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KUALA LUMPUR: The Securities Commission has warned investors to be wary of three entities suspected of impersonating legitimate businesses. These entities, named Zoksa, UOB Kay Hian, and Syarikat Magnisave, have been added to the SC’s investor alert list. In a statement, SC said the clone entities are deceptive operations that mimic the appearance and branding of real, licensed companies. They aim to trick investors into believing they are dealing with a legitimate entity, potentially leading to financial loss. The SC has raised specific concerns about each entity. Zoksa is an unauthorised entity operating an illegal investment scheme that involves dealing in securities without a license. Syarikat Magnisave is misusing the name, credentials, and logos of both Magnisave Group Sdn Bhd, a licensed SC entity, and Bank Negara Malaysia. UOB Kay Hian is an entity that misuses the name and credentials of UOB Kay Hian Securities (M) Sdn Bhd, a legitimate SC-licensed entity. The SC strongly advises investors to exercise caution and avoid interacting with entities and individuals on their investor alert list. These entities are not authorised to operate in the Malaysian capital markets, and any investments made through them are not protected under local securities laws. By staying informed and verifying the legitimacy of investment opportunities before committing any funds, investors can protect themselves from scams and safeguard their financial well-being.

KUALA LUMPUR: Property player YNH Property Bhd (YPB) has redesignated Khong Kam Hou as the YNH audit committee chairman. Khong was appointed to the board of directors of YNH as a senior independent non-executive director on March 31, 2023, when he was also made a member of the audit committee, nominating committee, and remuneration committee. As chairman of the audit committee, Khong will lead the three-member team to assist the board in fulfilling its oversight and fiduciary duties, including assessing the YPB’s processes relating to risks, overseeing financial reporting and evaluating the company’s internal and external audit processes. “The most immediate and critical task of the audit committee headed by Khong will be to appoint an independent external auditor,” a YNH spokesperson said in a statement. “Over the past few months, the board has been carefully evaluating several candidates for the role recommended to the independent non-executive directors that make up the audit committee. “YNH is confident that the external auditor will be appointed very soon after the members of the audit committee have undertaken a thorough and objective assessment,” the spokesperson added. Khong, who graduated from the University of Malaya with a Bachelor in Economics in 1974, had served in important units within the Inland Revenue Department, namely tax assessment, corporate tax and tax investigation from 1975 to 1991. He opted out as a senior tax officer in 1992 and started his practice as a licensed tax consultant from 1992 to 2019. In another development, YPB appointed Lee Zhi Yan as the new independent non-executive director and a member of its audit committee, nominating and remuneration committee. The company has also re-designated its independent non-executive director,Ching Lee Fong as chairman of the nominating committee. Lee graduated from Monash University Australia with a Bachelor of Commerce in 2016 and has extensive working experience in Australia and Malaysia. He spent several years in multinational companies like PricewaterhouseCoopers Plt (Malaysia) and Dutch Lady Milk Industries Bhd. Lee holds certifications from The Malaysian Institute of Accountants (MIA), The Malaysian Institute of Certified Public Accountants (MICPA) and Chartered Accountants Australia and New Zealand (CAANZ). Lee also completed the Summer School Programme with the London School of Economics and Political Science in the UK. Meanwhile, Ching, an existing member of the audit committee and remuneration committee, was appointed to the board on March 31, 2023, and has over 23 years of engineering experience in the electrical and electronics industry. He has worked with multiple multinational companies like Intel Microelectronics, Motorola and Altera on front-end design, verification and system validation. Currently, he is working on artificial intelligence and RISCV processors with a Hong Kong-based startup company. “YPB is confident that the breadth and depth of experience and capabilities of the members of its audit, nominating, and remuneration committees will play an important role in enabling the board and the company to inculcate high standards of corporate governance within the organisation,” the spokesperson said.

KUALA LUMPUR: China-based Zhejiang Sinopont Technology Co Ltd is building its first manufacturing facility outside China in Ipoh, Perak. Through its Malaysian subsidiary, Sinopont Everthriving (Malaysia) Sdn Bhd, Zhejiang Sinopont’s manufacturing facility in Tasek Industrial Park will commence operations immediately. The facility will produce solar cell encapsulant film with an initial production capacity of 85 million square metres, sufficient to cater to about 10 gigawatts (GW) of demand. Sinopont plans to gradually increase its investment in Perak, aiming to eventually produce enough encapsulant film to meet the needs of a 30 GW solar energy system. The company said in a statement that this expansion will be executed in several stages, with production capacity steadily rising to 300 million square meters. The partnership between Perak and Sinopont goes beyond this initial investment. Both companies are looking at further collaboration, including potential expansion projects and creating a complete solar industry hub within Perak. In lauding Sinopont’s investment, Perak chief minister Datuk Seri Saarani Mohamad emphasised the state’s endorsement of Perak’s business environment and joint commitment to driving economic growth while preserving the environment for future generations. Several factors have made Perak increasingly attractive to local and foreign investors. Improved infrastructure, a skilled workforce, and government support contributed to this rise in appeals. These developments are well-aligned with the ‘Pelan Perak Sejahtera 2030’ plan, which prioritises initiatives that draw in investment. Perak recognises its significant role in attracting investment, and the state agency InvestPerak is offering a ‘fast-track letter’ to expedite approvals for key projects, ensuring a smooth implementation process. This move aligns with their goal, spearheaded by InvestPerak chief executive officer Mohamad Hashim Abdul Ghani, to collaborate with government agencies and solidify Perak as the top investment choice in the country. Beyond immediate benefits like job creation, which is estimated at 300 positions, Sinopont’s investment is expected to have a lasting impact. It will strengthen Malaysia’s solar panel manufacturing sector, particularly in the north, paving the way for further economic growth and development.

KUALA LUMPUR: The parent company of Malaysian budget airline AirAsia, Capital A Berhad, is looking to raise US$400 million in equity as part of a planned merger to bring its long and short-haul operations under one brand, its CEO said on Monday. Group chief executive Tony Fernandes, in an interview, said that would be on top of a US$200 million bond-raising the company is hoping to conduct in the next few weeks as it awaits regulator and shareholder approval to complete the sale of its aviation business to long-haul unit AirAsia X Bhd. He said the proposed deal announced last month would see the formation of a single airline AirAsia Group. “(We hope) the acquisition by AirAsia X of Capital A aviation assets will be done by June and July,” Fernandes told Reuters. Fernandes did not provide details on what the financing would be used for. Both Capital A and AirAsia X have undergone restructuring after being classified by Malaysia’s stock exchange as financially distressed, due to strict pandemic travel restrictions. AirAsia X was removed from the classification in November, after undertaking measures to improve its financial position, while Capital A has said it hopes to present a plan to the bourse by June. Fernandes said the aviation industry was currently experiencing its “best period”, with greater room to expand routes amid an industry-wide supply crunch and fewer competitors. “We feel really confident about the future,” he said. Fernandes said he hoped to eventually list all of the group’s remaining non-aviation businesses, which include mobile payments firm BigPay, logistics arm Teleport, and online travel agency AirAsia MOVE. Last year, the company also said it plans to list its brand management unit in the United States via a merger with special purpose acquisition company, Aetherium Acquisition Corp. — REUTERS