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Investment & Market Trends

Sarawak to take over Affin Bank on July 19?

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KUALA LUMPUR: Sarawak Premier Tan Sri Abang Johari Abang Openg says the state’s takeover of a commercial bank will be sealed on July 19. The signing of papers to take over the bank, most likely the long-rumoured Affin Bank Bhd, would be on schedule, he added. While he did not specifically name the bank, Abang Johari said that Sarawak is set to take over a major financial block, positioning itself as a dominant player in Malaysia’s banking industry. “There is no more secrecy. By then, we will officially sign to take over this major block, which includes substantial shares, soon, July 19,” he was quoted by Borneo Post after announcing Amanah Saham Sarawak Bhd’s dividend today. Abang Johari noted that the acquisition symbolised Sarawak reclaiming its former assets. “We once lost what we had, and now we are taking it back. Previously, we had six banks taken from us, and now we are reclaiming them. Now we even have our own bank. “The bank we are acquiring is bigger than those six banks, and we aim to become a dominant player in Malaysia’s banking business,” he added. The Armed Forces Fund Board (LTAT) is currently the largest shareholder of Affin Bank, with about 28 per cent stake, followed by the Bank of East Asia Ltd, with over 23 per cent and LTAT’s wholly-owned Boustead Holdings Bhd with about 20 per cent. The Edge in a report in February said Bank Negara Malaysia was mulling the Sarawak government’s proposal to raise its holding in Affin Bank to around 30 per cent, from 4.8 per cent. On April 13, Affin Bank in a filing with Bursa Malaysia, said the LTAT had sold 112.56 million shares in the bank to the Sarawak financial secretary for RM221.74 million. The bank said it had sold the shares, representing 4.95 per cent of the total issued shares, at RM1.97 each.–Business Times

The Executives

From Side Project to Stardom: How a Viral TikTok Transformed HYGR

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In their early days in law school, Meng and Ivor discovered that their true passions lay outside the legal field. Despite initially pursuing their studies for financial stability, the modest salaries offered to first-year lawyers in Penang prompted them to reassess their career paths.  The onset of the COVID-19 pandemic provided them with a unique opportunity to embark on a new venture that would redefine their professional journeys. Prior to the pandemic, Meng and Ivor faced numerous rejections from law firms, leaving them disillusioned after years of academic dedication. They made a decisive pivot towards a new direction, conceiving the idea for HYGR overnight in the confines of Meng’s parents’ vacant room.  During the challenging times of the Movement Control Order in May 2020, HYGR was born. Inspired by the Greek goddess of health, Hygeia, founders Meng and Ivor set out to create natural products ranging from natural deodorants and lip balms with eco-friendly packaging.  Leveraging their legal expertise, they swiftly secured a trademark for their brand and launched their products on the e-commerce platform, Shopee with an initial investment of RM1,500, taking advantage of commission-free sales for local vendors.    Despite facing financial difficulties, they relocated to Kuala Lumpur in July 2020 for full-time employment, keeping HYGR as a side project. However, a stroke of luck came when a spontaneous eight-second TikTok video by Ivor showcasing their lip balm went viral. Because of the video, their products sold out within hours and catapulted HYGR into prominence.  Their initial creations, a deodorant and lip balm crafted from natural elements, emphasised their commitment in producing ethical products. With humble beginnings, they later collaborated with a production facility to expand their reach to customers.  During an interview with an online publication, Ivor and Meg mentioned that they balanced multiple commitments while seamlessly integrated their legal expertise into entrepreneurship. At the same time, as Meng focused on corporate contracts, Ivor excelled in content creation, leveraging TikTok for sponsorships and a growing audience.   In 2023, HYGR inaugurated their first goods manufacturing practice (GMP) factory, marking a significant step towards enhancing product quality. By 2024, they achieved a major milestone, transitioning from a small room to their own expansive 10,000 sq ft factory.  This growth is mirrored in their team, which has expanded from just the co-founders to a staff of 15 and it still continues to expand to this day.  Looking forward, HYGR plans to extend its range of eco-friendly personal care products beyond Malaysia into Southeast Asia, driven by their team’s commitment and expanding customer base.  Their journey from legal professionals to successful entrepreneurs underscores their resilience and adaptability, proving that overcoming unexpected challenges can lead to remarkable advancement. 

Investment & Market Trends

Knight Frank and Bayleys complete acquisition of McGrath and announce new board of directors

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AUSTRALIA: Australia’s leading independent global property consultancy, Knight Frank, in collaboration with Bayleys, New Zealand’s largest full-service real estate company, proudly announces the successful acquisition of McGrath Limited. This acquisition, finalized through a scheme of arrangement, grants Knight Frank and Bayleys a controlling stake in McGrath, marking a pivotal moment for all parties involved. After obtaining shareholder and regulatory approvals, the Scheme of Arrangement took legal effect on June 17, leading to the suspension of McGrath’s shares on the ASX the following day. The scheme was fully implemented on June 27, solidifying the acquisition. Under the new arrangement, McGrath’s board of directors will feature industry stalwarts including McGrath’s founder and CEO John McGrath, Knight Frank Australia CEO James Patterson, Knight Frank Global Head of Residential Rupert Dawes, Bayleys Managing Director Mike Bayley, and Bayleys Finance Director Ken MacRae. John McGrath will continue to serve as Chief Executive and Managing Director while maintaining a significant 23.3% shareholding in McGrath. John McGrath expressed his enthusiasm about the partnership, emphasizing the strategic benefits it brings to McGrath, particularly in accessing global networks and high-net-worth buyers essential for competing in premium real estate markets. He outlined ambitions to strengthen McGrath’s position as Australia’s premier real estate brand with this formidable partnership. Knight Frank and Bayleys, both privately owned entities, have nurtured a strategic relationship since 2018, culminating in the acquisition of McGrath, which returns the residential real estate network to private ownership after its ASX listing in 2015. For Knight Frank, this acquisition underscores its commitment to Australia, significantly bolstering its presence as the largest outside of the UK. The partnership not only enhances Knight Frank’s global network but also elevates Australia and New Zealand to one of the largest regions within it, surpassing even its UK operations in office count. With a combined total of 276 offices across Australia, New Zealand, and the Pacific Islands, Knight Frank, Bayleys, and McGrath form a formidable alliance in the real estate sector. This collaboration promises expanded opportunities and enhanced client services across Australasia, supported by shared values of excellence and integrity in real estate services. Mike Bayley of Bayleys highlighted the synergies between the companies, stressing their shared commitment to customer service and innovation across diverse property markets. He underscored the strategic advantages of pooling resources and expertise to benefit clients and agents alike, fostering growth and diversity in the industry. This acquisition not only marks a significant milestone in the real estate sector but also sets the stage for McGrath, Knight Frank, and Bayleys to lead and innovate in the Australasian market, driven by shared values and a collective vision for excellence.

ESG, News, Property

PR1MA Collaborates With Huawei, SANY Construction on Sustainable, Affordable Housing

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KUALA LUMPUR: Perbadanan PR1MA Malaysia (PR1MA) established a strategic partnership with Huawei Technologies (Malaysia) Sdn Bhd (Huawei Malaysia) and SANY Construction Industry Development (M) Sdn Bhd (SCID) for the development of sustainable affordable housing for the people. PR1MA announced that it had issued a Letter of Intent to explore collaboration with Huawei Malaysia and re-signed a Memorandum of Understanding (MoU) with SCID, a subsidiary of China-based SANY Global to continue PR1MA’s sustainable development efforts across Malaysia. The collaboration between PR1MA and Huawei Malaysia will be facilitated through PR1MA’s subsidiary, PR1MA Communications Sdn Bhd (PCSB), which will integrate Huawei Malaysia’s smart devices into PR1MA developments. Meanwhile, it said the MoU between PR1MA and SCID is an extension of the MoU signed on 1 April 2023 to strengthen collaboration under the construction, human capital development and sustainable management agenda based on environmental, social and corporate governance (ESG) principles. “This effort is in line with the MADANI government’s commitment to exploring potential cooperation between Malaysia and China in housing, technology and urban planning,” said PR1MA, which is an agency under the Ministry of Housing and Local Government (KPKT). It added that the strengthening of the collaboration between PR1MA and SCID aims to continue joint efforts with global industry giants in the implementation of the Industrialised Building System (IBS) technology, especially for PR1MA City launched in June. “This collaboration will also explore strategic cooperation under the Technical and Vocational Education and Training (TVET) programme and the adoption of eco-friendly technologies such as solar energy systems and electric vehicles (EV) including waste management trucks, sanitation trucks and vehicles,” it said. The agency added that through the initiative with Huawei Malaysia and SCID, PR1MA aims to introduce more innovations in the housing sector that will bring long-term benefits to PR1MA residents and homebuyers. — BERNAMA

Property

Mah Sing’s Robust Performance on Track to Meet Target with Strategic Expansion in Data Centers, Landbanking and Project Launches

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KUALA LUMPUR:  Mah Sing Group Berhad (Mah Sing) continues to demonstrate strong growth and strategic expansion in 2024. At the Group’s 32nd Annual General Meeting (AGM), management highlighted key updates on their strategic initiatives, market outlook, operational performance, and future direction. Mah Sing is optimistic about achieving its 2024 minimum sales target of RM2.5 billion. Strong Financial Performance, continuous strategic landbanking For 2023, the Group reported a 24% increase in profit before tax (PBT) to RM327.4 million compared to RM264.1 million in financial year 2022.  Starting from a strong base, the Group reported an 8.4% increase in PBT to RM82.1 million for the first quarter ended 31 March 2024. Mah Sing maintains a healthy balance sheet with low net gearing of 0.06x and holds RM966 million in cash and bank balances as at 31 March 2024. Anticipated incoming Vacant Possession (VP) funds exceeding RM500 million this year are expected to generate significant free cash flow, further enhancing financial stability and supporting continuous growth and shareholder rewards.   Building on this momentum, Mah Sing has secured seven parcels of land since 2023, adding nearly RM9 billion in new Gross Development Value (GDV) to its portfolio. This proactive land acquisition strategy is integral to the Group’s growth, ensuring a continuous pipeline of high-value projects that meet market demands.   2024 set to be an exciting year Mah Sing’s Founder and Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum said, “In May, we paid a 4 sen dividend representing approximately a 48% payout, well above the minimum 40% payout policy for the last 18 years. Earnings per share increased by 36% from 6.50cent in 2022 to 8.87cent in 2023. This achievement underscores the Group’s commitment to delivering value to our shareholders. 2023 has been a remarkable and successful year for the Group and 2024 has already started off great. We are happy and energised by our accomplishments so far. This year, we acquired 2 new lands ie MSS Business Park in Sepang and M Tiara 2 in Johor Bahru, ventured into the data centre sector with the launch of Mah Sing DC Hub@Southville City, and was included in the both the MSCI Malaysia Small Cap Index and Fortune Southeast Asia 500.”   Expansion into the Data Centre Sector Mah Sing’s venture into the data centre sector with the launch of Mah Sing DC Hub@Southville City marks a significant shift towards generating recurring income. Its collaborations with Bridge Data Centres and other potential data centre operators in Southville City, the upcoming MSS Business Park in Sepang, and their existing largest township, Meridin East in Pasir Gudang, Johor Bahru represent strategic moves that complement the current develop-and-sell business model. These partnerships aim to leverage the Group’s extensive landbank to maximize long-term earnings potential and optimize the value and returns on assets.   ‘King of Urban Residential Projects’ to launch more projects in 2H2024 Hailed as the ‘King of Urban Residential Projects’ by one of the industry analysts, Mah Sing will continue to focus on its M Series developments supported by a robust pipeline of new product launches.   The Group anticipates stronger sales in the second half of 2024, driven by several planned launches, including M Azura in Setapak (indicative pricing from RM396,800); M Tiara landed link-homes in Johor Bahru (indicative pricing from RM624,800); M Sinar in Southville Bangi (indicative pricing from RM270,000); M Terra in Puchong (indicative pricing from RM250,000); and M Legasi landed link-homes in Semenyih, Selangor (indicative pricing from RM446,800).   Additionally, the new industrial development, MSS Business Park in Sepang, is scheduled for launch in the second half of the year.  It will feature industrial lots and factories, starting at RM2.5 million, reinforcing Mah Sing’s vision for a sustainable industrial ecosystem. It aims to attract local and foreign companies from the high-tech manufacturing and value-creation manufacturing sectors to establish their facilities in Sepang.   Operational Efficiency and Digitalization Operational excellence continues to be a cornerstone of Mah Sing’s strategy, with a focus on practical design, efficiency, quality, cost-effectiveness, and timely execution. The MyMahSing App enhances customer experience by providing features such as construction updates, account management, and payment facilities. Furthermore, the Digital Vacant Possession function and automated site supervision boost operational efficiency.   ESG recognition and inclusion in MSCI Malaysia Small Cap Index, Fortune Southeast Asia 500 Mah Sing was recently included in the MSCI Malaysia Small Cap Index and the inaugural list of Fortune Southeast Asia 500 which identifies the largest companies by revenue in the fast-growing region of Southeast Asia.  Mah Sing is a constituent of the FTSE4Good Bursa Malaysia Index and FTSE4Good Bursa Malaysia Shariah Index and ranks in the top 25% among Malaysia’s public listed companies evaluated by the index as at December 2023.     Mah Sing’s 30th Anniversary Campaign To celebrate Mah Sing’s 30th anniversary this year, the Group launched a mega campaign offering 3 electric vehicles, including a Tesla Model 3 as one of the top prizes, along with cash prizes of up to RM10,000. The campaign will run until 31 March 2025. Homebuyers who have purchased and finalised the Sales and Purchase Agreement will be eligible to participate.   Unlocking the Value of Manufacturing Division The Group’s plastic pallet manufacturing operations recently announced an expansion through a joint venture with a long-time partner PT.Gaya in Indonesia. This expansion is timely, aligning with the rising demand in Indonesia and addressing the capacity constraints in the Malaysian facilities to meet rising global demand. The Group also plans to explore expansion into other regions and aims to list the manufacturing business within three years to unlock its value.  

News

SC warns public of pre-IPO investment scams

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KUALA LUMPUR: The Securities Commission (SC) has cautioned the public on investment scams enticing investors with pre-initial public offering (IPO) shares of companies seeking listing on Bursa Malaysia. The SC said these scams, mostly involving private placement offerings, are usually timed with upcoming IPO listings published on Bursa Malaysia’s website. “Perpetrators of these scams, posing as ‘agents’, usually create a public group on WhatsApp to promote these pre-IPO investments. Following this, potential victims will be added to said group unsolicited. “These schemes may be accompanied by fake testimonials from other investors to appear credible. Payments for the ‘subscription’ will be required to be made to bank accounts of entities not related to the IPO and suspected mule bank accounts,” it said in a statement. The agency also noted that on the listing day, “agents” (will) claim that the shares have been listed and have made profits, prompting additional payments for the shares to be allotted. “This is fraudulent and is to convince the victims to give more money,” the agency added. To date, the SC has received various complaints and inquiries from investors reporting substantial losses, exceeding RM800,000. The SC views this matter seriously and will continue to monitor and take appropriate action against such investment scam activities. The public is advised to be vigilant in evaluating investment offers, ensuring that they do not transfer or deposit money into suspicious accounts, and to verify investment offers through the SC Investment Checker at www.sc.com.my/investment-checker. — Bernama

Events, News

Eastern Zone MADANI Rakyat Starts Tomorrow, Offering Over 180 Services for Public

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KUALA LUMPUR: The Eastern Zone’s MADANI Rakyat 2024 programme will commence tomorrow and run until Sunday at Dataran Sayangi Kuantan, Pahang and will bring more than 180 services from federal and state government ministries and agencies directly to the public. The event will cover Pahang, Terengganu, and Kelantan and it is expected to attract over 300,000 visitors. The Eastern Zone’s MADANI Rakyat 2024 focuses on activities related to public well-being, unity, tourism, agriculture, and food security. It also provides the community with the opportunity to submit views and suggestions for improving the quality of government services. Various attractions await visitors, including a career carnival offering over 1,700 job opportunities, as well as exhibitions and services related to Technical and Vocational Education and Training (TVET), Science, Technology, Engineering, and Mathematics (STEM), and artificial intelligence (AI). other highlights include the MADANI Sale with discounts of up to 30%, selected traffic summons discount of up to 50% by the Royal Malaysia Police (PDRM), and 1,000 helmets will be given out daily in exchange for used helmets. Visitors will also have the opportunity to see exhibitions of assets from the Malaysian Armed Forces (ATM), the PDRM, the Malaysian Civil Defence Force (APM), and the Malaysian Fire and Rescue Department (JBPM). Animal lovers, especially children, can get up close to 2 elephants brought from the Kuala Gandah National Elephant Conservation Centre (PKGK) in Lanchang and participate in activities at the petting zoo. Visitors are also invited to attend the ‘Forum Perdana: Hijrah Membina Masyarakat MADANI’ at 8.30 pm tomorrow, featuring Zakaria Othman as the moderator and 3 religious leaders – Pahang Deputy Mufti Datuk Badli Shah Alauddin, Prof Dr Sharifah Hayaati Syed Ismail from the Academy of Islamic Studies at Universiti Malaya, and preacher Harryanto Rizal Rokman. For those seeking entertainment, the PATA TIMO Concert will be held at 9pm on Sunday, featuring singers such as Siti Nordiana, Datuk DJ Dave, Datuk Jamal Abdillah, Aina Abdul, and Wany Hasrita. To ensure smooth traffic, the Pahang government will provide free shuttle buses every 15 minutes from Darul Makmur Stadium and Serambi Teruntum. The Eastern Zone’s MADANI Rakyat, organised by the Prime Minister’s Office (PMO) through the Performance Acceleration Coordination Unit (PACU) with strategic cooperation from the Ministry of Rural and Regional Development (KKDW) and the Pahang government, is scheduled to be officiated by Prime Minister Datuk Seri Anwar Ibrahim on Saturday. The MADANI Rakyat 2024 is a continuation of the MADANI Government One Year Anniversary programme which was held at the National Stadium Bukit Jalil in December last year. — BERNAMA

Investment & Market Trends, News

Alibaba.com Expands AI Tools to Empower MSMEs in Malaysia and Beyond

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KUALA LUMPUR: Alibaba.com, a prominent global business-to-business (B2B) e-commerce platform under the Alibaba International Digital Commerce Group, is reinforcing its commitment to supporting micro, small, and medium-sized enterprises (MSMEs) worldwide by scaling its AI tools. Announced in conjunction with MSME Day, the initiative aims to enhance trade opportunities and diversify the supplier network, a statement said. In a move ahead of MSME Day 2024 on 27 June, Alibaba.com revealed that around 30,000 businesses had already leveraged its Al tools, driving increased efficiency and global reach. This aligns with the seventh anniversary of the United Nations MSME Day, which highlights the crucial role of MSMEs in achieving sustainable development goals and their global economic contributions. Alibaba.com President Kuo Zhang, who participated in the World Trade Organisation’s (WTO) Global Review of Aid for Trade, emphasised the necessity of including MSMEs from underdeveloped nations in the AI revolution. He highlighted that among the top 20 countries utilising Alibaba.com’s Al tools, about half are developing nations, reflecting the platform’s broad international reach and commitment to inclusive growth. “As a key player in the private sector, Alibaba.com has been privileged to collaborate with international agencies like the United Nations International Trade Centre (ITC) over the past 25 years, supporting MSMEs globally. “We are now focusing on expanding our global supplier base to 100,000 suppliers in the next 3 years, essentially creating a global supply chain by, and for, MSMEs through Al,” said Zhang. A recent survey by Alibaba.com found that 25-30% of MSMEs on the platform use Al tools daily. “These tools have led to a 37% increase in product exposure, thereby boosting business opportunities,” he said. Furthermore, he said 70% of the optimisation suggestions provided by the Al tools have been accepted by the MSMES, demonstrating the practical benefits and trust in these advanced solutions. Vietnam’s Hanh Sanh Co Ltd deputy managing director Sieu To shared his positive experience: “Using AI has helped automate our store on Alibaba.com, saving significant time and effort. “For many business owners new to e-commerce, Al tools are a compelling reason to join the platform,” he said. Italy’s Deltha Pharma chief executive officer Maria Francesca Aceti said, “Among the first Italian businesses on Alibaba.com, I always had faith in our quality Italian supplements. “The platform has helped me expand my business beyond Europe into China, Vietnam, Bangladesh, and Ghana,” Aceti said. Dagmawit Abebe, owner of Ethiopian coffee brand Kedent Coffee, highlighted the transition from traditional brick-and-mortar to e-commerce. “Platforms like Alibaba.com are vital in overcoming local market challenges and expanding our reach globally, ” Abebe said. Alibaba.com’s strategic plans include expanding support for MSMEs in developing countries. It aims to onboard 100 MSMEs from Africa onto its platform this year. Additionally, out of 500 global events and seminars planned for suppliers this year, 300 will be hosted in developing nations, providing crucial support and opportunities for growth. The platform is enhancing its digital supply chain by connecting MSMEs with diverse global suppliers. Buyers can now source products from specialised clusters in regions like Northeast Asia, Southeast Asia, and Europe. — BERNAMA

Investment & Market Trends, News

Thailand’s Economy Expands Slowly in May, Says Its Central Bank

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BANGKOK: Thailand’s economy expanded in May 2024, though at a slower pace than the previous month, due to declines in exports, manufacturing production and private investment, according to the Bank of Thailand. In a statement, the central bank noted that the tourism sector showed positive signs with continued growth from the previous month. Private consumption also rose slightly, reflecting cautiously optimistic consumer sentiment. It said government spending saw significant year-on-year (YoY) growth, driven by accelerated budget disbursements, particularly for infrastructure projects. “On the economic stability front, headline inflation increased from energy and raw food inflation due to the low base effect from last year’s government electricity subsidies, as well as higher diesel prices resulting from the gradual removal of government subsidies. “In addition, prices of meat and vegetables increased due to lower supply in the market,” the bank said. Core inflation also slightly increased from the previous month. The current account registered a surplus, mainly from an improved trade balance, although the service, income, and transfer accounts recorded a deficit. The labour market showed improvement, with higher employment in both the service and manufacturing sectors. Looking ahead, the tourism sector and rising public spending are expected to continue supporting the economy. However, the central bank cautioned that exports and industrial production might recover slowly, especially in industries facing structural pressures. — BERNAMA

News

New Relic Appoints Peter Marelas to Field Chief Technology Officer for Asia Pacific and Japan

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MELBOURNE: New Relic, the all-in-one observability platform for every engineer, announced the appointment of Peter Marelas to Field Chief Technology Officer (CTO) for Asia Pacific and Japan (APJ). Marelas previously held the role of Chief Architect, APJ at New Relic. In this newly created position, Marelas will work strategically alongside key customers to solve complex technical challenges, while evangelising New Relic and observability through frequent speaking and executive engagements region-wide. The appointment is effective immediately. “We are thrilled to have Peter take on the newly created role of Field CTO for APJ. His deep technical knowledge and focus on customer success will be crucial in scaling our operations, while he continues to communicate and evangelise the value of full-stack observability to our customers, partners and the broader industry,” said Rob Newell, New Relic Vice President of Solutions Consulting for Asia Pacific and Japan. Marelas has more than 25 years of experience in the technology industry where he has led transformative programs and teams at companies including Dell and EMC and solved complex technical and business challenges. Marelas holds multiple qualifications and patents in data science, deep learning, data engineering, data management, cloud engineering and security.  “I’m honoured to take on the role of Field CTO for New Relic in the Asia Pacific region,” said Marelas. “I’ve had the privilege of helping countless customers across multiple industries during my tenure at New Relic, and this new position will enable me to get even closer to our customers by helping them bridge the gap between technology, observability and business strategy.” Leading organisations in the APJ region, including Australia Post, Tokopedia, ANZ Bank, Domino’s, Zomato, Flight Centre, IAG, HT Digital Streams, HealthifyMe and Virgin Australia rely on New Relic’s observability platform to achieve greater scale and efficiency, improve uptime and performance, and accelerate time to market to deliver great customer experiences.

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