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CHINA SAYS IT NOTES JPMORGAN CHIEF&#;S
SINCERE REGRET OVER REMARK p20

FRIDAY, NOVEMBER 26, w w w. t h e e d g e m a r k e t s. c o m

ISSUE 288/

CEOMorningBrief
HOME: Malaysia working with ASEM partners to establish Vaccinated Travel Lanes &#; PM p2
Bursa rejects Serba Dinamik&#;s second request for extension to issue FY20 annual report p5

AME to list RM557 mil of industrial assets under REIT p6
Maybank makes net profit of RM1.68 bil in 3Q p8

WORLD: Supply-chain crisis only getting worse with China&#;s seven-week port quarantine p20

Dyson terminates relationship with
ATA IMS over labour practices

Report on Page 4.

KENNY YAP/THE EDGE

5G vs 4G: Over 50% savings
for telcos, lower services

charges to public possible with
DNB&#;s model, says Zafrul

Report on Page 3.

friday november 26, 2 TheEdge CEO morning brief

the edge ceo morning brief published by publisher + ceo . Ho Kay Tat
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KUALA LUMPUR (Nov 25): Malaysia is Malaysia working &#;We need to undertake concrete initi-
currently working with a few Asia-Europe with ASEM atives to steer ASEM Connectivity clos-
Meeting (ASEM) partners like Singapore er to its objectives and principles,&#; he
and Indonesia to establish the Vaccinat- partners to establish added.
ed Travel Lane (VTL) on the path to so- VaccinatedTravel
cio-economic recovery. Lanes &#; PM Therefore, Ismail Sabri has called upon
the ASEM partners to facilitate and pro-
Prime Minister Datuk Seri Ismail Sabri Bernama mote people-to-people access and to foster
Yaakob said he hoped the resumption deeper economic ties.
of people movement between countries
would help boost economies, resuscitate ASEM, an intergovernmental process
livelihoods and refresh people-to-people established on March 1, to foster di-
contact. alogue and cooperation between Asia and
Europe, comprises 21 Asian countries, 28
&#;Our sincere goal is to save more lives, European Union countries, two European
particularly those vulnerable to the pan- countries, the ASEAN Secretariat and the
demic and living under challenging cir- European Commission.
cumstances,&#; he said at the 13th ASEM
Summit held virtually on Thursday. Malaysia joined ASEM in
and has since actively participated in
He said despite the negative impact, all ASEM initiatives that benefit both
the Covid-19 pandemic has presented the regions.
world with opportunities.
This year&#;s theme, &#;Strengthening
&#;Evidently, we have all been forced to Multilateralism for Shared Growth&#;,
scale up our resources for digital transfor- aligns with the current efforts undertak-
mation as we rebuild our socio-economic en by ASEM in tackling pressing glob-
sectors such as business, education and al challenges through effective dialogue
healthcare. cooperation.

Covid-19: Daily infections exceed 6,000 cases again on Nov 25

KUALA LUMPUR (Nov 25): Daily Bernama He added that 516 are being treated in
Covid-19 infections exceeded 6,000 cas- the Intensive Care Unit (ICU), with 272
es again, with 6,144 reported onThurs- Malaysia&#;s Covid-19 infection of them requiring respiratory assistance.
day (Nov 25), compared to 5,654 on curve dips
Wednesday, said Health director-gen- Dr Noor Hisham said seven new clusters
eralTan Sri Dr Noor Hisham Abdullah. Daily new cases were identified on Thursday, taking the total
7-day moving average number of active clusters to 235, while the
The last time daily Covid-19 infec- country&#;s infectivity rate or R-Naught (Rt) went
tions exceeded 6,000 cases was on Nov down to 0.99 compared to 1.0 onWednesday.
19, with 6,355 cases. Read also:
Clamour for bus tickets on
Dr Noor Hisham said recoveries ex- Singapore-Malaysia causeway
ceeded new cases on Thursday, with 6,144 reopening Click here
6,602 cases, to take the cumulative total 5,635 Covid-19: 82.8% of Malaysia&#;s
number of recovered cases to 5,510,029. 0 adolescents fully vaccinated as of
Jan 1, Nov 25, Nov 24 Click here
"A total of 6,048 cases of 98.4% of Covid-19 self-test kit now as low as
the new cases were in categories one RM4.90 Click here
(asymptomatic) and two (mild symp-
toms), while 96 cases of 1.6% were in
categories three, four and five (having
pneumonia, requiring oxygen supple-
mentation and on ventilators),&#; he said
in a statement on Thursday.

friday november 26, 3 TheEdge CEO morning brief

home

5G vs 4G: Over 50% savings for telcos,
lower services charges to public possible

with DNB&#;s model, says Zafrul

KUALA LUMPUR (Nov 25): Malaysia&#;s by Adam Aziz antee or financing from the government,
5G infrastructure owner Digital Nasional theedgemarkets.com especially via off balance sheet as alleged
Bhd (DNB) will charge less than 20 sen by some parties&#;.
for every gigabit for 5G to telcos, said Fi- invested by telcos every year,&#; Zafrul said.
nance Minister Tengku Datuk Seri Zafrul &#;This means they will achieve savings of It will be paid via a combination of de-
Abdul Aziz. ferred financing to vendors, trade financing
more than 50%, and that will reduce the and working capital, as well as sukuk which
Speaking in the Dewan Rakyat on service charges imposed on customers. At will be issued in the local capital market.
Thursday, Zafrul said this is &#;way cheap- the same time they will be able to pay more
er&#; compared with current incremental dividends to their shareholders,&#; he added. DNB will obtain the financing from fi-
cost of 45 sen to 55 sen for every 4G gi- nancial institutions such as banks, which
gabit produced by telcos. Zafrul also said that with this structure, will be repaid via earnings from the whole-
telcos will be able to provide 5G services sale network sale.
He added that the charges paid by - much earlier than if they launch the net-
cos to DNB for 5G leasing will be over work themselves. Zafrul was responding to questions from
50% lower than the capital spent for 4G Lukanisman Awang Sauni (GPS-Sibuti)
network currently. &#;The parable is like using a single large on concerns over pricing set by DNB as
highway for all vehicles, which will defi- a monopoly to telcos.
Thus, Zafrul confirmed that this will nitely require much lower cost for the driv-
result in more affordable 5G services for ers.This is compared to usage of multiple The pricing to telcos by DNB is still
the people, relative to the cost of 4G ser- small highways, especially if even the first being finalised, and pending approval from
vices currently. highway has not reached its full capacity the Malaysian Communications and Mul-
utilisation,&#; Zafrul said. timedia Commission (MCMC).
In the past, different 4G spectrums were
awarded to different telcos, who will go on &#;From the financial implication per- &#;MCMC as the regulator, will ensure
to develop their own infrastructure or lease spective, telcos may prioritise 5G roll- the pricing is fair and based on cost re-
from asset owners to support the spectrum out that is not open to all mobile virtual covery, and not to generate profit,&#; said
they were awarded with. network operators.This is because telcos Zafrul.
could retain their positions especially in en-
For the 5G network, DNB will roll out suring their profit margins remain secured. &#;I was informed that the pricing for 5G
the network through a single wholesale net- is almost finalised, and it is much different
work, for which it will be the sole owner &#;On the flip side, the model used by and way cheaper compared to the cost for
of the assets and will lease it out to telcos. DNB will encourage telcos to compete every gigabit of 4G by telcos,&#; he said.
from the perspective of costs, products and
&#;Through this model, each telco is ex- services, as they have already achieved sav- &#;As such, I believe telcos will welcome
pected to pay DNB between RM3.5 billion ings in terms of capital to establish the in- the pricing when it is informed to them
and RM4 billion in the next 10 years, or frastructure &#; which is already provided later,&#; Zafrul said.
an average of RM350 million to RM400 by DNB,&#; he added. Read also: MCMC urges consumers to
million a year. migrate to 4G before 3G network shuts
He pointed out that the cost for the 5G down Click here
&#;This is way lower than the RM1 bil- network roll-out &#;will not involve any guar-
lion capital spent for 4G network which is

friday november 26, 4 TheEdge CEO morning brief

home

Dyson terminates relationship with
ATA IMS over labour practices

KUALA LUMPUR (Nov 25): High-tech by A Ananthalakshmi & Liz Lee to scrutinise the company&#;s work practices.
home appliance maker Dyson Ltd told Reuters The activist, Andy Hall, shared a letter
Reuters it had cut ties with supplier ATA
IMS Bhd, following an audit of the Ma- ATA&#;s share price plunges the US Customs and Border Protection
laysian company&#;s labour practices and al- below the RM1 mark (CBP) had sent him, informing him it had
legations by a whistleblower, sending ATA agreed to investigate an ATA unit, after he
shares plunging. RM flagged complaints received from workers.
3.5
ATA, which is already being investigated The CBP has banned six Malaysian
by the United States over forced labour alle- 2.5 RM0.82 firms in the last two years from selling
gations, confirmed Dyson has terminated its Nov 25, their products to the United States, after
contracts and that it has been in talks with its RM2.21 finding evidence of forced labour.
customer over the audit findings. It had pre- 1.5
viously denied allegations of labour abuse. In July, the US State Department put
0.5 Malaysia on a list with more than a doz-
Shares in ATA, which makes parts for Nov 24, en countries including China and North
Dyson&#;s vacuum cleaners and air purifiers, Korea, saying it had not made progress in
tumbled 30% to their lowest since April Source: Bloomberg eliminating trafficking of workers.
, after the Reuters report. According
to ATA, Dyson accounts for almost 80% reviewed by Reuters showed one worker Foreigners form a significant part of
of its revenue. had worked 126 hours in May. Malaysia&#;s workforce. Most migrant work-
ers in Malaysia come from Bangladesh and
The termination is also a significant blow Dhan Kumar Limbu, a former ATA Nepal, and are employed in factories, plan-
for Malaysia, a major electronics manufactur- worker, told Reuters that ATA officials took tations and construction sites.
ing hub that has faced scrutiny this year over him to a police station in June, where he
claims migrant workers are being subjected was questioned about sharing information Over half of ATA&#;s 8,032 employees are
to abusive working and living conditions. about conditions at the factory with activ- foreigners, according to the firm&#;s latest
ists and then beaten by police. annual report.
Dyson, privately owned by British billion-
aire James Dyson, said it received the results Limbu, a Nepali citizen, fled Malaysia ATA posted record revenue and profit
of an audit of working conditions at ATA in after the incident, fearing further reprisals, for fiscal year ended March , as Cov-
early October. It said it had also learned in he said. He told Reuters he had recounted his id-19 induced lockdowns boosted demand
September about allegations from a whis- experience about being taken to the police for home appliances such as Dyson&#;s stick
tleblower about &#;unacceptable actions&#; by station in an interview with Dyson&#;s lawyers. vacuum cleaner.
ATA staff and had commissioned a law firm
to investigate those claims. ATA denied all allegations by the workers Dyson had rejected allegations earlier this
and declined to comment. Malaysian police year regarding excessive hours and cramped
&#;Despite intense engagement over the past did not respond to questions from Reuters. living conditions for ATA workers, citing
six weeks, we have not seen sufficient progress multiple prior audits it said had not found
and have already removed some production Look into findings any issues involved in its supply chain.
lines,&#; Singapore-headquartered Dyson said ATA, in a statement to the national stock
in response to questions from Reuters. exchange on Thursday, said it had taken Activist Hall said Dyson&#;s decision to
steps to engage Dyson and advisers after it terminate the relationship would have huge
&#;We have now terminated our relation- was notified of the summary of the labour implications for the thousands of workers
ship with six months&#; of contractual notice. audit. It said it would look into the findings. employed at ATA and Dyson should re-
We hope this gives ATA the impetus to im- mediate ATA workers.
prove, and enables an orderly withdrawal in The company also said it will continue to
the interests of the workers that they employ.&#; manufacture and supply for Dyson until June The Malaysian government must also
1, , and that its board was looking into bear some responsibility, Hall added, say-
Dyson&#;s comments came after being the validity of Dyson&#;s termination notice. ing he had made multiple complaints in the
contacted by Reuters about claims by work- past year to the government about ATA.
ers, including a whistleblower, about work- ATA makes bin bases,battery covers,brush
ing conditions at ATA. bars, impellers, harness covers and other parts Malaysia&#;s labour department did not im-
for Dyson&#;s vacuum cleaners, and parts for mediately respond to a request for comment.
In interviews with Reuters, seven current Dyson&#;s hot and cold air purifiers, according
and former ATA employees said they had to a May-June production schedule seen by Social audits &#; the main form of due
worked overtime hours in excess of limits Reuters and photos from inside the factory. diligence conducted by the world&#;s biggest
under Malaysian law and paid recruitment brands &#; are meant to monitor labour
fees in their home countries to labour bro- ATA had in May denied allegations of and other ethical standards in the supply
kers, a practice activists have criticised as forced labour at its factories after a prominent chain. But they are not always effective
a form of debt bondage. rights activist said US authorities were going in identifying labour risks, and can even
obscure them, more than two dozen au-
Employees also worked public holidays ditors, oversight bodies, factory workers
at the ATA plant and on what were sup- and labour rights groups have told Reuters.
posed to be rest days, according to the
workers and payslips reviewed by Reuters. Dyson said the recent audit findings it
received in October were from a &#;compre-
Malaysian law allows for up to 104 hensive&#; audit that interviewed over 2,000
hours of overtime in a month. A payslip members of ATA staff.

It did not disclose the findings of the
audit.

friday november 26, 5 TheEdge CEO morning brief

home

KUALA LUMPUR (Nov 25): Bursa Ma- Bursa rejects with the stock exchange operator since Oc-
laysia has rejected Serba Dinamik Holdings Serba Dinamik&#;s tober as the company declined to disclose
Bhd&#;s second request for an extension of second request the update of the findings of special inde-
time to issue its annual report for the fi- pendent review (SIR) conducted by Ernst
nancial year ended June 30, . for extension & Young Consulting Sdn Bhd (EY Con-
to issue FY20 sulting). Bursa has suspended trading of
In a bourse filing, the oil and gas (O&G) annual report Serba Dinamik&#;s securities since Oct 22
outfit said it had requested from Bursa on for failing to furnish details of the updates
Nov 23 another extension up to Dec 31, by seah eu hen on the SIR.
as the audited financial statements could theedgemarkets.com
not be finalised in time for inclusion in the The company was ordered to conduct
report, owing to the change of external au- Serba Dinamik said it will be submit- the SIR on its financial accounts for the
ditor and impact of movement restrictions ting an appeal to Bursa in relation to the period ended Dec 31, (FPE20) af-
in Malaysia and abroad due to Covid-19. rejected application for the release of its ter its external auditor KPMG red-flagged
annual report and will provide further up- audit issues.
&#;In light of the approved standards on dates in due course.
accounting and auditing, the company is Meanwhile, the company has taken le-
of the opinion that the auditor should be On Oct 25, Bursa had granted an ex- gal action against Bursa, KPMG as well as
given adequate time to perform their stat- tension of up to Nov 30 for Serba Dinamik EY Consulting. On the other hand, Bursa
utory obligations without interference and to release its outstanding annual report. is seeking a court order to compel Serba
time constraints to ensure audit works can Dinamik to reveal the update on the fac-
be conducted effectively and sufficiently. It should be noted that the company tual findings of the independent review.
had changed its financial year end to June
&#;As a result of the dilemma circum- 30, from Dec 31, . Serba Dinamik shares have been sus-
stances, the company has decided to up- pended since Oct 22 and were last traded
hold the compliances with the approved Serba Dinamik has been at loggerheads at 35 sen, giving the O&G service provider
auditing and accounting standards by a market capitalisation of RM1.3 billion.
allowing the auditor to perform their du- Read also: Public Investment Bank to
ties without interference and time con- cease coverage on Serba Dinamik
straints,&#; it said. Click here

However, the stock exchange operator
rejected its request the following day.

Serba Dinamik appoints Bintai Kinden deputy CEO
and accountant to its board

KUALA LUMPUR (Nov 25): Serba by seah eu hen the deputy CEO &#; and timber manu-
Dinamik Holdings Bhd has appointed theedgemarkets.com facturing and trading company NWP
two new independent directors, a day Holdings Bhd.
after announcing that its chairman and On Wednesday, Serba Dinamik an-
an independent director have resigned in nounced the resignations of chairman According to Serba Dinamik&#;s filing,
protest against requirements imposed on and independent non-executive director the 22-year-old graduated from the Lon-
the group by Bursa Malaysia. Datuk Mohamed Ilyas Pakeer Mohamed don Institute of Banking and Finance
and independent director Johan Mohamed this year with internship experiences in
The oil and service provider has ap- Ishak from its board, less than six months equity capital markets and commodity
pointed Bintai Kinden Corp Bhd dep- after they joined the board. derivatives during his time at M&A Se-
uty CEO Noor Azri Noor Azerai and curities Sdn Bhd and Maybank Invest-
accountant Abu Bakar Uzir to sit on its In their resignation letters dated Nov 22 ment Bank Bhd.
board, according to its bourse filing on to Serba Dinamik&#;s board, the duo stated
Thursday. that the requirements imposed by Bur- Abu Bakar, on the other hand, is a
sa Malaysia on the group had prohibited 20-year industry veteran in finance and
Noor Azri will also join Serba Dina- them from fairly discharging their duties accounting.The filing showed that he is
mik&#;s newly named chairman and in- as independent directors. a chartered accountant and chartered tax
dependent non-executive director Da- practitioner, under the Malaysian Insti-
tuk Seri Mohamed Faird Abu Hassana, Noor Azri is currently a director of me- tute of Accountants and Chartered Tax
non-independent non-executive direc- chanical and electrical engineering com- Institute of Malaysia, respectively.
tor Datuk Abdul Kadier Sahib and in- pany Bintai Kinden &#; of which he is also
dependent non-executive director Siti He had graduated from Universiti Ut-
Zaleha Sulaiman as members of the ara Malaysia and is currently a director
group&#;s nomination and remuneration of Abbaz Advisory Sdn Bhd, which had
committees. previously assisted the Federal Territo-
ries Islamic Religious Council&#;s finan-
Meanwhile, Abu Bakar will sit in the cial statements of all mosques and Fri-
group&#;s audit and risk committee, which day surau in the state between and
currently counts non-independent non-ex- , said Serba Dinamik.
ecutive director Datuk Abdul Kadier Sahib
and independent non-executive director The group said Noor Azri does not
Siti Zaleha Sulaiman as members. hold any shares in Serba Dinamik while
Abu Bakar holds a direct interest in the
oil and gas outfit with one million shares.

friday november 26, 6 TheEdge CEO morning brief

home

KUALA LUMPUR (Nov 25): AME Elite AME to list lion units to eligible employees and direc-
Consortium Bhd is planning to list RM557 RM557 mil of tors of AME and subsidiaries.
million worth of industrial and industri- industrial assets
al-related real estate assets via its upcoming under REIT Meanwhile, it said at least 106.6 mil-
real estate investment trust, AME REIT. lion units will be offered to Bumiput-
by Ahmad Naqib Idris era investors approved by the Ministry
In a statement, the group said the initial theedgemarkets.com of International Trade and Industry, as
investment portfolio will comprise a to- well as institutional investors and select-
tal of 34 industrial buildings and workers&#; 1, , we are optimistic of seeing a more ed investors.
dormitories located in or near its managed rapid pace of sales conversion.
industrial parks, namely i-Park @ Senai Upon completion of the offering, which
Airport City, i-Park @ Indahpura, and &#;The boost in foreign investors setting is expected in the second quarter of ,
i-Park @ SiLC. up in i-Park will continue to support the AME will be the controlling unitholder of
already strong interest from domestic in- AME REIT, holding at least 51% of the
These assets are currently held by its vestors,&#; Lee said. total issued units.
subsidiaries.
AME is proposing to issue 520 million AME expects to raise RM254.8 mil-
The identified assets currently have on- undivided interest (units) in AME REIT lion from the IPO, based on an illustra-
going tenancy agreements with AME&#;s do- and RM37 million cash, to be funded via tive offer price of RM1 per unit, of which
mestic and foreign clients with tenancy Islamic financing, as consideration for the RM90 million will be used to repay bor-
periods ranging from two to 12 years. transfer of assets. rowings, RM4.3 million for expenses re-
lating to establishing the REIT, and the
AME group managing director Kel- Of the total issuance, 254.8 million balance RM160.5 million for future in-
vin Lee Chai said the REIT will unlock units will be offered via the initial public dustrial property development and invest-
the significant value of the group&#;s in- offering (IPO). The group said the offer ment projects including land acquisitions
vestment properties, adding that the issuance will consist of up to 130 million and joint venture.
funds raised will contribute to the fu- units to AME shareholders, 10.4 million
ture growth of the group. units to the Malaysian public, and 7.8 mil- Hong Leong Investment Bank Bhd
is the principal adviser, bookrunner and
&#;We are optimistic of the immediate managing underwriter for the proposed
outlook, backed by increasing interest in REIT establishment and listing.
our i-Parks. During the border closures,
we attended to an increasing number of AME&#;s share price closed unchanged at
enquiries virtually. Now with the proposed RM1.85, giving the group a market capi-
reopening of international borders on Jan talisation of RM1.19 billion.

KUALA LUMPUR (Nov 25): Deloitte Deloitte The global Covid-19 pandemic,
said on Thursday the number of initial optimistic more which began in early , has prompt-
public offerings (IPOs) on Bursa Ma- companies will be ed world policymakers to impose move-
laysia has returned to pre-Covid-19 listed on Bursa ment restrictions to curb the spread of
levels, driven by cornerstone investors Malaysia in the pandemic.
and abundance of uninvested capital
and that it is optimistic more compa- by Tan Siew Mung Such pandemic-driven movement re-
nies will be listed in on Bursa as theedgemarkets.com strictions have negatively impacted the
the country&#;s economy recovers from global economy as industries including
the pandemic&#;s impact. reuters the tourism and aviation sectors were
brought to their knees.
In a statement issued to reporters cov- &#;As we keep an eye on the macroe-
ering Deloitte&#;s virtual media conference conomic impact of fiscal and regulatory Malaysia&#;s stock market sentiment was
on SEA (Southeast Asia) IPO mar- policies, including sustainability report- not spared as investors weighed the im-
ket performance and outlook, Deloitte ing, on global markets, we expect pact of the pandemic-driven movement
said that with rising Covid-19 vaccina- to be a busy year,&#; Wong said. restrictions on the country&#;s economy.
tion rates in Malaysia, there is a growing
number of technology-based start-ups According to Bursa&#;s website, the
and companies looking to increase their bourse in registered 30 new list-
presence and capacity to tap the coun- ings before the number fell to 19 in .
try&#;s capital markets.
At Deloitte&#;s media conference,Wong
Wong Kar Choon, who is disruptive said that for , the number of IPOs
events advisory leader at Deloitte Ma- in Malaysia had increased to 24 as of
laysia, said in the statement: &#;Malaysia&#;s Nov 15, .
IPO market has remained vibrant with
24 IPO listings (year) to date (as of Nov The amount of money raised so far in
15, ).&#; from the IPOs, however, had de-
creased to about US$180 million (about
&#;With the introduction of the Capi- RM760.91 million) from US$490 million
tal Market Masterplan (3) by Securities in , according to him.
Commission Malaysia, digitalisation of
operations, and overall recovery of the Deloitte is nevertheless optimistic
economy from Covid-19, we are opti- about Malaysia&#;s IPO outlook.
mistic more companies will be listed
in . &#;I don&#;t believe that Malaysia is losing
out its competitiveness as the government
continues to support smaller companies
and small- and medium-sized enterprises
to grow,&#; he said.

FRIDAY NOVEMBER 26, 7 THEEDGE CEO MORNING BRIEF

The
world&#;s ƈrst
digital bank

And how and why it came to pass

I n October , Stanford Credit Union in the
US became the first institution globally to let its
customers access banking functions via the new
World Wide Web, according to Forbes.

On Oct 6, , Presidential became the first US
bank to offer its bank accounts over the internet.

And only in did the bank begin to offer online account

statements and real time PC banking, such as fund transfers

between accounts in the bank.

In June , in Malaysia, Phileo Allied Bank launched

PalDirect, an online banking and stock trading platform, after

18 months of research and development. Transaction value

exceeded RM200 million within a month, with exponential

growth onwards.

On Aug 8, , Phileo launched PALWORLD, an e-commerce

and payment platform via Windows that allowed online

shopping, airline ticketing and so on. (Note, Alibaba was founded

on April 4, , and Amazon went into online bookselling in July

).

In September , ONE Account was created by Phileo,

which combined all the deposits, loans and trading accounts of

its customers into one, and was enabled online.

While Alibaba and Amazon grew into global giants, Phileo

was forcefully taken over under the guise of consolidating the

banking sector and died prematurely. The moral of the story is

that property rights, governance and rule of law are extremely

important. This book, published in , gives some insight into

the above &#; and some stories yet to be told.

November

The book was published in .

Limited print copies in English available on
books.theedgemarkets.com and Shopee.
Hard cover: RM70 | Soft cover: RM45
* FREE delivery within Malaysia for purchases via
books.theedgemarkets.com

OR

download the digital editions absolutely FREE.
* Available in English, Bahasa Melayu & Chinese.

Scan the QR code now for more information.

friday november 26, 8 TheEdge CEO morning brief

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KUALA LUMPUR (Nov 25): Malayan Maybank of strong vaccination rates and an uptick
Banking Bhd&#;s (Maybank) net profit for makes net profit in business and leisure mobility, we will
the third quarter ended Sept 30, position ourselves for renewed growth and
(3QFY21) dipped 13.7% year-on-year of RM1.68 bil to support our customers in making the
(y-o-y) to RM1.68 billion from RM1.95 in 3Q most of these early days of economic re-
billion earlier, due to a decrease in net covery,&#; he said.
fee based income as well as higher net by Surin Murugiah
impairment losses. theedgemarkets.com Meanwhile, group president and chief
executive officer Datuk Abdul Farid Alias
In a bourse filing onThursday, the lend- Looking ahead, Maybank said with the said Maybank will continue to provide tai-
er said revenue for the quarter decreased Covid-19 pandemic disrupting business lored financial solutions to meet the cur-
to RM11.15 billion from RM13.76 billion. and economic activities globally over the rent needs of customers that have shifted
past two years given new virus variants from preservation to growth, with the reo-
Earnings per share slipped to 14.41 sen and ensuing movement restrictions, the pening of economies, while continuing to
from 17.37 sen. bank has supported its customers with var- support customers who require targeted
ious repayment assistance initiatives and financial assistance.
Maybank did not declare any dividend. rescheduling and restructuring (R&R) pro-
For the cumulative nine months to grammes since February to help ease &#;We will help our customers capitalise
Sept 30, , Maybank said net profit customers&#; cash flow burdens and work on growth opportunities arising from the
rose to RM6.04 billion from RM4.94 towards stabilising their livelihoods. recovery so they are able to sustain them-
billion a year earlier, despite a lower rev- selves moving forward in this new oper-
enue of RM34.7 billion versus RM38.79 In a separate statement, Maybank chair- ating environment.
billion previously. manTan Sri Zamzamzairani Mohd Isa said
Reviewing its performance, Maybank that despite the impact of movement restric- &#;This includes supporting them in em-
said net impairment losses decreased by tions on the bank&#;s 3QFY21 performance, bracing digitalisation in their operations,
28.3% to RM2.56 billion from RM3.57 its strong liquidity and capital base will al- exploring alternative forms of financing
billion a year earlier as the group benefit- low it to tap growth opportunities that are solutions and looking at investment solu-
ted from its earlier prudent stance in ac- emerging with the reopening of the economy. tions that can help grow their wealth.
celerating its forward looking assumption
provisioning. &#;As Malaysia sees economic recovery &#;Meanwhile, within the organisation,
Maybank said total group gross loans in the fourth quarter of on the back we are constantly exploring ways to im-
grew 4% y-o-y as at Sept 30, lifted main- prove our efforts in relation to the climate
ly by increases of 11.3% and 2.2% in its and sustainability agenda as part of our
Singapore and Malaysia operations respec- motto to always do the right thing,&#; he said.
tively, while the Indonesia operation saw
a 9.9% decline. At the midday break today, Maybank
rose three sen to RM8.15, valuing it at
RM96.77 billion.

KUALA LUMPUR (Nov 25): Hap Seng Hap Seng For 9MFY21, Hap Seng Consolidat-
Consolidated Bhd reported on Thursday Consolidated 3Q ed said cumulative net profit climbed to
that its third quarter net profit jumped net profit jumps to RM599.9 million from RM398.19 million
96.95% to RM381.55 million from RM382 mil, pays a year earlier as revenue grew to RM4.17
RM193.73 million a year earlier despite 25 sen dividend billion from RM4.13 billion.
lower revenue at RM1.63 billion com-
pared with RM1.66 billion, helped by by Seah Eu Hen &#;(In quarterly terms) Group profit before
among others, the diversified group&#;s sig- theedgemarkets.com tax for the current quarter at RM561.5 mil-
nificantly better performance by its oil lion more than tripled that of the immediate
palm plantation and property operations corresponding quarter of RM331.9 mil- preceding quarter of RM172.2 million with
despite Covid-19 pandemic-driven chal- lion with higher profit contribution from improved performance contributed from all
lenges and uncertainties. all divisions. divisions,&#; the group said.

Hap Seng Consolidated&#;s business- &#;Consequently, the group&#;s profit before Hap Seng Consolidated is optimistic on
es include financing and car-dealership tax and profit after tax for the current quar- its business outlook as the group takes into
operations besides the group&#;s trading ter at RM561.5 million and RM406 million consideration factors including Malaysia&#;s
and building materials divisions, accord- were significantly higher than the preceding Covid-19 vaccine-driven economic recovery.
ing to the group&#;s financial report for year&#;s corresponding quarter by 102% and
the third quarter ended Sept 30, 92% respectively,&#; said Hap Seng Consoli- &#;Based on the foregoing and despite the
(3QFY21). dated, which declared a dividend of 25 sen challenging business environment and uncer-
a share for 3QFY21. tainties in the domestic and global economies
&#;The group&#;s revenue for the current caused by the Covid-19 pandemic, the board is
quarter at RM1.63 billion was 2% lower Hap Seng Consolidated said the tax-ex- of the view that the group&#;s overall performance
than the preceding year&#;s corresponding empt dividend&#;s ex and payment dates fall for the financial year ending 31 December
quarter of RM1.66 billion mainly due to on December 8, and December 22, is expected to be better than the previous fi-
lower revenue from the automotive division respectively. nancial year,&#; Hap Seng Consolidated said.
but mitigated by higher revenue from plan-
tation, property, credit financing, trading At 5pm onThursday, Hap Seng Consol-
and building materials divisions. idated&#;s share price closed down three sen
or 0.39% at RM7.62 for a market capitali-
&#;Nevertheless, (the) group&#;s operating sation of about RM18.97 billion.
profit for the current quarter at RM591.5
million was 78% above the preceding year&#;s Hap Seng Consolidated has 2.49 billion
issued shares, according to its latest quar-
terly financial report.

friday november 26, 9 TheEdge CEO morning brief

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KUALA LUMPUR (Nov 25):Tenaga Na- TNB sees RM36.89 billion from RM33.65 billion.
sional Bhd (TNB) posted higher net prof- RM1b net profit TNB noted that its performance im-
it at RM1 billion for the third financial
quarter ended Sept 30, (3QFY21), for 3QFY21 proved compared with the same period
up 22% from RM821.5 million in the im- as electricity last financial year despite the continued
mediate preceding quarter. demand recovers challenges faced during the Covid-19 pan-
demic for the first nine months of FY21.
Revenue grew 4.3% to RM12.97 billion by Shazni Ong
in the quarter under review against RM12.44 theedgemarkets.com &#;Demand [for electricity] has started
billion in 2QFY21.The utility group did not to show improvements, growing at 0.6%
declare any dividend for the quarter. against a contraction of 6.2% in the same
period last financial year. This is in line
The higher quarterly earnings against with the increase in the country&#;s gross
the preceding quarter were mainly due domestic product (GDP) of 3% in the
to lower net loss on impairment of finan- first nine months of ,&#; it said.
cial instruments and current taxation in
3QFY21, the country&#;s largest electric util- The utility group believes that the im-
ity company said in an exchange filing. provement in the domestic economy will
result in higher electricity demand and
On a yearly basis, TNB&#;s net profit support the positive momentum seen
was flat compared with RM1.01 billion across the group&#;s operation. Amid the
recorded in 3QFY20. However, its rev- encouraging developments,TNB foresees
enue was 16.8% higher versus RM11.11 a stable performance for the remaining
billion a year ago. quarter of the financial year.

TNB said the year-on-year increase &#;Nonetheless, the group will continue
in revenue resulted from the Imbalance to take prudent measures in terms of its
Cost Pass-Through (ICPT) of an un- operational and financial requirements to
der-recovery position of RM1.31 billion ensure it remains resilient,&#;TNB added.
as compared to an over recovery position
of RM956.8 million in 3QFY20. TNB share price fell six sen to RM9.38,
valuing the group at RM53.71 billion.
For the cumulative nine-month period end- Read also: TNB issues RM3b worth of
ed Sept 30,TNB&#;s net profit expanded nearly Islamic bonds Click here
17% to RM2.78 billion from RM2.38 billion
a year ago, while revenue increased 9.64% to

KUALA LUMPUR (Nov 25):Telekom Ma- TM 3Q net profit customer base of home, SME, corporate
laysia Bhd (TM)&#;s net profit in the third quar- slides 18% to and government customers &#; anchored
ter ended Sept 30, (3QFY21) slid by RM271m on on enhanced customer experience,&#; Imri
17.67% to RM271.21 million from RM329.4 forex losses said in a statement.
million a year ago due to foreign exchange
translation losses of RM12.5 million. by Sulhi Khalid On 5G rollout,TM shall continue to as-
theedgemarkets.com sess and review the impact on its future busi-
As a result, earnings per share fell to 7.19 ness operations and financial performance
sen from 8.74 sen, its Bursa Malaysia filing said the group was able to deliver anoth- under a SingleWholesale Network (SWN)
showed onThursday (Nov 25). er solid quarter of revenue and net profit model introduced by the government.
growth following its efforts to deliver digital
The group said its quarterly revenue in- connectivity and solutions in supporting the Shares inTM finished 16 sen or 2.86%
creased slightly by 4.22% to RM2.8 billion sustainability and recovery of the country. lower to RM5.43, giving it a market value
from RM2.69 billion, underpinned by an of RM20.5 billion.
increase in revenue from all services except &#;Our next focus will be on deliver- More corporate results:
non-telecommunication-related services. ing enhanced customer experience and Sime Darby Property&#;s 3Q net loss
strengthening our digital offerings across narrows to RM16m as JV losses shrink
The group, however, did not declare any all customer segments in unifi,TM ONE Click here
dividend to its shareholders in the quarter. and TM WHOLESALE.
It had declared total dividends of seven Magnum sinks into the red in 3Q amid
sen for the nine-month period ended Sept &#;We will continue to play our leading role fewers draws during FMCO Click here
30, (9MFY21), compared with 6.8 in Malaysia&#;s digitalisation drive outlined by
sen a year ago. the Jalinan Digital Negara (JENDELA) ac- Kenanga&#;s 3Q net profit drops 56%
tion plan, Budget and the 12th Malay- year-on-year amid weaker trading on
In 9MFY21, the group&#;s net profit rose sian Plan, including MyDIGITAL blueprint. the local bourse Click here
by 7.74% to RM815.27 million against
RM756.67 million a year ago, while reve- &#;As we continue our shift towards be- Sunway 3Q net profit declines to
nue increased by 6.85% to RM8.38 billion coming a human-centred technology com- RM81 mil, expects recovery in
from RM7.84 billion. pany, we will develop innovative solutions upcoming quarter Click here
and drive digital adoption across our broad
On a quarterly basis, the group&#;s 3QFY21
net profit increased from RM218.59 mil-
lion registered in the immediate preceding
quarter, while revenue came in higher than
RM2.76 billion in 2QFY21.

Commenting on the group&#;s financial per-
formance, TM group CEO Imri Mokhtar

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KUALA LUMPUR (Nov 25): Genting Bhd Genting&#;s 3Q billion from RM1.73 billion previously,thanks
reported a wider net loss of RM344.55 mil- loss jumps to to improved Ebitda from both its leisure and
lion for its third quarter ended Sept 30, RM344.55 mil hospitality, and plantation divisions.
(3QFY21), compared with RM130.75 mil- amid lower
lion in the corresponding quarter last year, EBITDA, higher On prospects, the conglomerate said the
as it saw lower earnings before interest, tax, depreciation and recovery of global economy &#; as well as
depreciation and amortisation (EBITDA), finance costs Malaysia and its tourism industry &#; is ex-
and higher depreciation and net finance pected to continue, which will augur well for
costs with the opening of its Resorts World by seah eu hen its leisure and hospitality businesses, though
LasVegas towards end-June. theedgemarkets.com downside risks remain due to uncertainties
surrounding the evolution of the pandemic,
Also contributing to the weaker quarter The weakened quarter came despite reve- ongoing supply chain disruptions, and esca-
was its share of losses from joint ventures and nue rising 6% to RM3.50 billion from RM3.3 lating energy prices and inflationary risks.
associates, in particular from the Meizhou billion in 3QFY20, its bourse filing showed.
Wan power plant in China &#; compared to The group said its adjusted EBITDA for As for its plantation business under Gen-
a profit in the previous year&#;s corresponding 3QFY21 was RM908.2 million, down 17% ting Plantations Bhd (GenP), the group said
quarter &#;mainly due to higher coal costs. from about RM1.1 billion previously, mainly GenP expects palm oil prices for the remain-
dragged by its leisure and hospitality division. der part of the year to remain resilient, with
&#;This was partially offset by lower share fresh fruit bunch production anticipated to
of losses from Genting Malaysia Group&#;s For its nine months ended Sept 30 be comparable to the level attained in .
associate, Genting Empire Resorts LLC, (9MFY21), the group&#;s net loss rose 18.18%
the holding company of Empire Resorts to RM1.24 billion, from RM1.05 billion in As for its energy business, it updated,
Inc, mainly due to continued improvement 9MFY20,despite revenue improving by about among others, that the performance of its
in Empire&#;s operating performance, fol- 2% to RM8.69 billion from RM8.52 billion. Banten coal-fired power plant in Indonesia
lowing the full relaxation of Covid-19 re- has returned to normal with 100% availa-
strictions since June ,&#; it said in a The improved cumulative earnings was bility, after the minor outage that occured
statement on Thursday (Nov 25). due to a 40% increase in EBITDA to RM2.41 from end-December to early February
. &#;The plant load factor remains high
Further offsetting some of the impact of since second quarter until October ,
the drags on earnings were lower impairment when it dropped marginally due to some
losses, lower pre-opening expenses incurred delays in coal supplies arising from local
by RMLV compared with a year ago, and shortage.The supplies of coal have returned
write-back of accounting accruals that are to normal since November ,&#; it added.
no longer needed by Genting Singapore Ltd,
and which was made previously for the lat- Genting shares closed 2 sen or 0.4% high-
ter&#;s bid for theYokohama Integrated Resort. er at RM4.94 onThursday, giving the group
a market capitalisation of RM19.15 billion.

GenM sees lower quarterly loss on strong recovery momentum in overseas ops

KUALA LUMPUR (Nov 25): Genting by seah eu hen Genting SkyWorlds theme park by the end
Malaysia Bhd (GenM)&#;s net loss narrowed theedgemarkets.com of in Malaysia.
to RM289.25 million for the third quarter
ended Sept 30, , from RM704.64 a , GenM almost halved its net loss to GenM also said it will pursue growth
year earlier,as its overseas operations main- RM1.12 billion, from RM2.02 billion in the opportunities to strengthen its market
tained their strong recovery momentum. same period last year, despite revenue shrink- leading position in NewYork.
ing to RM2.27 billion, from RM3.49 billion.
Quarterly revenue fell 42% to &#;This includes the development of Em-
RM826.27 million, from RM1.42 billion The group said it is cautiously optimistic on pire&#;s new video gaming machines facility,
last year, mainly contributed by its UK and the near-term prospects of the leisure and hos- Resorts World Hudson Valley in Orange
Egypt operations (RM406 million),US and pitality industry but remarked that the tourism County, New York, which is targeted to
Bahamas operations (RM364.2 million) industry is expected to continue recovering open in the summer of ,&#; it said.
and Malaysia operations (RM17.7 million). with increasing vaccination rates and easing of More corporate results:
border crossing restrictions worldwide. MSM returns to the black in 3Q on
The group also said that lower oper- improved margin, disposal gain
ating expenses in Malaysia, coupled with &#;The introduction of the 12th Malaysia Click here
payroll and related cost savings, mitigated Plan, with the tourism industry as one of the Dutch Lady&#;s 3Q profit more than
the impact to its earnings, while the reo- key focus areas, will augur well for the group doubles to RM20.38m on lower cost of
pening of business in UK since mid-May as a leading player in the leisure and hospital- sales Click here
and progressive easing of pandemic restric- ity sector in Malaysia and the region. As for Matrix Concepts 2QFY22 net profit
tions across the region had helped its UK the regional gaming market, the introduction grows 63% q-o-q, declares three sen
and Egypt operations recover. of vaccinated travel lanes between certain dividend Click here
countries will provide a positive catalyst for Media Prima 3Q net profit falls 39% to
Notably, the group&#;s associate, Empire industry players,&#; said GenM. RM7.63 mil amid lower home shopping
Resorts Inc, had registered marked im- revenue Click here
provements in its operating performance, The group said it is encouraged by the
following the full relaxation of Covid-19 positive reception to the resumption of busi-
restrictions since June, with gross gaming ness at ResortsWorld Genting since Sept 30,
revenue at ResortsWorld Catskills also ex- and will ramp up operational capacity by lev-
ceeding pre-pandemic levels. eraging its existing assets, while preparing for
completion and opening of its long-awaited
For the nine months ended Sept 30,

F R I D A Y N O V E M B E R 2 6 , 2 0 2 1 11 T H E E D G E C E O M O R N I N G B R I E F

Main Sponsor Official Car Supporting Sponsor

BY

honouring
Malaysia&#;s outstanding
corporate performers

is your company
one of them?

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BCorp reaps Motor) for a cash consideration of approx- Evidence-based
RM263m from imately RM13.28 million and disposed of policy needs to
sale of printing biz, its printing business, Graphic Press Group be promoted &#;
stakes in Razer Sdn Bhd for approximately RM26.1 million.
Fintech, Berjaya Ismail Sabri
China Motor The total amount from the disposals
come up to RM263.27 million. Bernama
by Sulhi Khalid
theedgemarkets.com Berjaya Corp CEO Jalil Rasheed said the KUALA LUMPUR (Nov 25):The ev-
group&#;s divestments interests in Razer Fin- idence-based policy (EBP) approach
KUALA LUMPUR (Nov 25): Berjaya Cor- tech and Berjaya China Motor, as well as should be promoted in the government&#;s
poration Bhd has divested its 30% stake in the closure of Graphic Press, is part of the effort to achieve the target of being
Razer Fintech Holdings Pte Ltd (Razer Fin- group&#;s transformation strategy to stream- among the world&#;s nine best economies
tech) to Razer Midas Pte Ltd for a cash con- line its operations, divest non-core assets, based on the Government Efficiency
sideration of US$53.57 million (equivalent and focus on higher growth opportunities sub-index of the Institute for Man-
to around RM223.89 million). across its core businesses in order to enhance agement Development&#;s (IMD) World
shareholder value. Competitive Yearbook.
In a statement on Thursday (Nov 25),
the group said following the disposal, Ber- &#;And in the case of Razer, it was espe- Prime Minister Datuk Seri Ismail
jaya Fintech Sdn Bhd, which owned 49% cially appealing, as we had a significant re- SabriYaakob, who said this, noted that
stake in Razer Fintech previously, now holds turn on our investment in a relatively short the business legislation indicator showed
a 19% stake in the company. time,&#; Jalil said. a significant declining trend over the
last decade, from 19th place in
Meanwhile, the group announced that In June this year, Berjaya Corp unveiled a to 47th place in .
it has also divested its 70% stake in Ber- three-year strategic plan to move the group
jaya China Motor Sdn Bhd (Berjaya China forward into an institutionalised high per- &#;This is a strong call for regulato-
forming consumer group with focused core ry reform. We must do something. To
business segments. achieve the target, the EBP approach
must be encouraged.
The process is aimed at optimising re-
sources, improving synergies and efficiency &#;EBP will be applied in the plan-
within the group, and enhancing corporate ning, evaluation and monitoring mecha-
governance and transparency. nism in order to ensure a comprehensive
structural reform for sustaining produc-
Shares in Berjaya Corp finished un- tivity and economic growth,&#; he said
changed at 26 sen on Thursday, giving it a in his speech on Thursday at the virtu-
market share of RM1.41 billion. al launch of the National Conference
on Good Regulatory Practices (GRP),
Robin Tan appointed as 7-Eleven chairman an event that marked the climax of the
GRP Month that began on Oct 25.
by Ahmad Naqib Idris In a separate filing, the group also an-
theedgemarkets.com nounced the appointment of former Cahya Malaysia was placed 25th in IMD
Mata Sarawak Bhd (CMSB) group man- World Competitiveness rankings for
KUALA LUMPUR (Nov 25): Datuk Seri aging director Datuk Richard Alexander , up from 27th spot last year. Un-
RobinTanYeong Ching has been appoint- John Curtis as its independent and non-ex- der the 12th Malaysia Plan (12MP)
ed as the chairman of 7-Eleven Malaysia ecutive deputy chairman. (-), Malaysia is targeting to
Holdings Bhd, a filing onThursday (Nov rise to among the top nine economies in
25) with the bourse showed, after the po- He served as the group managing direc- the Government Efficiency sub-index.
sition was left vacant since tor of CMSB until his retirement on Dec
Tan Sri Abdull Hamid Em- continues on Page 13
bong&#;s resignation in May 31, , and was then ap-
this year. pointed as a non-independ-
ent, non-executive director
Robin, who is the son of the group until his resig-
of tycoon and 7-Eleven nation on Dec 31, .
major shareholder Tan Sri
VincentTan CheeYioun, is Besides that, the group
also currently the executive has also appointed Aaron
chairman of Berjaya Sports Ng Wei Ee as finance di-
Toto Bhd, a non-independ- rector. Ng, who previous-
ent and non-executive dep- ly served as the finance
uty chairman of Berjaya Corp Bhd and a director of Tupperware
director of Atlan Holdings Bhd. Brands Malaysia, is replac-
ing 7-Eleven chief financial officer Wong
He is also present on the boards of Wai Keong.
Sports Toto Malaysia Sdn Bhd, Berjaya 7-Eleven closed unchanged at RM1.50
Hartanah Bhd, Bukit Kiara Resort Bhd onThursday, giving it a market capitalisa-
and Staffield Country Resort Bhd, and tion of RM1.85 billion.
KDE Recreation Bhd, as well as sever- Read also: 7-Eleven 3Q net profit declines
al other private limited companies in the 89% due to FMCO in June Click here
Berjaya Corp group.

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Kerjaya Prospek anticipates better quarters
ahead as 3Q earnings improve q-o-q

kenny yap/the edge

by Justin Lim
theedgemarkets.com

KUALA LUMPUR (Nov 25): Kerjaya The group currently has an outstanding Datuk Tee Eng Ho
Prospek Bhd, whose third quarter net orderbook of RM3.6 billion, which will
profit jumped 51% quarter-on-quarter, underpin earnings visibility for the next The group blamed the softer year-on-
expects its financial performance to further three years. year performance on lower revenue contri-
improve in the coming quarters in antici- bution from non-operating income due to
pation of a recovery in business following Kerjaya Prospek saw its net profit surge a one-off gain from the disposal of foreign
the easing of lockdown restrictions. to RM24.18 million in 3QFY21, from quoted shares a year ago.
RM16 million in the immediate preced-
The expected business recovery will ing quarter. Revenue rose 17.25% to For the cumulative nine-month pe-
also be fuelled by a stronger orderbook RM222.64 million from RM189.89 mil- riod, Kerjaya Prospek saw its net prof-
and margin expansion next year, the con- lion in 2QFY21. it rise 6.05% to RM66.57 million, from
struction group&#;s non-executive chairman, RM62.77 million in the previous corre-
Datuk Tee Eng Ho, told a virtual press The group attributed the better perfor- sponding period, while revenue expand-
briefing on the group&#;s results for the third mance to the resumption of construction ed 21.18% to RM681.21 million from
quarter ended Sept 30, (3QFY21). projects after the Full Movement Control RM562.15 million.
Order in 2QFY21, which saw construc-
Tee said the group&#;s profit-after-tax tion projects being halted for four weeks. The group said the improved nine-
(PAT) margin is expected to return to month financial performance was due to
the double-digit level next year at between On a year-on-year basis, Kerjaya Pros- less impact on the progress of construc-
10% and 12% &#; after the PAT margin pek&#;s net profit was down 20.42% from tion projects from the implementation of
eroded to 9.8% as of Sept 30, ver- RM30.38 million in 3QFY20, while rev- various lockdowns.
sus 11.2% a year earlier &#; on expecta- enue was flat compared with RM222.21
tion that raw materials will fall berween million previously. Kerjaya prospek&#;s share price closed down
5% and 10%. one sen or 0.82% at RM1.21, bringing it a
market capitalisation of RM1.5 billion.
&#;The peak for the raw materials price
is over. As you can see, the iron ore prices
have dropped substantially. Going forward,
the raw material prices will further come
down once the logistic issue (high cost)
is resolved. I think in the next three to six
months this issue will resolve,&#; he said.

He added that stability in the political
scene and pent-up demand for property
will also help to lift its financial perfor-
mance going forward.

In terms of new job wins, Tee expects
the group to achieve its RM1 billion tar-
get this year, having clinched RM907.6
million worth of contracts so far, and is
also looking for a stronger new orderbook
next year.

from Page 12 Ismail Sabri said GRP elements, in- reforms will be carried out responsibly
cluding Regulatory Impact Analysis, in facilitating the GRP implementation.
Ismail Sabri said the &#;whole-of-gov- Cost-Benefit Analysis and Regulatory
ernment&#; approach that emphasises close Notification Evaluation, must be done &#;We are moving in a single direction
and integrated cooperation among min- carefully and the data and information &#; improved productivity, a growing
istries, agencies and departments is the included must prove that the regulato- economy and a prosperous nation,&#; he
foundation for GRP&#;s implementation. ry actions actually led to the people&#;s added.
well-being.
&#;Not only that, but the participation of Ismail Sabri stressed that quality poli-
the private sector, industry and business &#;I am fully supportive of the initiative cies and regulations would facilitate busi-
community in GRP will also be enhanced. to develop quality regulations to realise ness operations, enhance transparency
this agenda as planned in the 12MP. and minimise burden in terms of cost
&#;The principles, elements and process- and resources.
es in the GRP approach must be adopted &#;I am also confident that the man-
by all ministries and administrative agen- date given to the Malaysia Productivi- &#;Industries can grow with better dy-
cies in drafting and reviewing policies and ty Corporation to spearhead regulatory namism and flexibility to remain com-
regulations,&#; he said. petitive,&#; he said.

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KUALA LUMPUR (Nov 25): Fitters Fitters Diversified ter-on-quarter to RM77.52 million.
Diversified Bhd&#;s major shareholder Da- major shareholder The improvement was partly due to
tin Goh HooiYin, who is also the man-
aging director, sold her entire stake in sells entire an exceptional gain of RM16.1 million
the company that was founded by her 30.8% stake from the disposal of investment in an
late husband Datuk Wong Swee Yee. associate company.
by Ahmad Naqib Idris
Goh had disposed of 98.73 million theedgemarkets.com For the six months ended June 30,
shares directly held under her name its net profit stood at RM3.45 million,
plus 45.42 million shares, which were shares to 23.75 million shares per block, compared to a net loss of RM7.12 mil-
held through AllianceGroup Nominees Bloomberg data showed. lion in the previous year&#;s correspond-
(Tempatan) Sdn Bhd &#; Pledged Secu- ing quarter, while revenue grew 30%
rities Account, according to the filings Year to date, the safety equipment to RM137.6 million from RM106.03
with Bursa Malaysia. manufacturer&#;s share price has doubled million.
from 25.5 sen on Dec 31, , giv-
The large block of 114.15 million ing it a market capitalisation of RM245
shares, which is equivalent to a 30.82% million.The counter has been trending
stake, were transacted at 60 sen each, upwards since early May.
representing an 18% premium over the
closing price of 51 sen, according to The company fell into the red in
Bloomberg data. These shares are valued its financial year ended Dec 31,
at RM86.49 million. (FY20), with a net loss of RM13.11
million, its first loss in four years.
Following the share sales, Goh ceased
to be a substantial shareholder of the However, it returned to the black
group. with a net profit of RM7.6 million in
the second quarter ended June 30,
Prior to the latest share transac- (2QFY21), versus a net loss of
tion, Goh was the largest shareholder RM4.16 million in the preceding quar-
with a 22.49% stake, followed by Wong ter. Quarterly revenue grew 29% quar-
(9.71%), director Datuk Ho Shu Keong
(6.31%) and Salcon executive director
Datuk Leong Kok Wah (4.23%).

The shares were traded via 23 blocks
of shares, ranging between 800,000

KUALA LUMPUR (Nov 25): Credit rat- CTOS, RCE Bhd, Parkwood Holdings Bhd, Pekat Group
ing agency CTOS Digital Bhd and con- Capital among 33 Bhd, Pensonic Holdings Bhd, RTSTechnol-
sumer financing firm RCE Capital Bhd are ogy Bhd, SHL Consolidated Bhd, Southern
among 33 new entries in Securities Com- counters newly Cable Group Bhd,Tan Chong Motor Hold-
mission Malaysia (SC)&#;s shariah-compliant classified as ings Bhd, TAS Offshore Bhd, Tasco Bhd,
securities list. Techbond Group Bhd,Tiong Nam Logis-
shariah-compliant, tics Holdings Bhd,Turiya Bhd,Wang-Zheng
The SC said in the updated list that the says SC Bhd andYBVentures Bhd.
classification exercise was undertaken by
its Shariah Advisory Council (SAC), with by Seah Eu Hen Meanwhile, the 25 securities excluded
input and support from the commission. theedgemarkets.com from the latest list are AppAsia Bhd, Asia
File Corporation Bhd, Asian Pac Holdings
The updated list of shariah-compliant Bhd, BCM Alliance Bhd, Brem Holding
securities listed on Bursa Malaysia will Bhd, Deleum Bhd, DGB Asia Bhd, Fast
come into effect on Friday (Nov 26). Energy Holdings Bhd, Ge-Shen Corpo-
ration Bhd, HLT Global Bhd, I-Berhad,
The SC said the list was reclassified us- Key Asic Bhd, KonsortiumTransnasional
ing audited financial statements released Bhd, LBI Capital Bhd, Luster Industries
up to Sept 30, . Bhd, Pansar Bhd Parlo Bhd, PRG Hold-
ings Bhd, Reach Energy Bhd, Rubberex
&#;Thirty-three securities, newly classi- Corporation (M) Bhd, SanichiTechnology
fied by the SAC as shariah-compliant se- Bhd, Sunzen Biotech Bhd,Teo Seng Cap-
curities, have been added to the list and ital Bhd,TFP Solutions Bhd, andYinson
25 securities have been excluded from the Holdings Bhd, according to the regulator.
previous list,&#; the regulator said.
&#;The SAC, through the SC, will con-
Besides CTOS and RCE, the newly-clas- tinue to review the shariah status of se-
sified shariah-compliant securities are Ace curities listed on Bursa Malaysia on an
Innovate Asia Bhd, Advance Information annual basis, based on the latest available
Marketing Bhd, Benalec Holdings Bhd, annual audited financial statements of the
Carzo Holdings Bhd, CEKD Bhd, Ecomate companies,&#; the SC said.
Holdings Bhd, ES Ceramics Technology
Bhd, Farlim Group (M) Bhd, Green Pack- It added that there were 751 shari-
et Bhd, Haily Group Bhd, ICT Zone Asia ah-compliant securities out of all 948 listed
Bhd, IJM Plantations Bhd, KNM Group companies on Bursa Malaysia as at Nov 22.
Bhd, Leon Fuat Bhd, Lysaght Galvanized
Steel Bhd, Nestcon Bhd, NTMP Holdings

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MPI target prices Stockbroking firms&#; TPs and recommendations for MPI
raised after

semiconductor Stockbroking firm Target price (RM) Recommendation
maker reported
record high profit TA Securities Research 64.15 Buy

by Syafiqah Salim CGS CIMB Research 56.50 Add
theedgemarkets.com
Kenanga Research 56.20 Outperform

KAF Seagroatt & Campbell Securities Sdn Bhd 55.60 Buy

RHB Investment Bank Bhd 53.34 Buy

Affin Hwang Investment Bank Bhd 53.00 Buy

AmInvestment Bank Research 49.54 Hold

BIMB Securities Sdn Bhd 45.00 Buy

DBS Bank 40.00 Hold

Source: Bloomberg

KUALA LUMPUR (Nov 25): RHB Invest- MPI declared a dividend of 10 sen a &#;For reference, during MPI&#;s 4QFY21
ment Bank Bhd andTA Securities Holdings share for 1QFY22. investors&#; briefing in early September ,
Bhd had onThursday raised their Malaysian management guided that the group&#;s work-
Pacific Industries Bhd (MPI) share target OnThursday, Lee said MPI&#;s 1QFY22 force capacity was recovering from the 60%
prices (TPs) to RM53.34 and RM64.15 core net profit at RM79.4 million, which limitation in June , though it had only
respectively after upgrading their earnings excludes extraordinary items, &#;met ex- reached 75% then.
forecasts for the semiconductor maker,which pectations at 25.3% and 25.5% of our
reported onWednesday a record high quar- (RHB) and street&#;s full-year estimates &#;We have revised our FY22/FY23/
terly net profit for the first quarter ended [respectively]&#;. FY24 earnings estimates [for MPI] by
Sept 30, (1QFY22). +6.9%/+4.2%/+1.6% upon raising sales
&#;We keep our FY22F earnings fore- assumptions for the corresponding peri-
According to RHB analyst Lee Meng casts, but lift FY23F-FY24F earnings od by 3.5%/2.2%/0.8% to reflect actual
Horng&#;s note, RHB lifted its MPI shareTP by 8.7%-10.7% after factoring in higher 1QFY22 results.
to RM53.34 from RM50 previously while growth assumptions on the back of sus-
TA Securities analystWilson Loo wrote in tained demand and contribution from &#;We continue to like MPI for its ro-
a note that TA Securities raised its MPI new capacity,&#; he said. bust sales pipeline backed by the contin-
TP to RM64.15 from RM60.85. ued enhancement of its product portfolio,
At TA Securities, Loo said that while strength and growing exposure to the au-
RHB and TA Securities maintained MPI&#;s 1QFY22 earnings accounted for tomotive segment, expansion plans, and
their &#;buy&#; calls for MPI shares, accord- 25.6% and 26.3% of TA Securities&#; and robust balance sheet,&#; he said.
ing to Lee and Loo. consensus full-year estimates respectively,
it deemed MPI&#;s results as slightly above At the time of writing, MPI&#;s share price
OnWednesday, MPI said in Bursa Malay- expectations considering that the quarter increased 58 sen or 1.2% to RM48.72,
sia filings that 1QFY22 net profit climbed to did not reflect a fully restored workforce as giving the company a market capitalisa-
RM81.68 million from RM55.31 million a Malaysia&#;s manufacturing sector contended tion of about RM9.67 billion.
year earlier while revenue rose to RM584.53 with Covid-19-driven movement restrictions
million from RM440.59 million. to curb the spread of the pandemic. MPI has 198.4 million issued shares, ac-
cording to its latest quarterly financial report.

KUALA LUMPUR (Nov 25): Fitch Rat- Fitch Ratings bined with an assessment that the group
ings (Thailand) has revised the rating out- revises rating views Thailand as a core and integral
look on CIMBThai Bank PCL (CIMBT) market and any required support remains
to stable from negative, and affirmed the outlook on manageable relative to (the) ability of the
rating at &#;AA-(tha)&#;. CIMBThai to parent,&#; it said.
stable, in line with
In a statement, the rating agency said credit profile of Fitch added that an upgrade of
the revision is consistent with Fitch&#;s view parent bank CIMBT&#;s national long-term rating
on the credit profile of CIMBT&#;s parent would lead to an upgrade of the MTN
bank, CIMB Bank Bhd. by Sulhi Khalid programme.
theedgemarkets.com
&#;A greater capacity or propensity of &#;The national short-term rating on the
the parent to provide support to CIMBT MTN (medium-term note) programme is
could have a positive effect on the ratings the highest rating on the national rating
of the Thai subsidiary, although any as- scale, and hence there is no upside,&#; it said.
sessment would also have to take into ac-
count CIMBT&#;s credit profile relative to The rating agency said it believes
Thai national rating peers. CIMBT has an important role in the
group &#; CIMBT&#;s presence in Thailand
&#;There could also be positive rating ac- is in line with the group&#;s ASEAN strategy,
tion, if CIMBT plays a significantly more and there are ongoing marketing synergies
important role within the group. with the parent.

&#;This could come about from a sus- &#;CIMBT&#;s national ratings are based
tained and material increase in CIMBT&#;s on Fitch&#;s view that there is a high prob-
contribution to the parent bank and the ability that the bank would receive ex-
group, such as a contribution above 20% traordinary support from CIMB Bank,
in terms of asset size and profit, com- if needed,&#; it said.

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KUALA LUMPUR (Nov 25): The pros- Prosecution seeks general election in and is listed as
ecution filed an application this month to to forfeit Jasmine a wanted person, was represented in the
forfeit properties said to be owned by 1Ma- proceedings on Thursday.
laysia Development Bhd (1MDB) general Loo&#;s cars,
counsel Jasmine Loo Ai Swan, a central properties Previously, theedgemarkets.com report-
character in the 1MDB trial. ed that Loo&#;s Mont Kiara condo was set
by hafiz yatim to be auctioned off following an appli-
The application was filed at the High theedgemarkets.com cation filed by OCBC Bank (M) Bhd
Court&#;s criminal division under Section for an outstanding amount in excess of
56 of the Anti Money Laundering, Anti RM300,000.
Terrorism Financing, and Proceeds of
Unlawful Activity (AMLATFPUA). Loo is one of the central characters in
Low Taek Jho&#;s (Jho Low) inner circle in
theedgemarkets.com understands that in 1MDB, as her name crops up in the pres-
the application, the prosecution sought to ent 1MDB-Tanore trial involving former
seize two vehicles and two properties, one prime minister Datuk Seri Najib Razak.
of which is in Mukim Batu, Kuala Lumpur.
On Feb 9, the government through the
The cars are said to be a Volkswagen Inland Revenue Board filed two legal suits
Beetle and an Audi. It is not known as to recover RM2.4 million in tax arrears
to the values of the properties which the from Loo and RM6.7 million from another
prosecution wants to forfeit. Jho Low associate, CaseyTang Keng Chee.

Section 56 of AMLATFPUA stipulates On Feb 18, the High Court obtained
forfeiture of properties where there is no a judgement in default against Loo over
prosecution. the unpaid tax.

The matter came up before High Court Both Loo andTang are listed as wanted
senior assistant registrar Nur Azizah Jaa- by Bank Negara Malaysia.
far on Thursday, and a further case man- Read also: Syed Saddiq&#;s corruption tri-
agement has been fixed for Jan 14, . al to be heard at High Court Click here

It remains uncertain whether Loo, 48,
who had left the country before the 14th

KUALA LUMPUR (Nov 25):The Ses- Aker Engineering resented by Michael Cheah and Joshua
sions Court on Thursday gave a dis- manager given Tay while Elizabeth Goh held a watch-
charge not amounting to an acquittal discharge not ing brief for Aker Engineering.
to Aker Engineering Malaysia Sdn Bhd amounting to
manager Ahmad Hatta Kamaruzzaman, acquittal for Deputy Public Prosecutor CH Law
who was initially charged with cheating cheating charge appeared for the prosecution.
Petronas Carigali Sdn Bhd.
by hafiz yatim Previously, Ahmad Hatta&#;s lawyers
This follows Justice Azura Alwi al- theedgemarkets.com had sent a representation letter to the
lowing his lawyers&#; preliminary objec- Attorney-General&#;s Chambers (AGC)
tion in ruling the charge levelled against against his client was vague and drafted last August. Normally a representation
Ahmad Hatta is defective. in such a way that the major allegation letter is sent to either drop or reduce a
made against him is not known. charge. However, last month, the AGC
Justice Azura said the prosecution rejected the representation letter.
had failed to state the ingredient of In Thursday&#;s proceedings, besides
the offence of which Ahmad Hatta is Amer Hamzah, Ahmad Hatta was rep- A discharge not amounting to an
charged. acquittal means the possibility that Ah-
mad Hatta could be re-charged.
&#;This court agrees with the defence
that the prosecution had not provid- Ahmad Hatta, a vice-president of
ed detailed particulars of the offence Aker Solutions headquarters in Norway,
and the loss that is said to have been was charged on June 11 under Section
suffered. 417 of the Penal Code with allegedly
being an agent for the company in mak-
&#;The nature of the charge should be ing false representations regarding the
clear in order for the defence to prepare ownership of one of its Malaysian units
an effective defence to the accused. I in order to win licences from Petroliam
find that the charge does not fulfil the Nasional Bhd (Petronas).
provisions under Section 154 of the
Criminal Procedure Code. He was accused of submitting doc-
uments aimed at misleading Petronas
&#;With this, this court finds the subsidiary Petronas Carigali Sdn Bhd
charge levelled to be groundless and de- &#; that one of Aker&#;s subsidiaries was
fective. For these reasons, this court al- qualified as a bumiputera-owned com-
lows the preliminary objection, and the pany when it did not.
court grants a discharge not amounting
to an acquittal,&#; Azura said. Ahmad Hatta was alleged to have
committed the offence on Aug 7, .
Ahmad Hatta&#;s counsel Amer He has claimed trial to the charge and
Hamzah Arshad had previously ar- had a bail of RM20,000 imposed on
gued that the charge that was preferred him.

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Synergy SOP for
Promenade Sarawak polls
Semarak land to be finalised
retransfer suit
against Felda to by Nov 30
go for full trial &#; Khairy

BY IZZUL IKRAM Bernama
theedgemarkets.com
SEREMBAN (Nov 25):The stand-
KUALA LUMPUR (Nov 25): The High main suit against 21 defendants, includ- ard operating procedure (SOP) for
Court has ordered a full trial for the legal ing Synergy Promenade, Synergy Prom- prevention of Covid-19 for the 12th
action by Synergy Promenade Sdn Bhd enade KLVC, and FIC&#;s former board of Sarawak State election will be final-
and its subsidiary to set aside the re-trans- directors and two former chairmen (Tan ised by the end of the month, said
fer of land related to the Kuala Lumpur Sri Mohd Isa Samad and Tan Sri Shahrir Health Minister Khairy Jamaluddin.
Vertical City (KLVC) project to the Feder- Samad).
al Land Develohpment Authority (Felda). Khairy said discussions on the
Justice Mohd Nazlan is also slated to SOP were held with the Sarawak
Justice Mohd Nazlan Mohd Ghazali hear the Felda and FIC main suit. This State Secretary on Thursday after-
had on Wednesday (Nov 24) ordered for was confirmed by Felda&#;s counsel Kumar noon and Deputy Health Minister
the matter to be determined through a full Kanagasingam when contacted by The Datuk Aaron Ago Dagang was en-
trial, saying the issues invoved could not be Edge. Appearing with Kumar of Messrs trusted with coordinating the matter
determined by way of affidavit evidence. Lee Hishammuddin Allen and Gledhill with the Sarawak government.
are Mong Chung Seng, Wong Han Wey
He also ordered Synergy Promenade and Medha Ong. &#;There are several matters which
and the subsidiary, Synergy Promenade need refining. I have set Nov 30 as
KLVC Sdn Bhd, to pay RM2,000 in costs Synergy Promenade and Synergy Prom- the deadline for finalising it and
to Felda. enade KLVC are represented by RK Shar- we will then recommend it to the
ma, Amrit Pal Singh and Raveena Kaur Election Commission (EC),&#; he told
The two firms are seeking to set aside of Messrs Vicknaraj, RD Ratnam Rajesh reporters after chairing the Negeri
the re-transfer of two parcels of land re- Kumar & Associates. Sembilan- level NationalYouth Con-
lated to KLVC along Jalan Semarak to sultative Council meeting here on
Felda on the grounds that the re-transfer On Tuesday, Justice Datuk Azimah Thursday.
was void for insufficient instrument under Omar struck out the suit filed by Synergy
the National Land Code . Promenade against Felda and FIC to get The EC has set Dec 18 for poll-
vacant possession of 24 parcels of land ing and Dec 6 for nomination, with
Felda, however, contends that the de- that Felda owned along Jalan Semarak, early voting to be held on Dec 14.
veloper agreement the two parties entered as she ruled it was illegal and unenforce-
into was void as the requisite Minister&#;s ap- able pursuant to Section 3 of the Land Meanwhile, on the impending
proval was not obtained, accusing the two Development Act (LDA) for it to second round of nationwide pro-
parties of fraud and conspiracy to defraud become KLVC. test by the Hartal Doktor Kontrak
Felda of the land, particularly as there was movement, Khairy said the Minis-
no payment made by the plaintiffs to the Synergy Promenade was appointed as the try would submit a memorandum
defendant. master developer of the KLVC project under to the Cabinet to seek a long-term
Isa&#;s time when Datuk Seri Najib Razak was solution to the problems faced by
Justice Mohd Nazlan added that this Prime Minister, pursuant to a development contract doctors.
also put into question the validity of the agreement with Felda.Via the development
power of attorney &#; Synergy Promenade agreement, Synergy Promenade was also &#;The Cabinet will find the solution
was granted via the developer agreement granted a power of attorney for the purpos- and also approval to absorb a certain
&#; and the two sales and purchase agree- es of the project, which the company used number of the contract doctors.
ments Synergy Promenade used to obtain to enter two sale and purchase agreements
the two parcels of land. for the two parcels of land. &#;If you ask me to absorb everyone
who is a contract doctor including
Through the suit, Synergy Promenade In , following the execution of a first-year housemen, it is difficult. If
and its subsidiary are seeking declarations Memorandum of Understanding between I go by cohorts such as ,
that they are the valid registered owners Felda, Synergy Promenade and Synergy and those who have been assessed as
of the two parcels of land. Promenade KLVC, the two parcels of land being doctors who can be absorbed
were retransferred back to the agency. on a permanent basis, then I think
The FederalTerritory Land and Mines it&#;s a fair deal,&#; he said.
Office is also named as a defendant in the Synergy Promenade and its subsidi-
suit. ary subsequently filed a suit against the Recently, the media reported that
Felda and the FederalTerritory Land and the Hartal Doktor Kontrak move-
The new writ action to be filed by Syn- Mines Office for a declaration that they ment would hold another protest af-
ergy Promenade and Synergy Promenade are the registered owners of the two par- ter claiming that Budget did
KLVC, will be heard together with Fel- cels of land. not solve the problems of contract
da and Felda Investment Corporation doctors.
Sdn Bhd&#;s (FIC) ongoing RM2 billion

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KUALA LUMPUR (Nov 25): Undi 18 Govt clarifies Memorandum had been prepared and was
(lowering of voting age from 21 to 18 years) latest status in the process of seeking feedback from the
and automatic voter registration will be im- on MoU on relevant parties.
plemented before Dec 31, while legislation Transformation
to prevent party hopping and limiting the and Political These include the Attorney-General&#;s
prime minister&#;s tenure have been pro- Chambers, the Ministry of Finance, the
posed to be brought to Parliament before Stability Cabinet Division on the Constitution and
July . Government Relations and the Office of the
Bernama Chief Government Security Officer.
Minister in the Prime Minister&#;s Depart-
ment (Parliament and Law) Datuk Seri Dr could not be done in haste. On amendments to the Constitution re-
Wan JunaidiTuanku Jaafar said this in clar- Elaborating further, Wan Junaidi said lated to matters under the Malaysia
ifying the latest status on the implementa- Agreement (MA63),Wan Junaidi said the
tion of the Memorandum of Understanding a meeting will be held with PH&#;s leaders Constitutional Amendment Bill on this was
(MoU) onTransformation and Political Sta- next month to get views on the proposed tabled for first reading in the Dewan Rakyat
bility between the government and Pakatan anti-hopping law as well as to state the gov- on Nov 3 with the second reading scheduled
Harapan (PH) signed on Sept 13. ernment&#;s stand on it. for next month.

He said the implementation of Undi 18 On Parliamentary Reform, he said the He said the government is also commit-
and automatic voter registration is based on Parliamentary Services Bill and the ted to ensuring the independence of the ju-
a Cabinet decision and that of the Kuching Parliament (Privileges and Powers) (Amend- diciary as well as the transformation of in-
High Court on Sept 3. ment) Bill were expected to be tabled stitutions and good governance.
during Parliament&#;s First Meeting in
&#;For Undi 18, we have no choice, the bill in March. More Parliament stories:
must be tabled before the end of this Par- Proposed amendments needed for RCEP
liament sitting, because the judge has ruled Apart from that, regarding amendments ratification to be tabled in Parliament
that if we do not implement it, it means that to the Standing Orders of the Dewan Rakyat soon, says Azmin Click here
the prime minister and the Malaysian gov- to enable Select Committees and Special Systematic plan for replacement of Hawk
ernment will be in contempt of court,&#; he Select Committees to hold open and hy- jets under CAP55, says Hishammuddin
said in reply to a question from Datuk Seri brid meetings,Wan Junaidi said a Cabinet Click here
Anwar Ibrahim (PH-Port Dickson) on the Vegetable price hike: Ministry refutes
MoU in the Dewan Rakyat on Thursday. CAP&#;s claims Click here

He added that for the anti-party hop-
ping legislation and limiting the prime
minister&#;s tenure, it requires a detailed
study and engagement sessions which

Reuters

Malaysia creates
joint task force
to study impact
of Indonesia&#;s
capital city move

Bernama

KOTA KINABALU (Nov 25): Malaysia border security and the setting up of Cus- ing papers to address the issue and would
has established a joint task force to plan toms, Immigration, Quarantine and Secu- meet again middle of next month in prepa-
and monitor development at Sabah and rity complex at all entry points between the ration for the Special Council on Malaysia
Sarawak borders in line with Indonesia&#;s two countries,&#; he said in a statement on Agreement meeting.
plan to relocate its capital city to Kalim- Thursday night.
antan on the island of Borneo. &#;Both Sabah and Sarawak Chief Minis-
Ongkili said the establishment of the ters will be involved in drafting long-term
Minister in the Prime Minister&#;s De- task force came about after Prime Min- border development strategies,&#; he added.
partment (Sabah and Sarawak Affairs) Da- ister Datuk Seri Ismail Sabri Yaakob and Read also: Govt proposes three countries
tuk Seri Dr Maximus Ongkili said besides lawmakers raised their concerns on Indo- as new sources for security service sector
infrastructure development, it would also nesia&#;s proposed plan to move its capital &#; Hamzah Click here
review aspects such as tourism, cultural city from Jakarta to Kalimantan.
exchange, education and health tourism.
He said the task force is preparing work-
He said the task force was a joint effort
between his department and Mustapa&#;s and
would be chaired by the latter.

&#;We will also look at issues related to

F R I D A Y N O V E M B E R 2 6 , 2 0 2 1 19 T H E E D G E C E O M O R N I N G B R I E F

AWARDS

NOMINATIONS ARE NOW OPEN

The Edge is proud to bring back its annual Please include the following details in your WINNERS WILL
Best Call Awards to recognise good nomination: BE JUDGED
fundamental stock analysis and its importance &#; The &#;buy&#;, &#;sell&#; or contrarian &#;hold&#; call; ON THE MERITS
in making investment decisions. &#; Why the call was great and if you made OF EACH CALL,
NOT BY THE
The 16th edition of the awards is open for money from following it; NUMBER OF
nominations from the general investing public, &#; The analyst and/or brokerage house that PEOPLE WHO
readers of The Edge, fund managers, private VOTED FOR IT
investors, heads of research and equity made the call;
analysts on what they think is the best &#;buy&#; or &#; When the call was made (the date of the
&#;sell&#; recommendation for , and why.
research report and the report, if any);
Nominations can also be for a good research &#; Your name and contact number (yes,
report on Bursa Malaysia-listed companies,
from which you learnt something, as well as you can submit your own great call too!).
a contrarian &#;buy&#; or &#;hold&#; recommendation
that proved correct when everyone else was Please send your nominations
saying &#;sell&#;. to [ protected]
by 5pm, Dec 3,

f r i d a y n o v e m b e r 2 6 , 2 0 2 1 20 T h e E d g e C E O m o r n i n g b r i e f

world

reuters Supply-chain the last country to hew to a Covid Zero policy,
crisis only with increasingly radical measures. In recent
Jamie Dimon weeks, authorities locked in 34,000 people at
getting worse Shanghai Disneyland for mandatory testing.
China says it with China&#;s A Beijing school held primary school children
notes JPMorgan seven-week port overnight after a teacher tested positive.The
quarantine definition of &#;close contact&#; now extends to
chief&#;s sincere people separated by as much as a kilometer.
regret over by K Oanh Ha & Jack Wittels
remark Bloomberg Around the world, factories, shipping and
consumers are still adjusting for a pandemic
Reuters (Nov 25): China&#;s increasingly extreme Cov- that&#;s not going anywhere. Supply shortag-
id Zero policies are standing in the way of a es are showing signs of easing in the US but
BEIJING (Nov 25): China&#;s foreign full recovery for the shipping industry and worsening in the UK. Some ports in Asia
ministry on Thursday said it noted prolonging a crisis that&#;s snarled ports and are getting less congested, but in California,
JPMorgan Chase Chief Executive emptied shelves worldwide. loaded vessels are still piling up.
Jamie Dimon&#;s expression of re-
gret for a remark he made about the In its attempts to keep the virus out, China&#;s Ship managers and operators are calling
country&#;s ruling Communist Party continued to prohibit crew changes for foreign for China to relax its restrictions and govern-
and said it hoped media would stop crew and recently imposed as much as a sev- ments to prioritize seafarers and shipping,
&#;hyping&#; the issue. en-week mandatory quarantine for returning or risk continued disruptions that may go
Chinese seafarers. Even vessels that have re- deeper as mariners bear the brunt of the toll.
On Wednesday, Dimon said he freshed their crew elsewhere have to wait two
regretted his remark at an event on weeks before they&#;re allowed to port in China. The latest restrictions at China&#;s ports
Tuesday that the Wall Street bank target Chinese crew, requiring them to quar-
would last longer than China&#;s Com- To comply, shipowners and managers antine for three weeks before their return to
munist Party (CPC), moving quick- have had to reroute ships, delaying shipments China, then another two weeks at the port of
ly to avoid any longer-term fallout. and crew changes, adding to the supply chain arrival, and two more weeks in their province
crisis. &#;China&#;s restrictions cause knock-on before they can reunite with their families,
&#;I noted the reports about how effects,&#; said Guy Platten, the secretary gen- according toTerence Zhao, managing direc-
the individual involved has sincere- eral of the International Chamber of Ship- tor of Singhai Marine Services, one of the
ly reflected. I think this is the right ping, which represents shipowners and op- biggest Chinese crew supply agents.
attitude. I hope the media involved erators. &#;Any restrictions to ship operations
will stop hyping this issue,&#; foreign have an accumulative impact on the supply &#;The ports&#;main focus is on quarantine and
ministry spokesman Zhao Lijian told chain and cause real disruptions.&#; health matters,&#; he said at an online industry
a regular daily briefing in response forum Monday.&#;The regulations change very
to a question. The world&#;s biggest exporter, China is a often, depending on the local Covid situation.&#;
key hub for the shipping industry. It is also Click here to read the full story
Dimon&#;s comments had risked Read also: Covid-19 will put a spotlight on
jeopardising JPMorgan&#;s growth health product supply chains in Asia, says
ambitions in China where it won Fitch Solutions Click here
regulatory approval in August to be-
come the first full foreign owner of a
securities brokerage in the country.
China experts in the United States
said, however, that his quick apolo-
gy should ensure no serious damage
was done.

&#;I regret and should not have
made that comment. I was trying
to emphasize the strength and lon-
gevity of our company,&#; Dimon said
in a statement issued by the bank.

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world

reuters

China criticises
US for putting
Chinese firms on
trade blacklist

by Chris Sanders
Reuters

WASHINGTON (Nov 25): China on China&#;s embassy inWashington charged Co Ltd to the list for &#;acquiring and attempt-
Thursday criticised the United States for that the United States &#;uses the catch-all ing to acquire US-origin items in support of
putting a dozen Chinese companies on its concept of national security and abuses state military applications&#;.
trade blacklist over national security and power to suppress and restrict Chinese en-
foreign policy concerns, citing in some cas- terprises in all possible means&#;. The eight Chinese firms were listed to
es their help developing the Chinese mili- prevent US technology being used to help
tary&#;s quantum computing efforts. &#;China is firmly opposed to that,&#; embas- China develop quantum computing appli-
sy spokesperson Liu Pengyu said. cations for its military.
The Chinese additions to the black-
list maintained by the US Department of He said the United States should &#;fol- The DOC wants to stop the Chinese mili-
Commerce (DOC) come amid growing low the spirit&#; of a virtual meeting between tary from developing its counter-stealth tech-
tensions between Beijing andWashington US President Joe Biden and Chinese lead- nology, which could include equipment like
over the status ofTaiwan and trade issues. er Xi Jinping last week and &#;meet China advanced radars, and counter-submarine
halfway instead of going further down the applications such as undersea sensors.The
The DOC also said several entities wrong path&#;. action also blocks US material from being
and individuals from China and Pakistan used to help China break encryption or de-
were added to its entity list for contrib- China will take all the necessary steps velop unbreakable encryption,the DOC said.
uting to Pakistan&#;s nuclear activities or to defend its companies, and reserves the
ballistic missile programme. right to take countermeasures against the Suppliers to companies on the entity list
sanctions, warned Zhao Lijian, spokesman will need to apply for a licence before they
In total, 27 new entities were added at the Chinese foreign ministry, at a briefing can sell to them, which is likely to be denied.
to the list from China, Japan, Pakistan, on Thursday.
and Singapore. Separately, the Moscow Institute of Phys-
The DOC said Hangzhou Zhongke Mi- ics andTechnology was added to the DOC&#;s
China strongly opposes the sanctions croelectronics Co Ltd, Hunan Goke Micro- military end user list, but the listing did not
on the Chinese companies, and will lodge electronics, New H3C SemiconductorTech- provide additional information other than it
solemn representations with the United nologies Co Ltd, Xi&#;an Aerospace Huaxun had produced military products.
States, Shu Jueting, a spokesperson for Technology, andYunchip Microelectronics
the Chinese commerce ministry, said at were placed on the DOC&#;s entity list for their The entity list has increasingly been used
a news conference on Thursday. &#;support of the military modernisation of for national security and foreign policy aims
the People&#;s Liberation Army&#;. since theTrump administration. Chinese -
Commerce Secretary Gina Raimondo ecom company Huawei was added in ,
said in a statement on Wednesday that It also added Hefei National Laboratory cutting it off from some key suppliers and
the new listings would help prevent US for Physical Sciences at Microscale, Quan- making it difficult for them to produce mo-
technology from supporting the develop- tumCTek, and Shanghai QuantumCTeck bile handsets.
ment of Chinese and Russian &#;military
advancement and activities of non-pro-
liferation concern like Pakistan&#;s unsafe-
guarded nuclear activities or ballistic mis-
sile programme&#;.

SHANGHAI (Nov 25): Chinese reg- China probes erty developers, the report said, cit-
ulators have opened an investigation insurance fund ing unnamed sources from insurance
into the use of insurance funds in a bid use in property firms.
to combat any illegal use and to curb sector to curb
risk in the industry, the state-backed risk, says report It will also look into areas where in-
Shanghai Securities News reported on surers helped to raise funds for property
Thursday. by Brenda Goh & Cheng Leng projects irregularly, or even breached
Reuters the fund raising limit, the report
It said an earlier routine inspection added.
had found some insurance institutions
had serious compliance issues. Institutions now have to formulate
rectification plans &#; including holding
Regulators will look into investment accountable staff responsible for viola-
activities of insurers which was beyond tions or lapses &#; deeply analyse the root
the allowed investment scope, including causes of problems, re-examine assets
those invested into commercial real es- and promote reasonable capital replen-
tates projects, and into unlisted prop- ishment, the newspaper said.

f r i d a y n o v e m b e r 2 6 , 2 0 2 1 22 T h e E d g e C E O m o r n i n g b r i e f

world

SINGAPORE (Nov 25): Global major Royal Shell ponders a recovery in global refining margins.
Dutch Shell may build a biofuels plant in Sin- biofuels plant to The proposed Singapore biofuels plant
gapore to meet the region&#;s rising demand for meet rising Asian
sustainable aviation fuels (SAF), the head of aviation demand will also have flexibility to produce renew-
its downstream business said onWednesday. able diesel and bionaphtha feedstock for
by Florence Tan petrochemicals, he said.
The proposed 550,000 tonnes per year Reuters
(tpy) project at Singapore&#;s Bukom Island &#;The alternative is much more valua-
could produce SAF to supply major Asian plant in Rotterdam, the Netherlands. ble,&#; he said, adding that Shell is focusing
hubs such as Hong Kong International Shell is also working with European airline on higher-value products such as perfor-
Airport and Singapore&#;s Changi, Shell mance chemicals, bitumen and also lubri-
Downstream Director Huibert Vigeveno KLM to test the blending of synthetic fuels. cants, which provide a return on capital
told reporters. Globally, Shell aims to make about 2 employed of more than 20%.

&#;Many of the airlines are keen to talk million tpy of SAF by , although the &#;Refinery margins have improved a bit,
to us,&#; he said. &#;I see a lot of growth in renewable fuel accounts for less than 0.1% but they&#;re far from the levels they used to
sustainable aviation fuel.&#; of today&#;s global jet fuel demand. be,&#; Vigeveno said, adding the sector still
had overcapacity.
Citing discussions with Asian airlines, To transit to low-carbon fuel produc-
including Singapore Airlines, Cathay Pa- tion, Shell has shut a crude distillation Aviation is one of the most difficult
cific, Japan Airlines and Nippon Airlines, unit at Bukom, which reduced its refining forms of transportation to decarbonise.
he said the appetite for SAF was not just capacity by half, Vigeveno said, despite
in Europe or the United States. Shipping, by contrast, he said had many
fuel options, such as switching to liquefied
As Shell seeks to move away from fossil fu- natural gas (LNG), electricity, renewable
els, in response to pressure for climate action diesel and in the longer term hydrogen
from governments and some shareholders, provided the infrastructure is put in place.
it is already building a 820,000 tpy biofuels
Vigeveno said hydrogen could be viable
for shipping this decade.

A US$100 billion
wave of EV IPOs
to hit market by
, BofA says

by Julia Fioretti & Vinicy Chan
Bloomberg

HONG KONG (Nov 25):A worldwide push to- Chinese car and battery maker BYD Co last One of the largest IPOs to come out of Asia
ward electrification is causing a three-year wave of month raised US$1.8 billion in a Hong Kong next year, and potentially globally, will be the
initial public offerings in the electric vehicle space share placement, its second such deal this year. spinoff of LG Chem Ltd&#;s battery unit LG En-
that could raise about US$100 billion until the In January, theWarren Buffett-backed company ergy Solution in South Korea, which could raise
end of , according to Bank of America Corp. fetched another US$3.9 billion selling new shares. about US$10 billion. It&#;s one of the world&#;s
biggest battery makers after China&#;s Contem-
Growing investments in the sector, spanning Growing demand for electric cars will lead porary Amperex Technology Co.
from batteries to charging cars, will see compa- to increasing investments by the companies
nies spin off units as well as go public, said Patrick making batteries for clean vehicles. LG Energy Solution resumed the IPO process
Steinemann, co-head of Global Mobility Group after reaching an agreement over the General Mo-
Investment Banking at Bank of America. The top 10 battery makers are expected to tors Co recall of Chevrolet Bolt electric vehicles
nearly triple their manufacturing capacity by in October. It plans to submit the IPO prospectus
&#;We&#;re already well into a wave that will see to meet future supply commitments and in early December and take investor orders ear-
up to US$100 billion of IPO proceeds being position themselves for an upcoming surge in ly next year, the Seoul Economic Daily reported.
raised in the electrification space, across the en- demand, according to BloombergNEF. Read also:
tire value chain of EV, batteries and charging,&#; Spanish power firm Endesa to spend US$34.8
Steinemann said in an interview. &#;The battery companies will become a uni- billion to in green push Click here
verse of their own, they are now entering a stage Australian parliament clears way for offshore
The largest IPO of stems precisely where massive capacity buildup requires a lot wind farms Click here
from that sector; Electric-truckmaker Rivian of capital to keep up with the growth of EV
Automotive Inc raised US$13.7 billion in its demand,&#; Steinemann said. &#;So far, battery
US listing earlier this month and has gone on companies have largely been debt financed but
to soar 47% from its offer price. the next stage of their growth will be financed
through a wave of IPOs.&#;
Electric vehicle makers became investor dar-
lings last year and their stocks have staged im-
pressive rallies amid bets on growing demand
for cleaner cars. Industry leader Tesla Inc. has
almost doubled in value over the past year and
billions have been raised through both IPOs
and follow-on share sales.

f r i d a y n o v e m b e r 2 6 , 2 0 2 1 23 T h e E d g e C E O m o r n i n g b r i e f

world

ECB is said to its investment bank as a pandemic-driven Bloomberg
consider firm trading rally peters out.
limits on riskiest Brazil inflation
leveraged loans The German lender could be among nears 11% in
the most impacted banks should the ECB mid-November
by Nicholas Comfort & Steven Arons decided to impose curbs.
Bloomberg despite
Deutsche Bank&#;s leveraged loans unit aggressive
(Nov 25): The European Central Bank is generated more than US$300 million in rate hikes
weighing curbs on the riskiest part of banks&#; revenue in , helped by lead roles on
lending to indebted companies amid fears of some of the year&#;s biggest deals including by Andrew Rosati, Rafael Gayol,
a potential blow-up in the market, accord- $23 billion in loans toT-Mobile to acquire Rafael Mendes, Maria Eloisa
ing to people with knowledge of the matter. rival Sprint, according to data compiled by Capurro, Caroline Aragaki &
Bloomberg.The bank ranks eighth in US Josue Leonel
Officials on the ECB&#;s supervisory leveraged loans, up from ninth place last Bloomberg
board have discussed capping newly orig- year, the data show, and fourth in Europe,
inated highly-leveraged transactions at a the Middle East and Africa. RIO DE JANEIRO (Nov 25): Bra-
certain share of individual banks&#; balance zil&#;s consumer prices rose past expec-
sheets, the people said, asking not to be An ECB spokeswoman and Deutsche tations in mid-November, adding to
identified as the matter is private. Bank spokesman declined to comment. signs that inflationary pressures are
now widespread, despite the central
Still, some members are reluctant to fol- Even as banks have been more active bank&#;s aggressive interest rate hikes.
low that course if banks can show that they&#;re lenders, they tend to sell on most leveraged
adequately managing risk, the people said. loans to investors and keep a small share Annual inflation accelerated to
on their books.One of the concerns for 10.73%, above the 10.69% medi-
Talks are at an early stage and caps may regulators is whether willing buyers will an estimate in a Bloomberg survey.
not be the chosen action, they said. be around in a downturn. Consumer prices rose 1.17% from
the month prior, the national statis-
The leveraged loan market has been on Even before the pandemic raised the tics agency reported on Thursday.
a tear this year, especially in the US, as pri- prospect of a wave of corporate defaults
vate equity firms cash out of companies and the central bank had urged firms to be All nine categories surveyed by
investors seek protection against inflation. cautious in leveraged finance. the statistics agency saw price in-
Click here to read the full story creases on the month. Transporta-
Deutsche Bank AG has counted on the Read also: More Fed officials open to tion and housing costs, which rose
lucrative business as a key contributor to speeding up bond-buying taper, rates lift- 2.89% and 1.06% respectively, were
off Click here the main drivers, leading to the big-
gest mid-month price rise for No-
China urges local vember in nearly two decades, the
governments to agency said.
spend more to
counter slump Central bank chief Roberto Cam-
pos Neto is commanding the world&#;s
Bloomberg biggest tightening cycle, which has
lifted rates by 575 basis points since
(Nov 25): China&#;s State Council called requests for special bond quotas next year, March. But global supply chain bot-
on local governments to sell more special according to Xinhua. The authorities will tlenecks, rising commodity pric-
bonds this year in order to boost invest- study the possibility of granting some bond es and President Jair Bolsonaro&#;s
ment amid a slowdown in the economy. quotas in advance of next year, according to spending plans are complicating ef-
the report, as they did in the recent two years. forts to tame inflation.
Premier Li Keqiang chaired a meeting Click here to read the full story
of the State Council, China&#;s cabinet, on Premier Li reiterated the economy is fac-
Wednesday, urging local governments to ing &#;new downward pressure&#; and cross-cy-
have more ongoing construction of projects clical policy needs to be strengthened.
at the beginning of next year, the official
Xinhua News Agency reported. Economists have pared back their growth
forecasts for the fourth quarter to a median
It also called on them to make better of 3.1%, while some say the economy&#;s pace
use of proceeds from special bonds to ex- next year could be slowest since , ex-
pand domestic demand. cluding last year&#;s pandemic impact.
Click here to read the full story
Regional governments should step up pro-
ject preparation, facilitate the launch of pro-
jects that are mature, and make reasonable

f r i d a y n o v e m b e r 2 6 , 2 0 2 1 24 T h e E d g e C E O m o r n i n g b r i e f

world

New Swedish PM bloomberg the constitutional court, after theThursday
resigns on first ruling. The panel of judges rejected calls
day in job, hopes Jokowi told for the entire law to be cancelled and al-
for swift return to revise job lowed the law to remain in force until the
creation law by revisions are made.
by Simon Johnson & Johan Ahlander Indonesia court
Reuters The bill has been dogged with contro-
by Arys Aditya versy since it was first announced in ,
STOCKHOLM (Nov 25): Sweden&#;s Bloomberg with workers and investors raising concerns
first female prime minister, Social Dem- over labour rights and environmental pro-
ocrat Magdalena Andersson, resigned JAKARTA (Nov 25):An Indonesian court or- tection. Jokowi, as the president&#;s known,
on Wednesday after less than 12 hours dered President JokoWidodo to amend parts is banking on the law to cut red tape and
in the top job after the Green Party quit of his omnibus law, which was meant to create bring in investments that would create jobs,
their two-party coalition, stoking politi- jobs by overhauling investment regulations. including through a new wealth fund in-
cal uncertainty. cluded in the regulation.
The changes must be done within two
But Andersson said she had told the years or the law would be deemed unconsti- The court&#;s ruling, which can&#;t be ap-
speaker of parliament she hoped to be tutional, said Anwar Usman, chief judge at pealed, detailed some late changes made in
appointed prime minister again as the the final omnibus law from a version that was
head of a single-party government, approved in parliament, as well as mistakes in
and the prospects of that happening the law&#;s citations of existing regulations that
appeared fairly strong given support it&#;s meant to supersede.The verdict deemed
from other parties. the job creation law as &#;legally defective&#; as
its approval didn&#;t follow the proper process.
The Green Party quit after parlia-
ment rejected the coalition&#;s budget bill. The court will let the government take
two years to address the issues to ensure
&#;I have asked the speaker to be relieved legal certainty.The court hasn&#;t started de-
of my duties as prime minister,&#; Anders- liberating on the law&#;s content.
son told a news conference.&#;I am ready to
be prime minister in a single-party, Social The government will obey the ruling and
Democrat government.&#; amend the law, said Coordinating Minister
for Economic Affairs Airlangga Hartarto in
The Green Party said it would support a press briefing on Thursday. Meanwhile, it
her in any new confirmation vote in par- will keep enforcing the omnibus law, while
liament, while the Centre Party promised not issuing any strategic implementing rules,
to abstain, which in practice amounts to in line with the court order, he added.
the same as backing her candidacy.The
Left Party has also said it would back her. bloomberg

While these parties were unable to EU to propose
agree a budget, they are united in the 9-month limit
goal of keeping the Sweden Democrats, on Covid vaccine
a populist, anti-immigration party, from validity for travel
having a role in government.
by Alberto Nardelli, John Follain,
&#;The Centre Party will open the door Anthony Palazzo & Siddharth Philip
for her (Andersson) to be prime minister,&#;
its leader, Annie Loof, said onTwitter. Bloomberg

&#;We will make sure, again, that Swe- LONDON/ROME (Nov 25): The Euro- be needed beyond the 9-month period.
den can have a government that is not pean Union will recommend a 9-month The proposals, which cover travel from
dependent on the Sweden Democrats.&#; time limit for the validity of Covid-19 vac-
cinations for travel into the bloc and also outside the EU, are expected to be an-
The opposition right-wing Mod- propose prioritising vaccinated travelers. nounced later on Thursday.
erates and Christian Democrats are
backed by the Sweden Democrats, The European Commission will pro- EU governments are pushing for the
but cannot command a majority in pose that member states should continue bloc to smooth out differences in rules
parliament. welcoming all travelers inoculated with to help safeguard the ability to travel af-
shots approved by the bloc, according to ter governments have employed contrast-
Andersson took over as prime min- a document seen by Bloomberg. It also calls ing approaches to how long vaccinations
ister from Stefan Lofven as head of a for countries to reopen as of Jan 10 to all should last and how to manage boost-
minority two-party coalition supported those who have used vaccines approved by er shots. The commission offers recom-
by the Left and Centre parties. But that the World Health Organization. mendations that could be implemented
alliance collapsed when the Centre Party by member nations.
refused to back the new government&#;s The proposed updates introduce the Click here to read the full story
finance bill. new time limit for the validity of Covid
inoculations, suggesting that boosters will
Click here to read the full story

f r i d a y n o v e m b e r 2 6 , 2 0 2 1 25 T h e E d g e C E O m o r n i n g b r i e f

world

reuters

SiliconValley
warned over
tracking users
after adtech

revamps

by Stephanie Bodoni
Bloomberg

LUXEMBOURG (Nov 25):Plans by Goog- of proposals coming forward&#; and many ing it now to help steer them in the right
le and other SiliconValley platforms to rein are &#;privacy positive,&#; but they &#;still don&#;t direction.&#;
in intrusive advertising technologies must fix some fundamental issues.&#;
turn their backs on old tracking practices, the The ICO has been looking into the
UK&#;s top data-protection watchdog warned. The changes have sparked complaints practices in online advertising for years,
by publishers and advertisers using track- publishing a report in that found
Google and Apple Inc have been working ing to boost their businesses.This prompt- some of them had the potential to &#;be high-
on new privacy features to curb web tracking, ed the European Commission and the ly intrusive.&#; It&#;s been working closely with
after antitrust and privacy agencies across UK&#;s Competition and Markets Author- the CMA, the UK&#;s antitrust watchdog,
the world ratcheted up scrutiny of how tech ity to take a closer look as they examine to ensure changes in the adtech industry
giants scoop up information from people and Google&#;s power over online advertising. meet privacy expectations and ensure an
businesses using their services. appropriate level of competition.
The ICO has been working &#;with the
&#;The status quo is unacceptable,&#; Ste- largest and most impactful,&#; platforms, &#;The ball&#;s in the court&#; of companies
phen Bonner, executive director at the In- Bonner said, adding that the opinion isn&#;t like Google and the other providers de-
formation Commissioner&#;s Office, said in aimed at any one organisation. &#;We&#;re not veloping these new systems, said Bonner.
an interview ahead of the release of an forming an opinion about any of those pro- &#;We&#;re giving them the toolkit, so that they
ICO opinion paper on the matter. &#;We&#;re posals&#; from companies, &#;they&#;re at early can demonstrate they&#;re taking it seriously
delighted to see that there&#;s a whole series stages, that&#;s exactly why we&#;re influenc- and doing the right thing.&#;

BRUSSELS (Nov 25): Uber has Uber fights taxi regulations. It&#;s had a strainedrel
been ordered to pay a 300,000 euro near-shutdown in ationship with local authorities and taxi
(US$336,600) penalty, adding to the Brussels on top firms in the Belgian capital, which plays
challenge of a court-ordered partial shut- host to most of the European Union&#;s in-
down imposed on its ride-hailing service of paying a fine stitutions, since launching there in .
in Brussels earlier this week. The following year, Uber was forced to
by Aoife White, Jillian Deutsch, abandon its UberPop service, which saw
The Dutch-speaking Brussels Court of John Martens & Stephanie Bodoni people use their own cars to offer rides
Appeal told two of the company&#;s units to in the city.
pay 150,000 euros each when it backed Bloomberg
a complaint by a Brussels taxi firm, ac- It asked customers to call on the Brus-
cording to the Nov 23 ruling yet to be reuters sels government to reform &#;outdated reg-
made public, obtained by Bloomberg News. ulations,&#; in an it sent outThursday.
The shutdown order effectively forbade
most of Uber&#;s 2,000 drivers in the city &#;Only 5% of cars will be able to move
from operating starting Friday evening. you around Brussels&#; after 6.00 p.m. at
local time on Friday, Uber said. &#;You
Angry Uber drivers blocked main won&#;t be able to get the service that
routes in the Belgian capital on Thurs- you are used to in Brussels and, at best,
day and the Brussels mobility authority should expect much longer waiting times
advised drivers to steer clear of the city. but, at worst, will struggle to get a ride.&#;
Uber has called on the local authorities
to move faster on a proposal to update The ruling affects drivers who hold
its taxi rules, which might give the plat- a Brussels license allowing Uber users
form legal clarity to operate. hire a car and a driver. It extends a
cease-and-desist order against UberPop
Jean-Michel Courtoy, the director gen- to the current service that uses licensed
eral of Taxis Verts which brought the law- drivers.
suit behind the case, called the ruling a
&#;relief.&#; &#;The law is for everybody; it has A small number of drivers with a li-
to be respected by everybody.&#; cense from a nearby region, Flanders, will
still be able to operate. A requirement
The San Francisco-based company is for drivers to speak Dutch may prevent
fighting legal battles across Europe over many French-speaking Brussels drivers
how it employs drivers and complies with from obtaining such a license.

f r i d a y n o v e m b e r 2 6 , 2 0 2 1 26 T h e E d g e C E O m o r n i n g b r i e f

MARKETS

CPO RM 4,935.00&#;19.00 OIL US$ 81.93&#;-0.32 RM/USD 4. RM/SGD 3. RM/AUD 3. RM/GBP 5. RM/EUR 4.

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)

Fintec Global Bhd 232.20 -0.005 0.015 -81.25 81.5

G3 Global Bhd 189.60 -0.005 0.130 -74.13 281.4

Vsolar Group Bhd 176.1 0 0.015 -62.5 68.5

Green Ocean Corp Bhd 104.5 0.005 0.04 -55.56 84.5

VS Industry Bhd 101.1 0.12 1.54 18.92 .8

Dagang NeXchange Bhd 85.6 -0.025 0.855 280 .8

ATA IMS Bhd 73 -0.35 0.82 -65.55 986.3

D&#;Nonce Technology Bhd 51.5 -0.025 0.325 -35 108.3

SKP Resources Bhd 46.9 0.19 1.99 15.7 .1 World equity indices

Fitters Diversified Bhd 46.6 0.005 0.51 100 238.5

NWP Holdings Bhd 43.7 -0.015 0.305 22 160.6 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
(%)
My EG Services Bhd 42.5 0.03 1.11 15.63 .6 DOW JONES 35,804.38 -9.42 -0.03 (%)
INDONESIA 6,699.35 16.07 0.24
Ageson Bhd 38.3 -0.005 0.05 -61.54 64.9

Inari Amertron Bhd 30 -0.02 4.16 51.57 .5 S&P 500 4,701.46 10.76 0.23 JAPAN 29,499.28 196.62 0.67

Ajiya BHD 28.7 0.1 0.815 46.85 237.8 NASDAQ 100 16,367.81 61.09 0.37 KOREA 2,980.27 -14.02 -0.47

Green Packet Bhd 28.6 0 0.11 -73.81 153.5 FTSE 100 7,299.09 12.77 0.18 PHILIPPINES 7,369.27 -49.83 -0.67

Destini Bhd 28.5 -0.01 0.2 -25.93 332.7 AUSTRALIA 7,407.29 7.85 0.11 SINGAPORE 3,221.52 -5.63 -0.17

Scope Industries Bhd 28.4 0.01 0.35 17.71 403.8 CHINA 3,584.18 -8.52 -0.24 TAIWAN 17,654.19 11.67 0.07

OPCOM Holdings Bhd 28.2 0.04 1.06 175.32 255 HONG KONG 24,740.16 54.66 0.22 THAILAND 1,648.46 -1.36 -0.08

MSM Malaysia Holdings Bhd 24 -0.33 1.24 117.54 871.7 INDIA 58,810.16 469.17 0.80 VIETNAM 1,500.81 11.94 0.80

Data as compiled on Nov 25, Source: Bloomberg Data as compiled on Nov 25, Source: Bloomberg

Top gainers (ranked by %) Top losers (ranked by %)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (&#;000) CHANGE CAP (%) (&#;000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

Nexgram Holdings Bhd 0.03 25.0 .1 -44.44 110.4 Daya Materials Bhd 0.010 -33.33 41.2 -33.33 20.4

Kanger International Bhd 0.04 16.7 .7 -75.86 209.3 ATA IMS Bhd 0.820 -29.91 .3 -65.55 986.3

Xidelang Holdings Ltd 0.04 14.3 12,540.00 -42.86 84.6 Metronic Global Bhd 0.015 -25.00 4,803.10 -85 32.5

Green Ocean Corp Bhd 0.04 14.3 .4 -55.56 84.5 Eduspec Holdings Bhd 0.015 -25.00 888.5 -25.00 45.3

Ajiya BHD 0.82 14.0 .7 46.85 237.8 Fintec Global Bhd 0.015 -25.00 .0 -81.25 81.5

SKP Resources Bhd 1.99 10.6 .6 15.70 .1 MSM Malaysia Holdings Bhd 1.240 -21.02 .4 117.54 871.7

Iqzan Holding Bhd 0.06 10.0 797.7 -52.17 12.2 Alam Maritim Resources Bhd 0.025 -16.67 .1 -70.59 38.3

CWG Holdings Bhd 0.50 10.0 .4 50.00 62.3 Scomi Group Bhd 0.025 -16.67 .9 -16.67 27.3

Pan Malaysia Holdings Bhd 0.06 9.1 1,054.50 -42.86 55.7 MQ Technology Bhd 0.050 -16.67 .3 -62.96 43.9

AHB Holdings Bhd 0.12 9.1 834.4 -31.43 31.2 Brahim&#;s Holdings Bhd 0.080 -15.79 .0 -75.76 24.6

VS Industry Bhd 1.54 8.5 .7 18.92 .8 Sanichi Technology Bhd 0.030 -14.29 .2 -89.38 42.1

Scomi Energy Services Bhd 0.07 8.3 1.4 -31.58 30.4 Privasia Technology Bhd 0.100 -13.04 .4 -37.50 61.4

Saudee Group Bhd 0.07 8.3 .2 -84.41 51.0 MTAG Group Bhd 0.550 -12.70 .4 -25.68 374.9

Supercomnet Technologies Bhd 1.96 8.3 .8 6.30 .4 Mlabs Systems Bhd 0.035 -12.50 .0 -56.25 50.7

AirAsia X Bhd 0.08 7.1 .7 0.00 311.1 DGB Asia Bhd 0.035 -12.50 365 -84.44 56.8

SC Estate Builder Bhd 0.08 7.1 .1 25.00 80.6 AE Multi Holdings Bhd 0.035 -12.50 .6 -71.34 75.7

Kia Lim Bhd 0.44 6.0 355.7 54.39 27.3 Scanwolf Corp Bhd 0.625 -11.97 .9 321.35 108.7

Jadi Imaging Holdings Bhd 0.09 5.9 .1 -14.29 94.7 Focus Dynamics Group Bhd 0.040 -11.11 .8 -93.85 254.9

MMAG Holdings Bhd 0.1 5.26 .7 -78.26 131.2 Pasukhas Group Bhd 0.040 -11.11 2,804.40 -88.92 46.3

Sam Engineering & Equipment M Bhd2 1.44 5.1 227.7 190.91 .9 mTouche Technology Bhd 0.08 -11.11 432 -76.53 74.1

Data as compiled on Nov 25, Source: Bloomberg Data as compiled on Nov 25, Source: Bloomberg

Top gainers (ranked by RM) Top losers (ranked by RM)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (&#;000) CHANGE CAP (RM) (&#;000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

Sam Engineering & Equipment 21.44 1.04 227.7 190.91 2,901.90 ATA IMS Bhd 0.820 -0.350 .3 -65.55 986.3

Malaysian Pacific Industries 48.70 0.56 367.3 87.60 9,686.30 MSM Malaysia Holdings Bhd 1.240 -0.330 .4 117.54 871.7

Fraser & Neave Holdings Bhd 25.04 0.32 113.2 -21.95 9,184.10 Kesm Industries Bhd 13.000 -0.300 263.20 -4.27 559.2

Nestle Malaysia Bhd 133.80 0.30 45.1 -3.67 31,376.10 Khind Holdings Bhd 4.020 -0.290 401.4 37.20 161.0

SKP Resources Bhd 1.99 0.19 .6 15.70 3,109.10 TAFI Industries Bhd 2.090 -0.210 .4 246.63 259.0

Supercomnet Technologies 1.96 0.15 6,435.80 6.30 .4 Malayan Cement Bhd 2.640 -0.200 580.0 5.60 .9

D&O Green Technologies Bhd 6.02 0.15 5,590.90 164.04 7,215.80 SKB Shutters Corp Bhd 2.200 -0.200 614.3 266.67 96.8

Kobay Technology BHD 6.10 0.15 1,110.60 665.69 1,831.70 Negri Sembilan Oil Palms BHD 3.130 -0.180 2.0 -0.95 219.7

VS Industry Bhd 1.54 0.12 101,099.70 18.92 5,877.80 Telekom Malaysia Bhd 5.430 -0.160 .6 0.37 .2

Ajiya BHD 0.82 0.10 28,703.70 46.85 237.8 Allianz Malaysia Bhd 12.860 -0.140 125.7 -12.99 .8

British American Tobacco M&#;sia 13.92 0.10 57.2 -1.14 3,974.60 Transocean Holdings BHD 3.420 -0.140 137.2 332.91 222.6

Bursa Malaysia Bhd 6.52 0.10 1,387.20 -20.74 5,276.60 QL Resources Bhd 4.500 -0.140 457.6 -22.41 .5

CI Holdings Bhd 3.20 0.10 18.2 68.42 518.40 Can-One Bhd 4.060 -0.140 129.3 45.52 780.1

Kuala Lumpur Kepong Bhd 20.90 0.10 376.30 -11.74 22,527.80 IQ Group Holdings Bhd 1.160 -0.140 979.2 20.83 102.1

Petronas Chemicals Group Bhd 8.44 0.10 .6 13.59 67,520.00 PIE Industrial BHD 3.830 -0.120 842.9 59.71 .9

Malaysia Smelting Corp Bhd 3.37 0.09 .8 135.66 1,415.40 Batu Kawan Bhd 21.880 -0.120 7.5 22.23 .9

Rapid Synergy Bhd 9.98 0.08 79.70 51.21 .8 Heineken Malaysia Bhd 21.880 -0.120 7.2 -4.95 .9

KLCCP Stapled Group 6.69 0.07 46.7 -5.51 .7 Seni Jaya Corp BHD 2.960 -0.120 124.1 270.00 143.7

Toyo Ventures Holdings Bhd 1.92 0.07 15 13.61 205.4 EP Manufacturing Bhd 1.030 -0.110 .6 221.88 178.0

AMMB Holdings Bhd 3.23 0.06 .1 -11.51 .7 Petronas Dagangan Bhd 19.900 -0.100 90.1 -7.01 19,769.70

Data as compiled on Nov 25, Source: Bloomberg Data as compiled on Nov 25, Source: Bloomberg

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