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PETALING JAYA: Country View Bhd (CVB) is selling three pieces of freehold commercial land, totaling 36.59 square meters, in Johor Baru to Paragon View Sdn Bhd for RM47.26 million. In a filing with Bursa Malaysia, CVB stated that the majority of the disposal proceeds will be used to fund ongoing and future development projects. “The sale of the land is expected to unlock its value and enhance the liquidity position of the CVB group,” the company said. Additionally, CVB mentioned that the land disposal is anticipated to strengthen the group’s core business and provide overall benefits to the organization. The land is strategically located in Iskandar Puteri, with excellent accessibility from Johor Baru city via the Western Coastal Highway and Johor Baru Parkway, from Tuas/Jurong in Singapore via the second link, and from other parts of Malaysia via the North-South Highway.

KUALA LUMPUR: Bank Rakyat has allocated RM50 million via the Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i) programme to assist the Indian entrepreneur community operating micro, small and medium enterprises (MSMEs) in terms of working capital and capital expenditure for business expansion. Deputy Entrepreneur Development and Cooperatives Minister Datuk Ramanan Ramakrishnan said BRIEF-i is a testament to Bank Rakyat’s dedication to inclusivity as well as holistic and comprehensive socioeconomic development for Malaysian communities since its establishment 70 years ago. “This assistance for the Indian entrepreneur community will help to achieve the government’s aspiration in eradicating hardcore poverty and bridging the economic gap,” he said during the launching of the programme. “By supporting the Indian entrepreneur community, we can nurture a more diversified, resilient and prosperous economy for all,” he added, saying that the programme has several advantages over other financing programmes in the market. For micro enterprises, it offers a flat rate of 6.5% per annum with a financing amount of RM1,000 to RM50,000, while the financing rate for SMEs is a base financing rate (BFR) plus 0.67% per annum with a guarantee fee with the amount between RM50,001 and RM1 million. “Unlike some financing programmes, BRIEF-i does not require the entrepreneur to have forced savings or to participate in a self-help group. This frees them to focus on their business without any additional constraints,” he continued. Ramanan also said that the programme has a simple documentation process compared to other financing programmes and it aims to facilitate swift applications as the approval process only takes 14 days. Syarikat Jaminan Pembiayaan Perniagaan (SJPP) guarantee is also provided for SME clients, while takaful protection is provided free of charge for micro businesses. To be eligible, the business must have been in operation for at least a year with satisfactory CTOS and Central Credit Reference Information System (CCRIS) records while SME entrepreneurs must have been in operation for a minimum of two years, maintain satisfactory CTOS and CCRIS records and possess a positive net asset value,” he said. — BERNAMA

KUALA LUMPUR: Frac Sdn Bhd (FSB), a web3.0 infrastructure framework integrator, signed a memorandum of understanding (MoU) with Gambit Group Sdn Bhd (GGSB), a leading player in the digital asset and cryptocurrency industry known for its secure custody solutions. This strategic collaboration aims to revolutionise asset management through innovative fractionalisation and secure custody solutions. FSB leverages the power of web 3.0 technology to create smaller, tradable units of ownership, unlocking capital and offering new growth and diversification opportunities for asset owners and investors. In emphasising the impact of this innovation, FSB Chief Executive Officer Japhet Lim Wei Jie said the company’s web3 technology transforms traditional asset management by providing unprecedented liquidity, investment flexibility, capital unlocking, and broadened investment opportunities. “This partnership with GGSB is a significant step towards realising the full potential of asset fractionalisation,” he said in a statement. GGSB, a trusted partner in the digital asset ecosystem, brings its extensive expertise in providing secure and reliable custody solutions for digital assets. Known for its robust infrastructure and commitment to security, GGSB ensures that fractionalised assets created through FSB’s platform are safeguarded with the highest protection standards. GGSB Chief Executive Officer Datuk Clifford Hii Toh Leng said security and reliability are paramount as the digital asset landscape evolves. “Our collaboration with FSB ensures that fractionalised assets are innovative and secure, offering peace of mind to asset owners and investors,” he said. This partnership marks a significant milestone in bridging traditional web2 business environments with web3 innovations. The collaboration aims to create a seamless and secure process for managing fractionalised assets. This synergy enhances the trust and reliability of the fractional ownership market and fosters a more efficient and secure asset management ecosystem. The MoU outlines several key areas of cooperation. GGSB will provide custody solutions for fractionalised assets created through FSB’s platform, enhancing market trust. Joint marketing initiatives will be explored to promote asset fractionalisation and secure custody solutions to a broader audience. The partnership also aims to launch educational programs to raise awareness about the benefits of asset fractionalisation and digital asset custody, targeting investors, asset managers, and other stakeholders in the financial industry. Another salient term of the MoU is the commitment to exploring joint market expansion strategies. This includes identifying new geographic and sectoral markets where the combined strengths of FSB’s fractionalisation technology and GGSB’s custody solutions can be leveraged to meet emerging demand.

KUALA LUMPUR: CIMB Group Holdings Bhd has appointed Novan Amirudin as its Group Chief Executive Officer (CEO), effective 1 July 2024, following the departure of Datuk Abdul Rahman Ahmad on 30 June. CIMB said Novan is currently the co-CEO of Group Wholesale Banking (GWB) as well as the CEO of CIMB Investment Bank Bhd, wherein he is responsible for group corporate banking, group investment banking, group private banking, corporate and public sector coverage. Since joining CIMB in 2022, Novan has transformed GWB, which is the largest business within CIMB and implemented a new operating model to simplify, de-layer and specialise to sharpen its focus and execution. Under his leadership, CIMB has also reclaimed its position as Malaysia’s top investment bank by share of wallet and led by the group’s re-entry into the public equities business, through the acquisition and relaunch of CIMB Securities, the banking group said in a statement. He is an experienced banker who excelled in strategic leadership and demonstrated a strong track record in organisational transformation and driving results. “Novan’s appointment will also provide continuity of strategy and execution, leveraging on the strong platform built on the success and achievements of CIMB’s Forward23+ Strategic Plan,” commented its Chairman Datuk Mohd Nasir Ahmad. Novan, a chartered accountant, has more than 20 years of experience in banking and advisory across Malaysia, Indonesia and Singapore. Prior to joining CIMB, Novan spent almost 16 years with JP Morgan as the Head of Equity Capital Markets for Southeast Asia and the Head of Investment Banking for Malaysia. Before that, he was with PricewaterhouseCoopers (PwC), specialising in corporate finance advisory. CIMB also announced the appointment of Gurdip Singh Sidhu as CIMB Bank CEO, where he would be responsible for the day-to-day management of CIMB’s home market and core operating geography. Gurdip, who is currently the Chief Operating and People Officer, would focus on driving strategic priorities for CIMB Bank including enhancing resiliency, innovation and growth to take the Malaysian franchise market to the next level. “The appointment of the new leadership team is a positive reflection of the group’s robust succession planning that is in place,” said Mohd Nasir. — BERNAMA