Malaysia

Ho Wah Genting Bhd has announced the redesignation of Lim Wee Kiat as its Chief Executive Officer, effective 7 July. Previously serving as Executive Director, Lim takes the helm of the group with a strong background in information technology and a legacy connection to the company’s founding leadership. In a filing to Bursa Malaysia, the group stated that Lim holds a Bachelor of Science (Honours) in Computing and Information Systems from the University of Nottingham, United Kingdom. He brings more than nine years of professional experience in the IT industry, most recently in the role of systems engineer. Lim Wee Kiat is the son of Datuk Lim Hui Boon, the founder and current Group President of Ho Wah Genting, who established the company in 1979. Lim is also a substantial shareholder, holding 250,000 shares directly and an additional 21.9 million shares indirectly through Ho Wah Genting Holding Sdn Bhd. This appointment marks a significant milestone in the group’s leadership transition as it continues to position itself for future growth under the next generation of leadership. -The Star

Petroliam Nasional Berhad (PETRONAS) has marked a major milestone in its international expansion with the successful export of its first liquefied natural gas (LNG) cargo from the newly operational LNG Canada facility, located in Kitimat, British Columbia. The inaugural shipment, transported aboard the 174,000 cubic metre LNG vessel Puteri Sejinjang, departed for Japan yesterday. This development signifies a key achievement in PETRONAS’ Canadian investment and further solidifies the company’s reputation as a reliable global LNG supplier. In a statement released yesterday, PETRONAS underscored the strategic importance of the facility to its global LNG portfolio. “This milestone reinforces PETRONAS’ position as a reliable LNG supplier, with LNG Canada serving as a strategic addition to its growing global network of supply nodes,” it stated. LNG Canada sets a new benchmark in sustainable energy infrastructure, with greenhouse gas intensity levels approximately 35% lower than the best-performing LNG facilities worldwide and 60% below the global average. The facility incorporates cutting-edge technologies including energy-efficient gas turbines, advanced methane-leak detection and mitigation systems, and operates using electricity primarily derived from British Columbia’s hydroelectric-powered grid. PETRONAS holds a 25% equity stake in the LNG Canada project through its wholly owned entity, North Montney LNG Limited Partnership. The company views LNG Canada as a critical component of its broader global LNG strategy, which aims to diversify supply sources and enhance market responsiveness. -Bernama

AEON Credit Service (M) Bhd has reported a 15% year-on-year increase in revenue to RM599.92 million for the first quarter ended 31 May 2025 (1Q FY26), driven by stronger loan and financing growth. However, the company posted a 27% year-on-year decline in net profit to RM77.5 million, equivalent to an earnings per share of 15.19 sen. The decline in earnings was primarily attributed to higher operating and interest expenses, lower other income, and increased losses from an associate. AEON Credit noted that the group continues to adopt a cautious business stance in light of persistent global trade and tariff policy uncertainties, ongoing geopolitical tensions, inflationary pressures and continued volatility in global financial markets. During the quarter under review, the non-performing loan (NPL) ratio rose to 2.57% from 2.46% a year earlier. The group has initiated corrective measures to address the increase in credit risk. AEON Credit reaffirmed its commitment to prudent financial management and risk controls amid a challenging macroeconomic backdrop. -The Star

Bank Negara Malaysia (BNM) reported an increase in its international reserves to US$120.6 billion as at 30 June 2025, up from US$119.9 billion recorded on 13 June 2025. According to a statement released by the central bank, the current reserves position is sufficient to finance 4.8 months of imports of goods and services and represents 0.9 times the total short-term external debt. This continued strengthening of reserves underscores BNM’s prudent management of the country’s external assets amidst ongoing global economic uncertainties. The composition of the international reserves includes foreign currency reserves of US$107.0 billion, an International Monetary Fund (IMF) reserve position of US$1.3 billion, special drawing rights (SDRs) totalling US$5.9 billion, gold reserves of US$4.1 billion, and other reserve assets amounting to US$2.3 billion. Total assets stood at RM607.31 billion as of end-June, comprising gold and foreign exchange reserves including SDRs (RM510.06 billion), Malaysian government papers (RM13.27 billion), deposits with financial institutions (RM6.83 million), loans and advances (RM27.26 billion), land and buildings (RM4.58 billion), and other assets (RM45.31 billion). BNM also confirmed that total capital and liabilities matched the asset base at RM607.31 billion. These included paid-up capital of RM100 million, reserves of RM189.55 billion, currency in circulation amounting to RM171.82 billion, deposits by financial institutions at RM122.23 billion, federal government deposits of RM7.07 billion, other deposits of RM75.78 billion, Bank Negara papers (RM10.06 billion), allocation of SDRs (RM27.78 billion), and other liabilities (RM2.92 billion).

KUALA LUMPUR : In response to the downturn in their online bakery business during the COVID-19 pandemic, entrepreneurs Lailatul Sarahjana Mohd Ismail and her husband Mohd Tauk Khairuddin redirected their efforts into the fast-food industry, launching what would become Ahmad’s Fried Chicken. Identifying a growing appetite for locally produced food products, the couple embarked on a three-month product development phase, during which Lailatul focused on recipe creation while Tauk handled market research and branding. Their initial outlet at Mydin Senawang received strong customer response, prompting the couple to formalise the concept into a fast-food restaurant brand. “We aspired to create a Malaysian product we could be proud of,” said Lailatul. “The brand name itself—Ahmad’s Fried Chicken—reflects that. It’s derived from my husband’s nickname, given by his father, and represents local identity.” Formerly in the banking industry, Lailatul credited her professional background with helping streamline operations and apply automation in the new venture. To ensure flavour consistency and maintain high quality standards, the couple consulted with food and beverage industry professionals before finalising their proprietary fried chicken recipe. The menu has been positioned to be price-competitive against international fast-food giants, though Lailatul acknowledged that such global brands still benefit from supply chain efficiencies and contract farming arrangements. Ahmad’s Fried Chicken, by contrast, ensures quality control through in-house recipe development and centralised sourcing. The business operates under a licensing model, with branch establishment costs ranging between RM700,000 and RM1 million, subject to size and location. To date, 38 outlets—comprising both full-service and mini-restaurant formats—have opened across Malaysia. The company aims to expand to 66 outlets nationwide by the end of 2025. “We’re taking a measured approach, focusing first on urban locations as all raw materials, including chicken, are supplied from our headquarters in Puchong,” Lailatul explained. To facilitate expansion, the company is actively seeking strategic partnerships with small and medium enterprises (SMEs). “We require 10 additional SME partners to meet our growth targets this year. To date, we’ve received over 1,000 applications, which are currently under evaluation,” she added. Addressing recent calls to boycott international brands, Lailatul clarified that the brand’s inception was not reactionary. “Our objective was to create a high-quality local alternative. We’re not competing aggressively, but we want to offer consumers more choice—particularly in taste, portion size, and meals tailored to local preferences. While the boycott may have driven awareness, success ultimately hinges on quality.” Although the brand has not yet crossed the three-year threshold to qualify as a franchisor, Lailatul confirmed that discussions are underway with Perbadanan Nasional Bhd to develop a franchise framework. The company also has aspirations to expand internationally, with Saudi Arabia and the United States identified as potential markets. -Bernama

IOI Corporation Bhd is expected to face earnings pressure following the implementation of a 5% sales and service tax (SST) on palm kernel oil, according to a recent note by AmInvestment Research. The imposition is anticipated to compress margins within its oleochemical division, especially as Malaysian producers struggle to remain competitive against lower-priced Indonesian exports. The research firm highlighted that IOI Corporation’s integrated business structure may not provide sufficient flexibility to pass the additional tax burden onto customers. In the third quarter of the financial year 2025 (3QFY25), the group’s oleochemical segment reported earnings before interest and tax (EBIT) of RM14.6 million. IOI currently operates with an annual oleochemical production capacity of 890,000 tonnes, the bulk of which is located in Malaysia. Looking ahead, AmInvestment Research projects a 6% decline in EBIT for IOI’s manufacturing segment in the financial year 2026 (FY26), driven by persistent global economic uncertainty and its impact on overall demand. Despite these headwinds, the research house expects a notable rebound in upstream production. Fresh fruit bunch (FFB) output is forecasted to increase by over 30% quarter-on-quarter in the fourth quarter of FY25 (4QFY25), providing a partial buffer against weaker palm oil prices. The average crude palm oil (CPO) price realised is projected to decline to RM4,000 per tonne in 4QFY25, compared with RM4,667 per tonne in the previous quarter — representing a 14.3% decrease. AmInvestment Research has reiterated its “Hold” recommendation on IOI Corporation, maintaining a target price of RM4.05, based on 18 times price-to-earnings for calendar year 2026. -The Star

Sime Darby Property Berhad (SimeProp), through its wholly-owned subsidiary Sime Darby Property (Hong Kong) Limited (SDPHK), has entered into an interest-bearing loan agreement amounting to £10 million (approximately RM58 million) to support the ongoing development of the Battersea Power Station project in London. The loan, structured as a shareholders’ advance, will be used to finance future phases of the high-profile mixed-use development, with the funding extended to Battersea Project Holding Company Limited (BPHCL), the entity responsible for managing the project. SDPHK currently holds a 40 percent equity interest in BPHCL. The shareholders’ advance carries a tenure of five years. Interest on the loan will accrue at the Sterling Overnight Index Average (SONIA) rate plus 1.5 percent per annum. The facility will be funded through SimeProp’s existing financing lines. The company stated that it does not anticipate any material risks arising from the loan, other than the general market and operational risks inherent in property development activities within the United Kingdom. -The Star