News

PETALING JAYA: HHRG Bhd has announced the immediate suspension of its Chief Executive Officer, Fong Chee Khuen, for a two-week period starting 7 April, pending the outcome of an internal investigation. In a filing with Bursa Malaysia today, the company stated that the suspension is a precautionary measure to enable an independent and thorough review into allegations of misconduct, which are believed to be in breach of the company’s internal policies and/or the implied terms of Fong’s employment contract. HHRG clarified that the suspension will not affect the group’s financial standing or daily operations. “During the period of Fong’s suspension, Executive Deputy Chairman Ammar Shaikh Mahmood Naim will assume full authority over the company’s operational and managerial matters,” the statement read. The company added that it will provide further updates on the matter as and when necessary.

PETALING JAYA: Malaysian Resources Corporation Bhd (MRCB) has officially launched a state-of-the-art production facility in Perlis for Fortune 500 company Jabil Circuit Sdn Bhd, marking the company’s first venture into the industrial property segment. Located in the Chuping Valley Industrial Area, the 101,059 sq ft plant was developed and is owned by MRCB. Jabil will lease the facility for an initial 10-year term, with an option to extend the lease by five years. This project represents MRCB’s maiden investment in the industrial property market, part of its broader strategy to diversify its portfolio beyond construction and property development. The launch was officiated by the Raja of Perlis, Tuanku Syed Sirajuddin Jamalullail, who highlighted the facility’s potential to accelerate economic and industrial growth in the state. “This is more than just a building — it is a symbol of growth, opportunity, and progress. It represents thoughtful planning, a clear vision, and a shared commitment to building a sustainable and thriving economy for Perlis,” he said. Tuanku Syed Sirajuddin noted that US-based Jabil is the first foreign investor in the Chuping Valley Industrial Area, demonstrating the state’s growing appeal as an investment destination. He commended the timely completion of the project in 2024, following its commencement in 2022, and attributed its success to the strong collaboration between the state government, the Northern Corridor Implementation Authority (NCIA), MRCB, and Jabil. In a separate development, MRCB has acquired approximately four hectares of land in Perlis for the construction of a custom-built industrial facility, aimed at further spurring economic development in the region.

KUALA LUMPUR: Honda Malaysia has named Narushi Yazaki as its new managing director and chief executive officer, effective April 1, 2025. He succeeds Hironobu Yoshimura, who helmed the company for the past three years. In a statement, Honda Malaysia said Yazaki brings more than 25 years of experience within the Honda global network, having held senior leadership positions in Japan, Thailand, and the United States. Prior to his appointment in Malaysia, Yazaki was with Honda Motor Co Ltd’s corporate administration operations in Tokyo. “I am honoured to take on this responsibility in a market that plays a significant role in Honda’s growth in the Asia and Oceania region. I look forward to building on the strong foundation laid by my predecessors to further grow Honda Malaysia,” Yazaki said. The company also announced that Yoshimura has taken on a new role at Honda’s Tokyo headquarters as of April 1. During his tenure, Yoshimura steered Honda Malaysia through post-pandemic challenges and helped maintain its position as the top non-national passenger vehicle brand for 11 consecutive years. “Honda Malaysia extends its heartfelt appreciation to Mr. Yoshimura for his leadership and dedication, which have been instrumental to the company’s success,” the statement read. — BERNAMA

PUTRAJAYA: Malaysia must improve its preparedness in facing global economic uncertainties, including the fallout from a US market crash that has resulted in trillions of dollars in losses, Prime Minister Datuk Seri Anwar Ibrahim said today. While the country’s economic fundamentals remain strong, Anwar noted that several unexpected developments — particularly new tariffs and shifting trade dynamics with the United States — require immediate attention. “Our export value to the US is significant. Semiconductor exports alone could reach USD100 billion, accounting for 65% of the country’s total semiconductor production,” he said at a staff meeting with the Prime Minister’s Department. “Therefore, we must consider all possibilities. We do not want any economic policies that could harm the people, affect jobs, or jeopardise livelihoods.” Deputy Prime Ministers Datuk Seri Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof were also present at the meeting. Anwar added that a meeting is scheduled for Thursday, to be chaired by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. The meeting will involve ASEAN counterparts to coordinate a joint response to the US tariffs. On April 2, 2025, former US president Donald Trump announced a sweeping set of tariffs on ASEAN countries. These include a 24% base tariff on Malaysia, along with a reciprocal tariff set to take effect on April 9. Cambodia faces the highest combined rate at 49%, followed by Laos (48%), Vietnam (46%), and Myanmar (44%). Anwar warned that the decline in the US stock market, commodities, and trade is among the most severe in recent history, with estimated losses of up to USD4 trillion. “This will certainly influence their policy decisions. We hope it can be resolved through negotiation,” he said. He also called on the government machinery to increase efficiency, strengthen work ethics, and exercise fiscal discipline during these challenging times. “Reports of negligence, corruption, and abuse of power still exist. Department and ministry leaders must stay vigilant. Our objective is to fortify the nation and elevate Malaysia’s global standing,” he stressed. Also present were Ministers in the Prime Minister’s Department Datuk Seri Azalina Othman Said (Law and Institutional Reform) and Datuk Mohd Naim Mokhtar (Religious Affairs), along with Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar and Public Service Department Director-General Tan Sri Wan Ahmad Dahlan Abdul Aziz. — BERNAMA

Natural resources and environmental sustainability minister Nik Nazmi Nik Ahmad said Malaysia must move away from its reliance on low-cost utilities and labour to remain competitive and environmentally sustainable. Speaking at the National Climate Governance Summit at Sasana Kijang today, he defended recent tariff hikes and subsidy reforms as necessary steps in repositioning the economy toward higher-value activities. “The increase in electricity and water tariffs, and the upcoming rationalisation of RON95 petrol subsidies, are not easy moves—but they are essential,” he said. “We’ve long depended on emission-heavy industries and cheap resources for growth. That model is no longer viable.” Nik Nazmi acknowledged that some businesses have pushed back against the changes. “I’ve had billion-ringgit companies tell me these hikes are disastrous. But the truth is, they’ve benefited from unrealistically low rates for too long. This adjustment is overdue.” He said Malaysia’s historical focus on infrastructure like highways and a national car brand came at the cost of under-investment in public transport systems like rail and buses—sectors that now hold the key to value-added, climate-aligned development. Citing examples like Japan, South Korea, China, and Singapore, he noted that these economies began as low-cost producers but moved up the value chain through innovation and services. “Malaysia must follow suit. Our addiction to cheap utilities and low-wage labour must end.” The government has announced key reforms to improve fiscal sustainability. Among them is a plan to implement targeted RON95 subsidies by mid-2025. Tenaga Nasional Bhd will also raise base electricity tariffs in Peninsular Malaysia by 14.2% in July to meet rising energy demand, especially from the growing data centre sector. “These are not just economic adjustments—they are environmental imperatives. It’s time we bite the bullet,” Nik Nazmi said.–FMT