News

KUALA LUMPUR, UOA Development Bhd said its subsidiary, Distinctive Acres Sdn Bhd, has received an additional tax assessment with penalties totalling RM165.66 million over the 2020 disposal of UOA Corporate Tower in Bangsar South to UOA Real Estate Investment Trust. According to UOA Development’s filing to Bursa Malaysia, the Inland Revenue Board (IRB) ruled that the gain from the sale is subject to corporate income tax rather than real property gains tax (RPGT). The company, however, said it disagrees with the assessment and, based on advice from its tax consultant, believes it has a strong case to challenge the IRB’s decision. It plans to file an appeal within 30 days, noting that there will be no immediate financial impact pending the outcome. Earlier this month, UOA Development announced plans to sell three properties in UOA Business Park near Subang Jaya to UOA REIT for RM200 million, a deal expected to be completed by fourth quarter 2025 and generate a net gain of RM35.8 million. Shares of UOA Development closed unchanged at RM1.84, valuing the group at RM4.89 billion, while UOA REIT also ended flat at 84.5 sen, with a market value of RM570.9 million.

ALOR SETAR, The government’s proposal to cap vehicle tax exemptions in Langkawi and Labuan to vehicles priced at RM300,000 and below starting Jan 1, 2026, has been welcomed by locals and consumer groups as a timely step to curb tax leakages. Residents said the move would help prevent abuse of the existing policy, where some individuals had exploited loopholes to avoid paying taxes on luxury vehicles. Kedah Consumers Association president Mohd Yusrizal Yusoff said the proposal to limit vehicle tax exemption in Langkawi and Labuan to vehicles priced at RM300,000 and below could help reduce leakages in luxury vehicle taxes, thereby generating additional revenue for the government. “It’s a fair decision that ensures only eligible buyers benefit from the exemption. Those who can afford luxury cars should pay their taxes, as the revenue is needed for the people’s benefit,” said Nur Amalina Azman, 35, from Kampung Ulu Melaka, Langkawi. Kedah Consumers Association (Cake) president Mohd Yusrizal Yusoff said the measure would help plug leakages in luxury vehicle taxes and boost government revenue. “This policy is timely, as some had been exploiting the current exemption to avoid paying duties on luxury cars. It will also benefit tourism operators in Langkawi who rely on affordable vehicles for rental services,” he said. Car rental operator Azmi Ashaari, 51, said the policy would not affect most local businesses since their vehicles are already priced below RM300,000. Prime Minister Datuk Seri Anwar Ibrahim, when tabling Budget 2026 last Friday, said the exemption limit aims to prevent misuse of tax privileges in Langkawi and Labuan. Anwar, who is also the finance minister, said the revised policy is part of efforts under the Belanjawan Madani Keempat: Belanjawan Rakyat (Fourth Madani Budget: A Budget for the People) to promote fair and responsible tax practices.

PUTRAJAYA, The government’s RM6.87 billion allocation for the Ministry of Agriculture and Food Security (KPKM) under Budget 2026 underscores its commitment to strengthening national food security and boosting productivity in the agro-food sector, said Minister Datuk Seri Mohamad Sabu. He said the 7% increase from RM6.42 billion last year aligns with the National Agro-Food Policy 2021–2030 (DAN 2.0), which focuses on modernising agriculture, enhancing infrastructure, and improving farmers’ welfare. “The ministry will continue driving agro-food sector growth in line with DAN 2.0’s objectives — ensuring food sustainability, strengthening agricultural infrastructure, and protecting target groups,” Mohamad said in a statement. Among key initiatives in Budget 2026: RM300 million for agricultural projects with state governments to optimise land use, RM55 million to support local fruit entrepreneurs through crop and infrastructure incentives, and RM2.62 billion in subsidies and incentives for farmers, including paddy price, fertilizer, and seed support. Rice farmers are expected to receive RM4,300 per hectare per season in 2026, up from RM3,790 previously. For the fisheries sector, RM160 million is allocated for catch incentives, with fishermen continuing to receive a living allowance of up to RM300 monthly. Diesel subsidies remain at RM1.65 per litre, while RM10 million is set aside to build or upgrade 380 fishermen’s homes. Additionally, RM20 million will be used to modernise vessels and reduce reliance on foreign captains and crews. Mohamad said KPKM is committed to implementing these initiatives efficiently and with good governance to ensure that all intended beneficiaries receive support.

KUALA LUMPUR, Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) has lauded the government’s RM50 million allocation to the Cooperative Commission of Malaysia (SKM) under Budget 2026, describing it as a strong reflection of the government’s recognition of cooperatives as a key pillar of Malaysia’s economic framework. In a statement on Saturday, Angkasa said the initiatives outlined in the budget — particularly those aimed at targeted aid, strengthening SMEs, and promoting community-based economic development — would help cooperatives expand their capacity and strengthen their role as contributors to national growth. “Angkasa also supports the Budget’s focus on strategic sectors such as agriculture, green technology, and the digital economy, which provide new opportunities for cooperatives to venture into high-value industries,” the statement read. The organisation added that increased access to development funds and training programmes would improve cooperatives’ operational efficiency and enhance economic benefits for their members. Representing over 16,284 active cooperatives with more than 7.2 million members and a combined annual turnover exceeding RM68.2 billion, Angkasa also welcomed the expansion of the Rahmah Basic Aid (SARA) programme. The initiative, it said, would not only ease the burden on consumers purchasing essential goods but also benefit cooperative outlets and local retailers. “With more cooperatives being appointed as authorised distributors for SARA goods nationwide, the programme will strengthen local economies, encourage the consumption of locally produced goods, and create new business opportunities, especially in rural areas,” Angkasa noted. Angkasa reaffirmed its commitment to working closely with the government to ensure cooperatives play a proactive role in supporting the food supply chain and retail sectors under the initiative. Its president, Datuk Seri Dr Abdul Fattah Abdullah, expressed gratitude for the government’s continued focus on the cooperative movement, saying Budget 2026 demonstrates the administration’s commitment to empowering the people through sustainable economic models. “Angkasa is thankful for the government’s trust in the cooperative sector as an engine of inclusive economic growth. Budget 2026 opens new avenues for cooperatives to expand their presence in high-value industries,” he said. “With the right support and policy framework, cooperatives can serve as strategic partners in achieving the Malaysia Madani vision and contribute to a more equitable and resilient economy,” he added. Prime Minister Datuk Seri Anwar Ibrahim on Friday unveiled the RM470 billion Budget 2026 — themed Belanjawan Madani Keempat: Belanjawan Rakyat (Fourth Madani Budget: A Budget for the People) — focusing on strengthening economic resilience and supporting small businesses amid global challenges. The budget aims to optimise public resources by mobilising funds from GLICs, statutory bodies, and MOF Inc-linked entities, compared to RM452 billion allocated last year.

KUALA LUMPUR, Malayan United Industries Bhd, or MUI, has obtained a US$20 million (RM84.3 million) term loan from Singapore-based direct lending fund Indies Special Opportunities LV Ltd to support its financing needs. According to MUI’s filing, the loan will be used to partially fund capital expenditure for its wholly owned subsidiary Plaza on Hyde Park Ltd, as well as to cover general working capital requirements and refinance certain existing Malaysian bank facilities. The group said the new facility will help optimise capital allocation and ensure continued progress in the renovation and refurbishment of the Corus Hyde Park Hotel. It will also strengthen liquidity, providing greater financial flexibility and operational efficiency. Following the new borrowing, MUI expects additional finance costs of about US$2.6 million (RM11.1 million) for the financial year ending June 30, 2026 (FY2026), which would result in an extra loss per share of 0.34 sen. The group’s gearing ratio is projected to rise to 0.97 times in FY2026 from 0.87 times previously, while net assets per share are expected to remain unchanged at 25 sen. As of end-June 2025, MUI’s cash and cash equivalents stood at RM143.03 million, with total borrowings of RM905.72 million and lease liabilities of RM98.52 million. Indies Special Opportunities IV, managed by Indies Capital Partners Pte Ltd, focuses on private credit and private equity investments across Asia, serving clients including sovereign wealth funds, regional financial institutions, family offices, and high-net-worth investors. MUI’s shares closed half a sen lower at six sen, valuing the company at RM194 million.

KUALA LUMPUR, United Overseas Bank (Malaysia) Bhd (UOB Malaysia) chief executive officer Ng Wei Wei has been recognised as one of the most influential women in Asia, earning a spot on Fortune’s Most Powerful Women in Asia 2025 list. Ng ranked 95th among 100 leaders across the region who are driving transformation and shaping the future of their industries. According to Fortune, the women featured were selected based on their measurable impact, strategic influence, and ability to lead change. The 2025 list highlights founders, CEOs, and senior executives whose reach extends across borders and sectors. Over a third of those named are leaders from Global 500, China 500, and Southeast Asia 500 companies, spanning 14 markets including Southeast Asia, Greater China, India, Japan, South Korea, and Australia. Ng is one of four Malaysian women on the list, alongside Capital A Bhd group CEO Teh Mun Hui, Affin Bank Bhd group chief financial officer Joanne Rodrigues, and PwC Malaysia executive chair Nurul A’in Abdul Latif. Appointed as UOB Malaysia’s first female CEO in 2022, Ng rejoined the bank in 2019 after over a decade with HSBC. Under her leadership, UOB Malaysia recorded a 15.9% year-on-year growth in pretax profit for 2024, with the bank now focusing on the Johor economic zone along the Malaysia-Singapore border. Fortune said the selection process combined editorial judgment with data analysis, drawing from company filings, public disclosures, independent reporting, and both internal and external nominations. The evaluation considered company performance, leadership influence, innovation, and social impact — with rankings reflecting both current achievements and future potential.

KUALA LUMPUR, A group of Greenyield Bhd shareholders, led by Tham Chong Sing, has issued a fresh notice to convene an extraordinary general meeting (EGM) seeking the removal of the company’s non-executive chairman, Tham Foo Keong — his brother — amid a continuing family dispute for control of the group. The move comes after three independent directors — Saryani Che Ab Rahman, Supramaniam R Ramasamy, and Mohd Ghozali Yahaya — resigned on Oct 1, just days after the board rejected the shareholders’ earlier EGM request. The trio cited personal reasons for their departure. The shareholder group — comprising Chong Sing, Chew Kee Foo, Foong Sai Cheong, and DKIC Capital — collectively controls more than 10% of Greenyield’s shares. They are now renewing efforts to restructure the board, maintaining their earlier proposal to appoint the same slate of new directors. Notably, two current directors — Foo Choon and his son Kin Shun, who align with Chong Sing’s faction — are not being targeted for removal. The proposed new directors include: Voon Sze Lin Tham Kin Yiq Tham Kin Wai Chong Sin Hao Proposed independent directors: Syakur Mohd Suhaimi Kamarudin Md Derom Lee Kim Hong Founded in 1937 by the Tham family, Greenyield manufactures and markets agro-tech products. Foo Keong remains the largest shareholder with a 17.31% stake, followed by Chong Sing with 13.06%, Foo Choon with 12.99%, and Fau Sin with 10.89%. At Thursday’s close, Greenyield’s shares were unchanged at 19 sen, giving the company a market capitalisation of RM105.3 million. The stock has declined 19.15% year to date.

KUALA LUMPUR,  Johor-based bakery manufacturer HSS Holdings Bhd is planning to list on the ACE Market of Bursa Malaysia, aiming to raise funds to expand and upgrade its production facilities. According to its draft prospectus filed with Bursa Malaysia on Thursday (Oct 9), the group’s initial public offering (IPO) will comprise 75 million new shares — equivalent to 15% of its enlarged share capital — and an offer-for-sale of 52.5 million existing shares or 10.5%, bringing the total offering to 25.5% of the company’s shares. Of the new shares, 25 million will be allocated to the Malaysian public, 10 million to eligible directors, employees, and contributors, 10 million via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), and 30 million to selected investors. Following the IPO, major shareholder Essential Family Ventures Sdn Bhd — controlled by non-independent non-executive director See Toh Kean Yaw and Joseph Lee Moh Hon — will see its stake trimmed to 14.8% from 23.5%, while managing director Goh Chen Chang’s shareholding will decrease to 5.3% from 12.4%. Incorporated in April 2025 and converted into a public company in September, HSS Holdings manufactures and markets a variety of bakery goods — including cookies, biscuits, cakes, and snacks — under brands such as SINAR. Its products are either produced in-house, outsourced to third-party manufacturers, or sourced directly from brand owners. Financially, the group’s profit after tax rose 42.8% to RM7.8 million for the financial year ended Dec 31, 2024 (FY2024), compared to RM5.46 million the year before. Revenue increased 21.2% to RM160.22 million, from RM132.23 million in FY2023. HSS generates most of its sales from Malaysia and Singapore, while also exporting to Indonesia, Australia, and Cambodia.

Bank Pembangunan Malaysia Berhad (BPMB) is pleased to announce the appointment of Mr. Wee Yee Tat as Managing Director, Group Corporate & Investment Banking.                                                   Wee Yee Tat as Managing Director, Group Corporate & Investment Banking.                                                                                                                                                                        Mr. Wee is a seasoned and highly respected professional in the banking industry, bringing with him extensive experience spanning over two decades in corporate and investment banking. Throughout his career, he has demonstrated exceptional leadership in driving business transformation, structuring complex financial transactions, and delivering sustainable growth for the organisations he has served. His strong understanding of capital markets, corporate finance, and client relationship management will be instrumental in elevating BPMB’s strategic initiatives and market positioning. In his new role, Mr. Wee will oversee the Group Corporate & Investment Banking division, leading efforts to expand BPMB’s reach and strengthen its role as a catalyst for Malaysia’s economic development. His focus will include advancing innovative financing solutions, deepening partnerships with corporate and institutional clients, and ensuring that BPMB continues to play a pivotal role in driving sustainable and inclusive national growth. Mr. Wee’s appointment reflects BPMB’s commitment to building a forward-looking leadership team that embraces excellence, innovation, and integrity. It also reinforces the Bank’s mission to support high-impact projects and sectors aligned with the country’s strategic development priorities. BPMB extends its warmest congratulations to Mr. Wee Yee Tat on his appointment and looks forward to his visionary leadership as the Bank continues to strengthen its market presence, enhance its product offerings, and move confidently into its next phase of transformation and growth.

KUALA LUMPUR, KNM Group Bhd’s largest shareholder, MAA Group Bhd, is seeking to hold an extraordinary general meeting (EGM) to approve the sale of KNM’s German unit, Deutsche KNM GmbH (DKNM), even after Bursa Malaysia rejected the group’s plan to exit PN17 status. The proposed €270 million (RM1.34 billion) deal involves KNM’s wholly owned subsidiary, DKNM, and is seen as a key move to reduce debt and refocus the company’s operations. However, the sale would leave KNM with only its Malaysian units, which have been unprofitable since 2024 and are expected to generate just RM4.21 million in revenue in 2025. Bursa Malaysia’s rejection cited KNM’s inability to show sustainable earnings and a credible turnaround strategy. The exchange will suspend KNM shares on Oct 13, with potential delisting on Nov 5 unless the company appeals by Nov 2. MAA Group, led by Datuk Tunku Yaacob Khyra, who holds a 19.375% stake in KNM, appears determined to push the German unit sale forward. KNM, under PN17 since October 2022, has undergone internal restructuring, blocked a takeover attempt, and secured a temporary court order in September 2025 to protect its assets pending a May 2026 appeal hearing. Separately, KNM filed for court approval of its debt-restructuring plan on Sept 26, 2025, following creditor approval in August. The court will hear the case on Oct 24, with potential outcomes including binding approval for all creditors or forced asset sales or liquidation. KNM shares closed unchanged at 0.5 sen, valuing the group at RM20.23 million, down 92.86% year-to-date.