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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

KUALA LUMPUR: Bursa Malaysia Securities Berhad has publicly reprimanded Annum Berhad (ANNUM) and five of its directors for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR). Each of the five directors has been fined RM31,000. ANNUM was found in violation of Paragraph 9.23(1) of the Main LR for failing to issue its annual report, which included audited financial statements and the auditors’ and directors’ reports for the 18-month financial period ended June 30, 2023, by the required deadline of October 31, 2023. Instead, the company only issued the report on May 8, 2024, after a delay of six months and eight days. As part of the enforcement action, Bursa Malaysia Securities has directed ANNUM to ensure that: Directors Lim Yun Nyen, Khor Chin Meng, and Dato’ Baharon bin Talib, along with relevant personnel, attend a training program on compliance with the Main LR, particularly concerning financial statements. The Board of Directors reviews and assesses the adequacy and competency of the company’s finance and accounting resources, as well as the effectiveness of its policies and procedures related to financial reporting. The five directors of ANNUM at the time of the breach were penalized under Paragraph 16.13(b) of the Main LR for permitting the company to commit the violation. The reprimanded directors are: Kenneth Chai Chuan Teong, Independent Non-Executive Chairman, Audit Committee Member (Resigned on September 18, 2023) David Wong You King, Executive Director (Resigned on July 6, 2023) Lim Yun Nyen, Executive Director Khor Chin Meng, Independent Non-Executive Director, Audit Committee Chairman Dato’ Baharon bin Talib, Executive Director Each of these directors has been issued a public reprimand and a fine of RM31,000. The enforcement decision was made under Paragraph 16.19 of the Main LR following due process, taking into account all relevant facts and circumstances, including the severity of the breach, its impact on ANNUM and its shareholders, and the roles and responsibilities of the directors. Bursa Malaysia Securities emphasized the importance of timely financial reporting as a fundamental obligation of listed companies. Compliance ensures an orderly and fair market and is crucial for informed investment decisions. The regulator has also reminded ANNUM and its Board of Directors of their responsibility to uphold corporate governance and accountability to shareholders and the investing public. The delay in issuing the annual report was primarily due to ANNUM’s decision to request its auditors to resign on August 3, 2023, approximately three months before the filing deadline. However, the company failed to secure new auditors in a timely manner, taking nearly seven months to appoint replacements on February 27, 2024. The report was subsequently issued on May 8, 2024. Bursa Malaysia Securities found that ANNUM and its directors did not undertake reasonable inquiries or assessments regarding the feasibility of securing new auditors and completing the audit before requesting the resignation of the previous auditors. Despite the fact that David Wong and Kenneth Chai had resigned before the October 31, 2023 deadline and Dato’ Baharon was appointed in July 2023, they were still deemed to have played a role in the mismanagement of the audit process. Furthermore, the new auditors issued a disclaimer of opinion on the financial statements, which resulted in ANNUM triggering the criteria under Paragraph 2.1(d) of Practice Note 17 (PN17). As a result, ANNUM was classified as a PN17 issuer on May 8, 2024, the same day it released its long-overdue annual report. This enforcement action by Bursa Malaysia Securities serves as a firm reminder that non-compliance with financial reporting obligations will not be tolerated. Companies and their boards must ensure robust governance and accountability to maintain investor confidence and market integrity.

TOKYO: Japanese retail giant Seven & i Holdings, operator of the 7-Eleven convenience store chain, has appointed its first foreign CEO as it seeks to fend off a $47 billion overseas takeover bid and revamp its business for long-term growth. After months of turbulence, including a buyout offer from Canadian retailer Alimentation Couche-Tard (ACT), Seven & i announced a sweeping leadership and business restructuring on 27 February 2025. Stephen Dacus, the company’s lead outside director, will take over as CEO on May 27, replacing Ryuichi Isaka. Major Restructuring Moves As part of its strategic overhaul, Seven & i will sell its superstore unit to Bain Capital for 814.7 billion yen ($5.5 billion) and reduce its stake in Seven Bank to below 40%. Additionally, the company plans to buy back approximately 2 trillion yen worth of shares by 2030 and aims to list its North American convenience store subsidiary by the second half of 2026. The company, which operates more than 80,000 7-Eleven stores in 20 countries, has long faced investor criticism over its capital allocation. In August, it received a $47 billion takeover bid from ACT, which was later countered by a buyout attempt led by the founding Ito family. However, the Ito family’s efforts collapsed last month after failing to secure a reported $58 billion in funding. Dacus, a former executive at Walmart and Fast Retailing, previously led a special committee reviewing takeover bids. Paul Yonamine, another outside director, will now head the committee, which will continue talks with ACT to explore whether a potential divestiture package could satisfy regulatory concerns. Market Reaction & Investor Concerns Following Bloomberg’s report on the share buyback plan, Seven & i shares surged 6.1% on Thursday. Analysts believe the move is an attempt to boost market value and deter ACT’s takeover bid. However, concerns remain over how the company will fund the buyback and dividends. “It appears they will need to rely on borrowings, though a U.S. business listing is also in the pipeline,” said Lorraine Tan, regional director at Morningstar. Meanwhile, some analysts argue that Seven & i’s restructuring may not prevent ACT’s takeover attempt. “The divestitures leave Seven & i primarily with its convenience store operations, which is exactly what ACT wants,” noted Travis Lundy, a special situations analyst at Smartkarma. With the North American IPO still years away, ACT may still have time to negotiate an acquisition deal, provided it can structure a suitable divestment package. A Controversial Leadership Era Ends Isaka, who has been with Seven & i since 1980, became president in 2016 but faced criticism from foreign investors, including ValueAct Capital, which attempted to oust him in 2023 over concerns about the company’s direction. Under his leadership, Seven & i made a $21 billion acquisition of Marathon Petroleum’s Speedway gas stations in 2020, significantly expanding its U.S. footprint. However, some analysts argue the company overpaid for the deal while retaining low-margin businesses in Japan. “They jumped into the global market before establishing a solid foundation,” said independent retail analyst Akihito Nakai. “In hindsight, they got the order wrong.” Seven & i had previously outlined an independent turnaround plan to double sales to 30 trillion yen by 2030, focusing on overseas expansion and fresh-food offerings. However, if ACT secures control of Seven & i, it would mark the largest foreign takeover of a Japanese company. Despite Japan classifying Seven & i as “core” to national security in September, the finance ministry has stated that it would not create barriers to a potential acquisition. With leadership changes, strategic divestments, and ongoing takeover pressures, Seven & i’s future remains uncertain, as the global retail battle intensifies.–REUTERS