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Energy & Technology, News, Property

NSG BioLabs Partners With EnterpriseSG and Merck to Fuel Biotech Innovation

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SINGAPORE: NSG BioLabs announces partnerships with Enterprise Singapore (EnterpriseSG), the Singapore government agency championing enterprise development, and Merck, a leading science and technology company, to bolster the biotech landscape by providing needed resources such as funding, expertise and networks to advance startup research and development. Being Singapore’s largest provider of biotech co-working laboratory and office space, the company also successfully concluded a US$14.5 million (RM68.6 million) financing round led by Celadon Partners, an Asian private equity firm, and ClavystBio, a life science investor and venture builder set up by Temasek to accelerate the commercialisation of breakthrough ideas to health impact. With these fresh funds, NSG BioLabs intends to enhance its products and services and introduce additional facilities to meet the growing demands of biotech startups and multinational companies in Singapore and Southeast Asia. These achievements reaffirm NSG BioLabs’ strength and expertise in providing high-quality, well-managed, and turnkey Biosafety Level 2 (BSL-2) certified laboratory and office spaces. Since 2019, NSG BioLabs has been assisting innovators in creating impactful solutions in the health, biomedical, agrifood, and industrial biotechnology sectors, working in areas such as precision medicine, nucleic acids, AI-enabled drug discovery, and synthetic biology. With the largest co-working biotech laboratory and office footprint in Singapore, coupled with extensive networks with partners, suppliers and industry experts, NSG BioLabs has helped over 40 companies as residents. The company’s residents include several multi-billion-dollar multinationals as well as many promising startups that have achieved key milestones. The startup residents alone have successfully raised nearly US$400 million (RM1.89 billion) in funding and supported hundreds of jobs. “Our partnerships with EnterpriseSG and Merck signify the importance of a collaborative spirit, and we hope to spur greater collaboration among other stakeholders to benefit the biotech industry in Singapore and the Asia Pacific region,” NSG BioLabs CEO and Founder Daphne Teo. NSG BioLabs’ renewed partnership with EnterpriseSG aims to invest in and nurture more high-potential biotech startups, in particular, expanding support for those with promising innovations in fields such as precision medicine, with the aim of fast-tracking the development and commercialisation of such deep tech solutions. “Singapore’s biotech landscape has evolved significantly, with a burgeoning community of global startups and doubled healthtech deals in 2023. EnterpriseSG will continue to work with industry partners like NSG BioLabs to drive the development of new deep tech innovations such as AI-enabled platforms and targeted therapies by providing patient capital, infrastructure and expertise. This will strengthen Singapore’s edge in precision medicine and revolutionise healthcare delivery,” said EnterpriseSG Director of Healthcare and Biomedical Dr Clarice Chen. “As the Southeast Asia biotech sector experiences tremendous growth driven by healthcare needs, we are confident that NSG BioLabs’ innovative co-working model can offer compelling solutions for biotech startups and companies across the region. NSG BioLabs’ dedication to empowering companies to fast-track their research and development efforts is commendable,” said Donald Tang, Managing Partner at Celadon Partners. To further enable its residents to develop, grow and scale-up, NSG BioLabs has secured a partnership with Merck to provide its residents with special terms for Merck’s reagents, and equipment in life sciences. The partnership also includes preferential access to biopharma processing expertise and consultation for scaling-up production.

News

Petros assumes control of Sarawak’s natural gas trading activities effective July 1

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KUCHING: Petroliam Sarawak Bhd (Petros) will commence assuming Petroliam Nasional Bhd’s (Petronas) role in all natural gas trading activities in Sarawak, effective July 1, said State Utility and Telecommunication Minister Datuk Seri Julaihi Narawi. The minister said that the transition period for Petros to take over will be until January 2025. “Petros will take over the role of Petronas as the purchaser and seller of natural gas and, subsequently, conduct related activities related to the procurement, supply and distribution of natural gas produced in Sarawak,” he said when winding up the debate for his ministry at the State Assembly sitting here today. Julaihi added that Petros and Petronas also agreed to sign a definitive agreement where Petronas will acknowledge Petros as the sole gas aggregator under the Distribution of Gas (Amendment) Ordinance 2023. “Therefore, beginning July 1, Petros will serve as the state’s sole gas aggregator responsible for purchasing all natural gas produced in Sarawak from upstream gas producers and subsequently selling it to downstream gas buyers, including liquefied natural gas (LNG) plants. “This will allow for a continuous supply of LNG for processing plants to fulfil their contracts with overseas buyers such as those in Japan and Korea,” he said. Julaihi said that Petros will also continue its efforts to increase the use of natural gas in line with the Sarawak Gas Roadmap (SGR). “Through the SGR initiative, natural gas usage in Sarawak can potentially increase to 30 per cent or more by 2030, up from the current six per cent. “The SGR is expected to attract investments into Sarawak, fostering high-value economic activities and creating more opportunities for higher-income jobs,” he added. — BERNAMA

News

China companies win bids to explore Iraq oil and gas

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BAHGDAD: Chinese firms secured contracts to explore five Iraqi oil and gas fields during a licensing round focused on boosting domestic gas production. Additionally, an Iraqi Kurdish company clinched two projects out of the 29 available, spanning central, southern, and western Iraq. Notably, this round marked the first inclusion of an offshore exploration block in the Arab Gulf waters. Iraq is actively seeking billions of US dollars in investments to bolster its oil and gas sector, aiming to enhance local petrochemicals production and reduce reliance on gas imports from neighboring Iran, crucial for power generation. Over 20 companies, including European, Chinese, Arab, and Iraqi groups, pre-qualified for the licensing round, with no participation from major US oil firms, despite recent engagements between Iraqi Prime Minister Mohammed Shia and US representatives. Among the winning bids, Chinese companies secured five projects, including Zhongman Petroleum and Natural Gas Group’s acquisition of the northern extension of the Eastern Baghdad field and the Middle Euphrates field, as confirmed by the oil ministry. China’s United Energy Group Ltd, ZhenHua, and Geo-Jade also won bids for developing the Al-Faw, Qurnain, and Zurbatiya fields, respectively. Iraq’s KAR Group secured rights to the Dimah field in eastern Maysan province, and the Sasan and Alan fields in northwestern Nineveh province. Additionally, approximately 20 more projects remained open for bidding over the following days. Falah Al-amri, the Iraqi prime minister’s adviser for oil and gas issues, expressed optimism that these new projects would increase oil production to six million barrels per day by 2030 from the current five million. He emphasized the government’s ambition for these projects to not only boost natural gas production but also nearly eliminate gas flaring by 2030, facilitating the end of gas imports and achieving self-sufficiency. Although Iraq once aspired to rival Saudi Arabia as OPEC’s second-largest oil producer, challenges such as unfavorable contract terms, conflict, and political paralysis have hindered its oil sector development. Moreover, the growing investor focus on environmental, social, and governance criteria has influenced investment decisions, with Western oil giants like Exxon Mobil Corp and Royal Dutch Shell Plc withdrawing from several projects, while Chinese companies continue to expand their presence in the country. — REUTERS

Events, News

EmpowerFest 2024 Celebrates Inclusion and Neurodiversity

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KUALA LUMPUR: Oasis Place, Malaysia’s premier transdisciplinary intervention center, proudly hosted EmpowerFest 2024 at Avenue K Shopping Mall, Kuala Lumpur, Malaysia, from Friday, May 10th to Sunday, May 12th, 2024. Event Details: Event Title: “Through Our Heart – EMPOWERFEST – Carnival of Inclusion & Neurodiversity” Date: Friday, May 10th – Sunday, May 12th, 2024 Location: Avenue K Shopping Mall, Level G, Kuala Lumpur, Malaysia EmpowerFest 2024 served as a groundbreaking festival dedicated to celebrating inclusion, empowerment, acceptance, and community engagement. It provided a unique platform for showcasing inspiring stories, achievements, and challenges faced by neurodivergent individuals. The festival’s theme, “Through Our Heart,” underscored the potential for every unique individual and community stakeholder to succeed and make meaningful social impact contributions. Highlights from Selected Presenters and Panelists: 1. Joshua Teow – Neurodivergent autistic adult and long-time employee at Uniqlo, exemplifying meaningful professional success. 2. June – Co-owner of Nozig, sharing her family’s journey in managing neurodiversity through sporting activities. 3. Joyce Teoh Lay Bee & Sabrina Teoh Weber – Mother and Down syndrome daughter duo, emphasizing the importance of avoiding comparisons in parenting. 4. Linda & Amir – Owners of Dyslexia Café, showcasing Amir’s journey from dyslexia diagnosis to becoming a trained chef and café owner. 5. Grace Gan – Manager at Yayasan Gamuda Enabling Academy, highlighting the importance of employment transition programs for neurodivergent individuals. 6. Dr. Cheah Boon Eu – Autistic medical doctor, sharing her personal journey of managing challenges and inspiring others in the healthcare community. 7. Dr. Hazli Zakaria – Consultant Psychiatrist, advocating for mental health support and social advocacy. Awareness and Empowerment Through EmpowerFest 2024: EmpowerFest 2024 aimed not only to provide a platform for learning and connection but also to challenge societal perceptions of neurodiversity. The three-day event featured highly interactive activities, engagement forums, presentations, and panel discussions, allowing the public to immerse themselves experientially with experts and lived-experience stories from the neurodiverse community. About Masteron: Masteron Group, along with Nisai Group, played a crucial role in ensuring the success of EmpowerFest 2024. Both organizations are dedicated to creating opportunities and providing resources that empower individuals with special needs to succeed. Oasis Place’s Vision: Dr. Choy Sook Kuen, Mother and Founder of Oasis Place, expressed gratitude for the support received from sponsors like Masteron Group, emphasizing the event’s goal of breaking boundaries and promoting neuroinclusion. Oasis Place’s collaborative efforts with organizations like Nisai Group reflect a commitment to making a positive impact on the community. EMPOWERFEST Event Sponsors & Partners: – Hosted By: Oasis Place – Main Sponsor: Masteron Group – Co-Sponsors: DOREMI, Kintry, Nisai Group, KyoChon – Community Partners: Four Points by Sheraton, Chinatown, NASOM, SENIA, AVENUE K, Limkokwing University of Creative Arts, Kita Family Podcast.

Investment & Market Trends, News

Kenanga Maintains Forecast on Supermax Following Acquisition of SHCI

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KUALA LUMPUR: Kenanga Investment Bank Bhd has maintained Supermax Corp Bhd’s financial year 2024 (FY24) net profit forecast but cut its FY25 forecast by 54% due to losses from its purchase of Supermax Healthcare Canada Inc (SHCI). The investment bank said Supermax bought the remaining 33% equity interest in the loss-making Canadian unit for RM18.9 million cash, despite already owning a 67% stake. According to Supermax, the purchase will be paid in cash, financed by internally generated funds and SHCI will become a wholly-owned subsidiary of Supermax once the acquisition is complete “The RM18.9 million capital outlay will only put a minor dent in Supermax’s RM1.5 billion net cash as of 31 December 2023. “However, based on SCHI’s RM53 million net loss in June 2023, the additional 33% equity interest will add an RM17 million loss to its bottom line on a full-year basis,” it said. The research house also expects the group to face a challenging operating environment in subsequent quarters due to massive oversupply. “The group expects the current challenging operating environment to persist, with a likelihood of a meaningful recovery only sometime in 2025,” it said. Based on estimates, Kenanga said the demand-supply situation will only start to head towards equilibrium in 2026 – without new capacity coming onstream – and with a 15% a year increase in global glove demand underpinned by rising hygiene awareness, it said. It noted that rubber glove demand will rise by 30% to 390 billion pieces in 2024 due to 2023’s low base effect and resume its 15% organic growth thereafter. “This will result in an excess capacity of 212 billion pieces in 2024. Persistent overcapacity means low prices and depressed plant utilisation will continue to plague the industry in 2024,” it added. The Malaysian Rubber Glove Manufacturers Association projects a 12-15% growth in global demand for rubber gloves annually from 2023, following an estimated 25% contraction to 300 billion pieces last year. Meanwhile, Kenanga has maintained its target price of 84 sen and ‘market perform’ call on the group. — BERNAMA

Energy & Technology, News

Black & Veatch Urges APAC to Scale Low-Carbon Infrastructure for Decarbonisation

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KUALA LUMPUR: Black & Veatch prompted Asia Pacific to rapidly identify and adopt the next generation of low-carbon and scalable infrastructure to accelerate its decarbonisation progress. The next stage of renewable energy and alternative fuel development to achieve lower carbon emissions is complex. Project sites will be larger and more challenging, with many sites requiring connecting renewable energy resources in remote areas to the grid. “Nevertheless, ample opportunities exist in the Asia Pacific to integrate a mix of different generation, transmission and distribution technologies at the right price point and the right time to achieve commercial and environmental success. “Black & Veatch has been at the forefront of building critical energy infrastructure for several decades and is committed to supporting the rising energy needs in Asia Pacific with low and no-carbon energy sources,” said Black & Veatch President for Asia Pacific and India, Narsingh Chaudhary. As Asia Pacific economies transition from a carbon-based economy to an electron- and molecule-based one, the region must find the right energy mix for near-term requirements and long-term change. Hence, liquefied natural gas (LNG) can support the shift from coal and the additional energy mix needed to fuel economic growth in developing markets. Meanwhile, energy storage technologies such as battery energy storage systems (BESS) and pumped storage hydropower (PSH) can enhance energy security by balancing sudden and significant drops in power production from variable renewable energy resources to improve grid reliability and stability. In the longer term, hydrogen has the potential to provide seasonal energy storage and serve as the missing link for utilities, commercial businesses and industries seeking to operate sustainably.

Investment & Market Trends, News

Quest Global Acquires People Tech Group to Expand Product Engineering Capabilities

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SINGAPORE: Leading global product engineering services company headquartered in Singapore, Quest Global acquired a majority stake in People Tech Group, a renowned leader in next-generation digital transformation and digital innovation for Fortune 500 clients. The partnership marks a significant milestone in Quest Global’s growth journey, significantly expanding its footprint in North America within the automotive and hi-tech industries. It also enables Quest Global to better serve customers, especially original equipment manufacturers (OEMs) in the Automotive industry, by providing expanded expertise in digital transformation for software-defined vehicles (SDV). Specifically, People Tech has strong capabilities in architecture, design, UX, development and testing of human-machine interface (HMI) and applications for infotainment systems and instrument clusters. Additionally, the company specialises in Software in Loop (SIL) and Model in Loop (MIL) testing of advanced driver-assistance systems (ADAS). People Tech also strengthens Quest Global’s capabilities in enterprise software, cloud, data engineering, and analytics for the dynamic hi-tech industry. “With People Tech’s extensive experience and expertise, we are well-positioned to accelerate growth, scale operations, and address the evolving needs of our clients globally as we strive to be the most trusted partner for the world’s hardest engineering problems,” said Quest Global Chairman and CEO, Ajit Prabhu. “This strategic union moves us forward on our journey to deliver innovative digital transformation and product engineering solutions to our customers in the automotive and hi-tech industries as we continue on our journey to become a centenary organisation,” he added. Together, People Tech and Quest Global will leverage new and complementary capabilities, expand offerings to existing clients, and serve new clients with innovative digital transformation and product engineering solutions. “This marks a new chapter for People Tech, and we are thrilled to become part of the Quest Global family,” said People Tech Founder and CEO, Vishwa Prasad. “Our shared values and commitment to excellence make this integration a natural fit. We are both known for helping our customers solve their most challenging problems. With this transaction, we will be able to bring our data/AI and enterprise software services to a broader client base and leverage the substantial industry expertise of Quest Global resources,” he added.

News

Khairy Jamaluddin named member of India-based Fischer Medical Ventures board

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NEW DELHI: Malaysia’s former health minister Khairy Jamaluddin Abu Bakar has been named a member of India-based Fischer Medical Ventures Ltd’s board. The company, formerly known as Fischer Chemic Ltd, announced his appointment as additional director in the capacity of independent director for a term of five years starting May 4, 2024 in a recent stock market filing. Khairy served as the Health Minister between 2021 and 2022 and as the Science, Technology and Innovation Minister from 2020 to 2021. Fischer Medical Ventures is mainly engaged in the trading of laboratory chemicals and machineries. It announced management changes following the successful completion of the open offer made by Time Medical International Ventures Pte Ltd and other investors. The board approved the appointment of Ravindran Govindan as chairman and managing director and Svetlana Rao Raviwada as a full-time director for a term of five years. – BERNAMA

News

Exabytes Spearheads Female Empowerment in Southeast Asia’s Digital World at the 2024 AWEWE Conference in Malaysia

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KUALA LUMPUR: In support of this conference, Exabytes has once again partnered with CIMB Group, the official Platinum Sponsor of the conference for the second year in a row. AWEWE 2024 is also supported by the Penang State Government.   The conference, held on May 7th at Loft 29, Penang, and May 9th at the Exabytes Event Hall, Selangor, gathered influential visionaries, thought leaders, and over 200 pioneering women entrepreneurs from Malaysia. Under the theme “Catalysing Economic Inclusion through Cybersecurity and Tech Advancements,” attendees engaged in insightful discussions on digital trends, business opportunities, and the importance of cybersecurity in today’s evolving landscape. With women comprising only 35% of Malaysia’s technology workforce, this year’s theme aligned strongly with the spirit of International Women’s Day, advocating for the empowerment and advancement of women in the digital sphere. Moderated by Ong Siou Woon, Director of Operations at Penang Institute, and featuring panelists such as Bharati Suresh Chand, Ahila Ganesan, and Mei Tan in Penang, as well as Shermaine Wong, Musyrifah Malek, and Huay Ping Seet in Kuala Lumpur, the conference delved into topics like funding opportunities, market trends, and self-leadership through engaging panel discussions and immersive workshops led by industry experts. The highlight of the event was the intimate fireside chats with successful entrepreneurs Penny Choo and Shirley Saw, who shared personal anecdotes and invaluable insights to inspire and empower the attendees. Kee Siak Chan, Founder and CEO of Exabytes, emphasized the company’s commitment to empowering women entrepreneurs in digital business ventures, offering support and resources to help them succeed and thrive in the digital era. Exabytes partnered with CIMB Group, the official Platinum Sponsor of the conference for the second consecutive year, to further support women entrepreneurs in harnessing technology for business growth. Supported by the Penang State Government, AWEWE 2024 aimed to provide a platform for women entrepreneurs to gain insights, expand their networks, and access digital resources through Exabytes’ Digital Toolkit, which includes essential tools and services to support their digital journey. Since its inception in 2021, Exabytes has been dedicated to empowering and supporting women entrepreneurs through its AWEWE campaigns, offering tangible support such as free websites, digital courses, and tools. Each year, the campaign has evolved to address the changing needs and challenges faced by women in the digital landscape, demonstrating Exabytes’ ongoing commitment to fostering gender equality and diversity in the business environment.

Investment & Market Trends, News

MNRB’s Net Profit Reaches Best-Ever Performance in 50 Years

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KUALA LUMPUR: MNRB Holdings Bhd recorded a jump in net profit to RM428.34 million for the financial year ended 31 March 2024 (FY24) from RM142.64 million in FY23, marking the best-ever financial performance in the company’s 50-year history. This was mainly driven by strong business expansion, underwriting results and investment returns. Revenue increased to RM3.6 billion from RM2.97 billion in the previous year, it said in a filing with Bursa Malaysia. Revenue from the insurance and takaful businesses rose 21.1% to RM3.6 billion from RM3 billion in FY23. It also noted that its profit after tax (PAT) for FY24 surged by 200.4% to RM428.4 million, surpassing the RM400 million mark. “This was mainly due to the results of the reinsurance/retakaful business amounting to RM362.4 million, primarily fuelled by strong underwriting results coupled with robust investment performance. “Overall, the group’s profitability was further strengthened by the takaful segment’s solid business fundamentals and operational efficiencies,” MNRB said. Despite challenges in the domestic and global capital markets from the macroeconomic headwinds, MNRB’s investment income and yield reached a five-year record high, with investment results touching RM588.3 million up 61.3% from FY23. With a yield of 5.64%, MNRB’s investment performance was in line with the strong returns delivered by larger institutions in Malaysia. “This purposely designed growth, with more than 80% concentration in the Malaysian market, was mainly attributable to favourable returns, following a strategic alignment of the investment portfolio, trading strategies and asset allocation model,” it noted. Additionally, the group’s reinsurance/retakaful subsidiary, Malaysian Reinsurance Bhd achieved a record-breaking RM2.5 billion gross written premiums and gross written contributions (GWP/GWC) in FY24, surpassing the RM2 billion mark for the first time. As of 31 March 2024, Malaysian Reinsurance secured the top place among Asean’s reinsurers for its GWP. For the fourth quarter ended 31 March 2024 (Q4 FY24), MNRB’s net profit rose to RM232.63 million against RM94.94 million a year ago, while revenue rose to RM816.79 million versus RM637.97 million in Q4 FY23. The group’s insurance and takaful revenue increased 30.6% to RM707.2 million in the period from RM541.3 million recorded in Q4 FY23. MNRB President and Group Chief Executive Officer Zaharudin Daud said the sukuk issuance has also helped to bring down the cost of capital and provided the company with the flexibility to execute the group’s transformation effectively. It also enabled strategic diversification into international markets and facilitated strategic partnerships, he added. Meanwhile, MNRB Chairman Datuk Johor Che Mat said the key to the company’s success was the rollout of strategic initiatives across all business lines. The significant improvements in FY24 were strategically planned with an ongoing commitment to prioritising stakeholders’ interests and championing good governance. “We noted that investors’ interest in the group has increased, reflecting the market’s confidence in the company throughout the financial year. “We continue to look beyond Malaysian shores and are leveraging current opportunities in the hard market while preparing to surmount challenges in the upcoming soft market,” he added. — BERNAMA

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