staying aligned with Islamic banking principles. This launch underscores the importance of values-based finance in supporting the SME sector, which represents more than 97% of businesses in Malaysia and contributes 38% to the country’s GDP. The Bank Muamalat SME Debit Card-i reflects a shared commitment to inclusive growth, digital adoption, and ethical finance. As part of a limited-time launch campaign, cardholders can enjoy up to 4% cashback on key business expenses for the first six months. Eligible spending categories include online travel agencies, leading e-commerce platforms such as Shopee and Lazada, and digital advertising with providers like Google and Meta. Additional benefits include: 2x monthly waivers on international ATM withdrawal fees Access to Mastercard Easy Savings®, Priceless Specials, and a curated range of merchant offers Expense tracking and categorized spending insights for better financial management Built around the needs of modern SMEs, the debit card operates via a Current Account, ensuring full spending transparency and avoiding reliance on credit facilities—making it fully Shariah-compliant. “We are committed to providing ethical, accessible, and rewarding financial solutions that empower Malaysian businesses to grow with confidence,” said Khairul Kamarudin, President and Chief Executive Officer of Bank Muamalat. “SMEs are vital to the nation’s economy, and this SME Debit Card-i is a reflection of our vision to support them with solutions that merge Shariah values with practical business tools.” The launch also aligns with Mastercard’s broader strategy to drive inclusive growth across Malaysia and Southeast Asia, supporting national priorities under the MyDIGITAL Blueprint and Bank Negara Malaysia’s Financial Sector Blueprint, which highlight financial inclusion, digital readiness, and ethical finance. “Small businesses are the backbone of Malaysia’s economy, and their success depends on financial solutions that are practical and values-driven,” said Beena Pothen, Country Manager, Malaysia and Brunei, Mastercard. “Through this collaboration with Bank Muamalat, we are proud to introduce a Shariah-compliant debit card that equips SMEs with tangible benefits while advancing their digital and financial inclusion journey.” With Islamic finance continuing to gain traction—Malaysia’s Islamic banking assets surpassed RM1 trillion in 2024—the Bank Muamalat SME Debit Card-i arrives at a pivotal time for the sector. The card will be available starting 15 August 2025 at all Bank Muamalat branches and via the Bank’s official website. For more details, please visit www.muamalat.com.my or contact the Customer Centre at +603 2600 5500.

Investment & Market Trends

Maybank Becomes Substantial Shareholder In Alam Maritim

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KUALA LUMPUR, Malayan Banking Bhd (Maybank) has officially become a substantial shareholder in offshore oil and gas services provider Alam Maritim Resources Bhd, following the completion of a debt settlement exercise. In a filing with Bursa Malaysia on Tuesday, Maybank disclosed that it, together with its wholly owned subsidiary Maybank Islamic Bhd, has been issued a total of 85.38 million new ordinary shares in Alam Maritim. The issuance, priced at 27.83 sen per share, represents a 19.16% equity stake in the company. The new shares were allotted pursuant to a scheme of arrangement under Section 366 of the Companies Act 1966, which was part of the settlement plan for outstanding liabilities. As part of the same settlement, Maybank also received 21.34 million free detachable warrants in Alam Maritim, on the basis of one warrant for every four settlement shares subscribed. These warrants, referred to as “settlement warrants,” further enhance Maybank’s potential equity exposure to Alam Maritim should they be exercised in the future. The restructuring exercise, involving both Alam Maritim and its wholly owned subsidiary Alam Maritim (M) Sdn Bhd, was undertaken to resolve debts owed to creditors. By converting liabilities into equity and warrants, the company aims to strengthen its balance sheet while ensuring business continuity in a challenging offshore and marine services environment. Following the share issuance, as at Aug 29, Maybank’s direct shareholding stood at 5.57 million shares, while its indirect holding through Maybank Islamic amounted to 79.81 million shares. Collectively, this cements Maybank’s position as one of Alam Maritim’s key substantial shareholders. The move underscores Maybank’s increasing involvement in corporate restructuring exercises, particularly in sectors that have faced prolonged headwinds, such as oil and gas support services. For Alam Maritim, the debt-to-equity conversion provides a crucial lifeline, reducing financial obligations while bringing a strong institutional shareholder into its fold. Market observers note that the participation of a major financial institution like Maybank could help restore investor confidence in Alam Maritim, which has faced liquidity and operational challenges in recent years amid volatility in the offshore oil and gas industry.

News

Sara Spending Reaches RM192.4 Mil Within Three Days, Says MOF

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KUALA LUMPUR, More than 2.9 million Malaysians have collectively spent RM192.4 million on essential goods within the first three days of the Sumbangan Asas Rahmah (Sara) programme, according to the Ministry of Finance (MOF). The initiative, which provides a one-off RM100 credit to eligible recipients, saw particularly strong usage on its third day. On Tuesday (Sept 2), over 1.1 million transactions worth RM75.3 million were recorded as of 10.30pm, a significant increase from RM50 million in sales on the first day (Aug 31). The MOF noted that the higher uptake also translated into improved efficiency of the programme’s payment infrastructure. The transaction success rate climbed to 95%, compared with 79% on the launch day, highlighting adjustments made to strengthen system performance. In its statement, the ministry explained that the surge in usage placed unprecedented demand on the MyKasih system, which processes Sara transactions. At its peak, the platform handled over 2,000 approved transactions per minute — nearly four times the record peak of 540 transactions per minute set in April 2025. To cope with the heightened demand, the MOF said system processing capacity has been tripled from 5,000 to 15,000 queries per minute. “This upgrade is expected to speed up transaction processing and enhance user convenience,” the ministry said. The Sara programme forms part of the government’s broader Rahmah initiative, aimed at easing the burden of rising living costs, particularly among lower-income households. By targeting spending on basic necessities, the credits are expected to channel direct support where it is most needed. Recipients can utilise the RM100 credit until Dec 31, 2025, at more than 7,300 registered retail outlets nationwide, ensuring widespread accessibility. The ministry said it would continue to monitor transaction patterns and system performance closely to ensure smooth implementation and to make further adjustments where necessary. “With the strong response witnessed in the first few days, Sara is proving to be an impactful programme in supporting Malaysians’ daily needs,” the MOF said.

Investment & Market Trends

DBS’ Move To Acquire Stake In Alliance Bank Malaysia Reportedly On Hold

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KUALA LUMPUR, DBS Group Holdings Ltd’s plan to acquire a stake in Alliance Bank Malaysia Bhd (KL:ABMB) has reportedly stalled, as Singapore’s largest bank has yet to receive regulatory approval to begin formal discussions, according to people familiar with the matter. Both DBS and Alliance Bank’s largest shareholder, Vertical Theme Sdn Bhd, submitted separate applications to Bank Negara Malaysia (BNM) about eight months ago but have not received any response, the people said. Under local regulations, approval is required before talks on a potential deal can proceed. Bloomberg News reported in January that Vertical Theme — a Malaysian holding company backed by Temasek Holdings Pte Ltd — was weighing the sale of its 29% stake in Alliance Bank to DBS. If approved, DBS may seek to raise its stake to as much as 49% through a voluntary partial general offer, the people said. While Malaysia currently caps foreign ownership in commercial banks at 30%, there has been speculation about potential relaxation of the limit in selected sectors. One source noted the deal would be unlikely to move forward if DBS cannot secure approval for a 49% stake. Discussions remain ongoing and no final decision has been made. Representatives for DBS and Vertical Theme’s investors declined to comment. Alliance Bank said it was not aware of any such matter. BNM, in response to queries, reiterated its policy of not commenting on specific applications regarding acquisitions or disposals of interests in regulated entities. The central bank said all applications involving licensed banks — including those by foreign parties — are assessed under the Financial Services Act 2013 and Islamic Financial Services Act 2013. A successful deal would expand DBS’ presence in Malaysia, where rivals Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank Ltd (UOB) already operate extensively. DBS is Southeast Asia’s largest bank by total assets. Vertical Theme is 49% owned by Temasek through Duxton Investment & Development Pte Ltd, with the remainder held by RRJ Capital founder Richard Ong, hotelier Ong Beng Seng, and corporate adviser Seow Lun Hoo via Langkah Bahagia Sdn Bhd. Temasek is also DBS’ single largest shareholder, with a 28.3% stake. Shares of Alliance Bank have fallen 4.8% year-to-date, broadly in line with Kuala Lumpur’s benchmark index. The lender’s market capitalisation stands at about RM7.8 billion (US$1.8 billion).

News

Zainani Jusoh Appointed New Accountant General

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KUALA LUMPUR, Deputy Accountant General (Corporate) Zainani Jusoh has been appointed as the new Accountant General of Malaysia, effective today. According to a statement from the Accountant General’s Department of Malaysia (AGD), she succeeds the previous incumbent who retired on Sept 2. Her appointment letter was presented by Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar in Putrajaya on Aug 27. Hailing from Tanah Merah, Kelantan, Zainani holds a Bachelor of Accounting degree from Universiti Putra Malaysia (UPM). She is also a chartered accountant and a member of both the Malaysian Institute of Accountants (MIA) and the Malaysian Institute of Certified Public Accountants (MICPA). With over 30 years of public service experience, Zainani began her career in 1994 as an accountant with the AGD’s Micro Accounting System Task Force. She has since served in various agencies and ministries, including the Malaysian Examinations Board, Ministry of Works, Ministry of Home Affairs, Ministry of Foreign Affairs, and the Ministry of Housing and Local Government. She was instrumental in driving the digitalisation of accounting systems in Malaysian embassies worldwide, transitioning from manual processes to digital platforms. This shift enabled more efficient, accurate, and timely financial management for Malaysian missions abroad. Before becoming Deputy Accountant General (Corporate) in September 2023, Zainani headed the AGD Consultancy Services Division and the Ministry of Finance Accounts Division from 2019 to 2023. In recognition of her service, she was awarded the Bentara Setia Mahkota state honour in 2015 in conjunction with the birthday of Sultan Muhammad V of Kelantan. “The AGD extends its deepest appreciation to the government for the trust placed in Zainani Jusoh to carry out the duties and responsibilities of Accountant General of Malaysia beginning Sept 3, 2025,” the department said.

News

99 Speed Mart To Launch Its First Overseas Outlet In China

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KUALA LUMPUR, 99 Speed Mart Retail Holdings Bhd has confirmed the opening of its first overseas store in Fuzhou, China on Aug 31. In a filing with Bursa Malaysia, the convenience store operator said it will also establish prototype outlets in Fuzhou, with plans for progressive expansion in the city. The company noted that the move is not expected to have a material impact on its earnings or net assets for the financial year ending Dec 31, 2025. 99 Speed Mart, which made its Main Market debut last September, did not disclose further details such as investment size. The confirmation follows reports in Chinese media earlier Tuesday about the store launch in Fujian province, which said the operations in China would be wholly owned by 99 Speed Mart. As of end-June, the group operated 2,894 outlets across Malaysia. On Tuesday, shares in 99 Speed Mart closed two sen lower, or 0.79% down, at RM2.50, giving the company a market value of RM21.17 billion.

Investment & Market Trends

Former Patimas Computers Director Loses Appeal In RM1.24mil Insider Trading Case

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PETALING JAYA, The Court of Appeal has upheld a High Court ruling requiring former Patimas Computers Bhd executive director Ng Back Heang to pay RM1.24 million to the Securities Commission Malaysia (SC) for insider trading. According to Bernama, the SC said a three-judge panel—Justices P Ravinthran, Choo Kah Sing and Nadzarin Wok Nordin—unanimously dismissed Ng’s appeal and ordered him to pay RM30,000 in costs. In 2022, the High Court found Ng liable under Section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA). The judgment required him to pay RM1.24 million to the SC, equivalent to three times the losses avoided through insider trading. Ng was also ordered to pay a civil penalty of RM700,000 and barred from serving as a director of any listed company for five years, effective from Nov 17, 2022. The High Court further awarded RM100,000 in costs to the SC. The offence stemmed from Ng’s disposal of 16.5 million Patimas shares between May and July 2012 while in possession of material non-public information. The information related to audit queries and suspicious transactions between Patimas and its major debtors, raised by the company’s external auditor. On July 31, 2012, Patimas’ board announced to Bursa Malaysia that it was unable to release its audited financial statements for the period Jan 1, 2011, to March 31, 2012, due to unresolved audit issues. The SC said the case was prosecuted by deputy public prosecutors Hafiz Yusoff, Mageswary Karroppiah, and Eunice Ong, while Ng was represented by lawyer Jasbeer Singh. This decision comes just months after the Federal Court dismissed an appeal attempt by another former Patimas executive, ex-deputy chairman Raymond Yap, over a similar insider trading offence committed in 2012. In May, the apex court ruled that Yap failed to meet the legal threshold under Section 96 of the Courts of Judicature Act 1964 to obtain leave for appeal. This followed the Court of Appeal’s decision in November 2024 affirming the High Court’s finding that Yap was also liable for insider trading of Patimas shares. The SC, which initiated the civil suit in 2020, alleged that Yap had breached Sections 188(2)(a) and (b) of the CMSA by disposing of 43.8 million Patimas shares belonging to former managing director Law Siew Ngoh between June and July 2012, while in possession of material non-public information about audit queries and questionable transactions involving the company’s top debtors.

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