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KUALA LUMPUR, AIA Public Takaful Bhd has named Mohd Asri Omar as its new chief executive officer, effective Aug 11, 2025. With over 27 years of experience in the insurance and takaful industry, Mohd Asri brings extensive expertise in agency distribution, business strategy, legal affairs, and shariah governance. According to AIA Public Takaful, his leadership will focus on strengthening the company’s Total Shariah Solution proposition — a holistic approach that integrates sustainable, purpose-driven, and professionally delivered financial protection in line with the principles of Maqasid Shariah. His appointment comes on the heels of the company’s recent milestone of declaring its highest-ever surplus distribution of RM84 million since inception, underscoring its financial strength, agency performance, and customer value delivery. AIA Malaysia CEO Ben Ng said Mohd Asri’s deep industry knowledge and strong shariah credentials make him well-positioned to lead the takaful operator into its next phase of growth. “Under his leadership, AIA Public Takaful will continue to be a key growth driver for AIA Malaysia. We aim to expand our professional takaful agency force, protect more Malaysians, and reinforce our purpose of helping customers live healthier, longer, better lives,” Ng said. Prior to this role, Mohd Asri served as CEO of Hong Leong MSIG Takaful Bhd since 2018, and previously held senior leadership roles at AIA Public Takaful, including head of governance and strategy. He holds a Master of Business Administration from Universiti Putra Malaysia and a double degree in Shariah (LLBS) and Law (LLB) from the International Islamic University Malaysia.

Proton Holdings Bhd has entered into a strategic partnership with Touch ‘n Go Sdn Bhd to integrate Touch ‘n Go’s RFID technology into the all-new Proton X50, marking a significant step forward in Malaysia’s connected mobility landscape. The collaboration, formalised through the signing of a memorandum of understanding (MoU), will see every new Proton X50 rolling off the production line pre-fitted with a Touch ‘n Go RFID tag. This allows owners to immediately enjoy seamless access to Malaysia’s extensive network of RFID-enabled highways without the need for aftermarket installation or manual registration. Zhang Qiang, Deputy CEO of Proton Edar Sdn Bhd and Prabakaran Sangarajoo, CEO of Touch ‘n Go Sdn Bhd. Touch ‘n Go chief executive officer Praba Sangarajoo said the partnership is a testament to the innovation and capability of two homegrown Malaysian brands coming together to elevate the driving experience. “This is about making life easier for our customers. You collect your new Proton X50 from the showroom, and the RFID is already there — ready to use from day one. It’s not just smarter mobility; it’s about creating daily convenience and value for drivers across the country,” he said. Proton Edar deputy chief executive officer Zhang Qiang said the move aligns with Proton’s mission to continually improve customer satisfaction through practical innovations. He added that the company is exploring the possibility of extending RFID integration to other models in Proton’s lineup, ensuring more customers benefit from the same level of convenience. “With upcoming model launches, we see great potential in offering RFID fitment across more of our range. It’s a simple yet impactful step towards enhancing the ownership experience, reducing hassle, and keeping pace with the growing demand for smart, connected solutions,” Zhang said. The partnership not only streamlines toll payment for Proton drivers but also underscores the growing role of digital technology in transforming Malaysia’s automotive sector, setting the stage for further collaborations that enhance connectivity, efficiency, and customer experience.

KUALA LUMPUR (Aug 13): The government has recovered a total of RM29.7 billion linked to 1Malaysia Development Bhd (1MDB) and SRC International Sdn Bhd (SRC) since the Asset Recovery Trust Account was established in 2018, according to the Ministry of Finance (MOF). Of this amount, RM10.9 billion was recovered between 2022 and June 30, 2025, the ministry said in a written parliamentary reply on Wednesday. As of July 31, 2025, RM42.17 billion in net funds had been channelled to 1MDB to meet debt repayments and financial obligations. This included RM15.44 billion from MOF and Minister of Finance Inc (MOF Inc) via shareholder advances or loans, and RM26.73 billion from recovered 1MDB assets. From this, RM28.93 billion went towards settling principal debt, while RM13.24 billion covered interest payments and other commitments. The ministry noted that the remaining 1MDB debt — comprising principal and interest on sukuk Islamic medium-term notes due by 2039 — stands at RM9.02 billion, made up of RM5 billion in principal and RM4.02 billion in interest. For SRC, RM5.35 billion has been allocated to settle its principal, interest, and other obligations. The MOF stressed that the recovery process remains ongoing and is complex, involving multiple local and foreign agencies, as well as legal proceedings and settlement talks. “Nevertheless, the government is committed to maximising recoveries to fully settle all 1MDB and SRC debts within the set timeframe,” it said.

PETALING JAYA, Magma Group Bhd has successfully concluded its capital reduction exercise amounting to RM379.21 million, a move aimed at fortifying its balance sheet and improving its financial agility to support future growth and expansion initiatives. In a statement, the company said the completion of the exercise was formalised following the lodgement of the High Court of Malaya’s sealed order with the Companies Commission of Malaysia (SSM) on Aug 13, 2025. This came after the Special Resolution approving the proposal was passed by shareholders at the company’s extraordinary general meeting (EGM) held on March 21, 2025. Under the exercise, Magma’s issued share capital has been reduced from RM669.15 million to RM289.94 million, representing the cancellation of RM379.21 million from its share capital account. Importantly, the number of shares in circulation remains unchanged at 1.68 billion, meaning that the exercise has no dilutive effect on shareholders’ equity ownership. Magma noted that the capital reduction is expected to provide the group with greater financial flexibility, enabling it to optimise its capital structure, strengthen its financial position, and channel resources more efficiently towards business expansion and value creation for stakeholders.

KOTA KINABALU, SP Marine Services Sdn Bhd, a unit of Sabah Ports Sdn Bhd, has strengthened its bulk liquid transport operations with the acquisition of Malaysia’s first Scania Euro V Bulk ADR Transport truck equipped with an Advanced Driver Assistance System (ADAS). The new addition is set to enhance operational reliability, transport safety, and service efficiency for the company’s marine and offshore support services. Featuring advanced safety alerts and stabilisation controls, the Euro V’s ADAS helps drivers maintain consistent travel times while reducing the risk of operational disruptions. Receiving the key for the new vehicle is SP Marine Services director Datuk KY Mustafa (fifth right) from Scania Southeast Asia dealer director of east region, Rini Sabir Massgard. “This investment reinforces our commitment to safe, timely, and dependable service delivery,” said Datuk Ng Kiat Min, group managing director of Sabah Ports. “Upgrading our transport assets allows us to optimise scheduling, improve load handling, and boost overall fleet performance.” With ADR-compliant capabilities, the vehicle enables faster turnaround times, more predictable service windows, and improved handling of specialised bulk cargo. Its enhanced engine efficiency and maintenance framework are also expected to lower lifecycle costs and support more sustainable operations. Ng added, “This upgrade reflects our dedication to operational excellence, ensuring every link in our logistics chain — from port handling to final delivery — meets the highest standards.” The vehicle will be integrated into SP Marine Services’ fleet management system, enabling real-time performance monitoring, route optimisation, and data-driven planning for stronger service delivery.

PETALING JAYA, Planet QEOS Sdn Bhd has inked RM2.32 billion in heads of agreement (HOA) with five partners to kickstart the Baram DeepTech Energy Program, which will see the development of Malaysia’s first “firm” solar power plant in the Baram highlands of northern Sarawak. According to Planet QEOS, the project will be the country’s first renewable energy facility capable of delivering continuous, dispatchable power comparable to gas and hydropower, marking a significant step toward construction. “We are building more than a power plant; we’re creating a foundation for long-term prosperity in the HDA region. This is where policy meets steel — delivering not just megawatts, but a new rural economy with skilled jobs, modern infrastructure, and investor-grade green power from the highlands,” said executive chairman Dino Bidari at the HOA signing ceremony. The five partners involved are EFS Group, ES Sunlogy, Founder Consortium, China Construction Sixth Engineering Bureau Corporation (CSCEC), and Hopewind. Deputy Minister in the Premier’s Department (Labour, Immigration and Project Monitoring) Datuk Gerawat Gala expressed optimism about the project’s wider benefits for the Highland Development Area (HDA) in Baram. “The Baram DeepTech programme is a milestone for the HDA, bringing round-the-clock renewable power and unlocking the full potential of the Baram hinterland for sustainable growth. This means better connectivity, modern infrastructure, new industries, and skilled employment opportunities. It will catalyse development across the Mulu constituency and the entire Upper Baram area,” he said. He added that the initiative underscores Sarawak’s position as a leader in green energy development.

JAKARTA,  Joao Angelo De Sousa Mota has stepped down as president director of state-owned food company Agrinas Pangan Nusantara just six months into his tenure, citing the absence of budget allocations to carry out the firm’s programs. Mota said food security is a strategic issue that has drawn serious attention from President Prabowo Subianto, but claimed that government stakeholders have failed to match that commitment with tangible support. Former President Director of Agrinas Pangan Nusantara, Joao Angelo De Sousa Mota. “The president’s seriousness in supporting and driving every effort to achieve food sovereignty has not been fully supported by stakeholders or his aides. To this day, we have not received maximum support,” Mota told reporters at a press conference in Jakarta on Monday. He added that Agrinas has yet to receive any budget to execute its planned projects. “Including budget support. Until today, Agrinas Nusantara’s funding remains at zero,” he said. Mota, who had previously submitted his resignation letter to the sovereign wealth fund Danantara Indonesia, admitted that he had not been able to deliver concrete contributions to the national economy or improve farmers’ welfare. He apologized to the public and to President Prabowo. “Allow me to submit my resignation and to apologize,” Mota said, bowing during the press conference. Danantara CEO Rosan Roeslani said the fund respected Mota’s decision, describing it as a professional step that would be handled in accordance with corporate governance rules. He assured that Agrinas’ operations would continue without disruption and that leadership transition would proceed in an orderly manner. “Danantara Indonesia respects Mr. Joao Angelo De Sousa Mota’s personal decision to resign as president director of PT Agrinas Pangan Nusantara,” Rosan said in a statement. “We will ensure the transition process is well-planned and that the company’s strategic programs remain on track.” Agrinas Pangan Nusantara, which operates across the food supply chain from upstream to downstream, was launched on May 14. Its first project is set to begin in Baturaja, South Sumatra, as part of its broader business plan.

KUCHING, European semiconductor manufacturer X-FAB Silicon Foundries SE has expanded its production capacity at its Sarawak wafer fabrication plant in the Sama Jaya Free Industrial Zone, raising monthly output by 10,000 wafers to a total of 40,000. The capacity expansion involved building a new facility and clean room, completed late last year. Throughout the first half of 2025, the focus was on installing and qualifying new equipment. “All equipment has been delivered and is at various stages of installation and qualification,” X-FAB said in its second-quarter 2025 financial results statement. Phased production ramp-up of its 180nm complementary metal-oxide-semiconductor (CMOS) technology is expected to begin in the third quarter of 2025. This expansion will help meet both current and future customer demand for this widely used technology, which is vital to X-FAB’s CMOS and microsystems business. For 2Q25, X-FAB reported revenue of US$215.3 million, a 5% increase year-on-year and quarter-on-quarter. Earnings before interest, taxes, depreciation, and amortisation rose 7% year-on-year to US$51.6 million, up 4% from the previous quarter. The new building and clean room are set to be officially opened by Prime Minister Datuk Seri Anwar Ibrahim on September 12. X-FAB Sarawak, originally known as 1st Silicon, began operations in 1998 as Malaysia’s first semiconductor manufacturing facility. It merged with X-FAB in 2006 and now employs about 1,500 staff, 90% of whom are Sarawakian. X-FAB is a global foundry group with six wafer fabs in Sarawak, Germany, France, and the United States. It specialises in analog/mixed-signal technologies, microsystems/MEMS, and silicon carbide, serving primarily the automotive, industrial, and medical sectors. In 2023, X-FAB launched a US$1 billion, three-year expansion program across its fabs in Sarawak, France, and the US, focusing heavily on the 180nm CMOS platform, which continues to see strong demand. CEO Rudi De Winter highlighted the importance of this additional capacity to support the growing customer base and new business pipeline. He noted that X-FAB France has also made significant progress in ramping up production, including support for their new 110nm VCD-on-SOI technology. The group’s expansion program was completed in 2Q25. With capacity no longer a bottleneck and shorter factory cycle times, customers are placing orders later and more frequently, which has reduced order visibility. X-FAB’s order backlog stood at US$412.9 million in 2Q25, up from US$386.7 million the previous quarter.

KUALA LUMPUR, Online bus ticketing platform redBus Malaysia, operated by Ibibo Group Sdn Bhd, is rolling out its digital ticketing and operational systems to bus operators in rural towns to boost service efficiency and reliability. Chief executive officer Prakash Sangam said the initiative targets areas such as Jerantut and Pekan in Pahang; Lenggong and Pasir Tumboh in Perak; and Jeli and Jelawat in Kelantan, where many operators are still in the early stages of digital adoption. “We are digitising bus operations even in remote areas and run a ratings and reviews system to help travellers make informed choices while giving operators feedback to improve,” he said. “We have also integrated our system with bus terminals to enable digital boarding passes.” Prakash, who has led redBus since 2014, noted that domestic tourism offers strong growth potential, with more Malaysians visiting coastal towns and highland areas where buses remain a key mode of transport. To enhance travel experiences, redBus plans to curate routes and offer bundled packages through its ‘Things to Do’ feature, combining bus tickets with entry to attractions and activities. The company also recently launched the ‘Malaysia Food Map’, showcasing over 160 crowd-sourced eateries nationwide. “Food tourism is booming – traveller spending in Malaysia rose 43% in 2024 from 2023, with F&B the top growth category at 52%. Our initiatives aim to promote regional discovery and support small local businesses, especially in towns overlooked by traditional guides,” he said. Malaysia is now redBus’s largest market outside India, with over 200 operator partnerships built in the past decade. The company is also prioritising Indonesia, Vietnam, and Cambodia, where it began operations in 2024. “Vietnam, in particular, is seeing strong travel demand from young, digital-first consumers and returning international tourists,” Prakash said. “Southeast Asia is central to our expansion strategy, driven by rising mobility needs, smartphone use, and demand for affordable travel. We aim to grow not just as a ticketing platform, but as a trusted travel partner.”

KUALA LUMPUR, Focus Point Holdings Bhd is expected to record solid growth in its second quarter (Q2) 2025 results, driven by strong sales in its optical segment, according to RHB Research. The company is tentatively set to release its Q2 results on Aug 19, with net profit projected at RM9 million to RM10 million, in line with both RHB’s and consensus estimates. Focus Point Holdings Bhd is expected to deliver solid growth in its upcoming second quarter (Q2) 2025 results due to a strong sales growth in the optical segment, said RHB Research. “Growth will be supported by robust optical sales, underpinned by effective marketing strategies. While the food and beverage segment remains soft, we anticipate quarter-on-quarter improvement due to post-Ramadan seasonality,” RHB said. RHB remains positive on Focus Point, citing its market leadership and ability to tap into the growing myopic population. It also noted that the group’s valuation remains attractive, given its consistent outperformance of the broader retail sector despite a challenging operating landscape. Management estimates the Sales and Service Tax expansion will increase monthly operating costs by about RM300,000, while additional Employees Provident Fund contributions for foreign workers will have minimal impact, as the company employs around 70 foreign workers. Reflecting the higher cost base, RHB has trimmed its earnings forecasts for FY25, FY26 and FY27 by 4%, 6% and 6% respectively, and revised its target price to 99 sen — implying 11.4 times FY26 price-to-earnings, broadly in line with other consumer retail peers.