News

This week’s signing of the agreement to create the Johor-Singapore Special Economic Zone (JS-SEZ) is a landmark that will transform real estate markets in both countries, according to comments released today by Juwai IQI Co-Founder and Group CEO Kashif Ansari. Firm Economic Benefits “Depending on how much the two countries commit to the SEZ,” said Juwai IQI Co-Founder and Group CEO Kashif Ansari, “we expect it to drive new foreign direct investment, manufacturing activity, tourism, and real estate activity in Johor. That growth will have spillover effects for the rest of Malaysia, spreading the benefits more widely. “In a positive scenario, Johor would experience more rapid economic growth, resulting in an estimated 0.5 to 0.9 percent to the GDP growth. This could contribute RM 20 billion in the short run and could exceed RM 30 to 50 billion, depending on the magnitude, scale, and size of the project at the macro level. This is in line with our forecast projected in the latest report of the IMF, where it forecasts Malaysia’s 2025 GDP will be RM2.245 trillion (US$488.25 billion), based on the premise that massive FDI is coming from China and the USA.” Kashif remains optimistic about the economic outlook of these SEZ regions. Real Estate Demand to Grow “The SEZ will begin to attract more businesses and individuals to Johor. Greater activity will increase demand in the residential, office, industrial, and logistics real estate markets and boost prices for developable land. “We can see the impact on real estate transaction volume and values has increased. However, you could expect to see a further reduction in the residential overhang in Johor. Homeowners could benefit from value growth, and commercial and industrial real estate markets could benefit from increased demand.” “We can see the huge impact and increase in real estate transaction volume and values. New and greater opportunities are on the horizon with the launch of amazing projects that have been met with great response. These projects fit the pricing and location criteria and preference of the market, making them highly desirable.” Key Facts About the Special Economic Zone “When you have a near-seamless flow of goods, people, and businesses between Johor and Singapore, both economies will accelerate. Companies won’t have to choose to locate in either Malaysia or Singapore, because the JS-SEZ will give them the advantages of both countries plus additional incentives. “Singapore will provide capital, technology, and expertise, while Malaysia will contribute a highly skilled workforce, renewable energy, land, and other resources. By reducing the cost of transport and taxes, the SEZ will allow firms to grow more quickly, hire more workers, and take risks they otherwise could not. “One big-ticket infrastructure item is riding on the success of the new Special Economic Zone. If the SEZ is successful, it will give momentum to those who want to relaunch the high-speed rail project connecting Singapore and Malaysia.”

KUALA LUMPUR: The Asia School of Business (ASB) and the Massachusetts Institute of Technology’s Sloan School of Management have renewed their partnership, extending a decade-long collaboration that has positioned ASB as a premier institution for business education in Malaysia and the ASEAN region. Established in 2015 through a partnership between Bank Negara Malaysia and MIT Sloan, ASB has significantly advanced in research, education, and innovation, producing leaders who are making impactful contributions globally. Over the past decade, ASB has distinguished itself with programs such as the Master of Business Administration, Executive MBA, and Master in Central Banking, each fostering leaders equipped to navigate the complexities of global business and central banking. The institution’s faculty, recognized with multiple international awards, contribute extensively to societal, business, and governmental advancements. ASB’s curriculum stands out in the region, emphasizing intellectual rigor and practical application through its signature action learning approach. This pedagogy, combined with ASB’s unique flipped classroom model, ensures that in-class time is optimized for immersive, hands-on experiences. Students benefit from lectures by both ASB’s distinguished faculty and visiting MIT professors, with an extended immersion program at MIT Sloan further enhancing their academic exposure. “This renewed collaboration marks a significant milestone for MIT Sloan as we deepen our engagement with the Asia School of Business,” stated Georgia Perakis, Interim Dean of MIT Sloan. “This partnership enables us to expand educational opportunities in the ASEAN region and continue delivering innovative programs to a diverse pool of talented students.” Professor Sanjay Sarma, ASB’s CEO, President, and Dean, remarked, “Our partnership with MIT Sloan has been instrumental in providing our students with a transformative educational experience that merges academic excellence with real-world application. Positioned at the heart of ASEAN, ASB is ideally situated to prepare students for the rapidly evolving challenges in AI, data science, and sustainability, fostering a mindset of growth and adaptability.” Key Highlights of the ASB-MIT Sloan Collaboration: World-Class Faculty: Courses are delivered by ASB’s resident faculty alongside visiting MIT Sloan professors, offering a blend of diverse and global perspectives. Innovative Curriculum: The curriculum combines the rigorous academic standards of MIT Sloan with ASB’s innovative methodologies, equipping graduates with skills to thrive in a fast-evolving global market. Action-Based Learning: Students engage in real-world projects, collaborating with industry leaders to tackle live business challenges through case studies and simulations. Global Networks: ASB students gain access to MIT Sloan’s extensive network of alumni, faculty, and industry leaders worldwide. Continuous Learning Pathways: ASB graduates have exclusive pathways to MIT Sloan’s Master of Science in Management Studies (MSMS) program, ensuring continuous academic and professional development. Looking Ahead: ASB is redefining business education in ASEAN and beyond. Through initiatives like Agile Continuous Education (ACE), ASB offers hybrid learning solutions tailored for professionals, featuring modular, stackable, and digitally verified micro-credentials. These innovations underscore ASB’s commitment to lifelong learning and professional growth. Situated in the dynamic ASEAN region, ASB bridges emerging markets with global opportunities, cultivating a new generation of leaders ready to address contemporary challenges in technology, sustainability, and global business.

KUALA LUMPUR: Through its subsidiaries, Oriental Kopi Holdings Bhd operates café chains and engages in the distribution and retailing of its own branded packaged foods. Oriental Kopi’s IPO is expected to raise RM184 million, allocated as follows: 29.2% for setting up a new head office, central kitchen, and warehouse, 19.8% for expanding the café chain in Malaysia, 2.7% for the expansion of the packaged foods segment, 3% for marketing activities in foreign countries, 41.2% for working capital, and 4.1% for listing expenses. The IPO involves the issuance of 418.1 million new ordinary shares, representing 20.9% of the company’s enlarged issued share capital of 2 billion shares. The shares are allocated as follows: 60 million shares for the Malaysian public via balloting, 20 million shares for eligible directors, employees, and contributors to the group’s success, 88.1 million shares for private placement to selected investors, and 250 million shares for private placement to Bumiputera investors approved by the Investment, Trade, and Industry Ministry. Based on the IPO price of 44 sen per share, Oriental Kopi’s market capitalisation is estimated at RM880 million upon listing. Applications for the public issue opened yesterday and will close on Jan 10, with the listing scheduled for Jan 23. Oriental Kopi’s executive director, Sean Koay Song Leng, disclosed that the company is constructing a 108,448 square foot facility in Puchong, Selangor, which will house the new head office, central kitchen, and warehouse. “This centralised facility will streamline our management functions, optimise F&B operations, and enhance storage and distribution efficiency. It will also help alleviate the kitchen workload at our outlets, especially those with limited kitchen space,” Koay said during a press conference following the prospectus launch. Koay mentioned that the central kitchen will handle food production, while final preparation will occur at the outlet kitchens. As part of its expansion strategy, the company plans to open 13 new outlets across Malaysia this year and two additional cafés in Singapore by 2025. “We are also exploring opportunities to expand into neighbouring countries,” Koay added, underscoring the company’s regional ambitions. Oriental Kopi has recorded commendable growth, with revenue increasing from RM5 million in the financial year ended Sept 30, 2021, to RM277.3 million in financial year 2024 (FY24), representing a compound annual growth rate of 280.9% over three years. During the same period, the company transitioned from a loss after tax of RM500,000 to a net profit of RM43.1 million in FY24. In FY24, 94.1% of the group’s total revenue was derived from café chain operations, while the remaining 5.9% came from the distribution and retail of packaged foods and other segments.

KUALA LUMPUR: Enterprise IT services provider, TechStore Berhad (“TechStore” or the “Group”), has today entered into an underwriting agreement with M & A Securities Sdn Bhd (“M&A Securities”), a wholly-owned subsidiary of M & A Equity Holdings Berhad, in conjunction with its upcoming initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). TechStore’s IPO exercise encompasses: A public issuance of 125.0 million new ordinary shares, representing 25.0% of its enlarged share capital. An offer for sale of 25.0 million existing shares, representing 5.0% of its enlarged share capital. Out of the 125.0 million new shares: 25.0 million shares will be made available to the Malaysian Public via balloting. 25.0 million shares will be allocated to eligible directors, employees, and contributors to TechStore’s success (“Pink Form Allocations”). 62.5 million shares will be offered by private placement to Bumiputera investors approved by the Ministry of Investment, Trade, and Industry (“MITI”). 12.5 million shares will be offered by private placement to selected investors. M&A Securities has agreed to underwrite 50.0 million new shares available to the Malaysian Public and under the Pink Form Allocations. The balance of 75.0 million new shares and the offer for sale of 25.0 million existing shares will not be underwritten. With a history dating back to 2011, TechStore is an enterprise IT services provider specializing in IT security and automation solutions, driving significant advancements in the transportation sector. The Group delivers tailored solutions, including design, development, customization, implementation, testing, and integration of IT security and automation solutions, along with maintenance and support services. TechStore has delivered solutions for two LRT lines (Kelana Jaya and Ampang lines) and the MRT Kajang line, with notable projects such as: Telecommunications system for the MRT Kajang line. Operation control centre upgrades for the LRT Kelana Jaya line. Integrated infotainment system for the LRT Ampang line. Comprehensive bus system for Rapid Bus Penang. Currently, TechStore is undertaking a RM116.0 million Automatic Fare Collection (“AFC”) system project for the LRT3 line. Mr. Tan Hock Lim (陈玞霖), Managing Director of TechStore, stated, “The signing of this Underwriting Agreement with M&A Securities brings us closer to our listing on the ACE Market of Bursa Securities, a milestone we have worked hard towards. Going public can unlock new opportunities, providing resources and flexibility to accelerate our growth and expansion efforts.” In 2023, Malaysia recorded RM329.5 billion in approved investments, with the services sector leading at RM168.4 billion, or 51.1% of the total, reflecting the increasing demand for enterprise IT services. As emerging technologies such as 5G, AI, and robotics drive digital transformation, TechStore remains committed to providing innovative solutions for businesses. TechStore is scheduled to be listed on the ACE Market of Bursa Securities by February 2025, with M&A Securities as the Principal Adviser, Sponsor, Sole Underwriter, and Placement Agent for the IPO exercise.

On the Eve of 2025, Maxim E-hailing announced and summarized the results of the outgoing year. The specialist gathered all the data and observed how much time users spend on the road with Maxim with comfort trips, delivery, buy&deliver and trucks, and the launch of tariffs for people with special needs. The business development that operated throughout the year was in significant demand, traveling 173 million km through the country. In fact, the distance can be related to the trip to the moon 215 times and back. Data was recorded by the order-making for e-hailing and delivery services, from all cities’ operations.   Closer to the end of the year, the achievement of total spending users on the road with Maxim can be overcome by 5 million minutes en route, and most orders created were made during weekdays and holiday sessions. Where the average time spent in a day is around 20-30 minutes for a ride.   Furthermore, some of the users also bring their children together, and according to the data, 34,000 rides with children were created. Users prefer trips as it’s convenient to bring children together, even for single mothers who need assistance during the ride. Maxim’s are flexible with the rides, where we allow users to bring children or even babies together during the rides. Our partner-drivers were trained to offer comfortable rides to all passengers in any situation.   The most highlighted trips during the years were animal transportation where 7,500 rides were created. Maxim launched the feature in 2022, and since then users who need transportation to the vet, visit parks, and ride with their pets.   Within this year Maxim E-hailing introduced a new rate called “Mesra OKU” in their app to show their support and cater to the special needs of such people. It is designed to help special people get comfortable rides. The new rate includes additional assistance services and facilities.   “In 2024, Maxim E-Hailing Service achieved development, building on our continued commitment to innovation and customer satisfaction. We are focusing on the community of users, offering comfort trips, and developing the service with a better version for everyone. The acceptance of the service is significant as Maxim is capable of delivering the needs and requirements of the users. Not only that, the high technology of the development application for users and partner-drivers are also a high achievement,  such as enhanced app features, seamless payment integration, and real-time ride tracking, have streamlined the user experience, making our service more efficient and accessible” says Mohd Hazwan, Director of Maxim E-hailing Malaysia.   Maxim mentions that 2024 is the year where the quality and satisfaction increased positively for all parties. The aims that we are focusing on now are to supply the demand from the users and be able to help partner-drivers achieve their goals.

HONG KONG: Hong Kong’s deficit for this fiscal year is expected to be just below HK$100bil or about US$13bil, the city’s finance chief says. The government is “focussing on cost-saving measures” to tackle the deficit, Paul Chan told residents on a programme on public broadcaster RTHK last Saturday, where he was gathering public feedback ahead of the upcoming budget. “Although we need to move forward with public works projects we have to prioritise developments according to their urgency,” he said. The growth rate of economy in the first three quarters of 2024 was not as strong as expected due to high interest rates and external challenges, Chan said. Hong Kong’s economy is expected to grow 2.5% in 2024, he wrote in a blog post in December. That followed a 1.8% third quarter growth rate, which fell below expectations. — Reuters

LAUSANNE: Bata, a global leader in footwear and fashion, is pleased to announce the appointment of Miguel Esquide as Chief Design Officer – Bata. This key addition signals Bata’s commitment to innovation and creativity in its ongoing journey to connect with modern audiences worldwide. Miguel’s experience, spanning two decades with renowned brands, will be central to shaping Bata’s creative direction and strengthening its brand identity. Miguel’s career highlights include co-founding the luxury brand 1CONCEPT—known for its bold aesthetics featured in Vogue and celebrated by cultural icons like Miley Cyrus and Rosalía—as well as leading footwear design and strategy at INDITEX for major labels such as Lefties, Zara, and Pull&Bear. His ability to craft collections that resonate with consumers and deliver impactful campaigns aligns perfectly with Bata’s vision of making stylish, accessible footwear for everyone. As Chief Design Officer – Bata, Miguel will oversee the Bata brand and its extensions, including Bata RedLabel and Bata Comfit. Based in Padova, Italy, he will lead a team of talented designers, blending Bata’s heritage with contemporary design elements to ensure the brand remains inspiring and relevant for today’s consumers. “At Bata, we are reinforcing our commitment to design innovation by appointing a Chief Design Officer to our executive team,” said Sandeep Kataria, CEO of Bata. “This significant step reflects our vision to place design at the core of our brand’s evolution – setting the stage for fresh, engaging collections that embody the brand’s dedication to craftsmanship and style“. Miguel brings a proven ability to make design both distinctive and commercially powerful. His modern approach will be key as we continue to elevate Bata’s brand and inspire deeper connections with consumers worldwide.”

KUALA LUMPUR: As the market steps into the new year, several factors will continue to occupy investors’ minds for the near term. Chief among these is the handover of the US presidency to Donald Trump on Jan 20. The event is expected to influence many international markets, including Bursa Malaysia. While there have been hints of how US policy direction would move following various comments by key planned appointees, this would only be much clearer in the real world once the new administration is installed in the United States. Investors will also continue to keenly watch the gainers or losers of the US-China trade war that is expected to ratchet up with tariffs in the second Trump administration. Closer to home, gains that were seen during the Christmas week on the benchmark FBM KLCI may support a stronger sentiment and spillover to the broader market, if sustained. In the 2024 year; the FBM KLCI had recorded gains of 12.9%, the second best performer in the Asean region after Singapore’s Straits Times Index, which saw a 16.9% gain. Other countries in the Asean region which saw gains last year include the Philippine Stock Exchange Index with a 1.22% addition and Vietnam’s VN-Index with a gain of 12.1%. The region’s decliners were the Jakarta Composite Index that saw a 3.33% decline and the Stock Exchange of Thailand Index which experienced a 2.31% loss in 2024. Seasoned investor and former investment banker Ian Yoong Kah Yin said Malaysia could see net gains economically should tariffs imposed here be less severe than initially expected. “Malaysia will benefit from the proposed high tariff rates imposed on China (indicated 60%), Mexico (25%) and Canada (25%). “Malaysian companies have significant exports to the United States. And Malaysia falls in the 10% tariff category,” Yoong told StarBiz.He noted the Bursa Malaysia has generally been quite undervalued and recent history and statistics had shown foreign investors and retailers being net sellers of Malaysian equities. “Foreign investors have been net sellers of Malaysian equities for ten consecutive weeks until the end of 2024. “Foreign funds went from net long in the first nine months of 2024 to net short by US$1.7bil in the fourth quarter of 2024. “This has generally been the trend for emerging market fund flows in the second half of 2024 as funds flowed into the United States. President-elect Trump’s win in November accelerated these fund flows,” Yoong said. “Retail investors too have been net sellers in Bursa Malaysia in the final quarter of 2024. Local institutions on the other hand have been net buyers in this time, and rightly so as Malaysian equities are generally undervalued. “Many small and mid capitalised stocks are in the doldrums and this is a treasure trove for fundamental investors,” he added. Yoong is upbeat on the prospects of small-to-mid cap shares on Bursa Malaysia. Other factors that could support this is any continued surge of foreign direct investments into Malaysia that was seen in 2022 to 2024 and is expected to continue this year. “This will translate into greater economic growth for Malaysia. This has been reflected in the outperformance of big and mega cap stocks and the FBM KLCI. “The confluence of these factors present a golden opportunity for investment in Malaysian stocks, especially for the small and mid-cap stocks,” Yoong pointed out. He advocates an investments of a portfolio of at least 10 to 15 Malaysian stocks to take advantage of the present investment sentiment and risk environment. Meanwhile, SPI Asset Management’s managing partner Stephen Innes said the possible ramp-ups in trade tariffs by the United States and more stringent sanctions under the incoming US administration could reshape global supply lines for the oil sector. In US stock markets, key research houses in the United States including JPMorgan Chase & Co, Morgan Stanley and Bank of America are projecting further gains for the S&P 500 this year. Innes said market movements towards the year-end period, when many workers are on leave, is usually due to automated rebalancing rather than human strategising and this is indicative of seasonal adjustments rather than from keen financial insight. “But there’s a palpable concern with the sharp increase in 10-year US Treasury yields, which are at their highest New Year starting point in nearly two decades, fuelled by a term premium-driven sell-off at the long end of the curve. “Further upticks threaten to propel the US dollar higher, marking a forceful start to the year,” he said in his note. “This confluence of factors sets a precarious stage for risk assets in 2025, challenging the optimistic sentiment surrounding the United States economic outlook fuelled by Trump’s tax and fiscal policies. “Investors are poised to be on a tightrope, navigating a maze of fiscal uncertainties and market volatility, where every step could sway the balance of global financial stability,” Innes added. Meanwhile, Principal Asset Management’s chief investment officer for Asia equities Christopher Leow said there is a significant forward valuation gap between US and Asian equities at 22 times versus 13 times respectively for 2025 and a very low positioning in Asian risk assets. “This presents an opportunity because sentiment can change. The list of concerns is long but not new, for example higher trade tariffs, escalating geopolitical tensions and the potential of a stronger US dollar. Also, there could be less room for the US Federal Reserve (Fed) to cut rates as gross domestic product growth, business confidence, consumer spending and labour markets have been strong,” Leow told StarBiz.Leow noted the macro in China looks interesting because of the gap between perception and what is likely to happen. He expects China’s government to likely shift policies towards boosting consumption and tackling the housing market problem in 2025. “China’s economy has shown some signs of stabilisation recently, but stimulus policies so far have been perceived as insufficient. While the policy pivot in September was welcomed and the headline figure of 10 trillion yuan for local government debt swap was important, markets expected more

KUALA LUMPUR: Sunway Group has appointed Datuk Mohd Anuar Taib as deputy president effective from Jan 2, 2025. Anuar will oversee the group’s core businesses including Sunway Property, Sunway Malls and Sunway Healthcare. Anuar has served on the board of Sunway as an independent non-executive director since July 2023. “As a board member of Sunway over the past 18 months, I had the privilege of working up close with the extraordinary leaders that laid the foundation for the group’s remarkable growth and success. “I am humbled by the trust placed in me by Tan Sri Sir Dr. Jeffrey Cheah and my fellow board members to shape the next phase of Sunway’s journey for the next 50 years and beyond,” he said. Anuar was most recently group chief executive officer at Sapura Energy Bhd, where he navigated through one of the largest corporate debt restructuring exercises in Malaysia, turning around the organisation’s strategic, operational and capability building performance as well as streamlining its global footprint. Anuar served in various capacities at Shell across Malaysia, the US and the Asia Pacific region, including as country chairman of Shell Companies in Malaysia, before joining Petroliam Nasional Bhd as its vice president of development and production. He holds a Bachelor of Science in Mechanical Engineering from Case Western Reserve University in the US, and an MBA in International Management from RMIT University in Australia. His appointment follows a series of changes to the senior management that will see Datin Paduka Sarena Cheah named deputy executive chairman and Evan Cheah promoted to deputy president. As deputy executive chairman, Sarena will grow and expand the group’s international ventures, as well as identify and pursue new market opportunities. Meanwhile, Evan will lead Sunway’s strategic investments and emerging businesses, as well as focus on accelerating its digital transformation and position the group at the forefront of innovation.

KUALA LUMPUR: The Department of Occupational Safety and Health (DOSH) Malaysia had successfully held the National Seminar on Psychosocial Risk Assessment and Management, which took place on 26th and 27th October 2024 at Setia City Convention Centre, Setia Alam, Selangor. The event, attended by Human Resource professionals, Occupational Safety and Health (OSH) practitioners, and industry leaders, has been lauded as a significant milestone in addressing workplace psychosocial risks in Malaysia. Celebrating the Launch of the New Guidelines, One of the highlights of the event was the official launch of the “Guideline on  Psychosocial Risks Assessment and Management at the Workplace 2024.” This comprehensive resource has been well-received by participants, who praised its practical tools and methodologies for assessing and managing psychosocial risks. Feedback from attendees highlighted the relevance of the guidelines in creating safer, healthier, and more productive workplaces. Key Outcomes of the Event The seminar featured insightful presentations by leading mental health and occupational safety and health experts, and also experience sharing from industry perspective. The event had successfully: Raised awareness of the importance of addressing workplace psychosocial risks. Equipped participants with actionable strategies to implement within their organizations. Fostered meaningful discussions on improving workplace safety and health aspects and also employee well-being. Guidelines Now Available in DOSH Official Website Following the launch, DOSH Malaysia is pleased to announce that the ” Guideline on  Psychosocial Risks Assessment and Management at the Workplace 2024″ is now available online. Designed for Human Resource professionals, OSH practitioners, and organizational leaders. The guidelines offer evidence-based strategies to mitigate workplace psychosocial risks. The guideline can be download directly through the DOSH Malaysia official website at www.dosh.gov.my A Message from DOSH Malaysia “The success of this event underscores the importance of prioritizing mental well-being alongside physical safety in the workplace,” said Dr Ahmad Fitri, Director of Occupational Health Division of DOSH Malaysia. “The availability of these guidelines ensures that organizations now have the tools to proactively address psychosocial risks and create a supportive environment for employees.” Next Steps DOSH Malaysia remains committed to support organizations in implementing this guideline. The Department is planning to do road show events in 5 zones across the country to promote this guideline next year. DOSH has received few applications from training providers to registered as a training provider to conduct short course for Psychosocial Trained Person (PTP). List of training provider will be made public in DOSH official website. For More Information To learn more about the guidelines, future events, or training opportunities, please visit www.dosh.gov.my or follow DOSH Malaysia on social media.