Malaysia

KUALA LUMPUR:  Bina Puri Holdings Bhd has announced significant changes in its boardroom, with the retirement of founder director Dr Tan Cheng Kiat and deputy executive chairman Tan Sri Tee Hock Seng. Cheng Kiat, 77, who founded the company in 1975, has served on the board since 1990 and holds a 2.38% equity interest in the group. Hock Seng, 76, also joined the board in 1990 and has had a long tenure with the company, holding a 3.05% direct and 5.55% indirect stake. Their retirement comes at a time when the company faces financial challenges, including a winding-up petition filed by Wisma Majujaya Sdn Bhd over an unpaid RM30 million court award. The High Court had previously granted a summary judgment in favour of Wisma Majujaya, seeking the company’s liquidation. In response to the changes, Bina Puri has also announced the redesignation of Chai Chan Tong, who has moved from group managing director and CEO to group managing director. Chai, who holds a 24.64% stake in the company, was appointed to the board in January 2023 and took on the role of CEO in October 2023. Additionally, Goh Kee Lun has been appointed as executive director and group chief financial officer. Goh, a major figure in the smart e-scooter space, will also lead the company’s financial strategies. Joining the board is Datuk Seri Mohd Kamarudin Md Din, a retired police commissioner, who has been appointed as an independent and non-executive director. Kamarudin, the former chief police officer of Johor, brings his extensive experience to the board. Bina Puri’s stock has been on the rise recently, climbing from a 52-week low of 26 sen to close at 34.5 sen on Wednesday, with the company now valued at RM275.05 million.

SHAH ALAM: A company manager has fallen victim to an online investment scam, losing RM2.65 million after being lured by a non-existent scheme advertised on Facebook. The 54-year-old man was initially attracted to an ad on the social media platform, which led him to a WhatsApp conversation with an individual claiming to be an investment instructor named “Wendy Lim.” Selangor police chief Datuk Hussein Omar Khan revealed that the victim was added to a WhatsApp group where he followed the scheme for two months. During this period, he received an initial return of RM100,000, which boosted his confidence and led him to transfer a total of RM2.65 million across 44 transactions to nine different bank accounts. These transfers were made after he was shown a purported profit of nearly RM8 million on the platform. However, when the victim attempted to withdraw the supposed profit, he was told to pay several tax fees to facilitate the process. Suspecting something was wrong, he eventually reported the matter to the police. In a separate case, a 69-year-old German national in Sepang lost over RM3 million in an online scam where the victim was deceived by individuals pretending to be from the Inland Revenue Board (IRB) and Bank Negara Malaysia (BNM). The scam involved instructions to open a bank account to receive a large sum of money, with demands for tax payments before the funds could be accessed. The victim made 25 transfers amounting to RM3.09 million before realising he had been defrauded. Police have launched investigations into both cases under Section 420 of the Penal Code, which deals with cheating and dishonesty.–BERNAMA

KUALA LUMPUR: Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) has flagged 2025 as a challenging year, citing global economic uncertainties and escalating geopolitical tensions, particularly from the ongoing trade war among major economies. Despite this, the bank remains optimistic about sustaining its growth trajectory through strategic diversification and tapping into new market segments. Bank Rakyat’s newly appointed CEO, Ahmad Shahril Mohd Shariff, explained that the bank is focused on expanding its lending activities to support household spending and exploring new market segments. The bank’s personal financing segment continues to be a major contributor to its earnings, but it is also looking to diversify into sectors such as water utility financing, logistics, and tax-related financing. These non-personal financing areas saw growth of 10.6% in FY2024, outpacing the overall market. The bank also plans to increase its focus on the mass affluent and non-Bumiputera markets, which it sees as having significant untapped potential. “We are not abandoning personal financing — it remains our bread and butter — but we are creating a bigger pie by also focusing on new engines of growth,” said Shahril. In line with its strong financial performance, Bank Rakyat announced a flat dividend payout of 17% for FY2024, maintaining the same payout ratio as the previous year. This translates to a total distribution of RM486.32 million, up from RM426.8 million in FY2023. Shahril attributed this stable dividend to the bank’s sustained profitability and robust financial resilience. For FY2024, Bank Rakyat reported a 3.15% year-on-year increase in profit before tax and zakat, reaching RM1.82 billion, up from RM1.76 billion in FY2023. This growth was driven by a continued focus on core business activities, improving asset quality, and a favourable domestic economic environment. The bank’s gross income rose slightly by 0.36%, in line with its five-year BR25 strategic plan. Additionally, deposits grew by 5.5% to RM10.75 billion, supported by efforts to grow savings and investment accounts. Chairman Datuk Mohd Irwan Mohd Mubarak highlighted the bank’s resilience, attributing its strong performance to prudent risk management, cost discipline, and targeted growth in consumer financing. The bank’s asset quality also improved, with the non-performing financing ratio declining to 1.93% from 2.02% in the previous year, and its cost-to-income ratio stood at 46.89%, below the industry average. Despite the anticipated challenges in 2025, Bank Rakyat is confident that its strategic initiatives, including digitalisation and focus on higher-income customer segments, will continue to drive its growth and financial resilience.

KUALALUMPUR: Sultan Ibrahim Sultan Iskandar, the King of Malaysia, expressed confidence that Malaysia and China will continue to foster strong cooperation, despite the ongoing global geopolitical challenges. The King made these remarks during a meeting with Chinese President Xi Jinping at Istana Negara on Wednesday. Sultan Ibrahim highlighted Malaysia’s commitment to deepening its economic integration, boosting supply chain and industrial collaboration, and enhancing connectivity. He also emphasised the importance of mutual respect and benefit in Malaysia’s engagement with global partners, including China. He praised the potential for Chinese companies and investors to explore opportunities in Malaysia, particularly within the Forest City Special Financial Hub, located in the Johor-Singapore Special Economic Zone, which has become a prominent regional investment location. The King further noted that Malaysia is keen to promote language exchanges between the two nations, with growing student exchanges as a key area of focus. Sultan Ibrahim announced his intention to actively support the establishment of the Sultan Ibrahim Malay Studies Chair at Beijing Foreign Studies University, highlighting the role of language as a vital bridge for strengthening bilateral ties. President Xi Jinping, who is on a three-day state visit to Malaysia, was also welcomed at Istana Negara with a state ceremony. This marks Xi’s second official visit to Malaysia in 12 years, following the upgrade of the diplomatic relations between the two countries to a Comprehensive Strategic Partnership in 2013. Xi’s visit is part of his first state visit series of 2025, which also includes stops in Vietnam and Cambodia. Malaysia and China have maintained strong diplomatic and trade relations since 1974, with China remaining Malaysia’s largest trading partner for 16 consecutive years. In 2024, bilateral trade between the two nations reached RM484.12 billion, representing 16.8% of Malaysia’s total global trade. Sultan Ibrahim’s optimism underscores the ongoing strength of the Malaysia-China partnership and the potential for continued collaboration in the years ahead.

KUALA LUMPUR:  Malaysia and China have taken a significant step to deepen their economic cooperation, signing several memoranda of understanding (MOUs) that aim to enhance trade in services, industrial cooperation, and technology exchanges, particularly in the fields of artificial intelligence (AI) and the digital economy. The signing ceremony, which took place on Wednesday, was witnessed by Malaysian Prime Minister Datuk Seri Anwar Ibrahim and visiting Chinese President Xi Jinping. The MOUs focus on various critical sectors, including trade in services, industrial parks, and technological advancements. Notably, the two countries have committed to upgrading the “Two Countries, Twin Parks” initiative, which includes the Malaysia-China Kuantan Industrial Park and the China-Malaysia Qinzhou Industrial Park. These parks have already become models for cross-border industrial cooperation, fostering business growth and increasing investment flows. Other MOUs signed during the event include agreements between the Digital Ministry of Malaysia and China’s National Development and Reform Commission (NDRC), focusing on AI collaboration and digital economy advancements. These agreements reflect both countries’ commitment to enhancing their technological and digital capabilities, driving innovation, and addressing global challenges in the technology sector. Additionally, a separate MOU was signed between the State Administration for Market Regulation of China and Malaysia’s Department of Standards to promote cooperation in standardisation efforts. This will allow both nations to harmonise standards, enhancing the quality of goods and services, and improving bilateral trade. The ceremony was held at the Seri Perdana Complex in Putrajaya, coinciding with President Xi Jinping’s three-day state visit to Malaysia. The MOUs were exchanged by high-ranking officials from both nations, including Malaysia’s Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz and China’s Minister of Commerce Wang Wengtao. This new wave of agreements comes as both countries continue to seek stronger trade and investment linkages, with a particular emphasis on innovation and sustainability in key industries. The partnership is expected to bring mutual benefits, positioning both Malaysia and China as leaders in regional economic and technological development.