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KUALA LUMPUR, Telekom Malaysia Bhd (TM), through its enterprise and public sector solutions arm TM One, has deepened its collaboration with NCT Group of Companies via the latter’s wholly-owned subsidiary, NCT AI Sdn Bhd, to broaden the rollout of smart industrial park solutions across the country. The two parties formalised the initiative through a memorandum of collaboration, marking an expansion of their 2022 partnership on the NCT Smart Industrial Park (NSIP) in Selangor. Under the renewed collaboration, TM will provide state-of-the-art connectivity, digital solutions, cloud services, and information and communications technology (ICT) support to elevate NCT’s operational efficiency and enhance customer experience. Telekom Malaysia group chief executive officer Amar Huzaimi Md Deris. According to a joint statement, the scope of the collaboration will extend beyond Selangor to include upcoming developments such as NCT Innosphere in the Delapan Special Border Economic Zone, Kedah, as well as NCT’s corporate headquarters. Both companies also plan to co-develop go-to-market strategies that position NCT’s smart industrial parks as future-ready investment destinations, drawing interest from both local and international businesses. The model is set to be replicated nationwide with the aim of fostering economic growth, sustainability, and digital transformation. TM group chief executive officer Amar Huzaimi Md Deris highlighted that the initiative reinforces TM’s role not only as a provider of connectivity but also as a key enabler in building integrated smart industrial ecosystems. “With our Vision AI, intelligent operations centre, and advanced building management systems, we are enabling NCT’s smart industrial parks to evolve into fully integrated, future-proof hubs for businesses and communities. This reflects TM’s ambition to become a digital powerhouse by 2030, driving industrial growth, sustainability, and digitalisation in Malaysia,” he said. Meanwhile, NCT founder and group managing director Datuk Seri Yap Ngan Choy noted that the extended partnership marks a milestone in reshaping Malaysia’s industrial park landscape. “Our first collaboration with TM charted a path forward. This next step reaffirms our commitment to creating smart, sustainable, and digitally enabled industrial parks that will redefine the country’s investment appeal,” Yap added.

KUALA LUMPUR,  Toh Puan Na’imah Abdul Khalid has pushed back against the Malaysian Anti-Corruption Commission’s (MACC) move to compel Ilham Baru Sdn Bhd and Ilham Tower Sdn Bhd’s company secretary to surrender corporate documents, describing the action as a “fishing expedition” in its forfeiture case involving Ilham Tower. The iconic tower in central Kuala Lumpur, linked to the late former finance minister Tun Daim Zainuddin and his widow Na’imah, is currently the subject of two forfeiture applications by the MACC — proceedings that Na’imah is actively contesting. In her affidavit supporting a suit filed by Ilham Baru and Ilham Tower on Sept 9 against their company secretary, Rebecca Lee Ewe Ai, Na’imah argued that MACC’s demand for additional documents shows the agency lacks sufficient evidence to support its case. She contended that the commission should have gathered all necessary information before initiating the forfeiture bid. “A forfeiture under Section 56 of the Anti-Money Laundering Act 2001 (AMLA) is carried out without criminal charge or conviction. Since the application has already been filed, it is reasonable to assume that the MACC should have had enough evidence beforehand,” Na’imah stated. She further claimed that the order served on Lee demonstrates the contrary, suggesting that the MACC is only now attempting to fill evidentiary gaps after filing the application. Through Messrs Zharif Nizamuddin, the two companies are seeking a permanent injunction to prevent Lee — directly or through her agents or employees — from disclosing non-public company records not available through the Companies Commission of Malaysia (SSM), unless with the express consent of the firms. On Wednesday, High Court judge Wan Muhammad Amin Wan Yahya granted an ad-interim injunction until Oct 9, 2025, or further order, restraining Lee from handing over any private documents in her custody to third parties, including the MACC. The court also directed that case papers be served on the commission so the plaintiffs’ position can be heard. Na’imah stressed that as company secretary, Lee has no authority to share confidential records without the companies’ approval. She cited Section 351 of the Companies Act 2016, which empowers the court to hear the matter and grant the relief sought. Separately, beyond the Ilham Tower forfeiture proceedings, the MACC has also applied for prohibitory orders covering Na’imah’s overseas assets. These include holdings in the UK valued at £132 million (RM755.1 million), assets in Jersey worth US$157.5 million (RM667.0 million) and £85 million (RM490.7 million), and approximately RM544 million in Singapore-based assets.

KUALA LUMPUR, Malaysian Pacific Industries Bhd (MPI) has announced plans to acquire Infineon Technologies (Thailand) Ltd for US$77.95 million (RM327.56 million), a move aimed at strengthening its partnership with Infineon Technologies AG while boosting its semiconductor assembly and testing capacity. According to MPI’s filing with Bursa Malaysia, the deal involves purchasing Infineon’s back-end manufacturing site in Nonthaburi, Thailand, from its subsidiaries — Spansion LLC, Spansion Inc, and Cypress Semiconductor Corp. The group said the acquisition will allow it to expand collaboration with Infineon, its major customer, noting that Europe and Asia currently account for about 80% of its sales. The purchase will be financed via a combination of internal funds and borrowings, with details to be determined later. However, the deal excludes certain employees of Infineon Thailand, who will not be part of the transfer. Completion of the acquisition is subject to approval from Bank Negara Malaysia for the US dollar payment, while shareholder approval is not required. Before the transaction can be finalised, specific equipment and employees of Infineon Thailand must be transferred back to the sellers. MPI has until June 30, 2026, to complete the deal. For its financial year ended June 30, 2025, MPI posted a 6.45% drop in net profit to RM153.78 million, largely due to the absence of a one-off reversal recorded the previous year. Revenue, however, edged higher to RM2.13 billion. As of June 30, the group maintained a net cash position, with RM467.81 million in cash and RM104.03 million in borrowings. On Thursday, MPI’s shares ended almost unchanged at RM28.54, giving the company a market capitalisation of RM5.69 billion. The stock has gained 10.19% year-to-date.

KUALA LUMPUR, Rex Industry Bhd has proposed the disposal of two of its profit-generating subsidiaries as part of a restructuring exercise to strengthen its financial footing and streamline operations. In a filing with Bursa Malaysia, the food and beverage group said the divestment will enable it to unlock value from its assets, improve liquidity, and reduce its overall borrowings. Rex explained that while the subsidiaries have been contributing positively to the group, the disposal forms part of a long-term strategy to consolidate resources and refocus on core businesses with higher growth potential. “The proposed disposal is in the best interest of the company and its shareholders, as it provides an opportunity to realise immediate cash proceeds, reduce gearing, and enhance working capital,” it said. Industry observers noted that the move reflects Rex’s efforts to reposition itself amid a challenging consumer goods landscape, where rising costs and competition are pressuring margins. The disposal, expected to be completed within the current financial year, is subject to regulatory approvals and the fulfilment of standard conditions precedent. Rex added that it will continue to explore opportunities to strengthen its brand portfolio and expand into new markets despite the planned divestments.

KUALA LUMPUR, Asian Pac Holdings Bhd’s wholly owned subsidiary has entered into a sale and purchase agreement to dispose of a piece of land in Ulu Langat, Selangor, for RM88 million. In a Bursa Malaysia filing, the group said the disposal is in line with its strategy to unlock value from non-core assets and strengthen its financial position. Proceeds from the sale will be utilised to pare down borrowings, enhance working capital, and provide additional flexibility for the group’s ongoing and future projects. “The proposed disposal represents an opportunity for the group to realise the value of its landbank while reducing gearing and improving cash flow,” Asian Pac said. The company noted that the transaction is not expected to have any adverse impact on its core operations, particularly in property development and investment. Industry observers said the disposal is timely, as it allows Asian Pac to reallocate resources towards projects with stronger growth potential, while supporting its long-term balance sheet optimisation. The deal is expected to be completed within the financial year, subject to the fulfilment of conditions precedent.

KUALA LUMPUR, Property developer MKH Bhd has announced the disposal of one of its subsidiaries for RM49.53 million as part of its strategy to streamline operations and unlock value from its investments. In a filing with Bursa Malaysia, MKH said the proposed sale will enable the group to realise gains from its investment and channel the proceeds towards strengthening its balance sheet and funding future developments. The company explained that the divestment is in line with its ongoing efforts to enhance efficiency by focusing on core businesses in property development, construction, and plantation. “The disposal represents a timely opportunity for the group to monetise its non-core assets, while creating additional financial flexibility to pursue growth projects,” MKH said in a statement. The transaction is expected to be completed once all conditions precedent are met, and is not anticipated to have any adverse impact on the group’s existing operations. Analysts noted that the disposal will provide MKH with additional liquidity, allowing it to reduce borrowings and improve gearing levels, while also freeing up resources for expansion in high-potential segments. MKH has a diversified portfolio that spans property development, investment holdings, construction, and oil palm plantation. The group said it remains committed to creating long-term value for shareholders through strategic asset optimisation and prudent capital management.

PETALING JAYA, Resintech Bhd has formalised a contract agreement with the Phnom Penh Water Supply Authority (PPWSA) for the supply and delivery of high-density polyethylene (HDPE) pipes and fittings, valued at approximately RM16.5 million. In its filing with Bursa Malaysia, the plastics pipes, water tanks and fittings manufacturer said the contract, which commenced on Sept 15, 2025, carries a tenure of five months. Under the agreement, Resintech will undertake the manufacturing, supply, and delivery of HDPE pipes and related fittings to support PPWSA’s water infrastructure projects. The company emphasised that the contract would not have any impact on its share capital or shareholding structure. However, it is expected to contribute positively to Resintech’s financial performance and strengthen its balance sheet. Specifically, the deal is anticipated to enhance the group’s earnings and net assets per share for the financial year ending March 31, 2026, and continue to have an effect until the contract’s completion. “Barring any unforeseen circumstances, the contract is projected to deliver a positive contribution to the company’s overall performance,” Resintech said in the filing. The company further noted that the agreement is in line with its ongoing efforts to broaden its presence in regional markets, underscoring its capability to support large-scale infrastructure and utility projects. Resintech also stated that it does not anticipate any exceptional risks arising from this agreement apart from the usual operational risks inherent in the execution and delivery of such contracts. The deal with PPWSA is seen as a strategic milestone that may pave the way for further collaborations in Cambodia and neighbouring markets, supporting Resintech’s long-term growth trajectory.

ALOR SETAR, PAS has raised approximately RM5.86 million to fund the development of its new headquarters, which will be built on land near Putrajaya. An artist’s impression of the new PAS headquarters, complete with convention hall, featuring a futuristic concept. Treasurer Iskandar Abdul Samad said the majority of the funds were used to acquire the site, covering costs such as land purchase, taxes, legal and planning fees, and surveyor charges. After deductions, the party retains a balance of RM528,430. “For the first time in over two decades, PAS officially owns land under its name, held through a registered trustee,” he said when presenting the party’s financial report at its 71st muktamar. According to Iskandar, the headquarters’ architectural design is in the final stages of preparation, with planning permission expected to be submitted by early next year. The project is slated for completion within three to four years. In the meantime, he noted that the land is already usable. “If necessary, we can even host the muktamar there in a tent, just as we once did in Johor,” he added. PAS’s current headquarters is located along Jalan Raja Laut in Kuala Lumpur. The upcoming building is expected to feature a modern, futuristic design and include a convention hall. Iskandar revealed that donations from Kelantan contributed the largest share of funds, followed by contributions from Terengganu and Selangor. He also confirmed that the party maintains a healthy cash balance of between RM700,000 and RM800,000. “Nearly half of our expenditure goes towards organising programmes. Money is meant to be used for the benefit of the people, not kept idle,” he stressed. Looking ahead, PAS is banking on its monthly contribution initiative, the “Infaq Istiqamah” scheme. The party is targeting participation from at least 10% of its members, which could generate up to RM1 million each month. However, to date, only 10,543 members have signed up—representing less than 2% of PAS’s total membership.

Citi has announced the appointment of Lee Lung Nien as its new Country Officer and Banking Head for Singapore, a move that underscores the bank’s commitment to strengthening its leadership team in one of its key markets, according to The Edge. Lee, a Citi veteran with more than three decades of experience, brings a wealth of knowledge and leadership expertise to the role. Over the course of his career, he has held several senior positions across the region, giving him deep insight into the bank’s operations, client needs, and regulatory environment. Since 2020, Lee has served as Chairman of Citi Private Bank for South Asia, where he focused on enhancing client engagement and expanding wealth management offerings. Prior to that, he was Chief Executive Officer of Citibank Berhad in Malaysia from 2014 to 2020, overseeing all aspects of the franchise’s growth strategy, regulatory compliance, and operational performance. In his new role, Lee will be responsible for managing Citi’s entire business in Singapore. His mandate includes driving overall franchise performance, ensuring regulatory compliance, strengthening risk management practices, and deepening the bank’s relationships with institutional, corporate, and retail clients. The appointment is particularly significant as Lee becomes the first Singaporean in nearly 50 years to hold Citi’s most senior leadership position in the country. Lee succeeds Tibor Pandi, who has spent eight years in Asia and led Citi’s Singapore operations for the past two and a half years. Pandi will be taking on another role within the bank, and Citi has emphasised that the leadership transition will be conducted smoothly to ensure business continuity. Reporting directly to Amol Gupte, Citi’s Head of Asia South, Lee will also join the Asia South management team effective 6 October. His extensive experience working across multiple markets in the region is expected to support Citi’s broader strategic priorities in Asia, particularly as the bank continues to streamline its global operations and focus on growth opportunities in key hubs such as Singapore. Industry observers view the appointment as a signal of Citi’s commitment to continuity and regional expertise. Lee’s track record of leading complex franchises and delivering growth while upholding strong governance standards is expected to provide stability and momentum for Citi’s Singapore operations. Citi said Lee’s appointment reflects the group’s long-standing focus on developing leaders who combine global experience with deep local knowledge, ensuring that its franchises remain well-positioned to capture opportunities in fast-evolving markets.

PETALING JAYA, The Malaysian Anti-Corruption Commission (MACC) has seized jewellery and gold valued at about RM2 million following investigations into a “counter setting” syndicate. In its latest operation, six individuals were arrested, including five officers from the Immigration Department. MACC deputy chief commissioner (operations) Datuk Seri Ahmad Khusairi Yahaya said the seizures comprised 3.2kg of jewellery worth RM1.6 million and 75 pieces of gold worth RM400,000. The raids, carried out between Sept 9 and 11, were part of an intelligence-led operation known as Ops Rentas. Preliminary findings suggest that the suspects had accepted bribes from agents to facilitate the entry of foreign workers. Khushairi added that the Selangor MACC also froze 70 bank accounts linked to the suspects, bringing the total value of assets seized to RM3.3 million. The case is being investigated under Section 17A of the MACC Act 2009.