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KUALA LUMPUR, Angelini Pharma, a unit of Angelini Industries, has signed an exclusive global option agreement with South Korea’s Sovargen to co-develop and commercialise SVG105, a new brain health therapy. Under the deal, both companies will jointly lead preclinical development. Following the option period, Angelini Pharma will hold the rights to advance SVG105 into clinical trials and commercialisation outside South Korea, China, Hong Kong, Macau and Taiwan. Sovargen will receive upfront and milestone payments worth up to US$550 million (RM2.3 billion), along with tiered royalties on net sales once approved. “Neurological conditions such as epilepsy continue to pose major challenges, with many patients not responding to existing treatments. This partnership aims to bring new solutions to patients in need,” said Angelini Pharma CEO Jacopo Andreose. Sovargen CEO Cheolwon Park added, “Working with Angelini Pharma allows us to accelerate SVG105’s potential to transform brain health therapies.” SVG105 is a first-in-class antisense oligonucleotide designed to target mTOR, a genetically validated pathway linked to several neurological disorders, including drug-resistant childhood epilepsy. The partnership strengthens Angelini Pharma’s growing brain health portfolio, which already includes therapies for rare genetic epilepsies, central nervous system disorders, and biologics designed to cross the blood-brain barrier. Brain health issues affect millions globally, with epilepsy alone impacting about 50 million people worldwide — up to 40% of whom remain resistant to treatment. This agreement reflects Angelini Pharma’s commitment to tackling unmet needs in neurological diseases through innovative approaches.

KUALA LUMPUR, Ireka Corporation Bhd (ICB) has defaulted on loan repayments amounting to RM1.04 million owed to Hong Leong Bank Bhd (HLBB) and AmBank (M) Bhd. In a filing with Bursa Malaysia, ICB said the loans were originally granted to its former wholly-owned subsidiary, Ireka Engineering & Construction Sdn Bhd (IECSB), which has since been wound up. As at Sept 23, 2025, the outstanding sums stood at RM675,000 with HLBB and RM364,962.88 with AmBank. ICB noted that it is prioritising limited resources to sustain ongoing projects and cover operational expenses to ensure business continuity. “The company has been actively engaging financiers to work towards mutually agreeable solutions. It continues to seek their support and indulgence as it undertakes its asset monetisation exercise, part of which will be used to regularise the loan defaults,” it said. The company added that HLBB, in its role as corporate guarantor, had issued a letter of demand dated Sept 18, 2025, seeking settlement of arrears under the existing repayment arrangement. HLBB has also reserved its rights to initiate legal recovery actions should non-payment persist. ICB said it will be submitting a solvency declaration to Bursa Malaysia within three market days from the date of the announcement.

KUALA LUMPUR, CIMB Group Holdings Bhd Malaysia’s second-largest bank by assets, has inked a memorandum of understanding (MoU) with PingPong Global Holding Ltd to expand cross-border payment solutions in the region. Under the partnership, CIMB’s banking infrastructure will be integrated with PingPong’s global network to provide faster, more secure and cost-effective transactions. Malaysia will be the launch market, followed by phased rollouts in Indonesia, Singapore, Thailand and Cambodia, according to CIMB’s statement. The collaboration makes CIMB the first ASEAN bank to form a two-way partnership with the international payments provider. (From left) CIMB co-CEO of group commercial and transaction banking Lawrence Loh, CIMB group CEO Novan Amirudin, PingPong Global Holding founder and CEO Robert Chen, and PingPong Global Holding Apac CEO and group partner Jianqin Shu. Lawrence Loh, co-CEO of group commercial and transaction banking at CIMB, said the initiative strengthens the bank’s position as the first regional player to embed global local collect solutions and merchant financing into its offerings. “Cross-border transactions are becoming increasingly important in the digital economy. This partnership will enable SMEs and enterprises to operate globally with greater ease, speed and assurance. In line with our Forward30 strategy, these capabilities reaffirm our commitment to supporting regional trade and business growth,” he said. Founded in 2015, PingPong is a leading cross-border payments provider, allowing SMEs and enterprises to open virtual accounts in over 20 currencies and make payouts to more than 130 countries. Its multi-currency wallets let businesses securely receive, hold, convert and transfer funds worldwide. Through this tie-up, CIMB will leverage PingPong’s platform to enable payments in more than 20 local currencies via virtual accounts, reducing costly cross-border fees. Clients can also hold funds in CIMB’s multi-currency accounts, seamlessly exchange currencies, and transact globally with buyers, suppliers, employees and partners. The collaboration will also see CIMB roll out merchant financing solutions tailored for PingPong’s SME and corporate clients, along with white-label SME card solutions and merchant acquiring services to support broader acceptance of cards and alternative payment methods across ASEAN. On Monday, CIMB shares gained eight sen, or 1.11%, to close at RM7.31, giving the bank a market capitalisation of RM78.7 billion.

KUALA LUMPUR, Integrated engineering solutions provider Kelington Group Berhad (“Kelington” or “Group”) (stock code: 0151), via its wholly-owned subsidiary Kelington Engineering (S) Pte. Ltd. (KESG), has received a Letter of Award (LOA) worth SGD33.0 million (approximately RM108.0 million at SGD1:RM3.28) to execute a bulk gas distribution piping system for an Advanced Packaging Facility Project in Singapore. The contract was awarded by a turnkey engineering specialist on behalf of the project owner, a leading global semiconductor manufacturer. Work on the project will begin immediately and is expected to be completed by December 2026. Kelington has previously completed multiple facility expansion projects for this repeat customer in Singapore. This new facility focuses on high-bandwidth memory advanced packaging, a key technology for artificial intelligence (AI) applications that require advanced memory and storage solutions. It is also the first in Singapore recognised by the Global Lighthouse Network for leveraging big data and Industrial Internet of Things (IIoT) to implement AI in manufacturing. Ir. Raymond Gan, CEO of Kelington Group, said, “The Group continues to benefit from the strong growth of the semiconductor industry, as manufacturers expand and upgrade facilities to keep pace with technological advancements and strengthen local supply chains. Our global expansion strategy positions us well to capture these opportunities and secure new contracts consistently.” As of 30 June 2025, Kelington’s orderbook stood at RM1.3 billion, providing solid earnings visibility. Between July and August 2025, the Group secured RM299.9 million in new contracts. With the inclusion of this SGD33.0 million (RM108.0 million) project, total new wins in September amounted to RM407.9 million, with RM318.1 million coming from projects in Singapore and Europe. “The semiconductor sector remains highly active, and we expect further contract wins as global manufacturers invest in next-generation technologies. This award reinforces Kelington’s reputation in delivering complex engineering projects and positions us to benefit from growing AI-driven demand,” he added. Globally, the semiconductor industry continues to show strong growth. According to World Semiconductor Trade Statistics, the market generated US$346 billion in H1 2025, an 18.9% year-on-year increase, driven by expanding data centre infrastructure and rising AI adoption. In addition, Kelington has established a new subsidiary in Japan to support a client’s expansion plans, with further projects currently under discussion.

KUALA LUMPUR, P Setia Bhd has appointed IJM Corp Bhd’s chief strategy officer, Tan Hwa Min, as its new deputy chief executive officer (CEO), effective Nov 17, 2025. Tan, 49, previously served as chief operating officer of TRX City Sdn Bhd, where he was instrumental in developing the Tun Razak Exchange over nearly 24 years. S P Setia noted that Tan’s family owns international hotel and investment businesses in Malaysia, Singapore, Australia, New Zealand, and China, in which he holds direct and indirect shareholdings. To address potential conflicts of interest, Tan will abstain from any decisions related to the group’s hotel business. Alongside Tan’s appointment, S P Setia also announced that senior executive vice-president Datuk Yuslina Mohd Yunus will become chief operating officer (COO) from Oct 1, 2025, succeeding Datuk Zaini Yusoff, who will take over as president and CEO. Yuslina, who joined S P Setia in 2018 from I&P Group, currently oversees six major townships, stakeholder operations, asset management, and the S P Setia Foundation. Chairman Tan Sri Syed Anwar Jamalullail said the leadership changes reflect the group’s commitment to building a future-ready management team by combining external expertise with internal talent. Since its founding in 1974, S P Setia has established itself as one of Malaysia’s leading property developers, known for its innovative and high-quality projects in the Klang Valley and Johor Baru.

Hong Kong’s Securities and Futures Commission (SFC) has imposed a five-year ban on Richard Charles Heyes, the former head of pan-Asia equities at Citigroup, citing regulatory breaches during his tenure over five years ago. The SFC noted that between 2008 and 2018, Citigroup Global Markets Asia (CGMAL) had sent misleading messages to clients, exercised weak oversight, and misrepresented trade activities. The firm was fined HK$348.3 million (US$44.76 million) in 2022 for these violations. Heyes was held personally responsible for the breaches, with the SFC stating that he failed to properly manage his team while pressuring trading desks to grow market share. This lack of oversight allowed subordinates to misrepresent facilitation trades as agency trades to clients, fostering a culture that prioritized revenue over client interests and honesty. “By exerting pressure on trading desks while ignoring warning signs in emails and reports, Heyes neglected his managerial duties, enabling misconduct to persist within CGMAL,” said Christopher Wilson, SFC executive director of enforcement. Heyes is now barred from returning to the financial industry until September 2030. Citigroup declined to comment directly on the ban but said it has “implemented significant remedial measures to strengthen compliance and internal controls to address this legacy issue from 2019.” (Exchange rate: US$1 = HK$7.7813)

PUTRAJAYA, Kingtime International Ltd has won its appeal against Petronas Carigali Sdn Bhd in a patent dispute involving the use of a mobile offshore production unit (Mopu), overturning a 2023 High Court ruling that had dismissed its claim. A mobile offshore production unit is a converted offshore oil rig used for oil and gas production. The Court of Appeal not only reinstated Kingtime’s infringement suit but also struck out Petronas Carigali’s counterclaim seeking to invalidate two of Kingtime’s patents. Justice Faizah Jamaludin, delivering the unanimous decision, said Petronas Carigali was bound by a 2018 High Court judgment which found that Petrofac E&C Sdn Bhd — the contractor that built the Mopu — had infringed Kingtime’s patents and failed to invalidate them. She stressed that Petronas Carigali, which had commissioned Petrofac for the Sepat oil field project about 200km off Kuala Terengganu, could not relitigate the matter. “The High Court erred in dismissing Kingtime’s suit and in allowing Petronas Carigali’s invalidation action. This warrants appellate intervention,” she said. The appellate bench, chaired by Justice Lee Swee Seng with Justices Faizah Jamaludin and Choo Ka Sing, sent the case back to the High Court for damages assessment. Petronas Carigali was ordered to pay Kingtime RM950,000 in legal costs and refund RM800,000 previously paid following the 2023 High Court decision. Kingtime first sued Petronas Carigali in 2018, alleging that its use of the Sepat Mopu built by Petrofac infringed its patents. Petronas Carigali later filed a separate suit to invalidate the patents, which the High Court had allowed before today’s reversal. Kingtime was represented by a team of seven lawyers, while Petronas Carigali was represented by senior counsel Cyrus Das and his team.

BUTTERWORTH, The Ministry of Transport (MOT) plans to build an additional railway track at Penang Port to boost logistics efficiency and ease traffic congestion in surrounding areas. Transport Minister Anthony Loke said the project involves extending the current 500-metre track to 1,010 metres, enabling all carriages or wagons to be fully loaded within the port’s premises without spilling over onto public roads. “This proposal is being finalised. Our main priority is to expedite the project to achieve two objectives: first, to improve container loading efficiency by having the full track inside the port, and second, to prevent traffic disruptions caused when carriages extend onto nearby roads. “Right now, the track can only fit about 30 out of 50 carriages, with the remaining 20 left outside the port, causing congestion during the loading process,” he told reporters after launching the Professional Advancement in Trucking and Haulage (PATH) Programme here on Saturday. Also present at the event was Human Resources Minister Steven Sim. The PATH Programme, spearheaded by the Human Resources Ministry (Kesuma) through HRD Corp in partnership with MOT, aims to upgrade driver skills in the trucking and haulage sector. Loke noted that conventional methods requiring budget approval and tendering often delay projects. To speed things up, MOT will pursue a strategic partnership model, working with port operators such as MMC Ports and Penang Port to share implementation costs. The Railway Assets Corporation (RAC) will also contribute by supplying reusable materials and assets, such as old tracks and sleepers, to help lower construction expenses. On the PATH Programme, Loke said it was introduced to expand the pool of certified haulier drivers nationwide, including at Penang Port. The government has allocated RM2.5 million for the initiative, which is expected to benefit over 1,000 participants nationwide. Of these, 200 at Penang Port will undergo intensive training covering the E Licence, Joint E GDL, safety, and work ethics modules. “This programme addresses the shortage of haulier drivers and enhances port efficiency by producing more skilled lorry drivers. It will also facilitate smoother cargo delivery while creating job and income opportunities, particularly for youth and local workers in the fast-growing logistics sector,” he said. Currently, port drivers can operate trucks within controlled areas without an E licence but are not permitted to drive on public roads. Loke said the high cost of obtaining the licence has been a major obstacle. “This programme is designed to remove that barrier,” he added.

BUTTERWORTH, The Ministry of Transport (MOT) will present to the Cabinet a proposal to extend by 10 years the land lease for MSM Malaysia Holdings Bhd’s sugar refinery in Perai. Transport Minister Anthony Loke: There is no issue of the refinery being closed immediately, and it will take at least 10 years to relocate. I believe it is reasonable for the refinery to be given time, but they must also cooperate with us. Transport Minister Anthony Loke said the refinery, which operates on land owned by the Railway Assets Corporation (RAC), will not be forced to shut down or move immediately. Instead, the extension would give MSM sufficient time to plan its relocation in line with redevelopment plans for Kampung Manis, where the plant is located. “The factory will not close right away. It will take at least 10 years to relocate, and I think this is a fair period. But MSM must also cooperate with us because if it stays permanently, the redevelopment of the area cannot move forward,” he told reporters after launching the Seberang Jaya Perkeso Dialysis Centre on Saturday. Loke explained that the refinery’s lease, first granted in 1964, expired last year. The extension would allow operations to continue while the government carries out phased redevelopment of Kampung Manis, which includes providing free housing for squatters in the area. He added that the plan aligns with the Madani government’s vision and Prime Minister Datuk Seri Anwar Ibrahim’s aim to improve housing for all communities. On Sept 17, Felda chairman Datuk Seri Ahmad Shabery Cheek said he would engage the Penang government and RAC to discuss the lease extension for MSM, the operator of the country’s largest sugar refinery. MSM plays a key role in ensuring Malaysia’s sugar security, supplying 24,000 tonnes monthly and maintaining a buffer stock of 32,000 tonnes of raw and refined sugar for the local market.

PETALING JAYA,  TH Plantations Bhd has dismissed the appeal of its former chief executive officer (CEO), Mohamed Zainurin Mohamed Zain, who sought reinstatement following his termination over alleged misconduct. In a filing with Bursa Malaysia, the plantation group confirmed that it had carefully reviewed Zainurin’s letter of appeal. The board, after deliberation and due process, decided not to overturn its earlier decision. “After due process and deliberation, the company has decided not to accept the appeal submitted by Zainurin. A letter to that effect has been sent to him today (Sept 18),” TH Plantations stated. Zainurin’s services were officially terminated on Aug 26, after he was initially placed on garden leave pending an internal inquiry. The move followed the issuance of a show-cause letter concerning allegations of unauthorised payments amounting to RM5.1 million made to plantation workers. The company emphasised that its decision to dismiss the appeal aligns with its commitment to good governance and accountability in its operations. Zainurin, who joined TH Plantations in 2022, had been overseeing several of the group’s restructuring and operational efficiency initiatives before the termination. His exit comes at a time when the company is navigating industry challenges, including fluctuating crude palm oil prices and rising operating costs. With the appeal process now concluded, TH Plantations said it remains focused on its business continuity plans and strengthening internal controls to safeguard shareholders’ interests.