News

QBE Asia has announced the appointment of Ronak Shah as CEO of Wholesale Markets Asia, effective March 1. The newly established role highlights QBE’s commitment to enhancing its facultative reinsurance operations throughout the region, according to a news release. In his new role, Shah will spearhead the strategic growth of QBE’s wholesale reinsurance services, collaborating with internal experts and external partners to bolster the company’s footprint in both current and emerging markets. These markets include South Korea, Taiwan, Japan, Thailand, Indonesia, India, and mainland China. Shah will continue to report to Rob Kosova, CEO of QBE Asia, and will remain a member of the QBE Asia executive committee. “Under Ronak’s leadership, our wholesale markets team will work seamlessly with our Asia underwriters while tapping into QBE’s global expertise in corporate and specialty to deliver innovative and market-relevant facultative solutions,” stated Kosova. Shah joined QBE in 2017 as the regional head of financial and professional and casualty lines. He was eventually appointed CEO of QBE Singapore in September 2019. “This is an incredible opportunity to build on QBE’s strong foundation in facultative reinsurance and further enhance our ability to deliver bespoke risk solutions across Asia,” said Shah, commenting on this appointment. The establishment of the Wholesale Markets division aligns with the growing demand for facultative reinsurance in Asia, the news release highlighted. A survey from WTW indicated that 68% of property and casualty insurance companies intend to increase their facultative reinsurance purchases over the next two years, aiming to manage volatility in an increasingly complex insurance landscape. However, 56% of respondents identified limited capacity as a significant challenge. According to a report from imarc, the global reinsurance market is experiencing substantial growth, with projections estimating its value to reach approximately US$1,165.7 billion by 2033, reflecting a compound annual growth rate (CAGR) of 8.04% from 2025 to 2033. This expansion is attributed to the increasing need for risk management solutions amid a backdrop of rising natural and man-made catastrophic events.

SINGAPORE: UOB Group today announced a S$3 billion package as part of the Bank’s capital distribution strategy to reward its shareholders. The package includes special dividends and share buybacks to be delivered over the next three years. A special dividend of 50 cents per ordinary share is recommended with payment over two tranches in 2025, returning S$0.8 billion of surplus capital. This is also to mark UOB’s 90th anniversary. A new share buyback programme of S$2 billion has also been set up, where shares to be acquired from the open market, will be cancelled. The programme is in addition to the share buybacks designed for the Bank’s long-term incentive plans for employees. UOB Group’s capital position will remain strong following the capital distribution. The package is estimated to optimise UOB Group’s Common Equity Tier 1 Capital Adequacy Ratio by 1 percentage point based on its capital position as at 31 December 2024. Mr Wee Ee Cheong, UOB’s Deputy Chairman and Chief Executive Officer, said, “Our strong capital position reflects how we have strategically reshaped our business in recent years and the results achieved from our long-term investments in our regional franchise. We would like to thank our shareholders for their unwavering support with this capital distribution package. Following this, we remain confident in sustaining our growth momentum. Guided by our disciplined approach to balancing long-term growth with stability, we are poised to further enhance shareholder value in the years to come.”

KUALA LUMPUR: The former chief executive officer (CEO) of Syarikat Kenaf Trading Global Sdn Bhd, his wife and son were charged at two Sessions Courts here today, with 12 charges involving money laundering of more than RM150 million. Jazman Shahar Abdollah, 53, his wife Mariam Zakaria, 49, and their son, Irfan Hadi, 28, pleaded not guilty after the charges against them were read out before Judge Hamidah Mohamed Deril and Judge Azrul Darus. Jazman was charged with two counts of involvement in 17 transactions involving proceeds of unlawful activities amounting to RM119,549,889.98 and three transactions involving RM18,002,804 between Oct 25, 2021 and Jan 10, 2023, at Plaza Sentral, Jalan Stesen Sentral 5. here. The former CEO was also charged with being involved in 12 transactions involving money derived from unlawful activities amounting to RM5,833,619.07 to Sariah & Associates in Seberang Jaya, Penang, between March 1, 2022 and Jan 26, 2023 at the same location. Meanwhile, Irfan Hadi was charged with transferring money from unlawful activities amounting to RM5 million through Maybank cheques from a current account belonging to Kenaf Trading Global to a Maybank current account belonging to AR Rizq Capital Berhad. Irfan faced a second charge of transferring money from unlawful activities amounting to RM300,000 through a fund transfer instruction letter dated July 13, 2022 from a Maybank current account belonging to Kenaf Venture Global Sdn Bhd for the purpose of opening an account. Irfan Hadi was also charged with disposing of proceeds from unlawful activities from Kenaf Venture’s account for the purpose of purchasing a 3,592 sq ft office unit in a commercial complex at Plaza Sentral which was erected on the master title worth RM3,304,640. The three offences were allegedly committed at Plaza Sentral, Jalan Stesen Sentral 5 here, between March 7 and July 22, 2022 Mariam was charged with one count of disposing of money from unlawful activities amounting to RM1,634,882 through six Maybank cheques from the account of her firm, Sariah & Associates, for the purchase of a three-storey bungalow in Kota Damansara, Petaling Jaya, which was committed at a building in Seberang Jaya, Penang on March 25, 2022 and Jan 9, 2023. She was also charged with disposing of money amounting to RM78,490.45 through Maybank cheques from the firm’s Maybank current account for the purchase of a sport utility vehicle (SUV) in her son’s name at the same location on Dec 12, 2022. Before Judge Azrul, Jazman was charged with disposing of proceeds from unlawful activities from Kenaf Venture Global’s account for the purpose of purchasing a 3,592 sq ft office unit in a commercial complex at Plaza Sentral which was erected on the ownership of the master title worth RM3,304,640, on June 24, 2022 at the plaza. Mariam was also charged with three counts of receiving money from the illegal investment scheme “Kenaf Development Fund” amounting to RM4,238,663.81 which was deposited into the accused’s Maybank savings account between Oct 1, 2021 and Dec 31, 2023 at a building in Seberang Jaya, Penang. All the offences were charged under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. The section provides for a maximum jail term of 15 years and a fine of not less than five times the amount or value of the proceeds of the unlawful activity or equipment of the offence at the time the offence was committed or RM5 million, whichever is higher, upon conviction. Both courts allowed Jazman to be granted bail of RM60,000, Mariam to RM30,000 and Irfan Hadi bail of RM20,000 each with one surety for all charges with the additional condition that they must report to the nearest police station every month and their passports handed to the court until the case is over. The court fixed April 15 for mention of the case. The prosecution was led by deputy public prosecutor Megat Mahathir Megat Tharih Afendi while all the accused were represented by lawyer Zahidah Md Zaman.–BERNAMA

KUALA LUMPUR: The Malaysian banking sector remains bullish as it provides  a good shelter from Trump 2.0, said Hong Leong Investment Bank Bhd (HLIB). In a note today, it said that system loans growth grew by 5.7 per cent year-on-year (y-o-y) while deposits remained resilient at 3.1 per cent y-o-y. “However, leading indicators were mixed. Separately, we see the first quarter 2025 net interest margin (NIM) holding up well, given easing seasonal fixed deposits rivalry. “Most banks are looking to employ more disciplined loans expansion strategy and are not aggressively hunting for deposits. Moreover, it offers decent dividend yield of 5.0 per cent,” it said. Overall, HLIB maintained its ‘overweight’ call on the sector, with ‘buy’ calls on Affin Bank, AMMB Holdings, Bank Islam, CIMB, Maybank, Public Bank, and RHB Bank. Meanwhile, Kenanga Investment Bank Bhd said that most banks are expecting some challenges in maintaining their interest margins, but remain confident on loans growth, averaging between 5.0 and 6.0 per cent. “This ties well with our projection for industry loan growth to come in at 6.0 per cent, on the back of ongoing developments in Johor’s Special Economic Zone and ongoing data centre projects, supported by a stable overnight policy rate of 3.0 per cent anticipated throughout 2025. “Immediate headwinds consist of uncertainties in foreign trade policies and RON95 subsidy rationalisation possibly hampering consumer appetite for loans,” it said. Kenanga Investment Bank also maintained its ‘overweight’ call on the banking sector. “Our first quarter 2025 top picks are Ambank (target price (TP): RM6.80) for efforts in optimising its  return on equity and higher payouts to drive dividend yields above its present 5.0 per cent, and Maybank (TP: RM12.00) for remaining the market share leader whilst still expanding at the expense of larger peers. “Its dividend yields (6.0 per cent) continue to lead and are expected to be entirely in cash,” it added. – BERNAMA

KUALA LUMPUR: Pantech Global Bhd (KL:PGLOBAL) saw its shares tumble 32% in its first trade on Monday after raising RM178 million from its initial public offering (IPO) on the Main Market of Bursa Malaysia. The stock opened at 46.5 sen, significantly lower than its IPO price of 68 sen, before dipping further to a low of 40 sen. By 9:30 AM, Pantech Global was trading at 52.5 sen, with nearly 44 million shares changing hands. The weak debut comes amid growing concerns among investors and the steel industry over US import tariffs on steel, which could lead to a surplus of products flooding Southeast Asia. Despite the initial market reaction, Pantech Global remains optimistic. “We remain committed to strengthening our capabilities, expanding our market reach, and driving sustainable value for our stakeholders,” said Group Managing Director Adrian Tan during the company’s listing ceremony. Strong Demand for IPO Despite Market Concerns Pantech Global, a spin-off of Pantech Group Holdings Bhd (KL:PANTECH), saw strong demand during its IPO. Shares allocated to the public were oversubscribed nearly 45 times. The company downplayed concerns over the US-imposed 25% tariffs on steel and aluminum imports, emphasizing that the blanket nature of these tariffs ensures a level playing field. In 2023, Pantech Global controlled about two-thirds of Malaysia’s export market for butt weld pipe fittings and held a 16% share of the country’s stainless steel welded pipe production. IPO Proceeds and Future Plans The company has allocated 74% of its IPO proceeds for expansion and capital expenditure, 13% for working capital, and 8% for loan repayment, with the remaining funds covering listing expenses. Notably, there was no sale of existing shares, meaning the company’s main shareholders retained their stakes. Alliance Islamic Bank Bhd served as the principal adviser, underwriter, and placement agent for the IPO.

Noor Azam bin Mohd Yusof has been appointed as the CEO of Sun Life Malaysia Takaful (SLMT), effective 3 February 2025. He takes over from Jeffry Azmi, who has retired. Azam Yusof brings over 25 years of experience in the insurance and takaful sectors, with expertise spanning sales and marketing, bancassurance, bancatakaful, agency management, business development, and strategic transformation. Before joining Sun Life Malaysia, he was the CEO of a leading family takaful operator since 2017. n his new role, he will oversee SLMT’s business operations, ensuring Syariah compliance and driving the company’s growth strategy in the Malaysian bancatakaful market. His appointment also aligns with Sun Life Malaysia’s efforts to expand its Insurelit campaign, which aims to enhance insurance and takaful literacy in the country. Raymond Lew Raymond Lew, President and Country Head of Sun Life Malaysia, said, “We are thrilled to welcome Azam Yusof to the Sun Life Malaysia family. His proven leadership and deep takaful expertise are precisely what we need to expand our takaful business’s reach and impact. With a ‘Play to Win’ mindset, we are confident he will lead us to become a family takaful leader, delivering exceptional growth, innovation and impacts for our clients.” Azam Yusof Azam Yusof said, “I am honoured to lead SLMT and scale our family takaful business to greater heights. I am passionate about helping our Clients and more Malaysians build a secure financial future that honour their faith and enabling them to live healthier, more fulfilling lives.” —FINTECH NEWS MALAYSIA

QEW Group Berhad is set for accelerated growth and multi-billion-ringgit expansion, backed by a robust financial structure and a healthy 17.9% Debt-to-Equity (D/E) ratio. This positions the company as a high-potential investment opportunity in Malaysia’s rapidly growing infrastructure, telecommunications, and industrial sectors. With total tangible & intangible asset assets of RM 2.38 billion, including Real Estate, Telco Towers & Data Centre, and Healthcare, QEW Group Berhad is firmly rooted in high-growth industries. Additionally, its portfolio valued at includes iron ore mining concession, a proprietary REE mining formula, and a Bank Negara Malaysia (BNM) factoring license & account receivables The company’s financial structure remains solid, with total equity of RM2.38 billion and liabilities of RM426 million. This ensures a strong liquidity position, allowing QEW Group Berhad to pursue its multi-billion-ringgit projects, including: aggressively several mega project worth billions will announce soon including telecommunications sector. To mobilize these high-value projects and unlock their full potential, QEW Group Berhad is actively seeking strategic partnerships with financial institutions and institutional investors. The company welcomes investment collaborations, capital injections, and structured financing solutions to accelerate execution, enhance cash flow, and drive sustainable growth across its infrastructure and industrial initiatives. Furthermore, QEW Group Berhad is in the final stages of structuring a new financial instrument-SUKUK-as part of its strategy to consolidate its financial framework and attract Ultra High Net Worth Investors (UNWI) for long-term collaboration. This initiative aims to provide a Shariah-compliant, stable, and scalable financing model that ensures sustainable capital flow while enhancing investor confidence and broadening QEW’s access to global capital markets. Additionally, all RPSI under QEW Group Berhad have been successfully enrolled into the EXIT PLAN Program, a structured initiative designed to ensure a swift and efficient resolution of outstanding obligations. Once the company completes its ongoing financial consolidation, the EXIT PLAN will be fully executed, allowing for the seamless settlement of RPSI commitments. This move is expected to further strengthen QEW Group Berhad’s financial standing, improve liquidity, and enhance investor confidence. “Our disciplined financial management and strategic asset portfolio give us a competitive edge in securing and executing high-value projects. With a D/E ratio of just 17.9%, QEW Group Berhad is primed for significant growth while maintaining a strong balance sheet.” As the company continues its expansion into high-growth industries, investors can expect strong revenue streams, scalable assets, and long-term value creation.