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KUALA LUMPUR: Khazanah Nasional Bhd has appointed Datuk Hisham Hamdan as its new chief investment officer (CIO), effective March 6, 2024. Hisham’s appointment allows for greater focus on building Khazanah’s capabilities as an investment institution and creating new capacity and competencies, especially to meet the company’s value creation and impact goals. Khazanah managing director Datuk Amirul Feisal Wan Zahir said the agency is confident that Hisham’s vast experience and knowledge will be an asset to Khazanah’s ongoing efforts to gear up the organisation to build the required capacity and institutionalise talent development, which is part of the overall strategy for developing a winning team. “This, along with our long-term strategy of Advancing Malaysia, would further allow us to strengthen our position in facing the challenging global market condition,” he said in a statement. Hisham joined Khazanah in April 2011 from Sime Darby Bhd. He has held senior positions, including executive director of public markets and other senior roles in strategy and business development, healthcare, energy and utilities, and China. Hisham also serves as the chairman of UEM Sunrise Bhd and the board of trustees of the Khazanah Research Institute. Previously, he was chairman of UDA Holdings Bhd, a member of the board of directors of Iskandar Investments Bhd, and a member of the board of ValueCap. He holds two Chemical Engineering and Industrial Management degrees from Purdue University, United States. He has also attended the Harvard Business School’s Advanced Management Programme.

KUCHING: Sarawak will benefit from the robust growth in the global sustainable aviation fuel (SAF) market, projected to grow to US$16.8 billion by 2030 from US$1.1 billion in 2023. Universiti Malaysia Sarawak (UNIMAS) Honorary Professor Dr Madeline Berma said the SAF Industry is experiencing rapid economic growth. “The International Civil Aviation Organisation has mandated that all aviation companies must use environmentally-friendly fuel by 2027. “Regular fuel cannot be used anymore, as it emits carbon, which pollutes the air. “Sarawak will benefit from the ‘first mover advantage’ by being one of the first states in Malaysia to promote the green economy actively as a basis for its development,” she told The Exchange Asia. SAF can reduce carbon emissions by 80 per cent. By mid-June in 2022, SAF powered some 450,000 flights. Popular low-cost carrier AirAsia, for example, is currently exploring options to introduce SAF into its fuel mix before 2025. However, last year, the usage of SAF reached only 600 million litres or 0.5MT. This is double the amount produced in 2022 but the quantity still amounts to only 0.2 per cent of all aviation fuel produced globally. A limited production volume means SAF will be much more expensive than conventional jet fuel as there will be fewer takers for this environmentally-friendly alternative due to cost factors. But these are good reasons to draw cheer for the Borneo state of Sarawak. The state is gearing up to produce 100,000 barrels of SAF daily by 2030. Deputy State Secretary Datuk Dr Muhammad Abdullah Zaidel declared Sarawak’s plan to venture into producing SAF in September last year. The announcement is also timely as Sarawak’s proposed state-owned airline is expected to be up and running by the second quarter of this year. The state’s home-made SAF will most likely power its planes. Muhammad Abdullah said that microalgae grown in waters mixed with carbon dioxide would be used to produce SAF, which is increasingly adopted by global airlines. “The use of carbon dioxide for microalgae cultivation comes when Sarawak is also exploring more business opportunities in the multi-billion-dollar carbon capture, utilisation and storage (CCUS) industry. “We have identified 10,000 acres of land in Bintulu for the purpose of algae plantation. About 1,000 acres of algae can produce 10,000 barrels of SAF a day, so with 10,000 acres, we can produce 100,000 barrels by 2030,” he was quoted as saying by the local media. Madeline said Sarawak’s first industrial microalgae production, the CHITOSE Carbon Capture Central Sarawak (C4 Sarawak), was officially launched in May 2023. “It marked a significant milestone towards achieving a sustainable green economy for Sarawak, aligned to its Green Energy Agenda. “C4 Sarawak and the research that it will conduct potentially lays the foundation for the development of a new economy within the state, and it will create significant economic value for the people while ensuring sustainability,” she said. Madeline pointed out that SAF is the future economic driver for Sarawak. Malaysian Biotechnology Information Centre executive director Dr Mahaletchumy Arujanan said SAF is no longer a buzzword but a ‘must-do’ to decarbonise the aviation industry. “It is laudable for Sarawak to be an early start-up and pioneer in venturing into this potentially new industry, which still requires more research in the area of lipid extraction from the feedstock, finding ways to reduce the cost of harvesting, and improving the drying procedures to make the end product economically viable for consumers. “Collaboration between industry and universities will help, and it will also lead to more research positions for our Ph.D. graduates. It will certainly be exciting to watch the growth of the SAF industry and appreciate the reduction of the aviation industry’s carbon footprint,” she told The Exchange Asia. Mahaletchumy is a renowned science communicator who is listed as being among the 100 most influential persons in biotechnology by Scientific-American. She is also the executive director of the Malaysian Biotechnology Information Centre based in Petaling Jaya. On another note, Mahaletchumy suggested that SAF can also be extracted from other kinds of feedstock, such as biomass, and this possibility must be explored. “Sarawak has a huge and readily available stock of biomass from its pepper and oil palm plantations, and this fodder could promote the sustainable use of agriculture waste that would otherwise end up in landfills and thus contribute to the rise of greenhouse gases. “Our planet is endangered and in a crisis. The time is now for us to grab the opportunity to reach for far horizons and to focus on this immediate exigency to heal the world,” she added.

KUALA LUMPUR: Public-listed companies’ (PLCs) financial gains and shareholder returns will be significantly impacted if the public persists in boycotting their products and services over geopolitical concerns. Former Minority Shareholders Watch Group chief executive officer Devanesan Evason said such knee-jerk reactions by boycotting products do not give PLCs confidence in securing new ventures, franchises, or contracts. “Reduced dividends will result in lower shareholders’ profits and share prices. Conversely, losses without dividends could result in even lower share prices. “The company should have conducted a media blitz to clearly communicate to all consumers that it is a Malaysian-owned company with no foreign shareholdings and that Malaysians will suffer due to the boycott. “This should have been communicated clearly and unequivocally and not said in passing,” Devanesan told The Exchange Asia. He was responding to a news article on Berjaya Corporation Bhd founder and advisor Tan Sri Vincent Tan Chee Yioun urging Malaysians to end the Starbucks Malaysia boycott. Tan clarified in the article that Berjaya Food Bhd (BFood) locally owns the franchise and has an all-Malaysian workforce in both the head office and stores. “As pointed out, the bulk of the employees are Malaysians, with about 80-85 per cent being Muslims. “All these Malaysian workers will be impacted if there are store closures due to the boycott. Furthermore, it is a Malaysian-owned company that pays government taxes. “There will be tax revenue loss. We are barking up the wrong tree, and the boycott will not have the desired outcome,” Devanesan said. Apart from Starbucks, locals are also boycotting non-listed fast food chains McDonald’s and Burger King after a Reuters report on October 17 reported that their Israeli restaurants gave free meals to Israel Defense Forces (IDF) personnel. Following that, Gerbang Alaf Restaurants Sdn Bhd, the franchise owner of McDonald’s in Malaysia, released statements clarifying its separation from the Israeli franchise. The company emphasised that the Malaysian entity is entirely Muslim-owned and disclosed its donation of RM1 million to the Palestine Humanitarian Fund under the Prime Minister’s Department. Devanesan said the media and the customer relations department could help persuade the public and consumers about the situation. “Investor relations will also need to help assuage investors. They need to tell a good story, the right story, a convincing story,” he said. Devanesan also said that governments must strike the right balance between politics and business. He said relevant government agencies must be acutely aware of the unintended consequences of all government decisions and posturings. “If a minister had clarified the Starbucks issue earlier, much hardship could have been avoided,” he said. Further, Devanesan said multinationals must adopt an apolitical stance in running their business and need to send the message that they are doing business and distance themselves from being seen supporting unacceptable counterparties to the geopolitical tensions. “Here, perception management is important. They must convincingly convey the message that Malaysians will suffer more because of the boycott and explain how and why,” he said. The Malaysian International Chamber Of Commerce & Industry president Christina Tee said while acknowledging the challenges faced by some individuals impacted by recent boycott events, various industries are demonstrating a strong commitment to their workforce. “Companies are actively seeking to re-hire these skilled and experienced workers, offering them opportunities and the necessary training for a smooth transition back into the workforce. “This proactive approach signifies a collaborative effort with businesses and organisations to help individuals find new possibilities and succeed in their careers. “This focus on re-training and redeployment signifies a positive shift within industries,” Christina told The Exchange Asia. She said by investing in their workforce and offering opportunities for growth, companies are creating a more resilient and adaptable talent pool. This collaborative approach ensures that skilled individuals can find new opportunities despite the current situation, ultimately benefiting both the workers and the industry as a whole, she said.

KUALA LUMPUR: Today, CIMB Islamic Bank Bhd and Petroliam Nasional Bhd (Petronas) signed an inaugural Tahawwut Master Agreement (TMA) for shariah-compliant commodity derivatives. The signing of the TMA marks Petronas’ venture towards shariah-compliant derivatives, making the national oil company the first corporation in Malaysia to utilise CIMB Islamic’s shariah-compliant commodity hedging instruments for Islamic energy commodity derivative trades. CIMB Islamic chief executive officer Ahmad Shahriman Mohd Shariff said the bank is proud to partner with Petronas for this landmark shariah-compliant commodity derivatives arrangement, contributing towards the development of Malaysia’s International Islamic Financial Centre (MIFC), in line with Bank Negara Malaysia’s Financial Sector Blueprint. The TMA is a multiproduct framework agreement drafted by International Swaps Derivatives Association (ISDA) in collaboration with International Islamic Financial Market (IIFM) Association to govern shariah-compliant derivative transactions. The TMA provides the market with globally accepted and standardised terms for Islamic hedging products, which will spur the growth of Islamic hedging products in the international market. The agreement signing was formalised by Ahmad Shahriman and CIMB Group co-chief executive officer, group wholesale banking and group treasurer Chu Kok Wei, while Petronas was represented by vice president, treasury Freida Amat and head of group commodities exposure management, treasury Nik Mohsain Harjuda Nik Ahmad. Chu said the bank is pleased to support Petronas, an entity symbolic to Malaysia as the national oil and gas company, in meeting their ongoing business requirements. “The partnership with Petronas under the TMA is timely, given the robust growth and increasing demand for shariah-compliant instruments in the market today. “The TMA will certainly pave the way for Petronas to manage its future hedging transactions, and we continue to be on the lookout to foster more synergetic collaborations with other corporate clients in the future to continue to invigorate this attractive segment,” he said. Freida said the TMA undertaking demonstrates Petronas’ support in advancing the development of shariah-compliant derivatives domestically and globally. “Using derivatives under the TMA will enable Petronas to manage our exposures in a shariah-compliant manner. “We remain supportive of the growth of the Islamic finance industry, and we believe that this partnership can advocate for more Islamic financial solutions in the future,” she said. CIMB Group has been playing an active role in driving the growth of Islamic and sustainable finance. The adoption of a globally acceptable master agreement bodes well with the development of Malaysia as an international marketplace for Islamic finance and is in line with the bank’s Forward23+ strategic plan. Over the past three years, CIMB Group has executed several significant sustainable financing transactions, including its landmark sustainability-linked derivative (SLD) in October 2021, the world’s first ringgit-denominated SLD transaction. In 2023, the CIMB Group tripled its sustainable finance target to RM100 billion by 2024 after meeting its initial target of RM30 billion two years ahead of schedule. Petronas also invests in Islamic-related products and has issued sukuk and Islamic financing facilities.

KUALA LUMPUR: American multinational hospitality company Hilton Worldwide Holdings Inc has appointed Maria Ariizumi as vice president, development, South East Asia. Maria joins Hilton from Swire Hotels where she led efforts to set up Swire’s third party hotel development platform, with her responsibilities spanning hotel development, planning and projects across Asia Pacific, Europe and North America. During her tenure, Swire Hotels saw a doubling of the group’s hotel portfolio. She joined Hilton on March 4, 2024, based out of the Hilton corporate office in Singapore. “South East Asia holds great potential for the travel and tourism sector, and we are incredibly upbeat about the healthy momentum in travel demand and hotel development. “I am thrilled to welcome Maria to the Hilton family at this critical inflexion point and am confident that she will lead the team to new heights as we write our next growth chapter together,” Hilton senior vice president, development, Asia Pacific Clarence Tan said in a statement. Maria’s hospitality career also spans stints with Galaxy Entertainment Group, Marriott International and Deloitte Tohmatsu Consulting in hotel development, feasibility and corporate finance roles. A native of Japan, Maria will partner closely with Hilton’s existing owners and new partners to drive the company’s development strategy in Southeast Asia. This newly created role testifies to the growing importance of this dynamic region, and Maria’s time-tested track record will support Hilton’s ambition to double its portfolio here in the next three years. “It is an amazing opportunity to steer the expansion of an iconic brand like Hilton in the vibrant South East Asia region. “Hilton has established a stellar foundation here and is well respected by owners and industry watchers for its market-leading performance. “With the support of a best-in-class team, I look forward to leading and delivering on our growth ambitions in this market,” said Maria. Hilton has 57 trading properties across seven distinct brands and a pipeline of 44 properties. In recent months, Hilton celebrated highly anticipated hotel openings, such as Umana Bali, LXR Hotels & Resorts, La Festa Phu Quoc, and Hilton Saigon, each representing in-market brand debuts.

KUALA LUMPUR: Malaysia Convention & Exhibition Bureau (MyCEB) has forged a strategic partnership with an international travel agent, ACMAR Marketing Xiamen, a subsidiary of the ACMAR Group. This collaboration was formalised by signing a memorandum of cooperation (MoC) between MyCEB chief executive officer Azman Tambi Chik and ACMAR Group managing director, JP, Datuk Steven Tee. “The collaboration bolsters Malaysia and MyCEB’s presence in the promising Chinese market, specifically catering to the Xiamen business community. “The MoC signed not only signifies national pride between two Malaysian entities but also a significant step towards fostering bilateral cooperation and enhancing business events opportunities in the region,” Azman said in a statement. ACMAR Group is renowned for its projects such as hotels, the Xiamen International Culture Building and more. The group also owns investment stakes in fixed assets such as commercial, residential, and other properties. With its strong foothold in Xiamen, ACMAR Group brings invaluable expertise and resources to synergise with MyCEB’s vision of promoting Malaysia as a premier and preferred destination for business events. The MoC outlines a series of joint marketing activities aimed at capturing the attention of the Chinese market, sharing market intelligence, facilitating knowledge exchange, co-developing business leads and fostering collaboration opportunities for the private sector. ACMAR Marketing Xiamen will connect MyCEB with China’s business events counterparts, streamlining communication and fostering mutually beneficial partnerships. “The MoC leverages the extensive network and insights of both organisations, with MyCEB being able to showcase Malaysia’s world-class facilities, unique culture and unparalleled hospitality. “ACMAR is excited to be part of this venture by supporting the bureau through our footprint and aiming to drive mutual growth and prosperity between Malaysia and China,” said Steven Tee. Both parties are committed to implementing innovative marketing strategies and fostering long-term partnerships to achieve their shared objectives. The collaborative efforts are expected to boost tourism and investment and strengthen cultural exchange and bilateral relations between Malaysia and China. Besides the MoC, MyCEB discussed with the Xiamen International Conference & Exhibition Centre, Chairman of Xiamen Welleast Smart City Technology Co Ltd, C&D Global Tourism Group Co Ltd and President of Xiamen Tourism Association. From these meetings, Malaysia can look forward to fostering stronger collaborations, expanding market reach, and enhancing bilateral relationships, thereby elevating business events, tourism and private sector opportunities between Malaysia and Xiamen.

KUALA LUMPUR: Integrated steel manufacturer Malaysia Steel Works (KL) Bhd has appointed Datuk Syed Mohamed Syed Ibrahim, as the independent and non-executive chairman, effective March 1, 2024. Syed Mohamed brings over 40 years of experience leading prominent organisations across various industries, driving sustainable growth globally and in Malaysia. His expertise spans banking, real estate development, technology, and business strategy. He currently serves as the president and chief executive of Johor Corporation and chairman of JLand Group. Masteel, in a statement, said Syed Mohamed’s proven track record of driving profitability, fostering strategic partnerships, and spearheading transformational corporate enterprises positions him as an ideal leader to guide Masteel in its next growth phase. Furthermore, his emphasis on strong business fundamentals and far-sighted leadership are expected to herald a new era of dynamism for Masteel. Syed Mohamed’s commitment to sustainable business growth will be reflected positively in Masteel’s future operations and strategies as the company reinforces its position as the country’s leading ultra-low-carbon steel manufacturer, championing sustainable and environmentally responsible business practices.

KUALA LUMPUR: GrabAds, the advertising arm of Grab, is expecting a surge in customer spending patterns during the upcoming Ramadan. According to its Ramadan-Raya Insights 2023/2024 report, Grab said 84 per cent of respondents surveyed expressed plans to increase their spending during Ramadan, particularly on food and beverage, fashion and apparel, and personal healthcare. Grab Malaysia head of marketing Hassan Alsagoff said as Ramadan approaches, we anticipate a surge in celebration and consumer activity, especially among families in Malaysia. “This presents an opportunity for brands to connect meaningfully online with the right audiences. “By planning early Ramadan campaigns that leverage data insights and tailored strategies, brands can enrich their customers’ celebrations with engaging communication that serves personalised experiences. “This approach not only captures attention but also builds lasting connections with existing and new audiences,” he said in a statement. Findings on the report showed that 76 per cent of Malaysians anticipate amping up their digital activities during the festive season, with 62 per cent planning to rely heavily on Grab services like food deliveries and payments. Further, an 84 per cent of respondents favouring breaking their fast with loved ones and 94 per cent willing to spend more on high-quality products for their families and homes, merchants can consider offering tailor-made for family gatherings with flexible group menus offering add-ons like drinks and desserts. The report also noted that 85 per cent of surveyed users, including car owners, prefer Grab’s convenience during festive periods, leading to a 9 per cent surge in weekly ridership compared to pre-Ramadan. This trend peaks further in the weeks leading up to Hari Raya, with airport trips steadily increasing from week three onwards. Furthermore, families often reunite in their hometowns, so the roads usually get busy. Recognising these behavioural patterns, brands have a golden window to engage early adopters. Grab report noted that by launching strategic in-car or car-wrap campaigns one to three months before Ramadan, they can leverage this captive audience, raise brand awareness, and capture a loyal customer base before the festive fever takes full swing. “We’re committed to helping our merchant partners, especially the micro, small and medium enterprises (MSMEs), plan their Ramadan campaigns effectively. “We encourage them to leverage the insights we share in the report so they can foster brand loyalty, drive sales, and establish a strong presence in the hearts and minds of consumers,” Hassan said. GrabAds empowers brands and marketers, including small and medium-sized merchants, to run impactful campaigns through its super-app ecosystem. The platform offer a self-serve ad service, an ad creation tool that empowers merchant partners to build their own ad image banners and search ads and track ad performance in real-time.

KUALA LUMPUR: Main market listed Yong Tai Bhd’s (YTB) wholly-owned subsidiary, PTS Impression Sdn Bhd (PISB), signed a strategic collaboration agreement with 828 Asia Pte Ltd, a subsidiary of the Singapore-based Ebenex Group. This partnership, formed on February 28, 2024, has been established to spotlight the iconic Encore Melaka Theatre, a cornerstone within YTB’s portfolio that showcases innovation and cultural revelry. Under the terms of the collaboration agreement, PISB will provide 828 Asia with periodic access to the Encore Melaka Theatre and the necessary expertise, technical support, and manpower. YTB’s chief executive officer Datuk Wira Boo Kuang Loon said 828 Asia’s expertise in event organisation combined with YTB’s iconic Encore Melaka Theatre will create a platform for delivering exceptional entertainment experiences to visitors from around the world. “This partnership aligns with our vision to be at the forefront of innovative tourism developments and reinforces our commitment to cultural and economic growth in Melaka,” he said in a statement. PISB, the owner and operator of Encore Melaka Theatre, has established itself as a leading landmark attraction in the city’s waterfront area. Recognised as a jewel in the crown of Melaka, the theatre has captivated international and local tourists with its unique offerings and immersive experiences with its 360-degree rotating platform and approximately 2,000 seats. 828 Asia, a prominent event and concert organiser based in Singapore, brings expertise and experience to the collaboration. With a strong presence in the industry, 828 Asia is well-positioned to market, promote, and organise a series of events within the Hatten City @ Melaka and Encore Melaka Theatre. The collaborative efforts between PISB and 828 Asia aim to capitalise on the immense business potential and development opportunities presented by hosting events in the Encore Melaka Theatre. By leveraging the unique features and capabilities of the theatre, the partnership seeks to create unforgettable experiences for audiences and further enhance Melaka’s reputation as a premier destination for world-class entertainment. The first event from this collaboration is expected to occur in April 2024, beginning a series of exciting cultural and entertainment initiatives. This collaboration is expected to contribute positively to YTB by diversifying its portfolio and enhancing its position in the tourism and cultural sectors. “We are excited about the immense potential of this collaboration,” said David Toh, the director of 828 Asia. “Together with PISB, we look forward to delivering exceptional events that will captivate audiences and contribute to Melaka’s cultural and entertainment landscape,” he said.

KUALA LUMPUR: The Securities Commission has warned investors to be wary of three entities suspected of impersonating legitimate businesses. These entities, named Zoksa, UOB Kay Hian, and Syarikat Magnisave, have been added to the SC’s investor alert list. In a statement, SC said the clone entities are deceptive operations that mimic the appearance and branding of real, licensed companies. They aim to trick investors into believing they are dealing with a legitimate entity, potentially leading to financial loss. The SC has raised specific concerns about each entity. Zoksa is an unauthorised entity operating an illegal investment scheme that involves dealing in securities without a license. Syarikat Magnisave is misusing the name, credentials, and logos of both Magnisave Group Sdn Bhd, a licensed SC entity, and Bank Negara Malaysia. UOB Kay Hian is an entity that misuses the name and credentials of UOB Kay Hian Securities (M) Sdn Bhd, a legitimate SC-licensed entity. The SC strongly advises investors to exercise caution and avoid interacting with entities and individuals on their investor alert list. These entities are not authorised to operate in the Malaysian capital markets, and any investments made through them are not protected under local securities laws. By staying informed and verifying the legitimacy of investment opportunities before committing any funds, investors can protect themselves from scams and safeguard their financial well-being.