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emart24 Celebrates 100th Store by Rewarding Customers

Popular Korean convenience store chain emart24 today marked the opening of its 100th store in Malaysia at a launch event in their new outlet in Kota Damansara.  Vuitton Pang, CEO of emart24 Holdings Sdn Bhd, described the brand’s journey in Malaysia as both humbling and inspiring. “The 100th store is a milestone we’re truly thankful for, and has been made more meaningful by the trust and encouragement of the communities we serve.”  “We remain committed to growing hand-in-hand with Malaysians and building meaningful connections for many more years to come. We hope to open another 50 outlets over the next year to bring affordable halal Korean street food experience to even more neighbourhoods,” he said.  “What began with a single store in Bangsar South has grown into a familiar presence across the country,” Pang continued. “We’re always listening to our customers and will continue to optimise our network to better serve our customers by being closer to wherever they are.”  “The Retail scene is evolving, and Malaysians today seek more meaningful connections in their daily experiences. We are excited to be part of this shift by offering a blend of quality, culture and community.”  emart24 was the first and fastest Korean convenience chain to break into Malaysia’s East Coast, tapping into local demand for halal-certified Korean flavours. “The response in States like Terengganu and Kelantan has been incredibly encouraging, and we are grateful for the warm welcome and continuous support,” Pang added.  Backed by South Korea’s retail giant Shinsegae Group, emart24 is the fastest-growing convenience store brand in its home country, with over 6,500 outlets. Malaysia is its first overseas market, and the brand’s success here has been closely tied to the rise of Korean culture and local demand for accessible, high-quality convenience offerings.  Kang In Sok, COO of emart24 Korea, said: “We congratulate emart24 Malaysia on the opening of its 100th store in Malaysia. I would like to express my heartfelt appreciation to everyone who has contributed to emart24’s remarkable growth in the Malaysian market. I look forward to seeing emart24 continue to lead the convenience store industry in Malaysia with even greater success in the future.”  The brand’s signature halal-certified Korean street food, including its bestselling cupbap and cheesy tteokbokki, continues to appeal to a wide range of consumers. The e-kafé product line, officially certified halal in February 2025, has been a key step in reinforcing emart24’s commitment to inclusivity and cultural respect.  “Securing halal certification was a proud milestone for us, showing our sincere intention to serve all Malaysians,” said Pang. “Our food is Korean at heart, but thoughtfully created for local tastes without compromising authenticity.”  “We have invested in a new and enlarged central kitchen which will deliver more variety of exciting halal ready-to-eat products to our customers,” he adds.  The 100th store celebration, themed “100 Stores. Endless Moments,” was held at the new flagship outlet in Kota Damansara. The store design, features a mural by local visual artist Nas Suha, capturing the spirit of cross-cultural connection between Korea and Malaysia, reflecting the brand’s core identity. The new store also features digital innovation powered by SOLUM ESL, including real-time pricing solutions and digital signage that enhance operational efficiency and elevate the customer experience with a sleek, modern touch.  Adding to the festivity was the official introduction of emart24’s new mascot, Dilly, who made a playful appearance at the event. The event also marked the launch of a new menu through a collaboration with Pinkfong’s Baby Shark, the globally beloved character celebrating its 10-year anniversary this year. Designed to engage families with children, the collaboration aims to strengthen brand affinity across all age groups.  “Baby Shark is one of the most cherished family entertainment IPs of The Pinkfong Company, and this partnership allows us to create joyful, memorable brand experiences for our younger customers,” said Tan Chuan Hoe, Chief Commercial Officer of emart24 Holdings Sdn Bhd.  In conjunction with the momentous celebration, emart24 introduced limited edition apricot-hued ice cream cones called “party cone”, an edible wafer cup and brand-new Matcha Strawberry soft serve. A nationwide “Spend & Win” campaign will kick off nationwide from 1st to 31st July 2025, where over 100 lucky customers stand a chance to win amazing prizes such as Samsung S25 phones and Samsung Galaxy Watches alongside Flight and Hotel vouchers to South Korea and other destinations, courtesy of Traveloka.  This event was proudly supported by Korea Agro-Trade (aT) Center. “The rise of Korean food culture in Malaysia has opened the door for deeper agro-trade and consumer trust. Through emart24’s expanding footprint, more Malaysians are discovering the quality and creativity of Korean food products, many of which are proudly promoted by the Korea Agro-Trade Centre. We are proud to support emart24’s efforts in making premium Korean offerings more accessible, especially through its halal-certified innovations,” said Chang Chung Ho, Director of Korea aT Center Kuala Lumpur.  “Malaysians are emotionally connected to the food and lifestyle they see in K-dramas, and emart24 brings a part of that into their neighbourhoods,” said Pang. “It’s that sense of familiarity and joy that keeps customers coming back.”  With a store presence now spanning the entire Peninsular Malaysia, emart24 is preparing for its next phase of growth, focused on building density, rewarding loyalty, and becoming even more integrated into local communities. Looking ahead, emart24 will continue to serve more customers in their own neighbourhoods.

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Trinity Sensoria’s First Phase Achieves 100% Take-Up Within Six Months

Trinity Group Sdn Bhd, a boutique property developer, has announced a 100% take-up rate for Phase 1 of its latest residential project, Trinity Sensoria, achieving over RM 172 million in sales within just six months of its soft launch, with majority of buyers comprised young families and professionals seeking a secure, wellness-focused lifestyle near the city. Building on this strong momentum, Trinity Group will soon launch Phase 2 of the development, with units starting from just RM592,000. Strategically located in Beverly Heights, Ampang North, Phase 2 of Trinity Sensoria sits on 6.1 acres of freehold land and offers well-designed condominiums ranging from 1,008 to 1,286 sq ft. The project has a gross development value (GDV) of RM580 million and is targeted for completion by Q3 2028. Trinity Sensoria distinguishes itself as Malaysia’s first condominium to feature the pioneering 5X Protection System, a comprehensive approach to lifestyle safety and well-being. The five pillars include: Contactless Technology Wellness-Oriented Design Physical Wellness Amenities Social Wellness Amenities Mental Wellness Amenities Further reinforcing its commitment to quality and long-term value, Trinity Sensoria also introduces the Trinity Gold Assurance Program, providing buyers with extended warranties and peace of mind. Among the key highlights of the development is the Sensoria Garden Spa, a 11,000 sq ft. wellness sanctuary inspired by Austria’s iconic Aqua Dome. Thoughtfully designed to promote restorative living, the spa garden includes a Himalayan Salt Sauna, Outdoor Jacuzzi Pavilion, and Hydrotherapy Pods, providing residents with a serene, nature-inspired escape. Spanning an expansive 67,133 sq ft, the outdoor facility deck at Trinity Sensoria is carefully curated as a lifestyle sanctuary, offering residents an abundance of wellness, leisure, and family-centric amenities. Located just 10 km from the Kuala Lumpur city centre, Trinity Sensoria offers exceptional connectivity via major highways including MRR2, SUKE, DUKE, AKLEH, SPE, and the New Klang Valley Expressway (EKVE). The development is also conveniently close to lifestyle amenities such as Melawati Mall, Wangsa Walk, KL East Mall, and KLCC. “As a developer committed to redefining urban living, we’re proud that homebuyers have embraced Trinity Sensoria’s unique blend of innovation, security, and family-focused design,” said Dato’ Neoh Soo Keat, Managing Director of Trinity Group. “This milestone shows that today’s buyers are looking for more than space, they want peace of mind, enduring value, and a true sanctuary to call home.” To improve accessibility, Trinity Group has also invested RM6 million in infrastructure upgrades, including the construction of a new access road to the development. With Phase 2 on the horizon, the Group anticipates continued strong interest, building on its legacy of delivering high-quality, timely, and thoughtfully designed homes.

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NTT DATA Targets Up to US$1 Billion in Singapore Data Centre REIT Listing

NTT DATA Group is preparing to list its data centre real estate investment trust (REIT) on the Singapore Exchange as early as July, according to two individuals familiar with the matter. The offering could raise as much as US$1 billion, potentially marking Singapore’s largest initial public offering (IPO) in nearly four years. The Japanese technology and IT services conglomerate is expected to file its IPO prospectus with the Singaporean regulator either this week or in the early part of next week. The company is currently in discussions with potential cornerstone investors, typically large institutional players who commit to IPOs prior to public launch. The individuals requested anonymity due to the confidential nature of the information. In a statement provided to Reuters, NTT confirmed it is targeting a public offering during its fiscal year 2025, which spans from April 2025 to March 2026. However, the final decision regarding timing will depend on prevailing market conditions. “Additionally, in order to be listed, we need to undergo the review and approval process by the Singapore Stock Exchange, and the approval timing is not yet certain,” the company said, noting that the size of the IPO has not yet been publicly disclosed. Should the listing proceed, it would be Singapore’s largest IPO since Digital Core REIT raised US$977 million in 2021, according to data from LSEG. Investor appetite for listings in Singapore has strengthened following a suite of initiatives announced by the city-state in February aimed at revitalising its capital markets. These include a 20% tax rebate for companies pursuing a primary listing on the Singapore Exchange. NTT’s proposed REIT is expected to be underpinned by six data centre assets: four in the United States, one in Austria, and one in Singapore, one of the sources said. In a further signal of Singapore’s growing appeal as a capital-raising venue, Hong Kong-listed China Medical System revealed this week that it had submitted an application for a secondary listing in the city-state. -Reuters

News

Grab Singapore Halts Incentive Scheme Changes

Grab Singapore has announced an immediate pause to its planned changes to driver incentive schemes, following pushback from drivers and concerns raised by the National Private Hire Vehicles Association (NPHVA). The revisions, which were originally intended to help drivers boost earnings through targeted driving during designated time slots and zones, have been shelved pending further review. In a joint statement issued on 25 June, Grab and the NPHVA stated the decision was made in response to feedback from driver-partners, highlighting the importance of ensuring driver concerns are addressed comprehensively before implementing new structures. The proposed updates centred around modifications to the existing Grab Streak Bonus and the introduction of a revised Streak Zones programme, which were due to come into effect from 1 July. These changes would have enabled drivers to pre-book two-hour slots—primarily during peak periods—and receive a 5 per cent cash rebate on completed rides, along with milestone-based bonuses. Completed trips would also have counted towards monthly bonus targets. However, the NPHVA cautioned that such adjustments could have negative implications for drivers’ income reliability. Many drivers depend on the current incentives to top up basic fares, and the revised system could limit their ability to reach earnings goals. Grab acknowledged in the joint statement that while the intended outcome was to reduce driving hours while maintaining income levels, the implementation could have been improved. An in-app message issued to drivers confirmed the suspension of the planned incentive overhaul, noting that the changes had “raised questions and uncertainty”. The message assured driver-partners that no alterations would be made to the current Grab Streak Bonus and Streak Zones programmes at this stage. The backlash was particularly vocal on social media. Yeo Wan Ling, adviser to the NPHVA, commented on Facebook that transitioning funds away from the widely-used and stable Streak Bonus could result in reduced earnings for the majority of drivers. She also raised concerns about the limited availability and unpredictability of pre-booked zone slots, making it difficult for drivers to plan and earn consistently. Feedback from drivers echoed these apprehensions. Full-time driver Mr Yeo described the proposed changes as a downgrade from the existing system, arguing that it would be difficult to secure slots in the designated zones, thereby reducing earning potential. Another driver, Mr Dan Lim, who works night shifts from 7pm to 6am, said the incentives would unfairly disadvantage those operating outside of traditional peak hours. Lim pointed out that night-time drivers frequently undertake long pick-ups for short trips, often earning as little as S$50 (approximately £29) in profits after accounting for expenses. “Most incentives go to daytime drivers, not those of us working midnight shifts,” he added. Mr Andy Lim, who has been with Grab full-time for eight years, expressed scepticism about the overall value of incentives, stating they often do not compensate for the operational challenges faced. He recalled completing a one-hour trip for just S$12, from which he netted only S$8 after fuel and rental deductions. “The current fare system feels like we’re being underpaid,” he said. “Some bookings require automatic acceptance to qualify for bonuses, but not all trips are worth the effort.” Another driver, Mr Tan, who recently joined the platform full-time, called for an increase in base fares rather than complex incentive structures that he believes gamify the system and push drivers to overwork. “We’re trading our time for money,” he said, noting the difficulty in balancing earnings with health and personal time. He shared concerns over driver fatigue and safety, especially when struggling to meet daily income targets. “For example, today I’m S$80 short, and tomorrow I have to send my daughter to a camp at 9am. It becomes a mental and physical strain.” Mr Tan added that while being a private hire vehicle (PHV) driver is often marketed as flexible, the reality is far more demanding. “Freedom of time for a PHV owner is a fallacy. I’m lucky to drive my parents’ vehicle. It’s tougher for those who rent.” Grab has not indicated when the incentive changes may be revisited but reaffirmed its commitment to working closely with stakeholders to better support its driver community. -CNA

News

Foxconn Close to Supplying Electric Buses to Mitsubishi Fuso, According to Nikkei

Taiwanese technology group Foxconn is reportedly nearing a strategic agreement to supply electric buses to Mitsubishi Fuso Truck and Bus Corporation, a Japanese commercial vehicle manufacturer owned by Daimler Truck, according to a report published by Japan’s Nikkei newspaper on Thursday. The development is understood to signal a significant step in Foxconn’s ambition to expand its presence in the electric vehicle (EV) sector. Citing a source familiar with the matter, Nikkei reported that Mitsubishi Fuso plans to market two electric bus models — the Model T and the Model U microbus — under its own brand. Both models have been developed by Foxconn and are part of the company’s broader push into EV manufacturing. In addition to the supply arrangement, Mitsubishi Fuso and Foxconn are reportedly in discussions to establish a new joint entity that would oversee the electric bus operations, suggesting a long-term partnership that could strengthen both companies’ positions in the growing EV market. Foxconn, formally known as Hon Hai Precision Industry Co., disclosed during a briefing in April that it aims to introduce the Model T and Model U buses to the Japanese market by 2027. Foxconn has not issued an official statement regarding the reported deal and did not immediately respond to a request for comment from Reuters. Daimler Truck has also declined to comment. -Reuters

ESG, News

GS Caltex Launches Feasibility Study for Landmark Biofuel Project in Indonesia

GS Caltex, a leading South Korean oil refiner, has initiated a feasibility study for a pioneering biofuel project in Indonesia, marking a strategic step towards reducing greenhouse gas emissions and advancing sustainable energy solutions. The initiative, announced on Tuesday, is part of a government-supported international greenhouse gas reduction programme. GS Caltex has been selected to explore the development of an evaporative concentration facility designed to extract oil from palm oil mill effluent (POME), a liquid byproduct generated during palm oil production. The company will undertake a six-month evaluation to assess the technical and environmental viability of the project. Upon completion of the study, GS Caltex will determine the scope and timing of its potential investment. Should the project proceed, it would be the first of its kind in Indonesia to utilise evaporative concentration technology to process palm oil waste. According to a company representative, this method is considered a more straightforward and potentially more effective alternative to conventional methane capture techniques. By preventing the natural decomposition of POME, the process could deliver significant reductions in methane emissions. “Evaporative concentration of palm oil mill effluent is considered simpler than existing methane capture methods and can reduce emissions more effectively by preventing decomposition,” a GS Caltex official stated. “Following the feasibility study, we will consider moving forward with the project at palm oil farms in Indonesia.” GS Caltex also highlighted the growing relevance of biofuels, particularly for sustainable aviation fuel (SAF), which is increasingly in demand. Regulatory bodies in South Korea, the European Union, and the United States are moving toward mandatory blending of bio-based fuels in aviation operations. In environmental terms, each facility developed under this initiative could potentially offset emissions equivalent to those absorbed annually by approximately 14 million 30-year-old pine trees. This is primarily due to the replacement of traditional practices, where POME is left to decompose in open ponds, releasing substantial volumes of methane — a greenhouse gas with a global warming potential nearly 28 times greater than carbon dioxide over a 100-year period. The project signals GS Caltex’s continued commitment to sustainable innovation and low-carbon technologies, with the potential to contribute meaningfully to global emission reduction efforts. -ANN

Investment & Market Trends, News

FWD Group Seeks HK$3.5 Billion in Long-Awaited Hong Kong IPO

Richard Li’s FWD Group Holdings Ltd is aiming to raise HK$3.5 billion (approximately US$442 million or RM1.9 billion) through an initial public offering in Hong Kong, according to a stock exchange filing issued on Thursday. The move comes after years of delays and reflects improved sentiment in the city’s equity markets. The pan-Asian insurer is offering 91.3 million shares at HK$38 apiece, with trading expected to commence on 7 July. The listing marks a significant milestone for Li, the son of Hong Kong tycoon Li Ka-shing, who first floated plans to take FWD public in 2021. Originally, FWD targeted a US IPO with ambitions of raising up to US$3 billion. However, that attempt was shelved amid growing regulatory scrutiny in Washington over Chinese-linked listings, following the high-profile investigation into Didi Global Inc. The aftermath triggered Beijing’s broader clampdown on overseas share sales by Chinese firms, forcing FWD to reconsider its approach. Subsequently, the company shifted its IPO ambitions to Hong Kong, though repeated filings never culminated in a launch due to weak market sentiment. Conditions in the city’s equity markets have only recently begun to rebound, buoyed by renewed interest from Chinese mainland companies seeking secondary listings. Notably, battery giant Contemporary Amperex Technology Co Ltd raised over US$5 billion in May, delivering the world’s largest market debut so far in 2025. Although valuations in the insurance sector — including those of peers such as AIA Group Ltd and Prudential plc — remain below their 2021 highs, they have shown marked improvement this year, offering a more conducive environment for FWD’s long-anticipated offering. Morgan Stanley and Goldman Sachs Group Inc are acting as joint sponsors for the listing, with HSBC Holdings plc serving as financial adviser, according to the company’s prospectus. -Bloomberg

News

Genesis Strengthens Global Marketing Alliance with PGA Tour Through 2030

Genesis, the premium automotive marque under South Korea’s Hyundai Motor Group, announced an expanded global marketing partnership with the PGA Tour, extending the collaboration through 2030. The new multiyear agreement marks a significant milestone for the brand’s international presence in sports marketing. Under the enhanced partnership, Genesis has been appointed the first-ever global official vehicle partner for both the PGA Tour and PGA Tour Champions. The company also assumes the role of official mobility partner for the PGA Tour, further embedding its brand into the professional golf ecosystem. A cornerstone of the agreement sees Genesis become the inaugural sponsor of the PGA Tour’s newly launched World Feed, a platform created to deliver exclusive content to global golf audiences. This strategic move is designed to elevate Genesis’ visibility and engagement with international markets. The brand will also maintain a prominent presence through digital activations and year-round content integration at select PGA Tour events, aligning with its broader marketing ambitions. To mark the announcement, Genesis and the PGA Tour will unveil a new television programme, Driven, scheduled to premiere ahead of the third round of the Rocket Mortgage Classic on CBS in the United States this Saturday. “Genesis is honoured to become the first-ever global official vehicle sponsor of the PGA Tour. This milestone reflects the deep trust and shared vision between our two organisations, built over years of partnership,” said Jose Muñoz, Chief Executive Officer of Genesis and Hyundai Motor Company. -Yonhap

News

Gamuda Positioned for Strong Growth on Back of Expanding Project Pipeline

Gamuda Bhd is on course to solidify its status as a premier regional engineering and infrastructure powerhouse, underpinned by a robust project pipeline and sustained expansion into key international markets. The company is expected to achieve an impressive order book totalling between RM40 billion and RM45 billion by the end of 2025. This trajectory is being propelled by its increasing foothold in high-potential markets and participation in major infrastructure initiatives. According to MIDF Research, ongoing reports surrounding possible delays in the Sydney Metro West (SMW) project may actually present an upside for Gamuda. The research house noted that the group could stand to benefit from potential variation claims related to the delays. Awarded in March 2022, the Western Tunnelling Package of the SMW project is valued at approximately A$2.57 billion and was secured by Gamuda Australia in partnership with Laing O’Rourke, under a contract with the New South Wales Government. This value includes RM1.2 billion in variation orders. Recent developments in Australia have revealed that two tunnel boring machines were halted for six weeks due to proximity concerns involving the Telstra Exchange building on Church Street. While this has raised the prospect of significant additional costs and variation claims—potentially in the hundreds of millions of dollars—tunnelling has since resumed. Both NSW Premier Chris Minns and Sydney Metro have confirmed that the temporary suspension is not expected to impact the overall project budget or delivery timeline. MIDF Research reaffirmed its positive outlook on Gamuda, stating that any delays associated with the SMW project may ultimately benefit the company due to strategic workarounds and entitlement to variation claims. Elsewhere, Gamuda is poised to make its entry into the New Zealand market. The group, as part of the Together North consortium, has been shortlisted as one of three contenders for the initial phase of the Northland Corridor project. The scope includes the construction of a 26-kilometre expressway and a twin-bore tunnel, marking a significant milestone in the company’s international growth strategy. MIDF Research has maintained a “buy” call on Gamuda, with a target price of RM5.42, citing the company’s resilient fundamentals and expanding global footprint. -The Star

News

RHB Bank Names Vashta Mahendran as New Group COO, Effective 1 July

RHB Bank Berhad has confirmed the appointment of Vashta Mahendran as its new Group Chief Operations Officer (COO), effective 1 July. The transition follows the departure of current COO David Chong Ming Liang, whose term concludes on 30 June after three years in the role. Vashta brings with her more than 30 years of experience in the financial services industry, underpinned by a strong track record in operational leadership and strategic execution. She first joined RHB Bank a decade ago and has since led a number of key group-wide transformation initiatives, contributing significantly to the bank’s ongoing modernisation and performance optimisation efforts. Datuk Mohd Rashid Mohamad, Group Managing Director and Group Chief Executive Officer of RHB Banking Group, expressed confidence in the appointment, stating that Vashta’s leadership will be instrumental in the bank’s continued transformation and operational excellence. “As we embark on the next phase of our growth journey, Vashta’s leadership and strength in driving operational transformation will be key in delivering our Progress27 strategy, and achieving our strategic objectives of being best in service, highly profitable and to be a responsible and purposeful organisation,” he said. Vashta holds a bachelor’s degree in accounting and finance from the University of Manchester. -The Edge

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