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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

Investment & Market Trends, News

Rich Baby Boomers Pass On US$1.9 Tril Wealth to Future Generations

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KUALA LUMPUR: Malaysia is set to draw more foreign inflows as Asia’s largest intergenerational wealth transfer is on the cards, said Securities Commission Malaysia (SC) Chairman Datuk Seri Dr Awang Adek Hussin. He said that according to HSBC Bank, Asia’s wealthy baby boomers are expected to pass on about US$1.9 trillion (RM9.01 trillion) of wealth to future generations in the coming years. “The financial planning industry is well placed to capitalise on this opportunity due to long-term relationships built over the years,” he said at the Financial Planning Symposium 2024 that was organised by the Financial Planning Association of Malaysia (FPAM). Moreover, this opportunity not only promises to elevate the quality of financial planners’ services but also broadens their client base. Furthermore, Awang Adek pointed out the growing interest in sustainability among millennial investors, something which financial planners could potentially tap into. A survey by the Institute of Capital Market Research revealed that more than 70% of millennials and Gen X are likely to invest in options that also promote sustainability. “While many investors have good intentions, they may lack knowledge about sustainable investments like environmental, social and corporate governance (ESG) or Sustainable and Responsible Investment (SRI) Funds, which we in the capital markets industry may be used to. “As such, financial planners must increase their understanding and develop capabilities in this area,” he said. To facilitate this, the SC and the Federation of Investment Managers Malaysia will issue a comprehensive guide to assist planners and consultants in navigating the complexities of SRI Funds. This guide aims to ensure that SRI considerations become a routine component of financial advice. According to Awang Adek, the financial planning sector has seen a notable improvement in the number of firms, with an increase of more than 32% since 2015. “In this regard, the release of the firm’s operating standard by FPAM is a positive step towards professionalising the industry. “It serves as a guide to support firms in establishing a solid foundation and promoting good conduct that prioritises client needs,” he said. Awang Adek said on the regulatory side, the SC has issued revised Guidelines on Conduct for Capital Market Intermediaries to elevate standards of professionalism and integrity, which will assist firms in attracting and retaining long-term clients. The revised guidelines will come into effect on 1 October 2024, allowing sufficient time for capital market intermediaries to make preparations to meet the new requirements. “Financial planners should thoroughly review and take necessary steps to ensure compliance, especially with regards to personal advise obligations,” he said. He also called financial planners to protect their clients, ensuring that they do not fall prey to unlicensed schemes and activities. Between 2019 and 2023, the SC reviewed over 3,000 complaints and inquiries related to unlicensed activities and scams, a 321% rise from under 800 complaints in 2019. He said the SC also recognises that smaller firms may struggle with market profiling. “Hence, I am pleased to announce that Capital Markets Malaysia, the SC’s promotional arm, will work in tandem with the SC to provide a platform to profile financial planning firms further. “This will serve as a contact point for prospective investors to connect with firms for various financial planning needs,” he said. — BERNAMA

Investment & Market Trends, News

Bursa’s RM2 Tril Market Cap Signals Good Trading Prospects, Says MIDF Research

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PETALING JAYA: MIDF Research has forecasted “good prospects for trading activities in Bursa Malaysia this year from a corporate earnings and valuation point-of-view”. “This follows the local bourse hitting RM2 trillion in market capitalisation for the first time yesterday, with the key index at a two-year high,” it said. The research firm said it also anticipates robust economic growth, which consequently drives corporate earnings. “We also anticipate that the expectations of US interest rate cuts will lead to positive sentiment, especially among foreign investors, and this will drive better market valuations,” it said in a research note. MIDF said it has seen better trading activities thus far this year on the back of the expectation of US Federal Reserve (Fed) interest rate cuts, adding that Bursa is well-positioned to continue developing the marketplace and make further progress in its strategic plans. In the short-term though, MIDF said the ongoing global and local developments would continue to influence the volatility and performance of the securities and derivatives markets, “which at the current juncture we are sanguine.” “Hence, we are maintaining our ‘buy’ call on the stock exchange with an unchanged target price of RM8.20, pegging financial year 2025 (FY 2025) earnings per share (EPS) to a price-earnings ratio (PER) of 25 times,” it added. On the index performance, the FTSE Bursa Malaysia KLCI (FBM KLCI) saw year-to-date (YTD) (as at May 7, 2024) gains of 10.4%, making it the best-performing index in Asean thus far. “Compared to peers, only Japan’s Nikkei has outperformed with a 16% gain,” it said. MIDF noted that the support provided by local investors and the return of foreign funds in May has lifted sentiment. “Although we observed a foreign funds net outflow of RM4.25 billion between March and April, there has been a net inflow of RM1 billion in May thus far. “We are sanguine on the prospect of foreign funds returning to the Malaysian market on the back of expected US interest rate cuts and the subsequent expectation of the US dollar to weaken in light of this,” it added. Yesterday, the FBM KLCI rallied for a fourth straight day to close above the 1,600 level for the first time in two years, closing at 1,605.68, its highest close since April 8, 2022.–BERNAMA

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