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Investment & Market Trends, News

RHB Islamic Leading the Islamic Wealth Management Segment With RM3.3 Bil Achieved

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KUALA LUMPUR: RHB Islamic Bank Bhd is gaining momentum in the Islamic Wealth Management (IWM) market, having already secured RM3.3 billion in the segment as of the end of 2023. In October 2023, the bank launched the IWM portal with the target of achieving RM6 billion funds in the segment by end-2026, driven by RHB Multi-Currency Visa Debit Card/-1, Islamic unit trusts products, estate planning and trust propositions. Its Managing Director Datuk Adissadikin Ali said IWM revolved around responsible wealth management guided by Shariah principles, which encompasses a holistic approach to wealth creation and accumulation, protection, purification and distribution to ensure both short-term financial success and long-term sustainability. “More importantly, we help guide our customers at every step of their wealth management journey, from halal investments to zakat and waqf for a better portfolio,” Adissadikin said. He explained that RHB Islamic has a dedicated Shariah Committee that would ensure that all its products and services are Shariah-compliant to ease the minds of its customers. Moreover, innovation is central to RHB Islamic’s IWM approach as the bank continuously adapts to evolving customer needs and regulatory requirements by leveraging technology and digital platforms. According to Adissadikin, RHB Islamic enhances accessibility to IWM for a wider audience, including individual investors and businesses, through user-friendly online investment platforms and mobile applications. “More importantly, we prioritise sustainability by integrating environmental, social and governance (ESG) elements into the IWM offerings to ensure that the bank’s products not only yield financial returns but also contribute positively to society and the environment, meeting the growing demand for socially responsible investments. On its dedication to social inclusion, RHB Islamic empowers individuals from the B40 segment to launch their own businesses, fostering financial independence with the B40 Empowerment Strategy – Be Your Own Boss (BEST-BYOB) programme, while the B40 Education Empowerment Programme (BEEP) provides educational opportunities for underprivileged individuals. The bank also fosters collaboration within the industry to drive growth and development in Islamic finance by working closely with other financial institutions, regulatory bodies and industry associations. “The collaborative approach enhances RHB Islamic’s expertise and promotes knowledge sharing and best practices within the industry. “With Malaysia’s well-established position as a global hub for Islamic finance, a robust regulatory framework and a diverse range of Shariah-compliant products attracting local and international investors, IWM is set to play an increasingly important role,” Adissadikin said. — BERNAMA

News

Top Glove Garners Prestigious Reader’s Digest Award for Second Year

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SHAH ALAM: Top Glove Corporation Bhd, renowned as Top Glove, has once again clinched the prestigious Platinum Trusted Brand Award in the Hygiene/Disposable Gloves category at the Reader’s Digest Malaysian Trusted Brand 2024 awards. This triumph, announced at the ceremony held on April 26, 2024, at the Grand Hyatt Kuala Lumpur, marks the Company’s second consecutive win, reaffirming its stature as a frontrunner and favoured brand in the glove industry. Securing this award, determined by consumer votes, underscores the deep trust and esteem consumers hold for Top Glove. Surpassing its competitors by a significant 25% margin in total votes, the Company attained the highest average score across six pivotal attributes: trustworthiness and credibility, quality, value, understanding of customer needs, innovation, and social responsibility. This recognition serves as a testament to Top Glove’s steadfast commitment to excellence and customer satisfaction, as well as its steadfast dedication to nurturing trusted relationships with consumers.   In response to this accolade, Top Glove conveyed its gratitude, stating, “Being honoured with the Platinum Award for the second consecutive year is a significant tribute and a driving force for our team. It motivates us to uphold our quest for excellence and to continuously deliver top-notch products. We remain dedicated to innovation and quality, taking immense pride in being acknowledged as a Trusted Brand by our consumers in Malaysia.”   The Reader’s Digest Trusted Brands Award stands as a consumer-driven recognition, evaluating brands based on six fundamental attributes: trustworthiness and credibility, quality, value, understanding of customer needs, innovation, and social responsibility. Uniquely, this award is derived from a survey involving 8,000 consumers across five Asia Pacific countries, including Malaysia, Singapore, the Philippines, Hong Kong, and Taiwan. Renowned for guiding consumers toward reliable and cost-effective brands, Reader’s Digest hosts this esteemed event.

News

Datuk Wira Mubarak Hussain joins KAB as a director

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KUALA LUMPUR: Kinergy Advancement Bhd (KAB), a provider of sustainable energy solutions (SES), has appointed Datuk Wira Mubarak Hussain Akhtar Husin as a non-independent non-executive director, effective today. Mubarak, 47, is a significant figure in Malaysia’s corporate sector. He brings a wealth of experience and a proven track record of successful leadership in multiple sectors, including construction, property development, security services, investment holdings, and consultancy services. Holding an Executive Master of Applied Management of Science from Asia E University, Mubarak has carved a niche for himself as a distinguished businessman with over two decades of robust experience in managing and leading companies. He is also primarily known for his involvement in turning around financially distressed companies. He holds a major stake in Voultier Sdn Bhd, which will become the largest shareholder of EA Technique (M) Bhd (EATech) once all the necessary approvals have been obtained. KAB executive deputy chairman and group managing director Datuk Lai Keng Onn welcomed Mubarak to the board. “His extensive experience in various sectors will provide valuable perspectives as we continue to innovate and grow our sustainable energy solutions. “This appointment follows the additions of Dr Amanda Lee Sean Peik as an independent non-executive director and Jonathan Wu Jo-Han as an executive director to our team, further strengthening our leadership as we drive forward KAB’s vision and strategic objectives,” he said in a statement. Mubarak brings a proven track record of strategic thinking, risk management, and project management to his role at KAB. Throughout his career, he has successfully led the turnaround of financially distressed companies, demonstrating his capacity for strategic oversight and effective risk mitigation. Additionally, his hands-on approach in managing several complex projects from inception through to operational stages, particularly in the construction and property development sectors, showcases his project management expertise. Beyond his operational achievements, Mubarak’s directorships and shareholdings in various sectors contribute to a broad spectrum of experiences, enriching his insights and strategic input to KAB. “Our swift expansion in the SES segment has given us strong earnings prospects for 2024. “With our ability to undertake larger and more intricate projects, KAB continues to enhance its governance and strategic leadership capabilities. “The trust placed in KAB by Dr Amanda, Jonathan, and now Mubarak makes them a valuable addition to our team. “Their expertise will drive KAB forward, reinforcing our vision and advancing ambitious plans in the sustainable energy market in Malaysia and Asia,” Lai said.

Investment & Market Trends, News

Meta Bright Obtains RM28Mil in Funding from AmBank to Fuel Strategic Growth

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KUALA LUMPUR: Meta Bright Group Bhd’s (MBGB) wholly-owned Australian subsidiary, Meta Bright Sdn Bhd, has secured financing facilities totalling RM28 million from AmBank (M) Bhd, expanding MBGB’s business operations and solidifies its relationship with the bank. In addition, this initiative is a testament to MBGB’s capability to secure significant banking support within just two years, reflecting the company’s successful turnaround and robust growth trajectory. This financing aligns with MGBG’s ambitious growth strategy, particularly in enhancing its capabilities within the equipment leasing sector linked to its recent expansion into Australia. The funds will be used to buy equipment for Meta Bright Australia Pty Ltd, which has just signed its third lease agreement with Mt Cuthbert Resources Pty Ltd (MCR). This agreement is expected to strengthen MBGB’s position in the global market and provide a consistent monthly income of approximately AUD$222,950 (about RM691,657.78). MBGB executive director of corporate and strategic planning Derek Phang Kiew Lim said obtaining these facilities from AmBank within such a short period is not only a milestone for the company but also a strong endorsement of its business model and strategic direction. “This financial partnership is pivotal as it supports our next phase of growth and strengthens our relationship with AmBank, setting a solid foundation for future collaborative opportunities,” he said in statement. The funding facilities include term loan 1 amounting to RM25.5 million, allocated for the purchase of plant and machinery to enhance operational capabilities. Term loan 2 amounting to RM3 million, designed to finance life insurance premiums for the company’s directors, safeguarding corporate governance and leadership continuity. Further, Ambank’s uncommitted foreign exchange contract facilities is to facilitate efficient international currency transactions, supporting MBGB’s global operations. “Through this strategic financial support, MBGB is set to significantly boost its capacity to manage large-scale projects and enhance its offerings in the highly competitive mining equipment leasing market. “We are particularly focused on our operations in Australia, where we see great potential due to the robust growth of the mining sector,” Phang said.

Investment & Market Trends, News

TTM Technologies’ First Manufacturing Facility Opens in Penang

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PENANG: TTM Technologies, Inc. (NASDAQ: TTMI), a leading global provider of technology solutions encompassing mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and advanced printed circuit boards (“PCBs”), has officially inaugurated its inaugural manufacturing facility in Penang, Malaysia. With an investment totaling USD 200 million (approximately RM 958 million), the new plant signifies a strategic move to enhance the resilience of the printed circuit board supply chain and to broaden geographic operational scope. Situated across 27 acres within the Penang Science Park, the cutting-edge facility boasts highly innovative and automated PCB manufacturing capabilities. This development is a collaborative effort between TTM and its clientele, aimed at meeting the escalating demand for diversified manufacturing locations and fortified PCB supply chains. Tailored to support mass production needs across diverse commercial sectors such as networking, data center computing, medical, industrial, and instrumentation, the facility signifies a pivotal step in addressing industry requirements. YAB Tuan Chow Kon Yeow, Chief Minister of Penang, remarked, “Penang takes great pride in hosting TTM’s maiden large-scale, highly automated, and innovative PCB manufacturing plant in Southeast Asia. This choice underscores the confidence foreign investors place in Penang. Renowned for its robust industrial ecosystem, Penang is well-equipped to cater to the evolving needs of industrial players in cutting-edge technologies and growth strategies. I am optimistic about the manifold benefits TTM will derive from its Penang operations, solidifying Penang’s status as the Silicon Valley of the East.” The opening ceremony, attended by dignitaries including YAB Tuan Chow Kon Yeow, Pn. Najihah Abas of Malaysian Investment Development Authority (“MIDA”), YBhg. Dato’ Loo Lee Lian of InvestPenang, Mr. Thomas Edman, President and CEO of TTM Technologies, Inc., Mr. Philip Titterton, Executive Vice President and COO of TTM Technologies, Inc., along with senior government officials and TTM’s management, marked the inauguration of TTM’s Penang facility. The establishment of TTM’s Penang plant is projected to create approximately 1,000 employment opportunities across various sectors by 2025. Furthermore, it will foster growth opportunities for local suppliers and enhance the skills of local technical talent in advanced PCB technology solutions. TTM anticipates achieving full run rate revenue of around USD 180 million (approximately RM 855 million) by 2025, with provisions for a Phase 2 expansion, potentially resulting in a 25% capacity increase. Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA, emphasized the substantial benefits of TTM Technologies’ investment for Malaysia’s electrical and electronics (“E&E”) industry, particularly within the semiconductor sector. The inauguration of TTM’s advanced facility in Penang not only reinforces Malaysia’s E&E industry but also enhances its capabilities in next-generation PCB manufacturing, aligning with the objectives of the New Industrial Master Plan (“NIMP”) 2030. Mr. Thomas Edman, President and CEO of TTM Technologies, expressed his enthusiasm for the opening of the flagship Penang plant, highlighting TTM’s commitment to delivering innovative technology solutions globally. He emphasized the significance of Penang’s industrial ecosystem, talent pool, and conducive business environment in making it an ideal location for TTM’s expansion. In addition to meeting industry demands, TTM remains dedicated to safeguarding its employees, community, customers, and the environment. The new facility is designed to minimize energy and water consumption, reducing its carbon footprint by 60% compared to traditional PCB plants, while adhering to stringent environmental standards.

News, Property

Serenia City’s First Commercial Hub ‘The Corak’ Reflects Sime Darby Property Allure with 100% Take-up Rate

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ARA DAMANSARA: Sime Darby Property Berhad (“Sime Darby Property” or “Company”) celebrates a stellar 100% take-up rate for The Corak, a commercial space nestled within the vibrant Serenia City. Retail owners and smart investors jumped at the opportunity to be part of the township’s first freehold commercial hub scheduled for completion in 2027. Slated to become Serenia City’s maiden hangout spot, The Corak boasts a Gross Development Value (“GDV”) of RM186 million and is expected to elevate the township to become livelier and more convenient for its residents. In addition, the business hub is also projected to create ample job opportunities, contributing to the socio-economic developments of Serenia City. The Corak is in the heart of Serenia City, fronting the 32-acre Serenia City Central Park. The development offers 98 units of 2-storey shop offices and one drive-thru with built-ups spanning from 3,358 sq. ft. to 5,233 sq. ft. and selling prices ranging from RM1.7 million to RM3.3 million. It features a modern design with strategic signage placements, tall windows for cafe spaces, wide walkways for al-fresco dining, high ceilings for an inviting atmosphere, and 830 parking bays for patrons’ convenience. Sime Darby Property’s Chief Marketing and Sales Officer, Datuk Lai Shu Wei said that The Corak is designed to reshape the business landscape in Serenia City by providing retailers with efficient, tailored environments that directly support their business objectives. “The robust take-up rate reflects retailers’ confidence in Sime Darby Property, underscoring The Corak’s appeal as a prime destination catering to the needs of a growing cityscape,” he said. Datuk Lai added: “The business community trusts our dedication to creating a space specifically designed to meet their evolving needs. This commitment seamlessly aligns with Company’s Purpose to be a Value Multiplier for People, Businesses, Economies, and the Planet, and cultivating vibrant and enduring communities for generations.” Leveraging the business hub’s appeal to a dynamic demographic, business owners at The Corak can benefit from the population catchment of up to 500,000 within a 20-minute drive. The Corak is also conveniently located along Serenia City’s main road with three distributed access points for easy connectivity and can be reached via ELITE Highway, North-South Expressway (“NSE”) and Maju Expressway (“MEX”). For more information, please visit https://www.simedarbyproperty.com/serenia-city/the-corak/ or drop by Serenia City Sales Gallery.

Energy & Technology, News

M’sian Enterprises Urged to Make AI Top Priority

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KUALA LUMPUR: Malaysian enterprises are encouraged to prioritise responsible artificial intelligence (AI) to fully tap into the potential benefits of generative AI and its innovations, according to the AI and analytics platform provider SAS Institute Inc. Its Regional Vice President and Head of Digital Transformation for Emerging Europe, Middle East and Africa (EMEA), Amir Sohrabi emphasised the importance of business leaders to prioritise responsible AI, whether they are already implementing AI use cases or are still in the planning phase. He said organisations need to recognise that ensuring responsible AI is a collective responsibility involving all stakeholders in an AI system. “(Effective) oversight must be spearheaded by the executive management team, focused on ensuring that responsible and trustworthy AI is a top priority across the board. “By closely monitoring and auditing AI operations, organisations can quickly identify and address any issues, thereby proactively mitigating concerns before they escalate,” Amir said. Citing a MyDigital report, he pointed out that generative AI has the potential to unlock US$113.4 billion (RM541.37 billion) in productive capacity in the Malaysian economy, equivalent to one-quarter of gross domestic product (GDP) in 2022. The Malaysian government has also planned to introduce a framework for governing AI and establishing ethical guidelines, given the increasing adoption of AI by various organisations. According to Amir, the regulations aim to promote innovation by creating a conducive environment, addressing risks and promoting ethical and responsible AI use. He further highlighted that responsible AI practices enhance human well-being, safeguard personal data and avoid discrimination. The foundation for such features lies in transparency and accountability, but unfortunately, many organisations deploying AI systems struggle to uphold these principles. “Taking proactive measures will not just reduce risks, but also enhance cyber resilience, ultimately positioning Malaysian organisations to thrive in the AI scene,” he said. — BERNAMA

ESG, News

Measures Involving Trade and ESG Must Be Fair to Developing Countries – Tengku Zafrul

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KUALA LUMPUR: Malaysia believes there is a need to revisit commitments to sustainable development, efficient global recourse and fair and balanced trade among countries, said the Ministry of Investment, Trade and Industry (MITI). Its minister Tengku Datuk Seri Zafrul Abdul Aziz said countries must have shared values which will result in trade policies that can contribute to equitable and sustainable development. “However, this should not be used as non-tariff measures to restrict trade flows. The proliferation of trade-related environmental measures such as the threat of environmental, social and governance (ESG) by developed countries is among the most important aspects of international trade,” Tengku Zafrul said during a meeting at the World Economic Forum held in Riyadh, Saudi Arabia. Tengku Zafrul said the proliferation of trade-related measures has emerged as potential protectionist tools that could unfairly discourage global production and trade, particularly to developing countries. “These measures can manifest as border instruments and compliance but they will undoubtedly be complicated and perhaps too costly for most developing country exporters,” he added. Tengku Zafrul stressed that leaving the matter unattended could potentially erode developing and least developing countries’ trade competitiveness and investment attractiveness. Citing a report by the World Trade Organisation, he highlighted that environmental goods and services face an average tariff of 4.3% along with numerous non-tariff measures. “The cost of compliance, including certification, can be prohibitively expensive, especially for small and medium enterprises from developing nations. “Such barriers necessitate a collaborative approach where developed countries not only impose these standards but also facilitate the means for compliance through technical and financial support,” he added. Tengku Zafrul went on to say that in light of the complexities posed by ESG standards as non-tariff barriers and the significant need for capacity building and fair trade policies, a comprehensive approach is essential to ensure both environmental sustainability and economic justice, particularly for developing nations. “Therefore, Malaysia supports and welcomes discussions on establishing effective multilateral rules on trade and sustainable development. “Our commitment is evident through initiatives such as the New Investment Policy, New Industrial Master Plan 2023, National Energy Transition Roadmap and the ESG Industry Framework, which are all aimed at achieving sustainable economic growth,” he said. — BERNAMA

News

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%).

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