News

KUALA LUMPUR: Global logistics service operator J&T Express has achieved significant enhancements in parcel volume and delivery efficiency across several key markets in China and Southeast Asia during the recent Lunar New Year, attributing to the company’s continuous operational capacity improvements and early preparations for the holiday season. Data from J&T Express reveals that over the Lunar New Year period, its average daily parcel delivery time in China improved by approximately 5 per cent compared to the previous year, while the average daily delivery rate increased by approximately 17 per cent year-on-year (YoY). In Singapore, there has been an 81 per cent YoY increase in parcel volume, alongside a 9 per cent improvement in average delivery time efficiency. Similarly, Malaysia’s parcel volume surged by approximately 54 per cent YoY. In addition to China, the Lunar New Year is a public holiday in numerous Southeast Asian countries. With the global popularity of e-commerce, ensuring reliable logistics services during the holiday season has become increasingly critical for businesses and consumers alike. As the largest courier service provider in Southeast Asia, J&T Express plays a vital role in meeting this demand. With the company’s extensive and comprehensive logistics network across multiple countries, coupled with its year-round collaboration with e-commerce platforms and expertise in operating during the Lunar New Year in the Chinese market, J&T Express has significantly bolstered its hardware and personnel and updated the delivery fleet in key markets to meet the challenges of delivering shipments during the holiday season. For instance, J&T Express Vietnam added over 3,000 delivery personnel before the Lunar New Year, and upgraded more than 100 service points, expanding the operational area by over 7,000 square meters. Additionally, at the end of December 2023, J&T Express Vietnam officially received 140 new trucks from Truong Hai Auto Corporation, a Vietnamese automobile manufacturer. According to a forecast by Ho Chi Minh City’s Department of Industry and Trade, seasonal purchases are expected to grow by more than 11 per cent in 2024, and the growth trend of social commerce will continue as well. Against a thriving online shopping landscape, the demand for delivery services presents opportunities and challenges. Recognising the potential, J&T Express Vietnam has strategically improved and enhanced its service quality to meet the evolving demands. The recent upgrade of the company’s truck fleet reflects its clear goal of improving the quality of its transportation services. It helps the company meet the growing demand for deliveries during the holiday season, creating significant customer benefits with guaranteed service quality and capacity. With unwavering confidence in the market’s prosperity and a customer-centric approach, J&T Express is poised to seize growth opportunities in Vietnam and is actively accelerating its market capture. It will continue to expand its logistics network and transit centres to ensure optimal operational processes and improve user experience and service quality. J&T Express is a global logistics service provider the company adopts an innovative business model that combines unified standards with a high degree of regional autonomy. This model balances service quality and flexible decision-making, reduces costs, and enables localized and efficient development in each market. With its self-developed JMS system, J&T Express can integrate and manage the full lifecycle of shipments, from order placement and collection to settlement, ensuring efficient operations in each market. J&T Express has expanded its express delivery business to five countries in Latin America, the Middle East, and North Africa, building upon its successful operations in China and Southeast Asia. Currently, the company provides express delivery services in 13 countries worldwide. Looking ahead, J&T Express is committed to enhancing its global logistics network while improving service quality and operational efficiency. The company is eager to establish collaborative partnerships with new industry leaders to deliver high-quality logistics solutions for customers worldwide.

KUALA LUMPUR: Yew Lee Pacific Group Bhd (YLP) net loss widened to RM1.38 million in the fourth quarter (Q4) ended December 31, 2023 (FY23), reflecting the impact of current market conditions and the strategic investments made by the company, including the costs associated with setting up a new subsidiary in Thailand. Revenue for the quarter stood at RM4.93 million, slightly lower from RM5.32 million posted in the same quarter in FY22, attributed to variations in sales orders across markets. In Q4, YLP’s manufacturing segment continued to perform strongly, contributing RM3.6 million to the quarter’s revenue, up from RM3.3 million in Q4 FY22. This positive momentum shows the manufacturing arm’s resilience and consistent performance amidst the broader challenges within the glove industry. The trading segment faced fluctuations, largely due to competition within the markets that they operate in and price wars. In response, the company is taking decisive steps to streamline this segment, focusing on consolidation within the trading segment to enhance its cost efficiency. These adjustments are part of a broader strategy to ensure the trading segment is alignment with the company’s efficiency and profitability goals. YLP managing director Ang Lee Leong said as the company navigates through the current phase, it is important to recognise the impact of broader industry trends on its performance, particularly in the rubber glove sector, which remains a significant contributor to YLP’s revenue. “The industry has faced challenges due to oversupply and market imbalances following rapid expansions and stockpiling during the pandemic. “Despite these hurdles, we are optimistic about the sector’s recovery, driven by heightened global hygiene awareness and increasing glove usage,” he said in a statement. Ang said to complement YLP’s core business and mitigate industry-specific risks, the company is actively diversifying its portfolio. “We are expanding our industrial brush range, introducing customisable options to meet diverse market needs and solidifying our presence in local and international markets. “Additionally, we’re broadening our scope in the industrial hardware and machinery parts segment, exploring new opportunities in semiconductors, timber, glass, and agriculture sectors. “These strategic initiatives are designed to strengthen our market position and reduce our dependency on the rubber glove industry, ensuring a more balanced and resilient business model for YLP,” Ang said. As of February 23, 2024, the share price of YLP stands at RM0.39, representing a market capitalisation of RM208 million.

KUALA LUMPUR: Malaysia’s largest home improvement retailer MR DIY Group Bhd posted a net profit of RM158.63 million for the fourth quarter (Q4) ended December 31, 2023 (FY23), an increase of 16.6 per cent from RM136.07 million posted in the same quarter last year. The net earnings increase was partially lifted by the absence of a one-off prosperity corporate tax of RM10.2 million in Q4 FY22. Revenue for Q4 FY23 rose 7.6 per cent to RM1.14 billion from RM1.06 billion posted in the same quarter last year, driven by a 16.8 per cent growth in new stores. Transaction volume increased 16.7 per cent as the company continued strategically expanding its store network across its core brands from 1,080 stores in FY22 to 1,255 as of December 31, 2023. Gross profit (GP) margin for Q4 FY23 rose 2.1 percentage points (pp) year-on-year (YoY) to 45.8 per cent. The improvement was mainly due to the normalisation of freight costs and the impact of the price adjustment exercises carried out in FY22. Consequently, GP increased 12.7 per cent YoY to RM525.4 million. For FY23, MR DIY posted a cumulative revenue and net profit of RM4.4 billion and RM560.7 million, up 9.4 per cent and 18.5 per cent, respectively. Chief executive officer Adrian Ong said the company continues to deliver growth across all key indicators. He said since the company’s initial public offering (IPO) in 2020, MR DIY’s store network has grown by 111.6 per cent from 593 to 1,255 as of the end of FY23. Revenue has grown by 70.3 per cent from RM2.6 billion in FY20 to RM4.4 billion in FY23. More importantly, net earnings have grown by 66.3 per cent from RM337.2 million in FY20 to RM560.7 million in FY23. “This reflects the strength and resilience of our business model, underpinned by the value-for-money offering that resonates with Malaysians from all walks of life. “This commendable set of financial results is also attributable to the determination of our close to 18,000-strong workforce, who have been committed to ensuring we deliver an excellent retail experience whilst staying on course with our expansion strategy,” Ong said in a statement. Ong said MR DIY is confident of its prospects going forward, driven by the demand for everyday essentials at consistent value, especially in this period of persistent inflation and the rising cost of living. “Our growing store network makes us increasingly accessible to more Malaysians and underpins our role as their go-to retailer for everyday household items. “Our plan in the near and mid-term is to open 180 new stores in 2024 and surpass 2,000 stores by 2028. “This will further cement the company’s position as the largest home improvement retailer in the country,” he said. MR DIY declared a dividend of RM94.4 million for Q4 FY23, taking the full year’s dividend payout to RM302.1 million, a 47.9 per cent improvement from the previous year. The full-year dividend equals a payout ratio of 54 per cent of its net profit.

KUALA LUMPUR: Newly-listed electrical engineering service provider HE Group Bhd (HGB) registered revenue of RM44.2 million for the fourth quarter (Q4) ended December 31, 2023 (FY23), lower by 44.0 per cent lower from RM78.9 million posted in the third quarter (Q3) FY23. The decrease was mainly attributed to the completion of certain projects in Q3 FY23. In tandem with reduced total revenue, profit before tax (PBT) also decreased by RM1.4 million or 28.9 per cent to RM3.4 million for Q4 FY23. This is the second interim financial report announced in compliance with the ACE market listing requirements of Bursa Malaysia. There are no comparative figures for the preceding corresponding quarter as no interim financial report was prepared for the comparative quarter concerned. For the quarter, the power distribution system and electrical equipment hook-up and retrofitting segments, which carry higher profit margins, contributed 70.3 per cent of revenue in Q4 FY23 compared to 59.2 per cent in Q3 FY23. Hence, the PBT margin increased to 7.7 per cent from 6.1 per cent due to the favourable project mix. For the full year, the company posted a revenue of RM204.4 million in FY23, mainly derived from the power distribution system and other building systems and works segments, contributing to RM133.4 million and RM59.9 million. These segments accounted for 65.3 per cent and 29.3 per cent of the total revenue, respectively. Additionally, these segments fuelled profitability, with PBT reaching RM14.8 million for FY23. The board have proposed a final single-tier dividend of 0.4 sen per ordinary share, amounting to approximately RM1.8 million for FY23. This translates to a dividend payout of 16.1 per cent. The proposed dividend is subject to shareholders’ approval at the upcoming annual general meeting. HGB managing director Haw Chee Seng said the company remains confident in its prospects as it focuses on executing the projects and actively participates in tenders to replenish the order book. HGB kicked off the new financial year ending December 31, 2024 (FY24) on a good note by securing a contract worth RM34.8 million. Its wholly-owned subsidiary, Hexatech Engineering Sdn Bhd on January 30, 2024, accepted a new work order from a Germany-based manufacturer of semiconductor components. The project involves designing, supplying, installing, testing and commissioning a low-voltage distribution system and is expected to be completed by April 30, 2024. HGB sees significant growth potential in the power distribution systems industry, driven by the strategic alignment of the government’s recently launched New Industrial Master Plan 2030 (NIMP) with the company’s core competencies. The NIMP prioritises development in key sectors such as electrical and electronics and medical devices, where a substantial portion of HGB’s major clients operate. This targeted growth within these sectors is expected to generate substantial demand for HGB’s power distribution systems solutions, translating to the potential for sustained earnings growth in the coming years.

KUALA LUMPUR: Muar Ban Lee Group Bhd (MBL) is poised to navigate the challenges the looming El Niño poses with strategic business diversification plans. The company is adopting technological advancements in palm kernel oil processing and ventures into the biogas sector, showcasing its resilience and potential as a critical player in the evolving market. The expected rise in palm oil prices allows MBL to increase revenue from its core operations. The company’s involvement in biogas aligns with the global trend towards renewable energy and offers an alternative application for palm oil, potentially reducing production risks associated with El Niño. “MBL’s investment in modern technology is a game-changer, enhancing our efficiency and yield in palm kernel oil processing. “This strategic move positions us to maximise our resources and maintain a competitive edge, especially in times of reduced production,” MBL’s top management representative said in a statement. Further, the spokesperson said the anticipated global upswing in palm oil demand, driven by biogas, positions MBL favourably. As biogas gains prominence in the energy sector, MBL’s involvement could lead to new revenue streams and market opportunities. MBL’s venture into biogas marks a strategic move, aligning with the global shift towards renewable energy. By converting palm oil production waste into energy, MBL addresses environmental concerns and taps into a burgeoning market. This diversification also provides a buffer against the volatility of palm oil prices and production levels. Furthermore, MBL’s strategic divestiture of a 51.0 per cent stake in Indonesia-based PT Serdang Jaya Perdana for RM11.0 million has streamlined its financial portfolio, boosting cash flow and overall financial stability. By shedding a low-yield asset, this divestment refocuses the company’s efforts on more lucrative ventures. Post-divestment, MBL’s revenue normalised to RM74.58 million in the third quarter (Q3) FY23, with its core manufacturing business contributing RM51.97 million. Meanwhile, profit after tax jumped 62.5 per cent quarter-on-quarter (QoQ) to RM4.98 million, driven by heightened demand in its manufacturing division. Regarding the business outlook, a substantial order book and a favourable business climate could boost earnings in the near term. MBL’s success is underpinned by its diverse product and service offerings in the palm oil industry, notably its commitment to sustainability. Initiatives like the empty fruit bunch (EFB) biogas plants and palm oil mill effluent (POME) water treatment systems exemplify MBL’s dedication to environmental stewardship, turning waste products into energy and managing wastewater efficiently. The shift towards renewable energy is crucial to MBL’s robust earnings growth prospects. This transition aligns with global environmental goals and presents lucrative opportunities for the company. “A deliberate and strategic shift in our asset portfolio has not only strengthened our financial footing but also allowed us to channel our resources towards more profitable and sustainable ventures,” a senior executive at MBL said. Aside from the growth potential, MBL’s diversified revenue streams enhance its earnings resilience and stability. MBL’s automotive division, for instance, contributed approximately RM28.18 million in revenue during Q3. Additionally, MBL’s plantation segment, though in its early stages with an immature durian plantation yet to yield revenue, represents a promising avenue for long-term growth. From an investment perspective, MBL presents an attractive valuation. The company’s net asset per share, at 95 sen, is significantly higher than its current share price of around 45 sen. Before the COVID-19 pandemic, MBL had a strong track record of dividend payouts, suggesting potential future dividends as business normalises. However, challenges loom on the horizon, particularly concerning the impact of El Niño. This climatic phenomenon risks palm oil production, potentially affecting supply and prices. MBL must navigate these uncertainties, which could affect production volumes and revenue. The company’s response to these challenges will be crucial in maintaining its growth trajectory and fulfilling its commitments to shareholders and clients. “We are acutely aware of the challenges ahead. Our strategy is to stay nimble, adapt quickly, and leverage our technological and market strengths to weather these uncertainties,” the senior executive said. While MBL is positioned for success with its diversified business model, technological advancements, and commitment to sustainability, it must remain vigilant and adaptive to overcome the challenges posed by El Niño and other market fluctuations. This proactive approach will be vital in sustaining its growth and upholding its reputation in the industry.

KUALA LUMPUR: In a significant nod to its burgeoning status as a global hub for sustainable urban development, Kuala Lumpur has been chosen to host the prestigious UIA2024 International Forum (UIA2024) from 15 to 19 November 2024 at the Kuala Lumpur Convention Centre. This landmark event, expected to draw more than 3,000 delegates, underscores the city’s commitment to fostering diverse, inclusive, and sustainable urban environments. Organised jointly by the Pertubuhan Akitek Malaysia (PAM) and Dewan Bandaraya Kuala Lumpur (DBKL), the UIA2024 is set to be a transformative gathering. It will bring together architects, urban planners, policymakers, and enthusiasts from around the globe to engage in  critical discussions under the theme of DiverseCity for Humanity and Sustainable Growth. This theme reflects modern cities’ complex challenges, emphasising the need for strategies that prioritise human well-being alongside environmental stewardship. The forum is anticipated to generate a significant economic impact, with an estimated RM43.4 million in benefits and up to RM18.5 million in visitor expenditures, bolstering the Malaysian economy. DBKL project implementation and building maintenance department director Hanum Ain  Zainal said Kuala Lumpur is steadfast in its journey to emerge as a global frontrunner in crafting resilient, inclusive, and habitable urban landscapes. “The UIA2024 International Forum Kuala Lumpur offers a golden opportunity for us to exchange insights, absorb global best practices, and cultivate partnerships that will propel us towards achieving our collective aspirations,” she said in a statement. PAM president Ar Abu Zarim Abu Bakar said hosting the UIA2024 in Malaysia is significant for sharing cultural diversity experiences and a powerful way to promote dialogue, understanding, and appreciation for the diverse cultural contexts in which architecture operates. “It has the potential to inspire positive change, foster collaboration, and contribute to advancing architecture as a socially responsible and culturally responsive profession,” he said. The theme DiverCity, reflects Malaysia’s unique cultural diversity and commitment to environmental stewardship. It highlights the importance of inclusive and sustainable urban development practices that prioritise the well-being of communities and the environment. The forum also aligns closely with the United Nations Sustainable Development Goals (SDGs), particularly goals related to reducing inequalities, gender equality, peace and justice and strong institutions. Architects and urban planners play a crucial role in advancing these global agendas through innovative design and planning solutions that address global issues such as social inequality and cultural preservation. The successful bid by the Malaysian delegation, presented in a hybrid format at the UIA 148th Council Meeting and extraordinary general assembly in Madrid, Spain, included prominent figures from the architectural and urban planning sectors. The team responsible for this achievement includes UIA2024 convener Datuk Ar Ezumi Harzani Ismail, PAM past president Ar Sarly Adre Sarkum, past deputy president Ar Alice Leong, Nusantara Academy of Development director Ar Ahmad Najib Ariffin, Malaysia Convention & Exhibition Bureau (MyCEB) chief operating officer Noor Ahmad Hamid, along with 16 other delegation members, including PAM and UIA former president Tan Sri Ar Esa Mohamed. Supported by the Ministry of Tourism, Arts and Culture (MOTAC), MyCEB, ARCHIDEX, and other partners, UIA2024 is set to be a transformative event that highlights Kuala Lumpur’s advancements and shapes the future of sustainable urban development globally.

KUALA LUMPUR: Powerwell Holdings Bhd (PHB) posted a profit before tax (PBT) of  RM12.03 million for the third quarter (Q3) ended December 31, 2023 (FY24), a seven-fold jump from RM1.61 million posted in the same quarter last year. This leap in profitability was mainly due to the higher gross profit margin realised from key projects, particularly in the data centres, solar power plant project and semiconductor plant project, underlining the strong performance and growth trajectory in these sectors. The gross margin for PHB improved to 26.6 per cent in Q3 FY24 compared to 12.8 per cent in the same quarter a year ago. Accompanying this substantial increase in profitability, PHB also recorded a notable 49.9 per cent increase in revenue for Q3 FY24, reaching RM67.48 million, compared to RM45.03 million in Q3 FY23. The revenue growth was primarily driven by higher sales from Bangladesh due to project sales from the successful deliveries of the solar power plant and garment and yarn projects. Aside from that, the company also achieved a milestone entry into the Australian market in Q3. Meanwhile, Malaysia saw a reduction in project sales in Q3 FY24 as the semiconductor plant is nearing its completion. This decline was offset by the uptick in sales in high-value projects such as commercial properties and data centre projects. PHB executive director Catherine Wong Yoke Yen said Q3 performance reflects the strength and resilience of the company’s strategic initiatives and the team’s hard work. “We are particularly proud of our expansion into new markets and the successful delivery of high-value projects, which have significantly contributed to our growth,” she said in a statement. On PHB’s overseas expansion, Wong said the successful delivery of low-voltage switchboards to a factory in Australia reflects the company’s ability to deliver projects internationally. PHB also saw strong growth in Bangladesh, supported by successful deliveries of projects, including those in the solar power plant and garment and yarn projects. The year-to-date performance echoed this positive trend, with revenue of RM132.90 million, up from RM101.42 million. Meanwhile, PBT jumped more than three times to RM17.73 million during the first nine months of FY24, from RM4.98 million in the same quarter last year. “Looking forward, we are focused on sustaining our growth momentum while continuing to explore new opportunities for expansion and enhancing shareholder value. “PHB will leverage its market strengths, diversify its offerings and capitalise on opportunities in infrastructure and renewable energy sectors. “We believe our strong fundamentals, as seen by our improving balance sheet and resilient earnings growth, track record, commitment to timely project delivery and adaptability, position us well for future success despite the current uncertain global economic climate,” Wong said. The company’s declaration of its second single-tier dividend of 1.4 sen per ordinary share for the financial year ending March 31, 2024, supports the positive outlook, reflecting confidence in its financial health and future prospects. This brings the total dividend for the first nine months of FY24 to 2 sen per ordinary share.

KUALA LUMPUR: The 30% Club Malaysia has appointed Nurul A’in Abdul Latif as its new Chair. Nurul A’in is currently the executive chair and an assurance partner at PwC Malaysia. In this role, Nurul A’in will lead the drive to advance women leaders on corporate boards and management teams in Malaysia. 30% Club Malaysia founding chair Tan Sri Zarinah Anwar welcomed Nurul A’in as the new chair and expressed confidence that she will continue to drive the club’s mission with vigour and determination, refining strategies for achieving gender balance in boardrooms while fostering a culture of inclusivity. “This partnership with PwC Malaysia as our new corporate sponsor underscores the vital role that local corporations play in advancing diversity, equity, and inclusion (DEI) initiatives. “Our journey towards achieving true parity is a long one. Our campaign favours aspirational stretch targets, viewing sustainable change as a collective endeavour that demands holistic solutions at every stage of the talent lifecycle,” Zarina said in a statement. Based on data provided by the Securities Commission Malaysia, as of January 1, 2024, women hold 30.9 per cent of board seats in the top 100 public-listed companies (PLCs) and 25.6 per cent of seats in all PLCs on Bursa Malaysia. “Since our inception in 2015, we have embarked on a dedicated journey towards DEI to enhance female representation on boards and management of Malaysian PLCs. “The achievement of the 30 per cent minimum threshold for the top 100 PLCs in June 2023 is a significant milestone, providing greater impetus to our drive for parity in the boardroom. “The 30 per cent is not a ceiling. It is the minimum, a tipping point towards achieving true parity in boardrooms and C-suites, recognising talented and competent women by ensuring an equal playing field,” said Zarina. Nurul A’in said promoting inclusion and diversity has always been an important part of PwC’s values and strategy. “I am honoured to take on this role at 30% Club Malaysia and work alongside the many volunteer advocates to garner support from business leaders in Malaysia, in the mission to continue improving inclusivity on company boards and senior management levels. “With the global allocation of capital towards quality, diverse and inclusive companies, Malaysia needs to be well-positioned to promote the investability of our leading listed companies. “The case for inclusion and diversity on boards and senior management goes beyond financial returns. Today’s companies are faced with the pressure to transform, driven by technological disruption, environmental, social and governance (ESG) considerations and rapidly changing consumer preferences. “Diversity, especially at decision-making levels, makes room for the range of perspectives, experience and knowledge needed to differentiate themselves for long-term business sustainability,” she said. Central to addressing the challenges that women directors face in gaining visibility in the board circles is the 30% Club Malaysia’s Board Mentoring Scheme (BMS). Established in collaboration with PwC Malaysia in 2017, the BMS has provided invaluable guidance to 106 senior women leaders across eight cohorts. 41 per cent of mentees have secured board roles in PLCs, SMEs, and industry associations to date. “While we have achieved 30% of women in the top 100 PLCs, we need to close this gap for PLCs in Malaysia overall. “However, it’s incredibly important women who take on positions on boards are willing and able to contribute positively to organisations’ growth. “I look forward to driving greater engagement with business leaders to be advocates for gender parity in their own networks, mobilise greater collective action across public and private institutions to build a more inclusive business environment, and expand our quality, board-ready women pipeline for our PLCs,” Nurul A’in said. The 30% Club Malaysia is committed to driving top-down collective action, galvanising stakeholders across sectors with corporate advocates and partners’ support to accelerate progress towards a more inclusive future.

KUALA LUMPUR: Visa, a world leader in payments, today announced the opening of its transformed Singapore Innovation Center, a dedicated space for partners, clients and businesses in Asia Pacific. The centre enables stakeholders to engage with Visa technologists to co-create payment solutions ahead of demand as the payments landscape evolves rapidly,  delivering scalable innovation and addressing the biggest challenges and opportunities in digital payments in the region. Visa president Asia Pacific Stephen Karpin said Visa is bringing ideas to life in a way that’s truly unique to the Singapore Innovation Center, a dynamic hub where it transforms innovative concepts into practical solutions. “We are dedicated to helping businesses discover valuable insights early so they continue to stay ahead in the rapidly digitalising payments landscape. “By combining our expertise with cutting-edge technology and solution architecture, we work alongside our partners to materialise solutions that address payment challenges, driving real business value and growth for our clients,” he said in a statement. The Visa Singapore Innovation Center represents Visa’s vision of shaping tomorrow’s payment possibilities. Showcasing technologies like artificial intelligence (AI) in retail and payments, and reimagining modern credentials for enhanced security and convenience, it also serves as a springboard for thought leadership in decentralised and embedded finance, offering tailored solutions for businesses and fostering innovative collaborations with startups. Singapore Economic Development Board chairman Png Cheong Boon said the Visa Singapore Innovation Center deepens the longstanding partnership between Visa and Singapore and enables Visa to tap into the country’s vibrant innovation ecosystem to develop new solutions and create new business opportunities for the global market. “We look forward to strengthening and expanding this close partnership with Visa and also hope to encourage more global companies to undertake such activities in Singapore,” he said. Visa’s Singapore Innovation Center is at the forefront of developing advanced payment technologies, focusing on delivering significant business benefits.

KUALA LUMPUR: Kuala Lumpur Kepong Bhd (KLK) has redesignated Tan Sri Lee Oi Hian as the executive chairman effective February 22, 2024, following the retirement of Raja Tun Alias. The redesignation was made at KLK’s 51st annual general meeting held on February 21, 2024. Raja Tun Alias has served as a board member since July 1, 1978, and was appointed as chairman of KLK on May 1, 2008. KLK in a statement said Raja Tun Alias has shown exemplary leadership and steered the company through some of its most challenging times. “KLK has been most fortunate and indeed privileged to have Raja Tun Alias serve on the KLK board for more than 45 years, the last 15, as our chairman. “We remain forever grateful for his astute leadership and steady oversight of KLK’s expansion and related diversification,” Lee said in the statement. Lee joined KLK in 1974 as an executive and was appointed to the board of KLK on February 1, 1985. In 1993, he was appointed as the group chairman and chief executive officer (CEO) and held the position until 2008, when he relinquished his role as chairman, but remained as an executive director and CEO of the KLK. Lee is also the chairman of Batu Kawan Bhd, the holding company of KLK. KLK board and management thanked Raja Tun Alias for his distinguished service to the KLK over the last 45 years.