Malaysia

KUALA LUMPUR: In support of this conference, Exabytes has once again partnered with CIMB Group, the official Platinum Sponsor of the conference for the second year in a row. AWEWE 2024 is also supported by the Penang State Government.   The conference, held on May 7th at Loft 29, Penang, and May 9th at the Exabytes Event Hall, Selangor, gathered influential visionaries, thought leaders, and over 200 pioneering women entrepreneurs from Malaysia. Under the theme “Catalysing Economic Inclusion through Cybersecurity and Tech Advancements,” attendees engaged in insightful discussions on digital trends, business opportunities, and the importance of cybersecurity in today’s evolving landscape. With women comprising only 35% of Malaysia’s technology workforce, this year’s theme aligned strongly with the spirit of International Women’s Day, advocating for the empowerment and advancement of women in the digital sphere. Moderated by Ong Siou Woon, Director of Operations at Penang Institute, and featuring panelists such as Bharati Suresh Chand, Ahila Ganesan, and Mei Tan in Penang, as well as Shermaine Wong, Musyrifah Malek, and Huay Ping Seet in Kuala Lumpur, the conference delved into topics like funding opportunities, market trends, and self-leadership through engaging panel discussions and immersive workshops led by industry experts. The highlight of the event was the intimate fireside chats with successful entrepreneurs Penny Choo and Shirley Saw, who shared personal anecdotes and invaluable insights to inspire and empower the attendees. Kee Siak Chan, Founder and CEO of Exabytes, emphasized the company’s commitment to empowering women entrepreneurs in digital business ventures, offering support and resources to help them succeed and thrive in the digital era. Exabytes partnered with CIMB Group, the official Platinum Sponsor of the conference for the second consecutive year, to further support women entrepreneurs in harnessing technology for business growth. Supported by the Penang State Government, AWEWE 2024 aimed to provide a platform for women entrepreneurs to gain insights, expand their networks, and access digital resources through Exabytes’ Digital Toolkit, which includes essential tools and services to support their digital journey. Since its inception in 2021, Exabytes has been dedicated to empowering and supporting women entrepreneurs through its AWEWE campaigns, offering tangible support such as free websites, digital courses, and tools. Each year, the campaign has evolved to address the changing needs and challenges faced by women in the digital landscape, demonstrating Exabytes’ ongoing commitment to fostering gender equality and diversity in the business environment.

KUALA LUMPUR: Southern Score Builders Berhad, a leader in construction management for high-rise residential buildings and civil infrastructure, has garnered shareholder approval for a strategic move to maximize growth potential. The shareholders greenlit a proposal to extend the utilization timeframe of proceeds from a prior private placement, signaling the Group’s proactive stance towards enhancing its market position. The Group, having raised RM108.6 million from a private placement in November 2022 and with RM46.0 million still untapped as of February 2024, has decided to reallocate RM21.8 million towards potential acquisitions. These acquisitions are carefully chosen to complement the Group’s existing business, particularly in the mechanical and electrical (M&E) construction domain. This strategic reallocation aims to infuse Southern Score with fresh avenues for growth while bolstering its earnings. Mr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score, emphasized the Group’s deliberate approach, stating, “We are actively pursuing acquisitions that align with our core business, focusing on M&E construction. With robust discussions underway and a solid financial standing, we are well-positioned to seize these opportunities.” He highlighted the potential within high-tech industries, driven by significant foreign direct investments in Malaysia, as key areas for expansion. The extended timeframe, ranging from 18 to 24 months, provides the Group with ample room to execute its strategic acquisitions and capitalize on emerging prospects within the M&E sector. Furthermore, this move is anticipated to diversify revenue streams and deliver enhanced value to stakeholders. In a separate development, the Group declared an interim dividend of 1.0 sen per share for the financial year ending 30 June 2024, underlining its commitment to shareholder returns amidst strategic growth initiatives.

BENGALURU: Shell reaffirms its dedication to the mobility sector in Malaysia despite recent reports suggesting discussions with Saudi Aramco regarding the potential sale of its petrol stations in the country. According to Reuters, discussions commenced in late 2023, with a potential deal valued at up to US$1 billion, as per four industry sources. With approximately 950 fuel stations in Malaysia, Shell ranks as the second-largest operator following state-owned Petronas. In addition to its retail presence, Shell engages in the sale of industrial lubricants, offshore crude oil and natural gas extraction in Sarawak and Sabah, and participation in two liquefied natural gas joint ventures within the nation. This purported divestment aligns with CEO Wael Sawan’s strategy to prioritize the most profitable segments of the company. As part of this initiative, Shell aims to divest 500 fuel stations within the current and following fiscal years. Furthermore, the company is in the process of selling its Singapore refinery and petrochemical complex. —REUTERS

KUALA LUMPUR: Airbus reiterates Malaysia’s significance as a crucial market for its military helicopters, defense, and Space sectors, underscoring its unwavering commitment to fortifying its established foothold within the country. During discussions at the Defence Services Asia exhibition, Airbus executives emphasized Malaysia’s pivotal role as a primary clientele across its commercial aircraft, helicopter, defense, and Space divisions. As a strategic ally to Malaysia, Airbus has fostered robust industrial collaborations that have contributed substantially to the local economy. The aerospace giant aims to further enhance existing partnerships and investments within the local framework. This initiative includes the establishment of a third helicopter full flight simulator in Subang, slated to commence operations in 2026. Acknowledging Malaysia’s escalating demand for new helicopter assets to bolster national defense and security, Airbus is aligning its capabilities to accommodate this surge. The versatile H225M helicopters stand ready to fulfill various mission requirements, including special operations, combat search and rescue, and tactical transport. Notably, the Royal Malaysian Air Force (RMAF) currently operates 12 H225Ms for both military and humanitarian missions. With a focus on replacing aging assets, particularly in roles like law enforcement, Airbus advocates the H135 as an optimal solution. This model, widely acclaimed globally, boasts over 1,500 units in service, including approximately 200 deployed for law enforcement purposes worldwide. Furthermore, Airbus anticipates addressing the region’s escalating demand for enhanced capabilities and the modernization of military transports. The company stands prepared to furnish Malaysia with a robust mixed fleet comprising A400M and C295 aircraft, capable of meeting both strategic and tactical needs. Currently, the RMAF operates four A400M aircraft for strategic airlift, while the C295 complements the A400M, fulfilling tactical airlift requirements. In the realm of Space, Airbus’ enduring partnership with the Malaysian Space Agency (MYSA) has flourished since 1998, encompassing satellite imagery, systems, and services. Malaysia boasts unique infrastructure enabling the reception of telemetry from SPOT, Pléiades, and TerraSAR-X satellites. Additionally, Airbus-built satellites MEASAT-3b and MEASAT-3d deliver broadband connectivity to remote areas lacking terrestrial networks. Addressing maritime security concerns, Airbus collaborates with the Malaysian Maritime Enforcement Agency (MMEA) through its STYRIS coastal surveillance solution, supporting vital surveillance operations along the Straits of Malacca and East Malaysia for the past 15 years. Anand Stanley, President of Airbus Asia-Pacific, expressed optimism regarding the enduring partnership with Malaysian stakeholders. As the aerospace sector in the region continues to flourish, Airbus is committed to expanding its local footprint and fostering deeper collaborations.

KUALA LUMPUR: The current management tussle in South Malaysia Industries Bhd (SMI) shows no signs of abating, with the board appointing Leow Thang Fong as chief executive officer (CEO) even after shareholders voted against his continuation as a director of the company during the annual general meeting (AGM) on March 27, 2024. This move will likely fuel the company’s ongoing management turmoil, raising questions about corporate governance and shareholder influence in critical decision-making processes. During the AGM, a majority, or 51.2 per cent of shareholders, expressed their lack of confidence in Leow’s leadership by voting against him. Despite the decisive vote, SMI’s board reinstated Leow in a more senior executive position, prompting concerns about the board’s regard for shareholder democracy. A major shareholder of SMI, wishing to remain anonymous, expressed deep worry about Leow’s recent appointment as CEO, especially since the majority of shareholders rejected him at the AGM. “This move not only undermines the shareholders’ vote but also raises serious questions about the board’s commitment to transparency and good governance. “We believe in the importance of aligning leadership with shareholder interests and are currently evaluating our options to ensure that the company adheres to the highest standards of corporate governance,” the shareholder told The Exchange Asia. Though lawful, the decision raises questions about conventional corporate governance norms and could worry investors about the integrity of governance practices within SMI, the company said in a statement. Further, the decision can potentially undermine investor confidence, possibly discouraging foreign investment in Malaysia, as investors highly prioritise transparency and robust governance in market operations. To recap the background, Honsin Apparel Sdn Bhd (HASB), a subsidiary of Techbase Industries Bhd, owns a 7.5 per cent stake in SMI and has actively advocated for governance reforms within the company. HASB has been engaged in continuous legal battles with SMI, seeking to instigate improvements in governance and management practices. In October 2023, HASB secured a legal victory allowing them to convene an extraordinary general meeting (EGM). However, SMI thwarted this effort by obtaining a judicial stay, delaying the EGM. These recent developments highlight a more significant concern regarding the possible exploitation of shareholder rights by current directors within SMI. SMI’s response to this appointment’s aftermath has the potential to establish significant precedents for corporate governance norms in Malaysia. Investors and governance experts are closely monitoring this situation to see its implications. On March 21, SMI announced its decision to postpone plans for directorial changes following a significant shareholder’s move to seek a temporary court order. According to an exchange filing, SMI promptly convened an emergency board meeting on March 20 after receiving a writ of summons and notice of application for an interim injunction from Mah Sau Cheong. Legal advisors cautioned the company against potential contempt of court if it were to act before a court ruling. “The board, in alignment with the advice from legal counsel, has determined it prudent for SMI to maintain its current state and await the court’s decision before proceeding with the proposed changes,” SMI said in a statement. Mah has applied for a temporary court injunction to block SMI from presenting resolutions by HASB and Chong Fu Shen at its annual general meeting on March 27 and at any subsequent general meetings. Furthermore, he has requested that Datuk Au Yee Boon and any affiliated entities refrain from initiating resolutions to dismiss or appoint new directors until the lawsuit is fully and conclusively resolved. HASB has previously served notice to SMI, indicating its desire to nominate Hong Zheng Hong and Tan Eng Gooi as directors at the upcoming AGM on March 27. However, SMI announced that it opposes this proposal. In addition to HASB, another minor shareholder, Chong Fu Shen, has expressed a similar intention to nominate himself, Lum U-Jun, Chong Fu Chih, and Loo Choo Hong as directors. Asian PAC Holdings Bhd (APH) is SMI’s largest shareholder, holding a direct stake of 2.25 per cent and an indirect shareholding of 9.3 per cent. Mah, on the other hand, holds the largest share in APH, with a 32 per cent stake and a direct interest of 7.65 per cent in SMI. HASB’s notice of intent comes amidst a series of ongoing legal disputes with SMI, stemming from its joint efforts with HIQ Media (M) Sdn Bhd to gain control of the listed company’s boardroom since February last year.