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EVE Energy Co Ltd has entered into a Memorandum of Understanding (MoU) with InvestKedah to advance Phase 2 of its manufacturing facility in Malaysia. The agreement, finalized on March 16, 2025, was witnessed by Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief Executive Officer of the Malaysian Investment Development Authority (MIDA). This expansion aims to meet the growing global demand for energy storage system (ESS) solutions while generating over 1,000 new jobs in Malaysia. EVE Energy also intends to strengthen collaborations with local suppliers, fostering a technologically advanced battery manufacturing ecosystem. Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade, and Industry, emphasised, “EVE Energy’s Phase 2 expansion in Kedah underscores Malaysia’s strategic position as a forward-thinking center for advanced manufacturing and sustainable energy solutions.” Highlighting Malaysia’s aspiration to lead in electric vehicle (EV) and battery technology, MIDA CEO Datuk Sikh Shamsul Ibrahim noted that the MoU supports this national goal. Liu Jincheng, Chairman and Founder of EVE Energy, affirmed that the Malaysian facility will set a benchmark for global expansion, driving the transformation towards green energy through innovation. In 2024, Malaysia allocated RM15.8 billion for investments in the transport equipment sector, reinforcing its commitment to sustainable mobility. EVE Energy’s expansion is poised to further accelerate growth in the EV industry and promote clean energy solutions across the region.

Bank Negara Malaysia (BNM) has announced key leadership changes, appointing Aznan bin Abdul Aziz as Deputy Governor for a three-year term, effective April 1, 2025. The appointment, approved by the Minister of Finance, places Aznan in charge of BNM’s supervision and regulation sector. He will also serve as a member of the central bank’s Board of Directors and Monetary Policy Committee. Aznan brings extensive experience to the role, holding a degree in Economics and Accounting from the University of Bristol. His expertise spans financial governance, with notable positions such as Chairman of the Board Audit Committee of the International Islamic Liquidity Management Corporation and a member of the Labuan Financial Services Authority. He is also actively involved in international regulatory bodies, including the International Association of Insurance Supervisors. His appointment follows the retirement of Datuk Jessica Chew Cheng Lian, who will transition into the role of Technical Adviser on financial stability. BNM Governor Dato’ Seri Abdul Rasheed Ghaffour expressed appreciation for Jessica’s 34 years of service, recognizing her contributions to the nation’s financial stability. In a related move, BNM has named Cindy Siah Hooi Hoon as Assistant Governor, succeeding Aznan. Cindy will oversee banking, insurance, and payment services supervision. A Fellow of the Association of Chartered Certified Accountants and a Chartered Financial Analyst charterholder, she previously held leadership roles in Prudential Financial Policy and Banking Supervision. These leadership changes signal BNM’s commitment to strengthening financial governance and stability amid an evolving economic landscape.

KUCHING: The Sarawak government is considering leasing new jet aircraft to support AirBorneo’s expansion beyond Malaysia. Sarawak Transport Minister Datuk Seri Lee Kim Shim stated that the leasing plan would proceed once all necessary approvals and licenses are secured. “We are exploring the possibility of leasing aircraft, with groundwork already underway,” he said. The state has identified six international destinations—South Korea, Japan, Hong Kong, Bangkok (Thailand), Jakarta (Indonesia), and Frankfurt (Germany)—as part of AirBorneo’s strategy to enhance regional connectivity and attract more foreign tourists to Sarawak, also known as the Land of the Hornbills. AirBorneo, formerly known as MASWings, was acquired by the Sarawak government last month following a sale and purchase agreement with Malaysia Aviation Group (MAG). Currently in a transition phase, AirBorneo will continue operating under MASWings until it secures approvals from both Malaysian and international aviation regulators. Lee noted that obtaining certification from the International Civil Aviation Organisation (ICAO) and the International Air Transport Association (IATA) could take at least four months due to stringent regulatory requirements. AirBorneo aims to be fully operational by the first quarter of 2026, following the completion of MASWings’ ownership transfer from MAG to the Sarawak government.

Intel Corp’s newly appointed chief executive officer, Lip-Bu Tan, who was born in Malaysia, will receive a compensation package worth approximately US$69 million (RM306.71 million) if he meets performance targets over the coming years. According to a company filing on Friday, Tan’s package includes a US$1 million base salary, a 200% performance-based bonus, and US$66 million in long-term equity awards, stock options, and hiring incentives. Additionally, Tan has committed to purchasing US$25 million worth of Intel shares within his first 30 days as CEO. “Lip-Bu’s purchase reflects his belief in Intel and commitment to creating shareholder value,” Intel said in a statement. Tan, 65, was named Intel’s CEO earlier this week, replacing Pat Gelsinger, who was ousted by the board. A seasoned semiconductor industry veteran and former Intel board member, Tan is now tasked with restoring the company’s dominance in the chipmaking industry. He will officially assume the role on March 18 and will rejoin Intel’s board after stepping down in August 2024. Following the announcement of Tan’s appointment, Intel’s stock surged 15% on Thursday, contributing to a 20% gain so far this year.

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has arrested a company director with the title Datuk on suspicion of being involved in money laundering activities related to the sale and purchase of a tanker vessel. A source revealed that the man, in his 50s, was taken into custody around 4.30pm yesterday upon his arrival at the MACC Johor office to give his statement. “The suspect is believed to have received, transferred, and utilised illicit proceeds linked to the sale and purchase of an oil tanker through an agreement signed with another company around November 2021. “He is suspected of being involved in money laundering activities between 2021 and 2022,” the source said. MACC Anti-Money Laundering Division director Norhaizam Muhammad confirmed the arrest, saying that the case was being investigated under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001. The source added that magistrate Noorfazlin Hamdan granted a four-day remand order until March 15 following an application by MACC at the Johor Baru magistrate’s court this morning.-BERNAMA  

KUALA LUMPUR: Ascend Airways Malaysia, an aircraft charter company affiliated with Ascend Airways UK, is preparing to commence operations in the fourth quarter of 2025. The company aims to provide local and regional airlines with aircraft and crew, offering flexible solutions to meet fluctuating demand. Strategically headquartered at KLIA Terminal 1, Ascend Airways Malaysia will cater to airlines requiring additional capacity during peak travel periods. This initiative is designed to support carriers such as Malaysia Airlines, AirAsia, and Batik Air Malaysia by providing short-term, on-demand aircraft leasing without long-term commitments. “We can operate our aircraft anywhere based on our clients’ operational needs, including markets such as Bangladesh, India, and China,” a company representative stated. Notably, Ascend Airways Malaysia will not function as a commercial airline but will focus exclusively on aircraft leasing and charter services. The airline has confirmed plans to operate Boeing narrowbody aircraft, although the exact fleet size remains undisclosed pending the issuance of its Air Operator’s Certificate (AOC) by the Civil Aviation Authority of Malaysia. It has, however, secured a conditional Air Service Permit from the Malaysian Aviation Commission, valid until November 14, 2025. Ascend Airways initially announced in January its intention to launch Malaysian operations with a Boeing 737 Classic aircraft, with plans to expand its fleet to include Boeing 737-800NG models. As an affiliate of Avia Solutions Group, an Ireland-based aviation services provider, Ascend Airways Malaysia will leverage the group’s global expertise. Avia Solutions Group currently supplies 221 aircraft worldwide through customized wet lease and air charter arrangements, reinforcing its capability to support airlines in managing capacity needs effectively.

KUALA LUMPUR: Tan Sri Lim Kok Thay and his family have purchased shares in Genting Bhd (KL:GENTING) for the first time in nearly four years, signaling strong support for the struggling stock. Over the past week, the Lim family acquired 7.26 million Genting shares valued at RM22.86 million. Lim’s private investment firm, Kien Huat Realty Sdn Bhd, bought six million shares, while his son, Keong Hui, purchased an additional 1.26 million shares. The move comes as Genting shares have dropped by as much as 18% since the release of its financial results in late February. Analysts view the purchases as a sign of confidence in the company’s long-term prospects, with Maybank Investment Bank analyst Samuel Yin Shao Yang upgrading the stock to a “buy,” citing valuations near historic lows. Prior to this, the Lim family last acquired Genting shares in June 2020. Meanwhile, Datuk Seri Tan Kong Han, set to take over as Genting’s CEO, also invested in the company, purchasing 100,000 shares worth RM341,400 last week. Following these acquisitions, Genting shares have rebounded from their four-year low on March 5, reducing their year-to-date loss to around 15%. Investors remain cautious over potential dividend cuts, particularly from Genting Malaysia Bhd (KL:GENM), a key subsidiary. Despite the stock’s struggles, analysts remain largely optimistic, with ten “buy” ratings, three “hold” calls, and no “sell” recommendations. Bloomberg data indicates an average target price of RM4.79, representing a potential 47% upside from its current RM3.26 valuation. However, some concerns remain. UOB Kay Hian’s head of strategy, Vincent Khoo, noted the absence of minority investor participation, warning that dividend cuts could further deter investors in an already weak market. Notably, the Lim family and Tan did not purchase shares of Genting Malaysia, which has suffered a 24% share price decline following weaker-than-expected earnings and its removal from the MSCI Malaysia Index. The exclusion, effective February 28, could lead to further fund outflows as passive investors realign their portfolios. Genting Malaysia has announced a lower dividend payout for 2024 as part of a strategy to conserve cash for expansion efforts. The company’s resorts in New York City may require an estimated US$5 billion for expansion if it secures a downstate casino license, while another US$3 billion may be needed should it obtain a license in Thailand. Despite the challenges, the recent purchases by the Lim family suggest a belief in Genting’s recovery, with analysts watching closely for further developments.

Flux Power Holdings, a leading developer of advanced lithium-ion energy storage solutions for the electrification of commercial and industrial equipment including lift trucks and materials handling equipment, has appointed Krishna Vanka as Chief Executive Officer. Vanka assumed the position on March 10, 2025, to replace Ron Dutt, whose planned retirement was previously announced. Flux Power said Mr. Vanka is an accomplished executive leader with over 18 years’ experience in building, scaling, managing, and transforming technology companies in sectors such as renewable energy, electric vehicle charging, internet of things (IoT), fleet and asset management, and telematics. He most recently was CEO of Fluence Digital, a part of Fluence Energy, a Nasdaq listed global market leader in energy storage. At Fluence Digital, he was responsible for driving scalable growth, general management, strategic leadership and operational excellence of Fluence’s recurring revenue businesses, including all of its battery energy storage solutions (BESS) and professional services. Prior to Fluence Digital, Mr. Vanka held leadership positions at InCharge Energy, a high-growth firm with solutions for EV Fleet Charging; MyShoperoo, Inc., a digital on-demand platform including optimizing ordering engine; and Telogis, Inc., SaaS location-based applications to manage and optimize mobile resources used by fleet owners and drivers. “Krishna brings an incredible track record of success, with the experience and industry relationships necessary to lead Flux Power to its next stage of growth by providing leading technology, products and services to Fortune 500 companies with large and distributed operations,” said Dale Robinette, Lead Director of Flux Power. “Following a thorough and thoughtful search process by the Board, I am pleased to announce such a well-qualified leader who can continue our momentum by growing the business into a profitable industry leader in advanced energy solutions. We are confident Krishna is the right person to lead Flux Power forward as it advances its initiatives to create exceptional value for our customers and shareholders.” Vanka added, “I am thrilled to join Flux Power at this critical juncture of this industry and with all the great foundation built by Ron and the team, we will accelerate our mission of delivering industry leading lithium-ion energy storage solutions. As part of the diligence process, I evaluated the company’s overall potential, as well as the underlying ingredients – talent, technology, customer base, and vision- to make my decision. I can confidently say that we have the right technology at the right time, with the right people, to scale and build Flux Power into a market leader in this space. I look forward to working with the board and this talented team to build and execute the strategy that will drive our company forward.”–MMH 

PETALING JAYA: Sapura Energy Bhd (SEB) entered into a conditional funding agreement or CFA with Malaysia Development Holding Sdn Bhd (MDH) yesterday, with the latter subscribing up to RM1.1bil in nominal value of redeemable convertible loan stocks (RCLS) in SEB. MDH, a special-purpose vehicle of the Minister of Finance (Incorporated) has specified that proceeds of the subscription are only intended to be used for the settlement or payment of liabilities owed by the SEB group to Malaysian service providers operating in or supporting the oil and gas (O&G) sector in the country. SEB group chief executive Muhammad Zamri Jusoh said the group, as a Malaysian company supporting over 2,000 local vendors, recognises its responsibility to preserve the Malaysian O&G ecosystem. “Our Malaysian vendors are predominantly small and medium enterprises or SMEs who have endured significant financial hardship during and after the Covid-19 lockdowns and it had always been our intention to fully settle overdue payables to them. “We are extremely grateful to MDH for providing this funding, which will allow us to fulfil our commitment to our Malaysian vendors,” he said. This funding follows strong support from SEB’s creditors for its Composite Scheme of Arrangement (Schemes) involving SEB and 22 of its subsidiaries (Scheme companies) under Section 366 of the Companies Act 2016. In a statement yesterday, SEB said between Feb 21 and 27, the Scheme companies concluded 52 separate court convened meetings, during which various classes of creditors, including financing institutions providing the group’s multi-currency financing facilities and trade creditors (Scheme Creditors), voted overwhelmingly in favour of the Schemes. Under the Schemes, admitted claims of Scheme creditors who fall within the class of preferred unsecured creditors will, after the waiver of penalty charges, late payment charges and interest or profit accruing from Jan 31, 2022 to the restructuring effective date (RED), be settled fully in cash within 90 days after the occurrence of the RED. The RED is expected to fall in August 2025 at the earliest, subject to fulfilment of certain conditions precedent. The statement also said Scheme creditors who are Malaysian service providers in the O&G sector are included in the class of preferred unsecured creditors. The Malaysian Oil, Gas & Energy Services Council (MOGSC) has given its nod to the proposed resolution, as it had said in an earlier statement that the proposed full repayment was a significant step in safeguarding the livelihoods of the vendors. “The solvency of SEB has far-reaching implications, not just for vendors but also for the thousands of skilled workers whose livelihoods depend on the strength of Malaysia’s O&G ecosystem. “By honouring its financial commitments, SEB not only reinforces stability within the supply chain, but also sets a crucial precedent for responsible corporate stewardship,” the MOGSC said. The Schemes took effect yesterday following the lodgement of an office copy of the Court Order by the Scheme companies with the Companies Commission of Malaysia. SEB said the Court Order forms a critical element of its proposed regularisation plan, as it progresses efforts to achieve a sustainable turnaround.–THE STAR