News

KUALA LUMPUR: World Trade Centers Association® (WTCA®), an international trade organization connecting more than 300 World Trade Center® (WTC®) locations in nearly 100 countries, welcomes the adoption of Madani Economy by the Malaysian government and industry players. This new economic framework aims to restructure the nation’s economy and improve the quality of life for its citizens. The “Madani Economy: Empowering the People,” launched in July 2023, is manifested into a 10-year economic plan targeting a medium-term economic growth of 5.5% – 6.0%, primarily focusing on pursuing regional economic integration, transforming the domestic economy, and increasing national competitiveness. The economic goals are side-to-side with championing social justice by ensuring equal opportunities in jobs and education and establishing social protection for all.   “We believe WTCA and its global network can firmly support the Madani Economy initiative in its goals of increasing employment and raising the Malaysian Human Development Index through our various trade programs and the initiatives of our members such as World Trade Centre Kuala Lumpur (WTCKL). These programs help to facilitate two-way international trade and investment,” said Scott Wang, WTCA Vice President, Asia Pacific.   For its part, WTCKL recognizes the significance of the Madani Economy initiatives in fostering innovation, supporting entrepreneurship, and driving economic diversification in Malaysia. By encouraging the adoption of advanced technologies, enhancing research and development capabilities, and fostering a conducive ecosystem for startups and businesses, these initiatives have the potential to empower Malaysia’s economy, generate employment opportunities, and attract foreign direct investments (FDI).   As a local business hub, WTCKL also promotes international trade and attracts foreign direct investments into Malaysia by connecting local businesses with international organizations through global business forums and conferences. Its WTC Trade Service Sdn Bhd arm also offers trade service consultancies among other networking services.   For instance, WTCKL has hosted local events such as the Port Klang Free Trade Zone webinar in 2021 to encourage more foreign investments into Malaysia. The online webinar/forum was participated by more than 100 businesses who discussed leveraging Free Trade Zone policies for manufacturing and exporting of goods. Additionally, WTCKL offers a venue for training or solution companies to host their development programs, thus showing its support for the enhancement of human resource/skills development programs for the Malaysian workforce.    “WTCKL aims to be the preferred business events destination in Kuala Lumpur as it forges international connections that elevate Malaysia’s position on the world stage. The Madani Economy initiative serves as our guide in ensuring that ethical business practices, sustainability, and community engagement are fully implemented to support Malaysia’s economic growth. We expect that Malaysia will receive an estimated 100 million business travellers and possibly achieve an estimated economic revenue of USD 1 billion within 10 years,” said Dato’ Sri Dr. Hj. Irmohizam bin Ibrahim, Group Managing Director of WTCKL and WTCA Board Member.   In line with the Malaysian government’s economic growth policies, WTCKL pursues various certificate programs that enhance its services and practices in the business events industry. For instance, its Halal Certification Program contributes to the competitiveness of the business sector by allowing stakeholders to access a larger market of Muslim consumers, thereby increasing overall sales and revenues. WTCKL also obtained an ISO 37001:2016 Anti-Bribery Management System (ABMS) certification from NIOSH Certification Sdn Bhd in support of the Madani Economy’s good governance push. This system identifies and manages bribery risks, enhances organizational efficiency, and builds trust in international business relationships. The implementation of ABMS also aligns with the core values of the Madani Economy to create a more resilient Malaysian economy.   In addition to WTCKL’s sustainable growth programs, WTCA recently announced its “Road to 500” initiative to expand its global network to an important milestone of 500 members over the next decade. “We see Southeast Asia as one of the priority markets for us to continue to expand our global footprint and further contribute to prosperity in the region,” said Mr. Wang. With WTCA’s growing network and the Madani Economy initiative’s push towards inclusive growth over the next 10 years, WTCKL aims to facilitate the expansion of more local business players abroad and to improve on their global connectivity. This will in turn help Malaysia strengthen its position as a leading economy in the ASEAN region.

KUALA LUMPUR: Despite controversy surrounding a deal between Malaysia’s airport operator and US investment giant BlackRock, Malaysia remains open to business, including with its largest investor, the United States, Prime Minister Datuk Seri Anwar Ibrahim stated. Speaking to business leaders from the American Malaysian Chamber of Commerce (Amcham), the Prime Minister emphasized the importance of the partnership between Malaysia Airports Holdings Bhd (MAHB) and New York-based Global Infrastructure Partners (GIP). “We made it clear that Malaysia must remain an open trading nation. The collaboration between MAHB and GIP is critical to us. As a government, we will support this collaboration,” Anwar said at the 47th Amcham annual general meeting yesterday. GIP, along with the Abu Dhabi Investment Authority, plans to acquire a 30% stake in MAHB’s privatization. The remaining 70% will be owned by Khazanah Nasional Bhd and the Employees Provident Fund. The deal faced criticism from Opposition politicians after it was revealed that GIP is in talks to be sold to BlackRock, a firm with reported investments in Israel. Anwar acknowledged the sensitivity of the BlackRock connection among Malaysians, given the country’s strong support for Palestine. “Most are not aware of how sensitive this issue is. Locally, people cast aspersions and made allegations about our decision. In Parliament, I provided facts showing how Malaysia has benefited immensely from overseas investments,” he said. Anwar reiterated that the United States is Malaysia’s largest investor, welcoming growing investments from Germany, the Netherlands, and China. He also clarified in Parliament that the management of GIP will remain independent of BlackRock. GIP confirmed in a June 21 statement that BlackRock will not be involved in MAHB’s privatization. On a lighter note, Anwar humorously suggested that a minor Cabinet reshuffle might be necessary if Malaysia’s standing does not improve in the World Competitiveness Ranking (WCR) next year. Malaysia recently slipped seven places to 34th out of 67 countries, partly due to delays in restructuring fuel subsidies. During the dialogue session, Anwar urged Amcham members to focus on technology transfer and training in addition to investing in Malaysia. He also discussed plans for Malaysia’s upcoming chairmanship of ASEAN, including the introduction of a regional digital policy, currently under review by a team led by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

KUALA LUMPUR: EA Technique (M) Bhd (EATech) shareholders have approved the issuance of up to 795,750,000 shares and the exemption for Datuk Wira Mubarak Hussain Akhtar Husin and Voultier Sdn Bhd (VSB) from the obligation to undertake a mandatory take-over offer at the extraordinary general meeting (EGM) held on 24th June 2024. The shareholders’ approval marks a pivotal step in EATech’s efforts to regularise its financial status. The share issuance will raise RM79.6 million for the company, representing approximately 60.0 per cent of the enlarged share capital. Following this corporate exercise, VSB will emerge as the largest shareholder with a 51% stake in EATech. VSB is 70 per cent owned by Wira Mubarak and 30 per cent held by Kinergy Advancement Bhd executive deputy chairman and group managing director Datuk Lai Keng Onn. EATech is a Bursa Malaysia main market-listed prominent marine transportation and offshore storage company. EATech chief executive officer Nasrul Asni Muhammad Dain said the company deeply appreciates the shareholders’ support and the confidence VSB has shown in EATech’s enduring vision. “This strategic investment underscores their faith in our ability to make strides towards potential in the marine transportation and offshore storage sector. “The provided capital will solidly back a healthy our regularisation strategy and catalyse future growth,” he said in a statement. He said that upon successfully completing the proposed regularisation plan, EATech’s immediate strategic priority is to expediently uplift the PN17 status to reaffirm EATech as a resilient and thriving entity. “Our turnaround plan was a pivotal milestone in demonstrating our sustained profitability over 7 consecutive quarters from the third quarter (Q3) of 2022 to the first quarter (Q1) of 2024,” he said. Described as ‘white knights’ entering EATech, Wira Mubarak and Lai’s vast experience positions them to bring valuable resources to the company. Wira Mubarak said he and Lai recognise the immense potential in EATech. “VSB is here for the long haul. Our goal is to expand the company and deliver substantial value to our shareholders. “By leveraging our resources and expertise, we aim to strengthen the essential core of EATech’s current business. “We aim to transform its vision into a leading entity in the marine transportation and offshore storage industry, thereby enhancing shareholder value along the way,” Wira Mubarak said. The proceeds from the shares issuance are earmarked for the company’s financial obligations, namely RM31.0 million for scheme creditors, RM26.0 million for Sindora, and RM19.7 million for general working capital over the next 24 months. EATech expects to recognise a one-off net income of approximately RM127.4 million from the debt waivers, significantly improving financial health with a net tangible asset (NTA) increasing from RM57.4 million to RM261.6 million. “With the national oil company Petroliam Nasional Bhd (Petronas) planning significant investments in exploration, development and production, EATech is well-positioned to benefit from increased demand for its services,” Wira Mubarak added. EATech’s marine transportation activities involve transporting petroleum products, light cargoes, and personnel using various charter arrangements, including time charters, bareboat charters, and spot charters. The company operates 26 vessels, including product tankers, offshore support vessels (OSVs), and a floating storage and offloading (FSO) vessel.

HO CHI MINH CITY: On the occasion of World Environment Day and the action month for the environment, Sanofi-Aventis Vietnam Co Ltd (Sanofi Vietnam) in partnership with Gaia Nature Conservation Centre (Gaia) launched a project called “Expanding Green Spaces for HCM City” for the 2024-2026 period. This cooperative endeavour aims to improve the urban environment and promote sustainability by planting 100 trees at selected schools throughout the city. Ho Chi Minh City faces a concerning lack of green spaces, with only 0.55 sq m of greenery per person, far below the government’s recommended standard of 15 sq m. Many schools in the city require more green spaces, as children and teachers frequently want more shade to avoid bright sunshine and a fresh learning environment. Therefore, this project seeks to establish a healthy learning environment that benefits both teachers and students’ physical and mental health. In addition, the initiative creates student-led tree planting clubs, arranges tree learning competitions, and encourages more than 4,000 students to participate in all project activities such as tree planting, monitoring and maintenance. This year, Sanofi Vietnam and Gaia will plant 27 trees in four schools in District 12, engaging thousands of students and teachers. The trees selected by Gaia are fast-growing and will be carefully nurtured for the first two years. After that, the responsibility will be handed over to the schools and Gaia will periodically monitor them to ensure their continued growth. — Viet Nam News/ANN

KUALA LUMPUR: Bank Negara Malaysia (BNM) has requested prompt refunds to all affected account holders following the fraudulent withdrawals of fixed deposits amounting to RM24.2 million. The central bank said it takes a serious view of the recent reports that large-scale unauthorised cash withdrawals arising from the collusion of financial institution employees with external parties. “The integrity of individuals working in financial institutions is paramount,” BNM said today in response to Bernama’s queries on the recent unauthorised withdrawals case. To date, police have detained 14 individuals, including four bank employees to assist in the investigation of the fraudulent withdrawals of RM24.2 million from several fixed deposit accounts. The police received four reports from account holders and bank staff in early June in Petaling Jaya, Selangor, after the victims noticed suspicious cash withdrawals from their fixed deposit accounts in Kota Kinabalu, Sabah. BNM said it requires all financial institutions to put in place strong controls to safeguard and protect customers’ funds and the integrity of the financial system. “This includes, for instance, the requirement for financial institutions to enforce a strong code of ethics. “Financial institutions must also conduct thorough checks and screening of potential employees before hiring them,” it said. The central bank said individuals with records of fraud and dishonesty are banned from working in any licensed financial institution. It also reminded that any institution involved in such investigations must give its full cooperation to the relevant law enforcement authorities, and take strong remedial or disciplinary actions based on the findings of internal investigations. “BNM advises consumers to immediately report any unauthorised or suspicious transactions to their banks or the National Scam Response Centre (NSRC) at 997 upon discovery, as well as to the police,” it added. – Bernama