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New Delhi: UltraTech Cement Ltd, owned by billionaire Kumar Mangalam Birla, will acquire a 23% stake in India Cements for about US$226mil, intensifying consolidation in a sector that’s crucial for the country’s infrastructure development. UltraTech will pay as much as 267 rupees a share to purchase 70.6 million shares of the Chennai-based India Cements, the Birla group company said in an exchange filing. “This non-controlling financial investment constitutes around a 23%” stake in the cement maker,” the filing added. Shares of UltraTech jumped as much as 7% to a record in Mumbai yesterday while India Cements surged by almost 14%. The transaction will make the Aditya Birla Group firm the second-largest shareholder in India Cements, trailing only the founders, who own 28.5%. The stake gives UltraTech a solid foothold in a cement maker that’s a sizeable player in southern India and underscores the intensifying battle between Birla and Gautam Adani’s conglomerates for dominance in India’s cement sector. Two weeks back, Adani Group’s Ambuja Cements Ltd announced acquisition of Penna Cement Industries Ltd in a US$1.2bil deal that will expand its presence as well in southern parts of India. Cement is a key raw material in all infrastructure projects, making it a crucial resource for achieving Indian Prime Minister Narendra Modi’s goal to modernise the country and meeting the growing demand for homes in the world’s most-populous country. In April, UltraTech said it will buy India Cements’ grinding unit for 3.15 billion rupees. — Bloomberg

SHAH ALAM: The Selangor State Development Corporation (PKNS), through its subsidiary Akademi PKNS has formed a strategic partnership with IUM Holdings Sdn Bhd as part of its efforts to strengthen synergy in the fields of education and knowledge. PKNS Group Chief Executive Officer Datuk Mahmud Abbas said the collaboration aims to enhance strategic cooperation in academia towards human capital development through the establishment of schools and preschools. He said that this agreement is a continuation of visits and discussions between the 2 parties that took place on 13 March and 29 April. “The Memorandum of Understanding (MoU) signed aims to expand the role and functions of Akademi PKNS by venturing into education through the opening of preschools in residential areas and business centres within PKNS development zones. “This aligns with the core business of llUM Holdings Sdn Bhd, which includes offering educational services at all levels from kindergarten to higher education,” he told reporters after witnessing the MoU signing ceremony. At the ceremony, Akademi PKNS was represented by Board member ldris Ishak and its General Manager Mohd Raihan Mohd Tahir, while llUM Holdings Sdn Bhd by its Group CEO Officer Datuk Nadzarudin Abdul Razak and IUM Group Chief Financial Officer Zahari Salleh. Mahmud said PKNS has many project sites under development, and Akademi PKNS sees this as a good opportunity to conduct education-based businesses in these development areas, including in Cyberjaya, Kota Puteri and Antara Gapi. He added that among the immediate collaborations that can be implemented is the opening of a new branch of llUM Educare at the Akademi PKNS building in Shah Alam, which is proposed to be opened this year. “Coincidentally, IUM Schools (under IUM Holdings) is also exploring new locations for school development as the current student capacity has reached the limit at existing schools, and there is a high demand for enrolment in IlUM Schools,” he said. — BERNAMA

SINGAPORE: MetaComp Pte Ltd, Singapore’s leading Digital Payment Token Service Provider, licensed by the Monetary Authority of Singapore (MAS) under the MVGX Holdings (MVGXH), welcomes Ms Tin Pei Ling on board as its Co-President. MVGXH is a licensed Singaporean fintech group with four subsidiaries focusing on digital and green sectors: MetaComp, a Major Payment Institution offering Digital Payment Token Service and Cross-border Money Transfer Service; MVGX Tech, providing end-to-end Carbon SaaS with a unique Scope 3 and advanced carbon emission factor database; Metaverse Green Exchange (MVGX), licensed by MAS with Recognised Market Operator (RMO) and Capital Market (CMS) License, focusing on Securities/Tokens backed by increasingly digital and green asset classes such as voluntary carbon credits or hash rate, as well as providing other CMS financial services such as custodian; and the Asia Green Fund (AGF), a venture capital fund managing over USD 2.8 billion in assets, investing in green impact and sustainability industries driven by green and digital technology.   Commencing on 24th June 2024, Ms Tin’s portfolio will focus on strategic partnerships and corporate development. Her appointment is expected to significantly strengthen MetaComp’s strategic partnerships, driving momentum and advancing MetaComp’s position as a leader in bridging traditional and crypto finance, paving the way for new partnerships and the growth of our client offerings. Ms Tin brings a distinguished blend of digital and financial acumen plus industry experience in payment platforms and the financial technology space. With a MBA from Chicago Booth School, she brings both practical and theoretical understanding. Dr Bo Bai, Chairman and Co-Founder of MetaComp, says, “In today’s bustling fintech space, MetaComp is at the forefront of driving financial solutions that help our customers navigate money management between traditional finance and crypto finance. Technology and innovation are only part of the equation, and at MetaComp, we emphasise that our people are our DNA, serving as the compass for our clients.” Dr Bai adds, “We are delighted to welcome Pei Ling to the MetaComp family. Her extensive experience, coupled with her expertise in strategic development, makes her an invaluable asset to our leadership team. Her vision and drive perfectly align with our aspirations at MetaComp, and I am confident she will significantly contribute to our continued success.” Before her tenure with MetaComp, Ms Tin held several key corporate positions, including Managing Director for Strategic Partnership & Business Development at DCS Card Centre and Chief Executive Officer of Business China, an organisation that harnesses the support of public sector and private enterprises to strengthen the ties between Singapore and China, so as to sustain and grow the global connectivity of Singapore. Ms Tin affirmed, “Sustainability is a global imperative and there is still much that can be done in the fintech sector to enable this. Hence, I am delighted to accept the opportunity to join MetaComp, given it being a part of the MVGXH conglomerate, a licensed fintech group specialising in green and digital assets. I look forward to doing my part in supporting sustainable finance by driving growth through partnerships and bridging traditional finance with digital assets alongside my fellow Co-President, Mr Eddie Hui.” Eddie Hui, Co-President, and Chief Operating Officer of MetaComp, brings over twenty years of experience in the financial services sector. Formerly the Chief Operating Officer of Société Générale for Proprietary Trading, Fixed Income, Credit and FX, Prime Services, and Equity Market Making desk in Asia, Eddie oversees the ideation and execution of MetaComp’s business strategy and drives service excellence. The two Co-President’s leadership and expertise will be instrumental in driving MetaComp’s success. With the addition of Ms Tin Pei Ling, MetaComp, together with its parent company MVGX, aim to secure and launch a wide range of initiatives bridging traditional finance with digital assets.

SINGAPORE: NTT DATA, a global leader in business and technology services, today announces the appointment of Abhijit Dubey as Chief Executive Officer of its business outside Japan. The news follows the finalization of the merger between NTT DATA and NTT Ltd., forming a $30+ billion global powerhouse under the NTT DATA name. Previously, Dubey served as CEO of NTT Ltd. Dubey will lead 150,000 employees worldwide as they accelerate NTT DATA’s growth and continue to responsibly innovate and deliver business and technology consulting, data and artificial intelligence, industry solutions, cloud, cybersecurity, and managed services for applications, infrastructure, and connectivity. NTT DATA has already expanded its international footprint to approximately $18 billion and has the world’s sixth largest market share in the IT services industry.   As part of NTT, a company with a rich 150-year history that invests $3.6 billion annually in R&D, NTT DATA is well positioned to help organizations tackle the challenges of today, while innovating for the future. Dubey’s technical, business and strategic acumen will help clients navigate their journey as they take advantage of rapid technological advancements and modernize their operations.   Dubey brings with him a depth of industry expertise having joined NTT in 2021 from global advisory firm McKinsey & Company where he spent more than 20 years advising many of the world’s most prestigious technology companies and leading CEOs. He was also responsible for launching and spearheading McKinsey’s global cloud computing efforts.   Commenting on his appointment, Dubey said: “I am deeply honored to lead the company at a time of major technological change. Technology must drive positive change in the world, and I believe that NTT DATA’s broad capabilities in consulting, infrastructure, AI, cloud, and cybersecurity, position us to deliver meaningful impact. I’m privileged to lead a team that is committed to clients and am excited for this next phase of growth.”   Kazuhiro Nishihata, Dubey’s predecessor in the position, said: “NTT DATA has built the world’s broadest and most comprehensive set of capabilities and industry expertise, alongside unparalleled geographic reach and a world leading team – positioning the company perfectly to help clients as they embark on transformational technology projects. I am confident that Abhijit is the right person to lead NTT DATA through its next phase and accelerate its growth globally, while continuing to foster an environment of innovation and ongoing success. I wish him all the very best for the future.”

KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) and the Malaysian Plastics Manufacturers Association (MPMA) are working closely to drive industry collaboration and understand the demand and supply of recycled plastic resources, which are crucial for many industry players in their decarbonisation efforts. MIDA said in a statement that the ongoing collaboration between MIDA and MPMA is set to continue driving Malaysia’s advancements in the plastics industry, ensuring sustained progress and innovation. MIDA Chief Executive Officer Sikh Shamsul Ibrahim Sikh Abdul Majid said the growth and transformation of the plastics industry in Malaysia are remarkable, showcasing the nation’s commitment to innovation and sustainability. “As we advance towards a circular economy, we see a significant increase in recycling activities, creating new markets for advanced recycling technologies. “Our continued progress in this sector is a testament to Malaysia’s dedication to environmental stewardship and economic growth. Malaysia is committed to achieving net zero carbon by 2050,” he said in the statement. Meanwhile, MPMA president CC Cheah said the main challenge facing the industry is that most of the plastics are disposed of after use. “MPMA has recently proposed a Plastics Neutrality Masterplan which provides thought leadership to drive towards zero plastics to landfills by 2050. In Malaysia, achieving plastic circularity and neutrality poses several formidable challenges. “The masterplan addresses the challenges by promoting a multi-faceted approach, involving policy reforms, investments in infrastructure, public education campaigns and collaboration among stakeholders across the plastics value chain,” he said. Cheah also said that the master plan reinforces the industry’s commitment to address concerns related to plastics, by making plastics circular, driving lifecycle emissions to net zero, and fostering the sustainable use of plastics. MIDA and MPMA are co-organising the MIDA-MPMA Conference on Government Facilitation and Assistance for a Circular and Low Carbon Economy at Avante Hotel, Petaling Jaya. With almost 100 participants, the one-day conference was successfully organised to provide insight into various government policies, facilitations and assistance for the manufacturing sector, specifically the plastics industry. The conference featured sessions by speakers from the Ministry of Investment, Trade and Industry (MITI), Ministry of Economy, MIDA, Malaysia External Trade Development Corporation (MATRADE), Bursa Carbon Exchange, Alliance Bank and Argus Media. — BERNAMA

KUALA LUMPUR: Chinese executives have been meeting top government officials in Malaysia to seek assurances they can avoid US tariffs if they relocate manufacturing to the country, according to a report by Financial Times. Manufacturers of products including battery, medical devices and semiconductor made the requests after the United States said it would raise tariffs on Chinese goods in order to protect American businesses, the report said, citing three unidentified people familiar with the matter. Chinese companies have shifted production to South-East Asian countries such as Malaysia, Vietnam and Thailand to avoid duties levied on some of their key export products. Executives from semiconductor firms have also asked if they could access sophisticated US chips, the report said. While the move has helped fuel higher foreign investments into the region, it has also brought exports from South-East Asia under greater US scrutiny. — Bloomberg