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Singapore
Energy & Technology, News

Funds raised by Singapore’s tech startups up 59% in 2023

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SINGAPORE: Singapore’s early-stage technology start-ups secured $402 million (S$548 million) in funding in 2023, a 59 percent increase from the $253 million raised in 2022, according to SGInnovate, the national investment arm. The number of seed-stage deals also rose by 50 percent, from 20 in 2022 to 30 in 2023, across four key sectors: advanced manufacturing, agrifood and sustainability, and health and biomedical sciences. SGInnovate noted these figures in its report on the sector’s development in 2023, highlighting a growing interest in emerging tech investments as Singapore’s ecosystem matures. SGInnovate examined early-stage start-ups established between January 1, 2019, and December 31, 2023, defining emerging technology start-ups as those developing tangible products like devices, machinery, food, and pharmaceuticals based on physical sciences, life sciences, and engineering. Tong Hsien-Hui, SGInnovate’s executive director, remarked that these trends reflect Singapore’s evolving and dynamic emerging tech landscape, with specialized investors increasingly supporting specific industry verticals. Agrifood and sustainability emerged as leading sectors in funding and start-up incorporations, likely driven by public and private initiatives. Both sectors saw growth in funding events year-on-year, with the agrifood sector securing 13 deals in 2023 (compared to eight in 2022) and the sustainability sector closing 16 deals in 2023 (versus 12 in 2022). Despite overall increases in funding and deals, the number of start-ups incorporated in 2023 across the four sectors declined from 35 in 2022 to 25 in 2023. SGInnovate attributed this to ongoing macroeconomic uncertainties, potentially leading to deferred incorporations. Looking forward, SGInnovate anticipates increased private market investments in emerging technologies in 2024, especially with predicted rate cuts, and remains optimistic about start-ups addressing long-term challenges, supported by Singapore’s policy initiatives.

Energy & Technology, Investment & Market Trends, News

PGB Intensify Efforts Towards Green Initiatives Amid Strong Financial Performance

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KUALA LUMPUR: Petronas Gas Bhd (PGB) is committed to creating secure high-impact projects by leveraging on its core competencies and exploring industry-adjacent opportunities. This was revealed during the group’s 41st annual general meeting (AGM), where PGB reiterated its efforts of integrating sustainability into all decision-making processes, prioritising economic growth and sustainable development equally at all levels. “PGB’s efforts in upholding strength, resilience and sustainability are anchored in its strategic agenda of pursuing growth while maintaining commercial project and operational excellence,” the group said in a statement released in conjunction with the meeting. During the virtual session of the AGM, PGB Managing Director and Chief Executive Officer Abdul Aziz Othman highlighted the group’s strong 2023 financial performance with profit earnings increasing by 8.1% to RM1.9 billion compared to the previous year. The positive results were attributed to continued operational excellence and robust margins from the utilities segment as well as higher contribution from joint venture companies. “Backed by improved performance, the group declared a total dividend of 72 sen per share,” he said. For PGB’s full financial year ended 31 December 2023 (FY23), the group reported a total revenue of RM6.45 billion, an increase of 4.6% from RM6.16 billion posted in FY22, which was mainly contributed by the increased revenue from the utilities segment on the back of higher product prices in tandem with elevated fuel gas price and higher electricity tariff. By maintaining its successful performance and reliability across all its plants and facilities, the group was able to ensure steady earnings from long-term contracts under gas processing, gas transportation, regasification and utilities segments amidst challenging market conditions on the back of long-term agreements. For the fourth quarter ended 31 December 2023 (Q4 FY23), the group’s revenue declined by 3.1% to RM1.58 billion compared to RM1.63 billion posted in Q4 FY22 due to lower revenue from utilities and regasification segments. The lower utilities revenue was mainly due to lower product prices and customers’ offtake, while regasification revenue was lower. “Despite the challenging business environment, PGB still managed to record a strong financial performance in FY23. As we move forward, we continue to explore opportunities for growth within the National Energy Transition Roadmap (NETR),” Abdul Aziz said. He added that the group also initiated efforts to pursue a greener portfolio to support its target to achieve Net Zero Carbon Emissions by 2025.

News, Property

Sunway Velocity 3 Preview: RM 1.28 Billion Integrated City

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KUALA LUMPUR: The Master Community Developer, Sunway Property, has launched its sales gallery for its latest Signature Home, Sunway Velocity 3, and will begin showcasing the initial phase of development on May 4. Following the success of Sunway Velocity and Sunway Velocity TWO, where all residential units were sold out, and both commercial units are fully occupied, Sunway Velocity 3 is situated in Kuala Lumpur. Phase 1 of the project spans 3.43 acres, housing two blocks of serviced residences with an estimated gross development value of RM 1.28 billion. This development will be interconnected with Sunway Velocity Mall. Chong Sau Min, CEO of Sunway Property Central and Northern Region, highlighted that Sunway Velocity 3 is designed to cater to various demographics in Kuala Lumpur, including working adults, young professionals, commuters, small families, first-time homebuyers, and investors. Connected to Sunway Velocity and Sunway Velocity TWO via a link bridge, Sunway Velocity 3 offers seamless access to lifestyle amenities such as Sunway Velocity Mall, Sunway Medical Centre Velocity, Sunway College @ Velocity, and more. It is directly linked to MRT & LRT stations and strategically located near major highways. With its proximity to the TRX Financial Hub and unique built-in features like smart door locks and sub-meters for energy monitoring, Sunway Velocity 3 is seen as a lucrative investment opportunity. The development incorporates Sunway Property’s sustainable design philosophy (SDDA), ensuring features that promote sustainability, innovation, health, wellness, and community experience. Sunway Velocity 3 offers units with 2 to 3+1 bedrooms ranging from 721 sq. ft. to 1,076 sq. ft., designed to maximize natural lighting and ventilation. It also features express ramps for easy access to multi-level car parks and 24-hour security. Buyers can take advantage of the Signature Series 2024 campaign until June 30, 2024, featuring attractive deals and experiences for homebuyers.

Energy & Technology, News

Renuka Sharma Promoted to Director of Energy Solutions APAC at BayWa r.e.

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BANGKOK: Renuka Sharma has been promoted to Director of Energy Solutions for the Asia-Pacific (APAC) region at BayWa r.e., a global renewable energy developer and service provider. This promotion recognizes Renuka’s outstanding leadership and her significant contributions to the company’s growth and influence in renewable energy. With more than 18 years of experience spanning various industries, Renuka has consistently demonstrated her ability to navigate complex projects and drive the energy transition forward. Previously, she served as Managing Director of BayWa r.e. Thailand, leading initiatives to promote renewable energy adoption in Southeast Asia. In her new role, Renuka will be responsible for guiding the strategic direction and operational performance of BayWa r.e.’s Energy Solutions business throughout the APAC region. Drawing from her extensive experience with companies like SunEdison and Brookfield Renewables, Renuka is well-positioned to foster innovation and sustainable growth within the organization. Reflecting on her promotion, Renuka remarked, “I am deeply honoured and excited to take on this new role at BayWa r.e. Our region is at a pivotal moment in the energy transition, and I am committed to leveraging our collective strengths to drive positive change and deliver sustainable solutions for our customers and communities.” Renuka, who holds degrees in Law and Russian, as well as an LLM in Banking and Finance Law from Kings College, London, is also a strong advocate for workplace diversity. Daniel Gaefke, Global Director of Projects & Executive Board Member at BayWa r.e., emphasized his confidence in Renuka’s leadership to drive the company’s energy transition objectives in APAC. BayWa r.e.’s Energy Solutions team has been active in Southeast Asia since 2019, delivering projects with a combined capacity of nearly 100MW for notable corporations in Thailand, Vietnam, Malaysia, and more. Their recent partnership with SUSI Partners underscores their commitment to advancing large-scale rooftop PV projects with major C&I corporations.

News, Property

IRDA Sets RM636 Bil Investment Goal to Place M’sia as One of Top 30 Global Economies

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KUALA LUMPUR: The Iskandar Regional Development Authority’s (IRDA) target to achieve cumulative investments of RM636 billion by 2023 is among Iskandar Malaysia’s strategies to assist the country in becoming one of the top 30 global economies and the top 12 in global competitiveness. Prime Minister Datuk Seri Anwar Ibrahim said that during the same period, IRDA is also aiming for a gross domestic product (GDP) growth rate of 5.5-6.5% and a GDP per capita of RM58,800. “I believe that the growth targets for Iskandar Malaysia will also be driven by initiatives such as the Johor-Singapore Special Economic Zone (JS-SEZ) and the Forest City Special Financial Zone,” he said in a statement on X. During the 32nd IRDA Members’ Meeting that the Prime Minister chaired, the future direction of the Corridor Authority was examined, along with the coordination of the Iskandar Malaysia Comprehensive Development Plan III (2022-2023) under the MADANI Economy agenda. “The meeting also discussed strategic initiatives to improve the Iskandar Malaysia Investment Service Centre and enhance socio-economic development through equitable job matching,” said Anwar, who is also the Finance Minister. He added that this is in line with the government’s decision to restructure the country’s investment promotion agencies, starting with the alignment of function and roles of investment-related regional economic corridors. The meeting was also attended by Johor Menteri Besar Datuk Onn Hafiz Ghazi; Economic Minister Rafizi Ramli; and Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. — BERNAMA

Investment & Market Trends, News

ATX Semiconductor to Boost Investment in Melaka to RM952 Mil

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MELAKA: ATX Semiconductor Group, a globally renowned semiconductor provider from China, intends to ramp up investment to US$200 million (RM952 million) for its new manufacturing plant in Melaka, over the next five years for its second-phase business expansion. Chief executive officer Chris Hsu said the company has already invested more than US$55 million (RM258 million) in the group’s inaugural manufacturing facility outside of China, in Free Trade Zone III, Batu Berendam here. Hsu added that production is slated to commence in the first half of 2026. “The new facility has initiated manufacturing activities and will expand production capacity to better serve customers in Malaysia and surrounding regions,” he said during a press conference following the opening ceremony of ATX Semiconductor (Melaka) Sdn Bhd here today. Hsu highlighted the potential for job creation, with over 2,000 jobs expected to be generated in the coming year. He emphasised the positive impact on the economy and employment opportunities in Melaka as well as the facilitation of technology transfer and talent development between China and Malaysia. The event was also attended by Melaka State Women’s Affairs, Family Development and Welfare Committee chairman Datuk Kalsom Nordin. Hsu commented on ATX Group’s strong presence in China, with leading packaging and test solutions, and noted that the new facility in Melaka would leverage this expertise. “ATX currently operates six manufacturing plants worldwide, with five in China and one in Melaka. “This plant marks not only the first ATX Semiconductor facility in Malaysia but also the first ATX manufacturing plant outside China,” he added. Hsu added that ATX’s products and services cater to various industries, including communication, automotive, consumer, industrial, high-performance computing and medical sectors. – BERNAMA

Energy & Technology, News

Meta Bright Enters Solar Supply Agreement to Power Hospitality Operations

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KUALA LUMPUR: Meta Bright Group Berhad (“MBGB”), in its ongoing commitment to sustainable and eco-friendly energy solutions, announced today that its wholly-owned subsidiary, FBO Land (Serendah) Sdn. Bhd. (“FLSBB”), along with Doople Tech Sdn Bhd (“Doople”), has signed a solar supply agreement with Cherengin Hills Sdn. Bhd. (“Cherengin Hills”). This agreement represents a strategic step towards enhancing sustainable practices in the hospitality industry and supporting Malaysia’s national energy objectives. According to a filing with Bursa Malaysia, FLSBB will oversee the installation, maintenance, and operation of a solar photovoltaic system at Cherengin Hills’ properties in Pahang. This system will supply all net electricity output for 21 years from the start of operations. Cherengin Hills, primarily engaged in hotel, motel, and holiday camp operations, stands to benefit from reduced energy expenses and a diminished carbon footprint, while FBO Land aims to leverage the carbon credits generated by the system. This collaboration follows MBGB’s recent partnership with Doople Tech Sdn. Bhd., announced on 19th April 2024, which focused on renewable energy ventures. By combining Meta Bright’s investment capabilities with Doople Tech’s operational expertise, MBGB is eager to explore targeted opportunities in solar energy initiatives within the hospitality sector. This marks MBGB’s initial entry into solar solutions tailored for hospitality, with intentions to further expand in this field. Given the hospitality industry’s strong recovery post-pandemic, driven by rising travel demand and a renewed emphasis on sustainable practices, the timing is ideal for introducing renewable energy solutions. Mr. Derek Phang Kiew Lim, Executive Director of Corporate and Strategic Planning at Meta Bright, commented, “Cherengin Hills is taking a commendable step towards sustainability, and we are pleased to facilitate this transition. By harnessing solar energy, we contribute positively to the environment and demonstrate the economic viability of green initiatives in the hospitality sector.” “MBGB’s venture into renewable energy underscores a broader strategy of responsible corporate stewardship and reflects the Group’s forward-thinking approach in aligning business operations with global sustainability trends,” Mr. Derek Phang added. The partnership with Cherengin Hills signifies another significant achievement for MBGB as it continues to strengthen its position as an innovative player in Malaysia’s business landscape. With a focus on long-term sustainability and growth, MBGB remains committed to leading the way in eco-friendly business practices. MBGB is pleased to announce that the completed installation value of projects to date is approximately RM3.55 million. Furthermore, the company has ongoing projects valued at around RM11.89 million.

News, Property

JLL Malaysia’s Report: Real Estate Investment Trends and Market Insights

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KUALA LUMPUR: The Malaysian real estate market is experiencing a resurgence following the challenges of the pandemic. As interest rates stabilize and investor confidence rebounds, investment activity is gaining momentum. Notably, towards the latter part of 2023, investment volumes exceeded expectations, indicating a positive shift in market sentiment. With improving consumer sentiment and government initiatives supporting infrastructure development, the market is witnessing renewed interest from both domestic and international investors. This report delves deeper into the factors driving this resurgence and offers valuable perspectives for stakeholders navigating this evolving landscape. Dominant Investment Trends Industrial and logistics land transactions emerged as the dominant trend in 2023, constituting 57% of the total investment volume. This surge was driven by the escalating demand for logistics infrastructure, fueled by the rapid growth of e-commerce and the implementation of the “China plus one” strategy. Simultaneously, the data centre segment witnessed growth, with investors focusing on land acquisitions for future development, attracted by lower costs compared to purchasing existing properties. Logistics and industrial assets commanded a significant portion of the total transaction value in 2023, underscoring their resilience and attractiveness to investors. Conversely, traditional segments such as offices and retail experienced subdued activity, primarily involving Grade B assets. Critical Investments for 2024: Key Strategies for Success The year 2024 commenced with notable investment transactions that are set to bolster portfolios and yield promising returns. Sunway REIT’s acquisition of 163 Retail Park for RM215 million and KLCC Property Holdings Bhd’s purchase of Suria KLCC Sdn Bhd’s remaining equity for RM1.95 billion are strategic moves poised to enhance their market positions. The office submarkets observed subdued movement, with local investors increasingly opting to purchase buildings for owner-occupier purposes. This strategic shift underscores a preference for owning office spaces over leasing, driven by factors such as enhanced branding and visibility. Optimistic Market Outlook Looking ahead, market sentiment remains positive, supported by favourable macroeconomic indicators. Both local and international investors are actively exploring opportunities across sectors. The recent government initiative advising major government-linked companies (GLCs) to allocate more investments domestically is expected to stimulate demand, particularly in logistics, data centres, and healthcare and educational assets. The interest shown by large multinational investors and sovereign funds in participating in large-scale development projects reflects growing confidence in Malaysia’s real estate sector. Their involvement signifies broader investor interest and underscores the market’s growth potential. In conclusion, JJL Malaysia remains committed to providing expertise and guidance in navigating the evolving real estate landscape. With strategic insights and cautious optimism, investors can leverage emerging trends to capitalize on market opportunities and drive sustainable growth.

Investment & Market Trends, News

ES Ceramics Suffered a Devastating 84.4% Loss in Profits for Q3

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KUALA LUMPUR: Manufacturer of hand formers and glove moulds, ES Ceramics Technology Bhd experienced an 84.4% loss in its net profits for its third quarter (Q3) ended 29 February 2024 to RM774,000 compared to its RM4.7 million in last year’s corresponding quarter. According to its quarterly financial report, it was stated that the decline in profit was mainly attributed to the manufacturing segment facing a lower average selling price and sales volume amid higher operating expenses. Despite this, the group managed to gain a marginal 7.5% increase in its revenue of RM87.68 million compared to last year’s corresponding quarter of RM81.55 million. However, the figure is a slight decline compared to the group’s immediate preceding quarter of Q2, which recorded a revenue of RM93 million. “The lower revenue was mainly due to the production output being affected by the Chinese New Year breaks, coupled with the significant increase in material costs for building material segment respectively. “In addition, the preceding quarter has recorded a disposal gain arising from the sale of an industrial land. This gain had contributed substantially to the financial performance of the preceding quarter,” the report stated. Moving forward, the group expects the economy to continue to be on a challenging trend, especially in terms of the increase in raw material prices coupled with higher gas and electricity unit prices. “Despite the prevailing challenges, the Group remains cautiously optimistic on the long-term business prospects and will continue to actively pursue various business strategies to increase its revenue, strengthen product portfolios, enhancement of supply chain security, focus on reducing redundancy, improving efficiency, automation across our operations and to implement cost control measures to maintain our competitiveness during this challenging time,” it said. ES Ceramics’ former manufacturing plants are located in Ipoh City, Perak and Sadao City, Songkhla Province, Thailand. The factory in Thailand produced mainly examination formers, surgical formers, household formers and industrial formers, as well as custom made formers whereas the plant in Malaysia focuses on the manufacture of examination formers.

Investment & Market Trends, News

ANCOM NYLEX Achieves Record-Breaking Earnings in First Nine Months

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PETALING JAYA: In the nine months ended February 29, 2024, Ancom Nylex achieved revenues of RM1.51 billion. The net profit increased by 10.7% year-over-year, reaching an unprecedented RM63.0 million for the same period, marking the first time it has exceeded RM60 million. The growth was primarily fueled by the Agrichem segment, which experienced robust sales of higher-margin products, leading to a 23.4% year-on-year increase in Earnings Before Interest and Tax (EBIT) to RM79.3 million. Managing Director and Group CEO, Lee Cheun Wei commented on the positive outlook, highlighting strategic initiatives such as new AI developments and operational enhancements to strengthen the Group’s market position. He also emphasized plans to expand product offerings in Latin America and optimize operations in the Industrial Chemicals segment. During the third quarter (Q3) of FY24, revenue rose to RM516.8 million, driven by growth in the Agrichem and Industrial Chemicals segments. Net profit for the quarter increased to RM20.1 million, reflecting improved sales of higher-margin products within the Agrichem segment. Additionally, Ancom Nylex announced the proposed acquisition of Green Lagoon Technology Sdn Bhd, aligning with its commitment to environmental responsibility and Malaysia’s renewable energy targets. This strategic move reinforces the Group’s aim for full decarbonization by 2025.

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