News

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.

LONDON, Nestlé investors are pressing chairman Paul Bulcke to resign following the departure of a second chief executive in just over a year, the Financial Times (FT) reported. Shareholders told FT that the dismissal of former chief executive Laurent Freixe — and the handling of investigations into his conduct — deepened their concerns about governance at the Swiss food giant and raised doubts over Bulcke’s leadership. “I don’t think Bulcke will move on before April, but he should have left when Mark Schneider was forced out,” Alexandre Stucki, founder of AS Investment Management, which represents Nestlé’s founding family investors, told FT. Nestlé did not immediately respond to Reuters’ request for comment. Freixe was dismissed in early September for failing to disclose a romantic relationship with a subordinate. His removal came a year after predecessor Schneider’s sudden departure and just months after Bulcke announced plans to step down in 2026. Schneider, who joined in 2017 as only the second outsider to lead Nestlé, spearheaded acquisitions and pushed for higher-margin products. However, he reportedly clashed with the group’s consensus-driven culture as growth slowed, prompting his exit. A Nestlé spokesperson told FT that the departures of Freixe and Schneider were unrelated, and that Freixe’s actions amounted to a clear breach of the company’s code of conduct. Bulcke, a 70-year-old Belgian-Swiss, has been chairman since 2017 after serving as chief executive from 2008 to 2016. However, investor confidence has waned amid doubts about Nestlé’s post-pandemic recovery. Sales volumes fell in 2023 as the company raised prices to counter rising input costs. In April, Bulcke was re-elected with 84.8% shareholder support — down from nearly 96% when he first secured the role in 2017.

KUALA LUMPUR, Sunway Construction Group Bhd (KL:SUNCON) is selling its entire 40% stake in Engie-Sunway DCS Sdn Bhd to Sunway Bhd’s facilities management subsidiary, Sunway Property & Facility Management Sdn Bhd (SPFM), for RM10.98 million in cash. The transaction, part of an intra-group restructuring exercise, will allow SunCon to streamline its operations and focus on its core construction and related services, the company said in a Bursa Malaysia filing on Friday. Sunway, in a separate filing, said the acquisition will strengthen SPFM’s recurring income base by bringing the district cooling project under its portfolio. SunCon highlighted that the divestment — carried out at cost — is a strategic move to reallocate resources to areas where the group has stronger competitive advantages. SPFM, a wholly owned subsidiary of Sunway City Sdn Bhd, said the purchase is aligned with its long-term expansion strategy and will enhance service efficiency within its facilities management business. Engie-Sunway is currently held by ECM Cooling Sdn Bhd (60%) and Sunway SK Sdn Bhd (40%), an indirect subsidiary of SunCon. Its core activities include the engineering, financing, construction, operation, and maintenance of district cooling systems for Sunway’s South Quay Commercial Precinct 2. Sunway holds a 53.5% stake in SunCon through Sunway Holdings Sdn Bhd. The disposal is not expected to materially impact SunCon’s earnings for the financial year ending Dec 31, 2025. Proceeds will be used to support its general working capital needs. The deal is expected to be completed by the fourth quarter of 2025. On Friday, SunCon shares closed 10 sen or 1.55% lower at RM6.36, valuing the group at RM8.38 billion. Sunway’s stock rose two sen or 0.38% to RM5.31, with a market capitalisation of RM33.3 billion.

KUALA LUMPUR, Vantris Energy Bhd, formerly known as Sapura Energy Bhd, clarified that it is not under investigation by the Malaysian Anti-Corruption Commission (MACC) and has not received any notification of allegations involving the company, its directors, or current officers. The clarification follows MACC’s recent announcement on the planned forfeiture of funds allegedly misused by an undisclosed party in 2018, linked to the group. “We wish to assure our clients, partners and stakeholders that our operations, finances, and access to assets and bank accounts remain unaffected,” the company said in a filing with Bursa Malaysia today. Vantris Energy added that it has cooperated with MACC in the past and will continue to provide any assistance required by the authorities. The company emphasised its strict anti-bribery and anti-corruption policies, supported by internal controls to mitigate risks. “As a listed entity, we remain committed to the highest standards of governance, transparency and integrity across the organisation,” it said. On Tuesday, MACC announced plans to recover RM12 million believed to be linked to two cases involving Sapura Energy. MACC chief commissioner Tan Sri Azam Baki said the recovery, approved by the deputy public prosecutor, will proceed accordingly.