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SINGAPORE, Keppel Corporation has appointed former DBS CEO Piyush Gupta as its deputy chairman and non-executive independent director, effective July 1. In addition to his board role, Gupta will also join three key committees: the nominating committee, remuneration committee, and the board sustainability and safety committee. Gupta stepped down as CEO of DBS in March after a 15-year tenure. He currently serves in multiple leadership roles, including chairman of the Singapore Management University’s board of trustees, chairman of Mandai Park Holdings, and board member of the National Research Foundation and the Ministry of Trade and Industry’s Future Economy Advisory Panel. In a statement issued on May 29, Keppel chairman Danny Teoh praised Gupta’s leadership at DBS and expressed confidence in his ability to support Keppel’s transformation into a global asset manager with strong operational capabilities. With Gupta’s appointment, Keppel’s board will consist of nine directors, including seven independent directors. Gupta said: “Keppel is an iconic Singapore institution with a rich legacy. It is now at a pivotal point as it evolves into a global asset manager with strong operating strengths.” Keppel’s shares closed at S$6.85, up S$0.06 (0.9%) on Thursday, ahead of the announcement.

PETALING JAYA, Bank Negara Malaysia (BNM) has imposed more than RM7 million in administrative penalties on three banks for breaching regulatory requirements, primarily involving prolonged system downtime and failures in sanctions screening compliance. In separate statements issued today, the central bank revealed that Bank Islam was fined a total of RM3.45 million, Bank Rakyat was penalised RM2.85 million, and Bank Simpanan Nasional (BSN) received a RM995,000 fine. The penalties were issued for violations of the Development Financial Institutions Act 2002, the Islamic Financial Services Act 2013, and BNM’s policies on technology risk management, anti-money laundering, financial sanctions, and counter-terrorism financing. Bank Islam Bank Islam was hit with two separate penalties: RM1.75 million for extended service disruptions between June 2023 and December 2024, caused by delayed system recovery that impacted its digital banking services. RM1.7 million for shortcomings in sanctions screening processes, including delays in screening non-customer beneficial owners and the bank’s customer base, which led to late identification of matches with sanctioned entities. The bank also failed to report its findings in a timely manner. BNM cited weak internal controls, insufficient training, and poor oversight as contributing factors. However, Bank Islam has since taken corrective measures, including upgrading its IT systems and enhancing sanctions screening procedures. Bank Rakyat Bank Rakyat was fined RM2.85 million for failing to meet BNM’s system availability requirements, resulting in multiple outages from June 2023 to December 2024. These disruptions affected key banking services such as e-banking, ATMs, and card systems, exceeding the central bank’s allowable downtime limits due to inadequate response and recovery protocols. BNM confirmed that Bank Rakyat has strengthened its IT infrastructure and improved system recovery measures. Bank Simpanan Nasional (BSN) BSN received a RM995,000 penalty for similar failures. The bank experienced multiple unplanned service outages between June 2023 and October 2024, impacting ATM, online banking, and card services. The disruptions also exceeded the permitted downtime thresholds due to weak recovery capabilities. BSN has since taken steps to upgrade its technology infrastructure, BNM noted. Regulatory Standards and Enforcement BNM reiterated that all financial institutions must ensure that critical systems do not exceed: Four hours of cumulative unplanned downtime over a 12-month rolling period, and 120 minutes of downtime for any single incident. The central bank stressed the importance of technology resilience to ensure continuous access to essential financial services, warning that enforcement action will be taken regardless of institutions’ past performance. The penalties were calculated based on the severity of the breaches, historical compliance track records, and the effectiveness of remedial actions taken. All three banks have since paid their respective fines.

PARIS, Renault has appointed its Chief Procurement Officer, Francois Provost, as Chief Executive Officer, effective July 31, selecting a relatively low-profile internal candidate to navigate the company through intensifying market competition and sluggish demand—factors that led to a profit warning earlier this month. RENAULT – Francois Provost as Chief Executive Officer The leadership change follows the unexpected departure of former CEO Luca de Meo, who resigned last month to take up a position at luxury conglomerate Kering. In a statement, Renault said:“With extensive international experience in both operational and strategic roles, a deep understanding of the industry’s challenges, and a clear strategic vision, Francois Provost possesses the leadership qualities needed to advance and accelerate Renault Group’s development.”

KUALA LUMPUR, Steel Hawk Bhd, a provider of support services to major oil and gas players, has secured a scaffolding services contract from EPOMS Sdn Bhd for its operational sites. The contract, awarded to its wholly owned subsidiary Steel Hawk Engineering Sdn Bhd (SHESB) on July 25, was disclosed in a filing with Bursa Malaysia on Wednesday. Under the agreement, SHESB will deliver scaffolding services for a duration of two years—from July 25, 2025 to July 24, 2027—with an option to extend for an additional year. Steel Hawk said the contract does not carry a fixed value, as it operates on a call-out basis, with services to be provided as and when required by EPOMS. “The company is engaged by EPOMS to deliver specified services throughout the contract period, subject to demand,” it stated. Despite the flexible arrangement, the contract is anticipated to contribute positively to the group’s financial performance for the financial year ending Dec 31, 2025 (FY2025). This latest award marks Steel Hawk’s fifth contract win in 2025, following four earlier contracts secured from Petronas Carigali Sdn Bhd. As of the time of writing on Wednesday, shares of Steel Hawk were down half a sen or 1.05% at 47 sen, giving the company a market capitalisation of RM230.30 million.

KUALA LUMPUR, Pengerang Terminals (Two) Sdn Bhd (PT2SB) is set to expand its storage and handling capacity by approximately 272,000 cubic metres, marking a significant move in strengthening Malaysia’s position as a key regional oil and gas hub. The expansion will involve a total investment of about RM1.4 billion, which also includes costs associated with the development of shared facilities at the terminal. The announcement was made by Dialog Group Bhd, one of Malaysia’s leading integrated technical service providers in the oil, gas and petrochemical industries. In a filing with Bursa Malaysia, Dialog disclosed that PT2SB — in which Dialog indirectly holds a 25% equity stake — has entered into a terminal usage agreement with Pengerang Biorefinery Sdn Bhd (PBSB). The agreement entails the provision of storage and handling services for PBSB’s feedstock and refined products, further diversifying the types of energy-related materials handled at the terminal. This aligns with Malaysia’s broader energy transition agenda and enhances the terminal’s capabilities to support bio-based and renewable energy sectors. “The proposed development will strengthen PT2SB’s position as a deepwater terminal of choice in the region, while contributing to the long-term sustainability and growth of Dialog’s tank terminal business,” the company said in its statement. Located in Johor’s Pengerang Integrated Complex (PIC), PT2SB is a strategic infrastructure asset jointly developed by Dialog Group, Royal Vopak, and the State Government of Johor. The terminal supports a wide range of storage and logistics services, primarily catering to petrochemical, petroleum and gas-related industries. Industry analysts view the expansion as a timely move, especially with growing demand for energy storage infrastructure amid global shifts in supply chains, refining capacity and sustainability efforts. Dialog Group reaffirmed that the expansion and associated agreements are not expected to have a material effect on its earnings, gearing or net assets for the financial year ending June 30, 2025. However, the long-term outlook remains positive, supported by rising demand for integrated terminal and logistics solutions in Southeast Asia.

HSBC will begin phasing out its retail banking operations in Bangladesh in the second half of this year, a process expected to take six to eight months. The decision follows a review of its retail operations and is in line with the HSBC Group’s global strategy, HSBC Bangladesh announced in a statement. As part of the exit plan, the bank has already stopped accepting new retail customers and will work to ensure a smooth transition for existing clients. HSBC’s Corporate and Institutional Banking (CIB) operations in Bangladesh will remain unaffected. The bank is focusing on its core markets and wealthier “premier” customers, a strategy also seen in its reviews of retail businesses in Australia, Indonesia, and Sri Lanka. HSBC Bangladesh’s retail division had been profitable, recording a 9% year-on-year increase in profit to nearly Tk 1,100 crore in 2024. Deposits grew 3% to Tk 22,695 crore, while loans fell 18% to Tk 18,927 crore during the same period. HSBC has assured that staff affected by the retail exit will be given priority for redeployment in other divisions, such as corporate banking, if their skills match available roles. The bank opened its first office in Dhaka in 1996 and provides services including global payments solutions, trade services, treasury, and custody and clearing. What Customers Need to Do Customers have been advised to start transferring their accounts, loans, and deposits to other banks as soon as possible. HSBC will waive all related charges and provide the necessary documentation to ease the transition. Loans: Customers with home or personal loans should transfer them to other banks within 90 days. Deposits: HSBC will stop all auto-renewals of term deposits and encash deposits maturing after November (local currency) and December 2025 (foreign currency) early at a pro-rata rate. Debit Cards: Cards will be deactivated once accounts are closed. Bonds and Sanchayapatra: Customers must provide alternate bank account details for updates in the Government Bond Portal or visit branches for transfer arrangements. Non-Resident Accounts: Non-resident customers have until December 2025 to move their accounts and bonds. Salary account holders are advised to coordinate with their employers for the transition, while student file holders will receive full documentation support at no extra cost. HSBC will post updates on its website and communicate major changes via email or post. This closure follows other global exits by HSBC, including the sale of its retail operations in Bahrain earlier this year, as the bank continues a worldwide restructuring to sharpen its focus on key markets.

KUALA LUMPUR,  Zetrix AI Bhd, formerly MY E.G. Services Bhd (MyEG), announced it is no longer handling the renewal of foreign worker permits. In a filing with Bursa Malaysia today, the company said the term of its Foreign Worker Permit Renewal Services has ended. Zetrix AI Bhd is no longer involved in the renewal of foreign worker permits. “The Malaysian Immigration Department confirmed on July 29, 2025, that Foreign Worker Permit Services are now part of the National Integrated Immigration System (NIISe) project, which integrates border control systems across various agencies under the Ministry of Home Affairs,” it said. Zetrix AI added that while it no longer directly handles permit renewals, it continues to be involved through a collaboration with HeiTech Padu Bhd, the main implementer of NIISe, under a Teaming Agreement.

KUALA LUMPUR, Generator rental services provider Express Powerr Solutions (M) Bhd (“Express Powerr” or “the Company”) has signed an underwriting agreement with Mercury Securities Sdn Bhd in preparation for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad. Through its subsidiary, the Group provides generator rental services for critical emergency situations such as power outages, planned maintenance, and events. The Group also offers related equipment such as distribution boards, synchronisation panels, transformers, switchgears, load banks and cables to meet various customer needs. With a 20-year track record, Express Powerr owns a fleet of 111 generator units, over 70% of which are mobile units mounted on trucks for easy deployment. The rest are canopy generators designed for outdoor use and noise control. All units undergo in-house maintenance every 300 operational hours to ensure high reliability and uptime. (From left to right) Mr. Kong Choon Keong (邝俊强先生), Financial Controller of Express Powerr Solutions (M) Bhd, Dato’ Mohd Redza Shah Bin Abdul Wahid, Independent Non-Executive Chairman of Express Powerr Solutions (M) Bhd, Mr. Lim Cheng Ten (林青田先生), Managing Director of Express Powerr Solutions (M) Bhd, Mr. Chew Sing Guan (周新元先生), Managing Director of Mercury Securities Sdn Bhd, Mr. Eric Chong Soo Keng (张斯钦先生), Head of Corporate Finance of Mercury Securities Sdn Bhd, Mr. Woon See Soon (温四顺先生), Senior General Manager of Mercury Securities Sdn Bhd, Mr. Jamieson Chew Yen Loong (周元龍先生), Operations Manager of Mercury Securities Sdn Bhd The Group is also expanding into renewable energy. As a registered solar photovoltaic (PV) investor under Malaysia’s Net Energy Metering (NEM) programme and a recognised PV service provider by SEDA, it installs rooftop solar systems for residential and commercial properties. This aligns with Malaysia’s net-zero target by 2050 and supports the growing demand for sustainable energy. Express Powerr became an approved vendor for Tenaga Nasional Berhad (TNB) in 2021 and began securing direct contracts in 2022, after years of indirect supply since 2005. It also expanded operations to Sabah in 2023, serving Sabah Electricity Sdn Bhd (SESB), and has a broad customer base across industries including construction, manufacturing, events, and government. The IPO consists of a public issue of 180 million new shares—representing 19.3% of the enlarged issued share capital—and an offer for sale of 65.4 million existing shares (7.0%). Of the 180 million new shares: 46.7 million will be offered to the Malaysian public via balloting 18.7 million will be allocated to directors, employees, and contributors (Pink Form) 63.2 million will be placed privately to selected investors 51.4 million will be placed to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) All 65.4 million offer-for-sale shares will also be placed with Bumiputera investors approved by MITI. Under the underwriting agreement, Mercury Securities will underwrite a total of 65.4 million shares allocated to the Malaysian public and Pink Form subscribers. Express Powerr Managing Director Mr. Lim Cheng Ten said, “This underwriting agreement marks a key milestone in our journey towards listing. The IPO will support our growth plans, especially in expanding into new industries like oil and gas, and widening our reach across Malaysia.” He added that the oil and gas sector presents strong opportunities for temporary power solutions during exploration and drilling activities. In the first nine months of 2024, 27 projects worth RM4.46 billion were approved in the sector. Meanwhile, utility companies such as TNB are investing heavily in power infrastructure, including its RM21 billion ‘Grid of the Future’ programme—further underlining the demand for reliable generator support. Express Powerr is expected to be listed on the ACE Market by Q3 2025. Mercury Securities is acting as the Principal Adviser, Sponsor, Sole Underwriter, and Sole Placement Agent for the IPO.

John Burke, General Manager of the Kuala Lumpur Convention Centre (the Centre), has been appointed to the Board of Directors of the International Association of Convention Centres (AIPC) for 2025. His appointment highlights Malaysia’s growing influence in the global meetings and conventions industry. “This role is a great opportunity to work with industry leaders around the world, share regional best practices, and showcase the strengths of Malaysia and Asia Pacific,” said John. “It also allows us to further raise Kuala Lumpur’s profile as a top destination for international business events.” AIPC represents convention and exhibition centres from over 55 countries, aiming to promote excellence in venue management through global networking, education, and research. As a Board member, John will help guide the Association’s strategic direction alongside international peers such as Julianne Jammers of the SwissTech Convention Center (AIPC President) and Taubie Motlhabane of the Cape Town International Convention Centre (Vice President). John’s appointment also supports Malaysia’s national business events goals. The Malaysia Convention & Exhibition Bureau (MyCEB) is targeting 5.9 million delegates and RM42.12 billion in economic impact by 2030. “Through AIPC, we can support MyCEB’s ambitions and continue to grow Malaysia’s global standing in this space,” John added.

PETALING JAYA, Tenaga Nasional Bhd (TNB) could be facing additional tax assessments for 2023 and 2024 amounting to RM2 billion, according to CIMB Securities, adding to its mounting tax woes. This would come on top of the RM5.89 billion in additional assessments issued by the Inland Revenue Board (LHDN) for the 2013–2021 financial years. “If TNB’s capital expenditure for FY2023–2024 is any indication, we estimate the additional tax exposure could reach RM2 billion, bringing the total tax bill for FY2013–2024 close to RM8 billion,” CIMB said in a note today. In the event TNB is required to pay the full amount, CIMB estimates an 8–9% downside to its current target price of RM15.75. Shares of TNB dropped 24 sen or 1.76% to RM13.36 today, bringing its market capitalisation to RM77.88 billion. The stock has declined 9.5% year-to-date. Despite the tax overhang, CIMB is maintaining its “Buy” call on the utility giant, citing its reasonable valuation and consistent dividend outlook over the coming years. Tax Troubles Pile Up July has proven to be a turbulent month for TNB on the tax front. Just last week, the company received a tax bill of RM840.1 million for the 2022 assessment year. This followed a July 2 Federal Court ruling against TNB in its RM1.25 billion dispute with LHDN over its 2018 tax assessment. The court concluded that TNB was not entitled to claim reinvestment allowances, effectively paving the way for more tax liabilities. According to TNB’s 2024 annual report, tax disputes amounting to RM5.05 billion remain unresolved. In a filing last Friday, the company said it is currently evaluating legal options to address the latest notice. TNB also announced that it had submitted a new application for investment allowance under Schedule 7B of the Income Tax Act 1967 on July 25, which could potentially reduce or nullify the tax impact if approved. The group said it is assessing the financial implications of the court ruling but assured stakeholders that it remains focused on its long-term strategic goals, backed by sound financial management and stable cash flows.