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Asia Group Advisors (AGA) has announced the appointment of Jessica J. Lee as Vice-President, Strategy. Jessica brings a wealth of expertise in corporate communications, issues management, and strategic planning across Asia-Pacific and the United States. “Asia’s fluid business operating environment means that companies will need to be creative and flexible in how they interact with governments and other stakeholders,” said Adam Schwarz, Founder & CEO of Asia Group Advisors. “It also means consistent and deep local market engagement will be required to capture the many opportunities that continue to emerge in this region. Jessica’s expertise will be invaluable as we continue to provide strategic, impact-focused advice to our clients.” Jessica J. Lee has a distinguished career spanning the technology, healthcare, and philanthropy sectors. She has built high-performing, multi-country teams, fostered public-private partnerships and executed impactful campaigns for multinational corporations. Her leadership has been instrumental in addressing complex geopolitical issues and advancing sustainability initiatives globally. Prior to joining AGA, J. Lee served in regional leadership roles at APCO Worldwide, as Managing Director Southeast Asia, and WE Communications, as Vice President Regional Healthcare Lead, where she advised clients on market entry strategies for Korea and Australia and provided strategic counsel to C-suite executives on investment and risk management. She has also spearheaded award-winning communications campaigns for major healthcare brands, focusing on areas such as health economics and digital transformation. Earlier in her career, she contributed to the rollout of the Affordable Care Act in the United States as a healthcare consultant at Wilson Strategic. Additionally, she served as a Visiting Professor at the Korea Development Institute, training civil servants and advancing global development initiatives. “I’m excited to join AGA and contribute to the firm’s mission of helping clients navigate the complexities of the Asian market,” said Jessica J. Lee. “I look forward to working with Adam and the talented team at AGA to deliver innovative solutions and create value for our clients.”–BRANDING IN ASIA

KUALA LUMPUR: MNRB Holdings Bhd has appointed Datuk Sulaiman Mohd Tahir as its new non-independent and non-executive chairman effective from Feb 14. Sulaiman succeeds Datuk Johar Che Mat, who has resigned from his position as chairman of MNRB and Malaysian Reinsurance Bhd (Malaysian Re) effective Feb 12. Johar will continue to share his expertise and insights within the group as chairman of subsidiaries Takaful Ikhlas Family Bhd and Takaful Ikhlas General Bhd. Sulaiman will also assume the role of non-independent and non-executive chairman of Malaysian Re, effective from Feb 14. With over 30 years of experience in local financial sector, Sulaiman brings a wealth of expertise to his new role. He has held notable leadership positions, including chairman of Bank Pembangunan Malaysia Bhd and group chief executive officer of AmBank Group. “His extensive background in banking and finance, along with his commitment to excellence, will contribute significantly to MNRB’s ongoing growth and development. “Sulaiman’s appointment ensures a smooth transition of leadership and reinforces MNRB’s focus on delivering long-term value to its stakeholders,” it said. –Business Times  

KOTA KINABALU: Sabah is set to strengthen its position in the electric vehicle (EV) industry with the establishment of its first assembly plant at the Palm Oil Industrial Cluster (POIC) Sandakan. Maxland Auto Sdn Bhd, which secured its federal manufacturing licence from the Malaysian Investment Development Authority (Mida) last year, plans to invest RM100mil in the project by 2028. The project is expected to generate up to 500 jobs by its third phase, which includes a manufacturing plant. “This milestone aligns with the state government’s vision for industrial diversification and sustainable economic growth,” state Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe said during a recent site visit. His ministry and other agencies have pledged their support for this and other similar investments. “The government is committed to fostering industrial growth and ensuring Sabah becomes a key player in the green technology sector,” Phoong said, stressing the importance of clean energy transportation in driving economic progress. Accompanying the minister on the visit were ministry permanent secretary Datuk Thomas Logijin, Sandakan Municipal Council president Walter Joseph Kinson, Industrial Development and Research Department director Rodolfo Blantocas, Sabah Mida director Joseph Benjamin, and Invest Sabah Berhad deputy chairman George Wong. With this development, Sandakan is poised to emerge as a hub for EV innovation, reinforcing the state’s commitment to sustainable industrialisation and economic transformation.–THE STAR

KOTA KINABALU: Petroliam Nasional Bhd (Petronas) has taken a pragmatic approach in deciding to shut down the Sabah-Sarawak Gas Pipeline (SSGP), according to Sabah Finance Minister Datuk Seri Masidi Manjun. Masidi explained that Petronas is reassessing its priorities due to persistent challenges affecting the 500-kilometre pipeline that connects Kimanis to Bintulu. “My understanding is that there are two key reasons for this decision. First, from the very beginning, the pipeline has been plagued by leakages, requiring costly repairs. “From a financial standpoint, it simply isn’t sustainable. Repairing a pipeline of this scale every time an issue arises costs hundreds of millions of ringgit, making it impractical for Petronas to continue,” he told reporters after attending the Sabah state-level Chinese New Year celebration at the Sabah International Convention Centre. Petronas recently announced in its 2025-2027 Activity Outlook that it will decommission the RM4.6 billion SSGP, which has been in operation since 2014. Masidi, who also serves as chairman of state-owned SMJ Energy Sdn Bhd (SMJE), noted that Petronas is now focusing on a new initiative—building the largest near-shore liquefied natural gas (LNG) facility in Sabah at the Sipitang Oil and Gas Industrial Park. “The Bintulu LNG facility is one of the largest in the world. That’s why, historically, all gas—including Sabah’s—was transported there. But this shift presents a significant opportunity for us. “In fact, keeping the gas in Sabah will benefit the state even more, as it can directly support local industries and spur economic development,” he said.

Bursa Malaysia Securities Berhad has taken enforcement action against Waja Konsortium Berhad (WAJA) and two of its directors for violating the ACE Market Listing Requirements (ACE LR). The company received a public reprimand, while Managing Director Peh Lian Hwa and Executive Director Peh Jia Yau were each fined RM100,000. Failure to Make Timely Disclosures WAJA breached Rule 8.04(3)(b) of the ACE LR, read alongside paragraph 4.1(a) of Guidance Note 3 (GN3), by failing to promptly issue a First Announcement after releasing its quarterly financial report for the period ending June 30, 2023 (QR 30/6/2023) on August 24, 2023. This report indicated financial distress under paragraphs 2.1(b) and 2.1(c) of GN3, requiring immediate public disclosure. However, WAJA delayed the announcement until October 10, 2023—1.5 months later—only making the disclosure after engagement by Bursa Malaysia Securities. Directors Held Accountable The two directors were found liable under Rule 16.13(b) of the ACE LR for allowing the breach, resulting in the following penalties: Director Position Penalty Peh Lian Hwa Managing Director Public Reprimand, RM100,000 Fine Peh Jia Yau Executive Director Public Reprimand, RM100,000 Fine Impact of the Breach Bursa Malaysia Securities emphasized the seriousness of the infraction, stating that timely disclosure of financial distress is crucial for shareholder and investor decision-making. Being classified under GN3 could lead to potential suspension or delisting if WAJA fails to regularize its financial position within the timeframe prescribed under Rule 8.04 of the ACE LR. Key financial red flags from WAJA’s report included: A loss of RM44.032 million for the 18-month period ending June 30, 2023, exceeding its shareholders’ equity of RM37.198 million, which was also less than 50% of its RM113.357 million share capital. Consecutive losses totaling RM68.59 million over two financial years, with the latest loss surpassing 50% of the previous year’s deficit. Bursa Malaysia Securities noted that WAJA failed to provide a reasonable justification for the delay in disclosure. Lapses in Leadership Oversight The Managing Director and Executive Director had a fundamental duty to ensure regulatory compliance, particularly concerning financial reporting and disclosures. Despite prior warnings from external auditors about WAJA’s financial distress, they neglected to act decisively, resulting in regulatory penalties. This enforcement action underscores the importance of corporate governance, transparency, and adherence to Bursa Malaysia’s listing requirements, serving as a stern warning to other listed companies and their leadership teams.

The frenzy over Chinese artificial intelligence is turning Alibaba Group Holding into an investor favourite again, injecting new life into an e-commerce giant that had nearly sunk into obscurity following a years-long regulatory crackdown. Alibaba’s Hong Kong-listed shares have surged 46 per cent since hitting a 2025 low on Jan 13, expanding its market value by nearly US$87 billion and exceeding the Hang Seng Tech Index’s 25 per cent gain in the same period. That makes the stock by far the best performer in China’s Big Tech universe in the new year, outshining rivals Tencent Holdings, Baidu and JD.com. It marks a surprise reversal of fortunes for Alibaba, which had fallen out of favour among investors after its business suffered from Beijing’s clampdown on the country’s tech behemoths and a post-Covid consumption slump. Behind the rally is optimism about Alibaba’s efforts to develop its own AI services and platform, which gained traction after Chinese AI startup DeepSeek unveiled technologies that caused a rout on Wall Street. Alibaba’s shares got another shot in the arm on Wednesday (Feb 12), after the Information reported that Apple is working with the e-commerce pioneer to roll out AI features in China. “The emergence of DeepSeek has sparked a new AI-related catalyst for Chinese tech stocks,” said Andy Wong, investment and ESG director for Asia-Pacific at Solomons Group. “Within this space, we see Alibaba as having more tangible and well-established earnings growth prospects in the medium term.” Alibaba’s 2025 bounceback is the culmination of a year-long turnaround spearheaded by two of Jack Ma’s oldest lieutenants: Joe Tsai and Eddie Wu. The chairman and CEO, part of the original founding team that created Taobao in Ma’s lakeside apartment, took the helm in 2023 right after years of Beijing-led regulatory investigations and a post-Covid downturn gutted its cloud and consumer businesses. They took the company back to basics, initially focusing on consolidating and streamlining the fragmented core commerce business. They also decided to go big in AI. Since the advent of ChatGPT, Alibaba has invested in a clutch of China’s most promising startups, including Moonshot and Zhipu. And it prioritised the expansion of the cloud business that underpins AI development, slashing prices to win back the customers that fled to rivals during the turbulent years. It also decided to spend on AI, joining a race led by Baidu at the time. In January, that effort yielded initial fruit. Alibaba published benchmark scores showing its Qwen 2.5 Max edition scored better than Meta Platforms’ Llama and DeepSeek’s V3 model in various tests. The company is now considered a leading player in AI alongside big names from Tencent to ByteDance and startups including Minimax and Zhipu. But it’s still early days. A key hurdle facing Chinese AI firms has been the slower adoption and lack of willingness to pay for services among domestic consumers and businesses. “Many hedge funds and long-only investors see AI as a potential inflection point for Alibaba, with some expressing interest in understanding the valuation of Alibaba’s cloud business and any upside from large language models,” JPMorgan Chase analysts including Alex Yao wrote in a note. “The AI narrative is seen as a driver for potential re-rating, but there are concerns about the monetisation of AI capabilities.” In addition, cloud business growth for Chinese hyperscalers has lagged that of major US peers so far. Analysts estimate cloud revenues for the December quarter rose 9.7 per cent from a year ago at Alibaba and 7.7 per cent at Baidu, compared with 19 per cent at Amazon.com and 31 per cent at Microsoft. Alibaba’s financial results scheduled on next Thursday are expected to offer investors a fresh opportunity to learn about the company’s progress on its AI models and outlook for its cloud services. Despite the lingering question marks, Alibaba’s valuations remain attractive to some investors even after the latest rally. Its shares are trading at 12.2 times forward earnings, below its five-year average of 14.6 times. “Despite the rally, Alibaba’s stock is still undervalued compared to its US tech peers, considering its growth potential and market position,” said Manish Bhargava, chief executive officer at Straits Investment Management in Singapore. “The company is expanding its overseas marketplaces, which could reduce its reliance on the domestic Chinese market and drive future growth.” BLOOMBERG

KUALA LUMPUR:  Retirement Fund Inc (KWAP) recorded its highest-ever investment income of RM18 billion, for 2024, with an overall return of 12%. The fund said domestic investments generated returns of 12.9%, while the international portfolio delivered returns of 9%. “These results stem from public equity, which generated a total return of 21.9%, with domestic equity attaining 23.2% and international equity achieving 16.9%,” it said in a statement. KWAP’s fund size grew by RM15.8 billion to RM185.6 billion in its unaudited results for the financial year ended Dec 31, 2024, reflecting a 9.3% increase from RM169.8 billion in 2023. Prior to accounting for RM5 billion in withdrawals to partially finance the government’s pension obligations, the gross year-on-year increase of RM20.8 billion underscores the continued success of KWAP’s disciplined investment strategy and its focus on sustainable long-term growth. Since its establishment in 2007, KWAP’s fund size has quadrupled, with an average growth of 9.1% per annum. The fund’s asset allocation strategy remains diversified and resilient, with 74.6% of its portfolio invested domestically and 25.4% internationally. As of Dec 31 last year, the portfolio was allocated as 51.7% equity, fixed income (32.4%), private equity (5.4%), real estate (5.2%), and infrastructure, with a balance in cash management for liquidity purposes (2.2%). “This strategy has enabled the fund to optimise its investment returns amid varying market conditions,” it said. In terms of retirement services, KWAP served more than 810,000 pension recipients throughout Malaysia as of Dec 31, 2024, reflecting a 2.4% increase, or more than 19,000 additional pension recipients compared with 2023. KWAP maintained a 99.8% service level agreement performance score, well above the 95% threshold. Its chairman, Johan Mahmood Merican, said these results underscore the fund’s ongoing efforts to ensure the long-term financial sustainability of the pension ecosystem. “We are confident that our continued focus on strategic investments and sustainability will further strengthen KWAP’s contributions to Malaysia’s pension ecosystem for generations to come,” he said.–FMT