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The Executives

HDC Appoints Mohd Afandi Salleh As New Chairman

Halal Development Corporation Bhd (HDC), an agency under the Ministry of Investment, Trade and Industry (MITI), has appointed Prof Dr Mohd Afandi Salleh as its chairman with immediate effect. HDC said Mohd Afandi will play a key role in strengthening Malaysia’s position as a global leader in the halal economy, with a focus on enhancing international collaboration, policy development and thought leadership across the global halal ecosystem. “He brings extensive experience in international relations, governance and academia, with over two decades of service in higher education and global policy engagement,” the agency said in a statement. Mohd Afandi holds a PhD in International Relations from Durham University, United Kingdom, a Master of Laws in International Law from Lancaster University, and a Bachelor of Human Sciences in Political Science from the International Islamic University Malaysia. He has held several leadership roles in academia, including deputy vice chancellor (student affairs and alumni), and is currently a professor of international relations at Universiti Sultan Zainal Abidin (UniSZA). HDC also noted that he has contributed to international platforms such as the United Nations Universal Periodic Review process, and has engaged with organisations including the Geneva International Centre for Justice, the ASEAN University Network and the Norwegian Centre for Human Rights. The agency said it is confident that his leadership and global experience will help further accelerate Malaysia’s halal industry development and strengthen the country’s position as a hub for halal trade, investment and innovation.

Investment & Market Trends

ACE Market-Bound Pentech Aims To Raise RM34.39 Million Via IPO

Computer infrastructure company Pentech Holdings Bhd is expected to raise RM34.39 million in gross proceeds from its initial public offering (IPO) on Bursa Malaysia’s ACE Market, with the listing scheduled for June 15, 2026. From left: Pentech Holdings Bhd non-independent executive director Tan Hooi Bee, independent non-executive director Lim Guan Chong, independent non-executive chairman Mohamad Hashim Abdul Ghani, managing director and CEO Yeoh Chin Ming, Public Investment Bank Bhd CEO Lee Yo-Hunn, independent non-executive director Lee Kooi Hoon, independent non-executive director See Swee Sie, and non-independent executive director Juleen Teh Sue Leen. The group said the IPO proceeds will be used to support its business expansion plans and strengthen its capabilities in the computer infrastructure and related technology services segment. Pentech operates in the computer infrastructure space, providing solutions and services that support digital systems and IT operations for businesses. The ACE Market listing is expected to enhance the company’s visibility in the capital market while providing additional funds to support its long-term growth strategy. The listing comes amid continued interest in technology-related IPOs, as companies seek to tap into growing demand for digital infrastructure and enterprise technology solutions in Malaysia and the broader region. Upon listing, Pentech will join a growing pool of ACE Market companies seeking to expand their footprint and scale up operations through public market fundraising. Further details on the IPO structure, including share allocation and utilisation breakdown, are expected to be released closer to the listing date.

Property

OSK Buys Kedah Land For RM41 Million

OSK Holdings Bhd has entered into an agreement to acquire a freehold land parcel measuring approximately 98.33 acres in Bandar Sungai Petani, Kedah, for RM40.69 million from SP Baiduri Sdn Bhd. In a statement, OSK said the acquisition represents a strategic move to strengthen its presence in Sungai Petani while supporting its long-term property development plans in Kedah. The group said the land is well-positioned due to its strong connectivity to key regional hubs including Gurun, Alor Setar, Butterworth and Kulim, making it suitable for future residential and commercial development. It added that the site is also supported by established public amenities such as schools, retail outlets, healthcare facilities and safety services, which further enhance its attractiveness for township development. OSK said the proposed project is planned as a large-scale integrated township comprising double-storey terrace homes, townhouses and apartments. The development is expected to generate an estimated gross development value (GDV) of RM489 million once completed. The group said the acquisition aligns with its strategy to expand its property development footprint in high-growth areas, leveraging improving infrastructure and rising demand for housing in northern Peninsular Malaysia.

ESG

McDonald’s Malaysia Celebrates Teachers Nationwide

Swapping the classroom for community cheer, SJKC Chong Hwa educators letting their hair down at the McDonald’s Titiwangsa Drive-Thru celebration. “AS teachers, we never stop thinking. We eat, we sleep and we constantly think about what to do tomorrow and how to make our students understand.” This candid admission by Sekolah Menengah Kebangsaan (SMK) Bandar Baru Sentul science teacher Kartika Abd Kahar highlights a reality often overlooked by the public. There is a common misconception that a teacher’s workday ends when the final school bell rings. In reality, the hours spent in the classroom are just a fraction of their true commitment. Sekolah Jenis Kebangsaan Cina (SJKC) Chiao Nan co-curricular activities vice principal Dave Lai agrees, noting that teaching is practically a 24-hour job. “Many think teachers have it easy, clocking in at 7.30am and leaving by 1.30pm. “But behind the scenes, there is a lot of follow-up work. Beyond preparing lessons, teachers have a lot of administrative ‘homework’ to complete. We are also handling students’ issues after hours, communicating with parents to help solve problems their children face,” he said. Kartika and Lai are two of the 70 teachers who were celebrated and honoured for their sacrifices, dedication and commitment at McDonald’s Titiwangsa Drive-Thru, Kuala Lumpur. The event was part of McDonald’s Malaysia’s nationwide Teacher’s Day initiative, which began earlier this month with local activations in Penang before expanding across the country. Throughout May, a total of 300 McDonald’s restaurants are being used as community touchpoints, where teachers from nearby schools are invited and treated to meals in appreciation of their contributions. The campaign is expected to reach thousands of educators nationwide across hundreds of schools, reinforcing McDonald’s Malaysia’s recognition of teachers’ sacrifices and their role in shaping future generations. A moment away from lesson plans and grading: SJKC Chiao Nan educators enjoying a well-deserved breather during the Teachers’ Day celebration. For Lai, the celebration provided a much-needed mental break from the demands of the profession. “Besides allowing teachers to step away and not think about work for a while, we can enjoy this time together with our colleagues and other like-minded teachers. It is a really great opportunity,” he said. Echoing this, SMK Bandar Baru Sentul science teacher Renukha Devi Puspanathan said such recognition is deeply meaningful. “Most of the time, we are focused on our students. So, when someone organises an event for us, we are really touched,” she shared. Beyond celebrations, McDonald’s Malaysia also contributed RM5,000 to selected schools to support the refurbishment and improvement of staffrooms and facilities. Lai said the contribution would be especially helpful as his school is currently working to secure funds to upgrade its facilities. A decade of gratitude This year marks the 10th year McDonald’s Malaysia has celebrated Teachers’ Day as part of its ongoing community engagement initiatives. (From left) Azmir, SJKC Chiao Nan headmistress Wong Ai Ling, SJKC Chong Hwa student affairs senior assistant Song Sock Kian, Shamsidar and McDonald’s Malaysia senior vice president and chief impact officer Melati Abdul Hai with teachers at the McDonald’s Teacher’s Day celebration in Titiwangsa. McDonald’s Malaysia also presented RM5,000 each to SJKC Chiao Nan and SJKC Chong Hwa to help upgrade their teachers’ workspaces. Since its inception in 2017, the programme has been part of Program Komuniti @ McDonald’s, which delivers more than 10,000 community activities annually, ranging from supporting families in need to recognising frontliners and educators. “Teachers play a fundamental role in shaping individuals and strengthening communities, with an impact that extends well beyond the classroom,” said McDonald’s Malaysia managing director and local operating partner Datuk Azmir Jaafar. “For ten remarkable years, our Teachers’ Day initiative has grown into a nationwide effort that allows us to engage schools directly and deliver appreciation where it matters most. We believe it is our collective responsibility to ensure these pivotal figures feel truly valued and celebrated.” McDonald’s Malaysia corporate communications senior director Shamsidar Yahya said the initiative reflects the brand’s commitment to being a community partner. She added that McDonald’s restaurants serve not only as dining spaces but also as community hubs where people gather and connect. “Teachers are the heartbeat of every community. We hope this celebration brings them joy and serves as a reminder that their sacrifices are deeply appreciated,” she said. She added that while reaching the 10-year milestone is significant, McDonald’s Malaysia remains committed to continuing the initiative in the years ahead.

Investment & Market Trends

Feytech Secures RM96.8 Million Proton Seat Cover Contract For New Model

Feytech Holdings Bhd has secured a RM96.8 million contract to supply seat covers for a new Proton model. In a statement, the company said its subsidiary Gosford Leather Industries Sdn Bhd has been appointed as the original equipment manufacturer (OEM) seat supplier for the upcoming vehicle. Feytech Holdings Bhd has secured a RM96.8 million seat cover supply contract for Proton’s new compact SUV AMA02 model, with production set to begin in October this year. Pic courtesy of Feytech. Feytech chief executive officer Connie Go said the contract builds on the group’s long-standing relationship with Proton, which dates back to 2012. “This contract is a natural extension of our longstanding relationship with Proton that goes back to 2012,” she said, adding that Feytech has grown alongside the national automotive industry and continues to support Proton’s product expansion plans. Industry observers have speculated that the new model could be marketed under the Saga Cross nameplate. Proton Holdings Bhd previously outlined its AMA platform roadmap, including models AMA02, AMA05 and AMA06, which are expected to replace existing vehicles such as the Persona, Iriz, Exora and the outgoing Saga in the sub-RM80,000 segment. Separately, Feytech’s joint venture with China’s Wuhu Ruitai Auto Parts Co Ltd, FTRT Autoparts Sdn Bhd, is also expanding its presence in Malaysia’s automotive supply chain. The JV will begin seat production for two existing Chery models and two new models in the third quarter of this year under a localisation programme at its Subang facility. FTRT Autoparts was set up to support localisation requirements for China-based OEMs operating under completely knocked-down (CKD) programmes in Malaysia. Go said both initiatives strengthen Feytech’s position as a Tier-1 seat supplier to domestic and regional OEMs, while improving capacity utilisation and supporting long-term earnings stability.

The Executives

Pecca Group Appoints Mazlan Mansor As Chairman

Pecca Group Bhd has appointed Tan Sri Mazlan Mansor as its new chairman, according to a filing with Bursa Malaysia. Mazlan, aged 65, takes over from Datuk Mohamed Suffian Awang, 54, who has stepped down after reaching the 12-year tenure limit as independent non-executive chairman of the leather upholstery manufacturer. The company said the leadership change is part of its board succession process following the completion of the outgoing chairman’s maximum service term. In a separate announcement, Pecca also reported a decline in its financial performance for the third quarter ended March 31, 2026. Net profit fell to RM10.09 million from RM14.24 million in the same period a year earlier, while revenue declined to RM44.8 million from RM53.1 million previously. Despite the weaker earnings, the group declared a third interim single-tier dividend of 1.50 sen per ordinary share for the financial year ending June 30, 2026. The dividend will be paid on June 19. Pecca said it remains focused on managing costs and sustaining operational efficiency amid a more challenging business environment.

The Executives

DBS CEO Tan Su Shan Sells 100,000 Shares On Open Market

DBS Group Holdings chief executive officer Tan Su Shan has sold 100,000 shares in the bank through an open market transaction. According to a filing, the shares were disposed of on May 15 at S$60.12 per share. Following the transaction, Tan’s shareholding in DBS declined slightly to 0.048% from 0.052% previously. The share sale comes shortly after DBS reported strong financial results for the first quarter ended March 31, 2026. The bank posted earnings of S$2.93 billion, representing a 1% increase year-on-year and a 24% jump quarter-on-quarter. During a briefing held on April 30, DBS chief financial officer Chng Sok Hui said the bank remains optimistic about maintaining earnings close to its FY2025 performance levels. Tan officially assumed the role of CEO on March 28, 2025, succeeding long-serving chief executive Piyush Gupta. For 2025, Tan received total remuneration of S$9.6 million. Her compensation package included a base salary of S$975,250, a cash bonus of S$3.7 million, deferred awards worth S$4.9 million, and non-cash benefits amounting to S$68,694, including club, car and driver-related perks. DBS noted that approximately 17% of the deferred awards will be paid in cash, while the remaining portion will be delivered in shares. DBS shares recently climbed back above the S$60 level on May 14. As of May 18, the stock closed at S$60.76, giving the bank a market capitalisation of approximately S$172.81 billion.

Investment & Market Trends

Standard Chartered To Cut Over 7,000 Jobs Amid AI Expansion

Standard Chartered plans to cut more than 7,000 jobs over the next four years as the bank accelerates the use of artificial intelligence (AI) and automation across its operations. The London-headquartered lender said it aims to reduce 15% of its corporate function roles by 2030, affecting over 7,000 positions based on its current workforce. The bank currently employs nearly 82,000 people globally. Chief executive officer Bill Winters said the move is part of the bank’s long-term transformation strategy, focusing on automation and AI-driven efficiencies rather than traditional cost-cutting measures. “It’s not cost-cutting. It’s replacing in some cases lower-value human capital with the financial capital and the investment capital we’re putting in,” Winters said. The affected roles are expected to mainly involve back-office operations in locations including Chennai, Bangalore, Kuala Lumpur and Warsaw. Standard Chartered said AI will play a major role in streamlining processes, modernising core banking systems and improving operational efficiency as the bank faces increasing competition and evolving industry demands. Alongside the restructuring plans, the bank also announced higher shareholder return targets, aiming for a return on tangible equity (ROTE) of over 15% by 2028 and around 18% by 2030. The lender continues to focus on higher-margin businesses, particularly affluent retail banking and financial institution clients within its corporate and investment banking division. Despite global geopolitical uncertainties and market risks, Winters said the bank remains confident in its growth strategy and financial resilience. The announcement comes as more global companies increasingly adopt AI technologies to improve productivity and reduce operational costs.

News

Gardenia Foods To Move Bakery Operations From Singapore To Johor Bahru, Affecting 141 Jobs

Gardenia Foods Pte Ltd will relocate its bakery production operations from Singapore to Johor Bahru, resulting in the retrenchment of 141 employees at its Pandan Loop manufacturing facility. In a statement on Wednesday, the company said the move is part of efforts to improve operational efficiency and remain competitive amid a challenging global business environment. Production at the Singapore facility will officially cease on June 30. Gardenia informed employees of the decision during an internal meeting held earlier in the day. The company said affected staff will receive notice and support in line with local employment regulations and guidelines. Eligible employees may also be considered for alternative roles within the group’s broader operations network where suitable opportunities are available. The Food, Drinks and Allied Workers Union (FDAWU), an affiliate of the National Trades Union Congress (NTUC), said it had been informed early about the restructuring exercise and is currently assisting affected workers with training, job placement and retrenchment support. Gardenia will provide compensation packages to impacted employees and sponsor one year of union membership, while the Employment and Employability Institute (e2i) will offer career advisory and job matching services. Gardenia has been owned by Singapore-listed QAF Ltd since 1985. Over the years, the group has expanded its bakery operations across the Asia-Pacific region, including Malaysia, the Philippines and Australia.

Energy & Technology

Japan’s TDK Acquires Malaysia Battery Start-Up For US$241 Million

Japan-based electronics company TDK Corp plans to acquire Malaysia-based lithium-ion rechargeable battery start-up Linergy Power Sdn Bhd for US$241.1 million as part of its strategy to expand its core energy solutions business. In a statement, TDK said its Singapore-based subsidiary, Amperex Technology (Singapore) Pte Ltd, will fully acquire Linergy Power following approval from the group’s board on Wednesday. The agreement is expected to be signed on the same day, with the share transfer scheduled to be completed by June 15. Following the acquisition, Linergy Power will become a wholly owned subsidiary of TDK. According to the Companies Commission Malaysia, Linergy Power is wholly owned by China-based lithium-ion battery supplier Ampace Technology Ltd. The company was established on Dec 19, 2024. TDK said the acquisition complements its energy solutions business, where the company has focused on developing high-value battery products for a diverse customer base. The group added that the acquisition would strengthen its global supply chain capabilities and improve its ability to meet growing customer demand. “Through the acquisition of shares, the company will be able to offer a flexible global supply structure capable of responding to the diverse needs of customers. This will further strengthen customer trust, propel further growth in the business, and accelerate the realisation of ‘TDK Transformation’,” the company said. Linergy Power recorded consolidated net assets of US$217.31 million as of end-March 2026. For the financial year ended March 31, 2026, the company posted a net loss of US$22.67 million and net sales of US$178,030.

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