international

EG Industries Bhd has signed a third letter of intent (LOI) with China’s Cambridge Industries Group (CIG), a Shanghai-based specialist in optical and broadband technologies, to further scale up manufacturing operations in Batu Kawan, Penang. The initiative marks a significant step in the continued collaboration between the two companies and complements EG Industries’ existing facility in Sungai Petani, Kedah. In a corporate statement, EG Industries outlined plans to significantly enhance production capabilities at the Batu Kawan facility. The expansion will include the installation of new high-speed surface mount technology (SMT) lines, the upgrade of cleanroom environments from 1K to 10K standards specifically for optical modules, and a wider deployment of automation across testing and packaging processes. These enhancements align with CIG’s broader innovation roadmap and are designed to strengthen its strategic partnership with EG Industries, ensuring greater responsiveness to global customer demands. The latest LOI follows two earlier agreements. In April 2024, EG Industries secured a second LOI to manufacture 1.6-terabit optical signal transmitters and receivers for next-generation 5G wireless networks. This built on the groundwork laid in 2022 under the first LOI, which covered the production of 100G, 200G, and 400G optical components. Chief Executive Officer Datuk Alex Kang said the expanded Batu Kawan facility would serve as a cornerstone in the development of advanced connectivity solutions, including the roll-out of 5G and 5G Advanced (Release 18) technologies for global deployment. “This expanded collaboration also reinforces regional supply chain resilience and enhances delivery efficiency across CIG’s global customer base,” he added. Shares in EG Industries closed one sen higher at RM1.20 on Friday, representing a 0.84% gain and valuing the company at RM1.12 billion. Despite this uptick, the stock has declined 4% year-to-date. -The Edge

The proposed sale of a controlling stake in Indonesia’s Bank Pan Indonesia Tbk (Panin Bank) has encountered a setback, with discussions between the sellers and potential buyers faltering due to a divergence in valuation expectations, according to three individuals familiar with the matter. The stake, jointly owned by Australia and New Zealand Banking Group (ANZ) and Indonesia’s Gunawan family, comprises approximately 86% of the Jakarta-listed lender. Based on Panin Bank’s share price of 1,140 rupiah as of Friday, the combined holding is valued at roughly USD 1.45 billion. The Gunawan family, which holds around 46.5% of the bank, is reportedly open to divesting part of its interest. ANZ controls a 39.2% stake. Both parties launched a formal sale process last year, seeking to offload their joint holdings as part of ANZ’s broader strategic retreat from low-return operations across Asia, including retail and wealth segments. Panin Bank, founded by Mu’min Ali Gunawan in 1971 and listed in 1982, operates across consumer finance and private wealth services. Earlier in 2025, regional banking giants such as CIMB Group and DBS Group expressed preliminary interest in acquiring the stake. However, neither party submitted binding offers, with the valuation mismatch proving a major impediment, sources said. One of the sources indicated that the sellers were targeting a valuation exceeding twice Panin Bank’s current price-to-book ratio. As of the first quarter ending March 2025, the bank traded at approximately 0.75 times book value, according to LSEG data. The process, managed by Citigroup, may be revived if both sides can bridge the pricing gap. Notably, CIMB remains open to further discussions, one of the individuals added. Representatives from ANZ, Citi, and DBS declined to comment on the matter. A spokesperson for Panin Bank, President Director Herwidayatmo, clarified that management is not involved in the sale and referred enquiries to the shareholders. The Gunawan family could not be reached for comment. CIMB has yet to respond to a request for comment. -Reuters

Shanghai has become home to China’s first-ever Legoland Resort, marking a significant milestone for the Lego Group and Merlin Entertainments as they expand their global footprint in one of the world’s most dynamic family entertainment markets. The resort officially opened its doors on Saturday with the unveiling of Dada, a striking 26-metre Lego figure that now serves as the park’s towering greeter. Constructed with an extraordinary 85 million Lego bricks, the Shanghai Legoland Resort joins a network of 11 parks worldwide. The development represents a strategic collaboration between Merlin Entertainments, the Lego Group and the Shanghai government, aligning with the city’s ambition to strengthen its cultural and tourism offerings. A key highlight of the park is Miniland, an immersive attraction that recreates famous landmarks from around the globe entirely in Lego form. Chinese cultural icons such as Beijing’s Temple of Heaven and Shanghai’s iconic Bund waterfront feature prominently, alongside a boat tour that navigates a meticulously crafted Lego version of a historic Chinese water town. “My first impression is it is a good recreation, like a real fairyland of Lego,” said Ji Yujia, a Lego enthusiast who attended the grand opening. The resort’s launch not only enhances the regional leisure landscape but also signals a strong commitment to China’s growing demand for high-quality family entertainment destinations. -AP

SK Telecom (SKT) has been directed to waive early termination fees for customers who have cancelled or will cancel their contracts between 19 April and 14 July, following a significant SIM hacking incident. The directive comes as part of the South Korean government’s final determination after a months-long investigation into the breach, which compromised data linked to nearly 27 million subscriber identification numbers (IMSIs). The Ministry of Science and ICT announced on Friday that SKT bore responsibility for the incident, citing operational negligence and failure to uphold its contractual duty to provide secure communication services. In its final report, the Ministry concluded that SKT’s failures constituted a breach of service terms, entitling affected customers to financial relief. Scope of the Breach The breach, which began in August 2021, was only confirmed in April this year. Investigators found that hackers accessed SKT’s core network infrastructure, compromising 9.82 gigabytes of SIM data. This included 25 categories of information such as phone numbers and IMSIs, amounting to approximately 26.96 million records — effectively the entirety of SKT’s subscriber base. An extensive inspection of SKT’s systems revealed 33 malware types, including 27 variants of BPFDoor — a sophisticated remote access tool designed to bypass standard authentication and monitoring protocols. The malware was discovered on 28 servers, an increase from earlier findings which identified 23 malware types on 23 servers. Authorities believe the probability of further immediate damage remains low. Science Ministry Second Vice Minister Ryu Je-myung stated during a briefing that no additional harm, including SIM cloning, has been detected. He also confirmed that no leaks were identified among the 290,000 IMEIs stored within the customer management system during the log-covered period. However, due to missing log data covering two and a half years, the possibility of undetected breaches cannot be fully excluded. Security Failures and Regulatory Breach The investigation found that SKT failed to encrypt critical credentials and authentication keys, including those stored on its core voice authentication server (HSS). Hackers initially gained entry through a misconfigured server on a management network exposed to the internet. This server contained unencrypted credentials, enabling the attackers to access the HSS system directly. These findings highlighted significant lapses in SKT’s security practices. Unlike its domestic competitors KT and LG U+, which encrypt SIM-related data in accordance with GSM Association guidelines, SKT stored sensitive authentication keys in plain text. The government’s report also criticised SKT for its inadequate response to earlier signs of a breach. In February 2022, an abnormal reboot of an infected server was internally addressed without notification to authorities — a clear violation of the Information and Communications Network Act, which from 2024 will mandate breach reporting within 24 hours. Furthermore, SKT’s review of only one of six critical logs during this period resulted in a missed opportunity to detect the infiltration earlier. “Had SKT examined the remaining logs, it could have confirmed that the HSS server had been compromised with BPFDoor malware,” Ryu said. Company Response and Government Oversight In response to the government’s findings, SKT convened an emergency board meeting. Chief Executive Ryu Young-sang confirmed the company would fully comply with the directive and waive early termination charges for affected customers. The Science Ministry has ordered SKT to submit a comprehensive plan to prevent future incidents by the end of July. Authorities will conduct a follow-up review of the implementation measures in November or December. -Korea JoongAng Daily