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KUALA LUMPUR: Domestic takaful operators paid RM8.74 billion in 2023, while family takaful paid RM6.79 billion in benefits. In a statement, the Malaysian Takaful Association (MTA) said the general takaful disbursed RM1.95 billion for 2023. This payout uptick of 24.40 per cent demonstrates the takaful industry’s responsiveness to emerging needs and dedication to promptly assisting certificate holders. This payout comes from the family takaful gross contribution of business in force, which grew 7.55 per cent to RM8.97 billion, compared to RM8.34 billion in 2022. The number of certificates in force in 2023 was stable at 6.60 million, shy of the 6.63 million recorded in 2022. Throughout the year, the family takaful business added 1.13 million new certificates with a corresponding gross contribution of RM9.59 billion but could not reach the high 1.31 million new certificates and RM10.06 billion gross contribution registered in 2022. Although this figure was slightly lower than the previous year, MTA underscores the sustained interest and trust in takaful protection among the rakyat. MTA chairman Elmie Aman Najas said the importance and benefits of takaful are gaining greater traction, as evidenced by the consistent in-force certificates following a strong year in new certificates in the previous year. “This signifies that participants continue to fulfil their contribution obligations, indicating a sustained awareness of financial planning and retention among participants. The industry-wide awareness initiatives are translating to tangible outcomes, with takaful products continuing to be a preferred option,” he said. Performance-wise, Elmie Aman said the three-year numbers indicate a normalisation in the industry in 2023 after a year of strong post-pandemic growth in 2022. “The family takaful penetration rate in 2023 held relatively steady at 19.58 per cent, even as the population grew by 678,500 people, outpacing that of 2022 and was a record 10-year high growth,” he said. In 2022, the penetration rate was 20.06 per cent, and population growth was 401,600 persons. The general takaful business continued its upward trajectory in 2023, with a 17.44 per cent increase in gross written contributions to RM5.45 billion from RM4.64 billion. The gross direct contribution also increased 17.40 per cent to RM5.44 billion from RM4.64 billion a year prior. These contributions are primarily attributable to the robust performance of motor takaful, which expanded 18.70 per cent to RM3.64 billion, and remained a key driver of general takaful. This performance aligns with an all-time high of 799,731 new motor vehicles sold in the year due to promotional campaigns and new model launches. Increased awareness and appreciation for takaful products and ease of participation via digitalised solutions have resulted in motor takaful accounting for 66.94 per cent of the general takaful business. MTA said general takaful operators are agile and have adapted to the uptake in electric vehicles (EVs) by introducing innovative motor takaful for EVs. The tailor-made products help the operators gain ground and support the overall National Energy Transition Roadmap, which aims to have 20 per cent of all vehicle sales be xEVs by 2030 and 50 per cent by 2040. Other lines of business also recorded strong growth as post-pandemic recovery continued, particularly those linked to logistics, as trade picked up pace. Aviation performance grew 146.04 per cent, recording RM13.81 million gross direct contribution for 2023, while cargo rose by 79.09 per cent to RM30.85 million. Marine hull improved by 45.89 per cent to RM15.07 million. The construction sector’s recovery in 2023 helped contractor’s all risks and engineering achieve a 44.00 per cent or RM71.32 million improvement, bringing its total to RM233.42 million for the year. In terms of channels, agency and bancatakaful remained the key contact points, with new businesses’ total contribution standing at 34.03 per cent and 29.99 per cent, respectively. MTA expects the takaful industry to maintain a steady momentum in 2024, reflecting Malaysia’s overall economic expansion forecast. The industry is united in its commitment to accessible and affordable takaful protection for the rakyat as part of its efforts to support the country’s economic development. In line with this, MTA announced its four-year strategic transformation plan to elevate and innovate takaful to be a household name in Malaysia and inspire a new generation of participants. The mandate is to make takaful more relevant, accessible, and impactful. Named Hijrah27, the strategic transformation plan embraces change with purpose and aligns MTA’s mission with the visionary goals of the Financial Sector Blueprint 2026 and the industry’s Value-Based Intermediation framework. Hijrah27 is the continuation of the successfully concluded MTA Reform Plan 2022-2023, known as ISLAH 23. It will guide the industry and the overall Islamic ecosystem in working together to advance takaful. While Hijrah27 is still undergoing finalisation, MTA envisions it will provide impetus to maintain the growth momentum of takaful towards becoming a leader in Malaysia. There will be continued emphasis on collaborations, comprehensive awareness, product and service innovations, and the expansion of the takaful’s role in the whole ecosystem to widen protection and meet the underserved and underserved rakyat at their level of need to ensure every Malaysian has a safety net.

KUALA LUMPUR: The Securities Commission Malaysia has emphasised its commitment to advancing Malaysia’s capital market and supporting its transition towards a low-carbon economy. The capital market regulator is looking to refine the Sustainable and Responsible Investment (SRI) Taxonomy and develop the National Sustainability Reporting Framework to guide industry participants towards aligning with global sustainability standards. In addition, the SC is conducting a comprehensive review of the Capital Market Services Act 2007 (CMSA) and the Securities Commission Malaysia Act 1993 (SCMA) to ensure their relevance and keep up with market changes. In releasing the Annual Report 2023 on Monday, SC said the domestic capital market remained resilient in 2023, with the size of the market growing by 5.6 per cent to RM3.8 trillion from RM3.6 trillion registered in 2022, driven by the growth in total equity market capitalisation and bonds and sukuk outstanding. SC said the fund management industry also grew strongly, with total assets under management (AUM) hitting a new high of RM975.5 billion in 2023 from RM906.5 billion in 2022 due largely to the positive valuation effect. The SC also released the Audit Oversight Board Annual Report 2023 (AOB Report 2023), and the Capital Market Stability Review 2023 (CMSR 2023). SC chairman Datuk Seri Dr Awang Adek Hussin said the strong capital market performance was achieved despite global economic challenges and diverging expectations of monetary policies in major economies. “2023 also holds special significance as it marks SC’s 30th anniversary, a major milestone that underscores the growing maturity and resilience of the institution. “The SC remains unwavering in our resolve to strengthen our regulatory framework and uphold market integrity, not least because we continue to be measured against global regulatory standards,” he said in a statement. Other key highlights of the annual report 2023 include moderate fundraising in the equity and corporate bond market, which moderated to RM127.7 billion in 2023 from RM179.4 billion in 2022. This was due to a decline in corporate bonds and sukuk issuance to RM118.3 billion from RM153.3 billion posted in 2022 due to lower refinancing demand and secondary equity fundraising, which stood at RM5.8 billion from RM22.6 billion in 2022, returning to pre-pandemic levels. Further, initial product offerings (IPOs) improved to RM3.6 billion in 2023 from RM3.5 billion in 2022. Alternative financing activities posted encouraging growth and continued to support the funding needs of micro, small and medium enterprises (MSMEs), with total funds raised amounting to RM3.8 billion in 2023 from RM3.0 billion in 2022. SC also noted that the equity crowdfunding (ECF) and peer-to-peer financing (P2P) platforms have allowed over 15,000 MSMEs to raise more than RM6 billion since inception. Although the benchmark FBM KLCI declined by 2.7 per cent, other market indices ended positively in 2023, reflecting investors’ interest in firms with higher growth potential, particularly the mid-and small-cap segments. SC noted that currently, the domestic equity market is among the best-performing markets in the region, with the FBM KLCI gaining almost 7.0 per cent as of March 12 of this year. The Malaysian Islamic capital market (ICM) grew 4.5 per cent to RM2.4 trillion in 2023, with sukuk outstanding growing by 7.4 per cent and Shariah-compliant equities by 1.5 per cent. SC said the agency has issued the Maqasid Al-Shariah Guidance to strengthen the ICM’s competitive advantage and bolster its societal and economic impact. This is the first time such guidance has been used in the capital market. In 2023, the SC secured five criminal convictions and RM8.7 million in fines, and RM4.8 million in civil penalties imposed by the courts. The SC also disgorged RM13.8 million according to regulatory settlements with 6 persons in separate cases. Additionally, 140 administrative sanctions were imposed, resulting in the SC imposing fines and penalties amounting to RM19.5 million. Moving forward, SC will also soon launch a 5-year MSME Roadmap, which aims to provide increased access to the capital market for MSMEs. The SC will continue to enhance investor protection. This involves rigorous surveillance against unlicensed activities. In addition, the SC is also reviewing the regulatory framework governing fundraising by unlisted public companies (UPCs). To combat the risk of money laundering and terrorism financing, the SC continues to step up efforts in supervision and industry controls to ensure regulatory effectiveness of the anti-money laundering (AML) regime, and support the preparation of the Financial Action Task Force Mutual Evaluation in 2025.

KUALA LUMPUR: Coworking and flex space provider WORQ will open two new outlets this year and is on target to achieve 100,000 sq ft space by year-end. Co-founder and chief executive officer Stephanie Ping said the two new outlets will be in Ampang Park and Kwasa Damansara, focusing towards connecting all of Klang Valley via transit-oriented coworking spaces. “By providing strategically located flex-offices at transit-oriented developments, mainly along train stations, we are not only supporting a sustainable commuting culture but also empowering our transit system with productive working communities and by commuting between the transit lines daily, this increases the usage of our public transport system. “Many of our coworking members have switched from driving to taking the trains to work and are more productive now, not just while they work in our spaces, but on the way to work, in between meetings all over town, and on their way back home,” she told reporters in a media briefing on Monday. WORQ officiated its latest coworking space in Sunway Putra Mall on the PWTC LRT train line. Spanning 20,000 square feet, this new upcycled coworking space stands as WORQ’s eighth outlet, and its seventh outlet in Klang Valley’s intercity transit rail system, WORQ is achieving its plans towards connecting all of Klang Valley via transit-oriented coworking spaces. Transport minister Anthony Loke, who officiated the new outlet, said WORQ’s collaboration with Sunway Group and Prasarana Malaysia Bhd exemplifies Malaysia’s shift towards a transit-oriented community by connecting workspaces with transit lines. “This strategic initiative makes commuting more efficient and contributes significantly to the country’s sustainability goals by reducing car dependency and improving employee well-being,” he said. By linking these train lines with Google-like offices, WORQ has established a unique cloud office infrastructure. This infrastructure enables professionals to seamlessly move from one outlet to another, fostering a dynamic and flexible work environment. This cloud office infrastructure enables local and foreign employers to easily recruit talent across the entire Klang Valley. Sunway Malls & Theme Parks chief executive officer HC Chan said Sunway Malls is committed to leading with sustainability and delighted with this strategic partnership with WORQ. “Through our collaborative efforts at Sunway Putra Mall, WORQ has skillfully demonstrated that thoughtful refurbishment can both preserve the environment and drive profitability. “This initiative, apart from value-adding through the introduction of new forms of use-case formats for malls also set a new standard for the longevity of office spaces by reusing and repurposing existing fit-out,” he said. The new WORQ outlet utilised the layout and creatively renovated it into a modern coworking space. WORQ’s facilities at Sunway Putra Mall feature high-quality, overstocked construction materials from HOMA, setting a sustainability standard and serving as a leading example for other coworking industry players. This upcycling exercise allows WORQ to revitalise existing infrastructure and spaces in Malaysia’s vast retail landscape to take advantage of the location and convenience of the mall.

KUALA LUMPUR: Prime Minister Anwar Ibrahim was commended for his proactive efforts in attracting a significant influx of foreign direct investment (FDI) to Malaysia, reflecting the government’s commitment to fostering economic growth and stability from his recent whirlwind tour of Australia, Germany, and France. Speaking to The Exchange Asia, Malaysian International Chamber of Commerce and Industry (MICCI) president Christina Tee said the successful trade and investment missions in key countries like Australia, Germany, and France underscore the effectiveness of collaborative efforts between various ministries and government agencies. She said this substantial FDI injects capital into the economy, and fosters job creation, technology transfer, and industry diversification, which leads to enhancing Malaysia’s competitiveness on the global stage. According to her, Malaysia can remain optimistic to see more economic expansion and enhancing business environment as the country’s financial outlook appears promising, buoyed by positive macroeconomic indicators and a conducive investment climate. “While Malaysia celebrates this influx of FDI, it’s crucial to assess the readiness of the nation’s talent pool to meet the demands of these incoming investments. The availability of skilled human capital plays a pivotal role in maximising the benefits derived from foreign investments. “Therefore, concerted efforts across both public and private sectors must be made to ensure that we cultivate a robust talent pipeline that is equipped with the necessary skills and expertise to support and drive the growth of industries targeted by these investments,” she said. Sarawak Democratic Action Party (DAP), which is serving the state from the opposition front, also gave Anwar the thumbs up. Michael Kong, the special officer to the state DAP chief Chong Chieng Jen, said Anwar’s success marks a significant milestone following last year’s record performance with total approved investments reaching RM329.5 billion, the highest in the nation’s history. “This year amid global economic uncertainties, Malaysia has demonstrated resilience and potential in attracting more foreign investments totalling RM76.1 billion as of March 2024. “It is evident that Malaysia is on a positive economic trajectory. If guided by prudent spending, good governance, and strategic communication with investors, we will be able to see Malaysia rise again to become the Asian Tiger,” added Kong. According to him, Malaysia’s current economic landscape presents promising indicators. He said despite comparisons drawn between the current weak Malaysian ringgit and the 1998 Asian Financial Crisis, a deeper analysis reveals notable differences. Unlike 1998, where the stock market experienced a staggering 76 per cent decline, Malaysia’s stock market has demonstrated resilience, registering a 6.0 per cent increase since January 2024. Kong said Malaysia’s foreign debt, which exceeded 16 per cent of the gross domestic product (GDP) in 1998, has significantly reduced to a more manageable 1-2 per cent. This reduction in foreign debt has mitigated our risk of facing monetary pressures from other countries. “The positive economic indicators are further reflected in Malaysia’s low unemployment rate, standing at a commendable 3.6 per cent. This underscores the strength of our economy and provides a solid foundation for growth. “Moving forward, our focus should also be expanded towards implementing policies that increase disposable income among households, thereby driving domestic consumption and economic prosperity,” Kong added. Anwar who returned last Monday from his six-day visit to Germany described his mission as an ‘extraordinary’ success for the nation which marked a significant milestone. He told Bernama, this success was a testament to the newfound confidence of foreign leaders and investors in Malaysia’s administrative efficiency, which has significantly improved and is committed to addressing wastage issues. He also attributed the success of his mission to the collaborative efforts of several ministries and government agencies, such as the Ministry of Finance (MOF), the Ministry of Investment, Trade and Industry, the Ministry of Foreign Affairs, the Securities Commission and Bursa Malaysia. However, Anwar stressed that there is still ample room for improvement, including in terms of expediting project approvals. “We must sustain such efforts, and if we can increase it, I think that in two or three years, Malaysia’s landscape will change,” he said. Meanwhile, commenting on the growth figures and forecasts for this year, Anwar noted that Bank Negara Malaysia’s Economic and Monetary Review 2023 released recently was positive and reassuring. “The foundation of Malaysia’s economy remains robust, and the economic outlook for 2024 is better than that of 2023 as we achieved a gross domestic product growth of 3.7 per cent despite facing various challenges and global economic volatility. “For this year, our economy is expected to strengthen further with growth forecasts of 4.0-5.0 per cent,” he said. Factors that would support the improvement in economic performance include the decrease in the unemployment rate, which fell to 3.3 per cent in January 2024, and the inflation rate which dropped to 1.6 per cent in the fourth quarter (Q4) of 2023 from 2.0 per cent in the third quarter (Q3) of 2023. Export performance also showed signs of recovery in January this year with an increase of 8.7 per cent after declining for ten consecutive months (March to December 2023). In addition to the positive macroeconomic figures, the prospects for national investment are also at a very promising level.

KUALA LUMPUR: The KL Wellness City is well-positioned to be the regional wellness epicentre and to attract medical tourists globally. Apart from offering global-class medical services, KL Wellness City also aims to advocate, promote, encourage, and invite three other components of medical practices, namely alternative and integrative medicine, to set up clinics within the 26.5-acre township. KL Wellness City director for branding, sales and marketing Datuk Sri Dr Vincent Tiew said the township will host total modern and complementary medicine practices. “It’s called traditional and complementary medicine (T&CM), a big department in the Ministry of Health. “T&CM includes traditional Chinese medicine (TCM), traditional Indian medicine practices such as ayurvedics, and Malay and Balinese practices. “Apart from our international tertiary hospital in KL Wellness City, poised to be among the top three in Southeast Asia, we will also have T&CM components in the township,” he told The Exchange Asia. Tiew said the international tertiary hospital in KL Wellness City invites and encourages other components of medical and medicine practices and healthcare specialists to come and set up their clinics. “We are building the commercial component, The Nobel Healthcare Park @ KL Wellness City , right next to our hospital, which has 22 operating theatres. “Nobel Healthcare Park allows doctors, surgeons, specialists to privately own clinics. Here, they will own the clinics because, generally, 90 per cent of the doctors now in all the private hospitals can only rent the room or the clinic; they do not own the clinic,” Tiew said. Elaborating further, Tiew said KL Wellness City development completed phase one, targeted to Malaysian doctors. “Phase two also targets Malaysian doctors. In particular, our target is specialist doctors. So, with the specialist doctors, we wanted the community, the medical doctors themselves, to set up and run their clinics within our township,” he said. “At this juncture, we are not targeting foreign doctors. However, in the last year, we have had a lot of enquiries from doctors from Singapore and Australia,” he said. Tiew also said Malaysia’s healthcare tourism industry is booming, and KL Wellness City wants to be a major player. He said that with cutting-edge technology, world-class facilities, and a focus on patient care, KL Wellness City is becoming a major player in the global health and wellness tourism market. KL Wellness City, launched in June last year, is an RM11 billion gross development value project covering 26.49 acres in Bukit Jalil. The development is designed to be a one-stop township for health and well-being. It will have a 12-storey international-class hospital, specialist clinics, labs for developing new treatments, facilities for researching new medical ideas, office buildings for healthcare companies, a place for retirees to live, and much more. The world-class medical and wellness hub to cater to domestic and international healthcare and medical services will feature centres of excellence across areas, including cardiology, spine health, neuro health, sports medicine, cosmetic surgery, and fertility. The development will also include assisted living apartments and a large park in the centre for exercise and recreational activities. The township will host 55 retail suites and 50,000 sq ft of business suites, while the healthcare park houses 379 medical suites. With Internet of Things (IoT) integration, Tiew previously said that the KL Wellness City KLWC is designed to be IoT-ready and is committed to connectivity. He said the township enhances the patient-centric experience for local and international healthcare tourists and aligns with the Ministry of Health’s vision for a digitally transformed healthcare system. Construction for the KL International Hospital (KLIH) and Nobel Healthcare Park has reached a significant milestone, with all groundwork—earthwork, piling, and substructure completed. This paves the way for the exciting commencement of KLIH’s superstructure works in the second quarter of 2024. This rapid progress signifies KLWC’s commitment to propelling Malaysia’s healthcare tourism industry. The company aims to capture a significant share of the projected RM1.7 billion revenue in 2024.

KUALA LUMPUR: Habib Jewels Sdn Bhd, a name synonymous with heritage and luxury, is on a mission to put Malaysia on the stronger global stage to ensure that each jewellery creation is worthy of any international standards.   The homegrown jeweller, established 66 years ago in Malaysia, aims to instil a sense of national pride among Malaysians while appealing to a global audience. Habib Group executive chairman Datuk Sri Meer Sadik Habib said the company is also shifting the stereotype of homegrown products and promoting Malaysian identity globally. “We have a strong Malaysian element in everything we do because we are proud to be a Malaysian brand. “We want to be a brand that Malaysians will be proud of first, and then we want to put Malaysia on the map of the world with our culture and tradition weaved into our products. We are working on this,” Meer Sadik told The Exchange Asia in an exclusive interview. In differentiating its approach, Habib Jewels prioritise several key elements, namely, quality and creativity, and ensures that every aspect of its products and designs reflects the pinnacle of global standards. “One of our milestones was initiating the production of designs unique to the world. “In terms of differentiation, our focus on diamonds as an investment stands out, particularly with certified diamonds that retain substantial value, providing customers with a viable asset,” Meer Sadik said. Touching on the local perception of Malaysian-made products, Meer Sadik said the challenge is to change people’s mindsets about local products. “People think Malaysian brands are not good enough. It’s the mindset set. They believe international brands are better and local brands are below average. “What we are doing now is changing that mindset. We want to be a brand that Malaysians can be proud of and accept worldwide,” he said. Habib Jewels has achieved international acclaim, earning the trust of esteemed brands that have selected the brand as their exclusive distributor or collaborator. These notable partnerships encompass Pandora, recognised for its customisable charm jewellery from Denmark, Stephen Webster, a prominent London-based jewellery brand, and Ice-Watch, an affordable luxury watch brand from Belgium. In addition to the jewellery business, Habib Group is involved in various other businesses, such as Islamic pawn-broking Ar-Rahnu and Chantique, which provide customers with well-maintained antique and pre-owned jewellery. The group has also invested in real estate, hospitality, and food and beverage businesses. Moving on, Meer Sadik expects the gold price to be strong throughout this year. “For the last few years, most countries have created a lot of debt, which has created inflation. And the best hedge against inflation is gold, so people buy gold. “The gold price has not increased significantly in the past few years due to high interest rates in the United States; however, there are talks of impending interest rate reductions, which may prompt an increase in gold prices,” Meer Sadik said. He said Habib Group anticipates a potential increase in gold prices as rates decrease, depending primarily on the movement of interest rates in the US. “Additionally, fluctuations in the ringgit’s value, which may strengthen if US interest rates decline, could further influence the balance of gold pricing,” he said. Meer Sadik also calls on the government not to impose a luxury tax on jewellery, as many Malaysians, including those in the B40 and M40 income brackets, opt to purchase gold as a means of savings. He said a significant portion of the population also does not have bank accounts, and they buy gold and gold jewellery as a form of investment when they have surplus funds. “I sincerely hope there won’t be any tax implementations on jewellery,” Meer Sadik said He said that a few years ago, when the option to withdraw funds from the EPF was announced, there was a noticeable surge in gold purchases, particularly among the B40 and M40 groups. “While I fully endorse the government’s consideration of imposing taxes for the T20 group, ensuring minimal impact on the B40, our observations reveal a substantial number of B40 individuals, including those in the M40 category, engaging in jewellery purchases, notably gold. “So, whether or not taxes are implemented will determine what happens next. Without taxes, people will probably buy jewellery, especially gold,” Meer Sadik said. Habib Jewels will continue to be present at strategic places and are looking to open a few branches this year. Meer Sadik said an outlet in Tun Razak Exchange (TRX) was recently opened, and the company plans to open another outlet in Menara 118. “We are also assessing our expansion plans, focusing on broader international growth this year. We are venturing beyond Malaysia into various regional destinations within Southeast Asia. “We are looking at Singapore and Indonesia initially, and potentially the Philippines later on,” Meer Sadik said. He said Habib Jewels is not just about profit and loss. “That is the last thing that we look at. We want to make a significant difference in the lives of people. “We are in this business started by my late father. It is because of what he wanted—to be in the business of ‘happiness’. So that is something that we strive for,” Meer Sadik said.

KUALA LUMPUR: The ringgit opened lower against the US Dollar on Tuesday due to a lack of buying interest. Cautious sentiment continues to surround the Bank of Japan’s (BoJ) monetary policy decisions. At 9:15 am, the ringgit depreciated to 4.7225/7265 against the US Dollar from 4.7165/7195 on Monday. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said market participants will focus on the BoJ’s monetary policy decisions today. He said there are expectations that the Japanese central bank will end its negative interest rate policy and yield curve control. Furthermore, he said market participants will monitor the Federal Open Market Committee (FOMC) meeting of the United States starting today and ending tomorrow. Therefore, the ringgit is expected to remain low due to cautious trading sentiment, he told Bernama. “However, positive data from China yesterday provided hope that the world’s second-largest economy will gain traction following various economic and monetary stimuli,” he said. The ringgit traded mostly lower against a basket of major currencies. It declined against the Japanese Yen to 3.1631/1660 from 3.1608/1630 on Monday and decreased against the Pound to 6.0070/0121 from 6.0060/0098 yesterday. However, it increased against the Euro to 5.1338/1382 from 5.1400/1433 previously. The local currency remained almost unchanged against the Singapore Dollar at 3.5258/5291 from 3.5253/5278 on Monday and rose against the Philippine Peso to 8.48/8.49 from 8.49/8.50 earlier.

KUALA LUMPUR: National oil company Petroliam Nasional Bhd (Petronas) has defended the selection of Solarvest Energy, a subsidiary of Solarvest Holdings Bhd, for its nationwide solar panel project at over 300 stations. Petronas president and group chief executive officer Tengku Tan Sri Muhammad Taufik said technical standards and deadline-driven outcomes led to its selection for the turnkey contract. Assuring that the company chose a qualified installer for the project, Taufik clarified that while Petronas considered Bumiputera companies recommended by a government agency, none met the specific requirements for this project. He indicated Petronas is looking into ways to involve smaller, potentially combined firms (consortia) in future contracts. Taufik downplayed reports suggesting the contract value is in the hundreds of millions, stating it is a much smaller sum. To recap, Solarvest Energy was selected by Petronas’ unit Gentari Renewables to install solar panels at Petronas stations, with an aim to complete the project by 2027. The project starts in April this year and will equip over 300 stations with a total solar capacity of 5.4 megawatt peak (MWp). Previously, the Malay Chamber of Commerce Malaysia had questioned Petronas’ commitment to supporting Bumiputera businesses in awarding this contract.

TOKYO: Nissan Motor is considering seeking a business partnership with Honda Motor on key components for electric vehicles to cut production costs, three people familiar with the matter at Nissan said. The potential partnership with domestic rival Honda could help Nissan gain economies of scale in producing EVs, which is crucial for Japanese automakers as they face heavy competition from China’s BYD, Tesla and other electric vehicle makers. The sources, who declined to be identified as the matter is still private, said Nissan and Honda are yet to formally start discussions, with the scope of the partnership undecided. A Nissan spokesperson declined to comment. A Honda spokesperson said there was nothing the company could say. Another source said the idea of collaboration emerged between the chief executives of the companies. Nissan is considering partnering with Honda on key EV parts, as well “kei car” – boxy vehicles that are smaller and less powerful than regular cars, primarily made for the domestic market. The partnership could extend to overseas businesses, but that would affect Honda’s existing collaboration with General Motors, according to two of the sources. Nissan’s pursuit of a partnership was first reported by TV Tokyo. The Nikkei newspaper has reported specific measures could include the introduction of a common powertrain, joint procurement and development of a common platform. A source at Honda said a potential partnership with Nissan is one of many possibilities the company is considering, but there are many agenda that need to be sorted out for it to proceed with a new tie-up. Honda is aiming to increase its ratio of electric vehicles and fuel cell vehicles to 100% of all sales by 2040. Nissan already cooperates with Renault on EVs, mainly in Europe. The next Nissan electric Micra will share the same architecture as the new Renault Five and be built in the same plant in northern France. Nissan has also committed to invest up to 600 million euros ($653 million) in Renault’s new electric vehicle entity Ampere. But the two firms last year reduced the scope of a years-long alliance to allow for a more agile partnership, and Renault has since signed agreements with new partners such as China’s Geely.