FRENCH RIOTS SEEN COSTING €1 BIL

AS MACRON MEETS MAYORS p16

W E D N E S DAY, J U LY 5 , 2 0 2 3 t h e e d g e m a l ay s i a . c o m
ISSUE 597/2023

CEOMorningBrief HOME: MACC quizzes trio, including ‘VIP’, over alleged KLIA corruption p2
Malaysian govt remains the top bond issuer in 2Q with RM61.45 bil worth of bonds, says BPAM p3
BNM to hold key rate on Thursday, may not resume tightening — poll p4
The Binjai on the Park and Kuala Lumpur Convention Centre retain Gold status
at The Edge Malaysia BMSPA 2023 p6
WORLD: Musk, Zuckerberg lead a US$852 bil surge among world’s richest people p22

Farm Fresh hits record low on concerns over intense

competition for raw milk
Report on Page 7.

Local govt ministry plans

new law to speed up
redevelopment projects
Report on Page 3.
 W E D N E S D A Y J U LY 5 , 2 0 2 3
the edge ceo morning brief
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MACC quizzes
trio, including
‘VIP’, over alleged
KLIA corruption
Bernama
PUTRAJAYA (July 4): The Malaysian An-
ti-Corruption Commission (MACC) has
recorded the statements of three individu-
als, including one VIP, who were involved
in an incident at the Kuala Lumpur Inter-
national Airport (KLIA) recently.
According to an MACC source, the an-
ti-graft agency viewed seriously the cor-
ruption allegations in the incident, which
also involved a Chinese national.
“A comprehensive investigation is un-
derway to confirm the matter,” the source
said, adding that the MACC has also re-
corded statements of two main witnesses
who are Chinese nationals.
He said several immigration officers in-
volved in the incident would be called to
give their statements.
The source further said that the MACC
had identified an individual suspected of
being the middleman in ‘solving’ the case
involving a foreign tourist who allegedly
failed to comply with entry requirements
set by the Immigration Department.
“We are tracking down the agent who
allegedly asked for a bribe of RM18,000
to solve the case,” he said.
Meanwhile, when contacted, MACC
chief commissioner Tan Sri Azam Baki con-
firmed that the case is being investigated un-
der Section 16 (a) of the MACC Act 2009.
“All parties are urged not to make any
speculation and to give MACC time to
complete the investigation,” he said.
The media previously reported that
a commotion had occurred at the KLIA
when a VIP allegedly attempted to ‘rescue’
a female Chinese national who was denied
entry into the country.
The incident also went viral on so-
cial media when the VIP was said to have
barged into the arrival hall without apply-
ing for a security pass.
2 THEEDGE CEO MORNING BRIEF
H O M E
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Loke: LRT3 to
start operation
in March 2025
Bernama
KLANG (July 4): The Light Rail Transit
3 (LRT3) is expected to commence op-
eration on March 1, 2025, and will ben-
efit two million residents, said Transport
Minister Anthony Loke.
He said the LRT3 project is now be-
ing implemented with construction pro-
gress achieving 86%.
“Construction is almost complete and
now, works are on the signalling system
and others.
“LRT3 is expected to begin operation
on March 1, 2025, which is 18- to 19
months from now. We expect it to bene-
fit two million residents around the west
Inflation could go up
with enforcement
of minimum wage,
says Rafizi
Bernama
PUTRAJAYA (July 4): The government
does not rule out the possibility that
the enforcement of the RM1,500 min-
imum wage for employers with fewer
than five workers, which began on July
1, will have an impact on the country's
inflation rate, said Minister of Economy
Rafizi Ramli.
Speaking to reporters at the ministry
on Tuesday (July 4), Rafizi said the gov-
ernment had carried out the necessary
assessments before deciding to enforce it.
“The enforcement of minimum wage
order comes with a risk (of inflation) but
we (the government) always make sure
that the increase in the wage rate can
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coast of Klang Valley, especially from Pet-
aling Jaya to Klang,” he said.
He told the media after inspecting
the development and status of the Shah
Alam route of the project at Johan Setia
depot here on Tuesday (July 4).
Loke said the RM16 billion project
has 22 sets of three-coach trains, with a
capacity of 18,630 passengers per hour.
“This area, which is densely popu-
lated and developed, would see tens of
thousands of passengers using LRT3.
“This project will have two inter-
change stations, namely in Bandar Uta-
ma, which connects the Kajang Line
MRT line to LRT3, and Glenmarie,
which connects between the Kelana Jaya
LRT line and LRT3. It is a good con-
nection and there is a flyover to connect
the two stations,” he said.
He said that all trains have been pre-
pared and are being tested so that they
can operate properly after the opening,
besides adopting green technology,
which is more environmentally friendly.
help balance the salary and the cost of
living of the workers. That’s our focus.
“The nature of the economy is such
that there is always inflation. In fact, we
hope to keep inflation at a healthy level
of around 2%,” he said.
The minimum wage order for the en-
tire country was gazetted on April 27,
2022, for implementation from May
1, 2022, while the enforcement of the
RM1,500 minimum wage for employers
with fewer than five workers, took effect
on July 1 this year.
Rafizi said the country's inflation rate
in May 2023 continued to decline to
2.8% compared to 3.3% in April 2023,
marking a nine-month consecutive de-
crease.
“What’s important is that inflation
can be absorbed by a wage increase that
is commensurate with the value of work
and the increase in the prices of goods,”
he said.
Rafizi said the enforcement of the
minimum wage order is also to ensure
that people's income increased periodi-
cally in line with the rising cost of living.
 W E D N E S D A Y J U LY 5 , 2 0 2 3
KUALA LUMPUR (July 4): Minister of
Local Government Development (KPKT)
Nga Kor Ming said his ministry is pushing
for the enactment of a new law, the draft
of which will be tabled soon, to speed up
the redevelopment of old properties for
urban renewal.
In Kuala Lumpur alone, there are 139
aged and poorly maintained properties that
require redevelopment, Nga said his key-
note address at The Edge Malaysia Best
Managed & Sustainable Property Awards
2023 gala dinner held in the capital city
on Tuesday (July 4) night.
However, due to the current regulato-
ry limitations, the progress has been slow.
“Right now, under the current act (law),
we have to get 100% consent from the
residents (of the identified projects) to im-
plement a redevelopment [plan], which is
not possible… We will be coming out with
a new act soon, to speed up the progress
of the redevelopment projects. How soon
is that? I would like it to be as soon as pos-
sible,” he shared.
This redevelopment project is part of
the bigger national urbanisation initia-
tive by the ministry, in which Nga urged
property industry players to continue to
support, redevelop and rejuvenate cities
of Malaysia together.
“Malaysia needs to be on the right track
to achieve two bold agendas of urbanisation
that were adopted by the international com-
munity: The 2030 Agenda for Sustainable
Development Goals (SDG) and the New
Urban Agenda (NUA). In this context, smart
city (as defined in the Malaysia Smart City
Framework) has been recognised as one of
the tools to accelerate efforts towards achiev-
ing SDGs and the NUA,” said Nga.
He explained that the smart city agen-
da is embedded in the 12th Malaysia Plan
and highlighted as a priority to improve
regional balance and inclusion, as well as
boost digitalisation and advanced technol-
KUALA LUMPUR (July 4):The Malaysian
government was the country’s top bond is-
suer overall for two straight quarters in the
first half of this year (1H2023), says Bond
Pricing Agency Malaysia Sdn Bhd (BPAM).
The government issued RM61.45 billion
worth of bonds in the second quarter of
2023 (2Q2023) after recording RM69.50
billion in 1Q2023, according to BPAM’s
bond league tables report for 2Q2023.
The bond pricing agency also named the
government as the top traded bond overall
for the two quarters with RM229.20 bil-
lion worth of bonds sold in 2Q2023 and
RM284.06 billion in 1Q2023.
BPAM’s other rankings included the
top corporate bond issue, with Cagamas
3 THEEDGE CEO MORNING BRIEF
H O M E
MOHD IZWAN/THE EDGE
Minister of Local
Government
Development
(KPKT) Nga Kor
Ming said in Kuala
Lumpur alone, there
are 139 aged and
poorly maintained
properties
that require
redevelopment.
Local govt
“To all the industry players here, I
would like to invite you to utilise the Stand-
ministry
ard (MS ISO 37122:2019), currently being
developed by Jabatan Standard Malaysia
plans new law
in collaboration with KPKT, as a compre-
hensive guide incorporating 85 indicators,
to speed up
or smart elements, into your future devel-
opment projects,” he said.
redevelopment
Meanwhile, Nga highlighted that there
is an urgent need to rethink city trans-
projects
formation; to develop and build healthi-
er, more inclusive, green, smart, resilient
and ultimately sustainable cities, as the
way of managing cities today is key to the
BY RACHEL CHEW future wellbeing and quality of life.
theedgemalaysia.com “The number of people living in cities
in Malaysia is predicted to rise from 79%
ogy under chapter 11 of the national plan. in 2020, to 82% in 2030 and 87% in 2050.
To further accelerate the smart city im- There are now 320 cities and towns of various
plementation, the ministry will implement hierarchies in Malaysia, contributing to 70%
a smart city recognition programme, or of our total GDP (gross domestic product).
“Penarafan Bandar Pintar Malaysia”, start- “The increase in city population and the
ing this year, based on the international rapid urbanisation process of cities increase
standard ISO 37122: 2019 Sustainable the strain on various city infrastructure and
Cities and Communities-Indicators for has a major impact on human life. These
Smart Cities. This rating system will rec- changes have sparked a debate about how
ognise local governments that are actively cities should be built and, perhaps more
implementing smart city initiatives and be importantly, how they can better respond
given a kind of reward. to current and future crises,” he said.
Malaysian govt
Bhd topping the list with RM3.86 billion
worth of bonds in 2Q2023 after reporting
remains the top
RM1.35 billion worth bonds in the preced-
ing quarter.
bond issuer in 2Q
Malaysia Islamic Bhd remained as as the
top sukuk issuer with RM4 billion worth of
with RM61.45 bil
Islamic bonds in each of the two quarters.
Meanwhile, Malaysian Trustees Bhd
worth of bonds,
was named the top bond trustee overall
(by value) at RM24.99 billion in 2Q2023,
says BPAM
maintaining its pole position after reporting
RM13.72 billion in 1Q2023.
Maybank Investment Bank Bhd was
ranked as top lead arranger overall after it
BY JUSTIN LIM achieved RM12.10 billion in 2Q2023, keep-
theedgemalaysia.com ing its top position from the previous quarter
when it reported RM11.69 billion.
 W E D N E S D A Y J U LY 5 , 2 0 2 3 4 THEEDGE CEO MORNING BRIEF

H O M E

BNM to hold key

(July 4): Malaysia’s central bank will leave Median forecasts showed rates will re-
its key interest rate unchanged at 3.00% on main unchanged at 3.00% until end-2023,

rate on Thursday,
Thursday (July 6) and keep it there for the with no one predicting a cut this year.
rest of the year, marking the end of its mod- This puts BNM in line with its regional

may not resume

est tightening cycle as inflation has showed peers, who have already ended their tight-
signs of cooling, a Reuters poll found. ening cycles.

tightening — poll
While headline inflation eased to its
lowest in a year in May at 2.8%, core in-
flation — which excludes volatile items
— moderated only a bit to 3.5%, suggest-
ing the central bank will hold its key rate
higher for longer.
All but three of 25 economists polled
between June 27 and July 3 forecast Bank
Negara Malaysia (BNM) will hold the pol-
icy rate steady at 3.00% — its pre-Covid
pandemic level — at the end of the July 6
meeting, following a surprise hike in May.
Those three expect another 25 ba-
sis-point hike to 3.25%.
“The 25bp surprise hike in May marked
the end of the tightening cycle... a slower
trajectory of growth and retreating infla-
tion will likely prompt BNM to stand pat
for the remainder of 2023,” noted Khoon
Goh, head of Asia research at ANZ.
With the US Federal Reserve, the Euro-
pean Central Bank and the Bank of Eng-
land still intent on raising rates to control
inflation, the ringgit has lost nearly 6%
BY ANANT CHANDAK against the dollar this year, declining more
Reuters than its Southeast Asia peers.
A weaker currency and resulting higher
inflation feeding through expensive im-
ports may restrict BNM from cutting rates
any time soon.
Gareth Leather, senior Asia econo-
mist at Capital Economics, noted that
while most central banks in the region
were expected to cut rates over the com-
ing year, “the BNM will remain on the
sidelines”.
Read also: OCBC Bank sees 70% prob-
ability BNM will keep OPR unchanged

Mixed outlook
KUALA LUMPUR (July 4): Analysts have til the third quarter of 2023 — consistent
mixed outlooks after Malaysia’s manufac- with global manufacturing trends.

after Malaysia’s
turing purchasing manager’s index (PMI) Its economist Sabrina Edora expected
continued to shrink for the 10th consec- the manufacturing sector’s growth in 2023

manufacturing
utive month in June — to 47.7 from 47.8 to moderate to a mere 2%, from 8.1% a
in May. year ago.

PMI falls in June

The contraction indicated weakness in Sabrina said there were limited signs of
the manufacturing industry, with subdued a recovery in the electrical and electronics

on weak external
demand leading to lower output, accord- (E&E) industry despite a moderate pace
ing to research notes on Tuesday (July 4). of contraction this year.

According to Kenanga Research, the
average PMI reading of 48.1 in the sec-
ond quarter of 2023 (2Q2023) is still rel-
atively better than the 47.9 recorded in
1Q2023, indicating that manufacturing
conditions have improved during the most
recent quarter.
It noted that despite the PMI’s 10th
consecutive month of decline, the average
reading in 2Q2023 at 48.1 is still relative-
ly better than 47.9 in 1Q2023, indicating
that manufacturing conditions improved
during the quarter.
“This aligns with our expectations that
economic growth in the 2Q2023 remained
resilient and [is] most likely to expand by
6% compared to 5.6% in 1Q2023.
Likewise, we maintain the 2023 GDP
growth forecast at 4.7%, despite project-
ing that growth to moderate sharply in the
2H2023 (3.6%) versus 1H2023 forecast
(5.8%) due to the high base and the im-
pact of the global economic slowdown,”
said its team of economists.
Kenanga Research said cost pressures
persisted as input costs rose for the third
straight month in June, due to import pric-
demand
BY SUFI MUHAMAD
theedgemalaysia.com
es increasing from more expensive raw ma-
terials, which was partially compounded
by the weaker ringgit.
“However, output prices fell for the sec-
ond straight month, with the reduction
in prices being the sharpest since April
2020,” it said.
Nevertheless, the research house ex-
pected domestic demand to remain resil-
ient and support overall growth, backed by
lower unemployment rate, higher tourist
arrivals and further lifted by private and
public investment.
“Downside risk remains mainly from
the external sector associated with the im-
pact of global central banks’ policy direc-
tion and geopolitics,” it said.
Meanwhile, PublicInvest Research
maintained its prediction that the PMI
will remain below the 50-point mark un-
“Furthermore, the outlook for busi-
nesses is bleak, as companies contend with
dwindling orders, both domestically and
internationally.
“The business sentiment index contin-
ues to remain below the crucial 100-point
threshold, at 95.4 in 1Q2023 from 85.9
in 4Q2022,” she said.
She noted that the output levels from
the manufacturing sector were scaled back
significantly, in addition to substantial
moderation in new orders since January.
“Although an improved supply chain
environment has been beneficial for oper-
ations, there are indications of increasing
inflationary pressures due to a sustained
acceleration in average cost burdens.
“Looking ahead, Malaysian manufac-
turers maintained a level of optimism re-
garding future output, anticipating a pick-
up in demand during the second half of
the year that could bolster sales,” she said.
However, Sabrina noted that over-
all optimism softened to its lowest level
since July 2021 as businesses expressed
concerns about the timing of the antici-
pated recovery.
W E D N E S D A Y J U LY 5 , 2 0 2 3 5 THEEDGE CEO MORNING BRIEF
 W E D N E S D A Y J U LY 5 , 2 0 2 3
The Binjai on the Park and Kuala Lumpur
Convention Centre retain Gold status
at The Edge Malaysia BMSPA 2023
BY CHELSEA J LIM
theedgemalaysia.com
KUALA LUMPUR (July 4): The Binjai on
the Park and Kuala Lumpur Convention
Centre retained their Gold status at The
Edge Malaysia Best Managed & Sustaina-
ble Property Awards (BMSPA) 2023 under
the 10Years & Above Multiple-owned Strata
Residential Category and 10 Years & Above
Specialised Category, respectively.
Binjai on the Park managed by Henry
Butcher Malaysia (Mont Kiara) Sdn Bhd
(HBMK) and Kuala Lumpur Convention
Centre managed by Convex Malaysia Sdn
Bhd had previously won Gold in the same
awards under the same categories in 2017
and 2019, respectively.
Properties that have previously won Gold
in BMSPA can only resubmit their property
for consideration after a period of three years.
In addition to their wins in the respective
categories, both properties also received the
Editor’s Choice Award — Binjai on the Park
for Malaysia’s Outstanding Residential Stra-
ta Development and Kuala Lumpur Con-
vention Centre for Malaysia’s Outstanding
Specialised Development.
BMSPA is in its seventh instalment this
year in seeking to recognise real estate that is
managed with excellence and sustainability.
The event was held at Hilton Kuala Lum-
pur on Tuesday (July 4) night, and around
400 industry players attended the BMSPA
2023 awards ceremony.
Other properties that received the Edi-
tor’s Choice Award this year were Menara
Citibank (managed by Knight Frank Prop-
erty Management Sdn Bhd) for Malaysia’s
Outstanding Sustainable Office Development
and The Era Wetlands (by JKG Central Park)
for Malaysia’s Exemplary Landscape Design.
Menara Citibank picked up the Gold
award under the 10 Years & Above Sin-
gle-owned Office in a Mixed Strata Devel-
opment category, while The Era Wetlands
won Gold for The Edge-ILAM Malaysia’s
Sustainable Landscape Awards under the
Landscape Planning category.
The four projects that received the Ed-
itor’s Choice Award have showcased out-
standing quality of property maintenance
and sustainability.
This year’s awards has received 52 sub-
missions coming from all over the country.
Of the 52, 39 were shortlisted. Ultimately,
6 THEEDGE CEO MORNING BRIEF
H O M E
MOHD IZWAN/THE EDGE
The Edge Media Group editor-in-chief Kathy Fong (first from left), The Edge Media Group editor
emeritus and the awards’ chief judge Au Foong Yee (second from left), The Edge Media Group publisher
and group chief executive officer (CEO) Datuk Ho Kay Tat (first from right), City & Country editor E
Jacqui Chan (second from right) and Local Government Development Minister Nga Kor Ming (fifth from
right), with winners of the Editor’s Choice Awards of The Edge Malaysia BMSPA 2023.
30 projects were the recipients of BMSPA are supported by Nippon Paint Malaysia,
for demonstrating quality property manage- Panasonic Malaysia and Sunview Group.
ment practices. The results of the awards were audited by
In his opening speech, The Edge Media Deloitte Malaysia.
Group publisher and group chief executive
officer (CEO) Datuk Ho Kay Tat said the Winners for the night
awards aim to recognise top-class real estate The BMSPA 2023 presented the awards
management practices. under 10 main categories this year, covering
“We believe that by recognising top-class mixed development, office residential, retail,
real estate management practices, we will be specialised categories, and affordable hous-
able to raise the bar for the benefit of all stake- ing.The categories were subdivided into two
holders. By making sure that properties are segments to reflect the age of the property —
well maintained and managed, property man- Below 10 Years, and 10 Years & Above.
agers can prolong and enhance the value of In addition to the anchor awards, BM-
properties and their overall liveability,” he said. SPA 2023 also presented The Edge-ILAM
Local Government Development Min- Malaysia’s Sustainable Landscape Awards.
ister Nga Kor Ming, who was the guest of Other Gold award winners under the main
honour at the BMSPA 2023, concurred in categories were IOI City Mall (managed by
his keynote speech that the award has raised IOI City Mall Sdn Bhd) in the Below 10
awareness on the importance of property Years Single-owned Office in a Mixed Stra-
maintenance and sustainability. ta Development, Kluang Mall (managed by
“Since the debut of the Best Managed Tenaga Nusantara Sdn Bhd) in the 10Years
& Sustainable Property Awards (BMSPA) & Above Retail —Non-strata, Sunway Em-
back in 2017, the awards have successfully erald Residence (by Sunway Property & Fa-
raised the bar on Malaysian property man- cility Management Sdn Bhd) in the Below
agement practices, benchmarking against 10Years Multiple-owned Strata Residential,
the best-in-class globally. The awards have The Estate Condominium (by HBMK) in
kick-started the urgently needed conver- the Below 10 Years Multiple-owned Strata
sation among all property stakeholders for Residential, and Kiaramas Cendana Con-
Malaysian real estate to be designed, built dominium (by HBMK) in the 10 Years &
and maintained with sustainability.” Above Multiple-owned Strata Residential.
Presented by City & Country, the awards CO N TI N UES O N PAGE 7
 w e d n e s d a y j u ly 5 , 2 0 2 3
KUALA LUMPUR (July 4): Farm Fresh
Bhd’s share price continued to trend low-
er on Tuesday (July 4), closing at its record
low for the third consecutive trading day,
on market concerns over stiff competition
for raw milk.
The stock tumbled as much as 16.8%
to its intraday low of 99 sen, before closing
at RM1.14, down five sen or 4.2%, for a
market capitalisation of RM2.13 billion.
It was the second most actively traded
stock on the local stock exchange, with
77.38 million shares changing hands.
The heavy selling pressure comes af-
ter Australia’s Bega Group warned that it
could be facing a non-cash impairment of
between AU$180 million-AU$280 million
(RM559.5 million-RM870.3 million) due
to a decline in milk production volumes
and rising dairy ingredient prices.
In a filing with Bursa Malaysia on Tues-
day (July 4), Farm Fresh clarified that its
exposure to falling milk production is less-
er in Australia, compared to that of Bega,
which sources 100% of its milk require-
ment from Australian farmers.
“While Farm Fresh is also impacted
by the less-than-expected decrease in
farmgate milk prices in Australia as we
do purchase milk from third-party farm-
ers in Australia, we are much less impact-
ed compared to Bega Group,” it stressed.
Farm Fresh further shared that its purchase
from Page 6
Recipients of the Silver awards under the
main categories are Oval Damansara (by
HBMK) in the 10 Years & Above Multi-
ple-owned Strata Office, Menara 1 Sentrum
(by Knight Frank Property Management) in
the Below 10 Years Single-owned Office in a
Mixed Strata Development, Dedaun Condo-
minium (by HBMK) in the Below 10 Years
Multiple-owned Strata Residential, Pearl
Suria Residence (by HBMK) in the Below
10 Years Multiple-owned Strata Residential,
Mont’ Kiara Banyan (by SCM International
Property Management Sdn Bhd) in the 10
Years & Above Multiple-owned Strata Res-
idential, Tara Condominium (by Hartamas
Asset Management Sdn Bhd) in the 10Years
& Above Multiple-owned Strata Residential,
The Hills @ Horizon Hills (by Horizon Hills
Property Services Sdn Bhd, a subsidiary of
Gamuda Land) in the 10 Years & Above
Non-strata Residential, and Selangorku Pr-
1ma Lakefront Homes @ Cyberjaya (by MCT
Property Management Sdn Bhd) in the Be-
low 10Years Sustainable Affordable Housing.
Bronze award winners in the main cat-
egories are Sunway Velocity (by Sunway
Property & Facility Management Sdn Bhd)
on the Below 10 Years Mixed Develop-
ment (Entire), TEEGA @ Puteri Harbour
7 TheEdge CEO morning brief
h o m e
Farm Fresh hits
record low on
concerns over
intense competition
for raw milk
by Priyatharisiny Vasu & Hailey Chung
theedgemalaysia.com
of milk ingredients from third-party farmers
in Australia is expected to account for ap-
proximately 14% of its total milk ingredients
of equivalent to more than 100 million litres
in the financial year ending March 31, 2024.
“Additionally, 70% of the raw milk used
by us comes from our own farms in both
Malaysia and Australia,” the group said.
It added that the group continues to take
into account various factors in determining
its investments in upstream, midstream and
downstream operations, as well as the input
costs and variations that occur from time to
time, to ensure that it does not depend heav-
ily on any specific milk ingredients source.
Bega’s impairment was due to the de-
cline in Australia’s milk production by 700
million litres or 9% over the past two years.
(by SCM International Property Manage-
ment) in the Below 10 Years.
Mixed Development (Entire), Binjai
8 Premium Soho (by HBMK) in the 10
Years & Above Multiple-owned Strata Of-
fice, Plaza OSK (by OSK Property Hold-
ings Sdn Bhd) in the 10 Years & Above
Non-strata Office, Wisma Consplant (by
Knight Frank Property Management) in
the 10 Years & Above Non-strata Office,
Sungei Wang Plaza (by Knight Frank Prop-
erty Management) in the Retail — Strata,
and Sunway Putra Hotel Kuala Lumpur
(by Sunway Putra Hotel Sdn Bhd) in the
10 Years & Above Specialised Category.
While the award continues to give rec-
ognition to residential, commercial, office
buildings, as well as townships, this year, the
Specialised Category gives recognition to
government-owned buildings, namely Me-
nara Majlis Bandaraya Johor Bahru by Majlis
Bandaraya Johor Bahru,Wisma Darul Iman
by UDA Dayaurus Sdn Bhd, as well as Iskan-
dar Malaysia Studios by Iskandar Malaysia
Studios Sdn Bhd. Each of the above-men-
tioned projects received a Special Mention.
In addition to the anchor awards, BM-
SPA 2023 also presented The Edge-ILAM
Malaysia’s Sustainable Landscape Awards.
For The Edge-ILAM Malaysia’s Sustaina-
The limited capacity has resulted in intense
competition for raw milk. Labour shortag-
es have also been partly blamed for what
Bega described as a “continued decline”.
Farm Fresh’s share price has been on a
downtrend since May 29, when it closed at
RM1.56. Since May 31, the counter has
closed below its initial public offering price
of RM1.35.
According to Bloomberg, there are four
“buy” calls and five “hold” calls on Farm
Fresh, with target prices ranging from
RM1.37 to RM2.04.
Farm Fresh’s largest shareholder is
Rainforest Capital Sdn Bhd, holding
571.01 million shares or a 30.5% stake. Its
second largest shareholder is Farmchoice
Foods Sdn Bhd, which has 232.66 million
shares or a 12.43% stake, followed by Agri-
food Resources Holdings Sdn Bhd, with
219.24 million shares or an 11.71% stake.
On March 22 last year, the dairy produc-
er made a strong debut on the Main Market
of Bursa Malaysia. Its share price soared as
much as 51 sen or 37.78% to RM1.86, and
ended its maiden trading day at RM1.72.
Read the full story
Read also: Consumer stocks among top
losers amid cautious sentiment
ble Landscape Awards,The Era Wetlands (by
JKG Central Park) won Gold, and Summit
Park @ Southville City (by Southville City
Sdn Bhd, a wholly owned subsidiary of Mah
Sing Group Bhd), won Silver under the Land-
scape Design category, while both KotaSAS
Precinct 1-Precinct 7 (by KotaSAS Sdn Bhd)
and Setia Bayuemas Lake Park (by I&P Kota
Bayuemas Sdn Bhd) won the Gold award
under the Landscape Planning category.
The judges for this year’s awards were
The Edge Media Group editor emeritus and
chief judge Au Foong Yee, City & Country
editor E Jacqui Chan, Rehda Malaysia presi-
dent Datuk N K Tong, Architect Centre Sdn
Bhd accredited architect, building inspector
and trainer Anthony Lee, Chur Associates
founder and managing director Chris Tan,
Association of Property and Facility Man-
agers (APFM) president Lim Lan Yuan,
Malaysian Institute of Property and Facili-
ty Managers deputy president Ishak Ismail,
Malaysian REIT Managers Association vice
chairwoman Leong Kit May and Building
Management Association of Malaysia com-
mittee member Richard Chan.
The judges for The Edge Malaysia-IL-
AM Malaysia’s Sustainable Award 2023
were Au, ILAM president Nor Atiah Is-
mail and Chan.
 W E D N E S D A Y J U LY 5 , 2 0 2 3
Further delay in water tariff review will
affect service levels in the long run,
says Air Selangor acting CEO
KUALA LUMPUR (July 4): Further re-
views of water tariffs are needed for the
country’s largest water operator, Penguru-
san Air Selangor Sdn Bhd (Air Selangor),
to achieve financial sustainability towards
a resilient water supply, according to act-
ing chief executive officer Abas Abdullah.
Abas stressed that further delays in tariff
adjustment will make it challenging for Air
Selangor to achieve full cost recovery and
hamper the company’s ability to continue
upgrading its ageing water infrastructure,
which will ultimately impact its service lev-
els in the long run.
“As the government is considering re-
viewing the water tariff, we expect [the
good news] soon, the sooner the better,”
he said at a press conference following the
launch of Air Selangor’s 2022 sustainabil-
ity report on Tuesday (July 4).
According to him, Air Selangor is cur-
rently operating within a tariff environment
that does not recover both of the compa-
ny’s capital expenditure (capex) and op-
erating expenditure (opex).
This is because Air Selangor spent
RM2.58 billion on capex and RM2.56
billion on opex, higher than its revenue
of RM2.45 billion in 2022. This means
there is no equilibrium between revenue
and expenditure.
In the last operation period between
2019 and 2022, Selangor managed to se-
cure an increase in tariffs for non-domestic
users in August last year. Non-domestic
users are currently charged RM2.62 per
cubic metre of water for the first 35 cubic
metre of usage, versus RM2.07 previous-
ly. However, the tariff for domestic users
stays at 57 sen per cubic metre.
“We expect to see a gradual increase
for water tariff for both non-domestic and
domestic users as per the Water Services
Industry Act 2006 (WSIA). We will wait
until the end of this year to see how the
government implements the increase in
water tariffs,” Abas said.
On top of that, he said, a sus-
tainable business model is ex-
tremely crucial to enable Air
Selangor to develop
the necessary wa-
ter infrastructure
to meet growing
water demand,
to ensure time-
8 THEEDGE CEO MORNING BRIEF
H O M E
BY SYAFIQAH SALIM
theedgemalaysia.com
ly upgrades of ageing assets as well as op-
erational efficiency and ultimately provide
the best exercise to over 9.1 million of its
consumers residing in Selangor, Kuala
Lumpur and Putrajaya.
“We have submitted our business mod-
el, explained how much investments or
funding that we want, how it is going to
incur our opex and capex, and proposed
our tariff. So then our regulator will re-
view, deliberate and ensure that we meet
the set of rules and key performance in-
dicators (KPIs). It is like, if you need this
kind of investment, then you have to im-
prove your service, I think the rule is fair,”
Abas explained.
It is understood that the business model
was presented to the National Water Servic-
es Commission (SPAN), which regulates
water supply and sewerage services in Pen-
insular Malaysia and the federal territories
of Kuala Lumpur, Putrajaya and Labuan.
The business model will then need approval
from the Ministry of Natural Resources,
Environment and Climate Change.
In July and September last year, the
company completed its third and fourth
issuances under its existing RM10 billion
sukuk murabahah programme which was
launched in 2021.
Air Selangor
acting CEO
Abas Abdullah
SHAHRIN YAHYA/THE EDGE
Both issuances pertain to the amount
of RM900 million and RM400 million
each to finance eligible projects, that all
complied with Air Selangor’s sustainable
strategies, as well as to fund, among oth-
ers, Air Selangor’s capital expenditure and
working capital requirements.
Air Selangor aims to reduce non-
revenue water rate by 0.26% in 2023
Air Selangor aims to further reduce
non-revenue water (NRW) rate by 0.26%
to 27.5% in 2023, compared with 27.76%
in 2022, according to Abas.
Although the NRW rate has decreased
over the years, the company missed the
2022 NRW target of 27% set by SPAN
as the economy slowly recovered from the
Covid-19 pandemic, coupled with supply
chain disruptions.
NRW is the water that is produced and
treated, but lost along the way to consum-
ers’ premises due to various factors such
pipe bursts or leaks, water meters not
working properly, and water theft or ille-
gal connections of water pipes. NRW rate
decreased from 31.7% in 2018 to 29.7% in
2019, 28.6% in 2020, and 27.93% in 2021.
According to Air Selangor’s sustainabili-
ty report, the company said it will continue
to work towards its NRW reduction target
through the implementation and strategic
execution of NRW reduction programmes,
an NRW assessment study as well as the
initiation of its smart meter pilot project,
which involves the installation of 2,393
smart meters that have demonstrated sig-
nificant promise in acoustic leak detection.
Last December, Air Selangor was
awarded a total of RM113 million worth
of pipe replacement contracts. The phys-
ical works are scheduled to start in 2023.
“We are currently in the process of ob-
taining work permit approvals from var-
ious authorities as well as carrying out
engagement activities with elected rep-
resentatives, residents’ associations and
community leaders. The construction
works are targeted to be completed
in September 2024,” according to
the report.
Read also: No decision on rais-
ing water tariff in Selangor this
year, says Amirudin
 W E D N E S D A Y J U LY 5 , 2 0 2 3
Long-awaited
reform of nation’s
healthcare system
likely back on
the table, says
Kenanga
BY SURIN MURUGIAH
theedgemalaysia.com
KUALA LUMPUR (July 4): Kenanga Re-
search has maintained “overweight” on the
healthcare sector and said the long-awaited
reform of Malaysia’s healthcare system, in
the form of a national healthcare insurance
scheme, is likely to be back on the table,
assuming a market-friendly outcome of
the state elections.
In a sector update on Tuesday (July 4),
the research house said it believes time is
running out for an overhaul of the health-
care system with public hospitals overflow-
ing with patients and long waiting lines
at emergency wards as well as ensuring
a universal coverage for healthcare needs
for all Malaysians.
“We believe private healthcare provid-
ers, namely, IHH Healthcare Bhd (OP;
TP: RM7.00) and KPJ Healthcare Bhd
(OP; TP: RM1.50) will be clear winners
of the potential introduction of a national
healthcare insurance scheme.
KUALA LUMPUR (July 4): Hextar
Technologies Solutions Bhd (HexTech)
is set to leave its warehousing segment
upon completion of the proposed land
sales that will enable the company to
raise RM78.31 million cash to expand
its technology businesses.
“Upon completion of the (disposed)
proposals, HexTech will continue main-
ly with its logistics, trading and tech-
nology and other businesses, such as
insurance agency and investment hold-
ing,” HexTech said in a filing on Tues-
day (July 4).
Hextech recently proposed to sell its
lands to two entities, namely SWS Cap-
ital Bhd and Hextar Holdings Sdn Bhd,
which are partly owned by its controlling
shareholder Datuk Eddie Ong.
SWS Capital will fork out RM61.61
million in cash to purchase the indus-
trial lands in Nilai, Pasir Gudang and
Klang, while Hextar Holdings is paying
RM16.7 million to take over HexTech’s
9 THEEDGE CEO MORNING BRIEF
H O M E
The research house said a revamped
healthcare insurance system could lead to
better overall healthcare services for Ma-
laysians, lower out- of-pocket spending, re-
duce waiting times and increase access to
more modern medicines and technology.
Moreover, it would also allow for new
treatments, drugs, and therapies to be made
available for patients at government hospitals.
The system could entail a single-pay-
er, multiple-provider arrangement, where
public and private hospitals would provide
equal facilities and functions to a patient
(versus the current multi-payer multi-pro-
vider system).
Basically, it would mean everyone has
to contribute.
Hextar
Technologies to
exit warehouse
segment after
RM78.31 mil land
disposal
BY ANIS HAZIM
theedgemalaysia.com
wholly owned unit Channel Legion Sdn
Bhd (CLSB) that owns land in Pulau In-
dah, Port Klang.
The group also proposes a 30-for-one
bonus issue that will enlarge its share cap-
ital to 3.99 billion shares.
“The group believes that the above dis-
Theoretically, it said all working citizens
are obligated to set aside a portion of their
income into a fund which they can draw
upon to pay their own medical bills when
the need arises.
“Apart from being potential beneficiar-
ies of an overhaul of the local healthcare
system, we continue to like private health-
care providers such as IHH and KPJ for
their pricing power, an aging population
and rising affluence.
“We also like IHH and KPJ for their
market positions: IHH with presence in
Malaysia, Singapore, Turkey and Greater
China, while KPJ has the largest network
of 28 private hospitals in Malaysia (versus
16 of IHH),” it said.
posals do not materially impact the group’s
business, going forward,” it said.
It said that CLSB’s revenue and
profit contributed approximately 2.3%
and 27.2% respectively to HexTech’s
financial year ended March 31, 2023
(FY2023), which was mainly from the
lease of its property. However, the CLSB
property has been vacant since January
2023.
“As for the Guper Bonded Warehouse
Sdn Bhd (a wholly owned subsidiary of
HexTech located in Nilai)’s properties and
[the] Klang property, they are vacant land
parcels and did not generate any revenue,”
it added.
In the past filings, HexTech said it will
use most of the proceeds for expansion
of its technology businesses (RM68 mil-
lion) and working capital (RM8.71 mil-
lion) within the next two years.
Shares in HexTech closed unchanged
at RM27.98 on Tuesday, valuing the group
at RM3.60 billion.
 w e d n e s d a y j u ly 5 , 2 0 2 3
KUALA LUMPUR (July 4): Property
developer SkyWorld Development Bhd,
en-route to its Main Market listing next
Monday (July 10), posted a net profit of
RM58.21 million or 93.13 sen per share for
the fourth quarter of financial year ended
March 31, 2023 (4QFY2023).
It also announced a first interim divi-
dend of three sen per share, to be paid on
Sept 22. Its ex-date is Sept 11 and its en-
titlement date on Sept 12.
In a Bursa filing on Tuesday (July 4), the
group reported a revenue of RM225.95
million derived from the progressive rev-
enue recognition from ongoing projects.
These projects include SkySierra Res-
idences (The Valley), EdgeWood Resi-
dences, SkyVogue Residences, SkyAwani
III Residences, SkyAwani IV Residences
and SkyAwani V Residences, followed by
sales of completed inventories mainly from
the SkyMeridian Residences.
It also said that SkyAwani III Residences
was completed and delivered to its custom-
ers during the financial year.
For its full year of 2023 (FY2023),
its net profit stood at RM144 million
or 230.39 sen per share on a revenue of
RM841.11 million.
“No comparative figures for the preced-
ing year and preceding quarter are pre-
sented as this is the first interim financial
report announced by the group in com-
pliance with the Main Market Listing Re-
quirements of Bursa Malaysia Securities
Bhd,” said the group in its Bursa filing.
Its founder and non-independent exec-
utive chairman Datuk Seri Ng Thien Phing
said the group’s performance has achieved
KUALA LUMPUR (July 4): Jaya Tiasa
Holdings Bhd is acquiring 825,000 shares
or a 55% stake in Wealth Houses Develop-
ment Sdn Bhd (WHD) for RM52.25 mil-
lion in a related party transaction to increase
and manage its land bank more efficiently.
In a filing on Tuesday (July 4), Jaya Tia-
sa said it has signed a conditional share
sale agreement with three vendors Tiong
Toh Siong Holdings Sdn Bhd (TTSH),
Tiong Toh Siong Enterprises Sdn Bhd
(TTSE) and Knightbridge Venture Sdn
Bhd (KVSB) for the acquisition.
It is acquiring a 25% stake in WHD
from TTSH, 18% from TTSE and 12%
from KVSB.
The acquisition is deemed a related party
transaction in view of the interests of certain
directors as well as a major shareholder of
Jaya Tiasa, Tan Sri Tiong Hiew King, who
owns direct and indirect stakes of 22.15% in
TTSH, 30% in TTSE and 100% in KVSB.
The directors of the three vendors
include Dr Tiong Ik King, Datuk Seri
10 TheEdge CEO morning brief
h o m e
Main Market-
nuity of our exceptional team, as well as the
unwavering support from the homeowners.”
bound SkyWorld
“Moving forward, we remain committed
to uphold our reputation for excellence, in-
Development’s
novation, and customer satisfaction, as we
continue to focus on our ongoing and future
4Q net profit
developments.”
He noted that the group has a total
at RM58 mil,
sold and unbilled gross development val-
ue (GDV) of RM968.28 million as of May
announces three
22, which will be recognised progressively
between 2023 and 2026.
sen dividend
“SkyWorld’s completed developments
have a collective take-up rate of 98% and
our QLASSIC score exceeds the overall av-
erage scores for the industry which ranged
by Sufi Muhamad between 69% and 73% from 2017 to 2020,”
theedgemalaysia.com said Ng.
Expected to be listed on July 10, its initial
public offering (IPO) exercise is targeted to
raise RM320 million.
It is set to be the third-largest listing exer-
cise on Bursa this year after DXN Holdings
Bhd which raised RM708.83 million and Ra-
dium Development Bhd (RM434 million).
It announced an IPO price of 80 sen per
share and a public issuance of 208 million
new shares, along with an offer for sale of
up to 192 million existing shares.
It is expected to have a market capitali-
sation of RM800 million after the exercise,
based on the enlarged issued share of one
the highest revenue and net profit in the billion shares and 80 sen per share IPO price.
its history. The group has also targeted a dividend
“To add on, our return on equity contin- payout of 20% based on its profit after tax
ues to remain strong as it clocked in at 27.9% attributable to owners.
for 2023,” he said in a statement.
“This momentous achievement is a testa-
ment to the hard work, dedication, and inge- Read the full story
Jaya Tiasa buys
The group said apart from the estimated
cost to replant oil palm on the land, which
55% in WHD for
is estimated to be approximately RM44
million over three years, there is no other
RM52.25 mil
additional financial commitment required
by Jaya Tiasa.
in related party
WHD’s land spans an area of 5,967.1ha
at Mukah, Sarawak. WHD entered into a
transaction
joint venture agreement in July 2004 and a
supplementary agreement dated Jan 2, 2023,
with Erajaya, a wholly owned subsidiary of
Jaya Tiasa, to jointly develop the said land
theedgemalaysia.com into an oil palm plantation.
Since Erajaya has jointly developed
Tiong Thai King, Tiong Choon and Tiong the land with WHD and invested signif-
Chiong Ie. Hiew King is Ik King’s broth- icantly in infrastructure, it would also
er, Thai King and Tiong Choon’s father, be more cost-effective for the group to
as well as Chiong Ie’s uncle. undertake future replanting on the said
The purchase consideration will be land, it added.
fully funded via the internally generated Jaya Tiasa has obtained a shareholders’
funds of its group of companies. Jaya Tiasa mandate annually for the group to enter into
group’s cash and cash equivalents stood the recurrent related party transaction with
at approximately RM172.2 million as of WHD in relation to the fresh fruit bunch
March 31, 2023. sales premium payable by Erajaya to WHD.
 w e d n e s d a y j u ly 5 , 2 0 2 3 11 TheEdge CEO morning brief

h o m e

news In brief

Bioalpha CEO William Hon emerges Central Global takes on mixed

SCIB secures 16-month EPCC contract
worth RM8.26 mil in Kelantan
KUALA LUMPUR (July 4): Sarawak
Consolidated Industries Berhad (SCIB)
has secured a 16-month engineering,
procurement, construction and
commissioning (EPCC) contract worth
RM8.26 million from MinDagang Resources
Sdn Bhd. SCIB said its wholly-owned
subsidiary SCIB Industrialised Building
System Sdn Bhd (SCIB IBS) received the
letter of award and acceptance for phase
six of a proposed housing development
containing 35 single-storey terraced house
units in Jajahan Bachok, Kelantan. The group
said SCIB IBS is the principal subcontractor
for the project, which is under the banner of
SPP Development Sdn Bhd — a subsidiary
of the Perbadanan Kemajuan Iktisad Negeri
Kelantan. MinDagang Resources is the main
contractor of the project. It also said the
project is part of the RM400 million federal
grant for state housing that will offer
secured payment to SCIB. SCIB has been
loss-making since the second half of 2021.
— by Hailey Chung
as BTM Resources’ substantial
shareholder
KUALA LUMPUR (July 4): Terengganu-
based timber firm Bioalpha Holdings Bhd
founder, managing director and chief
executive officer William Hon Tian Kok
has emerged as a substantial shareholder
of loss-making BTM Resources Bhd. A
filing with Bursa Malaysia on Tuesday
(July 4) showed that Hon acquired 60.51
million shares in BTM Resources via
off-market trade last Friday (June 30). A
back-of-an-envelope calculation indicated
that the shares would have cost Hon
RM5.4 million based on BTM Resources’
closing price of nine sen on June 30. The
purchase brings Hon’s total shareholding
to 95.57 million shares, which represents
a 7.606% direct stake in the company. —
theedgemalaysia.com
development job worth RM42 mil
in Kedah 
KUALA LUMPUR (July 4): Central
Global Bhd’s unit had signed a
collaboration agreement with Kedah
state government to develop a mixed
project with a gross development value
of RM42.3 million at Pendang, Kedah.
In a filing on Tuesday (July 4), the
company said its wholly-owned sub-
subsidiary Central Global Development
Sdn Bhd (CGD) signed the agreement
with Menteri Besar Kedah Inc’s wholly
owned subsidiary Permodalan Kedah
Bhd (PKB). CGD is primarily involved in
investment holding and buying, selling,
renting and operating of self-owned or
leased real estate of residential buildings
and land. While PKB is primarily involved
in developing the state of Kedah in
various fields including real estate
development, construction, hospitality
and mining. “The project, spanning
11.7 acres of leasehold land, will see
CGD undertake the responsibility
of developing a mixed development
comprising 20 units of two-storey shop/
office lots, 46 units of two-storey terrace
houses, and 53 units of 1-storey terrace
houses,” the company said. The project
is expected to be completed within five
years. — by Priyatharisiny Vasu

TWL Holdings, LJ Development
abort deal to develop Klang project
after six years  Hii purchased a 5.16% stake in the property developer for RM50 million, raising
KUALA LUMPUR (July 4): After six years,
property development and construction
firm TWL Holdings Bhd, formerly known
as Tiger Synergy Bhd, has decided to scrap
its plans to jointly develop a residential
and/or commercial development in Klang,
Selangor, with LJ Development (KL) Sdn
Bhd. In a filing with Bursa Malaysia on
Tuesday (July 4), TWL said its wholly
owned subsidiary Kejuruteraan TWL Sdn
Bhd and LJ Development had mutually
agreed to terminate the memorandum
of understanding that both parties had
entered into in June 2017. Under the
proposed joint venture, TWL was to
develop and construct residential and/
or commercial units in the project, which
was estimated to have a minimum gross
development value (GDV) of RM80
million. LJ Development would be entitled
to receive from TWL a number of units
with the total value equivalent to 30% of
the GDV. — theedgemalaysia.com
Clement Hii forks out RM50 mil for additional 5.16% stake in HCK Capital
KUALA LUMPUR (July 4): HCK Capital Group Bhd executive chairman Clement
his total stake in the group to 57%. According to a bourse filing on Tuesday (July
4), the Sarawakian tycoon’s vehicle Hiichiikok Equities Sdn Bhd purchased 25.84
million shares on June 30 at RM1.935 apiece — which amounts to RM50 million
based on back-of-the-envelope calculations. The share purchase raised Hii’s
indirect stake in HCK Capital to 56.59% or 283.14 million shares, while his direct
stake remains at 0.41% or 2.05 million shares. Besides Hii, HCK Capital’s other
substantial shareholder is Kenanga Investors Bhd, with a 13.81% stake. — by
Izzul Ikram
Datasonic’s former deputy MD ceases to be substantial shareholder after
share transfer
KUALA LUMPUR (July 4): Datasonic Group Bhd’s former deputy managing director Chew
Ben Ben has ceased to be a substantial shareholder of the integrated information and
communications technology solutions provider, after he transferred 14.61 million shares
or 0.52% to his family, including his wife, the past week. On June 30, Ben Ben transferred
a block of 3.61 million shares to his wife Zhao Tong. He transferred another block of
nine million shares on July 3 as well as two million shares on July 4 to an unnamed family
member. Following the transfer, Ben Ben has trimmed his stake in Datasonic to 0.28%
from 5.33% as at June 28, according to Bloomberg data. His wife now holds 3.61 million
shares or a 0.12% indirect stake in Datasonic. According to Datasonic’s latest annual
report, its two largest shareholders are Urusharta Jamaah Sdn Bhd (8.77%) and Datuk
Hanifah Noordin (8.17%). — by Anis Hazim
 w e d n e s d a y j u ly 5 , 2 0 2 3
Sapura Energy
KUALA LUMPUR (July 4): Sapura En-
ergy Bhd has decided to not pursue its
appeal against the Sessions Court’s de-
cision to allow Economy Minister Mohd
Rafizi Ramli’s discovery application to
obtain documents concerning its for-
mer CEO Tan Sri Shahril Shamsudin’s
obtain documents
remuneration package.
Following that, High Court judge Da-
tuk Nik Hasmat Nik Mohamad recorded
a consent order on Tuesday (July 4).
Initially, Nik Hasmat had fixed Aug 8
to hear Sapura’s appeal.
This was confirmed by Rafizi’s
counsel Navpreet Singh to The Edge.
Kwong Chiew Ee appeared for Sapu-
ra Energy.
KUALA LUMPUR (July 4): The High
Court (commercial division) has fixed 12
days starting in January 2025 as trial dates
for an US$8 billion (RM37.23 billion)
suit filed by 1Malaysia Development Bhd
(1MDB) and its four subsidiaries against
ex-prime minister Datuk Seri Najib Razak
and former members of the now-defunct
fund.
The dates were fixed by judge Atan
Mustaffa Yussof Ahmad following case
management on Monday (July 3).
The trial dates are Jan 27 to 30, April 7
to 10, and April 21 to 24, 2025.
The dates were confirmed by 1MDB’s
counsel Siva Kumar Kanagasabai from
Skrine after the case management.
In February 2022, Najib’s lead coun-
sel Tan Sri Muhammad Shafee Abdullah
had informed the court and the parties
involved in the suit that it was mutually
agreed that the hearing of the commercial
suit would only start after the conclusion
of the 1MDB-Tanore criminal trial involv-
ing his client.
At present, the criminal trial before
judge Datuk Collin Lawrence Sequerah
is at the tail end of the prosecution stage,
12 TheEdge CEO morning brief
h o m e
Navpreet said the Sessions Court then
fixed Aug 19 for pre-trial case management
to obtain further directives.
Previously, it was reported that Sapura
Energy had filed an appeal against Sessions
Court judge Lailatul Zuraida Harron @
Haron’s decision on April 14 to allow the
application.
Lailatul Zuraida found that the doc-
uments concerning Shahril’s remunera-
tion were relevant to the Pandan mem-
ber of Parliament as he is the defendant
in a defamation lawsuit filed by Shahril
against him.
Lailatul Zuraida also ordered Sapura
Energy to produce the document with-
in one month, but the company ap-
pealed and sought an interim stay, which
Lailatul Zuraida granted on May 8.
Shahril had filed a defamation suit
won’t appeal
against Rafizi, who is also PKR deputy
president, over statements he made that
Rafizi’s bid to
were published in three articles via his so-
cial media accounts, in response to former
prime minister Datuk Seri Najib Razak
asking the government to save Sapura
on ex-CEO’s
Energy by injecting more funds into the
company.
remuneration
Rafizi said that public funds should not
be used to protect the elite.
In his defence, Rafizi said he was justi-
fied in raising the matter, and that Shahril’s
by Hafiz Yatim remuneration when he served as CEO was
theedgemalaysia.com not commensurate with Sapura Energy’s
financial performance.
with several more prosecution witnesses,
including former Bank Negara Malaysia
High Court governor Tan Sri Zeti Akhtar Aziz and the
investigating officer, scheduled to take the
fixes 2025 stand.
Najib started serving his 12-year jail
trial dates for sentence at the Kajang prison from Aug
23, 2023 after he was found guilty of all
US$8 bil 1MDB seven charges in relation to former 1MDB
subsidiary SRC International Sdn Bhd.
suit against Najib The former PM was also fined RM210
million.
However, Atan Mustaffa is scheduled to
by Hafiz Yatim hear on July 14, 2023, Najib’s application
theedgemalaysia.com to set aside the US$681 million interim
Mareva injunction (asset freezing order)
imposed on the ex-PM by the court since
last year.
1MDB, along with 1MDB Ener-
gy Holdings Ltd, 1MDB Energy Ltd,
1MDB Energy (Langat) Ltd and Glob-
al Diversified Investment Company Ltd
(previously known as 1MDB Global In-
vestment Ltd), had filed the suit in May
2021 against Najib and seven other for-
mer senior 1MDB staff, several of which
are still missing.
Sam Fong/The Edge
co n ti n u es o n Pag e 13
 w e d n e s d a y j u ly 5 , 2 0 2 3
KUALA LUMPUR (July 4): The High
Court has, in a landmark decision, set
aside the corporate voluntary arrange-
ment (CVA) by True Renaissance Devel-
opment Sdn Bhd for the Empire Remix
abandoned project in Subang Jaya.
This is the first decision made on a
CVA that has been challenged in court.
Judge Ahmad Murad Abdul Aziz
delivered his broad grounds for setting
aside the CVA. In arriving at his decision,
the court considered that the powers of
the court cannot be ousted with the use
of a Federal Court’s decision in the Se-
menyih Jaya case as a precedent for this.
The court also considered that there
was no approval from the land owner
for True Renaissance to continue with
the project.
The ailing project is located across
the road from Empire Remix 2 (which
has been renamed Edumetro) in USJ1,
Subang Jaya. Both projects were original-
ly launched by True Renaissance, a unit
of Mammoth Empire Holding Sdn Bhd
(MEH). However, MEH, the developer
behind Empire Subang, was unable to
complete the projects due to financial
difficulties.
Less than 30% of Empire Remix had
been completed before the project came
to a halt. As a result, 2,500 buyers —
who have collectively paid RM500 mil-
lion through end financing, excluding
their down payment and bank interest
for their property — have been left with
nothing to show for it.
In 2019, landowner Dergahayu Sdn
Bhd, which owns the 11-acre site, got into
a legal tussle with True Renaissance due
to project delays. Dergahayu then took
over Empire Remix but failed to com-
plete the development. At its launch in
2012, Empire Remix had an estimated
gross development value of RM2.3 billion.
from Pag e 12
Those named are 1MDB deputy chief
financial officer and executive finance di-
rector Terence Geh Choh Heng, former
general counsel Jasmine Loo Ai Swan, ex-
ecutive director of business development
Casey Tang Keng Chee, former director of
investments and chief investment officer
Vincent Beng Huat Koh, former chief fi-
nancial officer and subsequently chief op-
erating officer Radhi Mohamad, former
director of investments Kelvin Tan Kay
Jim and former chief investment officer
Nik Faisal Ariff Kamil.
In the statement of claim, the plaintiffs
alleged that the defendants, including Na-
jib as the former chairman of the board
13 TheEdge CEO morning brief
h o m e
Purchasers of
Empire Remix
succeed in
opposing corporate
voluntary
arrangement
by Timothy Achariam
theedgemalaysia.com
As a result, 467 purchasers had filed
three separate applications to challenge
the sanction of the creditors who had
approved the CVA. Their challenge was
that the CVA was intended for the ailing
companies and not for the abandoned
development.
of advisers, had facilitated the companies
to enter into sham agreements to create a
circuitous trail of money to ease or con-
ceal the misappropriation of 1MDB funds.
The companies further contended that
Najib disregarded his obligations under
Article 117 of the Memorandum of Arti-
cles of Association and abused his powers
in exercising his public functions to ma-
liciously commit fraud and misappropri-
ation, resulting in the fraudulent transfer
of funds and losses to them.
They contended that Najib should have
foreseen the losses incurred due to such
acts of misappropriation during each of
the phases — losses that every Malaysian
now has to bear.
Moreover, the purchasers claimed
that the CVA for Empire Remix 1 also
covered Empire Remix 2 and there was
no definitive commencement and com-
pletion date.
The court held that the CVA was not
workable, and hence awarded costs of
RM30,000 to the interveners.
In the proceedings on Tuesday, True
Renaissance was represented by Lee Hoe
Leong and Emily Chong.
Some 364 purchasers were represent-
ed by Datuk KL Wong and Desmond
Ho Chee Cheong, while the other 103
purchasers were represented by Ran-
jan N Chandran, T Susielan and Vin-
itha Laksmy Mohan.
The Edge Malaysia weekly reported
last year that developer HCK Capital
had taken over Empire Remix 2 with an
injection of RM300 million to cover the
construction, infrastructure and other
costs. The project has a gross develop-
ment value of RM850 million.
They also claimed that Najib had
abused his position in causing further loss-
es and therefore, they are entitled to aggra-
vated and exemplary damages because of
his actions in obstructing and hindering
investigations into the wrongdoing, where-
by he obtained secret profits for himself
or his agents.
They further alleged that Najib had tak-
en advantage of his position and power to
influence, facilitate and cause fraud, so that
the management complied with his stated
intentions that ran contrary to 1MDB’s
corporate objectives, national interests, and
the interests of Minister of Finance Inc —
to benefit his stepson Riza Aziz, business-
man Low Taek Jho (Jho Low) and others.
 w e d n e s d a y j u ly 5 , 2 0 2 3
KUALA LUMPUR (July 4): There will
be no more mandatory death penal-
ty and life imprisonment in Malaysia
from Tuesday (July 4), as the Abolition
of Mandatory Death Penalty Act 2023
(Act 846) comes into force.
Deputy Minister in the Prime Minis-
ter’s Department (Law and Institutional
Reform) Ramkarpal Singh in a statement
said the repeal aims to respect the right
of every individual to live in this country
and ensure justice for all parties.
“The basic principle that the Govern-
ment wants to emphasise behind every
sentence in Malaysia is the rehabilita-
tion of prisoners, so that they can return
to society and become individuals who
serve the family, the community and the
country after completing their sentence.
“According to subsection 1(2) of Act
846, the Minister in the Prime Minister’s
Department (Law and Institutional Re-
form) Datuk Seri Azalina Othman Said
has set July 4, 2023 as the date this Act
comes into force. Therefore, there will be
no more mandatory death sentences and
imprisonment from this date,” he said.
The Act was gazetted on June 16,
2023.
Commenting on the Revision of Sen-
tence of Death and Imprisonment for
Natural Life (Temporary Jurisdiction of
the Federal Court) Bill 2023, Ramkar-
pal said it had received Royal Assent on
KUALA LUMPUR (July 4): Datin Seri
Rosmah Mansor’s application to post-
pone the appeal proceedings in her graft
case involving a solar hybrid project for
369 rural schools in Sarawak, will be
heard this Friday (July 7).
Her lawyer Datuk Akberdin Abdul
Kader said the Court of Appeal was in-
formed of the application to postpone
the appeal proceedings through a letter
last month.
“The court set this Friday (July 7)
to hear the application,” he said when
contacted on Tuesday (July 4).
Rosmah’s appeal in the Court of Ap-
peal against her conviction, 10-year im-
prisonment and RM970 million fine for
the corruption case, was supposed to be
heard for four days, starting on July 11.
According to Akberdin, the post-
ponement was to allow Rosmah’s ap-
peal regarding the appointment of the
late Datuk Seri Gopal Sri Ram as lead
prosecutor to be decided first in the Fed-
eral Court.
On June 22, Rosmah failed in her bid
to challenge Sri Ram’s appointment as
lead prosecutor in her RM1.25 billion
solar hybrid project graft case.
14 TheEdge CEO morning brief
h o m e
No more
June 9. However, it had not yet come
into force.
mandatory
According to Ramkarpal, applications
for the review of the death sentence or
death penalty in
life imprisonment under Act 847 can
only be filed once there is a determina-
Malaysia from
tion of the effective date of Act 847 by
Azalina, through a notification in the
July 4
Federal Government Gazette later.
“The Government, through the Legal
Affairs Division of the Prime Minister’s
Department, has held several meetings
Bernama since May 2023, involving the Attorney
General’s Chambers, the Prisons De-
bernama partment, the Ministry of Health, the
Malaysian Bar Council, the National
Legal Aid Foundation, and the Office
of the Chief Registrar Federal Court of
Malaysia.
“The meetings are to discuss the
mechanism and guidelines for the im-
plementation of the review of the death
penalty and life imprisonment. Details
regarding the mechanism and guidelines
will be communicated in the near fu-
ture,” he said, adding that the law reform
was also an initial step in transforming
the criminal justice system in Malaysia.
According to him, more revisions
and reforms would be implemented, in
line with the commitment of the Unity
Deputy Minister in the Prime Minister's Government to create a more progres-
Department (Law and Institutional Reform) sive and relevant legal system under the
Ramkarpal Singh
Malaysia Madani framework.
the edge file photo
Solar case:
Rosmah’s bid to
postpone appeal
proceedings to be
heard on Friday
Bernama
On Sept 1 last year, the Kuala Lum-
pur High Court judge Mohamed Zaini
Mazlan found Rosmah guilty of three
corruption charges involving RM1.25
billion, in connection to the solar hy-
brid project.
Rosmah was sentenced to 10 years in Datin Seri Rosmah Mansor
jail for each charge, to be served con-
currently, which means she will only appeal at the Court of Appeal.
serve 10 years in jail. She was also fined She was accused of one count of so-
RM970 million, in default 30 years in liciting RM187.5 million and two counts
jail. of receiving bribes, totalling RM6.5
The High Court, however, granted million from Jepak Holdings Sdn Bhd
Rosmah a stay of execution of the im- former managing director Saidi Abang
prisonment term and fine, pending her Samsudin.
 w e d n e s d a y j u ly 5 , 2 0 2 3
PUTRAJAYA (July 4): The base price and
licensing issues surrounding the courier
industry need to be examined to ensure
that the sector is competitive and does not
affect its ecosystem including workers’ in-
come and consumers, said Communica-
tions and Digital Minister Fahmi Fadzil.
Fahmi said he would meet with the As-
sociation of Malaysian Express Carriers
and the chief executive officers of courier
companies to get their views and gather
data to be included in Budget 2024.
“I have asked the Malaysian Commu-
nications and Multimedia Commission
(MCMC) to look into not only the re-
quests of some parties but to study the
impact on the ecosystem, workers’ income
as well as other aspects.
“Currently, the cost of living issue is
pressing, so decisions that we make must
take into account the industry’s sustain-
ability and not burden the consumers. It
must go hand in hand with how the indus-
try is coordinated and managed,” he said
after launching the Courier Industry Ap-
preciation Day, here on Tuesday (July 4).
Fahmi said several aspects of the cou-
rier industry should be reviewed with the
help of other agencies including the Ma-
laysia Competition Commission (MyCC)
KOTA KINABALU (July 4): The govern-
ment is planning to table the State Immunity
Bill, which is currently at the policy stage,
at Parliament in October, according to Law
and Institutional Reform Minister Datuk
Seri Azalina Othman Said.
She said the proposed law would reflect
the general principles of international law re-
garding sovereign immunity, effective service
to foreign states, upholding the rights and
interests of relevant parties, safeguarding
national sovereignty, and promoting good
relations with other countries.
“The State Immunity Bill aims to codify
the principle of state immunity as part of
Malaysian law, reflecting Malaysia’s efforts
to ensure the protection of national sover-
eignty in matters involving claims.”
Azalina said this in her speech at the 2023
International Dispute Resolution Colloqui-
um inaugurated by Sabah Chief Min-
ister Datuk Seri Hajiji Noor on
Tuesday (July 4).
Azalina said on June 6 that
the Malaysian Government se-
cured a landmark victory in the
dispute with Sulu claimants, af-
ter the Paris Court of Ap-
peal upheld Malaysia’s
challenge against the
partial award ren-
dered on May
25, 2020 by
15 TheEdge CEO morning brief
h o m e
Base price,
including automation, safe and careful han-
dling of data as well as dumping that leads
licensing issues
to unfair competition in the industry.
According to him, the courier industry
in courier
is essential as it provides job opportunities
to more than 160,000 people, in addition
industry need
to 100,000 workers involved in the p-hail-
ing services.
to be examined,
“Hence, any policy made should con-
sider the huge workforce,” he said, adding
says Fahmi
that he had also asked MCMC to look
into licensing approval to better regulate
the industry.
In his speech earlier, Fahmi said the
Bernama government through MCMC has initiat-
ed the National Courier Accelerator Plan
The Edge file photo in 2021 to support the postal and courier
industry’s growth towards achieving 30
parcels per capita by 2025 and providing
first-class courier services to consumers
through the foundation of 4Rs.
The 4Rs approach refers to Reliability
(quality of service), Reach (seamless cov-
erage), Relevance (industry growth), and
Resilience (sustainability).
“It is hoped that this initiative will fur-
ther push the courier industry to grow from
strength to strength as the main engine in
ensuring the success of e-commerce and
the digital economy in Malaysia,” he said.
Azalina: Govt
the next success in ongoing proceedings in-
itiated by the Government to challenge the
plans to table
recognition and enforcement of the final
award in other jurisdictions, including in
state immunity
Luxembourg,” Azalina said.
Meanwhile, Hajiji in his opening speech
bill at Parliament
called on the global community to stand
with Sabah in rejecting the unfounded
in October
claims by the so-called Sulu heirs, which
threatens not only Malaysia but also the
principles that underpin international order.
“The international community has been
Bernama pivotal in supporting Malaysia’s position on
this matter.We are grateful for the solidari-
Dr Gonzalo Stampa and that the arbitrator ty expressed by our friends and allies, who
(Stampa) wrongly upheld his jurisdiction. understand the importance of upholding
“This decision has strengthened the the principles of sovereignty and territorial
position and confidence in Malaysia’s firm integrity.
stance on this matter. More importantly, “The recent decisions at the Paris Court
the recent historic decision by The Hague of Appeal in France and at the Hague Court
Court of Appeal on June 27, 2023, is the of Appeal, Netherlands are testaments to the
first decision to reject the claimants’ government’s unwavering commitment to
attempt to recognise and enforce protecting the rights, integrity and sover-
the alleged final award. eignty of Sabah,” he said.
“The decision of The Hague Hajiji reiterated that the Sabah Govern-
Court of Appeal will contribute to ment had firmly rejected the so-called “final
award” issued by Stampa on Feb 28, 2022,
and did not recognise its legitimacy.
“We consider it to be baseless, lacking any
Law and legal or historical foundation.We see it as an
Institutional
Reform Minister
attempt to undermine the sovereignty and
Datuk Seri Azalina territorial integrity of Malaysia, particularly
Othman Said with regard to the state of Sabah,” he said.
bernama
 W E D N E S D A Y J U LY 5 , 2 0 2 3
French riots seen
costing €1 bil
as Macron meets
mayors
BY JAMES REGAN & VIDYA ROOT
Bloomberg
(July 4): President Emmanuel Macron will
meet with more than 200 mayors to assess
the riots that have rocked France as a mas-
sive police deployment led to a continued
drop in the level of unrest overnight.
French employers’ lobby Medef esti-
mated the cost of violence since the po-
lice shooting of Nahel, a 17-year-old of
North African descent, last Tuesday (June
27) at more than €1 billion (RM5.1 billion),
with 200 businesses looted, and 300 bank
branches and 250 tobacco stores destroyed.
The estimate covers businesses and doesn’t
include damage to schools, town halls or
community centres.
The violence has underscored long-run-
ning tensions over racism and inequality in
the country, especially in ethnically mixed
neighbourhoods around cities and towns.
The opposition at both ends of the political
spectrum has seized on the crisis as evidence
(July 4):The bosses of the biggest UK banks
have been called to a meeting later this week
with the Financial Conduct Authority over
concerns their firms are being too slow to
pass interest rate increases on to savers.
Top executives from lenders including
Lloyds Banking Group Plc, HSBC Hold-
ings Plc, Barclays Plc and NatWest Group
Plc are expected to attend a meeting with
the regulator on Thursday, according to a
person familiar with the matter.The agenda
will cover the market for easy-access cash
savings and how banks communicate with
their customers.
The UK is trying to put pressure on lend-
ers to ensure they’re passing on changes in
interest rates as quickly to savers as they are
doing to mortgage holders and other bor-
rowers. On Tuesday, the average two-year
fixed-rate home loan was 6.47% while the
average easy access savings rate was 2.45%,
according to Moneyfacts Group Plc.
The meeting comes even as the preva-
lence of fixed rate mortgages means returns
on savings are rising faster than the cost of
mortgages for many householders, accord-
ing to an analysis of Bank of England data
by Bloomberg. Households are in aggregate
around £10 billion ($12.7 billion) a year
16 THEEDGE CEO MORNING BRIEF
W O R L D
that the government is failing to ensure pub-
lic safety and narrow economic disparity.
“The videos of the riots that circulat-
ed around the world hurt the image of
France,” Medef head Geoffroy Roux de
Bézieux told Le Parisien newspaper. “It’s
always difficult to say if the impact will be
long lasting, but there will certainly be a
drop in reservations this summer, although
the season had seemed promising. Many
have already been cancelled.”
Macron, who met with police and fire
fighters overnight in a show of support,
will meet with the mayors of more than
200 towns hit by violence later on Tuesday
UK watchdog calls
banks to meeting
as pressure rises
on savings
BY KATHERINE GRIFFITHS & TOM METCALF
Bloomberg
better off as a result of higher rates.
But that’s little consolation to the thou-
sands of householders each month facing
steep rise in their mortgage bills as their
fixed rates deals expire. The disparity with
the rates offered to savers has stirred public
ire and lawmakers have already been press-
ing banks over the issue.
The meeting could result in a set of com-
mitments from the banks, according to the
Financial Times, which reported the news
earlier. The FCA declined to comment.
Bloomberg Intelligence calculated in July
that about 50% of the changes have been
passed on by UK lenders to savers since
rates started to rise in late 2021. This so-
(July 4) to discuss the situation.
The number of arrests continued to fall
— dropping to 72 from a peak of more than
1,300 on Friday — as authorities main-
tained a deployment of 45,000 police and
other forces across the country for a fourth
night.
The number of vehicles burned or build-
ings damaged has dropped each night since
peaking on Thursday, government data
show. All told, close to 3,500 people have
been arrested since unrest began a week ago.
Read the full story
called deposit beta may easily exceed 60%
as competition for deposits — and political
pressure — continues to mount.
“It does sound like profiteering,” Johnny
Mercer, a government minister in the Min-
istry of Defence, told Sky News on Tues-
day. “Interests rates are going up and the
government wants to see them passed onto
savers,” he said.
Still, Chancellor of the Exchequer Jeremy
Hunt and Prime Minister Rishi Sunak are
under pressure to show they understand the
pressures on household budgets.With infla-
tion proving particularly sticky at more than
four times the official target, the economic
pain threatens to further dim the chances of
the Conservative government overturning a
double-digit poll deficit on Labour to win
a general election that’s expected next year.
Read also:
JPMorgan sounds a fresh warning about
Britain’s housing market
Higher wages to temper UK food
inflation fall, says Sainsbury boss
 W E D N E S D A Y J U LY 5 , 2 0 2 3 17 THEEDGE CEO MORNING BRIEF

W O R L D

(July 4): China’s foreign exchange (forex)
regulator controls investment funds with
overseas assets worth at least US$1.5 tril-
lion (RM6.98 trillion), some three times
larger than those under the country’s flag-
ship sovereign wealth fund.
That’s according to Zoe Zongyuan Liu,
the author of Sovereign Funds: How the
Communist Party of China finances its
global ambitions. The book argues there
should be greater focus on China’s State
Administration of Foreign Exchange, or
SAFE, in assessments of China’s geo-eco-
nomic strategy.
SAFE’s director is Pan Gongsheng,
who this month was made the Commu-
nist Party chief of the People’s Bank of
China (PBOC) and is widely seen as next
in line to become its governor — a move
that brings further attention to the agen-
cy’s governance of foreign exchange market
activity. Liu said Pan has had a “clear track
record” of supporting the diversification of
forex reserves management.
SAFE is formally under the PBOC’s
control, though its director is ranked as a
vice-minister in China’s government, giv-
ing the body some autonomy.
The agency made US$1.5 trillion in
contributions to vehicles such as the Silk
Road Fund, the China-LAC Industrial Co-
operation Investment Fund and the Chi-
na-Africa Fund for Industrial Cooperation
The funds, which are shrouded in secre-
China forex cy, were set up as SAFE worked to diver-
sify its forex holdings away from US gov-
regulator’s foreign ernment securities. They also help Beijing
shape the global economic environment by
funds seen topping allowing it to take stakes in companies in
strategic sectors.
US$1.5 tril By acting at the firm level to take eq-
uity stakes, Beijing can “secure access to
the overseas markets, resources, and tech-
BY TOM HANCOCK nologies necessary to propel its economy,”
Bloomberg Liu said.
The SAFE-administered funds are larg-
BLOOMBERG er than the overseas assets held by China’s
flagship sovereign wealth fund, the China
Investment Corporation (CIC).The CIC’s
funds total between US$365-460 billion,
according to Liu, who added that esti-
mates of China’s sovereign wealth holdings
often overlook the CIC’s large domestic
holdings in Chinese banks.
SAFE’s fund investments could ex-
plain why China’s official reserve holdings
have remained stable at around US$3
trillion in recent years, despite China
SAFE’s director is Pan Gongsheng who is widely running a large trade surplus. The full
seen as next in line to become the governor of the value of those funds is not reflected in
People’s Bank of China.
China’s reporting of its foreign exchange
reserves, as only liquid assets count to-
between 2007 and 2020, according to Liu’s ward that total.
research. Its assets under management are
likely much larger due to rising market val-
ues since then, she added. Read the full story

HONG KONG (July 4): HSBC is “open
to opportunities to expand its businesses”
in China after its local partner put a 31%
stake in a joint venture on the block, the
bank said on Tuesday (July 4).
The auction of a stake in HSBC Jintrust
Fund Management comes after sources told
Reuters in May that Europe’s largest bank
was seeking to boost ownership and expand
its presence in the asset management mar-
ket of the world’s second-largest economy.
Chinese state-owned Shanxi Trust, which
owns 51% stake in the joint venture, is auc-
tioning off the partial ownership with an
asking price of one billion yuan (RM644.8
million), a webpage from China’s National
Public Resource Trading Platform shows.
The China fund unit is valued at 3.2
billion yuan, Reuters calculations based on
the asking price show.
The valuation is in line with how the
other foreign managers priced their deals
over the past few years since China removed
foreign ownership cap in 2019, according
to fund consultancy Z-Ben Advisors.
The auction started to receive bids on
Thursday last week. China Fund News first
reported the stake auction late on Monday.
“We are keen to grow our businesses in
China, including our fund management JV
HSBC ‘open’ to
stake boost in
joint venture after
China partner
auctions stake
BY SELENA LI
Reuters
HSBC JinTrust, which is a strong, profit-
able business,” HSBC said in a statement
responding to a Reuters’ query on wheth-
er it was considering buying the auctioned
shares.
“The Group is open to opportunities to
expand its businesses at the right moment
and that are aligned to its strategic growth
plans,” it added.
HSBC Jintrust declined to comment.
Shanxi Trust did not immediately respond
to a Reuters’ request for comment.
HSBC, which currently owns 49% of
the fund unit, enjoys a preemptive right to
purchase the share, according to the auc-
tion page. The bank has not given up the
opportunity to exercise the right. Preemp-
tive right allows an existing shareholder to
be the first one to refuse auctioned shares.
Two sources with knowledge of the mat-
ter said in May HSBC planed to buy out
Shanxi Trust.
It’s possible the local partner of the bank
decided to go through a “phased sell off”,
said Peter Alexander, managing director of
Z-Ben Advisors.
Or it could be a strategic choice for
HSBC, which may want to maintain con-
nection with a local “comrade” eventually,
he added.
HSBC is the latest among a slew of
global financial firms, following Manulife,
JPMorgan and Morgan Stanley , to boost
their presence in China’s asset management
market.
Read also:
Xi’s metal curbs risk backfiring as G7
seeks China alternative
China takes trade fight to Europe,
targeting green transition
 W E D N E S D A Y J U LY 5 , 2 0 2 3
JPMorgan says
Southeast Asia
benefiting from
supply-chain shift
BY MARCUS WONG, SHERY AHN & HAIDI LUN
Bloomberg
(July 4): Southeast Asian markets remain
attractive as supply chain shifts away from
China to the region will mitigate some of
the impact from a slowdown in the world’s
second-largest economy.
“Southeast Asia remains in a sweet spot,”
Rajiv Batra, Southeast Asia and emerging
markets equity strategist at JPMorgan Chase
& Co, said on Bloomberg TV. China growth
slowdown will impact Southeast Asian ex-
porters, but there is some cushion due to the
ongoing supply chain shift from the country
toward the region, he added.
The US bank is overweight on Indonesia
andVietnam as those two markets have been
at the forefront of attracting foreign direct
investment flows from supply chain shifts
as well as friend-shoring and nearshoring.
SYDNEY (July 4): Australia’s central bank
on Tuesday (July 4) held interest rates
steady saying it wanted more time to as-
sess the impact of past hikes, but reiterated
its warning that further tightening might be
needed to bring inflation to heel.
Wrapping up its July policy meeting, the
Reserve Bank of Australia (RBA) kept its
cash rate at an 11-year high of 4.1%, having
lifted rates by 400 basis points (bps) since
May last year, in its most aggressive tighten-
ing cycle in modern history to tame inflation.
Markets had been leaning towards a
pause, but economists were split on the out-
come, with 16 out of 31 polled by Reuters
expecting a hike and the rest forecasting the
bank to stand pat.
The Australian dollar dipped 0.4% to
A$0.6647, but has since recouped all the
losses to trade at $0.6682 as traders ex-
pect at least one more hike in the current
cycle. The market has now shifted to imply
around a 50-50 chance of a hike to 4.35%
in August, while scaling back the risk of a
further move to 4.6%.
In Tuesday’s policy statement, RBA gov-
ernor Philip Lowe said that higher inter-
est rates are working to establish a more
sustainable balance between supply and
demand in the economy.
“In light of this and the uncertainty sur-
rounding the economic outlook, the board de-
18 THEEDGE CEO MORNING BRIEF
W O R L D
BLOOMBERG
The US bank is overweight
on Indonesia and Vietnam,
neutral on Singapore,
underweight on Malaysia
and Philippines.
It’s neutral on Singapore, while being un-
derweight on Malaysia and the Philippines.
The MSCI Asean stock index has fallen
around 3.5% this year so far, lagging the
MSCI global EM index which has offered
returns of around 5% over the same period.
Moreover, Southeast Asian central banks
are expected to keep rates on hold in the
second half, JPMorgan’s Batra said. Policy-
makers in the region didn’t hike as much as
their global emerging-market counterparts
due to more benign inflation, so they’re
likely to announce less rate cuts following
the pause in the second half, he added.
Australia’s central
bank holds rates,
signals more hikes
may be required
BY STELLA QIU & WAYNE COLE
Reuters
cided to hold interest rates steady this month.”
The RBA chief pointed to uncertainties
about the outlook for household consump-
tion and regarding the global economy.
However, Lowe repeated previous warn-
ings that some further tightening of mon-
etary policy might be required as “infla-
tion is still too high and will remain so for
some time yet”.
“Today’s decision to pause rate hikes
shows the RBA has realised the econo-
my is on a knife’s edge and that it must
pivot to achieve its goal of threading a
‘narrow path’ through current economic
conditions,” said Stephen Smith, Deloitte
Access Economics partner.
Read the full story
Singapore
‘not closed’
to options for
moderating
rent hikes
BY NATALIE CHOY
Bloomberg
(July 4): Singapore is “not closed”
to options to tackle rental pressures
in the city-state, though the govern-
ment cautioned that measures such
as regulating prices could have un-
intended consequences.
“International experience has
shown that while rent controls may
moderate increases for some ten-
ants in the short run, they are like-
ly to distort the housing market,”
the country’s Ministry of National
Development said in a written par-
liamentary response to whether the
government had considered capping
rental fee adjustments.
Rent controls may lead to a cut in
the amount of properties available,
prompting demand to outstrip sup-
ply. “This may also distort property
prices and disincentivise landlords
from maintaining proper upkeep of
their rental units,” the ministry said.
“Nevertheless, we are not closed
to any option and will continue to
monitor the situation closely and
adopt such measures as may be nec-
essary,” it added.
Rents for private apartments
surged about 32% and public hous-
ing rose about 27% in March from
a year earlier, though landlords of-
ten demand more. Singapore has
topped New York with the world’s
fastest pace of rental growth for high-
end properties.
Home prices in the city-state fell
for the first time in three years in the
second quarter, a sign the market is
starting to cool on the latest property
curbs.The government in April dou-
bled stamp duties for foreign buyers
to 60% on any residential purchase
and raised levies for second-home
buyers.
Read also: PwC work suspended
by US$77b Australian pension fund
 w e d n e s d a y j u ly 5 , 2 0 2 3
Amazon, Google,
Apple, Meta,
Microsoft say
they meet EU
gatekeeper status
by Foo Yun Chee
Reuters
BRUSSELS (July 4): Alphabet’s Google,
Amazon, Apple, Meta Platforms and Mi-
crosoft have notified the European Com-
mission that they qualify as gatekeepers un-
der new EU tech rules, EU industry chief
Thierry Breton said on Tuesday (July 4).
Under the Digital Markets Act (DMA)
which came into force last November, com-
panies with more than 45 million month-
ly active users and a €75 billion (RM380.5
billion) market capitalisation are considered
gatekeepers providing a core platform service.
Samsung and TikTok owner ByteD-
ance also said they meet the EU thresh-
olds, Breton said.
“Europe is completely reorganising its
(July 4): Japan is laying the groundwork
to become home to some of the world’s
top companies in artificial intelligence,
the country’s Economy MinisterYasutoshi
Nishimura told a group of University of
Tokyo students Tuesday (July 4).
That includes supporting promising
startups and big enterprises, as well as
pushing forward discussions on universal
basic income as AI makes more jobs ob-
solete, he said at a symposium. “People
will have more time” when robots, drones,
self-driving vehicles and other devices do
more as AI evolves, he said.
Japan would also need the capacity
to drive development in AI-training pro-
cessors, Nishimura said. That category is
led by graphics chipmaker Nvidia Corp,
which became the world’s most valuable
chip company thanks to its early bet on
AI. “I hope to create a company in Japan
that surpasses Nvidia,” he said.
Prime Minister Fumio Kishida has
stepped up support of the domestic semicon-
ductor sector, betting that shifting geopoliti-
cal priorities will help Japan regain some of its
long-lost leadership in chips. The country’s
preparing billions of dollars in subsidies as
part of a push to triple domestic production
of chips by 2030, while a government-backed
fund is also working to shore up the coun-
try’s chip materials supply chain.
19 TheEdge CEO morning brief
w o r l d
digital space to both better protect EU citi-
zens and enhance innovation for EU startups
and companies,” Breton said in a statement.
The Commission will confirm the gate-
keeper designation by Sept 6 after checking
the data provided by the companies. They
will then have six months to comply with
the DMA rules.
Booking.com said it expects to meet
the gatekeeper threshold by the end of the
year and will then notify the EU executive.
Companies labelled as gatekeepers will be
required to make their messaging apps in-
teroperate with rivals and let users to decide
which apps to pre-install on their devices.
They will not be allowed to favour their
own services over rivals’ or prevent users
from removing pre-installed software or apps,
two rules that will hit Google and Apple hard.
Companies can be
fined up to 10% of an-
nual global turnover
for DMA violations.
reuters
Japan dreams of AI,
overtaking Nvidia
and universal basic
income
by Min Jeong Lee & Yuki Furukawa
Bloomberg
The birthplace of Astro Boy has held pub-
lic discussions on AI’s impact on society for
longer than most. And while Japan is drafting
guidelines for the use of generative AI this year,
those regulations don’t have to slow down AI’s
progress, Kishida said. “It’s not an all-or-noth-
ing choice,” he said during the symposium.
SoftBank Group Corp’s billionaire
founder Masayoshi Son, who also attend-
ed, was especially enthusiastic. Son last
month said the Vision Fund, the world’s
largest pool of tech capital, is hunting new
investments after racking up billions of dol-
lars of losses on its bets on AI.
“We need to discuss what it means to be
human, when we no longer are the most
intelligent animated being on the planet,”
he said. “This is the time for Japan to pour
all its efforts into AI.”
US set to
restrict China’s
access to cloud
computing —
report
Reuters
(July 4): The Biden administration is
preparing to restrict Chinese com-
panies’ access to US cloud-comput-
ing services, the Wall Street Journal
reported on Tuesday (July 4), citing
people familiar with the situation.
The new rule, if adopted, would
likely require US cloud-service pro-
viders such as Amazon and Microsoft
to seek US government permission
before they provide cloud-comput-
ing services that use advanced arti-
ficial-intelligence chips to Chinese
customers, the newspaper said.
The US Department of Commerce
is expected to implement the restriction
in coming weeks as part of an expan-
sion of its semiconductor export control
policy introduced in October, it said.
The Commerce Department,
Microsoft and Amazon did not im-
mediately respond to a request for
comment outside business hours.
China said on Monday it would
control exports of some metals wide-
ly used in the semiconductor indus-
try, its latest response in an escalating
dispute with the US over access to
high-tech microchips.
The controls on metals, which
China said were aimed at protect-
ing national security and its inter-
ests, will require exporters to seek
permission to ship some gallium and
germanium products.
Read also:
Meta loses as top EU court backs
antitrust regulators over privacy
breach checks
Yahoo to return to public markets,
says CEO
Alibaba said to be exploring options
for video platforms Youku, Tudou
 w e d n e s d a y j u ly 5 , 2 0 2 3
Thai alliance
unites on house
leadership after
spat over speaker
by Chayut Setboonsarng &
Panu Wongcha-um
Reuters
BANGKOK (July 4): Lawmakers in Thai-
land on Tuesday (July 4) endorsed a vet-
eran politician and leader of a small par-
ty as the new speaker of the lower house,
signalling a detente in a row between the
two biggest players as they seek to form a
new coalition government.
The nomination of Wan Muhamad Noor
Matha, 79, was widely seen as a compromise
between alliance partners Move Forward and
PheuThai, which have sparred for weeks over
the speakership, a post crucial to the passage
of bills and the timing of key legislative votes.
Wan Noor represents the Prachachart
Party, a junior member of an eight-party
alliance dominated by Move Forward and
Pheu Thai, which together won the lion’s
share of the seats in the May 14 election,
thrashing conservative parties allied with
the royalist military.
A southerner and ethnic Malay Mus-
lim in predominantly Buddhist Thailand,
Wan Noor has served previously as house
speaker and has close ties with Pheu Thai’s
leadership. He was the only nomination
and his selection is pending royal approval.
“I will conduct duties fairly ... with
transparency in considering draft laws and
petitions to improve the lives of all Thais,”
Wan Noor told the house.
(July 4): Cambodia said on Tuesday
that Meta Platforms Inc’s 22-mem-
ber oversight board was unwelcome in
the country, days after the panel rec-
ommended suspending Prime Minis-
ter Hun Sen’s Facebook account over
content violations.
The board’s recommendation was “po-
litical in nature”, Cambodia’s foreign af-
fairs ministry said.
Hun Sen’s Facebook account went of-
fline last week after the oversight board,
which is funded by Meta but operates in-
dependently, said the platform had been
wrong not to remove a video he published
in January that breached rules against vi-
olent threats.
Meta did not immediately respond to
a Reuters request for comment.
20 TheEdge CEO morning brief
w o r l d
Among his first tasks will be to table a
joint vote of the 750-member bicameral
parliament on a prime minister to form
the next government.
The alliance, which has 312 seats, is
backing Move Forward leader Pita Lim-
jaroenrat. To become premier, a candidate
needs 376 votes, or more than half.
It is unclear what the alliance’s next
move will be if Pita fails. He needs 64
votes from rival parties or from members
of a conservative-leaning Senate that has
clashed with Move Forward over its an-
ti-establishment agenda.
Move Forward were the surprise elec-
tion winners after mobilising massive youth
support on social media behind ambitious
plans to tackle business monopolies, keep
the army out of politics and reduce the
severity of punishments for insulting the
powerful monarchy.
Pita on Tuesday said Move Forward had
“retreated” on its position having been as-
sured by Wan Noor that its policies would be
supported.The two deputy speaker positions
will go to Move Forward and Pheu Thai.
“This decision is not about me or the
party, but the mission of restoring democ-
racy,” Pita said on Facebook. “In the un-
certainty of Thai politics, principle is more
important than the personality.”
Titipol Phakdeewanich, a political ana-
lyst at Ubon Ratchathani University, said
Move Forward’s relent on the speaker
showed its path to office faced resistance
because of its determination to pursue its
liberal agenda.
“The party is seen as an enemy by
many of the conservatives,” Titipol said,
adding Pita’s fate was in the hands of a
military-appointed upper house.
“What we do not know is whether Pheu
Thai will switch sides if the initial vote for
Pita fails.”
Cambodia bars
Meta oversight
board over PM’s
Facebook account
suspension
Reuters
“It intends to obstruct the freedom of
the press for the citizens of Cambodia,” the
ministry said of the board’s recommenda-
tion in a statement shared with the media.
Hun Sen, one of the world’s long-
Green economy,
security in focus as
Indonesia, Australia
leaders meet
by Kirsty Needham
Reuters
SYDNEY (July 4): Indonesian Presi-
dent Joko Widodo said strategic coop-
eration with Australia on electric vehi-
cle (EV) batteries was a priority after
talks on Tuesday (July 4) with Australian
Prime Minister Anthony Albanese that
focused on green economy and region-
al security.
Widodo, who is in his second and
final term in office, wants to build an
EV battery production industry in In-
donesia, which has the world’s largest
nickel reserves.
The EV industry uses the metal ex-
tensively.
Widodo is seeking cooperation from
Australia, a major supplier of battery
component lithium.
“Indonesia and Australia must build
a more substantive and strategic eco-
nomic cooperation through the joint
production of EV batteries,” Widodo
told reporters after an annual leaders
meeting with Albanese in Sydney.
Widodo told business leaders that
the Southeast Asian nation had a tar-
get to produce one million electric cars
and 3.2 million electric motorbikes
by 2035.
Read the full story
est-serving leaders with nearly four dec-
ades in power, last week declared ahead
of his account suspension that he would
switch to communicating with his people
via Telegram.
The suspension comes ahead of a July
23 general election that critics have said
will be a sham because of the government’s
moves to stamp out all opposition.
The offending video was one where
Hun Sen said those who accused his Cam-
bodian People’s Party (CPP) of buying
votes in a 2022 local election should file
a legal case, or face a beating from CPP’s
supporters.
One oversight board member, veteran
Indonesian journalist Endy Bayuni, said
he was not aware if any colleagues were
in Cambodia or had to leave.
 w e d n e s d a y j u ly 5 , 2 0 2 3
TAIPEI (July 4): Chinese fighter jets again
crossed the median line of the Taiwan Strait
on Tuesday (July 4), as a senior Taiwan-
ese official decried “annoying disinforma-
tion” about how safe the island is given the
mounting tensions with Beijing.
Taiwan, which China claims as its own
territory despite the island’s strong objec-
tions, has over the past three years reported
almost daily missions by Chinese military
aircraft nearby, and since last August, reg-
ular crossings of the median line that used
to serve as an unofficial boundary.
Taiwan’s defence ministry said on Tues-
day morning that eight Chinese fighters
had crossed the median line and four Chi-
nese warships also joined a “joint combat
readiness patrol”.
It is the responsibility of all parties to
maintain security and stability, and any
“provocative behaviour” is not in the in-
terests of the region, the ministry added.
China practised precision strikes and
blockading the island in war games around
it in April after Taiwan President Tsai Ing-
wen met US House of Representatives
Speaker Kevin McCarthy in Los Angeles.
Despite China’s frequent military ac-
tivities, there has been no sign of public
alarm in Taiwan and life has carried on
as normal.
Speaking to reporters in Taipei, Taiwan
deputy foreign minister Roy Lee said one
MOSCOW (July 4): President Vladimir
Putin reassured Asian leaders of Russia’s
stability and unity on Tuesday in his first
appearance at an international forum since
the country was rocked by a brief armed
mutiny last month.
“The Russian people are consolidated
as never before,” Putin told a virtual meet-
ing of the Shanghai Cooperation Organ-
isation (SCO), a group that also includes
China and India.
“Russian political circles and the whole
of society clearly demonstrated their unity
and elevated sense of responsibility for the
fate of the Fatherland when they respond-
ed as a united front against an attempted
armed mutiny.”
Putin’s emphasis on Russia’s unity at a
meeting with key allies appeared to show
how keen he is to remove any doubts about
his own authority on the world stage af-
ter the short-lived mutiny led by Wagner
mercenary founder Yevgeny Prigozhin late
last month.
Wagner fighters took control of a south-
ern city and advanced towards Moscow on
June 24, confronting Putin with the grav-
est challenge to his hold on power since
taking over as Russia’s paramount leader
on the last day of 1999.
21 TheEdge CEO morning brief
w o r l d
Chinese jets
of the reasons the government wanted for-
eign lawmakers, officials and academics to
cross Taiwan
visit was to see the situation on the ground.
“A lot of colleagues and friends outside
Strait again,
of Taiwan are subject to this annoying dis-
information campaign. They have a mis-
minister decries
matched conception and understanding
about the situation in Taiwan,” he said.
‘disinformation’
“We are confident that when they are
here they will see Taiwan is very calm; we
about safety
are not provoking or making any danger-
ous movements. On the other hand we
are demonstrating a very high level of re-
silience against China’s intimidation and
by Yimou Lee & Ben Bl anchard threats.”
Reuters As Lee spoke, Tsai met a delegation led
by US Representative Kevin Hern, who
reuters leads the Republican Study Committee
(RSC), the latest in a string of such visits
to Taipei.
“Support for Taiwan as an independent
and sovereign nation has been one of the
founding principles of the RSC,” Hern
told Tsai.
Taiwan’s government strongly objects to
China’s sovereignty claims and has vowed
to defend itself if China attacks the island.
Taiwan President Tsai Ing-wen
(right) meeting US Representative
Kevin Hern at the presidential
office in Taipei.
Putin reassures
tion to settlements in local currencies in
foreign trade.
Asian allies of
Russia views countries such as China, In-
dia and Iran — the newest member of the
Russia’s stability
SCO — as key partners in confronting the
United States and resisting what it portrays
after mutiny
as U.S. attempts to dictate the world order.
Putin told the group there was a grow-
ing risk of a new global economic and fi-
nancial crisis fuelled by developed coun-
by Mark Trevelyan tries’ debts and worsening food and
Reuters environmental security.
“And all these problems, each of which
The mutiny was defused in a deal bro- is complex and diverse in its own way, in
kered by Belarus President Alexander their totality lead to a noticeable increase
Lukashenko. Putin has since thanked his in the potential for conflict,” he said.
army and security services for averting cha-
os and civil war.
In his speech, Putin thanked members Read also:
of the SCO who he said had expressed
their support for his efforts “to protect the Europe’s top diplomat to visit China
constitutional order, the lives and security from July 10
of citizens”.
He told them that Russia would stand
up against Western pressure, sanctions and Hong Kong leader says eight overseas
“provocations” imposed over what Mos- activists will be ‘pursued for life’
cow calls its “special military operation”
in Ukraine.
He said Moscow planned to boost ties NATO agrees to extend boss
with the SCO and supported the transi- Stoltenberg’s term by a year
 w e d n e s d a y j u ly 5 , 2 0 2 3
(July 4): The world’s 500 richest people
added US$852 billion (RM3.96 trillion)
to their fortunes in the first half of 2023.
Each member of the Bloomberg Bil-
lionaires Index made an average of US$14
million per day over the past six months,
according to data compiled by Bloomberg. It
was the best half-year for billionaires since
the back half of 2020, when the economy
rebounded from a Covid-induced slump.
The gains coincided with a broad stock
market rally, as investors brushed off the ef-
fects of central bank interest rate hikes, the
ongoing war in Ukraine and a crisis in re-
gional banks. The S&P 500 rose 16% and
the Nasdaq 100 surged 39% for its best-ev-
er first half as investor mania over artificial
intelligence boosted tech stocks.
While Elon Musk and Mark Zuckerberg
flirt with scheduling a cage match,Tesla Inc’s
chief executive officer came out on top in dol-
(July 4): A US$64 billion (RM298.6 bil-
lion) merger of two big Indian lenders is
yielding almost no fees to financial advis-
ers, highlighting investment bankers’ strug-
gle for profits in the country.
Housing Development Finance Corp’s
all-stock merger into HDFC Bank Ltd,
which created one of the most valuable
banks in the world, has about 18 advisers
who got credit for a fee pool of just over
US$1 million, according to people famil-
iar with the matter. Morgan Stanley and
Bank of America Corp will take the bulk
of that pool while the rest will be paid just
a token amount, they said, asking not to be
identified as the information is not public.
The fee pool is disproportionately small
as the board and executives of the compa-
nies led by Deepak Parekh, then chairman
of HDFC, drove the merger process, and
the role of the advisers was limited, the
people said. Many of the advisers became
aware that a merger was imminent only a
day before the announcement and didn’t
have to do any work on the deal, they said.
“India is a tough place from a fee per-
spective unless one can offer value-added
services or is structuring complex trans-
actions,” said Pranav Haldea, manag-
22 TheEdge CEO morning brief
w o r l d
Musk,
Zuckerberg lead a
US$852 bil surge
among world’s
richest people
by Annie Massa & Jack Witzig
Bloomberg
lar terms. Musk, the world’s richest person,
added US$96.6 billion to his net worth this
year through June 30, while Meta Platforms
Inc CEO Zuckerberg gained US$58.9 billion.
Gautam Adani’s net worth sank the most
in the six-month period, losing US$60.2
For advising
on US$64 bil
India bank deal,
bankers get a
0.0002% fee
by Anto Antony
Bloomberg
ing director of Prime Database Group,
which provides information on fundrais-
ings. “This is an extremely price-conscious
market, and thus, one always needs to keep
costs under check.”
Major global banks, including Citigroup
Inc, Goldman Sachs Group Inc, JPMor-
gan Chase & Co, and Jefferies Financial
Group Inc, and leading domestic advisory
firms like Kotak Mahindra Capital and
Axis Capital, were among the 18 advisers
who got league table credit for the deal.
Morgan Stanley and BofA were paid
more than others as they provided a fairness
billion. Adani, chairman of Adani Group,
also posted the biggest one-day loss of any
billionaire, shedding about US$20.8 billion
on Jan 27, after short seller Hindenburg
Research accused his conglomerate of ac-
counting fraud and stock manipulation —
a claim Adani denies.
Hindenburg, founded by Nate Anderson,
also knocked down the net worth of another
billionaire: Carl Icahn. His Icahn Enterprises
LP had its steepest one-day drop after Hin-
denburg disclosed it was shorting the shares,
saying the stock was significantly overvalued
relative to its holdings. Icahn’s net worth fell
US$13.4 billion, or 57% — the largest per-
centage drop of any member of the Bloomb-
erg Billionaires Index in the period.
For Musk, the wealth gains spilled over
into July as Tesla shares climbed 6.9% on
Monday (July 3) in New York, tacking on
an additional US$13 billion to his fortune.
opinion on the valuation for the proposed
transaction, while the rest of the advisers
didn’t do much, the people said. HDFC
Bank and the advisers declined to comment.
The investment banks’ struggles in In-
dia to win fee-generating business are in
line with advisers’ challenges worldwide
after a US$1 trillion year-on-year drop in
the value of mergers and acquisitions and
initial public offerings in the first half of the
year pushed them to embark on job cuts.
JPMorgan, Citigroup, Goldman Sachs,
and Morgan Stanley are among those to
have started firings across their investment
banking divisions globally this year. How-
ever, advisory units of overseas and local
banks in the South Asian nation were left
mostly unscathed as the team sizes were
already small and costs were in check.
Read also:
Liz Truss received £80,000 for 4-hour
Taiwan engagement
Tesla’s June shipments in China soar as
global sales hit record
 w e d n e s d a y j u ly 5 , 2 0 2 3
M A R K E T S
CPO RM 3,883.00-102.00 OIL US$ 75.841.19 RM/USD 4.6502 RM/SGD 3.4473 RM/AUD 3.1089 RM/GBP 5.9047 RM/EUR 5.0681
Top 20 active stocks
NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
Fitters Diversified Bhd 102.9 0.000 0.04 -42.86 93.7
Farm Fresh Bhd 77.40 -0.050 1.140 -29.19 2134.00
Sarawak Consolidated 73.10 0.000 0.470 224.14 300.9
Naim Holdings Bhd 65.60 0.240 0.885 68.57 443.2
KNM Group Bhd 60.50 -0.010 0.080 60.00 323.5
My EG Services Bhd 55.50 0.000 0.740 -14.12 5480
Jade Marvel Group Bhd 53.90 -0.005 0.220 -29.03 95.7
Classita Holdings Bhd 45.60 0.000 0.085 -76.71 29.9
Velesto Energy Bhd 41.50 0.000 0.220 46.67 1,807.4
SFP Tech Holdings Bhd 40.60 0.035 1.000 66.67 2,400.0
RGB International Bhd 35.60 -0.005 0.355 97.22 547.0
Widad Group Bhd 33.50 0.000 0.42 -2.33 1231.6
UEM Sunrise Bhd 32.60 0.025 0.305 19.61 1542.8
Tanco Holdings Bhd 31.30 -0.005 0.515 53.73 990.0
Top Glove Corp Bhd 28.10 0.000 0.845 -6.63 6,766.9
WCE Holdings Bhd 27.40 0.045 0.680 122.95 2,031.6
Bumi Armada Bhd 26.70 -0.005 0.495 3.13 2,931.7
Dagang NeXchange Bhd 25.00 -0.020 0.465 -8.82 1,467.7
Bahvest Resources Bhd 21.60 0.020 0.225 -26.23 279.0
Ahmad Zaki Resources Bhd 19.90 0.045 0.25 51.52 149.1
Data as compiled on Jul 4, 2023 Source: Bloomberg
Top gainers (ranked by %)
NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP
(%) (RM MIL)
Pegasus Heights Bhd 0.010 100.00 897.2 0.00 108.2
MMAG Holdings Bhd 0.015 50.00 112.0 -40.00 36.3
JOE HOLDING BHD 0.015 50.00 15.1 -25.00 45.9
Dolphin International Bhd 0.015 50.00 10.1 -40.00 20.1
Naim Holdings Bhd 0.885 37.21 65,605.0 68.57 443.2
TECHNA-X Bhd 0.020 33.33 381.1 -20.00 44.3
Ahmad Zaki Resources Bhd 0.250 21.95 19,909.5 51.52 149.1
MQ Technology Bhd 0.030 20.00 8,372.2 -40.00 41.4
Asdion Bhd 0.030 20.00 0.1 -68.42 13.4
Scomi Energy Services Bhd 0.035 16.67 531.6 -36.36 16.4
Sarawak Cable Bhd 0.085 13.33 465.8 30.77 33.9
Jadi Imaging Holdings Bhd 0.045 12.50 1,231.6 -47.06 48.4
mTouche Technology Bhd 0.045 12.50 3.0 -10.00 41.7
Country Heights Holdings BHD 0.435 11.54 7,831.4 14.47 127.7
Chuan Huat Resources BHD 0.450 11.11 19.7 -7.22 75.9
PJBUMI Bhd 0.920 10.18 6,137.5 2.22 75.4
Vizione Holdings Bhd 0.055 10.00 390.8 0.00 112.5
Parlo Bhd 0.110 10.00 246.2 -8.33 62.8
TCS Group Holdings Bhd 0.330 10.00 1,814.2 40.43 128.7
Bahvest Resources Bhd 0.225 9.76 21,568.6 -26.23 279.0
Data as compiled on Jul 4, 2023 Source: Bloomberg
Top gainers (ranked by RM)
NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP
(%) (RM MIL)
Malaysian Pacific Industries 28.600 0.400 126.7 -0.56 5,688.4
Batu Kawan Bhd 21.280 0.380 0.3 -4.57 8,371.1
Naim Holdings Bhd 0.885 0.240 65,605.0 68.57 443.2
Pentamaster Corp Bhd 5.060 0.130 4,883.2 14.22 3,599.3
AEON Credit Service M Bhd 11.180 0.110 33.2 -11.13 2,854.3
Paragon Union BHD 2.960 0.100 3.1 59.14 248.1
Ayer Holdings Bhd 7.100 0.100 1.5 7.58 531.5
United Plantations BHD 15.740 0.100 289.9 4.86 6,528.7
Oriental Holdings BHD 6.490 0.090 28.7 -4.42 4,026.1
PJBUMI Bhd 0.920 0.085 6,137.5 2.22 75.4
Panasonic Manufacturing 20.080 0.080 23.8 -12.31 1,219.8
HAP Seng Consolidated Bhd 3.250 0.080 1,329.4 -49.22 8,091.4
D&O Green Technologies Bhd 3.840 0.070 454.7 -10.28 4,753.4
Sarawak Oil Palms Bhd 2.580 0.070 192.3 -0.77 2,296.9
Formosa Prosonic Industries 2.420 0.070 280.9 -25.08 617.4
Globetronics Technology BHD 1.320 0.060 5,021.5 14.83 883.8
Atlan Holdings Bhd 2.980 0.060 0.1 -0.33 755.9
UWC BHD 3.200 0.060 1,259.8 -20.40 3,525.3
Yoong Onn Corp BHD 1.370 0.060 3.0 8.73 217.4
Metrod Holdings BHD 1.300 0.060 0.5 6.56 156.0
Data as compiled on Jul 4, 2023 Source: Bloomberg
23 TheEdge CEO morning brief
World equity indices
CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
(%) (%)
DOW JONES 34,418.47 10.87 0.03 INDONESIA 6,681.75 -14.96 -0.22
S&P 500 4,455.59 5.21 0.12 JAPAN 33,422.52 -330.81 -0.98
NASDAQ 100 15,208.69 29.48 0.19 KOREA 2,593.31 -9.16 -0.35
FTSE 100 7,530.50 3.24 0.04 PHILIPPINES 6,514.47 6.26 0.10
AUSTRALIA 7,279.04 32.92 0.45 SINGAPORE 3,203.77 -3.33 -0.10
CHINA 3,245.35 1.37 0.04 TAIWAN 17,140.77 56.57 0.33
HONG KONG 19,415.68 109.09 0.57 THAILAND 1,515.31 8.47 0.56
INDIA 65,479.05 274.00 0.42 VIETNAM 1,132.00 6.50 0.58
Data as compiled on Jul 4, 2023 Source: Bloomberg
Top losers (ranked by %)
NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP
(%) (RM MIL)
Fintec Global Bhd 0.005 -50.00 506.0 -50.00 29.6
BCM Alliance Bhd 0.01 -33.33 20 -60.00 20.3
Nexgram Holdings Bhd 0.010 -33.33 76.4 -85.71 6.5
XOX BHD 0.010 -33.33 2313.9 -33.33 50.5
Focus Dynamics Group Bhd 0.015 -25 1530.1 -25.00 95.6
Impiana Hotels Bhd 0.050 -23.08 11,997.9 -44.44 24.9
Bina Puri Holdings BHD 0.035 -12.50 232.2 -12.50 117.9
Digistar Corp Bhd 0.075 -11.76 2,940.9 7.14 33.8
KNM Group Bhd 0.080 -11.11 60,492.2 60.00 323.5
ARB Bhd 0.090 -10.00 2,704.2 -28.00 109.5
Barakah Offshore Petroleum 0.055 -8.33 561.8 120.00 55.2
Avillion BHD 0.055 -8.33 150.9 -31.25 62.3
PNE PCB BHD 0.060 -7.69 4.4 9.09 33.6
Sentoria Group Bhd 0.060 -7.69 222.9 -33.33 36.8
Southern Steel Bhd 0.480 -7.69 0.5 -17.95 286.2
Kim Hin Industry Bhd 0.420 -6.67 81.9 -28.21 58.9
JcbNext Bhd 1.400 -6.67 10.0 9.38 184.8
Meridian Bhd 0.070 -6.67 69.6 -41.67 15.8
Waja Konsortium Bhd 0.070 -6.67 10.5 -22.22 76.0
Handal Energy Bhd 0.145 -6.45 100.2 -6.45 34.9
Data as compiled on Jul 4, 2023 Source: Bloomberg
Top losers (ranked by RM)
NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP
(%) (RM MIL)
Fraser & Neave Holdings Bhd 25.300 -0.500 37.7 17.24 9,279.5
Dutch Lady Milk Industries 22.000 -0.300 19.3 -27.25 1,408.0
BLD Plantation Bhd 10.620 -0.180 4.0 3.51 993.0
Heineken Malaysia Bhd 26.300 -0.180 161.6 4.37 7,945.2
Petronas Dagangan Bhd 22.200 -0.180 75.4 -2.84 22,054.7
Rapid Synergy Bhd 21.280 -0.140 50.3 33.33 2,274.8
Genting Plantations Bhd 5.820 -0.120 549.0 -6.77 5,221.7
MISC Bhd 7.080 -0.120 931.5 -5.60 31,603.3
KLCCP Stapled Group 6.880 -0.110 3.5 2.53 12,420.7
JcbNext Bhd 1.400 -0.100 10.0 9.38 184.8
Petronas Chemicals Group 6.030 -0.090 2,180.1 -29.88 48,240.0
DKSH Holdings Malaysia Bhd 4.800 -0.090 57.5 11.58 756.8
United Malacca Bhd 5.200 -0.080 1.0 -5.45 1,090.8
Genting Bhd 4.050 -0.070 3,423.8 -9.60 15,594.8
HCK Capital Group Bhd 2.130 -0.070 30.0 -0.47 1,065.7
Kuchai Development BHD 1.230 -0.070 2.0 -6.82 152.2
Muda Holdings Bhd 1.400 -0.060 3.0 -26.32 427.1
Carlsberg Brewery Malaysia 20.300 -0.060 30.3 -11.28 6,206.7
K Seng Seng Corp Bhd 1.220 -0.060 8.2 -15.28 158.8
IHH Healthcare Bhd 5.830 -0.050 3628.9 -4.7 51344.8
Data as compiled on Jul 4, 2023 Source: Bloomberg