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PETALING JAYA: Genting Bhd has appointed Tan Kong Han as its new CEO, effective March 1, 2025, succeeding Lim Kok Thay, who has led the company for nearly two decades. In a statement today, the group announced that Tan, who has served as president, COO, and executive director for the past 18 years, will take on the CEO role while continuing his responsibilities as president and executive director. Genting also confirmed that Lim will remain executive chairman, acknowledging his instrumental role in transforming the group into a global conglomerate. “Under Lim’s leadership, Genting and its subsidiaries have grown from their Malaysian roots into a multinational powerhouse, with operations spanning leisure and hospitality, oil palm plantations, power generation, oil and gas, property development, as well as investments in life sciences and biotechnology,” the statement read. Lim congratulated Tan on his new appointment, recognizing his contributions and expressing confidence in his leadership. “Tan joined Genting in 2007 as president and COO, became a director in 2020, and is now stepping into the CEO position as part of a multi-year succession plan,” Lim said.

KUALA LUMPUR (Feb 27): RHB Bank Bhd (KL:RHBBANK) posted a 42.45% increase in net profit for the final quarter of last year, driven by higher net interest income and lower allowances for credit losses. Net profit at Malaysia’s fourth-largest lender by assets for the three months ended Dec 31, 2024 (4QFY2024) was RM834.54 million, versus RM585.91 million in 4QFY2023, according to a bourse filing. Earnings per share rose to 19.14 sen from 13.67 sen previously. The bank declared a second interim dividend of 28 sen per share for FY2024, bringing the total dividend payout for the full year to 43 sen per share — its highest ever for a financial year. The group had been paying a 40 sen per share dividend for three consecutive years since FY2021. Quarterly revenue rose to RM4.58 billion from nearly RM4.4 billion. Net interest income rose 10.39% year-on-year (y-o-y) to RM957.18 million from RM867.22 million, while non-interest income declined by 36.15% to RM397.87 million from RM623.22 million. Income from Islamic banking operations jumped 60.37% y-o-y to RM855.60 million from RM533.60 million a year ago. The bank’s allowances for credit losses on financial assets dropped 67.93% y-o-y to RM73.76 million, compared with RM230.12 million in 4QFY2023. Its net interest margin — a measure of profitability from interest charged on loans after paying returns on deposits — expanded y-o-y by four basis points to 1.86%, thanks to the bank’s liability management initiatives. For FY2024, net profit grew 11.16% to a record high of RM3.12 billion, compared with RM2.81 billion in FY2023. Net interest income for FY2024 was up 8.69% at RM3.87 billion from RM3.56 billion FY2023, as non-interest income jumped 38.77% to RM2.56 billion from RM1.84 billion. “As we look ahead, our new corporate strategy will focus on accelerating digital transformation and driving innovation to create seamless, customer-centric banking experiences,” RHB group managing director and group chief executive officer Datuk Mohd Rashid Mohamad said in a statement. “This strategic shift will ensure that RHB remains agile, competitive, and well-positioned to meet the evolving needs of our customers in a rapidly changing financial landscape,” he said. RHB also expects the banking sector to remain resilient in FY2025, supported by strong capital and liquidity positions, despite the uncertainties surrounding the US policy direction and geopolitical tensions. Deposits from customers rose 2.04% to RM250 billion, with current-account-savings-account (Casa) making up 27.6% of total deposits. Gross loans grew 6.9% y-o-y to RM238 billion, supported by a growth of 6.5% in community banking, 8.9% in wholesale banking and 8.3% in its Singapore segment. Gross impaired loans ratio improved to 1.47% from 1.74% in FY2023, largely due to the resolution of distressed corporate borrowers. Loan loss coverage ratio rose to 115.5% and up to 78.6% without regulatory reserves. RHB’s common equity Tier 1 capital — a measure of a bank’s capital strength based on the highest quality of regulatory capital — stood at 16.4%, with the total capital ratio at 19%. At the midday break on Thursday, RHB shares were up four sen or 0.6% at RM6.68, valuing the group at RM29.12 billion.–THE EDGE 

SINGAPORE: A high-stakes family feud, allegations of corporate governance failures, and a legal battle between a billionaire patriarch and his son—by the standards of Asia’s often dramatic succession sagas, the turmoil at Singapore’s Kwek dynasty is extraordinary. City Developments Ltd (CDL), the financial hub’s largest listed developer, was thrown into chaos today as its billionaire chairman, Kwek Leng Beng, 84, accused his son, Sherman Kwek, the firm’s CEO, of orchestrating a boardroom coup. The elder Kwek and CDL have since filed a lawsuit against Sherman. At stake is control over a significant portion of the family’s US$18 billion empire, which spans real estate, hospitality, and finance. The dispute has stunned corporate circles in a region well-versed in succession battles that frequently spill into the public domain—and sometimes, the courtroom. A Dynasty in Turmoil The Kwek family is no stranger to the complexities of generational succession. Their fortune traces back to Kwek Hong Png, a Chinese immigrant who built the Hong Leong Group into a powerhouse spanning multiple industries. Over six decades, Leng Beng expanded the empire, transforming CDL and developing Millennium & Copthorne Hotels into Singapore’s largest international hotel chain. However, the company’s fortunes have waned. CDL’s market value now stands at just a third of its 2007 peak, around S$4.6 billion (US$3.43 billion). This decline has only fueled tensions between father and son. When Sherman Kwek, 49, took over as CEO in 2018, it appeared the family had orchestrated a smooth transition—avoiding the bitter infighting that has plagued other dynastic businesses. But his tenure soon became mired in controversy. A Costly Bet on China Sherman spearheaded a 2019 investment in China’s Sincere Property Group, a deal once hailed as “game-changing.” Instead, it turned disastrous. China’s property market crash left CDL nursing a near-total write-off of its billion-dollar investment. The fallout was severe. In 2020, CDL posted a staggering S$1.9 billion loss, with the pandemic further compounding financial pressures. Travel restrictions crippled its hotel division, and what Kwek Leng Beng described as “poor investment decisions in the UK property market” only deepened the crisis. As CDL’s stock continued to underperform its peers, internal fractures within the family surfaced. In 2020, Kwek Leng Peck—another influential family member—resigned from the board, citing his opposition to Sherman’s China investment. The Breaking Point The tensions escalated earlier this month when the elder Kwek sought to remove his son as CEO, citing “serious lapses in corporate governance.” He accused Sherman of bypassing the usual nomination process to appoint two new directors to the board, a move he claims was an attempt to consolidate power. In response, CDL’s board split into factions, culminating in a lawsuit filed against Sherman and six other directors. Kwek Leng Beng declared the legal action necessary “to set things right,” stating: “The reckless actions of a faction seeking to consolidate unchecked control not only undermine CDL’s governance but also put at risk the very legacy we have built over decades.” Sherman fired back, calling the lawsuit “extreme” and expressing his disappointment over his father’s actions. Despite the turmoil, he remains CEO unless formally removed by board resolution. A Family Battle with No Clear End Corporate governance experts warn that family feuds like this one are rarely resolved quickly. “Generational succession is always tricky, but even more so when businesses face headwinds and the previous generation retains power,” said Marleen Dieleman, professor at IMD Business School in Singapore. As CDL grapples with this internal crisis, the financial world watches closely. With legal battles looming and power struggles intensifying, the once-stable Kwek dynasty now faces one of its most uncertain chapters.

LOSS-MAKING KNM Group Bhd has secured a Japanese buyer for its German-based crown jewel Borsig GmbH for €270 million (RM1.245 billion), paving the way for it to deleverage its debt and restart its Malaysian operations. The proposed deal, classified as a major disposal under listing requirements, would require the nod of at least 75% of its shareholders. In an exchange filing today (Feb 27), KNM said  its wholly-owned subsidiary, KNM Process Systems Sdn Bhd (KNMPS) has entered into a conditional sale, purchase and transfer agreement with Japan-based NGK Insulators Ltd for the proposed disposal of its 100% equity interest in Deutsche KNM GmbH, the parent of Borsig. The move would end earlier attempts to float Borsig via an initial public offering (IPO). “This is a fantastic deal, with pricing you cannot get with an IPO,” a person close to the deal told The Malaysian Reserve. October 2023, the debt-laden group saw an intense shareholder tussle for control. A group led by Johor princess Tunku Kamariah Aminah Maimunah lskandariah Sultan Iskandar and German billionaire Andreas Heeschen tried in vain to oust the entire existing KNM board led by its chairman Tunku Yaacob Khyra. Tunku Kamariah is the eldest sister of the present King of Malaysia. Following the proposed disposal, KNM said it will concentrate its efforts on its core business in process equipment manufacturing, which currently operates through KNMPS. The company said it plans to expand its operations in Malaysia, leveraging its established expertise in designing and manufacturing process equipment for the oil & gas (O&G), petrochemical, and fertilizer industries. KNMPS operates two fabrication plants located in Gebeng, Pahang and Tanjong Minyak, Melaka, with a combined floor space of approximately 24,000 square metres. In 2023, its Malaysian operations contributed RM63.21 million in revenue to the group. “We believe that focusing on our fabrication of processing equipment business will drive long term value for our stakeholders,” KNM group CEO Ravindrasingham Balasingham said in a statement. The German incorporated DKNM, which wholly-owned Borsig and its subsidiaries, is principally engaged in the manufacturing of process equipment mainly used in the petrochemicals as well as O&G industries. On its part, NGK is a global leader in ceramic technology, primarily engaged in the manufacture and sale of electrical insulators, advanced energy storage systems, industrial ceramic products, and electronic parts. NGK’s product range includes ceramic catalyst carriers for exhaust gas purification, gas analysers, and heaters and electrostatic devices used in semiconductor manufacturing processes. On the proposed deal, KNM said it is being undertaken to unlock the value of the DKNM Group, in order to deleverage the debt position of KNM Group and to provide KNM Group with greater cash flow flexibility to regularise its condition moving forward. As at Sept 30, 2024, KNM’s total borrowings was about RM1.27 billion with a gearing ratio of 3.94 times. On Oct 31, 2022, KNM announced on Bursa Securities that it had been classified as a PN17 Issuer.–THE MALAYSIAN RESERVE    

KUALA LUMPUR: Global communications platform Infobip has launched a new documentary in collaboration with CBS News, chronicling its rise from a startup to becoming the first Croatian company to achieve a billion-dollar valuation—without external funding. The film highlights Infobip’s rapid growth and how its solutions have empowered some of the world’s most recognized brands to deliver seamless, conversational customer experiences that foster loyalty. Today’s consumers expect to engage with their favorite brands on the same channels they use to communicate with family and friends—without switching between multiple apps or websites. To meet these evolving expectations, businesses must offer fluid, omnichannel interactions. Since its founding in 2006, Infobip has been a pioneer in omnichannel communication, making business-to-customer interactions more accessible and intuitive. A prime example is Infobip’s partnership with Uber, which has been instrumental in enhancing user experience across key markets like APAC, EMEA, and LATAM, serving over 110 million users. Since 2019, Infobip has powered Uber’s number masking feature, ensuring secure, anonymous communication between drivers and passengers—achieving a 90% global call anonymization rate. Over time, this collaboration has expanded to include SMS alerts, WhatsApp messaging, and even the ability to order an Uber directly through chat. The documentary also explores how Infobip’s cutting-edge solutions, including conversational AI and emerging messaging technologies like RCS, give brands a competitive edge. Silvio Kutić, CEO of Infobip, shared: “As technology and customer expectations evolve, Infobip remains at the forefront of omnichannel innovation, as demonstrated by our partnership with Uber. Through a hands-on approach, our dedicated team continues to push boundaries, delivering market-leading solutions that create effortless, conversational experiences for businesses and their customers.” Watch Infobip’s documentary now on YouTube .

Ant International, a leading global digital payment, digitisation and financial technology provider, has appointed Worachat Luxkanalode as the new chief executive of payments platform 2C2P. Mr Worachat assumes the role in April 2025, subject to regulatory approval. In his role, Mr Worachat will oversee the overall business strategy and operations of 2C2P, spearheading the company’s strategic upgrade from mainly serving enterprise customers to businesses of all sizes, including small and medium-sized enterprises (SMEs) across Southeast Asia. 2C2P is part of Antom, Ant International’s global payment and digitisation solutions provider, serving leading players in travel, online retail, entertainment and more. According to Gary Liu, general manager of Antom, Mr Worachat is a fintech veteran with proven experience in payments, digital banking, and driving sustainable business growth. Mr Worachat is currently with Southeast Asia’s leading super-app Grab, serving as managing director of Grab Thailand. He joined in 2019 and held several roles, including country head of Grab Financial Group for Thailand, and executive director of Grab Thailand. Before joining Grab, he held senior executive positions at leading Thai and international banks and financial institutions for 17 years, and is among the pioneers of digital banking in Thailand. Mr Worachat said that as 2C2P continues to strengthen its position in Southeast Asia’s payments landscape, his focus will be on driving a strategic transition to better serve regional SMEs alongside its enterprise customers by standing on the strong foundation built by 2C2P’s current leadership, especially visionary founder Aung Kyaw Moe. Recently Grab announced the appointment of Chantsuda Thananitayaudom as country head of Grab Thailand, effective as of April 1, 2025, succeeding Mr Worachat. Ms Chantsuda joined Grab in 2018 as the country marketing head for Grab Thailand.–BANGKOKPOST

HSBC Holdings has assigned additional responsibilities to country heads in some smaller Asian markets as part of its efforts to streamline operations and eliminate management layers. According to an internal memo seen by Bloomberg News, Peter Kim will take on the role of head of banking alongside his position as chief executive officer in Korea, effective March 1. Similarly, Tim Evans will hold both roles in Vietnam. A spokesperson for HSBC confirmed the contents of the memo. “The changes will create a simple organisation that will be better placed to deliver best-in-class service to our customers and are designed to accelerate the execution of our strategic objectives,” the spokesperson stated. In Malaysia, Taiwan, and Thailand, Omar Siddiq, Adam Chen, and Giorgio Gamba will assume dual roles. However, some commercial and global banking staff applied for new positions but were not selected, according to sources familiar with the matter. HSBC CEO Georges Elhedery, who took over last year, has been implementing significant changes to reduce costs, complexity, and job redundancy. Under his leadership, the bank has merged its commercial banking division with its global banking and markets unit and has scaled back some investment banking operations in Europe and the Americas. Late last year, HSBC required hundreds of managers to reapply for positions within its newly formed corporate and institutional banking division. The bank is also discontinuing the use of the “general manager” title for some senior staff, instead adopting “managing director,” a title more commonly used in major financial institutions, sources said. The memo also revealed that HSBC will appoint a new head of banking, international markets, to oversee operations in Bangladesh, Indonesia, Mauritius, the Philippines, Sri Lanka, Thailand, and Vietnam. For its “priority markets” of China, India, and Singapore, the bank has named Zhenyi Tang, Ajay Sharma, and Gilbert Ng as heads of banking

ANA, Japan’s largest airline, will spend copy4.5 billion to buy 77 aircraft from Boeing, Airbus and Embraer in a rare simultaneous deal with the world’s top three commercial planemakers. The procurement plan includes at least 18 widebody 787-9 Dreamliners and 12 737-8 Max single-aisle jets from Boeing, All Nippon Airways Co Ltd said on Tuesday. The carrier will also add 27 Airbus A321neo jets, including three of the XLR longest-range single-aisle planes, and 20 E190-E2 regional jets from Brazil’s Embraer, it said. The airline exercised options for a further 10 737-8 Max jets and five 787-9 widebodies — planes ordered in 2019 and 2020, respectively, and costing about copy.9 billion — taking the overall order to 92 aircraft. Airlines typically receive large discounts for substantial purchases. “This order will be the catalyst for improving the profitability of domestic flights and the expansion of international flights which is an area of future growth of our airline business,” ANA chief executive officer Koji Shibata said in a statement. The jets are set to be delivered between 2028 and 2032. The deal includes firm orders and some options. The purchase underscores ANA’s ambitions to exceed its pre-pandemic fleet size by 2030 and capitalise on the boom in global air travel demand. Shinichi Inoue, chief executive officer of the group’s flagship airline ANA, said last year that the carrier was considering further purchases of large aircraft as planemakers run out of slots to build jets into the end of the decade. The carrier is also looking to replace its fleet of older Boeing 767s, a midsize widebody no longer being made for passenger use, and its remaining 737s. ANA’s order gives a much-needed boost for Boeing from one of its best customers as the planemaker tries to shake off a tumultuous period that’s included management upheaval and delivery delays after a near-catastrophic 737 Max door blowout triggered regulatory scrutiny. Boeing has also been on the back foot in Asia, where it has come second place in a series of key sales campaigns including for Cathay Pacific Airways, Japan Airlines and Eva Airways. However it has recently picked up momentum, securing deals with China Airlines and Thai Airways International. But the simultaneous purchase of Airbus and Embraer jets as well signals ANA’s need to expand its procurement at a time when planemakers are in high demand — and it is unusual for an airline to purchase from the three aircraft manufacturers at the same time. ANA was the launch customer of the Boeing 787 and is the largest global operator, with 86 of the type in fleet and a further 10 on order. ANA also has 18 777-9s and 20 737 Max single-aisle jets yet to be delivered. The carrier has a fleet of around 240 mostly Boeing-made aircraft and controls the budget carrier Peach Aviation, which has an all-Airbus fleet of 37 single-aisle jets.–BANGKOKPOST

KUALA LUMPUR: Palm oil’s share of India’s annual edible oil imports is set to drop below soft oils for the first time as its rising premium over soyoil and sunflower oil pushes refiners toward more affordable alternatives, the head of an industry body said. Lower palm oil imports by India, the world’s biggest buyer of vegetable oils, could weigh on benchmark Malaysian palm oil prices and support US soyoil futures. “Palm oil is getting pricey due to supply issues, so buyers are naturally shifting to soyoil and sunflower oil instead,” said Sanjeev Asthana, president of the Solvent Extractors’ Association (SEA) of India (SEA), in an interview with Reuters. “The country’s palm oil imports in the 2024/2025 marketing year ending in October 2025 could fall to as low as 7.5 million metric tonnes, the lowest in five years,” said Asthana, who is also the CEO of Patanjali Foods Ltd. “Palm oil is losing market share to soft oils, which are projected to account for a slightly larger volume of imports,” he said. Palm oil accounted for 56% of India’s total edible oil imports in the last marketing year, but in the first three months of the current year its share fell to 43%, the SEA data showed. Palm oil has been trading at a premium over rival oils for the past few months as supplies from top producers Indonesia and Malaysia were affected by floods at a time when Jakarta has also moved to increase the tropical oil’s use in biodiesel. “The current premium for palm oil is not sustainable, and once it begins trading at a discount, likely within two months, Indian buyers will increase their imports,” Asthana said. “Soyoil imports in the current year could increase by 1 million to 1.5 million tonnes from last year’s 3.4 million tonnes, while sunflower oil imports may rise slightly from last year’s record level of 3.5 million tonnes,” he said. India meets nearly two-thirds of its vegetable oil demand through foreign sourcing. It buys palm oil from Indonesia, Malaysia and Thailand, while soyoil and sunoil come from Argentina, Brazil, Russia and Ukraine. “The rising availability of local oils, which will help fulfill incremental demand, is expected to keep the country’s total edible oil imports steady at around 16 million tonnes this year,” Asthana said.–REUTERS

HONG KONG: Hong Kong will launch a new channel on the stock exchange designed to expedite listings of tech companies, the latest move by the fundraising hub to boost attractiveness amid rising appetite of Chinese companies to raise funds offshore. Hong Kong Stock Exchange (HKEX) is to establish a dedicated “technology enterprises channel”, Hong Kong’s Financial Secretary Paul Chan said on Wednesday (Feb 26). The channel will facilitate specialist technology and biotechnology companies’ listings in Hong Kong, particularly those already listed in the mainland, Chan said while delivering his 2025-26 budget. The market’s watchdog Securities and Futures Commission is working with the exchange to enable a smoother application process, he added. The announcement comes as Chinese companies, mainly those in the tech sector, accelerate plans to raise funds offshore, tapping into a rebound in investor sentiment fuelled by hopes of Beijing’s support for private firms and the popularity of DeepSeek. Regulators in mainland China and Hong Kong have told some of the world’s biggest investment banks to help speed up Chinese companies’ listings in the city, Reuters reported in December citing sources. The city exchange officials urged bankers during meetings in October to identify bottlenecks in the listing application process of Chinese firms and share specific examples, sources said at that time. The city bourse reports it’s full year earnings on Thursday.–REUTERS