News

Nirvik Singh has been appointed as an Independent Director on the Board of Gulf Oil for a five-year term, from 6 February 2025 to 5 February 2030. His appointment, announced on 6 February 2025 is subject to shareholder approval. The Board of Directors highlighted Singh’s vast expertise in marketing, corporate governance, risk management and compliance, making him a strategic addition to the company. With over 35 years in advertising and marketing, he has been instrumental in shaping global brands and driving business transformation. Singh previously served as Global Chief Operating Officer and President of International Markets at Grey Group, overseeing business operations across Europe, Latin America, the Middle East, Africa and Asia-Pacific. He also spearheaded multiple acquisitions in China, India, South Korea, the UAE, the UK and South Africa, expanding into ecommerce, data analytics and marketing technology. He began his career at Lipton India, a Unilever company, before moving into advertising. At 33, he became CEO of Grey Group India, leading its expansion across South Asia. His career then took him to Singapore, where he was named Chairman and CEO of Grey Asia-Pacific in 2010 before advancing to a global leadership role in 2019. Gulf Oil’s Board believes Singh’s strategic expertise and independent perspective will be instrumental in guiding the company’s growth and adaptability in a rapidly evolving market.

KUALA LUMPUR: Nine EPF subsidiaries have suffered losses for three consecutive years since 2021, with total losses in 2023 amounting to RM224.21 million. The Auditor-General’s Report 1/2025 stated that the nine subsidiaries suffered losses of RM76.51 million in 2022 and RM49.76 million in 2021. Kwasa Europe Sà rl recorded the highest loss of RM158.42 million in 2023, followed by Ameen Direct Equity I, LP (RM25.61 million), Kwasa Europe-I Sà rl (RM14.40 million), Naungan Sentosa Sdn Bhd (RM11.88 million), Kwasa Utama Sdn Bhd (RM8.61 million), YTR Harta Sdn Bhd (RM2.70 million), Kwasa Singapore Duo Pte Ltd (RM1.36 million), PPNK-Harta Sdn Bhd (RM840,000) and Common Icon Sdn Bhd (RM390,000). The report said three of the subsidiaries – Kwasa Europe, Kwasa Europe-I and Naungan Sentosa – suffered losses because of the capital structure of the subsidiaries, which was largely in the form of shareholder loans. “EPF, as the sole shareholder of the companies, gets a return in the form of income interest, which is used to pay dividends to contributors. “Meanwhile, Ameen Direct Equity I is a newly established fund (set up in 2021), with a long-term investment focus and has not yet generated enough income to cover operating expenses,” it  said. According to the A-G’s report, EPF was audited without reprimands, but it recommended that federal agencies strengthen revenue generation efforts to continue operations based on continuous efforts and reduce reliance on government grants. The report also recommended that federal agencies review the direction and business plans of subsidiary companies that have suffered losses for three consecutive years and have not provided proper returns. EPF owns 55 subsidiaries, 34 of which recorded profits in 2023.–BERNAMA

SUBANG JAYA: Epson has announced a significant leadership transition with the appointment of Junkichi Yoshida as the new President and Representative Director, Chief Executive Officer, effective April 1, 2025. The decision, approved by Epson’s Board of Directors, marks a strategic move aimed at driving the company’s next phase of growth and innovation. Leadership Changes at Epson Yasunori Ogawa, who previously served as President and Representative Director, Chief Executive Officer, will take on the role of Chairman and Director. Junkichi Yoshida, formerly Director, Executive Officer, and Chief Operating Officer of the Printing Solutions Division, will step into the position of President and Representative Director, Chief Executive Officer. Junkichi Yoshida brings over three decades of experience with Epson, having joined the company in 1988. A graduate of Keio University’s Faculty of Economics, Yoshida has held several key positions, including General Manager of Printer Strategic Planning, Deputy General Administrative Manager of the DX Division, and Chief Operating Officer of the Printing Solutions Division. Most recently, he served as a Director and Executive Officer. Strategic Vision Behind the Leadership Change Epson’s leadership transition aligns with its Epson 25 Renewed corporate vision, which emphasizes sustainability, innovation, and enriching communities. The 2025 fiscal year marks the final stage of this vision and a critical period for formulating Epson’s next strategic roadmap. As the company aims to develop pioneering products and technologies, the new leadership team, headed by Yoshida, will be tasked with executing forward-looking strategies and establishing a strong management foundation. The transition was deliberated by the Director Nomination Committee and approved by the Board of Directors as part of Epson’s commitment to long-term corporate value enhancement. With Yoshida at the helm, Epson is set to continue its focus on innovation in both growth and emerging business areas. The company aims to strengthen its position in the market through sustainable solutions and cutting-edge technology, ensuring long-term success in a rapidly evolving industry. The official leadership transition will take effect on April 1, 2025.  

KUALA LUMPUR: Malaysian law firm David Gurupatham & Koay (DGK) has officially launched its newest office in Jinan, Shandong Province, China with the aim to serve Malaysian companies seeking business opportunities in China, as well as catering to Chinese companies with the interest to invest in Malaysia. Strategically located in the Lixia District of Jinan, the 1,500-sq. ft. office, situated on the 11th floor of the China Life Insurance Building, is now fully operational following its licensing by the Chinese Judicial Department in May 2024. The DGK Jinan opening ceremony, held on 18 February 2025, coincided with the Legal & Cross-Border Business Exchange Forum, drawing industry leaders and legal professionals from both countries. DGK’s founding partner and managing director, Dato’ David Gurupatham, emphasised the enduring trade and cultural ties between Malaysia and China, with bilateral trade reaching USD 190.24 billion. He expressed optimism about future growth in high-tech manufacturing, digital economy initiatives, green development, and tourism. Graced by dignitaries that included Lam Yook Choi, the Minister Counselor of the Embassy of Malaysia in China, Dato Seri Dr. KK Chai, President of the Malaysia Chinese Assembly Hall, Wei Shanshan, Secretary-General and legal representative of Shandong International Chamber of Commerce and Huo Jianping, Chairman of the Partners’ Board of Shandong Bohanyuan Law Firm & Vice President of Shandong International Chamber of Commerce, the historic occasion saw the active participation of legal professionals and industry leaders from Shandong and Kuala Lumpur engaged in cross border dialogue and the exploration of new business opportunities in China and Malaysia. “We would like to express our heartfelt gratitude to the dignitaries present for the opening ceremony, particularly to the Minister Counselor of the Embassy of Malaysia in China, Lam Yook Choi. DGK Jinan is the first Malaysian law firm to be established in mainland China (excluding special economic zones), it represents a major milestone for a home-grown legal firm founded more than 20 years ago. Suffice to say, we are looking forward to serve our clients in China,” added Koay Eng Hooi Senior Partner of DGK. The scope of legal services offered by DGK Jinan include Corporate & Commercial law, Banking & Finance, Construction & Real Estate, Intellectual Property, Dispute Resolution, International Arbitration, Employment Law and Family Law. DGK Jinan is open from 9.00am to 5.00pm, Monday to Friday, its address and contact information are as below: DGK Jinan 11th Floor, South Building China Life Insurance Building No. 11001 Jingshi Road, Lixia District, Jinan City Shandong Province, China Tel: +86-18053135428 E-mail: [email protected]

SHAH ALAM: Legenda Beringin Holding Sdn Bhd and Chery Corporate Malaysia Sdn Bhd signed an agreement to develop the Chery Smart Auto Industrial Park at Beringin High Tech Auto (Beringin HTA) Valley, Hulu Selangor, yesterday. Selangor Mentri Besar Datuk Seri Amirudin Shari said the industrial park, targeted for completion in 2026, anchors the first phase of development of the 324ha (800 acres) Beringin HTA Valley ecosystem, bringing world-class automotive manufacturing and cutting-edge technologies to Hulu Selangor. He said the Chery Smart Auto Industrial Park will be developed with an investment of RM2.2bil over five years. “The progress we celebrate today is a testament to what can be achieved through strong partnerships and relationships. The investment by Chery Malaysia in Hulu Selangor and the development by Legenda Beringin highlight this. “I commend Invest Selangor initiatives in driving foreign investments, and working with Legenda Beringin and Chery Malaysia to bring the Beringin HTA Valley and Chery Smart Auto Industrial Park to fruition,” he said. Amirudin’s speech was read by state Investment, Trade and Mobility committee chairman Ng Sze Han at Chery Smart Auto Industrial Park’s signing and groundbreaking ceremony at the Setia Alam Convention Centre here yesterday. Legenda Beringin chairman Chia Song Kooi and Chery International president Zhang Guibing were signatories to the agreement, witnessed by Raja Muda Selangor Tengku Amir Shah Sultan Sharafuddin Idris Shah and Chery Automobile Co Ltd chairman Yin Tongyue. Meanwhile, Zhang said the 81ha Chery Smart Auto Industrial Park is projected to have an initial production capacity of 100,000 vehicles per annum, scalable to 300,000 vehicles per annum from internal combustion engine models to the latest plug-in hybrid, battery electric and energy-efficient vehicle technologies. “We are confident that once completed it will create high-value job opportunities, house a cutting-edge research and development centre, expand vehicle exports to neighbouring countries, strengthen Selangor’s role through a robust supply chain, and solidify Malaysia’s position as a leading automotive hub in Asean,” he said. — Bernama

WASHINGTON:  President Donald Trump on Wednesday suggested a trade deal was “possible” with China — a key target in the US leader’s tariffs policy. In 2020, the United States had already agreed to “a great trade deal with China” and a new deal was “possible,” Trump told reporters. One month into his second term in office, Trump has threatened sweeping tariffs on allies and adversaries alike, targeting China as well as neighbours Canada and Mexico, and the European Union. At the beginning of February, he slapped additional customs duties of 10 per cent on all products imported from China. He is also threatening to impose 25 per cent tariffs on all imported cars, and similar or higher duties on pharmaceuticals and semiconductors as he turns up the heat on some of the biggest US trading partners. Trump also initially announced tariffs of 25 per cent on all Canadian and Mexican imports, before U-turning just hours before they were due to come into effect, granting a one-month reprieve in principle until March 1. And he signed executive orders last week imposing new 25 per cent tariffs on steel and aluminum, due to come into effect on March 12. — AFP

KUALA LUMPUR:  Economic ties often come with conditions but, according to Asean Business Advisory Council (Asean-BAC) chairman Nazir Razak, such “strings” with China are easier to deal with than those with the US. In response to a question about whether China imposes conditions on its relationships with smaller nations like Thailand and Malaysia, Nazir also agreed with insurance company FWD Group chairman Frederick Ma’s description of such ties as “the norm”. “I think ‘strings attached’ is the norm now and, looking ahead, I think the Chinese strings are easier to navigate than the American strings,” he said during a panel discussion at the China Conference: Southeast Asia 2025 here today. Nazir also expressed optimism about the future of economic integration in the region, despite past attempts that did not meet the stated goals. “I’m quite bullish because Asean has learned the hard way about what it can and should do, and what it can’t and shouldn’t do. We don’t want to be like the European Union. “In 2007, we aimed for a single production base, free movement of skilled labour, and free movement of capital, but by 2015, we had achieved none of that. Now, we understand that we shouldn’t try to go down that path,” he said. He said the region needs to be creative in its integration efforts, reiterating the council’s push for the Asean Business Entity (ABE) concept. Last Saturday, Nazir renewed the call for the ABE framework at an Asean-BAC briefing hosted by the Federation of Malaysian Manufacturers. The ABE framework will see the introduction of a new category of businesses that can be officially recognised by Asean governments. Companies designated as ABE will receive operational advantages and flexibility unavailable to standard local or global firms. ABE-certified companies will benefit from greater freedom, such as the ability to move personnel and operations across borders within the Asean region without the typical restrictions. Foreign minister Mohamad Hasan recently called for the establishment of an Asean stock exchange to strengthen the 10-nation grouping’s economic growth. In an interview with FMT, he said a regional stock exchange could comprise the top 50 blue chip companies from each Asean country, and they could be given special incentives and tariff treatment. In addition, he said, it could also raise capital from other regions as investors around the world are attracted to trade on the Asean bourse. Mohamad said such an initiative could lead to Asean becoming a bloc that is more unified and harmonious, and developed.–FMT