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Naver Consulted by South Korea for Stake Divestment Decision

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SEOUL: South Korea will consult with Naver following media reports that the domestic Internet company faced pressure from Japan to divest from a venture. South Korea asserts that its companies should not experience discrimination. The South Korean foreign ministry responded to a Kyodo news agency report, stating that Japan’s SoftBank Group was discussing purchasing shares of LY Corp from Naver, allegedly under administrative guidance from Japan’s internal affairs and communications ministry due to a data leak last year.   In a statement, the ministry affirmed, “The South Korean government firmly opposes discriminatory measures against our companies. We will ascertain Naver’s stance on the matter and engage with Japan’s side as necessary.”   LY Corp, majority owned by A Holdings—a joint venture of SoftBank and Naver—operates Line, a popular messaging app in Japan and across Asia.   The report raised concerns in South Korea about potential political interference, prompting two incoming lawmakers from the Rebuilding Korea Party to call for “strong action”.   Japan’s internal affairs and communications ministry and SoftBank Group did not immediately respond to Reuters’ requests for comment. — REUTERS

Investment & Market Trends, News

Malaysian Trade Industry on the Rise as of March 2024, Up 5% From 2023

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KUALA LUMPUR: Malaysia’s total trade for March 2024 amounted to RM244.5 billion with exports and imports recorded RM128.6 billion and RM115.8 billion, respectively as reported by the Department of Statistics (DOSM). The total amount of trade has increased 5% year-on-year compared to RM232.7 billion in March 2023. Chief Statistician Malaysia Dato’ Sri Dr Mohd Uzir Mahidin said exports were valued at RM128.6 billion in March 2024 decreased RM1 billion (-0.8%) as compared to the same month of the previous year. The decrease in exports was attributed to the lower exports in most states such as Selangor (-RM2.1 billion), WP Labuan (-RM1.6 billion), Melaka (-RM686.2 million), Sabah (-RM443.8 million), Sarawak (-RM260.9 million), Pulau Pinang (-RM129.8 million), Negeri Sembilan (-RM118.5 million), Johor (-RM44.6 million) and Perlis (-RM27 million). However, exports increased in Perak by RM1.5 billion, WP Kuala Lumpur (+RM1.3 billion), Terengganu (+RM929.9 million), Pahang (+RM522 million), Kedah (+RM151.7 million) and Kelantan (+RM36.2 million). Pulau Pinang remained as the top exporter with 32% share, followed by Johor (20%), Selangor (16.9%), Sarawak (8.1%) and WP Kuala Lumpur (4.5%). Looking at the performance of imports by state, Mohd Uzir said imports in March 2024 increased RM12.9 billion (+12.5%) as compared to the same month in 2023. The increase in imports was attributed to the higher imports in most states such as Johor (+RM8.2 billion), Melaka (+RM1.6 billion), Negeri Sembilan (+RM1.2 billion), WP Kuala Lumpur (+RM1 billion), Selangor (+RM996.7 million), Kedah (+RM419.7 million), Pahang (+RM152.6 million), Terengganu (+RM92.1 million), Kelantan (+RM71 million), Sabah (+RM55.5 million) and WP Labuan (+RM30.3 million). However, imports decreased in Pulau Pinang by RM521.9 million, Perak (-RM393.8 million), Sarawak (-RM115.9 million) and Perlis (-RM6.8 million). Johor dominates Malaysia’s imports with a share of 27.9%, followed by Selangor (23.6%), Pulau Pinang (19.2%), WP Kuala Lumpur (7.5%) and Kedah (5%).

Energy & Technology, News

STDCx Enters Partnership with Orangeleaf, Mendix to Foster Tech Advancement in Selangor

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HANOVER, GERMANY: The Selangor government’s technical professional development centre, Selangor Technical Skills Development Centre (STDCx) and globally renowned low-code application development platform, Mendix signed a Memorandum of Understanding (MoU) with Orangeleaf Consulting, the leading low-code consultancy in Malaysia. The event took place at the Hannover Messe 2024 trade show in Germany, which is the world’s largest industrial technology exhibition where companies from the energy, digital, and mechanical and electrical engineering sectors gathered to map solutions for the future of energy supply and manufacturing. With topics exhibited including digitalisation, artificial intelligence and machine learning, the strategic partnership between STDCx, Orangeleaf Consulting and Mendix aims to foster technological advancement with Mendix’s low-code, nurture local talent, and promote digital transformation initiatives within these industries in Selangor, Malaysia. In tabling the 2024 Selangor State Budget in November 2023, Chief Minister YAB Dato’ Seri Amirudin Shari committed RM13.85 million to elevate the role of technical and vocational education in Selangor to a higher level. Additionally, Mendix’s low-code platform was catapulted into the Parliament’s spotlight as the cutting-edge technology set to transform the state’s technological development. During the event, Selangor Chief Minister Dato’ Seri Amirudin Shari said, “What sets Mendix apart as a low-code platform is its speed to market as opposed to the traditional form of coding.” According to Amirudin, those who do not have a coding background can also rapidly adapt to Mendix’s low-code and seamlessly develop software that caters to an organisation’s needs. Therefore, the partnership aligns with Selangor’s mission to promote technological advancement, reduce the digital divide, and further increase economic growth in the state. “We are committed to collaborating closely with Mendix and other stakeholders to maximise the benefits of this partnership. “This understanding with Orangeleaf Consulting is a testament to our commitment and we intend to invite similar partnerships with interested parties in this rapidly growing space of the digital economy,” he added. Meanwhile, Orangeleaf Consulting Chief Executive Officer and Co-founder Ellice Ng Pui San said, “We are happy to be recognised as the sole consultancy in Malaysia that will be working closely with the STDCx to equip the workforce with Mendix’s low-code technology that is needed to thrive in this vibrant digital economy.” Ellice also mentioned that there is great potential in the talent pool development in Malaysia, and low-code can play an important role in raising tech talent to compete locally and globally. “Low-code transforms the way programmers develop systems and applications by enabling business users and tech individuals with different technical levels to build applications quickly and efficiently, utilising a visual interface through the Mendix platform. “Thus far, we have successfully groomed local tech talents to support businesses globally, especially with the rise of low-code solutions from various industry sectors,” she added. With over 296,656 members, the Mendix low-code community is all across the globe. The global low-code platform market revenue is valued at almost US$22.5 billion in 2022 and is forecast to reach approximately US$32 billion in 2024.

Investment & Market Trends, News

Fernandes: AirAsia Group to be Listed on Bursa Malaysia in September

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KUALA LUMPUR: AirAsia Group Sdn Bhd (AAG) is poised to be listed on Bursa Malaysia in September, taking over the listing status of AirAsia X Bhd, said Capital A Bhd chief executive officer Tan Sri Tony Fernandes. He said AAG is a combined airline under AirAsia Aviation Group Ltd (AAAGL), consisting of AirAsia subsidiaries in Thailand, Indonesia, the Philippines and soon Cambodia together, with AirAsia Bhd (AAB) which handles operations in Malaysia. “The merger is to streamline the operation which aims to be the largest low cost carrier in Asia with the ‘One Airline’ strategy set to transform the face of global low cost travel,” he said during the exchange ceremony of a conditional share sale and purchase agreement between Capital A and AAG, today. Fernandes said he believes the move will pave the way for Capital A to exit PN17 status after the divestment of its wholly-owned subsidiaries – AAAGL and AAB. “So the first thing is to get the circular done for this transaction which I hope will be done in two weeks. Then we have to submit it to Bursa Malaysia for approval which I hope can be done quickly. “Then we have 21 days to call for an extraordinary general meeting from both companies to approve this transaction. So once that is done, we have to get the cost to approve it for capital reduction, then we can list,” he said. Post-divestment, he said Capital A will retain four core businesses, including Capital A Aviation Services, Teleport, MOVE Digital, and Capital A International. He said AirAsia Group will be optimising their profitability with an efficient fleet model, with the company upsizing the A320s model and downsizing the A330s to A321 Neo models. Capital A announced to the stock exchange yesterday it has entered into a conditional share sale and purchase agreement with AAG to dispose of its 100 per cent equity interest in AAAGL and AAB for RM6.8 billion. Capital A also announced a proposed distribution of new ordinary shares in AAG to be received as consideration shares for the proposed AAAGL disposal of about RM2.20 billion to the entitled shareholders of the group. –BERNAMA

Investment & Market Trends, News

GFM Services Successfully Transfers to the Main Market of Bursa Securities

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KUALA LUMPUR: GFM Services Berhad (“GFM” or “the Group”), a provider of Integrated Facilities Management services, has announced the completion of the transfer of its entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). This transfer involves the listing and quotation of the Group’s total issued share capital, amounting to 759,508,350 shares in GFM. Encik Ruslan Bin Nordin, the Group Managing Director of GFM, expressed his satisfaction with the successful migration to Bursa Securities’ Main Market. He emphasized that this achievement signifies a significant milestone for GFM, reflecting its financial strength and stability, meeting the transfer criteria related to profitability, financial position, and liquidity. Nordin highlighted that being listed on the Main Market will enhance access to capital markets, especially institutional funds, and boost credibility among investors, aligning with the Group’s current scale of operations. Nordin outlined the Group’s future growth strategies, focusing on expanding its presence in the Oil and Gas facilities maintenance sector, Highway Rest and Service Areas (RSA), and exploring opportunities in the Workforce Lodging segment to address the increasing demand for proper workers’ accommodation. He expressed confidence that the transfer to the Main Market will facilitate the realization of these expansion plans. Nordin expressed gratitude to investors, customers, and business partners for their support, and recognized the contribution of GFM team members to the Group’s success. To summarize, GFM achieved its highest-ever revenue of RM145.0 million and net profit of RM27.4 million for FY2023, driven primarily by increased contributions from its Oil and Gas and Concession Arrangements divisions.

News

Silicon Motion Appoints Jason Tsai as Interim CFO

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KUALA LUMPUR: Silicon Motion Technology Corporation (Silicon Motion) announced its current Vice President of IR and Finance, Jason Tsai, has been appointed as Interim Chief Financial Officer (CFO), effective April 25. In a statement, Silicon Motion said Tsai succeeded CFO, Riyadh Lai who is stepping down but will stay with the company to continue supporting its various strategic and investment initiatives to deliver value to stockholders. Silicon Motion Chief Executive Officer, Wallace Kou said the company has expressed gratitude for Lai’s contributions to the company in his capacity as CFO for more than 17 years, and is confident that he will continue to provide the company with valuable services. Meanwhile, Kou added that Tsai, as the company’s VP of IR and Finance, has made significant contributions to the strong operation of its finance team and financial results over the last few months. “Jason, who had previously been with the company for more than 10 years, and recently rejoined, has had an accomplished finance career and held senior leadership roles in the hardware, semiconductor and software industries,” he said. Silicon Motion has initiated a search process for the permanent CFO position. A global leader in supplying NAND flash controllers for solid state storage devices, Silicon Motion supplies more SSD controllers for servers, personal computers and other client devices. —BERNAMA

Investment & Market Trends, News

Sentoria Secures Confidence with Approval of Redeemable Convertible Bonds (RCB) in EGM

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SERI KEMBANGAN: Sentoria Group Berhad (“Sentoria”) reached a significant milestone today as it successfully held its Extraordinary General Meeting (EGM), marking a crucial step in the company’s journey towards financial revitalization. The virtual EGM saw strong participation from Sentoria’s esteemed shareholders, including the State Investment Agencies of Pahang, highlighting their unwavering commitment to the company’s strategic direction. Under the leadership of Sentoria’s Chairman, Datuk Ras Adiba Radzi, and with the attendance of all board members, the EGM centered on securing shareholders’ approval for Sentoria’s Redeemable Convertible Bond (RCB) issuance alongside a Shares Consolidation initiative. The overwhelming support, with nearly 99.9% of eligible registered shareholders backing the resolutions, including full endorsement from Pahang State Investment arm as the second largest shareholder, signifies a strong vote of confidence in Sentoria’s rejuvenation efforts. With conditional approval from Bursa Malaysia granted last month, contingent upon shareholders’ endorsement, today’s successful resolution paves the way for Sentoria to proceed with its first issuance of the three-tranche structured RCB, ensuring compliance with regulatory standards. Expressing gratitude for the awaited approval of the RCB proposal, Dato’ Loh Yuen Tuck, the Group’s CEO, emphasized the pivotal role of the RCB in revitalizing Sentoria’s cash flows, meeting financial obligations, advancing housing projects in Morib Bay, Selangor, and rejuvenating theme parks through strategic partnerships. The approval enables Sentoria to fulfill commitments to homebuyers, address legacy issues with bank loans, fund new projects in Morib, and revive theme park operations in Gambang Pahang and Samariang Sarawak, thereby enhancing property values and delivering sustainable returns to shareholders and fair returns to supporting banks. The RCB issuance, coupled with a share consolidation exercise of four to one, demonstrates Sentoria’s dedication to financial flexibility and disciplined management. The RCB, already fully subscribed, is structured to be convertible to a maximum of 306,690,544 new ordinary shares, in addition to Sentoria’s consolidated shares. The infusion of RM 150 million funds will support development initiatives, improve cash flows, reduce bank borrowings, and strengthen working capital, crucial elements of Sentoria’s strategic turnaround. Chairman Datuk Ras Adiba Radzi reaffirmed the new Management Team’s commitment to integrity and transparency in utilizing RCB funds, highlighting Sentoria’s dedication to realizing its full potential and creating value for stakeholders. The new team extends gratitude for continued support from shareholders, partners, suppliers, bankers, and stakeholders, emphasizing the importance of ongoing collaboration in achieving Sentoria’s turnaround objectives.

Energy & Technology, News

Malaysian Residents Will Experience Eased Payments in China

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KUALA LUMPUR: In a move to enhance travel facilitation, both Malaysia and China have recently implemented a short-term visa waiver program, allowing citizens of each country to travel visa-free for tourism and business purposes. With the increasing flow of people in both directions, UnionPay International (UPI) further optimises payment services. UPI plays a pivotal role in facilitating seamless payment experiences for Malaysian residents making local consumptions as well as travelling abroad including China. UPI offers a range of payment products, including credit cards, debit cards, and locally UnionPay-enabled e-wallets like SPay Global and GoPayz, ensuring cardholders have convenient payment options without the hassle of managing cash when travelling abroad. Recently, UnionPay announced the launch of Project Excellence 2024, a significant initiative aimed at enhancing payment services in China to cater to the needs of tourists and foreigners. This initiative, coupled with the seamless payment experience offered by UnionPay, simplifies travel between the two countries and encourages greater tourism and business exchanges. Tourists visiting China could consult at information booths at tourist hotspots for payment solutions provided by UnionPay and participate in various promotional activities under the theme “Explore China Your Way with UnionPay”. UPI also collaborates with travel-related organisations such as the Malaysia-China Folklore Culture Tourism Association, participating in events like the upcoming “Nihao, China” travel fair.

News

Yayasan Hasanah Appoints Siti Kamariah Ahmad Subki as new Managing Director

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KUALA LUMPUR: Yayasan Hasanah, the philanthropic arm of Khazanah Nasional, has appointed Siti Kamariah Ahmad Subki as its new Managing Director, succeeding Dato’ Shahira Ahmed Bazari. Siti Kamariah, a Chartered Accountant with over 20 years of experience in Malaysia, Australia, and the US, will assume her role on May 1, 2024. She has held leadership positions at Wanita Berdaya Selangor and is a board member at INCEIF University, with prior roles at PricewaterhouseCoopers, Khazanah Nasional, Yayasan Hasanah, and the United Nations. Her diverse background spans commercial and social development sectors, focusing on entrepreneurship, social impact, and sustainable development. Tan Sri Md Nor Yusof, Chairman of Yayasan Hasanah’s Board of Trustees, expressed enthusiasm for Siti Kamariah’s appointment, anticipating her leadership to elevate the foundation’s impact alongside Khazanah’s national advancement efforts. Siti Kamariah holds a Bachelor of Commerce from the University of Sydney and a Master of Commerce from the University of New South Wales. She is active in professional bodies such as the Malaysia Regional Council of Chartered Accountants Australia and New Zealand (CAANZ) and the Malaysian Institute of Accountants (MIA).

News

HEARTS ON FIRE Names Johan Ye as President, APAC

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HONG KONG: HEARTS ON FIRE, the renowned jewellery brand celebrated for its dazzling signature cut diamonds, has named Johan Ye as President, of Asia-Pacific. Johan, a French citizen based in Hong Kong, brings extensive luxury retail experience with a successful history of regional leadership roles. Previously, he held senior positions across leading brands in the Richemont Group in Asia Pacific, most recently serving as Managing Director, of Asia Pacific for MESSIKA. In this role, he was responsible for developing the brand across the region, overseeing key markets, and managing profit and loss. In his new capacity at HEARTS ON FIRE, Johan will supervise business and operations across the Asia Pacific region, focusing on Mainland China, Hong Kong SAR, Macau SAR, and Taiwan. He will lead efforts to drive growth and performance, directing business development, retail and wholesale operations, customer engagement, and brand marketing strategies. This appointment is part of Hearts On Fire’s commitment to bolstering its leadership in Hong Kong, aligning with a multi-year brand transformation initiative. Rita Maltez, Global President of HEARTS ON FIRE, expressed enthusiasm about Johan’s appointment, highlighting his expertise and extensive understanding of the luxury market, which will be vital for advancing the brand’s transformation and growth in Asia Pacific. Johan commented on his new role, stating, “I am excited to join HEARTS ON FIRE at this pivotal moment in the brand’s journey. The Asia Pacific region offers significant growth opportunities, and I am eager to collaborate with our team and partners to enhance our presence.”

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