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Energy & Technology

Qmed Asia And Intel Partner To Advance Unified Patient Monitoring Solutions

Qmed Asia today announced a strategic collaboration with Intel to accelerate the development of intelligent healthcare infrastructure for hospitals. As healthcare systems become increasingly connected, critical patient information often remains fragmented across multiple medical devices and clinical systems, limiting visibility and timely clinical insights. Qmed’s Unified Patient Monitoring Solution addresses this challenge by consolidating patient monitoring data into a centralised platform, enabling more efficient care delivery, informed clinical decision-making, and a stronger foundation for data-driven healthcare. (L-R): Dr Kev Lim, CEO and Co-Founder of Qmed Asia; Bikesh Lackmichand, CEO of Leet Capital; James Tan, Director of Health and Life Sciences and Cognitive Cities, Intel;, Dr. Tai Tzyy Jiun, Chief Medical Technology Officer and Co-founder of Qmed Asia; Nic Tai, Chief Operating Officer and Co-founder of Qmed Asia. As part of this collaboration, Intel has made its Patient Monitoring Hub Reference Implementation (RI) available to Qmed Asia. Leveraging this reference implementation and optimised on Intel Core Ultra platforms, Qmed Asia’s Patient Monitoring Solution brings together continuous patient monitoring, medical device integrations and clinical workflows into a unified platform. The collaboration combines Intel’s scalable reference architecture with Qmed Asia’s healthcare software expertise to help hospitals accelerate digital transformation while establishing a foundation for future AI-enabled clinical innovation. The Unified Patient Monitoring Hub securely aggregates patient monitoring data from connected bedside medical devices into a centralized Smart Ward dashboard. The solution supports vendor-neutral medical device integration, continuous patient monitoring, a centralized Smart Ward dashboard with Early Warning Score (EWS) alerts with scalable edge computing. Through this collaboration, Qmed Asia and Intel aim to accelerate the adoption of connected Smart Ward solutions that enhance clinical visibility, streamline clinical workflows, and provide a scalable, enterprise-ready digital healthcare infrastructure for hospitals across Malaysia and the region. “Healthcare systems across the region face growing pressure to streamline clinical operations and eliminate data silos that delay critical care. By pairing Intel’s robust reference architecture and edge computing power with our deep clinical domain expertise, we are delivering a truly connected Smart Ward ecosystem. This collaboration enables us to provide hospitals with real-time actionable insight, improving patient outcomes, easing the burden on healthcare workers, and accelerating the region’s transition into data-driven medicine,” said Dr. Tai Tzyy Jiun, Co-founder, Director and Chief Medical Technology Officer, Qmed Asia. (L-R): Dr.Sim Hui Xin, Chief Medical Officer of Qmed Asia; Nic Tai, Chief Operating Officer and Co-founder of Qmed Asia; Dr Kev Lim, CEO and Co-Founder of Qmed Asia; Dr. Tai Tzyy Jiun, Chief Medical Technology Officer and Co-founder of Qmed Asia; James Tan, Director of Health and Life Sciences and Cognitive Cities, Intel; Erica Chen, Solution Manager, Health and Life Science and Cognitive Cities; Health and Life Science and Cognitive Cities, Intel. “Healthcare providers are looking for interoperable and scalable digital infrastructure that can support both today’s operational needs and tomorrow’s AI-enabled workflows. By making Intel’s Patient Monitoring Hub Reference Implementation available to ecosystem partners such as Qmed Asia, and optimizing solutions on Intel Core Ultra platforms, we are helping accelerate the development of connected care environments that improve access to patient data, streamline clinical workflows, and provide a foundation for future healthcare innovation,” said Renu Navale, Vice President, Health and Life Sciences and Cognitive Cities, Intel. The rollout is already underway in hospitals across Malaysia. Qmed Asia says the Smart Ward setup is designed to scale beyond the country, into other healthcare systems across the region facing the same fragmented-data problem.  

The Executives

UOB Private Bank Names Judy Chan As Managing Director For Hong Kong

UOB Private Bank has appointed Judy Chan as its new Managing Director for Hong Kong, strengthening the bank’s leadership capabilities and commitment to expanding its wealth management presence in the region. Based in Hong Kong, Chan will report to Chew Mun Yew, Head of Group Private Bank, and will be responsible for overseeing key areas including client coverage, team leadership and the delivery of customised wealth solutions for high-net-worth (HNW) clients. UOB Private Bank has appointed Judy Chan as its new Managing Director for Hong Kong. In her new role, Chan will also support the bank’s efforts in enhancing client engagement, driving market development initiatives and executing UOB Private Bank’s strategic priorities in Hong Kong, one of Asia’s most important wealth management markets. With nearly 30 years of experience across the private banking and commercial banking sectors, Chan brings extensive expertise in managing client relationships, growing businesses and developing long-term wealth strategies for affluent customers. Throughout her career, she has held senior leadership positions focused on team management, business expansion, relationship development, wealth planning and intergenerational succession planning, helping clients navigate complex financial needs across generations. UOB Private Bank said Chan’s appointment reflects its continued efforts to strengthen its Hong Kong wealth management platform while enhancing its ability to serve the growing needs of high-net-worth individuals and families across Asia. The bank added that her experience and leadership capabilities will support its broader strategy of delivering more personalised financial solutions, deepening client relationships and expanding its wealth management capabilities in key regional markets. As demand for sophisticated wealth solutions continues to rise across Asia, UOB Private Bank remains focused on building strong advisory capabilities and providing clients with integrated solutions that address investment, succession and long-term wealth preservation needs.

News

Maybank Acquires Ageas’ Stake In Etiqa For RM4.83 Billion

Malayan Banking Bhd (Maybank) is set to strengthen its position in the insurance and takaful sector after proposing to acquire Ageas Insurance International NV’s 30.95% stake in Maybank Ageas Holdings Bhd (MAHB) for RM4.83 billion. The proposed transaction will allow Maybank to move closer towards taking full ownership of MAHB, the holding company for Etiqa’s insurance and takaful businesses in Malaysia and Singapore. Maybank currently holds a majority 69.05% stake in MAHB. In a statement, Maybank said it had entered into an implementation agreement with Ageas as part of the proposed acquisition, which marks a significant step in consolidating its ownership of one of Malaysia’s leading insurance and takaful groups. Etiqa currently offers a comprehensive range of life and general conventional insurance products, as well as family and general takaful solutions, supported by multiple distribution channels including bancassurance, agents, digital platforms and other customer touchpoints. Maybank said the acquisition would further strengthen MAHB’s role as a leading national insurance and takaful champion, allowing the group to leverage Maybank’s extensive customer base, regional presence and integrated financial services ecosystem. The banking group added that full ownership of Etiqa would provide greater strategic flexibility to accelerate expansion across Southeast Asia, supported by Maybank’s established operations and market reach in the region. The proposed acquisition is also expected to deliver immediate financial benefits, including improvements in profit after tax and minority interest (PATAMI), earnings per share (EPS) and return on equity (ROE). Maybank said the transaction would contribute towards sustainable long-term value creation through stronger earnings growth and enhanced returns. Additionally, the acquisition is expected to improve capital management efficiency within Maybank’s insurance businesses, creating greater capacity to support sustainable dividend payouts as part of the group’s broader capital management strategy. Maybank President and Group Chief Executive Officer Datuk Sri Khairussaleh Ramli said the proposed transaction represents a significant milestone in the group’s strategy to further develop its insurance and takaful business across Southeast Asia. He added that Maybank will continue investing in innovation and digital capabilities to enhance operational efficiency, reduce costs and improve customer experiences. The RM4.83 billion purchase consideration was determined based on a price-to-book multiple of 1.98 times and a price-to-earnings multiple of 15.3 times. Maybank said the valuation was calculated after taking into account an RM800 million dividend proposed to be paid by MAHB upon completion of the transaction. Of this amount, Ageas is entitled to receive approximately RM248 million, while the remaining RM552 million will be allocated to Maybank. The proposed acquisition remains subject to regulatory approval, with Maybank having submitted a formal application to Bank Negara Malaysia for consideration. For the transaction, Maybank Investment Bank is acting as financial adviser, while Morgan Stanley Asia (Singapore) Pte has been appointed as international financial adviser. The acquisition highlights Maybank’s continued focus on expanding its integrated financial services ecosystem, while reinforcing Etiqa’s role as a key platform for the group’s future growth in insurance and takaful markets across the region.

The Executives

Chubb Appoints Gurudutt Joglekar As Country President For Malaysia

Global insurance company Chubb has appointed Gurudutt Joglekar as its new Country President for Malaysia, effective immediately, as the company continues strengthening its leadership team and expanding its presence in the Malaysian insurance market. Joglekar succeeds Jon Longmore, who will transition into a new role within Chubb. The company said further details regarding Longmore’s next appointment will be announced at a later date. Chubb has appointed Gurudutt Joglekar as its new Country President for Malaysia. In his new role, Joglekar will oversee Chubb Malaysia’s general insurance operations, covering key business segments including Personal Lines, Accident & Health, and Commercial Property & Casualty insurance. He will report directly to Marcos Gunn, Chubb’s Regional President for Asia Pacific, as part of the company’s regional leadership structure. Joglekar joined Chubb in June 2026 as Deputy Country President and brings more than 20 years of experience in the insurance industry, with expertise spanning markets including Malaysia, Hong Kong and India. Throughout his career, Joglekar has built extensive experience across various areas of insurance, including motor insurance, commercial property and casualty underwriting, portfolio management and business transformation initiatives. His industry background includes driving operational improvements, strengthening underwriting capabilities and supporting organisational growth in competitive insurance markets. Chubb said Joglekar’s appointment reflects its continued commitment to developing strong leadership capabilities while supporting the company’s long-term growth strategy in Malaysia. With evolving customer expectations, increasing demand for risk management solutions and a rapidly changing business environment, Chubb continues to focus on enhancing its insurance offerings, strengthening distribution capabilities and delivering greater value to customers and business partners. Joglekar’s appointment marks the next phase of leadership for Chubb Malaysia as the company continues building on its position as a leading provider of general insurance solutions in the country.

The Executives

InterGlobe Aviation Appoints Kiran Thadimarri As Chief Financial Officer

InterGlobe Aviation Ltd, the parent company of India’s largest airline IndiGo, has appointed Kiran Thadimarri as its new Chief Financial Officer (CFO), replacing Gaurav Negi, who has moved into an advisory role supporting IndiGo Managing Director Rahul Bhatia. The company’s board approved the leadership changes during its meeting on Monday, with Negi officially stepping down from the CFO position effective July 27 before transitioning into his new advisory role. InterGlobe Aviation Ltd,  Kiran Thadimarri as its new Chief Financial Officer (CFO). Thadimarri, who previously served as Deputy CFO of InterGlobe Aviation, brings more than 24 years of finance experience across various industries. His professional background includes leadership roles at InterGlobe Enterprises, Udaan, Genworks Health and General Electric, where he gained expertise in financial planning, treasury management, fundraising, taxation, auditing and investor relations. Meanwhile, Negi leaves the CFO role after more than 20 years of experience in finance and corporate governance. Prior to joining IndiGo, he held several senior finance positions at General Electric, including CFO roles for GE Renewable Onshore Wind Asia Pacific, GE Healthcare and GE NBCU. InterGlobe Aviation did not disclose specific reasons behind the leadership transition, stating only that Negi will continue contributing to the company in an advisory capacity while Thadimarri has been elevated from Deputy CFO to CFO. The appointment comes shortly after IndiGo reported a consolidated net loss of ₹238 crore for the June quarter, impacted by higher aviation fuel expenses, depreciation of the Indian rupee and operational disruptions caused by geopolitical challenges in West Asia. Despite the quarterly loss, the airline recorded higher revenue during the period, reflecting continued demand growth within India’s aviation market. In a separate development, IndiGo disclosed that it had received a customs order requiring the airline to pay additional duties on imported goods covering the period from April 2020 to March 2024, along with a penalty amounting to ₹1.14 crore. The airline said it disagrees with the customs classification findings and intends to challenge the order through the appropriate legal channels. IndiGo added that it does not expect the matter to have any material impact on its financial performance or ongoing operations. The appointment of Thadimarri marks another step in IndiGo’s leadership evolution as the airline continues expanding its operations and strengthening its financial management capabilities amid a rapidly growing aviation sector.

The Executives

KKR Appoints Roy Gori As Senior Advisor

Global investment firm KKR has appointed Roy Gori, the former President and Chief Executive Officer of Manulife, as a Senior Advisor, strengthening the firm’s expertise in the global financial services and insurance sectors. Former President and Chief Executive Officer at Manulife, Roy Gori appointed as a Senior Advisor at KKR. In his new role, Gori will advise KKR on strategic opportunities across financial services and insurance, with a particular focus on Asia Pacific and other international markets. He will also provide strategic guidance on areas including insurance, wealth management, banking, distribution networks and related financial services platforms. KKR said Gori will work closely with the firm’s senior leadership team and investment professionals, offering insights into market dynamics, regulatory developments, distribution strategies, partnerships and cross-border growth opportunities as the company continues expanding its global financial services platform. The appointment brings to KKR one of the industry’s most experienced executives, with decades of leadership across insurance, wealth management and retail financial services in Asia Pacific, North America and other international markets. Gori previously served as President and Chief Executive Officer of Manulife from 2017 until his retirement in 2025, leading one of the world’s largest insurance and asset management companies through a period of significant transformation and growth. Before becoming group CEO, he was President and CEO of Manulife Asia, where he oversaw the company’s operations across 12 markets, driving business expansion and strengthening its regional presence. He began his career at Citibank in 1989, holding leadership roles within the bank’s Asia Pacific retail business, including responsibilities covering insurance and wealth management operations. Commenting on the appointment, KKR Co-Chief Executive Officers Joe Bae and Scott Nuttall said Gori’s extensive experience would further strengthen the firm’s global financial services capabilities. “We are pleased to welcome Roy to KKR as a Senior Advisor. Roy is one of the most respected leaders in financial services, with decades of experience building and growing businesses across Asia Pacific and internationally. We look forward to working with him as we continue to expand our global platform,” they said. Meanwhile, Billy Butcher and Manu Sareen, Co-Chief Executive Officers of Global Atlantic, KKR’s insurance business, said Gori’s appointment would add valuable strategic expertise to the firm’s expanding insurance platform. “Roy’s deep expertise in insurance, wealth management and distribution, combined with his extensive experience across Asia Pacific and globally, will provide valuable strategic perspective as KKR continues to expand its global financial services platform and pursue new partnership and growth opportunities,” they said. Speaking on his appointment, Gori said he was excited to join KKR at a time when the firm is experiencing significant growth across both regional and international markets. “I am excited to join KKR at a time of tremendous opportunity for the firm in Asia Pacific and globally,” he said. The appointment reflects KKR’s continued focus on strengthening its leadership bench and expanding its presence in the financial services sector, particularly as demand for insurance, wealth management and investment solutions continues to grow across Asia Pacific and other key global markets.

Investment & Market Trends

CTOS To Divest 10% Stake In Juris Technologies For RM50 Million

CTOS Digital Bhd has proposed to sell a 10% equity stake in Juris Technologies Sdn Bhd to Natsoft (M) Sdn Bhd for RM50 million in cash, as part of its strategy to optimise its investment portfolio and sharpen its focus on its core business operations. According to a filing with Bursa Malaysia, CTOS entered into a Share Sale Agreement (SSA) with Natsoft on July 22, involving the disposal of 100,000 ordinary shares, representing 10% of Juris Technologies’ issued and paid-up share capital. Upon completion of the transaction, CTOS’ shareholding in Juris Technologies will decrease from 49% to 39%, while Natsoft, the software developer’s founding and majority shareholder, will increase its stake. CTOS said the proposed disposal aligns with its long-term strategy of monetising non-core investments that offer limited strategic influence and operational synergies. “The proposed disposal is consistent with CTOS’ strategy to optimise its investment portfolio by monetising a non-core asset with limited strategic synergies and influence,” the company said. The group noted that while Juris Technologies remains a valuable investment, its minority stake provides limited strategic control over the company’s operations. By unlocking the value of the investment, CTOS will be able to redeploy capital towards initiatives that are more closely aligned with its core credit reporting, digital solutions and data analytics businesses. The disposal price of RM50 million was agreed on a willing buyer-willing seller basis and reflects an overall equity valuation of RM500 million for Juris Technologies. CTOS said the valuation was determined after considering the market value of comparable companies operating in similar sectors. The transaction is expected to be completed by the end of July 2026, subject to the fulfilment of the completion obligations outlined in the Share Sale Agreement. CTOS acknowledged that the completion of the deal remains subject to the agreed terms and conditions under the SSA. Should any of the completion obligations not be fulfilled, the transaction could be delayed or terminated in accordance with the agreement. Nevertheless, the company said it will take all reasonable steps to ensure the conditions are met promptly to facilitate a smooth completion of the disposal. The proposed sale does not require shareholders’ approval or approval from any regulatory authorities. It is also not conditional upon any other corporate proposals undertaken or planned by the company. As the transaction will be settled entirely in cash, CTOS said it will not affect the company’s share capital, nor will it result in the issuance of new shares or changes to the shareholdings of its substantial shareholders. Following a review of the transaction, the board concluded that the proposed disposal is in the best interests of both the company and its shareholders. “The board, having considered all aspects of the proposed disposal, is of the opinion that the proposed disposal is in the best interest of CTOS and its shareholders,” the company said. The move reflects CTOS’ continued efforts to streamline its investment portfolio, improve capital efficiency and strengthen its focus on businesses that offer greater strategic value and long-term growth potential.

The Executives

Rebuilding The Workforce Behind Malaysia’s Economy

Every economy is built on a workforce. Yet while conversations around talent often focus on executives, professionals and knowledge workers, a far larger segment quietly keeps industries moving every day. Factory operators, warehouse staff, logistics crews, retail associates, kitchen teams and frontline service workers form the operational backbone of businesses across the country. Ironically, they have also been among the most overlooked. For decades, recruitment for the mass workforce has remained fragmented, heavily transactional and largely underserved by technology. Employers have struggled to secure reliable manpower, while job seekers have often found themselves navigating disconnected systems that prioritise placements over long-term opportunities. Founder of INNIO Group – Kong Chin Meng. For INNIO Group, this gap represents far more than a recruitment challenge. It is an opportunity to rethink how the workforce ecosystem should function. Rather than operating as a conventional manpower provider, the Malaysian company has built an integrated platform that connects workforce sourcing, recruitment, deployment and financial wellbeing into one connected ecosystem—bringing together manpower outsourcing, foreign worker recruitment, AI-powered hiring technology and earned wage access under a single operating model. Looking Beyond Recruitment The biggest workforce challenge facing employers today is not finding candidates. It is finding people who stay. For businesses operating in manufacturing, logistics, retail, food and beverage, and other labour-intensive industries, recruitment has become only one part of a much larger equation. Retention, workforce stability and operational continuity have become equally important. INNIO Group recognised this reality long before it became a widespread business conversation. Its founders had spent years working alongside employers facing recurring manpower shortages, high staff turnover and inconsistent recruitment standards. Time after time, businesses were presented with lists of candidates when what they actually needed were dependable employees capable of remaining with the organisation long after their first day of work. That observation fundamentally reshaped the company’s direction. Rather than focusing on recruitment as a one-off transaction, INNIO Group began building an integrated workforce infrastructure designed to support employers throughout the entire employment lifecycle. Building a Connected Workforce Platform The company’s operating model reflects that broader ambition. Its manpower outsourcing and licensed foreign worker recruitment business provide the operational foundation. Sitting alongside these services is CariJob, an AI-powered recruitment platform developed specifically for the mass workforce and fresh graduates—segments traditionally overlooked by mainstream job portals designed primarily for white-collar professionals. Completing the ecosystem is PaydayNow, an earned wage access platform that extends support beyond recruitment by improving financial flexibility and workforce engagement. Together, these businesses create an integrated platform where employers can source talent, deploy workers and strengthen retention through a single ecosystem rather than multiple disconnected service providers. It is a model designed not simply to fill vacancies, but to improve the overall experience for both employers and employees. Solving the Right Problem As Malaysia’s labour market continues to evolve, the questions employers are asking have changed. The conversation has shifted from: “Can you fill this position?” to: “Can you help us build a more stable workforce?” This distinction has become increasingly important. Recruitment alone no longer delivers competitive advantage. Businesses now require workforce intelligence, stronger compliance, improved employee experience and better long-term retention strategies. Recognising this transition, INNIO Group has continued investing in technology that moves beyond candidate matching. By integrating operational data, AI capabilities and workforce management into a connected platform, the company is creating solutions designed to improve hiring decisions while supporting employers long after recruitment has been completed. The result is a business focused not on transactions, but on workforce infrastructure. Growth Through Discipline Many fast-growing companies measure success by revenue or headcount. INNIO Group measures it differently. Its ambitions are defined through recurring employer relationships, platform engagement and sustainable profitability. By the end of 2026, the group aims to serve 2,000 active employer clients across its manpower outsourcing and CariJob businesses, establish a nationwide network of 100 distribution agents and support 10,000 workers through PaydayNow. Equally significant are the opportunities the company has consciously chosen not to pursue. Rather than expanding aggressively into new markets or chasing low-margin recruitment contracts, leadership has prioritised strengthening its Malaysian foundation first. Growth, in this context, is measured not by speed but by resilience—building a business capable of sustaining long-term value regardless of changing economic conditions. Scaling a Business, Strengthening Leadership As organisations expand, leadership inevitably changes. For INNIO Group, scaling has required a deliberate transition from founder-led decision making towards building a stronger organisational structure capable of supporting long-term growth. One of the defining developments has been the operational partnership between the company’s co-founders. While leadership responsibilities were once closely intertwined, responsibilities have evolved into clearly defined roles across finance, governance, recruitment operations and strategic development. This separation has allowed the organisation to move faster while strengthening accountability across the business. At the same time, dedicated teams have been established across product development, artificial intelligence, enterprise sales and operational delivery, reducing dependence on individual decision-makers and creating systems capable of supporting larger-scale growth. It reflects a reality shared by many scaling businesses: sustainable organisations are built through strong systems rather than individual effort alone. Building Beyond Malaysia While Malaysia remains the company’s immediate priority, the long-term vision extends considerably further. Many of the workforce challenges experienced domestically are shared by neighbouring economies across Southeast Asia, creating opportunities for technology-driven workforce platforms capable of addressing similar structural issues. INNIO Group sees its future in becoming more than a manpower company. Its ambition is to build a regional employer-and-workforce platform powered by technology, data and stronger governance, beginning with Malaysia before expanding into neighbouring markets such as Singapore and Indonesia. Alongside this expansion, the company continues strengthening its AI capabilities through CariJob, where proprietary AI modules are being developed to improve candidate matching, onboarding and long-term workforce retention. As industries become increasingly digital and labour markets continue to evolve, the companies creating lasting impact will not simply connect people with jobs. They will build the systems that allow businesses and workers to grow together. That is the future INNIO Group

Energy & Technology

Petronas Unit Signs Agreement With Japan’s Hokuriku Electric To Renew LNG Supply Deal

Petroliam Nasional Bhd (Petronas) subsidiary Petronas LNG Ltd (PLL) has signed a Heads of Agreement (HoA) with Japan’s Hokuriku Electric Power Company to negotiate the renewal of a long-term liquefied natural gas (LNG) supply agreement. Under the proposed arrangement, PLL is expected to continue supplying up to 0.54 million tonnes per annum (MTPA) of LNG to Hokuriku Electric for a further 10-year period beginning in 2028. Petronas said the HoA represents another milestone in the long-standing partnership between both companies, reflecting the trust, reliability and strategic importance of their relationship built over the years. “The HoA marks another milestone in the longstanding partnership between Petronas and Hokuriku Electric. It reflects the mutual confidence built over the years and underscores the continued trust, reliability and strategic importance of the Petronas-Hokuriku Electric relationship,” the company said. The agreement was signed in Kuala Lumpur on July 14, 2026 by PLL chief executive officer Rosdi Ab Rahman and Hokuriku Electric president Koji Matsuda. On the same day, both parties also entered into a Memorandum of Understanding (MoU) to explore strategic collaboration in carbon-neutral initiatives. According to Petronas, the MoU reflects a shared commitment to developing a more resilient LNG supply chain while exploring opportunities in next-generation energy solutions, including hydrogen, ammonia, renewable energy, carbon capture and storage (CCS), and carbon capture utilisation and storage (CCUS) technologies. Petronas executive vice president and chief executive officer of its Gas and Maritime business Datuk Adit Zulkifli said the company remains committed to supporting Hokuriku Electric’s energy security, operational resilience and transition towards a lower-carbon future. “Beyond LNG, the MoU on carbon-neutral collaboration underscores our shared ambition to explore new opportunities that can create long-term value for both parties,” he said. Petronas highlighted that PLL has been the sole LNG supplier to Hokuriku Electric since the current LNG sale and purchase agreement began in 2018, providing LNG for the utility’s LNG-fired power generation facilities at the Toyama-Shinko Thermal Power Station. The proposed renewal is expected to ensure continuity of LNG supply beyond the existing contract period while further strengthening Petronas’ position as a reliable long-term LNG partner for Japanese energy companies.

Investment & Market Trends

RCI Calls For Forensic Audit Of 14 Tabung Haji Investments

The Royal Commission of Inquiry (RCI) into the management and operations of Lembaga Tabung Haji (TH) has recommended a forensic audit on 14 past investment decisions that led to significant asset impairments at the Islamic pilgrimage fund. The recommendation was made following the RCI’s investigation into TH’s management practices between 2014 and 2020, with the identified investments highlighted in a report released today. The 14 investments proposed for further forensic review include: PT TH Indo Plantations Emrail Sdn Bhd Wellspring Worldwide Ltd Deru Semangat Sdn Bhd Trurich Resources Sdn Bhd Abraj Sdn Bhd Putrajaya Perdana Bhd Al-Rawda Real Estates Development & Project Management Co Ltd Alfareeda Residential Fund TH Plantations Bhd TH Properties Sdn Bhd Alam Maritim Resources / TH Marine TH Hotel & Residences Sdn Bhd FGV Bhd The RCI said investment transactions that remain subject to court cases or arbitration proceedings should continue to be closely monitored by TH’s management and board to ensure the processes are managed effectively and deliver the best possible outcomes for the institution. It also recommended strengthening out-of-court settlements and arbitration processes to enable disputes to be resolved more efficiently while protecting TH’s interests. The commission emphasised that TH’s investment management and profit distribution functions must continue to operate independently and professionally. It noted that both fund management and haj management should remain under the same entity due to the element of cross-subsidisation currently practised by TH. The RCI further proposed that TH’s investment management function remain within the organisation as a dedicated department, potentially named “Dana Haji”, which would oversee TH’s investments while being regulated by the Securities Commission Malaysia. The commission also advised TH to focus on fund management activities and avoid involvement in high-risk investments, particularly those categorised as strategic investments. Meanwhile, the RCI urged Urusharta Jamaah Sdn Bhd (UJSB) to consider early redemption of sukuk issued following the transfer of assets from TH to UJSB. The report stated that TH assets were transferred to UJSB at a value of RM19.9 billion, despite having a market value of RM9.7 billion at the time, representing a premium of RM10.2 billion above market value. As part of the asset transfer arrangement, UJSB issued fully subscribed zero-coupon Sukuk Murabahah, comprising: Sukuk Series 1: RM10 billion Sukuk Series 2: RM9.6 billion Cash payment: RM300 million The RCI noted that income generated from UJSB’s sukuk contributed nearly 26% of TH’s annual income and accounted for more than one-third of the annual profits distributed to depositors. It warned that any failure or constraints in UJSB meeting its obligations could pose a major risk to TH’s financial position and potentially create wider implications for Malaysia’s financial ecosystem. “The government must give serious attention by ensuring an annual allocation of RM1.73 billion is provided, as agreed by the Cabinet, for the early redemption of UJSB’s sukuk,” the RCI said. The commission was also informed that UJSB is currently in discussions with the Ministry of Finance (MOF) to seek consideration for a government guarantee and has begun negotiations with TH on the terms of a new Government Guaranteed Sukuk.

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