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Awantec
Energy & Technology, News

Awantec Faces Share Suspension Amid Regulatory Compliance Challenges

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KUALA LUMPUR: AwanBiru Technology Bhd (Awantec) has announced that trading in its shares will be suspended starting April 26, following its failure to submit a regularisation plan to regulators within the required timeframe. In a disclosure to Bursa Malaysia Securities on Thursday, the software service provider revealed that it was obligated to submit the regularisation plan by April 13 but missed the extended deadline. Awantec now faces the risk of delisting if it fails to submit an appeal within five market days from the notification of potential delisting. The company, formerly known as Prestariang Bhd, was categorized as an affected listed issuer in January 2021 after its wholly owned subsidiary, Prestariang Systems Sdn Bhd, lost its membership in the Microsoft Partner Network. Seeking reprieve, Awantec applied for a waiver from the regularisation plan requirement on April 8, citing recent financial improvements. Additionally, the group requested a reclassification of its affected issuer status and a six-month extension until October 13 for plan submission in case the waiver and reclassification applications are not approved. Financially, Awantec showed improvement, reporting a net profit of RM1.19 million for the six-month period ending December 31, 2023, compared to a net loss of RM4.31 million in the prior year. Revenue also grew by 9.7% to RM28.63 million from RM26.1 million. Awantec recently made headlines by winning a lawsuit against the government, receiving RM231.55 million in compensation following the termination of the RM3.5 billion National Immigration Control System (SKIN) project in March. An appeal was lodged in early April. The SKIN project was awarded to Awantec’s wholly owned subsidiary, Prestariang Skin Sdn Bhd (PSKIN), in August 2017 under the leadership of former Prime Minister Datuk Seri Najib Razak. However, the project was scrapped by the Pakatan Harapan government in December 2018, leading to legal action by PSKIN against the government due to the failure to agree on compensation terms. Despite these developments, shares in Awantec closed unchanged at 32 sen on Thursday, with a market capitalisation of RM252.77 million. Investors and stakeholders await further updates from Awantec regarding its regulatory status and plans for compliance.

News

Special Zones to Boost Johor’s Economic Growth, Says PM

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JOHOR BAHRU: Prime Minister Anwar Ibrahim believes that special economic zones like the Johor-Singapore special economic zone (JS-SEZ) and the special financial zone (SFZ) in Forest City can propel Johor’s economic growth ahead of other states within the next one to two years. During the Johor state-level Aidilfitri celebration at Padang Begonia, Angsana Johor Bahru Mall, Anwar Ibrahim expressed optimism about the impact of these high-impact projects on Johor’s economy. He mentioned that while the details of these zones are still being finalized, they are expected to accelerate economic progress significantly. Anwar was joined by several key figures including Defence Minister Khaled Nordin, Minister of Investment, Trade, and Industry Tengku Zafrul Aziz, Johor Menteri Besar Onn Hafiz Ghazi, Deputy Works Minister Ahmad Maslan, and former Deputy Prime Minister Musa Hitam at the event. In his address, Anwar highlighted Johor’s impressive development and growth, noting that the state has made significant strides. He also emphasized the importance of addressing challenges such as flood mitigation and poverty alleviation, with a commitment to swiftly implementing flood mitigation projects to benefit the local population. Anwar emphasized the need for Johor’s leaders to ensure clean governance, free from corruption, and to prioritize the interests of the people.

News, Property

Merdeka 118 Tower Gets LEED Platinum Certification

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KUALA LUMPUR: PNB Merdeka Ventures Sdn Bhd’s (PNBMV) Merdeka 118 tower project has been awarded the Leadership in Energy and Environmental Design (LEED) Platinum certification in the LEED v2009 Core and Shell rating system. In a statement today, PNBMV – a wholly-owned subsidiary of Permodalan Nasional Bhd – said the LEED certification recognises a project’s compliance with the criteria outlined in the LEED rating system, established and upheld by the US Green Building Council (USGBC). Chief Executive Officer Datuk Ab Aziz Tengku Mahmud said the LEED Platinum certification represents the first milestone in Merdeka 118’s journey towards becoming Malaysia’s first triple-green platinum-rated mega-tall building. “Once Merdeka 118 tower receives all its platinum certifications, it will set the highest sustainability standards both locally and internationally, reinforcing its iconic status,” he said. He highlighted that the USGBC assess the project in various areas, including site sustainability, water efficiency, energy and atmosphere, materials and resources, indoor environmental quality and innovation in design. “Credits were also given to water-efficient landscaping, water use reduction, optimised energy performance and enhanced commissioning. “This recognition is proof of the team’s dedication and hard work while implementing best practises in design and construction,” he added. PNBMV said Merdeka 118 is aiming for Platinum certification from Green Real Estate (GreenRE) and Green Building Index (GBI). It is also poised to obtain certification from the International WELL Building Institute Asia Pacific, supporting the well-being of both tenants and the wider community. — BERNAMA

News

RHB Bank Has Doubled Its Green Loans Target to RM50 billion

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PETALING JAYA: RHB Bank Bhd has raised its green loans goal to RM50 billion (US$10.5 billion) by 2026, more than doubling its initial target, following surpassing its previous target last year. According to a statement by RHB Bank, the bank had achieved RM23.8 billion in green financing by the end of 2023, exceeding its original target of RM20 billion by 2026 under its sustainability strategy introduced in 2022. Malaysia’s major banks have been increasing their green loan objectives since the previous year. Malayan Banking Bhd, the country’s largest lender, reported last year that it had achieved half of its RM80 billion green loan target for 2025. In the meantime, CIMB Bank Bhd, the second largest lender, had committed to disbursing RM100 billion in green loans by the end of this year.  

Vivek Sood
Energy & Technology, News

Axiata, India’s Bharti Airtel to Merge Operations in Sri Lanka

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KUALA LUMPUR: Axiata Group Bhd and India-based Bharti Airtel Ltd signed a definitive agreement to merge their operations in Sri Lanka. According to a joint statement, Axiata’s subsidiary, Dialog Axiata, will acquire 100 per cent ownership of Airtel Lanka through a share swap arrangement. Bharti Airtel will receive approximately 10.35 per cent of Dialog Axiata shares as part of the deal. While the Telecommunications Regulatory Commission of Sri Lanka has granted approval for the merger, the transaction is subject to additional regulatory approvals. The merger coincides with Axiata’s strategic move to divest some of its operations in frontier markets to improve its profit margins and reinforce its financial position. Axiata is currently divesting its tower business in Myanmar for US$150 million (RM716.78 million) and withdrawing from the country due to deteriorating macroeconomic conditions and business challenges. Additionally, in December of last year, Axiata sold its operations in Nepal at a loss after encountering prolonged regulatory hurdles and uncertainties over seven years. The integration aims to capitalise on economies of scale and streamline infrastructure, resulting in technological and capital expenditure synergies. According to the statement, this will enhance broadband connectivity, voice services, and value-added offerings while also yielding cost reductions and operational efficiencies. Axiata group chief executive officer Vivek Sood stated that Dialog’s and Airtel Lanka’s merger aligns with Axiata’s strategy of consolidating markets and building resilience. Sood highlighted that the merger will generate value for Dialog and Axiata shareholders through attainable synergies. Bharti Airtel Lanka (Pvt) Ltd chief executive officer Ashish Chandra emphasised that the merger in Sri Lanka presents new prospects for innovation and growth, which will ultimately benefit consumers.

Telegram
Energy & Technology, News

Telegram Hits 1 Billion Users Within a Year

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MOSCOW: Pavel Durov, the billionaire founder of Telegram, expects the messaging app to surpass one billion monthly users within a year, likening its rapid growth to a “forest fire.” Durov, who resides in Dubai, launched Telegram after leaving Russia in 2014 following a dispute over government demands to censor content on his VK social media platform. In an interview with US journalist Tucker Carlson shared on the X social media platform, Durov revealed Telegram’s current user base of 900 million and predicted significant further expansion. Despite governmental pressures, Durov emphasized Telegram’s commitment to neutrality in geopolitics. Telegram’s primary competitor, WhatsApp, boasts over two billion monthly users. Reports suggest that Telegram may seek a US listing once it becomes profitable. Particularly influential in former Soviet republics, Telegram ranks among the major social media platforms globally. Since Russia invaded Ukraine in 2022, Telegram has become a key source of uncensored, albeit sometimes graphic and misleading, information about the conflict. Durov conceived the idea of an encrypted messaging app under Russian government scrutiny. He left Russia to ensure independence from governmental influence and dismissed rumours of Russian control over Telegram as baseless. Durov highlighted challenges to freedom of speech posed by major tech companies like Apple and Google, who can restrict access to apps through their stores. He chose the UAE for Telegram’s base due to its neutrality and openness to all nations. Telegram remains a platform open to all viewpoints, serving both opposition movements and governments without taking sides. Durov values personal freedom over material possessions, opting not to accumulate significant wealth beyond cryptocurrencies. –Reuters

Investment & Market Trends, News

Maxis Invests RM813 Mil To Enhance Network And IT Capabilities

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KUALA LUMPUR: Maxis Bhd has invested RM813 million in FY2023 to enhance its mobile network capacity, grow its fibre-to-premise footprint and improve digitalisation across the company. Its Chief Executive Officer Goh Seow Eng said that at the end of 2023, Maxis has more than 11,000 LTE sites in Malaysia, covering 95% of the population and connecting an additional 181,000 premises with its fibre infrastructure. “We continue to record a high touch point net promoter score of +68, thanks to the loyalty of our customers and their satisfaction with our products and services,” he said in the company’s annual report. According to Goh, Maxis has improved its Maxis and Hotlink apps to enable features such as plan upgrades, device purchases, roaming passes and credit top-ups to be completed with as few clicks as possible. It will also focus on digitalising customer interactions to ensure faster, more accessible and reliable service and is confident that Maxis will strengthen its position as Malaysia’s leading integrated telco. “Our long-term goal remains firmly set on sustainable and predictable business growth. “Despite the intensifying competition and ever-changing regulatory landscape, we are confident that our agility and fast response allow us to seize opportunities that may arise from these developments,” he added. Maxis’ net profit for the financial year ended 31 Dec 2023 (FY23) fell 16.8% to RM993 million from RM1.15 billion in FY22. However, its revenue increased to RM10.18 billion from RM9.79 billion a year ago, with the total revenue growing 4% while underlying service revenue, excluding low-margin wholesale voice service terminated in the fourth quarter of 2022 (4Q22) grew 4.2% year-on-year (YoY). Preparing For The Digital Future Moving forward, Maxis plans to further explore automation and AI capabilities for improved operational efficiency while maintaining its focus on the company’s strategic initiatives. The company also plans to incorporate sustainability elements into its supply chain in the long run. “Our long-term vision focuses on evolving into a cyber-resilient digital telecommunications company. We expect threats against mobile networks, systems and attempts to compromise data to grow more advanced and persistent. “At the same time, our interconnected supply chains create new risks. We pre-empt this through our investment into resources, capabilities, AI/ML (machine learning)-led capabilities, targeted automation and strong partnerships,” Goh added.

Google
News

Google Trims Workforce, Relocates Jobs Internationally in Cost-Cutting Push

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KUALA LUMPUR: Alphabet-owned Google spokesperson announced on Wednesday that the company is reducing its workforce. According to a news report, the number of employees affected by this decision has not been disclosed, and the specific teams involved have not been identified. The spokesperson clarified that the layoffs are not across the entire company and that those impacted can seek other positions within Google. A few of the affected roles will be relocated to key locations where the company focuses its investments, such as India, Chicago, Atlanta, and Dublin. The report further said that Google’s recent job reductions are part of a broader trend of layoffs within the tech and media sectors this year, intensifying concerns that job cuts may persist as businesses navigate economic challenges. A Google spokesperson explained, “In the latter half of 2023 and 2024, various teams have restructured to enhance efficiency, streamline operations, reduce hierarchical layers, and better allocate resources to key product areas.” According to a report by Business Insider on Wednesday, the layoffs have impacted multiple teams at Google, particularly within its real estate and finance departments. The finance areas affected include treasury, business services, and revenue cash operations. Business Insider also noted that Google’s finance head, Ruth Porat, emailed employees about organisational changes involving expanding operations to Bangalore, Mexico City, and Dublin. In January, Google dismissed hundreds of employees from various departments, including engineering, hardware, and assistant teams, as it escalated its focus on artificial intelligence development. Google chief executive officer Sundar Pichai has indicated to staff earlier this year that additional layoffs are to be expected.

News

Kedah Hopes To Build Underground Water Catchment Facility In Langkawi, Similar To Japan

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ALOR SETAR: The Kedah government will send a technical team to observe the underground water catchment facilities in Japan, following a proposal to build a similar facility in Langkawi. According to Menteri Besar Datuk Seri Muhammad Sanusi Md Nor, the proposal to build a similar facility worth over RM300 million had been approved at the Kedah Water Resources Board (LSANK) level. “Many of the islands in Japan use such facilities. If we build a similar model in Langkawi, it will be the first in Malaysia,” he said. “The Japanese consultant who proposed it said it would be suitable to be built in Langkawi as there are stretches of rocks on the side and bottom with a river above, so we just need to dam it slightly to create an underground reservoir,” Sanusi told reporters today. Previously, the state government had proposed groundwater exploration as an alternative to address the problem of disruptions in clean water supply in the state. Last month, the state’s Public Works, Natural Resources, Water Supply and Environmental Committee Chairman Mohamad Yusoff @ Munir Zakaria was reported to have said that a government agency was carrying out a study and would implement the pilot project for an underground water catchment facility in Padang Mat Sirat, Langkawi. Dams Raising Concerns This was concerning an incident involving two damns hitting a warning level, despite being ‘still manageable’ as Yusoff had said. “The Muda Dam had hit danger level reserves with only 45.2%, but we don’t foresee any serious issues to continue supplying raw water to treatment plants because the Muda Dam is connected to the Pedu Dam. “Our concern is on the Bukit Malut Damn in Langkawi, which had also reached the danger level,” he said during a press conference at the state executive council meeting on 20 March. He also advised the public to use water sparingly as the design capacity of all 35 water treatment plants in the country is 1.45 billion litres a day, but instead, he said that the plants are now treating up to 1.6 billion litres of water daily. Currently, Kedah has six main dams that supply raw water to the domestic, industrial and agricultural sectors, namely the Pedu Dam, Muda Dam, Ahning Dam, Beris Dam, Bukit Malut Dam and Padang Saga Dam.

ALPHA IVF
Investment & Market Trends, News

Alpha IVF Group posts RM13.58mil in net profit for Q3

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KUALA LUMPUR: The Alpha IVF Group Bhd (AIG) posted a net profit of RM13.58 million for the third quarter (Q3) ended February 29, 2024 (FY24). Revenue stood at RM40.70 million for the quarter, attributed to the provision of assisted reproductive services, notably in-vitro fertilisation (IVF) treatments. There are no previous earnings comparisons, as the company was listed on the ACE market of Bursa Malaysia on 22 March 2024. In a filing with Bursa Malaysia, AIG did not provide any profit forecasts or guarantees for the current quarter. AIG plans to grow and improve its operations using its IVF expertise. The company plans to open more specialist centres in Malaysia, Indonesia, Cambodia, and Laos. Further, the company plans to upgrade and expand current centres, facilities, and offices and launch marketing campaigns to promote services and attract customers locally and internationally. In addition, AIG also plans to invest in research and development to stay ahead in assisted reproductive services and support business growth. In the filing, AIG expresses optimism about its future in the assisted reproductive services field and the broader healthcare industry.

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