PALM OIL CLOSES AT RECORD HIGH ON INDIA’S

MOVE TO REDUCE DUTY p6

T U E S DAY, F E B RUA R Y 1 5 , 2 0 2 2 w w w. t h e e d g e m a r k e t s. c o m
ISSUE 330/2022

CEOMorningBrief HOME: Sapura Energy units served with winding-up petitions p8

Anticipation of OPR hike spurred trading in financial stocks — Bursa p11
Malaysia’s GDP to likely reach 6.1% in 2022 — Public Investment Bank p11
WORLD: Putin signals talks with US to go on as some troop drills end p17
Thailand mulls tax cuts, subsidies to spur electric car adoption p18

Serba Dinamik fails to get stay of court decision,

required to reveal fact-finding update
Report on Page 6.

REUTERS

Opening
statements
to kick off in
ex-Goldman
banker’s
1MDB
corruption
trial
Report on Page 4.
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
the edge ceo morning brief
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KUALA LUMPUR (Feb 14): Malaysia
recorded a slight increase in new Covid-19
cases to 21,315 on Monday (Feb 14), com-
pared with 21,072 infections reported on
Sunday, said Health director-general Tan
Sri Dr Noor Hisham Abdullah.
Noor Hisham, via his official Twitter
account, said the cumulative number of
cases now stands at 3,061,550.
He said 21,228 new infections or
99.59% of Monday’s total were in Cat-
egories 1 and 2, while 87 cases or 0.41%
were in Categories 3, 4 and 5.
Categories 1 and 2 refer to patients who
have no symptoms or mild symptoms, Cat-
egory 3 involves lung infection, Category 4
involves lung infection and which requires
oxygen, while Category 5 refers to critical
cases with organ damage and which require
ventilator assistance.
Meanwhile, Dr Noor Hisham, in a state-
ment, said of 21,315 new cases on Monday,
81 were imported cases and 21,234 local
transmissions, while 199 cases were being
treated in the intensive care unit (ICU), with
115 of these requiring respiratory assistance.
KUALA LUMPUR (Feb 14):Various fac-
tors need to be carefully studied before Ma-
laysia's tourism sector and international
borders can be allowed to fully reopen with-
out the implementation of travel bubbles.
Tourism, Arts and Culture Minister Da-
tuk Seri Nancy Shukri said a thorough study
and preparations, including discussions with
the tourism ministries of other countries,
are among her ministry's ongoing efforts.
She said even though the government
would not reopen the borders on March 1
as recommended by the National Recovery
Council (NRC), the Ministry of Tourism,
Arts and Culture (MOTAC) is optimistic
that the success of the Langkawi Domestic
Travel Bubble pilot project could be set as
the benchmark for the sector.
“Based on the success of the travel bub-
ble project in Langkawi, MOTAC already
has the confidence for the country’s bor-
ders to be reopened.
“However, the matter needs to be fur-
ther studied as some countries have yet to
allow their people to travel and this must
be taken into consideration for the tourism
2 THEEDGE CEO MORNING BRIEF
H O M E
published by
(266980-X)
. 603-77218000
tel
Level 3, Menara KLK, 1 Jalan PJU 7/6,
Mutiara Damansara, 47810, Petaling Jaya,
Selangor, Malaysia
Covid-19: 21,315
new cases
on Feb 14,
says Health DG
Bernama
He added that a total of 8,517 recovered
cases were recorded, making the cumula-
tive number of recoveries now 2,860,954.
A total of 17 new clusters were iden-
tified, and currently there are 435 active
clusters in the country.
“Detailed information on the Covid-19
current situation in Malaysia will be up-
loaded to the COVIDNOW website at
https://covidnow.moh.gov.my,” he said.
Dr Noor Hisham said the country’s in-
fectivity rate (Rt) was 1.43, with Labuan
recording the highest Rt of 1.90, followed
by Sarawak (1.61) and Sabah (1.60).
Reopening of
borders without
travel bubbles needs
further study,
says Nancy
Bernama
sector to fully reopen,” she told report-
ers after opening the "Statesman’s Talk:
Thoughts and Leadership of Tun Hus-
sein Onn" programme at Tun Hussein
Onn Memorial here on Monday (Feb 14).
Overall, Nancy said the two travel bubble
projects in Langkawi, which began on Sept
16 (for domestic travellers) and on Nov 15
(for international travellers) last year, had re-
corded over 720,000 local and foreign tourist
arrivals, with tourism income amounting to
RM750 million as at Dec 31, 2021.
For the Langkawi International Travel
publisher +. Ho Kay Tat
ceo
editor - in - chief
. Kathy Fong
chief commercial officer . Sharon Teh
chief operating officer . Lim Shiew Yuin
editors . Jenny Ng . Joyce Goh
Tan Choe Choe . Lam Jian Wyn
to contact editors : eeditor@bizedge.com
to advertise : advertising@bizedge.com
Covid-19 cases and vaccination
progress in Malaysia
On Feb 13, 2022
Daily Covid-19 deaths 11
Active cases 155,673
Daily vaccine doses administered 118,875
Daily booster administered 82,785
% of adult population received 97.5
two-dose vaccination
% of adult population received 56.4
booster shots
On Feb 14, 2022
Number of new cases 21,315
Local cases 21,234
Imported cases 81
Category 1 and 2 patients 21,228
(no symptoms, mild symptoms) (99.59%)
Category 3, 4 and 5 patients 87
(with pnemonia, pneumonia requiring (0.41%)
oxygen therapy, critical and requiring
assisted ventilation)
Number of new recoveries 8,517
Source: Ministry of Health
Bubble project, the number of foreign tourist
arrivals recorded as of Feb 9 stood at 4,274,
without any case of Covid-19 transmission.
On Feb 8, the NRC proposed to the
government to fully reopen the country’s
borders as early as March 1, without the
need of mandatory quarantine, but Prime
Minister Datuk Seri Ismail Sabri Yaakob
said it could not be done as further study of
several aspects needs to be conducted first.
Read also:
MACEOS urges government to reopen
international borders Click here
IRB to provide tax relief for Covid-19
test and vaccination of up to RM1,000
Click here
Covid-19 vaccination: Almost 170,000
Malaysian children given first dose as of
Feb 13 Click here
Ismail Sabri: No one in breach of
Covid-19 SOPs will be let off Click here
T U E S D AY F E B R U A RY 1 5 , 2 0 2 2 3 THEEDGE CEO MORNING BRIEF
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
NEWYORK (Feb 14): Prosecutors began a
US corruption trial on Monday by accusing
a former Goldman Sachs banker of seeking
to make millions of dollars laundering mon-
ey looted from Malaysia’s 1MDB sovereign
wealth fund.
Roger Ng, Goldman’s former head of
investment banking in Malaysia, is charged
with conspiring to launder money and to
violate an anti-bribery law. He has pleaded
not guilty and Ng’s lawyer has called him
a “fall guy” for one of the biggest financial
scandals in Wall Street history.
“The defendant saw an opportunity to
make millions of dollars by cheating, and he
took it,” the prosecution said in an opening
statement on Monday.
The trial in Brooklyn federal court could
last up to six weeks.
Prosecutors are likely to argue that Ng
helped two co-conspirators — his former
boss,Timothy Leissner, and Malaysian inter-
mediary Jho Low — launder funds embez-
zled from 1MDB and used some of the sto-
len money to bribe officials in the Southeast
Asian country to win business for Goldman.
Leissner, a former partner for Goldman
Sachs in Asia, in 2018 pleaded guilty to con-
spiracy to launder money, and conspiracy to
violate the Foreign Corrupt Practices Act
(FCPA), in part by helping to pay US$1.6
billion in bribes. He is expected to testify as
(Feb 14): Almost four years after plead-
ing guilty for his role in the 1MDB scan-
dal, Goldman Sachs Group Inc’s former
Southeast Asia chairman, Tim Leissner,
is about to speak publicly for the first
time.
Leissner is expected to be the star wit-
ness in the US government’s case against
his former subordinate Roger Ng, the
only Goldman banker to go on trial for
the multibillion-dollar bribery scheme.
Opening statements are scheduled to be-
gin Monday in Brooklyn. Each man faces
the possibility of decades in prison for their
work together.
Leissner pleaded guilty in August 2018
to a count of conspiracy to violate US an-
ti-bribery laws and to conspiring to launder
money. He was ordered to forfeit US$44
million (RM184.38 million). Goldman
paid US$5 billion in fines and apologised
for breaking the law.
Ng, however, has chosen to fight the
case against him. His lawyers have cast him
as Leissner’s deputy, a bookish banker who
was the first to warn Goldman compliance
about Malaysian financier Jho Low.
The trial will once again cast an un-
comfortable spotlight on Wall Street’s most
influential bank, which has failed to wash
off the stain from its nefarious role in the
4 THEEDGE CEO MORNING BRIEF
H O M E
Opening
a government witness against Ng.
Ng’s defense is expected to argue that he
statements
had no role in the scheme perpetrated by
Low and Leissner, and that he even warned
to kick off in
Goldman management not to trust Low.
Ng’s defense lawyer Marc Agnifilo has said
ex-Goldman
Leissner falsely implicated Ng in the scheme
in an effort to minimize his punishment.
banker’s 1MDB
Leissner has yet to be sentenced.
The scandal stems from some US$6.5
corruption trial
billion in bonds that Goldman helped
1MDB — launched by former Malaysian
Prime Minister Najib Razak to spur eco-
nomic growth — sell from 2009 to 2014. US
BY LUC COHEN prosecutors allege around US$4.5 billion of
Reuters that money was embezzled.
US authorities say Goldman earned
REUTERS US$600 million in fees from the deals. The
bank in 2020 paid a US$2.3 billion fine,
returned US$600 million in ill-gotten gains
and agreed for its Malaysian subsidiary to
plead guilty in US court as part of a deal,
known as a deferred prosecution agreement
(DPA), with the Department of Justice.
The trial could shed light on how Gold-
man responded to warnings of possible cor-
ruption, but the bank is unlikely to face ma-
terial damage.
Low, who was indicted alongside Ng in
Ex-Goldman Sachs banker Roger Ng arrives at 2018, has not been arrested by US or Ma-
federal court for the jury selection process for his laysian authorities. Malaysia has said he is
trial in New York, US on Feb 8, 2022.
in China, which Beijing has denied.
scandal. The Ng-vs-Leissner show marks
Goldman’s most the first public examination in the US of
the part played by Goldman Sachs bankers
notorious banker in enabling a historic loot that shocked in
its reach and chutzpah.
Tim Leissner Goldman had hoped the US$5 billion
in penalties it’s been forced to pay was
turns star witness enough to quash further scrutiny. Instead,
executives there are keeping a wary eye
in Roger Ng’s on proceedings in a Brooklyn courtroom.
Their only hope: the fallout from this lat-
1MDB trial est airing of its Malaysia dealings doesn’t
radiate beyond the ex-employees, who’d
already been cast aside as profit-chasing
BY PATRICIA HURTADO bankers gone rogue.
Bloomberg Leissner, the more flamboyant face of
the scandal, is likely to spend several days
BLOOMBERG on the stand. Prosecutors will use his tes-
timony to try to show that Ng played a
critical role in the scheme.
The last time Leissner spoke publicly
was when he pleaded guilty. A chastened
Leissner, reading from a prepared state-
ment, told the court he and unnamed
colleagues concealed from his employer
that Jho Low was involved in one of the
bond deals and was paying bribes and
kickbacks.
Leissner pleaded guilty in August 2018 to a count
of conspiracy to violate US anti-bribery laws and
to conspiring to launder money.
Click here to read the full story
T U E S D AY F E B R U A RY 1 5 , 2 0 2 2 5 THEEDGE CEO MORNING BRIEF
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
JAKARTA (Feb 14): Palm oil finished at
an all-time high, tracking stronger soy-
bean oil and petroleum prices, with India’s
move to cut a tax on imports seen boost-
ing demand for the tropical oil from the
world’s biggest buyer.
Futures for April delivery rose as much
as 2.2% to RM5,697 a ton in Kuala Lum-
pur, before ending at RM5,672, a new
record closing high for the most-active,
rolling contract. Soybean oil, palm’s clos-
est substitute for food and fuel, climbed
for a fourth day. Firmer petroleum prices
also helped as palm’s biofuel appeal got
a boost.
The palm oil market is getting support
from a duty cut in India as the move is like-
ly to increase demand, according to Gnan-
asekar Thiagarajan, head of trading and
hedging strategies at Kaleesuwari Inter-
continental. Rising crude oil on the back
of Ukraine tensions is also helping, he said.
India lowered the agriculture infra-
structure and development tax on the
crude variety of the tropical oil to 5%
from 7.5%, according to a finance min-
istry notification on weekend.
“With this reduction, crude palm oil
KUALA LUMPUR (Feb 14): The High
Court has dismissed Serba Dinamik Hold-
ings Bhd’s formal application for a stay of
the court’s order for the oil and gas com-
pany to make public the fact-finding up-
date (FFU) by Ernst & Young Consulting
Sdn Bhd (EY Consulting) on its financials.
Judicial Commissioner Wan Muham-
mad Amin Wan Yahya made the decision
following a hearing in the afternoon on
Monday.
In his decision, Wan Muhammad Amin
ruled that he found the public interest
point raised and the potential harm to the
public, including investors and sharehold-
ers, to be an overriding factor for refusing
the stay under the circumstances.
“I do not find that the special circum-
stances to warrant the stay have been made
up. As such, I dismiss the application, with
RM5,000 costs,” the judicial commission-
er said.
However, Wan Muhammad Amin did
not specify the deadline for Serba Dina-
mik to release the FFU.
It is also understood that Serba Di-
namik could exercise its right to appeal
against the court’s decision to not grant
it the stay of the court’s order at the ap-
pellant court.
Senior Counsel Datuk Loh Siew
Cheang, who appeared for Bursa Malay-
sia, said the oil and gas service provider
has yet to reveal the impact of the FFU
on its business, financial status and oper-
6 THEEDGE CEO MORNING BRIEF
H O M E
Palm oil closes
at record high on
India’s move to
reduce duty
BY EKO LISTIYORINI
Bloomberg
BLOOMBERG
Serba Dinamik
fails to get stay
of court decision,
required to
reveal fact-
finding update
BY HAFIZ YATIM & SULHI KHALID
theedgemarkets.com
ations and the timeline to carry out and
complete each proposed course of action.
He pointed out that Serba Dinamik
has to furnish biweekly written updates
to Bursa Malaysia.
“An order directing them to complete
the special independent review which
still remains incomplete and if premature
resignation of EY Consulting to continue
as independent reviewer, or termination
of EY Consulting, they should appoint
another independent reviewer,” he argued
in objecting to the stay.
On Feb 8, Serba Dinamik revealed a
portion of the FFU in its filing to Bursa.
To recap, on Feb 7, Wan Muhammad
Amin directed Serba Dinamik to make
a public announcement of the FFU by
will become more attractive for Indian
buyers compared with refined products,”
said Sandeep Bajoria, chief executive of-
ficer of Mumbai-based Sunvin Group.
This will help refiners increase their ca-
pacity utilisation, he said.
Indian traders bought 40,000 tons
of crude palm oil on Monday between
US$1,517.50 and US$1,525 per ton, in-
cluding freight charges, for March ship-
ment, Bajoria said. No purchases of re-
fined palm oil were reported on Monday,
he added.
Palm has surged more than 50% in
the past year on tight supplies from In-
donesia and Malaysia, said Paramalingam
Supramaniam, director at Selangor-based
broker Pelindung Bestari. A shortage of
workers will hamper Malaysia’s efforts
to ramp up output at least in the first
quarter of 2022. The stockpile situation
is seen as tight as monthly production is
likely to stay below 1.8 million-two mil-
lion tons, he said.
Read also: India cuts tax on CPO imports
to help consumers, refiners Click here
EY Consulting, which was appointed to
conduct a special independent review on
the company’s financial accounts for the
12-month period ended Dec 31, 2020,
within two market days from the date of
this order.
Soon after the court order was made,
Serba Dinamik formally wrote in to ap-
ply for a stay of Wan Muhammad Amin’s
decision.
In the written judgement last Monday,
Wan Muhammad Amin concluded that
the information sought to be announced
in the FFU was “material and does not
depend whether it is true, false or con-
clusive”.
The judicial commissioner noted that
Serba Dinamik was entitled to disagree
with the information to be disclosed. How-
ever, Wan Muhammad Amin also stressed
that the stock exchange was entitled to give
the directive in order to uphold and main-
tain “a fair and orderly securities market to
safeguard public and investors’ interests”.
The judgement by the High Court on
Feb 7 was the result of a legal action taken
by Bursa Malaysia in November because
of Serba Dinamik’s “failure to comply”
with the stock exchange’s directive to dis-
close the FFU dated Sept 30, 2021.
On Wednesday (Feb 16), there will be
a hearing on another case related to Serba
Dinamik’s interim injunction application
to block the release of the FFU on its fi-
nancials by EY Consulting.
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
TM subsidiary
Webe accepts
MCMC’s
spectrum
assignment offer
BY SURIN MURUGIAH
theedgemarkets.com
KUALA LUMPUR (Feb 14): Telekom
Malaysia Bhd’s (TM) subsidiary Webe
Digital Sdn Bhd has accepted an offer
from the Malaysian Communications and
Multimedia Commission (MCMC) for
KUALA LUMPUR (Feb 14): Glove man-
ufacturer Supermax Corp Bhd has abort-
ed a plan to acquire two pieces of freehold
land in Setia Alam, Selangor from S P Setia
Bhd’s subsidiary Bandar Setia Alam Sdn
Bhd for RM73.49 million cash to build
an operations headquarters for its whol-
ly-owned subsidiary Maxter Glove Man-
ufacturing Sdn Bhd.
This follows its failure to obtain ap-
proval from the Economic Planning Unit
(EPU) to waive a 30% Bumiputera equity
ownership condition prior to transferring
ownership of the land.
On Sept 21, 2020, Supermax, through
Maxter, had entered into a sale and pur-
chase agreement (SPA) with Bandar Set-
ia Alam to acquire the two pieces of land,
measuring about 1.99ha (approximately
4.962 acres) in Bukit Raja.
The proposed acquisition was subject to
the EPU’s approval to transfer ownership
of the land if Maxter meets the 30% Bumi-
putera equity ownership. On May 24, 2021,
Maxter had submitted an appeal to waive
the EPU approval condition. However, this
was rejected by the EPU on Dec 15, 2021.
“Based on the above, Maxter has re-
quested for the termination of the SPA in
accordance with Clause 2A.4 of the SPA
7 THEEDGE CEO MORNING BRIEF
H O M E
spectrum assignment for 20 megahertz
(MHz) in the 2,575MHz to 2,595MHz
frequency band.
In a bourse filing Monday (Feb 14),
TM said Webe had agreed to an upfront
fee of RM7.06 million and an annual fee
component of RM5.98 million to be paid
throughout the assignment period.
The utility firm said the spectrum as-
signment is for a period of five years, ef-
fective July 1, 2022.
It said Webe has submitted the accept-
ance of the spectrum assignment and has
paid the upfront fee of RM7.06 million.
TM’s group chief executive officer Imri
Mokhtar said the spectrum provides sub-
stantial value and leverage to TM as a con-
vergence provider.
“The increased capacity will enable TM
to provide seamless fixed and wireless ac-
cess, and content to its retail and enterprise
customers at home, office or on the move.
“The acceptance of this spectrum offer
is also aligned with our future direction in
embarking into a dynamic digital space.
“With our strong and extensive fibre
infrastructure, the spectrum will enable
future expansion of telecommunication
services to customers, for an end-to-end
converged experience,” said Imri.
At the midday break Monday, TM shed
four sen to RM5.36, valuing it at RM20.23
billion.
Supermax aborts
RM73m land buy
from S P Setia
BY SULHI KHALID
theedgemarkets.com
where it is stipulated that the purchaser
shall be entitled to terminate the SPA if
the EPU conditions after appeal is not ac-
ceptable to the purchaser,” said Supermax
in a bourse filing on Monday (Feb 14).
Following the termination, it added that
the total deposit refund including stamp
duty has been duly received by Supermax
on Jan 27, and the caveat on the land with-
drawn effective Jan 31.
“The termination does not have a ma-
terial effect on the group’s earnings per
share, net assets per share and gearing for
the financial year ending June 30, 2022,”
said Supermax.
At 2.43pm, shares in Supermax were
down four sen or 3.36% at RM1.15, with
4.2 million shares done. Its market capi-
talisation stood at RM3.13 billion.
Lotte Chemical
Titan’s US
associate trims
stake in ethane
cracker firm
BY IZZUL IKRAM
theedgemarkets.com
KUALA LUMPUR (Feb 14): Lotte
Chemical USA Corp (LC USA) has
transferred an additional 3.23% of
its equity interest in LACC LLC to
Eagle US 2 LLC.
With this, Eagle US’ shareholding in
LACC — which owns an ethane crack-
er plant in the southeastern US state of
Louisiana — will rise to 50%, with LC
USA holding the remaining 50% stake.
This was announced in a bourse
filing on Monday (Feb 14) by Lotte
Chemical Titan Holding Bhd (LCT),
which owns 40% of LC USA.The bal-
ance 60% stake in LC USA is held by
LCT’s parent, Lotte Chemical Corp.
LCT said the 3.23% stake is sold
to Eagle US for US$89.095 million
(about RM373.35 million).
“The transfer is arising from Eagle
US exercising its call option which al-
lows Eagle US to increase its equity in-
terest in LACC to 50%,” added LCT.
The group said LC USA is ex-
pected to generate a one-off gain on
disposal after tax of about US$27
million from the transfer.
It added that its 40% share of this
gain is about US$11 million for the
financial year ending Dec 31, 2022.
“The transfer will reduce LC
USA’s interest in LACC’s future
financial performance and conse-
quently, the group’s share of profit
and loss in LC USA,” LCT added.
Shares of LCT closed two sen or
0.89% higher at RM2.27 on Monday
(Feb 14), giving the group a market
capitalisation of RM5.25 billion.
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
KUALA LUMPUR (Feb 14): Sapura
Energy Bhd said five of its wholly-owned
subsidiaries have been served winding-up
petitions from separate petitioners in rela-
tion to unpaid contract sums, settlement
agreement sums and judgment sums to-
talling some RM47.5 million.
The subsidiaries are Sapura Fabrica-
tion Sdn Bhd, Sapura Project Services Sdn
Bhd, Sapura Subsea Services Sdn Bhd,
Sapura Offshore Sdn Bhd and Sapura
Pinewell Sdn Bhd.
In a filing with Bursa Malaysia, Sapu-
ra Energy said none of the subsidiaries
are major ones as defined under Chap-
ter 1 of the Main Market Listing Re-
quirements.
According to the group, Sapura Fabri-
cation had been served with two separate
winding-up petitions — one by Dura In-
ternational Sdn Bhd relating to an unpaid
judgment sum of RM6.96 million, and
the other by Public Crane Heavy Equip-
ment Sdn Bhd over an unpaid settlement
agreement sum of RM6.27 million.
Sapura Project Services, meanwhile,
was served with a winding-up petition by
DTEC Engineering and Construction Sdn
Bhd in relation to an unpaid settlement
agreement sum of RM15 million.
As for Sapura Subsea Services, it was
served two winding-up petitions, one by
Fast Global Link Services in relation to
KUALA LUMPUR (Feb 14): AirAsia X
(AAX) has secured full belly space utilisa-
tion for one third of its wide body A330-
300 fleet for an initial period of one year.
In a statement on Monday (Feb 14),
AirAsia said Teleport, the logistics venture
of Capital A would use the additional ca-
pacity from AAX to fulfil its robust cus-
tomer requirements, both intra and across
the whole of Asia Pacific.
“This is the second major announce-
ment in as many weeks for the newly re-
structured AAX seeking to significantly
boost its regional presence as a viable long-
term partner to some of the biggest global
freight forwarders,” it said.
AAX chief executive officer Benyamin
Ismail said the company was also in dis-
cussions with several other major global
clients that have air cargo requirements,
particularly to where it has established bas-
es and flying rights.
“For the foreseeable future, cargo rev-
enue will underpin our route strategy and
passenger revenue, for the first time, will
be ancillary,” he said
Chief operating officer (COO) Captain
Suresh Kumar Bangah said AAX intends
to add a further one plane a month to full
service from now and hopes to have full
8 THEEDGE CEO MORNING BRIEF
H O M E
Sapura Energy
dana Nautika Sdn Bhd concerning an un-
paid RM6.74 million under a contract for
units served
vessel chartering.
The second petition was served by Hy-
with winding-up
cotech Sdn Bhd for the non-payment of
RM5.39 million under a contract for vessel
petitions
chartering and rental of very small aper-
ture terminal (VSAT) services, while the
third was taken out by Equatorial Marine
Fuel Management over the non-payment
BY IZZUL IKRAM of US$226,760 and S$15,664 under a con-
theedgemarkets.com tract for the supply of marine gas oil.
Sapura Pinewell was served with two
winding-up petitions, one by Perdana
Nautika for the non-payment of RM3.631
million under a contract for vessel char-
tering, and the other by Hycotech over
the non-payment of RM820,931 under a
contract for accommodation and catered
meals.
Sapura Energy said the group and its
subsidiaries are negotiating with the re-
spective petitioners and have engaged law-
yers for advice.
“Pending the outcome of negotiations
and receipt of such legal advice, there will
an unpaid judgment sum of RM1.15 mil- be no immediate material financial and
lion, and another by Mectra Synergy (M) operational impact and no expected losses
Sdn Bhd on the basis of non-payment of to the group arising from the petitions,”
RM110,483 under a contract for the pro- it added.
vision of marine services. Sapura Energy closed half a sen lower
Three winding-up petitions were served at 4.5 sen on Monday (Feb 14), valuing
to Sapura Offshore, with the first by Per- the group at RM719 million.
AirAsia X secures
fleet operational by the end of the third
quarter.
space utilisation
Meanwhile, Teleport COO Adrian Lo-
retz said that in addition to the dedicated
for one third of
737-800 freighter, the added A330 aircraft
from AAX provides more capacity access
A330-300 fleet
for customers to serve the demand in the
region while operating from our main hubs
in Kuala Lumpur and Bangkok.
“In 2022, we are looking at strength-
Bernama ening our fleet and adding more prime
destinations into our scheduled network
with extensive coverage in Southeast Asia
and beyond, coupled with the wide cover-
age and high frequency from our existing
AirAsia passenger flights’ capacity,” he said.
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
Muhibbah
Engineering
secures purchase
orders of
RM50.3m from
Siemens Energy
BY SULHI KHALID
theedgemarkets.com
KUALA LUMPUR (Feb 14): Muhibbah
Engineering (M) Bhd’s wholly owned
unit, Citech Energy Recovery Solutions
KUALA LUMPUR (Feb 14): Food pro-
cessing group HB Global Ltd plans to un-
dertake a private placement to raise about
RM23.1 million to fund future investments
and for working capital purposes.
The group said the placement entails
the issuance of up to 154 million shares,
representing 20% of its issued shares of
770 million as at Jan 26, 2022.
“The placement shares will be issued
based on a discount of not more than 20%
to the volume-weighted average market
price of HB Global shares for the five
market days immediately preceding the
price-fixing date,” it added.
In a filing with Bursa Malaysia, HB
Global said that based on an illustrative
price of 15 sen per placement share, the
group will raise about RM23.1 million.
The group said it has earmarked
RM12.85 million of the proceeds for the
funding of future projects, acquisitions or
investments in other complementary busi-
nesses or assets.
“We expect the acquisition or investment
to be within the food processing business
segment, such as those relating to the pro-
cessing, packaging and producing of variety
ready-to-serve foods, as these businesses are
deemed beneficial and are complementary
to the group’s existing businesses,” said HB
9 THEEDGE CEO MORNING BRIEF
H O M E
UK (Ltd), has secured purchase orders of
RM50.3 million from Siemens Energy of
Sweden and Houston.
In a Bursa Malaysia filing on Monday
(Feb 14), the engineering company said
the two purchase orders are for Waste Heat
Recovery Units (WHRU) which it is ex-
pected to deliver by the fourth quarter of
this year.
“The above contracts are expected to
contribute positively to the earnings and
net assets of Muhibbah Engineering for
the financial year ended Dec 31, 2022.
“The contracts do not have any im-
pact on the share capital and sharehold-
ing structure of Muhibbah Engineering,”
it said.
Shares in Muhibbah Engineering ended
unchanged at 60 sen on Monday, valuing
the company at RM291.14 million.
HB Global plans
to raise RM23m
via private
placement
BY IZZUL IKRAM
theedgemarkets.com
Global executive director Keh Chuan Yee.
The group added that another RM10
million of the proceeds will go towards
working capital.
HB Global’s share price closed half a sen
or 2.7% lower at 18 sen, giving the group a
market capitalisation of RM134.96 million.
NWP served
with RM2.6m
notice of
demand over
rental, service
charge arrears
BY SYAFIQAH SALIM
theedgemarkets.com
KUALA LUMPUR (Feb 14): NWP
Holdings Bhd has received a notice
of demand by Seri Tiara Develop-
ment Sdn Bhd in relation to the out-
standing rentals, service charges and
late payment interest.
The company’s wholly-owned
subsidiary NWP Resources Bhd
had on Feb 11 received the notice
issued by Messrs Joseph Ting & Co
on behalf of its client Seri Tiara De-
velopment.
NWP Resources had defaulted
on payment of outstanding rentals
from October 2021 to February
2022, as well as service charges
and default interest totaling RM2.6
million for the premise in Block
A, Desa Commercial Centre, on
Feb 8.
The delay in payment is due to
the fact that there are no subtenants
for the premise and therefore no in-
come is being received for the rental
payments, according to NWP in a
stock exchange filing.
The company said it had been
negotiating with Seri Tiara, but the
negotiations had not reached a final
or favourable conclusion.
“There were chances of receiving
[a] winding up petition from Seri
Tiara and continuing charges of late
payment interest, which the ultimate
amount could not be identified at
the moment,” it said.
The timber product manufactur-
er also added that there will be no
immediate impact on its business
and operations. The group will seek
to continue its business and opera-
tions despite the default.
NWP shares closed up one sen
or 4.35% at 24 sen on Monday
(Feb 14), giving the group a mar-
ket capitalisation of RM126.34
million.
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2 10 THEEDGE CEO MORNING BRIEF

H O M E

NEWS IN BRIEF

79 Sarawak assemblymen sworn in

KUCHING (Feb 14): Seventy-nine out of the 82 newly-elected Sarawak assemblymen
took their oath of office before State Legislative Assembly Speaker Tan Sri Mohamad
Asfia Awang Nassar at the state assembly building. They were led by Chief Minister Tan
Sri Abang Johari Tun Openg, who is the Gedong assemblyman. Also taking their oath on
Monday were the three deputy chief ministers — Datuk Amar Douglas Uggah Embas
(Bukit Saban), Datuk Amar Awang Tengah Ali Hasan (Bukit Sari) and Datuk Seri Dr Sim
Kui Hian (Batu Kawah) — followed by other members of the state’s Cabinet and elected
representatives. Gabungan Parti Sarawak led by Abang Johari won 76 out of the 82 seats
contested in the Sarawak state election on Dec 18. — Bernama
Wee: Licence fee exemption for
EVs and vehicles for persons with
Not much significance in renaming disabilities
CM’s post as ‘premier’ — Sarawak The Transport Ministry through the Road
state minister Transport Department will be offering
KUCHING (Feb 14): The Constitution of the full motor vehicle licence fee exemption
State of Sarawak (Amendment) Bill 2022 for electric vehicles (EVs) and vehicles
that is set to be tabled in the State Legislative for persons with disabilities (PwD/OKU),
Assembly on Tuesday (Feb 15) will not bring says Transport Minister Datuk Seri Dr
about significant change, even though the Wee Ka Siong. In a statement, Wee said
word “premier” has been proposed to replace the EVs would receive the exemption
“chief minister”. Sarawak Youth, Sports and from Jan 1, 2022 to Dec 31, 2025, but
Entrepreneur Development Minister Datuk added that the exemption is not applicable
Seri Abdul Karim Rahman Hamzah said Wisma Putra closely monitoring to hybrid vehicles. On motor vehicles
that the Bill, which also seeks to substitute developments in Ukraine owned by PwD/OKU, Wee said the motor
the words “assistant minister” with “deputy PUTRAJAYA (Feb 14): The Foreign Ministry vehicle licence exemption would only be
minister”, is only meant to “refine the terms”. (Wisma Putra) is closely monitoring the applicable to motor vehicles that had been
“The post of an assistant minister can bring developments in and around Ukraine, specially modified for the use of the PwD/
about confusion. There were assistant especially the situation of Malaysian OKU. — Bernama
ministers who went abroad [on official visits] nationals in the country. The ministry
and were treated as aides of ministers. in a statement on Monday (Feb 14) Maybank’s foreign shareholding
“Likewise for the CM (chief minister), I don’t said 20 Malaysians had registered with rises to 16.41%, highest since June
think we want to be on a par with Penang Malaysia’s Embassy in Kyiv, including nine last year
or Melaka. When we formed Malaysia, staff members of the embassy and their KUALA LUMPUR (Feb 14): Malayan
the signatories of [the] Malay states in the dependents. Wisma Putra strongly urges Banking Bhd (Maybank)’s foreign
peninsular ... there was only one person any other Malaysians currently in Ukraine shareholding stood at 16.41% as at Jan
representing them,” he told reporters when but who have yet to register to immediately 21, 2022, the highest level since June last
met at the state assembly grounds here on contact and register with the embassy. — year, according to the latest update on
Monday. — Bernama Bernama Maybank’s website. The updates showed
that the bank’s foreign shareholding had
2020 Census report will assist in formulating policies for ageing population, increased from 16.34% reported on Dec
says Mustapa 31, 2021. The previous high was 16.57%,
SHAH ALAM (Feb 14): The increase in the number of senior citizens aged 65 and above, registered on June 25, 2021. Maybank’s
according to the report on key findings of the 2020 Population and Housing Census, will lowest foreign shareholding on record was
assist in formulating policies and preparing to deal with the ageing population in Malaysia. 13.33% on Jan 6, 2012, while the highest
Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed figure was 25.99% on May 24, 2013. At
said the census results showed that 6.8% or 2.2 million of Malaysia’s 32.4 million population the time of writing, shares in Maybank
were aged 65 and above, compared with 5% or 1.4 million in 2010. He said it was projected traded one sen or 0.12% higher to
that by 2030, the number of senior citizens aged 65 and above would reach over 10.3% or RM8.58, giving it a market capitalisation
4.1 million people. — Bernama of RM101.8 billion. — by Sulhi Khalid
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
KUALA LUMPUR (Feb 14): Financial
stocks saw increased trading ahead of the
Monetary Policy Committee (MPC) meet-
ing on Jan 20 on anticipation of a possible
hike in the overnight policy rate (OPR),
said Bursa Malaysia.
“Leading up to the first MPC meeting
[of 2022], the Bursa Malaysia Financial
Services Index (KLFIN) had been inching
up week-on-week since the beginning of
December 2021.
“Most notably, the index climbed 2.8%
for the week ended Jan 14, 2022 as the
MPC meeting drew closer, compared to
0.9% for the week ended Jan 7, 2022,” the
exchange said in a report on the Bursa Dig-
ital Research portal on Monday (Feb 14).
At the MPC meeting, Bank Negara
Malaysia however decided to maintain
the OPR at 1.75%.
The report noted that foreign investors
were net buyers of KLFIN with an inflow
of RM486.05 million as of Jan 25.
“Meanwhile, local retailers and lo-
cal institutions sold RM252.37 million
and RM215.08 million respectively,”
said Bursa.
The report noted that trading volume
and value spiked ahead of the MPC meet-
KUALA LUMPUR (Feb 14): Malaysia’s
gross domestic product (GDP) is project-
ed to rebound by three percentage points
to 6.1% year-on-year (y-o-y) in 2022 on
the back of favourable external conditions,
with full economic reopening by major
economies giving the growth momentum
an added boost.
Public Investment Bank Bhd said the
growth trajectory will also be driven by
the lag impact of massive fiscal stimulus
spending, supported by the still-accom-
modative interest rate environment.
It added that the strong push will come
from the bold decision to fully reopen in-
ternational borders, which will be key to
reviving the tourism sector that has borne
the brunt of the health crisis over the last
two years.
However, this could be tempered by the
emergence of a more infectious Covid-19
variant, which could cause rapid transmis-
sion and therefore a loss in productivity
and output.
“Persistent challenges in the manufac-
turing sector, like the shortage in raw mate-
rials and labour, could also affect output,”
said the investment bank.
It added that economic prospects are ex-
pected to improve following the better han-
dling of Covid-19 and vaccination coverage
of more than 90% of the adult population.
On monetary policy, Public Investment
Bank expects to see normalisation in the
11 THEEDGE CEO MORNING BRIEF
H O M E
Anticipation
ing with the highest volume recorded on
Jan 10 at 818.81 million and the highest
of OPR hike
value on Jan 11 at RM648.4 million.
For the week ended Jan 14, Pub-
spurred trading
lic Bank Bhd, Malayan Banking Bhd
(Maybank) and CIMB Group Holdings
in financial stocks
Bhd were the financial stocks that saw
the highest foreign inflow at RM102.36
— Bursa
million, RM67.48 million and RM50.35
million, respectively.
Maybank and CIMB saw their share
prices gaining 1.68% and 1.47%, respec-
BY SEAH EU HEN tively, during the week.
theedgemarkets.com According to Bursa, most economists
expect a tightening of the monetary pol-
icy to maintain price stability in view of
inflationary pressures.
“Based on Bloomberg’s economist poll
from 22 respondents, 50% of them expect
one rate hike while 36% expect two rate
hikes this year.
“52% of the economists expect the rate
hike to happen in the third quarter and
64% expect a rate hike in the fourth quar-
ter,” the exchange said.
“Investors are expected to be looking
out for more clues on MPC’s OPR decision
in its upcoming monetary policy meeting
in early March,” it added.
Malaysia’s
The consumer price index is projected
to remain steady at 2.4% in 2022, thanks
GDP to likely
to full economic reopening that will push
employment and wages, and subsequently,
reach 6.1%
demand for goods and services.
“Cost-push factors such as petrol pric-
in 2022 — Public
es, apart from shortages in raw materials
and prolonged supply chain disruptions,
Investment Bank
could cause the prices of essential goods
and services to be elevated,” it said.
Meanwhile, CGS-CIMB Research re-
tained its forecast of Malaysia’s econom-
Bernama ic growth for 2022 at 5.6% y-o-y, with
growth at 5.1% in the first quarter of the
SHAHRIN YAHYA/THE EDGE year (1Q22).
Malaysia’s current account is also pro-
jected to register a surplus of 4.9% of the
GDP in 1Q22 and 3.2% for the full year,
driven by continued high goods surplus
from surging commodity prices and grow-
ing external demand, as well as the recov-
ery in travel receipts as borders reopen.
Flood recovery efforts could also spur in-
vestment growth during the quarter, it said.
As for the monetary policy rate, CGS-
CIMB Research also believed that the cen-
tral bank would hike the OPR twice in the
second half of the year, raising it by 25
basis points each time.
benchmark interest rate only in the second
half of 2022, with the overnight policy rate Read also: Malaysia’s economic growth
(OPR) likely to be adjusted by 50 basis projected to rise to 5.75% in 2022, says
points to 2.25%. IMF Click here
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
KUALA LUMPUR (Feb 14): Uzma Bhd
said its wholly-owned subsidiary Uzma
Engineering Sdn Bhd (UESB) has re-
ceived a contract from ExxonMobil Ex-
ploration and Production Malaysia Inc
(EMEPMI).
The scope of work of the contract — for
a period of two years commencing on Jan
13, 2022 until Jan 12, 2024 — comprises
non-rig assisted electric wireline logging
equipment and services at West Malaysia
waters, said Uzma in a stock exchange
filing on Monday (Feb 14).
“The value of this enabling contract
with no guarantee of call-offs shall be
based upon the agreed rates and work
order, if any, issued by EMEPMI within
the contract period,” noted Uzma.
Uzma added, the contract is expected
to contribute positively towards the com-
pany’s earnings and net assets per share
for the financial year ending June 30, 2022
onwards.
Meanwhile, potential risk factors for
the contract include project operational
and execution risks, work schedules, de-
livery timelines and adverse weather con-
ditions, said the group.
LABUAN (Feb 14): The shortage of food
products in Labuan is primarily due to is-
sues concerning the supply chain, and not
merely hoarding, Labuan Domestic Trade
and Consumer Affairs Ministry (KPDN-
HEP) director Junaidah Arbain said.
She said the duty-free island has been
receiving supplies from Port Klang only
twice a month since January, and this could
be the main reason why there has been a
shortage of goods since then.
Labuan of late has been experiencing
goods shortages and fluctuating prices,
including for items such as eggs, cooking
oil, red chili and red onions among others.
“Shortages of consumer goods have
been reported since the Covid-19 pan-
12
H O M E
Uzma secures
two-year non-rig
assisted electric
wireline logging
equipment contract
from ExxonMobil
BY SYAFIQAH SALIM
theedgemarkets.com
Product shortages
in Labuan related
to supply chain
issues, says
KPDNHEP
Bernama
THEEDGE CEO MORNING BRIEF
In a separate filing, Uzma announced
that it has appointed Datuk Farisha Pawan
Teh as the group’s independent and
non-executive director, effective Monday.
According to Uzma, Farisha, 52, has
vast experience in both the public and
private sectors spanning 30 years.
“Farisha is equipped with the experi-
ence in building marketing strategies with
a strategic direction of growing revenue
and building a sustainable competitive
edge that translates into customer and
consumers’ satisfaction.
“In addition to holding position as a com-
munication adviser to the Minister of Hous-
ing and Local Government as well as a [direc-
tor on the board of] the Women Leadership
Foundation, Farisha is also a senior partner
and founder of integrated brand solutions
consultancy Stand Out Sdn Bhd, offering
services in communications and branding
to a diverse array of clientele,” said Uzma.
Uzma shares settled up one sen or 1.9%
at 53.5 sen, valuing the oil and gas con-
tractor at RM186.56 million. It saw some
9.1 million shares changing hands.
The stock has fallen 69.43% from
RM1.75 in the past one year.
demic began, but what exactly is causing
them is related to the supply chain.
“And based on feedback from Labuan
Chinese Chamber of Commerce, the short-
age of consumer goods here mainly due to
the lack of shipment from Port Klang and
also stricter standard operating procedures
(SOP) by the Labuan Health Department,”
she told Bernama on Monday (Feb 14).
Junaidah said the ministry’s Labuan
office would be working closely with the
Labuan Veterinary Services Department
to monitor the supply of eggs, mainly from
Sabah, to the island.
Bernama previously reported that the
egg exports to Labuan have been reduced
from 500,000 eggs weekly to 500,000
REUTERS monthly, mainly contributed by a drop
in chicken egg production in Sabah and
a host of other issues, including poultry-re-
lated diseases.
On the shortage of lamb meat and cook-
ing oil, Junaidah said the situation is being
monitored closely.
“Based on our survey, the supply of po-
lybag cooking oil is still sufficient for local
demand, as the supply comes in every sec-
ond of the week of the month,” she said.
Food kiosk operator, Arifin Lee, 45, said
the shortage of raw materials such as eggs,
cooking oil and lamb meat has led to the
temporary closure of his business.
“Shortage of daily products have be-
come the new normal…it has to be re-
solved soon,” he said.
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
MARGMA
expects demand
for gloves in
2022 and 2023
to be 10%-15%
higher than pre-
pandemic level
BY SYAFIQAH SALIM
theedgemarkets.com
PETALING JAYA (Feb 14): The de-
mand for gloves in 2022 and 2023
will be 10% to 15% higher than the
pre-Covid 19 level, according to Ma-
laysian Rubber Glove Manufacturers
Association (MARGMA) president Dr
Supramaniam Shanmugam.
Supramaniam explained that the
higher demand for gloves is due to the
global spread of the Covid-19 Omi-
cron variant.
MARGMA is monitoring the Cov-
id-19 scenario, said Supramaniam.
“Certainly there will be a slight in-
crease in demand for gloves, especially
from Europe and America,” he told the
media on Monday (Feb 14) after the
International Rubber Industry Con-
vention and Expo Malaysia (IRICE
2022).
According to him, the demand for
gloves during the Covid-19 pandemic
period is incomparable.
“In 2020 and 2021, the number [of
demand for gloves] was extraordinary.
[I think the 2022 and 2023 numbers
will be] 10% to 15% higher than the
pre-Covid-19 numbers. It will be high-
er, but we cannot compare it to the
Covid-19 period.
“As for the average selling prices
(ASPs) of gloves, I think they will sta-
bilise,” Supramaniam added.
JF Apex Securities Research said in
its report dated Feb 9, that the ASPs
will continue to taper at least until the
second half of 2022 as the rubber glove
industry undergoes a paradigm shift
due to oversupply conditions stem-
ming from Chinese glove makers.
“Chinese manufacturers have re-
ceived rising orders from overseas
markets, benefiting from cheaper glove
prices offerings. Furthermore, the ris-
ing raw material prices also exacerbate
the current circumstances,” said the
research house.
13 THEEDGE CEO MORNING BRIEF
H O M E
ZAHID IZZANI/THE EDGE
for the industry to grow in terms of value
addition, employment generation, techno-
logical advancement, quality enhancement,
export value, among other benefits.
“One of the main reasons for the remark-
able growth of [the] Malaysian rubber in-
dustry has been the complementary growth
of various parts of the value chain, especially
the producing and consuming sectors.
“Our import value is only 10%, the rest is
export. I see the potential for the rubber in-
dustry to double the export value to RM140
billion from RM71 billion in 2021. That is
also the rubber industry's targeted forecast,”
Zuraida said at the International Rubber
Industry Convention and Expo Malaysia
(IRICE 2022) here on Monday (Feb 14).
The country’s overall exports of rubber
and rubber products increased by 44.3% or
about RM71 billion in 2021 against RM49.2
billion in 2020.
Zuraida: Rubber
“To diversify Malaysia’s export contri-
bution of high-value goods and improve the
exports expected
export performance of dry rubber products
as well as boosting the consumption of lo-
to jump 97% to
cally produced rubber, we have seen an en-
couraging performance of the tyre industry.
RM140b in 2022
The export of tyres increased by 30.5% to
RM1.7 billion in 2021 compared to RM1.3
billion in 2020,” the minister noted.
Zuraida also added that the country must
BY SYAFIQAH SALIM ensure that the rubber industry adheres to
theedgemarkets.com the highest standards of corporate govern-
ance and ethics, supports environmentally
PETALING JAYA (Feb 14): Malaysia’s friendly business practices, and positions
overall exports of rubber and rubber prod- Malaysia as a competitive agricultural com-
ucts are expected to increase by 97% in 2022 modity player on the international stage.
to RM140 billion from RM71 billion in the
previous year.
Minister of Plantation Industries and Read also: Malaysia has not failed in ad-
Commodities Datuk Zuraida Kamarud- dressing forced labour issues, says Zuraida
din (pictured) said there is a vast potential Click here
UMW Toyota
pared to the same period last year.
In a statement on Monday (Feb 14), the
almost doubles
global automaker said Vios reigns as the
best selling Toyota model, capturing 28%
sales of Toyota
of January’s sales, while Hilux emerged as
the best selling pick-up truck with 38% of
and Lexus y-o-y
total sales.
UMW Toyota Motor president Ravin-
to 7,528 vehicles
dran K said the group is thankful that the
government had decided to extend the
in Jan 2022
Sales and Service Tax (SST) exemption
incentives for passenger vehicles until June
30, 2022.
“This has greatly helped automotive
BY SULHI KHALID players like us to recover from the impact
theedgemarkets.com of the pandemic during the last two years.
Meanwhile, the automaker had launched
KUALA LUMPUR (Feb 14): UMW Toyo- the Corolla Cross Hybrid in Malaysia a
ta Motor Sdn Bhd recorded a total of 7,528 month ago, which has accounted for more
combined sales for Toyota and Lexus in than 40% of the Corolla Cross SUV’s sales
January this year, an increase of 96% com- nationwide.
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
KUALA LUMPUR (Feb 14): The High
Court has set April 6 to deliver its deci-
sion on Malaysia Airports Holdings Bhd
(MAHB)’s application to strike out a
RM479.78 million suit filed by Capital A
Bhd (formerly known as AirAsia Group
Bhd) and AirAsia X Bhd (AAX) against
the airport operator.
Capital A and its long-haul affiliate
AAX are suing MAHB’s wholly-owned
unit Malaysia Airports (Sepang) Sdn Bhd
(MASSB) for loss and damages due to
negligence at Kuala Lumpur International
Airport’s second terminal (klia2).
MASSB is responsible for managing and
operating KLIA’s main terminal and klia2.
Judicial Commissioner Datuk Mohd
Arief Emran Arifin presided over the mat-
ter, MAHB’s counsel Eric Gomez told
theedgemarkets.com when contacted.
He however, did not elaborate on the
grounds for their application.
theedgemarkets.com had applied to sit in on
the hearing but its application was denied.
On Oct 4, 2019 the two carriers filed the
suit claiming the amount from MASSB,
“being loss and damage caused by negli-
gence on the part of MASSB, its servants
KUALA LUMPUR (Feb 14): The prose-
cution in the corruption trial of Kinabatan-
gan member of Parliament Datuk Seri Bung
Moktar Radin and his wife, Datin Seri Zizie
Izette Abdul Samad, concerning Public Mu-
tual Bhd’s unit trust investment has applied
to cross-examine a key witness who has been
considered a hostile witness for giving con-
tradictory statements in the case.
Deputy public prosecutor Law Chin
How said the application to cross-exam-
ine unit trust consultant Norhaili Ahmad
Mokhtar, 45, who is the 25th prosecution
witness, was made in accordance with Sec-
tion 154 of the Evidence Act 1950.
“There is material discrepancy between
the witness’s testimony in court and the
recording of the conversation taken by the
Malaysian Anti-Corruption Commission
(MACC) during the investigation,” he said
at the trial of the case before Sessions Court
Judge Rozina Ayob on Monday (Feb 14).
Law told the court that the prosecution
had handed over the recording of the wit-
ness’ conversation to the defence.
Lawyers Ridha Abdah Subri and Da-
tuk K Kumaraendran, representing Bung
Moktar and Zizie Izette, respectively, con-
firmed having received the recording last
Feb 11, but objected to the prosecution’s
application on grounds that it was not
made according to procedures.
Judge Rozina set Feb 24 to hear the
application and advised Norhaili not to
communicate or discuss with any party,
14 THEEDGE CEO MORNING BRIEF
H O M E
April 6 decision
or agents in the management, operation,
maintenance and provision of airport ser-
on MAHB’s
vices and facilities at klia2”.
In a statement then, AirAsia CEO Riad
bid to dismiss
Asmat and AAX CEO Benyamin Ismail
said that the two airlines did not want to
RM480m suit by
file the suit, but Malaysia Airports and
the Malaysian Aviation Commission have
Capital A, AAX
forced their hand.
“Despite our best efforts to settle this
matter amicably and through the right chan-
nels, we feel compelled to file this claim, as
BY TARANI PALANI we were left with no other recourse to pro-
theedgemarkets.com tect our interests,” they both said.
“This dispute all started when Malaysia
Airports filed a civil suit against us over
Passenger Service Charges (PSC), after
rejecting our offer to go for mediation. We
have always been open to resolving issues
with our partners constructively, and we
still contend that Malaysia Airports was
heavy-handed in filing the suit,” they said.
It was previously reported that the High
Court Justice Datuk Azimah Omar, had in July
2019, ordered AirAsia to pay RM40.6 million
in owed PSC charges, after it dismissed the
carrier’s striking out application and entered
a summary judgment on the airlines.
Bung Moktar’s
and RM262,500 as an inducement to ob-
tain Felcra’s approval to invest RM150
corruption case:
million in Public Mutual unit trusts.
Bung Moktar, 64, who was the non-ex-
Prosecution to
ecutive chairman of Felcra at the time,
was accused of accepting bribes from Ma-
examine hostile
dhi through Zizie Izette at Public Bank’s
Taman Melawati branch here between
witness
12.30pm and 5pm on June 12, 2015.
He also pleaded not guilty to accepting
a RM335,500 cash bribe from Norhaili
through Zizie Izette for the same reason
Bernama and at the same place on June 19, 2015.
Zizie Izette, 44, pleaded not guilty to
including the defence team, the accused three charges of abetting her husband in
and the investigating officer, on the case. the matter at the same place, date and time.
Earlier, during examination-in-chief by
the prosecution, Norhaili maintained her
testimony made last Jan 27 that Zizie Izette
was eligible to receive an introduction fee of
RM2.8 million as the actress introduced
her husband to obtain Felcra’s approval
to invest RM150 million in Public Mu-
tual unit trusts.
She said the introduction fee for Zizie
Izette was part of her marketing strategy
as the actress had also introduced a senior
Felcra officer to make the investment.
Norhaili will continue her testimony
on Feb 14. Counsel Kumaraendran
represented Zizie Izette and M Athim-
ulan acted on behalf of Bung Moktar.
On May 3, 2019, Bung Moktar plead-
ed not guilty to two charges of accepting
bribes amounting to RM2.2 million
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
Ong Kian Ming’s open letter to mobile
network operators in Malaysia on 5G rollout
BY DR ONG KIAN MING
D
ear leaders of the mobile net-
work operators (MNOs) in
Malaysia,
No doubt most of you
would have read the very comprehensive
reply by the CEO of Digital Nasional Bhd
(DNB), Ralph Marshall, to my list of 15
questions on the 5G rollout in Malaysia
that was released over the weekend. Having
gone through Mr Marshall’s reply, I want
to take the opportunity to raise a list of
questions on the 5G rollout to the MNOs
so that the industry as a whole as well as
individual players can have the opportu-
nity to publicly address areas of concern.
My questions are the following:
1) The CEO of DNB as well as the Min-
ister of Finance Tengku Datuk Seri Za-
frul Abdul Aziz have publicly stated that
the MNOs failed to coordinate among
themselves to come up with a worka-
ble ownership structure for a consor-
tium-led Single Wholesale Network
(SWN) for the 5G rollout. Is this an
accurate depiction of the chronology
behind the discussion to establish a con-
sortium-led SWN entity and the sub-
sequent establishment of DNB which
would take up 100% ownership and
responsibility of the 5G rollout?
2) The argument which DNB and the
Ministry of Finance (MoF) makes is
very convincing from an economics
standpoint which is that it is much more
cost effective for a single entity to roll
out 5G given the high infrastructure
costs involved. It would make much
more sense, argues DNB and MoF,
for there to be one multi-lane highway
built for the purposes of 5G rollout
where different lanes can be shared by
the MNOs at a lower cost compared to
each MNO building and owning their
own highways. Some industry experts
seem to agree with the arguments made
by DNB and MoF. What is the indus-
try’s response to this argument?
3) The CEO of DNB uses the example of
how it took the MNOs eight years to
[achieve] 94% coverage for 4G (with
many rural areas still not having ac-
cess to 4G) to illustrate the possibility
that the 5G rollout will also be similarly
delayed because of the “demand” led
15 THEEDGE CEO MORNING BRIEF
H O M E
model used by the industry. At the same
time, the use of the Universal Service
Provider (USP) fund to roll out telco
coverage to rural areas has also expe-
rienced many delays. How would the
MNOs respond to the statement that
they would want to delay the 5G roll-
out in order to “sweat” value from their
current and future 4G assets?
4) As a public policy maker that is inter-
ested in narrowing the urban-rural di-
vide and as a former deputy minister
for the Ministry of International Trade
and Industry (MITI), I can see the at-
tractiveness of a SWN model led by
a government entity that would push
for speedier deployment of 5G into the
semi-urban and rural areas despite the
initial lack of demand. The rapid de-
ployment of 5G, coupled with the ex-
isting plans to roll out 4G in a com-
plementary manner by the MNOs will
provide the impetus for jobs and invest-
ments to flow to lower cost semi-ur-
ban and rural areas in different parts
of the country which would lead to an
increased demand for 5G coverage and
services. Would the industry players
agree with this point of view?
5) The CEO of DNB has stated that the
“Reference Access Offer” (RAO) that
will be given to the MNOs for access
to the 5G SWN network will be “very
THE EDGE FILE PHOTO
transparent” covering pricing, terms
and conditions and the catalogue of oth-
er services being provided. What kind
of transparency and flexibility are the
MNOs asking for in terms of the pric-
ing and access structure of this RAO?
For example, would the industry want
to have some element of review for the
pricing structure for every X number
of years? Would some industry players
want to have the option of delaying or
limiting their take-up of the 5G spec-
trum and bandwidth until 5G demand
is sufficiently profitable?
6) One of the key arguments put forth by
DNB is that the MNOs should focus
on competing based on service offer-
ings rather than the speed and connec-
tivity of their network under 5G as data
and data access are increasingly being
commoditised. From my own under-
standing, there has been little innova-
tion especially in terms of value-added
services for the SMEs and the manu-
facturing sector. If the MNOs are freed
up from having to focus on the 5G
rollout and are “forced” to compete
based on service offerings, wouldn’t
this lead to a more innovative mobile
telco landscape, for businesses as well
as individual consumers?
Click here to read the full story
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2 16 THEEDGE CEO MORNING BRIEF

PRESENTED BY | M A I N PA R T N E R | S U P P O R T I N G PA R T N E R | SUPPORTED BY |

ENDORSED BY

MINISTRY OF HOUSING AND

LOCAL GOVERNMENT

The Best Managed & Sustainable Property Awards (BMSPA) introduced by EdgeProp Malaysia in 2017 to
benchmark Malaysian property management practices against the best-in-class globally, has not only
raised the bar for the industry, but also kick-started the urgently-needed conversation among property
stakeholders for Malaysian real estate to be designed, built and maintained sustainably.

To step up the efforts to promote the awards and its objectives, the awards will now be hosted by
The Edge Malaysia and will assume the name, The Edge Malaysia Best Managed & Sustainable Property Awards.

AWA R D S O B J E C T I V E
Promote sustainable real estate in Malaysia
through recognition of:

ter
• Malaysia’s best property management

n
practices
• Property in Malaysia designed and built
for sustainability E w!
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(NO FEES REQUIRED)
HOW TO ENTER
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• All Residential, Office, Mixed Development,
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in-house/by property building managers
For enquiries, contact
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Lobby Level, Menara KLK, No. 1 Jalan PJU 7/6,
Mutiara Damansara, 47810 Petaling Jaya, Selangor
by 5pm, Friday, 11 March 2022
Awards results audited by Deloitte
 t u e s d ay f e b r u a ry 1 5 , 2 0 2 2
MOSCOW (Feb 14): President Vladimir
Putin countered US warnings that Russia
may invade Ukraine within days by staging
televised meetings with his foreign and de-
fense ministers that emphasized de-escalation
of tensions and continued efforts to find a
diplomatic resolution to the security crisis.
The comments were the strongest indi-
cations yet that the Kremlin will continue
talks to ease confrontation in a crisis that’s
raised fears of war in Europe. As recently
as Sunday, US officials were warning that
a Russian invasion of Ukraine may be im-
minent, though Moscow dismissed that as
“hysteria”.The West threatened Russia with
severe economic sanctions if it did attack.
Speaking to Foreign Minister Sergei
Lavrov Monday, Putin said “all right” to a
proposal that Russia continue talks with the
US and its allies on the security guarantees
Moscow has demanded. Shortly afterward,
Defense Minister Sergei Shoigu reported
that some of Russia’s massive military exer-
cises now underway are already concluded,
while others will end later. He didn’t specify
plans for returning the troops to their bases,
but other officials have said they will go back
once the operations are over.
The US has demanded Russia pull back
some 130,000 troops it says Russia has
massed near the border with Ukraine, many
as part of the exercises Shoigu described.
Moscow so far has rejected those appeals
and called for the US and its allies to give
sweeping security guarantees, including a
ban on further expansion of NATO.
The US ruled that out but offered talks
on missile restrictions and measures to build
confidence, steps that Lavrov described as
“constructive”. He recommended to Putin to
LONDON (Feb 14): European natural
gas and electricity prices jumped more
than 10% as tensions over Russia’s mili-
tary buildup near Ukraine enter a poten-
tially decisive week, with the US warning
an invasion may be imminent.
National Security Advisor Jake Sullivan
said on Friday that intelligence indicates
Russia may attack its neighbour before the
Beijing Olympics end in a week. Russia has
repeatedly denied it plans to invade, while
Ukraine’s foreign minister downplayed ten-
sions over the weekend, saying there’s been
no “pivotal change”.
An escalation risks worsening Europe’s
energy crunch, potentially hitting supplies
of gas and oil — and raising the specter of
blackouts. Russia is Europe’s top source
of natural gas, with about a third of its ex-
ports flowing through Ukrainian pipelines.
And Europe’s storage facilities are already
running low, with prices five times higher
than normal for this time of year.
17 TheEdge CEO morning brief
w o r l d
Putin signals talks
with US to go on
as some troop
drills end
by Ilya Arkhipov, Henry Meyer
& Alex Nicholson
Bloomberg
bloomberg
continue talks on those issues, while in par-
allel extending efforts to attain the broader
security guarantees. Lavrov said Russia has
drafted a 10-page response to the US and
its allies on the proposals.
“This is a clear message — things are
fine, let’s continue talking,” said Fyodor Luk-
yanov, head of the Council on Foreign and
Defense Policy, which advises the Kremlin.
“Our side is demonstrating strength but
we’re not planning anything.”
European energy
prices jump on
mounting tension
over Ukraine
by Isis Almeida, Rachel Morison,
Eddie Spence & Megan Durisin
Bloomberg
Aluminum, nickel and wheat also rose
on fears of an escalation. Rising costs of
energy and other raw materials are already
boosting inflation, sparking a cost-of-liv-
ing crisis that governments are struggling
to contain.
“The immediate focus is on the po-
tential for a disruption in Russian energy
supplies to Europe, which would be very
Prices for oil and wheat, major Russian
exports, turned lower after the news, having
risen earlier on fears the crisis was worsen-
ing.The ruble extended gains after Lavrov’s
remarks, jumping as much as 1.6% on the
remarks before trading up 1% at 76.46 as
of 5:15 p.m. in Moscow. The benchmark
stock index trimmed a loss of as much as
4% to trade 1.6% weaker. Eurobond yields
remained elevated, with the rate on 2029
dollar notes up 36 basis points at 4.55%.
To be sure, Shoigu didn’t announce any
pulling back of troops and there’s still no
certainty that the the diplomatic efforts will
do enough to assuage Kremlin fears about
what it sees as threatening moves by the
North Atlantic Treaty Organization toward
its borders. Talks on implementing a peace
deal in eastern Ukraine, where Russia has
backed separatists since a 2014 war, remain
stalled. Russia’s parliament is to consider a
motion this week to recognize the breakaway
quasi-states, a move that would complicate
if not scuttle those discussions.
But after weeks of criticizing the Western
responses to its security demands as inade-
quate, Lavrov told Putin that there was still
hope talks could yield a deal.Though the US
and its allies have rejected Moscow’s main
proposals as nonstarters, Lavrov said that
the initial offers helped “shake up”Western
capitals, prompting them to make offers on
the missiles and other issues that Moscow
had long sought.
When Putin asked him if he thought there
was a chance of success, Lavrov said, “We
are warning that endless conversations about
issues that need to resolved today are un-
acceptable, but as the head of the Foreign
Ministry, I must say there’s always a chance.”
difficult to deal with, and could create a
true energy shortage even beyond the chal-
lenge that we’re already seeing,” said Jason
Bordoff, director of the Center on Glob-
al Energy Policy at Columbia University.
“But before that, Europe was already in
an energy crisis.”
Benchmark European gas prices
jumped as much as 14% to 88 euros a
megawatt-hour, the highest for a most-ac-
tive contract since Jan 31. German elec-
tricity for March surged 11% to 177 euros
a megawatt-hour.
The tensions have also upended met-
als markets as traders brace for potential
supply disruptions. Prices for nickel and
aluminum both rose on the London Met-
al Exchange. Palladium also edged higher
as Russia accounts for 40% of the supply
of the metal used in catalytic converters.
Click here to read the full story
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
BANGKOK (Feb 14):Thailand is weighing
an array of incentives, including lower taxes
and cash subsidies, to develop the market for
electric vehicles (EVs), betting the perks may
spur automakers to invest more and make
the Southeast Asian nation a manufacturing
hub for cleaner cars.
Prime Minister Prayuth Chan-Ocha’s
Cabinet may soon consider subsidies of
between 70,000 baht (US$2,145 or about
RM9,013) and 150,000 baht depending on
the type and model of vehicle, and lower
excise tax and import duties on completely
built and partially built EVs, according to
a draft proposal viewed by Bloomberg from
the National Electric Vehicle Policy Com-
mittee headed by Deputy Prime Minister
Supattanapong Punmeechaow.
The wider incentives for imports will last
until 2025 when local production is expected
to gather momentum.The tax breaks for EV
carmakers are on the condition that compa-
nies produce the same number of vehicles
or more by 2025 that they import in the
preceding years, according to the proposal.
Supant Monkolsuthree, the chairman
of the Federation of Thai Industries and a
member of the EV policy committee, con-
firmed the contents of the draft plan. Som-
pop Pattanariyankool, a spokesman for the
Energy Ministry, declined to comment on
HANOI (Feb 14):Vietnamese factories mak-
ing everything from shoes to smartphones
are expected to continue production despite
record Covid-19 infections, reversing a policy
of sweeping lockdowns last year that hobbled
global supply chains for Western retailers.
One of the world’s biggest garment mak-
ers,Vietnam reported more than 26,000 new
infections on Sunday (Feb 13), or about dou-
ble the peak last year, when factories sup-
plying brands such as Nike, Zara, Apple and
Samsung were shut for months.
But unlike nine months ago, when the
Delta variant was spreading through a most-
ly unvaccinated population, now millions of
factory workers have been fully vaccinated
and the Omicron variant is proving less se-
vere, the government said.
“The risk of widespread lockdowns is
very low this year as Vietnam has success-
fully carried out its Covid-19 vaccination
campaign,” Dang Duc Anh, a director of
the National Institute of Hygiene and Epi-
demiology, told Reuters.
Vietnam has been relaxing curbs in recent
months, with schools reopening last week
and the government saying on Sunday it
would lift restrictions on arriving interna-
tional passenger flights.
More than 76% of the population has
received at least two vaccine doses, up
from 3.3% early in September last year,
18 THEEDGE CEO MORNING BRIEF
W O R L D
Thailand mulls
tax cuts, subsidies
to spur electric
car adoption
BY SUTTINEE YUVEJWATTANA
Bloomberg
the plan before Cabinet approval.
The EV policy committee is a panel of
government and industry officials respon-
sible for drawing up a policy road map to
help Thailand achieve 100% zero-emission
vehicle production by 2035.
Thailand is bidding to retain its status as
an automobile manufacturing hub in South-
east Asia as carmakers globally pivot to EVs.
The nation expects to draw as much as 400
billion baht in investment in EV manufac-
turing over the coming years.
Toyota Motor Corp, Foxconn Technol-
ogy Group, China’s Great Wall Motor Co
and PTT Pcl are among companies plan-
ning to build factories in Thailand.
The subsidy for imported EVs will be
paid to local firms, which will in turn pass on
In relief for
retailers,Vietnam
won’t close
factories amid
Covid-19 surge
BY KHANH VU & PHUONG NGUYEN
Reuters
BLOOMBERG
the Health Ministry said.
The American Chamber of Commerce
in Hanoi, which represents US businesses
and last year urged the government to ease
its curbs, is anticipating a better 2022, said
the benefits to buyers. If the companies are
found in breach of the rules later, they will
lose all incentives, forfeit their bank guar-
antees and must pay back the subsidy with
accrued interest, according to the proposal.
“The package should be helpful in cre-
ating local demand for EVs and also en-
courage producers to start producing EVs
or they will lose the opportunity to benefit
from this market,” Supant said.
More details of the EV package:
• Subsidies to range between 70,000 baht
and 150,000 baht for cars and trucks
• EV motorcycles to get a 18,000 baht sub-
sidy
• The proposal would cut the excise tax
to 2% from 8% for cars
• Waiving the excise tax for trucks
• Reducing the import duty by as much
as 40% for completely built cars during
2022-2023
• Waiving the import duty for key parts
of completely knocked down vehicles,
including batteries and traction motors
• Cars priced below two million baht are
set to get the most benefits
Read also: Rolls-Royce to help power elec-
tric planes as soon as 2025 Click here
Adam Sitkoff, its executive director.
“I do not expect to see additional coun-
trywide lockdowns as serious cases in most
parts of the country are at a manageable
level and the authorities have learned that
economy-crippling restrictions are not sus-
tainable,” Sitkoff told Reuters.
The government is targeting an econom-
ic growth of 6% to 6.5% this year, up from
2.5% in 2021.
Smooth factory operations in Vietnam,
the second biggest exporter of clothes and
footwear to the US after China, will also
help free up supply chain bottlenecks that
are pushing up inflation around the world.
“If Vietnam can maintain a strong pro-
duction capability and factory output, this
will really support the global supply chain, in
particular for sectors like agriculture, textiles
and electronics consumers,” said Duc Minh
Nguyen, a partner at accounting firm EY.
Over the last decade, Vietnam has
emerged as one of the most attractive al-
ternative production hubs for companies
looking to reduce their exposure to China.
That trend is expected to continue if Vi-
etnam can emerge relatively unscathed from
the current Omicron wave and Beijing keeps
up its tough lockdowns to suppress infection.
Click here to read the full story
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
(Feb 14): US private equity giant Blackstone
Inc has won its almost year-long pursuit of
Crown Resorts Ltd after the troubled Aus-
tralian casino operator on Monday (Feb 14)
accepted its A$8.9 billion (US$6.4 billion or
about RM26.56 billion) takeover offer.
Under the offer, Crown shareholders will
receive A$13.10 cash per share. The stock
rose 2.8% to A$12.74 in early Sydney trading
on Monday. A meeting to vote on the offer is
expected to be held in the second quarter of
the year, Crown said in a statement.
The deal ends a sorry chapter in Crown’s
history after it was found unsuitable to run its
Sydney casino and given two years to address
a litany of wrongdoing at its flagship Mel-
bourne casino, including facilitating money
laundering and underpaying taxes.
Nonetheless, if Blackstone can reform
Crown and appease regulators, the prize is
clear: Casino monopolies in two Australian
cities and a gleaming A$2.2 billion resort on
Sydney’s waterfront.
“We are excited to bring our local expertise
FRANKFURT (Feb 14): Weary Credit Su-
isse investors fear a long wait for the bank
to get back on piste after a string of scan-
dals which have wiped billions off its market
value and piled pressure on management.
While Switzerland’s second-largest bank
says that it can create value by serving its
wealthy clients with “care and entrepreneur-
ial spirit”, the market is not yet convinced and
its share price has dropped by nearly a third in
a year, knocking some 10 billion Swiss francs
(US$11 billion) off its valuation.
Meanwhile, other big European banks,
buoyed by the prospect of rising interest rates,
have gained almost 50% in stock market value
over the same period and its cross-town Zu-
rich rival UBS has left Credit Suisse for dust.
“Credit Suisse has a long list of scandals
and problems,” Stefan Sauerschell, a bond
investor with Union Investment, said of the
bank, which was founded in 1856 and says
it has 48,770 employees and 3,510 relation-
ship managers around the world.
“We always thought the management
process would be improved and then the
next punch landed. If there was another
billion-plus loss, it would be a catastrophe,”
Sauerschell added.
Things did not get any better this week,
however, when Credit Suisse reported a
worse than expected US$2.2 billion quar-
terly loss and warned of bleak prospects for
2022, when it said earnings would be hit by
restructuring costs and pay.
That outlook knocked its already bat-
tered shares further, after a year when the
bank racked up a 1.6 billion franc loss as
a result of the collapse of US$10 billion in
supply chain finance funds linked to insol-
19 THEEDGE CEO MORNING BRIEF
W O R L D
Blackstone wins
Crown Resorts
with US$6.4b
takeover bid
BY HARRY BRUMPTON & PETER VERCOE
Bloomberg
and global hospitality and gaming experience
to contribute to Australia’s post-Covid-19 pan-
demic recovery and position Crown for future
growth,” Chris Tynan, a senior managing di-
rector and the head of real estate of Blackstone
Australia, said in an emailed statement.
The agreement to sell to Blackstone also
gives billionaire James Packer, Crown’s biggest
shareholder, a clean exit from a company that
was once synonymous with his family name.
Packer, who owns about 36% of Crown, has
No sign of light
at end of tunnel
for Credit Suisse
investors
BY JOHN O’DONNELL &
BRENNA HUGHES NEGHAIWI
Reuters
vent British finance firm Greensill and a
US$5.5 billion hit from the implosion of
investment fund Archegos.
Proxy adviser Ethos was critical of Credit
Suisse’s decision not to publish its investi-
gation into the Greensill affair.
“The bank should restore confidence with
its shareholders and stakeholders by providing
transparency on the roots and causes of the
problems,” Ethos’s Vincent Kaufman said in
an emailed response to Reuters.
Thomas Gottstein, who became Credit
Suisse chief executive in 2020, said after the
results this week that he was confident it was
well positioned to grow and that risk man-
agement was at “the very core of its DNA”.
Credit Suisse declined further comment.
Yet investors and analysts are not
convinced, after hearing of a change in the
way the bank pays its top staff, coupled with
a tail-off in business and bleak prospects.
“They are in a very difficult situation.
We’ve seen the problems with Greensill
and other cases filter down to the busi-
ness, slowing it down,” Andreas Venditti,
largely retreated from corporate life in recent
years to deal with mental health issues.
The takeover will also allow Crown’s new
board and management, including recently
appointed chief executive officer Steve Mc-
Cann and chairman Ziggy Switkowski, to
lead the what McCann called the rebuilding
of Crown’s “social licence” away from the
harsh glare of shareholders.
Blackstone made its first approach for
Crown in March last year, with an initial
offer of A$11.85.That and a subsequent offer
in May were rejected as too low. In July, rival
Australian casino operator Star Entertain-
ment Group Ltd scrapped a merger propos-
al with Crown, while an offer from Oaktree
Capital Management LP to fund the buyout
of Packer’s stake also didn’t proceed.
The deal still needs approval from Austral-
ia’s Foreign Investment Review Board and each
of the gaming regulatory bodies of the states
Crown operates in ahead of the shareholder
vote. UBS Group AG and Gresham Partners
are advising Crown, the company said.
an analyst at Swiss bank Vontobel, said of
Credit Suisse’s predicament.
“At the same time, the bank has to pay
up more cash to keep its staff. Although this
might keep staff happy, the market does not
like higher costs. And the outlook is subdued.”
Although Credit Suisse pared back its
bonus pool, it softened the blow for its own
bankers by taking the unusual step of paying
hundreds of millions in cash up front, while re-
ducing the amount of shares it grants to them.
Senior bankers, who the bank said had
taken a higher proportion of the bonus cut,
received 799 million Swiss francs in cash pay-
outs, up from just 59 million francs in 2020.
Skeletons
Moody’s this week flagged concerns over a
tailing off in money flowing into Credit Suisse,
warning that it could drag down revenue and
pointing to pressures on wealth management,
restructuring costs and higher payouts to staff.
“We expect 2022 results to be weak,” the
credit ratings agency said, while Citigroup an-
alysts said it was “hard to find any positives”
in the most recent results, although they do
see long-term value in Credit Suisse’s shares.
The bank’s past continues to haunt it,
making it harder to repair an image which is
critical to holding on to wealthy customers.
Its reputation is once again being put
through the mill in the first criminal trial
of a major bank in Switzerland, in which
Credit Suisse and a former employee face
charges of allowing an alleged Bulgarian
cocaine trafficking gang to launder millions
of euros, some of it stuffed into suitcases.
Credit Suisse has rejected all the allega-
tions, while its employee denies wrongdoing.
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
Indonesia
eyes lifting all
quarantine
requirements
around April
BY GRACE SIHOMBING
Bloomberg
JAKARTA (Feb 14): Indonesia is consid-
ering lifting all quarantine requirements for
travellers around April as Covid-19 hospi-
talisation and fatality rates remain under
control despite a resurgence in cases.
The required quarantine period is re-
duced to three days from five for incoming
travellers who have received a third dose
of the vaccine starting from next week,
Luhut Panjaitan, the Cabinet minister in
charge of the pandemic response in Java
and Bali, said in his weekly briefing on
Monday (Feb 14). The PCR testing re-
quirement will remain in place for those
arriving travellers.
Japan brewer
Kirin to exit
Myanmar, seek
sale of two units
BY ROCKY SWIFT, RITSUKO SHIMIZU
& MARTIN PETTY
Reuters
TOKYO (Feb 14): Japanese beverage mak-
er Kirin Holdings will withdraw from its
business in Myanmar and terminate its
joint venture with a military-linked part-
ner, it said on Monday.
Kirin has been in a dispute with local
partner Myanma Economic Holdings Pub-
lic Company Limited (MEHPCL) on how
to dissolve their brewery venture, following
a military coup against the democratically
elected government last year.
Kirin executives previously said they
wanted to remain in the Myanmar market
somehow. But after a year of negotiations, the
two sides agreed this month on terminating
the venture and Kirin’s exit from the country.
“We will resolve this issue by the end of
June, no matter what it takes,” Kirin Chief
Executive Yoshinori Isozaki told reporters.
20 THEEDGE CEO MORNING BRIEF
W O R L D
“We need to find that balance between
the need to maintain health and the need
to maintain the economy,” said Panjaitan.
“Hospitalisation and death rates have
been so much lower than” those suffered
during the Delta outbreak, Panjaitan said,
adding that the Omicron variant of the
coronavirus is a lot less deadly than the
Delta strain, which overwhelmed the med-
ical system last year.
Indonesia is following a global strate-
gy of trying to live with the virus even as
infections continue to spread, opening its
borders more freely to those who are eligi-
ble. Neighbouring Singapore eased testing
The withdrawal will result in an impair-
ment loss of 46.6 billion yen (US$404.37
million) in the year ended in December,
Kirin said.
The company will now seek to sell its
stakes in two business units in the coun-
try, Myanmar Brewery Ltd and Mandalay
Brewery Ltd, a spokesperson said
Kirin said in its withdrawal it “will place
importance on the livelihood and safety
of local employees”, who number about
1,450 between the two units.
Justice For Myanmar, an activist group
that opposes the military junta, welcomed
Kirin’s exit.
“Millions have joined the boycott of
Myanmar Beer, and this shows that col-
lective action can disrupt the military car-
tel,” the group said in a statement.
BLOOMBERG
rules for vaccinated travellers last month.
The country recorded over 55,000 cases
on Saturday, approaching the daily peak
reached during the Delta outbreak in 2021.
More than 100 people succumbed to the
disease that day, compared with over 2,000
deaths recorded in July last year.
The Covid-19 hospitalisation rate was
maintained at around 30%.
The government is also easing capacity
restrictions to improve mobility, including
increasing office capacity to 50% or more
from 25%, Panjaitan said. It will keep mon-
itoring the situation with the intention to
loosen curbs further, he said.
Kirin results show Myanmar Brewery
sales declined 39% in 2021 from the year
prior.
Separately, Kirin said it would buy back
up to 3.6% of its shares worth 50 billion
yen (US$433.31 million).
Read also:
Some Chinese firms revive New York
IPO plans after regulatory crackdown
“Some smaller Chinese companies are now
reviving efforts to sell shares in the United
States, confident they are not targeted by the
new rules seeking to block offshore listings
by firms handling large amounts of data or
posing national security risks.”
Click here
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
Apollo agrees
to buy Novolex
from Carlyle for
US$6 billion
BY KIEL PORTER & MICHELLE F DAVIS
Bloomberg
CHICAGO/NEWYORK (Feb 14): Apollo
Global Management Inc will buy a major-
ity stake in Novolex Holdings from Carlyle
Group Inc.
Carlyle will retain a minority stake in
the packaging company, according to a
statement on Monday that confirmed an
SINGAPORE (Feb 14): Airbus voiced op-
timism on Monday about sales of a new
A350 freighter after Boeing launched a
competing cargo version of its future 777X
jetliner to tap into a freight boom.
Airbus launched the freighter version of
its A350 wide-body jet last year to address
rising air cargo demand and penetrate a
profitable part of the jet market dominat-
ed by Boeing, which hit back with a 777X
freighter launch order from Qatar Airways.
“Yes, you can expect to see more orders
for the A350 freighter,” chief commercial
officer Christian Scherer said on the eve
of the Singapore Airshow, but declined to
give a timeline.
The Airbus executive said he was not
fundamentally concerned about supply
chain problems when asked whether sup-
plies of Russian titanium could be swept
21 THEEDGE CEO MORNING BRIEF
W O R L D
earlier Bloomberg News report. Financial
terms were not disclosed.
The transaction values Novolex at about
US$6 billion, a person familiar with the
matter said, asking not to be identified be-
cause the matter is not public.
Novolex develops and manufactures
plastic and paper products, including
bags, cups, and to-go containers, used by
the food service industry. Apollo plans to
help the company strike more relation-
ships with blue-chip customers, according
to the statement.
The deal is the latest large-scale pack-
aging company to be purchased by private
equity, which likes the steady cash flow.
Stone Canyon Industries is considering a
sale of Mauser Packaging Solutions that
could value the company at as much as
US$8 billion, while the owners of Five Star
Holdings are also considering a sale for the
company, Bloomberg News has reported.
Carlyle acquired Novolex in 2016 from
Wind Point Partners and TPG Inc.
The firm, led by chairman and chief ex-
ecutive officer Stanley Bikulege, employs
more than 10,000 people and operates 57
manufacturing facilities worldwide with
brands including Hilex Poly, Duro Bag,
and Burrows Packaging.
REUTERS
Airbus upbeat
about freighter
sales, plays down
supply chain fears
BY CHEN LIN
Reuters
up in any sanctions dispute with the West
resulting from tensions over Ukraine.
“Fundamentally, we are not concerned
about the structural issue,” Scherer said.
Click here to read the full story
Britain fines
JD Sports,
Footasylum as
CEO meetings
breach order
BY SACHIN RAVIKUMAR
Reuters
BENGALURU (Feb 14): Britain
fined sportswear retailers JD Sports
and Footasylum on Monday, say-
ing meetings between their bosses
breached an order that barred the two
merged companies from integrating
further.
JD, Britain’s largest sportswear re-
tailer, and Footasylum have been fined
a combined £4.7 million (US$6.4 mil-
lion), Britain’s Competition and Mar-
kets Authority (CMA) said.
The CMA ordered JD last year to
sell Footasylum — which it bought in
2019 for £86 million — due to compe-
tition concerns.That order had barred
the two firms from exchanging com-
mercially sensitive information without
prior CMA consent.
JD Sports, which sells brands in-
cluding Nike, Adidas, and Puma, said
in a statement it had not intended to
breach the rules, although “inad-
vertently, it was in receipt of limited
commercially sensitive information
and that this was not reported to the
CMA immediately”.
It said it always “acted honestly and
in good faith” in its efforts to comply
with the CMA order and that it would
review the CMA’s decision and work
with the regulator to sell Footasylum.
Footasylum chief executive officer
(CEO) Barry Bown did not immedi-
ately respond to Reuters requests for
comment sent by email and LinkedIn.
The watchdog said JD Sports
CEO Peter Cowgill and Bown held
two meetings in July and August —
including one in a car — when they
discussed Footasylum’s financial de-
tails, planned store closures, and con-
tract negotiations.
“There is a black hole when it
comes to the meetings held between
Footasylum and JD Sports,” Kip
Meek, chair of the CMA inquiry
group investigating the merger, said
in a statement.
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
Europe dumping Covid-19 curbs puts
its travel rebound ahead of Asia
SYDNEY (Feb 14): A global travel divide
is deepening as some countries ditch Cov-
id-19 restrictions including quarantines,
isolation and even mandatory testing for
good, while others cling to years-old curbs.
Lingering barriers to travel in Asia, in
particular, are isolating the region and
its tourism-reliant economies, just as the
recovery in Europe and the US acceler-
ates. In the UK, authorities are dumping
unpopular pre-flight tests and now only
require proof of vaccination as they strive
to normalise international air traffic.
The marquee transit hubs of Hong
Kong and Singapore are being shunned
as travellers seek to avoid weeks in ho-
tel isolation on arrival or a raft of testing
swabs. Airlines, which before the pandem-
ic operated about 30,000 flights a month
to the two Asian gateways, have slashed
that number to just 4,514 in February, ac-
cording to aviation data company Cirium.
There’s little prospect of immediate
change. Hong Kong — which quarantines
overseas arrivals for as long as 14 days,
and effectively bars flights from an array
of countries deemed to be high risk — is
sticking to a goal of eliminating the virus
even as cases in the community surge. Last
week, authorities there tightened restric-
tions even further, extending gathering
limits to private premises for the first time.
And while Singapore has struck more
than two dozen agreements with other
countries to set up vaccinated air-travel
lanes, it still requires overseas visitors to
undergo almost a week of daily coronavi-
rus tests during their stay. Anyone attend-
ing the city’s scaled-back biennial air show
22 THEEDGE CEO MORNING BRIEF
W O R L D
BY ANGUS WHITLEY, SIDDHARTH PHILIP
& KYUNGHEE PARK
Bloomberg
this week, an event forecast to attract more
than 13,000 in-person delegates and 600
companies, must also test negative each
day as a condition of entry.
These impediments to flying extend
the financial pressure on airlines primarily
plying routes in Asia, from Cathay Pacific
Airways Ltd and Singapore Airlines Ltd
to budget carriers Cebu Air Inc in the
Philippines and Malaysia-based AirAsia.
While China holds the key to a broad re-
covery — its vast market could trigger a
global travel resurgence all on its own —
the country is expected to keep its bor-
ders sealed for most of this year at least.
The uneven air-travel rebound is likely
to continue for the rest of 2022 as coun-
tries in Europe and North and South
America continue to reopen and Asian
restrictions put off travellers, according
to Rob Morris, Cirium’s global consul-
tancy chief.
“The two-speed recovery is very evi-
dent,” he said. “A significant level of in-
tra-Asia traffic touches China and with
borders there likely to remain closed to in-
ternational arrivals through late 2022, the
recovery in Asia will inevitably be slower
than other regions.”
Choking the flow
Within Europe, flying will surpass 75% of
pre-pandemic levels next month, accord-
ing to Cirium data from airline schedules.
Inside the US, the figure will be 86%.
Asia’s Covid curbs are choking the flow
of visitors to the countries that need them
most. Australia’s Jetstar recently delayed
a resumption of flights to Bali from Mel-
bourne and Sydney, citing the island’s
five-day quarantine requirement for vacci-
nated arrivals. “We look forward to flying
into Bali when quarantine restrictions ease
further,” said Jetstar, which is owned by
Qantas Airways Ltd.
Thailand this month resumed quaran-
tine-free tourism for vaccinated travellers.
But the programme’s requirements for
multiple tests, registration, and a certain
baseline of insurance cover have drawn
criticism. Thailand expects less than 10
million foreign visitors this year, down
from 40 million before the virus.
“The testing requirements are a disin-
centive,” said Hannah Pearson, founding
partner of Kuala Lumpur-based tour-
ism consultancy Pear Anderson. “The
fact that Singapore and Thailand, the
two leaders of reopening in the region,
are still taking this intense approach to
testing, may encourage other countries
to behave similarly.”
The cost of daily swabbing for a family
visiting Singapore is prohibitive enough,
said Pearson. The mandatory test on ar-
rival is S$125 (US$93). On top of that,
visitors run the risk of returning a posi-
tive result, then paying to quarantine in a
hotel and wasting their trip, she said. The
city-state is conducting a study to assess
the efficiency of antigen rapid testing kits
for passengers arriving at Changi Airport,
which would be quicker and cheaper, the
Business Times reported.
At some point, Southeast Asia’s tourist
hubs will need to demand less of overseas
visitors, Pearson said. That might mean
downgrading to a rapid antigen test on ar-
rival, or waiving tests completely for those
who already recorded a negative result
before they took off, she said.
The reluctance of travellers to tolerate
quarantine after they land is clear: It typi-
cally deters at least 90% of potential pas-
sengers, Auckland International Airport
Ltd said this month, citing the experience
of airlines in other markets.
The speed at which passengers return
to the air once restrictions and mandato-
ry tests are removed also indicates how
much these rules hinder travel.
Click here to read the full story
 T U E S D AY F E B R U A RY 1 5 , 2 0 2 2
M A R K E T S
CPO RM 5,672.0099.00 OIL US$ 94.37-0.07 RM/USD 4.1902 RM/SGD 3.1109 RM/AUD 2.9734 RM/GBP 5.6607 RM/EUR 4.7394
Top 20 active stocks
NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
SMTRACK BHD 192.50 0.010 0.205 7.89 140.3
KNM GROUP BHD 151.50 -0.005 0.180 20.00 661.6
DAGANG NEXCHANGE BHD 145.7 0.060 1.150 51.32 3628.6
AHB HOLDINGS BHD 136.3 0.055 0.215 65.38 80.4
HIBISCUS PETROLEUM BHD 76.8 0.040 1.130 38.65 2268.5
PEGASUS HEIGHTS BHD 42.5 0.000 0.015 50 161.5
TA WIN HOLDINGS BHD 42 0.005 0.145 16 495
ARTRONIQ BHD 40 -0.075 0.295 -52.03 93.8
KEY ALLIANCE GROUP BHD 37.6 0.000 0.015 0 46
BSL CORP BHD 32.5 -0.015 0.485 -52.45 106.1
CHEETAH HOLDINGS BHD 32.1 0.000 0.145 31.82 70.5
BUMI ARMADA BHD 32.1 0.005 0.545 15.96 3219.3
ATA IMS BHD 31.7 -0.015 0.475 -22.13 571.4
MY EG SERVICES BHD 29.9 -0.040 1.010 -5.61 7,461.4
OCR GROUP BHD 27.5 0.000 0.125 -13.79 97.9
OPCOM HOLDINGS BHD 27 -0.010 1.050 9.95 293
VINVEST CAPITAL HOLDINGS BHD 27 -0.010 0.460 0 445.8
DATAPREP HOLDINGS BHD 26.6 0.005 0.410 -49.38 275.9
EP MANUFACTURING BHD 25.4 -0.090 1.160 8.41 200.4
KOMARKCORP BHD 25.3 0.000 0.135 17.39 77.9
Data as compiled on Feb 14, 2022 Source: Bloomberg
Top gainers (ranked by %)
NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP
(%) (RM MIL)
VSOLAR GROUP BHD 0.015 50.0 7121.5 0.00 72.5
AHB HOLDINGS BHD 0.215 34.4 136290.7 65.38 80.4
CAELY HOLDINGS BHD 0.530 26.2 23550.6 47.22 136.4
XOX BHD 0.030 20.0 3,724.30 0.00 142.8
ALAM MARITIM RESOURCES BHD 0.035 16.7 11222.6 40.00 53.6
XIDELANG HOLDINGS LTD 0.040 14.3 2,567.40 14.29 84.6
BONIA CORP BHD 1.880 11.9 6962.4 94.82 376.8
BINA PURI HOLDINGS BHD 0.050 11.1 21347.2 11.11 79.9
XOX TECHNOLOGY BHD 0.050 11.1 300.0 0.00 44.7
PUC BHD 0.155 10.7 18046.7 6.90 228.9
CME GROUP BHD 0.055 10.0 1920 -8.33 53.3
ADVANCE INFORMATION 0.130 8.3 290.2 0.00 34.6
NICHE CAPITAL EMAS HOLDINGS 0.145 7.4 4104.2 11.54 125.8
VIZIONE HOLDINGS BHD 0.075 7.1 8035.6 -6.25 83.6
ECOBUILT HOLDINGS BHD 0.150 7.1 177 -3.23 57.4
SYF RESOURCES BHD 0.315 6.8 1615.3 6.78 179.2
FAST ENERGY HOLDINGS BHD 0.080 6.7 1900.6 -15.79 46.4
CONCRETE ENGINEERING PRODUCTS 1.030 6.2 10.1 18.39 76.9
POS MALAYSIA BHD 0.695 6.1 2923.5 6.11 544.0
MAA GROUP BHD 0.625 5.93 105.1 -3.85 164.8
Data as compiled on Feb 14, 2022 Source: Bloomberg
Top gainers (ranked by RM)
NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP
(%) (RM MIL)
PETRONAS DAGANGAN BHD 20.900 0.300 599.4 1.46 20,763.20
CHIN TECK PLANTATIONS BHD 7.540 0.260 42.8 6.95 688.90
CARLSBERG BREWERY MALAYSIA 20.120 0.260 59.7 0.20 6,151.60
HONG LEONG BANK BHD 20.260 0.260 1177.2 8.81 43,918.00
KUALA LUMPUR KEPONG BHD 24.360 0.220 4,327.60 11.85 26257.3
PMB TECHNOLOGY BHD 19.260 0.220 302.70 56.84 4,097.80
HEINEKEN MALAYSIA BHD 20.160 0.220 172.1 -3.26 6,090.30
HENGYUAN REFINING CO BHD 4.360 0.210 990.40 12.66 1,308.00
BONIA CORP BHD 1.880 0.200 6,962.40 94.82 376.8
HONG LEONG FINANCIAL GROUP 19.000 0.200 318.3 9.57 21,759.60
PETRON MALAYSIA REFINING 4.840 0.160 437.2 10.50 1,306.80
KOTRA INDUSTRIES BHD 3.890 0.130 201.8 23.1 575.6
IOI CORP BHD 4.140 0.120 7,848.60 10.99 25,721.70
UNITED PLANTATIONS BHD 14.280 0.120 492.6 2.88 5,901.90
GENTING PLANTATIONS BHD 7.400 0.110 887.6 10.45 6639.3
SARAWAK OIL PALMS BHD 4.390 0.110 2,374.00 25.79 2509.7
CAELY HOLDINGS BHD 0.530 0.110 23550.6 47.22 136.40
BERJAYA FOOD BHD 3.1 0.1 4171.7 44.19 1121.5
SCGM BHD 2.23 0.09 1786.6 -7.47 429.4
DIALOG GROUP BHD 2.860 0.090 8037.9 9.16 16137.7
Data as compiled on Feb 14, 2022 Source: Bloomberg
23 THEEDGE CEO MORNING BRIEF
World equity indices
CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
(%) (%)
DOW JONES 34,738.06 -503.53 -1.43 INDONESIA 6,734.49 -81.12 -1.19
S&P 500 4,418.64 -85.44 -1.90 JAPAN 27,079.59 -616.49 -2.23
NASDAQ 100 14,253.84 -451.80 -3.07 KOREA 2,704.48 -43.23 -1.57
FTSE 100 7,521.14 -139.88 -1.83 PHILIPPINES 7,361.15 90.79 1.25
AUSTRALIA 7,243.91 26.64 0.37 SINGAPORE 3,421.20 -7.75 -0.23
CHINA 3,428.88 -34.07 -0.98 TAIWAN 17,997.67 -313.27 -1.71
HONG KONG 24,556.57 -350.09 -1.41 THAILAND 1,684.69 -14.51 -0.85
INDIA 56,405.84 -1747.08 -3.00 VIETNAM 1,471.96 -29.75 -1.98
Data as compiled on Feb 14, 2022 Source: Bloomberg
Top losers (ranked by %)
NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP
(%) (RM MIL)
NEXGRAM HOLDINGS BHD 0.010 -33.330 2267.0 0.00 44.2
EDUSPEC HOLDINGS BHD 0.015 -25.000 613.0 0.00 45.7
ARTRONIQ BHD 0.295 -20.270 39985.2 -52.03 93.8
KHEE SAN BHD 0.115 -14.810 25.2 -17.86 15.8
ANCOM LOGISTICS BHD 0.240 -14.290 13,615.10 41.18 113.6
JOE HOLDING BHD 0.030 -14.290 2576 -14.29 91.8
MINDA GLOBAL BHD 0.060 -14.290 1853.3 9.09 79.3
XOX NETWORKS BHD 0.035 -12.500 320.0 16.67 39.7
IMASPRO CORP BHD 2.200 -12.000 1484.9 -11.29 176.0
ABM FUJIYA BHD 0.380 -10.590 273.5 -6.17 68.4
TOYO VENTURES HOLDINGS BHD 1.110 -10.480 521.0 -21.28 118.8
SAPURA ENERGY BHD 0.045 -10 8422.6 -10 719.1
SEDANIA INNOVATOR BHD 0.47 -8.740 10451.7 -8.74 163.2
MEGA SUN CITY HOLDINGS BHD 0.105 -8.700 1870.9 -4.55 59.5
PERMAJU INDUSTRIES BHD 0.055 -8.330 1007.0 -8.33 105.9
ICT ZONE ASIA BHD 0.220 -8.330 3.3 10.00 117.4
SMIS CORP BHD 0.635 -7.970 62.6 9.48 26.8
ASIA BRANDS BHD 0.485 -7.620 109.0 -3.00 112.8
EP MANUFACTURING BHD 1.160 -7.200 25410.8 8.41 200.4
MERIDIAN BHD 0.065 -7.140 454.7 0.00 58.8
Data as compiled on Feb 14, 2022 Source: Bloomberg
Top losers (ranked by RM)
NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP
(%) (RM MIL)
MALAYSIAN PACIFIC INDUSTRIES 37.62 -1.38 440.0 -23.78 7482.5
SAM ENGINEERING & EQUIPMENT 22.50 -1.00 71.40 0.45 3045.4
KESM INDUSTRIES BHD 11.08 -0.62 17.4 -9.77 476.6
FRASER & NEAVE HOLDINGS BHD 23.80 -0.38 102.9 -3.80 8729.3
IMASPRO CORP BHD 2.20 -0.30 1484.9 -11.29 176.0
UWC BHD 4.75 -0.24 1587.3 -23.51 5228.9
GREATECH TECHNOLOGY BHD 5.11 -0.18 3459.8 -24.07 6398.4
GENETEC TECHNOLOGY BHD 2.62 -0.16 4881.8 -13.68 1784.9
DUFU TECHNOLOGY CORP BHD 3.48 -0.15 570.4 -18.88 1839.9
SHANGRI-LA HOTELS MALAYSIA 3.24 -0.15 1406.3 -2.41 1425.6
KOBAY TECHNOLOGY BHD 4.49 -0.15 689.7 -25.54 1455.6
FRONTKEN CORP BHD 3.18 -0.15 2188.3 -20.50 5000.3
TOYO VENTURES HOLDINGS BHD 1.11 -0.13 521.0 -21.28 118.8
UNISEM M BHD 3.09 -0.13 1483.8 -24.26 4984.4
PANASONIC MANUFACTURING 28.58 -0.12 7.1 -1.11 1736.1
VITROX CORP BHD 8.03 -0.12 1043.2 -19.38 7584.9
YNH PROPERTY BHD 2.74 -0.11 204.5 3.4 1448.1
TELEKOM MALAYSIA BHD 5.29 -0.11 1128 -3.82 19962.9
MI TECHNOVATION BHD 2.31 -0.10 1744.7 -31.66 2069.8
KELINGTON GROUP BHD 1.43 -0.1 3261.8 -16.86 919.5
Data as compiled on Feb 14, 2022 Source: Bloomberg