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 SC CONFIRMS RAID ON SOME LISTED FIRMS OVER SUSPECTED
ABUSE OF FUND-RAISING ACTIVITIES p2
F R I DAY, M A RC H 1 5 , 2 0 2 4 t h e e d g e m a l ay s i a . c o m
ISSUE 734/2024

CEOMorningBrief
HOME: Rehda defends urban redevelopment law, says it is not for developers to seize land for profit p4
Putrajaya to review minimum wage order this year, says Sim p6
Bermaz Auto adds China EV maker XPeng’s distributorship to its portfolio p9
WORLD: Former Treasury Secretary Mnuchin putting together investors to buy TikTok, CNBC reports p15
An US$80 bil crash in India’s small caps flashes warning signs p20

MACC confirms summoning Singaporean businessman

for questioning, with more to be called up soon
Report on Page 2.

Govt ordered to pay Awantec

RM231.55 mil over SKIN
termination, one-third of
damages claimed
Report on Page 3.
 f r i d ay m a r c h 1 5 , 2 0 2 4
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the edge
SC confirms
raid on some
listed firms over
suspected abuse
of fund-raising
activities
by Justin Lim
theedgemalaysia.com
KUALA LUMPUR (March 14):
The Securities Commission Malaysia
(SC) has confirmed that the premis-
es of certain public listed companies
have been raided over the suspected
abuse of fund-raising activities.
The SC said this in an email re-
sponse to The Edge, but did not elab-
orate, saying it was not able to pro-
vide further details on the raids as
“investigations are ongoing”.
Earlier on Thursday, The Star re-
ported, citing sources, that the regu-
lator had kicked off the investigations
following complaints and tip-offs from
the public on alleged fraud, and the
potential false or misleading disclosure
by several public listed companies in
their fund-raising exercises, including
private placements, employee share
option schemes and rights issues.
According to the news report, the
raids were said to have been con-
ducted around the Tropicana area
in Petaling Jaya.
2 TheEdge CEO morning brief
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Selangor, Malaysia
h o m e
MACC confirms
summoning
Singaporean
businessman for
questioning,
with more to be
called up soon
by Justin Lim
theedgemalaysia.com
KUALA LUMPUR (March 14): The
Malaysian Anti-Corruption Commission
(MACC) confirmed that a prominent Sin-
gaporean businessman and property de-
veloper has been summoned to assist in
an “ongoing investigation of a high profile
individual in Malaysia”.
“The businessman has also been ordered
to declare his assets and the financial hold-
ings of his family. I can confirm that more
people are expected to be called for ques-
tioning in the near future in relation to this
investigation,” its Anti-Money Laundering
(AML) Division director Datuk Mohamad
Zamri Zainul Abidin told The Edge.
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The MACC did not name the busi-
nessman, but Channel News Asia (CNA),
quoting sources, reported earlier on Thurs-
day that 83-year-old tycoon Akbar Khan
had been temporarily detained by the
MACC for questioning last week, after
raiding his home and business premises
in Kuala Lumpur.
It also reported that Akbar, who is the
main shareholder of BRDB Developments
Sdn Bhd, had had his personal and busi-
ness accounts frozen, and that the MACC
had ordered him to declare his assets and
his family’s financial holdings. Akbar is ex-
pected to be summoned for further ques-
tioning in the coming days, along with oth-
er former close associates, it added.
The latest development came after for-
mer finance minister Tun Daim Zainud-
din was charged in late January for fail-
ing to declare ownership of certain assets,
including companies and properties, to
the MACC. His wife Toh Puan Na’imah
Khalid was also charged with failing to
comply with an MACC notice to declare
her assets.
Akbar is known to be a close associate of
Daim, who is still being investigated by the
MACC for allegedly using his position for
corrupt practices and money laundering.
According to CNA, the MACC is scru-
tinising Akbar’s acquisition of Multi-Pur-
pose Holdings Bhd in 1999 and the com-
plex structure of the deal.
Akbar is also, together with some as-
sociates, known to have played a crucial
role in the repatriation of frozen shares
valued at US$4 billion that were previous-
ly listed in the Central Limit Order Book
(CLOB), Singapore’s now-defunct over-
the-counter market that traded mostly in
Malaysian shares.
Akbar’s office reportedly declined to
comment on the investigation when con-
tacted by CNA, saying their “primary focus
is on ensuring a fair investigation”.
the edge file photo
 F R I D AY M A R C H 1 5 , 2 0 2 4 3 THEEDGE CEO MORNING BRIEF

H O M E

Govt ordered
KUALA LUMPUR (March 14): Awanbi-
ru Technology Bhd (Awantec or former- Awanbiru Technology Bhd

to pay Awantec
ly known as Prestariang Bhd) has won its Vol (mil) Sen
legal suit against the government over the 100 60

termination of the RM3.5 billion Nation-
al Immigration Control System (SKIN)
project.
However, shares of Awantec dropped
as much as 16.7% to an intraday low of
42.5 sen on Thursday following the High
Court’s ruling, which awarded only one-
third of the company’s RM733 million
claim in relation to the project termination.
At market close, the stock was down
6.5 sen or 12.75% to 44.5 sen, giving it a
market capitalisation of RM348.06 million.
Its trading volume surged to 39.56 million
shares — the highest since Aug 23, 2023
— more than six times the 5.69 million
shares recorded on Wednesday.
The dispute dates back to April 2019
when Awantec’s wholly owned unit Prestar-
ing Skin Sdn Bhd (PSKIN) claimed RM733
million from the government for the termi-
nation of the SKIN project, which had a 15-
year contractual agreement. Despite several
rounds of negotiations, both parties failed
to reach a consensus on the quantum to be
paid by the government, leading PSKIN
to seek recourse through the legal system.
However, the High Court ordered the
government to pay a judgement sum of
RM231.55 million, plus legal costs incurred
by PSKIN during the litigation process, for
which the court has directed a payment of
RM231.55 mil
over SKIN
termination,
one-third of
damages claimed
BY SYAFIQAH SALIM
theedgemalaysia.com
RM80,000, subject to the final legal fees.
Additionally, the government has been
instructed to pay post-judgement interest
of 5% per annum on the judgement sum.
Judge Datuk Seri Latifah Mohd Tahar de-
livered the decision on Thursday. PSKIN
was represented by Messrs Lim Chee Wee
Partnership, Awantec said in a bourse filing.
Awantec sees closure after the suit win
In response to the High Court’s decision,
Awantec chief executive officer Azlan Zain-
al Abidin said, “There is closure for the
matter.”
“This will allow us to continue to fo-
cus on growing the company and business
80 44.5 sen
40
60
36 sen
40
20
20
0 0
Feb 22, 2023 March 14, 2024
*As at market close on March 14, 2024.
Source: Bloomberg
as we have recently won MyGovUC3.0
and Water Research Institute of Malaysia
(NAHRIM) projects. My team and I are
fully committed to delivering a better result
for this year,” he told The Edge.
PSKIN secured the RM3.5 billion
SKIN project in August 2017 from the
previous Barisan Nasional government un-
der Datuk Seri Najib Razak’s administra-
tion to replace the Malaysian Immigration
System (myIMMs).
A year later in December 2018, the then
Pakatan Harapan government helmed by
Tun Dr Mahathir Mohamad decided to
scrap the project in favour of a new system
that would save government funds.

Minister confirms
KUALA LUMPUR (March 14):The Ma- authorised mixing of local and imported
laysia Competition Commission (MyCC) rice, which is prohibited under the law.

MyCC is probing
has launched an investigation into cartel Presently, the country’s rice industry is
activities within the country’s rice industry, regulated by the Padi and Rice Regulatory

alleged rice cartel

Minister of Domestic Trade and Consum- Division through the Control of Padi and
er Affairs Datuk Armizan Mohd Ali said. Rice Act 1994.

activities
This move comes in response to infor-
mation and complaints received by MyCC
from various parties, including the Padi
and Rice Regulatory Division under the
Ministry of Agriculture and Food Security.
“I can confirm that MyCC has com-
menced an investigation into the allega-
tions of a rice cartel’s existence,
following the receipt of this in-
formation. The case will be inves-
tigated under the Competitions
Act 2010,” Armizan said in parlia-
ment while concluding the debate
on the royal address on Thursday.
Previously, several news re-
ports have suggested that rice
cartels control over 60% of the
country’s rice production, result-
ing in issues concerning rice seed-
lings and supply.
The cartel has also faced ac-
cusations of involvement in un-
BY CHOY NYEN YIAU
theedgemalaysia.com
The Ministry of Agriculture and Food
Security has refuted allegations of a car-
tel dictating rice and paddy seed prices in
the country.
On Feb 14, Syed Abu Hussin Hafiz
Syed Abdul Fasal, chairman of the Nation-
al Cost of Living Action Council’s Food
Prices Committee, announced
the government’s plan to intro-
duce Malaysia Madani white rice
priced at RM30 for a 10kg sack.
However, the Madani white
rice initiative has raised concerns,
with some arguing that it will only
serve to benefit the cartel.
Prime Minister Anwar Ibra-
him has directed the Ministry
of Agriculture and Food Secu-
rity to engage in further discus-
sions with relevant stakeholders
before presenting the findings to
the Cabinet.
 F R I D AY M A R C H 1 5 , 2 0 2 4
KUALA LUMPUR (March 14):The Real
Estate and Housing Developers’ Asso-
ciation (Rehda) Malaysia has defended
the proposed Urban Redevelopment Act,
which is currently being drafted by the
Ministry of Housing and Local Govern-
ment (KPKT), saying it is not to ena-
ble property developers to seize land for
profit.
Its president Datuk NK Tong said the
insinuation that the Act is proposed for
that is “completely misplaced”.
“As responsible developers, Rehda
members have plenty of other options
to acquire development lands elsewhere
which can be developed easily as com-
pared to the redevelopment of existing
buildings,” he told a media briefing on
Thursday.
“However, as a strategic initiative, Re-
hda Malaysia applauds KPKT’s vision
through the minister to continue to en-
hance the urban fabric of cities to ensure
they remain competitive and attractive
globally for the benefit of the rakyat,”
Tong added.
KPKT minister Nga Kor Ming said
last week that there would be 139 po-
tential redevelopment sites within Kuala
Lumpur that developers can bid for once
the proposed law is in place.
Nga said the proposed law will allow
for the redevelopment of existing build-
Costlier building materials a critical issue
for property developers — Rehda
KUALA LUMPUR (March 14): The
Real Estate and Housing Developers’
Association (Rehda) has found that
a majority of its members faced con-
struction challenges in the second half
of 2023 (2H2023), with a little over half
remarking that costlier building mate-
rials critically impacted their business
operations.
In its Rehda Property Industry Sur-
vey for 2H2023 and Market Outlook
for 2024 released on Thursday, the as-
sociation revealed that 56% of the re-
spondents comprising Rehda members
admitted that they face construction
challenges in 2H2023, as they see short-
age of supply and inconsistent supply
as moderate issues while low-quality
products are deemed a minor issue.
The construction challenges, Rehda
president Datuk NK Tong said, are an
ongoing issue that has been exacerbat-
ed by the Covid-19 pandemic, and is
not showing signs of going away in the
near future.
4 THEEDGE CEO MORNING BRIEF
H O M E
Rehda
defends urban
development law,
says it is not for
developers to seize
land for profit
BY EMIR ZAINUL
theedgemalaysia.com
SHAHRIN YAHYA/THE EDGE
BY EMIR ZAINUL
theedgemalaysia.com
“Ultimately, increase in [prices of]
building materials means higher con-
struction costs, which will end up hurt-
ing the rakyat. We hope that this issue
will be addressed effectively, and that all
industry players will play their roles to
ensure Malaysians are not further affect-
ed by the increase,” he told reporters at
a media briefing.
The respondents reported more than
10% annual increase in average price for
sand and concrete as at Dec 31, 2023.
Looking ahead, the respondents are ex-
pecting an average increase of 15% in
construction costs in the first half of 2024,
which inevitably will result in higher prop-
erty prices.
Besides that, Rehda’s survey also
found that overall residential launch-
es and performance in 2H2023 expe-
rienced a downward turn compared to
the first half of the year, but sales perfor-
ings to increase their economic value and
create more jobs and investment oppor-
tunities.
However, the National House Buy-
ers Association (HBA) suggested that
the proposed redevelopment legislation
is meant for developers to exploit land
for profit.
Tong said the proposed law will not
only benefit the residents of properties
affected by providing them with new and
better housing, but is also for the overall
betterment of the city.
“The developers don’t need this but
the city does. We have to let market forces
decide whether it is time for an old pro-
ject to be redeveloped or not.
“If it’s an old project that is very well
kept and is doing well, it will be too ex-
pensive anyway for anyone to redevelop
it. But if it’s old, dilapidated and degrad-
ing, and pulling down the urban fabric in
Kuala Lumpur, then perhaps it is more
strategic for a redevelopment,” he said.
Rehda president Datuk NK Tong: the
proposed Urban Redevelopment Act
will allow for the redevelopment of
existing buildings to increase their
economic value and create more jobs
and investment opportunities.
mance reported a marginal increase.
The findings reported 4,627 out of
12,017 sold units were new launches
in 2H2023, while the remaining 61.5%
were from unsold units launched before
the period under review.
Sur vey results also disclosed a
higher number of unsold completed
units in the RM300,001–RM400,000
category, which is considered to be
within the affordable homes range,
at 11% in 2H2023 compared to 3%
in 1H2023.
“As much as this could be a sign
of unaffordability among the B40
and lower M40 categories, this is
also affecting developers who have
taken up the cross-subsidy method
to build these houses. Not only that
the sales of their open market units
are affected due to the higher price,
but so are the sales of their affordable
units that they had to cross-subsidise
for,” Tong said.
CO N TI N U ES O N PAG E 5
 F R I D AY M A R C H 1 5 , 2 0 2 4 5 THEEDGE CEO MORNING BRIEF

H O M E

KUALA LUMPUR (March 14): Malay- Rising number of ultra-rich individuals in select Asian countries
sia has come third among selected Asian Country/Territory
Ultra-High-Net-Worth Individual Population % Change
countries to witness significant growth 2023 2028 2028 vs 2023
in its population of ultra-high-net-worth India 13,263 19,908 50.1
individuals — those with a net worth of
Chinese mainland 98,551 144,897 47.0
US$30 million (RM140.43 million) or
MALAYSIA 754 1,015 34.6
more — from 2023 to 2028, according
to global real estate consultancy Knight Indonesia 1,479 1,984 34.1
Frank. Vietnam 752 978 30.0
Based on Knight Frank’s wealth sizing South Korea 7,310 9,470 29.5
model, Malaysia is projected for a substan- Hong Kong SAR 5,957 7,290 22.4
tial 34.6% growth in the population of ul- Taiwan 7,640 9,174 20.1
tra-high-net-worth individuals. India has Singapore 4,783 5,535 15.7
led the list with 50.1%, followed closely Thailand 889 1,020 14.7
by China at 47%. Japan 21,710 24,502 12.9
Other Southeast Asian regional peers Source: Knight Frank’s 18th Edition Wealth Report
which are included in the analysis are In-
donesia with a growth rate of 34.1%, Vi-

Malaysia third
etnam at 30%, Singapore at 15.7%, and cific research Christine Li pointed out
Thailand at 14.7%. that Southeast Asia, especially Thailand

fastest-growing
“With the mobility of wealth increasing and Malaysia, has fallen out of favour with
all the time, a key question is whether fu- Chinese buyers.

in Asia for ultra-

ture growth remains within these and other She said Chinese buyers have become
high-growth markets, or whether there is much more selective following the slow-

high-net-worth
a leakage of talent to Europe, Australasia down in consumer and investor confidence
or North America,” said Knight Frank in due to the liquidity crisis in China’s prop-

population from
its latest wealth report. erty companies.
The wealth sizing model, created by “In contrast, Japan and UAE have seen

2023 to 2028 —
Knight Frank’s data engineering team, increased Chinese purchases, while Aus-
measures the size of high-net-worth indi- tralia maintains its position as the top

viduals (whose net worth hits US$1 million
or more), ultra-high-net-worth individuals,
and billionaire cohorts in more than 200
countries and territories.
Globally, Knight Frank expected the
number of wealthy individuals to rise by
28.1% during the five years, with Asia lead-
ing the growth.
“Outside Asia, strong growth is focused
on the Middle East, Australasia and North
America, with Europe lagging and Africa
and Latin America likely to be the weakest
regions,” it added.
The global rate of expansion, while pos-
itive, remained relatively slower than the
Knight Frank
BY HEE EN QI
theedgemalaysia.com
44% increase during the five years leading
up to 2023.
It said the global economy will likely be
impacted by higher inflation in the medium
term, leading to a lower growth outcome
compared to the historical trends.
Delving into Asia’s real estate land-
scape, Knight Frank’s head of Asia-Pa-
choice for overseas property purchases,”
she added in the report.
Touching on the Malaysian front,
Knight Frank Malaysia’s group manag-
ing director Keith Ooi said there has been
a notable shift in investor sentiment with
the living sector topping the investor wish-
list for the first time in four years.
“This surge in interest resonates global-
ly, with strong investor enthusiasm emanat-
ing from Europe, the Middle East, North
America, and Asia, signifying a remarkable
opportunity for Malaysia’s real estate sec-
tor to attract diverse investment,” he said
in a statement on Thursday.

FROM PAGE 4
Stable OPR positive for property
sector
Meanwhile, Tong said that a stable
overnight policy rate (OPR) by Bank
Negara Malaysia (BNM) is positive
for the property sector as it alleviates
uncertainties for property developers
to operate in a stable business envi-
ronment.
On top of that, the currently steady
and low benchmark interest rate also
contributes to a more positive home-
buyers’ sentiment, he said.
“Obviously it’s very good for the
sentiment of buyers as they pay less in
terms of the interest for loans, so that is
positive for the property industry and I
think [it is] positive for a country that has
home-ownership aspirations for the rak-
yat,” Tong said.
BNM on March 7 announced that the
OPR would remain unchanged at 3%, a
level it has maintained since July 2023.
Following that, economists also main-
tained their initial projection that the
OPR will be kept intact at 3% for the
rest of the year.
While the low OPR compared against
the US Federal Reserve rates have been
attributed to be the reason for the weak-
er ringgit, Tong opined that keeping the
OPR unchanged is favourable for the
industry in the near term.
“As far as the government is con-
cerned, I think they have been very meas-
ured in what they did and they have been
very considerate in thinking about the
cost burden for the rakyat by not jacking
up interest rates as aggressively as they
have in the US.
“Unfortunately, they have been pun-
ished by certain quarters that claim that
a weak ringgit shows a poorly run gov-
ernment. Actually no, a weak ringgit as
a result of not jacking up interest rates
so fast shows a very caring government
to the people,” he added.
 F R I D AY M A R C H 1 5 , 2 0 2 4
Putrajaya to
review minimum
wage order this
year, says Sim
BY CHOY NYEN YIAU
theedgemalaysia.com
KUALA LUMPUR (March 14): The fed-
eral government will conduct a review of
the minimum wage order this year, said
Human Resources Minister Steven Sim.
The move, Sim said, is in accord-
ance with the National Wages Consulta-
tive Council Act 2011 (Act 732), which
mandates the National Wages Consultative
Council to review the minimum wages or-
der at least once every two years.
“We will take into account the views of
all parties, including employers and em-
KUALA LUMPUR (March 14): The
Supplementar y Supply (2023) Bill
2024 was tabled for first reading in De-
wan Rakyat on Thursday, paving the way
for the federal government’s request for
RM23.48 billion from the Consolidat-
ed Fund to accommodate additional ex-
penditure.
According to the bill, it involves the
disbursement of an amount not exceed-
ing RM23.48 billion from the Consol-
idated Fund for additional expenditure
for services and purposes specified in the
Schedule for the year 2023 that were not
allocated or fully provided for by the Sup-
ply Act 2023 (Act A1679).
The additional expenditure will in-
volve 10 services, with the largest allo-
cation going to Treasury General Services
amounting to RM14.49 billion, followed
by the allocation to the Contribution to
Statutory Fund (RM4.2 billion) and the
Ministry of Education (RM1.97 billion).
Meanwhile, the Ministry of Domes-
tic Trade and Cost of Living is allocated
RM1.17 billion, followed by the Minis-
try of Health (RM687.89 million), the
Ministry of Defence (RM410.53 million),
the Election Commission (RM300 mil-
lion), the Public Service Department
(RM153.26 million), the Ministry of Lo-
cal Government Development (RM56.91
million), and the Ministry of Youth and
Sports (RM32 million).
Last year, the federal government ta-
bled a RM60.17 billion supplementary
budget for the year 2022.
In addition, the federal government
6 THEEDGE CEO MORNING BRIEF
H O M E
ployees, and refer to socioeconomic reports
such as the Bank Negara report,” Sim said
in Parliament during his ministry’s wind-
ing-up speech on the royal address debate.
The most recent minimum wage order,
implemented on May 1, 2022, set a month-
ly minimum wage of RM1,500 applicable
to all sectors nationwide for employers with
five or more workers.
Companies with fewer than five em-
ployees were granted an exemption until
Jan 1, 2023, which was later extended to
July of the same year.
In November 2023, the government
proposed a progressive wage policy (PWS),
which was meant to complement existing
policies such as the minimum wage policy
and the Productivity Linked-Wage Sys-
tem, according to the Economy Minister
Rafizi Ramli.
The PWS, which involves gradually in-
creasing pay for workers based on their
skills, experience and performance, will
commence in June 2024 and involve 1,000
companies under a pilot project.
Govt seeks RM23.48 bil
from Consolidated
Fund for additional
expenditure
BY CHOY NYEN YIAU
theedgemalaysia.com
has also tabled a second bill, the Supply
(Reallocation of Appropriated Expend-
iture) Bill 2024, in the Lower House, to
reallocate RM648.54 million to facilitate
the restructuring of the Cabinet follow-
ing Prime Minister Anwar Ibrahim’s first
Cabinet reshuffle in December 2023.
The biggest reallocation was RM340.1
million for the Ministry of Energy Tran-
sition and Water Transformation, which
was split from the Ministry of Natural
Resources, Energy, and Climate Change.
The second biggest reallocation was
RM182.26 million for the Ministry of
Digital, followed by the Prime Minis-
ter’s Department (RM64.91 million), the
Ministry of Communications (RM37.38
million), the Public Service Department
(RM21.67 million), the Ministry of Na-
tional Unity (RM1.43 million), and the
Ministry of Entrepreneur and Coopera-
tive Development (RM783,700).
Both bills were tabled by Deputy Fi-
nance Minister Lim Hui Ying and will
be debated in this current Parliament
session.
Assessment of HSR
proposals to focus
on minimising govt’s
financial input, says
transport minister
BY CHOY NYEN YIAU
theedgemalaysia.com
KUALA LUMPUR (March 14): The
Transport Ministry will be examining
concept proposals for the Kuala Lum-
pur-Singapore high-speed rail (HSR)
project with a focus on minimising fi-
nancial implications for the government.
Transport Minister Anthony Loke
confirmed that he has received the pre-
liminary report from MyHSR Corp Sdn
Bhd for the HSR project, saying the as-
sessment has yet to be finalised at the
ministry level.
“After we finalise the evaluation, it
will be taken up to the prime minister
and deputy prime minister to decide
the direction of the HSR project,” Loke
said during ministerial question time in
Dewan Rakyat on Thursday.
Loke was responding to Khairil
Nizam Khirudin (PN-Jerantut), who
enquired about the status of the HSR
project and whether the project would
be funded by the government.
Loke reiterated that the government’s
intention for the HSR project is to be
led by the private sector without any
injection of government funds.
“Among the main decisions that the
government has made is that the project
will not involve the injection of govern-
ment funds, and it must be funded by
the private sector. However, whether it
is fully funded or any component will
involve financial implications (from the
government), we will have to see,” Loke
said.
Malaysia and Singapore signed a
bilateral agreement for the 350km rail
project back in 2016. It was supposed
to be completed in 2026 and targeted
significantly reduced travel time between
Kuala Lumpur and the island republic
of just 90 minutes.
However, the railway project was can-
celled on January 1, 2021 by the Perika-
tan Nasional-led government, resulting
in Malaysia having to pay RM320 mil-
lion in compensation to Singapore as
part of the bilateral agreement.
Read the full story
 F R I D AY M A R C H 1 5 , 2 0 2 4
HSBC Premier Elite: Meeting the
evolving demands of Malaysia’s affluent
I
n an era when the demands of the affluent
are becoming more diverse, HSBC, lever-
aging its strength in international and wealth
management services, has launched Pre-
mier Elite, a new addition to its elevated suite
of services that caters to the evolving needs
and aspirations of the growing wealth seg-
ment, specifically high net worth individuals in
Malaysia, paired with lifestyle solutions that go
beyond traditional banking offerings.
In 2022, the total liquid assets of affluent
individuals in Malaysia (with assets exceed-
ing US$100,000) stood at US$307 billion,
with the high-net-worth category (those with
balances exceeding US$1 million) accounting
for over half of the figure1.
Premier Elite is an elevated service aimed
at high-net-worth customers, with bespoke
structured investments, dedicated bond ser-
vices, wealth and legacy preservation, and in-
ternational banking services. It also provides
exclusive concierge services through HSBC’s
partnerships, including worldwide medical
assistance, global dining and travel privileges,
as well as international tax advisory support.
HSBC Bank Malaysia CEO Datuk Omar
Siddiq noted the acceleration in Malaysia’s
growth trajectory, driven by the government’s
initiatives to attract more significant foreign
direct investments and catalyse the domes-
tic direct investment flows under the Madani
Economy framework and the New Industrial
Master Plan.
He added that these efforts will benefit the
economy, bolster Malaysia’s wealth narra-
tive and support the country’s transition to a
high-income nation.
“As a leading international bank with a
140-year presence in Malaysia, we have
always sought to support the needs of our
customers and clients to continue to open up
a world of opportunity for them.
“Our Premier Elite service is in line
with HSBC’s commitment to continuous-
ly strengthen our offers to meet the evolving
needs and aspirations of Malaysia’s growing
wealth segment while also expanding our
wealth business in the country,” said Omar.
Meanwhile, HSBC Malaysia country head
of wealth and personal banking Linda Yip high-
lighted the shift in the wealth paradigm in Ma-
laysia, with affluent customers now spanning a
wider range of generations and personas.
“At HSBC, we are harnessing our interna-
tional strengths and leading wealth capabil-
ities to deliver a solution to address the de-
sires of this ever-expanding wealth segment.
Premier Elite has something for everyone to
meet their individual needs across their differ-
ent stages of life and has been skilfully craft-
7 THEEDGE CEO MORNING BRIEF
(From left) Daniel Lim, Head of Distribution, HSBC Malaysia, Heather Goh, Head of Customer
& Marketing, HSBC Malaysia, Kai Zhang, Head of Wealth and Personal Banking, South Asia
HSBC, Linda Yip, Country Head of Wealth and Personal Banking, HSBC Malaysia,
Raja Amir Shah Raja Azwa, CEO of HSBC Amanah Malaysia and Jon Chivers,
Head of Wealth Management, HSBC Malaysia.
ed to provide all-round wealth, lifestyle and try and enjoy access to any HSBC Premier
health services, and privileges to our high- Centre in Malaysia and other cities worldwide.
net-worth customers,” she said. Premier Elite customers are entitled to Elite
Premier Elite is open to new HSBC and Concierge Privileges, including lifestyle bene-
HSBC Amanah Premier customers with a total fits that feature priority booking and compli-
relationship balance or TRB of at least RM3 mentary refreshments or desserts at Miche-
million with the bank, while existing Premier lin-starred and top-ranked restaurants in Asia,
customers currently maintaining this TRB lev- two complimentary airport limousine services
el will be converted to Premier Elite customers. at selected airports locally and overseas, 12
In conjunction with the launch, HSBC Pre- complimentary access to exclusive airport
mier Elite customers will stand a chance to be lounges worldwide, and enhanced Air Miles
rewarded with a limited edition HSBC 999.9 accumulation with the HSBC Premier Travel
Pure Gold Banknote when they place a min- Mastercard Credit Card.
imum of RM3mil in investment and/or insur- Additionally, Premier Elite customers can
ance/takaful or combination of both2. benefit from exclusive vehicle and private jet
charter discounts.
Premier Elite ensures peace of mind for
customers with 24/7 global medical assis-
Limited Edition
HSBC 999.9 Pure tance, worry-free hospitalisation at select-
Gold Banknote ed medical institutions, and comprehensive
medical evacuation and repatriation services.
Protective health privileges extend to
comprehensive medical coverage with a high
annual limit and no lifetime limit, including an
The bank offers its Premier Elite customers option for outpatient specialist visits and daily
Priority Product Preview for the latest wealth cash benefits during hospitalisation.
solutions, wealth insights exclusively curated Moreover, Premier Elite accords priority
by HSBC’s chief investment officer, bespoke services with round-the-clock access to
structured investments across multiple asset Personal Premier Elite Assistance, support
classes, access to newly issued bonds, sukuk from dedicated Premier Relationship Man-
and private placements, diverse mutual fund agers and the expertise of a team compris-
choices, and ease of access to available li- ing senior wealth specialists who are able to
quidity via wealth portfolio lending. develop a global perspective.
Premier Elite customers are afforded ac-
cess to international tax advisory support
1
from EY. They can also manage all their ac- GlobalData (https://www.globaldata.com/)
counts from one place and make zero-fee
2
transfers between accounts with HSBC HSBC/HSBC Amanah Wealth 999.9 Gold Notes
Global View and HSBC Global Transfers. Promotion Terms and Conditions apply. Actual
Furthermore, they can open their interna- product specifications may vary from the visual
tional accounts before leaving their home coun- shown above and for illustration purpose only.
 F R I D AY M A R C H 1 5 , 2 0 2 4
KUALA LUMPUR (March 14): In light
of the ongoing trade war between the US
and China, Malaysia has emerged as a sur-
prising victor in the global semiconductor
industry, the Financial Times (FT) and New
York Times (NYT) reported.
As rival manufacturers from the two
global powerhouses face constraints, man-
ufacturers in Malaysia are harnessing the
chance to upscale their operations and ex-
tend their global market footprint.
According to FT, the Southeast Asian
country is leveraging its history of work-
ing with multinationals and improving its
commercial ecosystem to rise in the sector.
Escalating tensions between the US and
China present multinational chipmakers
with the challenge of supply chain diver-
sification, and Malaysia is ready and able
to meet this demand.
Home to operations from the likes of
Intel and STMicroelectronics, Malaysia
has strategically upgraded its semiconduc-
tor capabilities in recent years.
NYT highlighted Malaysia’s fortuitous
trade links, as well as its focus on talent de-
velopment in areas such as artificial intelli-
gence (AI) and machine learning (ML), as
it positions itself to attract businesses look-
ing for alternatives to China and the US.
Furthermore, the domestic investment
agency Mida plans to offer additional in-
centives for companies investing in auto-
mation and AI. It recognises the impor-
tance of encouraging innovation to attract
more global businesses.
KUALA LUMPUR (March 14): CTOS
Digital Bhd on Thursday said its wholly
owned unit CTOS Data Systems Sdn
Bhd (CDS) has applied for a stay of ex-
ecution of a High Court judgement af-
ter CDS was ordered to pay damages to
its client over inaccurate negative credit
rating.
Prior to filing the stay of execution,
CTOS said on Monday that CDS had
lodged a notice of appeal to the Court of
Appeal over the High Court’s judgement.
According to the judgement dated
March 7, the High Court ordered CDS
to pay businesswoman Suriati Mohd
Yusuf RM200,000 in damages, along with
RM50,000 in costs, for an inaccurate neg-
ative credit rating.
Suriati alleged that CDS had given her
a negative credit rating based on inaccu-
rate information, leading to personal and
business losses.
She also alleged that CDS had breached
its purported duty of care, impacted her
ability to obtain bank loans, and further
claimed that the credit reporting agency
had defamed her.
8 THEEDGE CEO MORNING BRIEF
H O M E
Malaysia emerges
Operational flexibility and practical risk
management have also bolstered Malay-
as winner in
sia’s semiconductor industry.
A survey conducted by FT cited the
semiconductor
country’s manufacturing strength and
logistic advantages as crucial factors helping
industry amid
these businesses thrive while reducing risk.
Volatile geopolitics has forced multina-
US-China trade
tional companies to rethink their reliance on
China for semiconductor production, and
war — reports
with the US placing restrictions on exports
to China, businesses are looking for options.
According to NYT, it’s not just about
finding a cheaper manufacturing alterna-
BY ISABELLE FRANCIS tive; it’s about finding a strategically suit-
theedgemalaysia.com able location lying outside the remit of
geopolitical tensions.
REUTERS While Washington and Beijing contin-
ue to battle, Malaysia is reprising its role
as a global manufacturing hub and is set
to take a lead role in the rapidly evolving
semiconductor industry.
In addition, the country’s mature elec-
tronics ecosystem, combined with the
Putrajaya’s forward-leaning approach to
attract further investors, strengthens its
position.
The US-China trade war has undoubt-
edly caused turbulence in the global mar-
kets, but it seems to have drawn a surpris-
ing victor to the forefront.
If its strategic initiatives and operational
flexibility continue to attract multinational
companies, Malaysia may very well secure
a bright future in the global semiconductor
industry, both FT and NYT concluded.
CTOS seeks stay
It also stressed that there was no evidence
(before the High Court) that CDS’ credit
of execution of
score reports were published to any third par-
ties, which could lead to defamation claims.
High Court’s
Meanwhile, on the High Court deci-
sion that CDS and other credit reporting
judgement over
agencies are not legally empowered to for-
mulate a credit score, CTOS noted that it
inaccurate
was not raised by the plaintiff in her claim;
thus, CDS did not have the opportunity
credit rating
to explain the requirements of the regu-
latory framework and its full compliance.
“To the extent that it can be said that
the observation of the learned judge re-
BY ANIS HAZIM garding the absence of any provision under
theedgemalaysia.com the Credit Reporting Agency (CRA) Act
empowering CDS to formulate a credit
CTOS, however, said that CDS has a score was a finding where CDS did not
good chance of success in its appeal as have the benefit of natural justice as it was
there is no duty of care to protect its cli- not part of the plaintiff’s claim and CDS
ent’s reputation. had thus not been afforded a full oppor-
“Reputational loss must be made the tunity to be heard,” it explained.
subject of a claim in defamation. The High “In this regard, it was not in evidence
Court did not find that CDS had defamed the that the plaintiff had lodged a complaint
plaintiff (Suriati). It found, instead, that CDS with the registrar under the CRA Act
had breached its duty of care to the plaintiff,” against CDS for it having acted in con-
CTOS said in a bourse filing on Thursday. travention of the said statute,” it added.
 F R I D AY M A R C H 1 5 , 2 0 2 4 9 THEEDGE CEO MORNING BRIEF

H O M E

THE EDGE FILE PHOTO

KUALA LUMPUR (March 14): Bermaz XPeng Motors’ stock is publicly traded

Bermaz Auto
Auto Bhd has secured the rights to sell on the New York Stock Exchange and the
XPeng’s vehicles and spare parts in Malay- Hong Kong Stock Exchange.

adds China EV
sia, and to provide after-sales services for “This new distributorship will comple-
the Chinese electric vehicle (EV) marque. ment our group’s existing EV business and

maker XPeng’s
Bermaz Auto currently has distribu- will bring positive synergistic benefits to all
torship rights for two other automotive parties. It is also in line with our group’s

distributorship
marques — Mazda and Kia — after au- sustainability initiatives to manage and
tomotive giant Stellantis decided to take minimise our environmental footprint by

to its portfolio
over the sales and distribution of Peugeot
vehicles in Malaysia from Bermaz Auto
from March 1 this year.
The XPeng distributorship was award-
ed by Shenzhen Xiaopeng Motors Supply
Chain Management Co Ltd (Shenzhen
XPeng) and Guangzhou Xiaopeng Mo-
tors Trading Co Ltd (Guangzhou XPeng),
Bermaz Auto said in a statement.
Shenzhen XPeng and Guangzhou XPeng
oversee the distribution and sale of XPeng’s
smart EVs, sale of spare parts and merchan-
dising, and the provision of after-sales ser-
vices globally, according to Bermaz.
Both Shenzhen XPeng and Guangzhou
XPeng are affiliates of Guangzhou Xiao-
peng Motors Technology Co Ltd (XPeng
Motors), the manufacturer of the XPeng
marque smart EVs that is headquartered
in Guangzhou, China, with offices in Cal-
ifornia, US and Munich, Germany.
introducing more green vehicles and tech-
nologies,” said Bermaz Auto chief execu-
tive officer Datuk Francis Lee Kok Chuan.
“XPeng group intends to expand its
BY CHESTER TAY business operations over the next three
theedgemalaysia.com years. Artificial intelligence is the key area
of investment, designed to make our smart
EVs more efficient, convenient, and acces-
sible to appeal to the large and growing
base of technology-savvy middle-class con-
sumers. Our mission is to drive smart EV
transformation with technology, shaping
the mobility experience of the future and
to optimise our customers’ mobility experi-
ence,” said XPeng founder and chief exec-
utive He Xiaopeng in the same statement.
Bermaz Auto shares dipped seven sen
or 2.8% to close at RM2.41 on Thursday,
giving it a market capitalisation of RM2.82
billion.Year to date, the stock has climbed
3.43%.

SMI files judicial

KUALA LUMPUR (March 14): South SMI said its board of directors will con-
Malaysia Industries Bhd (SMI) has filed a vene an emergency board meeting next

review against
judicial review against the Securities Com- Monday (March 18) and seek legal advice
mission Malaysia (SC) to compel the capital on the notices from Honsin and Fu Shen.

SC on complaint
markets regulator to come up with a decision SMI’s largest shareholder is Asian PAC
on a complaint it made nearly a year ago. Holdings Bhd, which owns a direct 2.25%

it made nearly
SMI is seeking a mandamus order to and an indirect 9.3% stakes. Mah Sau
compel the SC to conform with the rules Cheong, who is Asian PAC’s single-largest

of natural justice “in giving due consideration
to and conduct of a proper hearing” on the
group’s complaint dated March 23 last year.
The complaint was regarding an al-
leged breach of the Capital Markets and
Services Act 2007 by SMI’s substantial
shareholders Honsin Apparel Sdn Bhd
and HIQ Media Sdn Bhd and other par-
ties acting in concert (PACs) with them.
The leave application has been fixed for
hearing on April 29 this year, said SMI in a
stock exchange filing on Thursday.
Honsin is wholly owned by Techbase In-
dustries Bhd, formerly known as Prolexus
Bhd, which also owns 51.91% in HIQ.
In March 2023, SMI filed a complaint to
the SC, alleging that Honsin and the PACs
had taken control of over 33% of the compa-
ny’s shareholdings without making a man-
datory takeover offer.
Honsin has made several attempts to
wrest control of SMI’s board, but to no
avail so far.
According to its filing on Thursday, SMI
is also seeking an order from the court to
a year ago
BY CHESTER TAY
theedgemalaysia.com
compel the SC to make a proper and defini-
tive decision on its complaint, in accordance
with proper procedures, and to communi-
cate it to the group, with the basis and rea-
son for its decision set out.
Earlier this week, Honsin, which owns
a direct 7.5% stake in SMI, filed a notice
to express its intention to appoint Hong
Zheng Hong and Tan Eng Gooi as di-
rectors in SMI’s annual general meeting
(AGM) on March 27.
Another shareholder, Chong Fu Shen,
also expressed intention to appoint himself,
Lum U-Jun, Chong Fu Chih and Loo Choo
Hong as directors in the upcoming AGM.
Fu Shen holds 0.7% interest in SMI,
which makes him one of the group’s largest
30 shareholders.
shareholder with a 32% stake, also owns a
direct 7.65% interest in SMI.
SMI, which has been loss-making since
2019, is involved in managing carparks,
manufacturing assorted wires, and property
development, none of which are profitable.
As of its second quarter ended Dec
31, 2023 (2QFY2024), SMI’s deposits,
bank and cash balances stood at RM9.76
million, with short-term borrowings of
RM8.9 million and long-term borrow-
ings of RM6.48 million.
It is worth noting that the group owns
Menara SMI, a 15-storey office tower situat-
ed along Lorong P Ramlee here.The group
also owns and operates 2,230 car park bays
in Kelana Square and 1,227 car park bays
in Zenith Corporate park in Kelana Jaya.
According to SMI’s 2QFY2024 balance
sheet, it has total assets worth RM154.61
million, 59% or RM90.58 million being
investment properties.
SMI shares closed half a sen or 0.8% low-
er at 63 sen on Thursday, giving it a market
capitalisation of RM132.26 million.
 F R I D AY M A R C H 1 5 , 2 0 2 4
Exsim says property business won’t be
injected into Pan Malaysia Holdings
KUALA LUMPUR (March 14): Exsim
Development Sdn Bhd said on Thursday
that its property development business
will not be injected into Pan Malaysia
Holdings Bhd (PMHB). The company
clarified in a statement that it is not
related to Exsim Hospitality Holdings Sdn
Bhd, which was acquiring a 65.9% stake
in PMHB even as both companies have
the same group of shareholders. “It is not
the intention of the shareholders to inject
the property development business of
Exsim into PMHB,” Exsim Development
added. Exsim Development’s statement
came after Exsim Hospitality, owned
by Lim’s brothers — Lim Aik Hoe, Lim
Aik Kiat, and Lim Aik Fu, completed the
acquisition of a 65.9% stake in PMHB for
RM36.73 million. The company bought
the shares at six sen apiece from three
companies linked to tycoon Tan Sri
Khoo Kay Peng, with Exsim Hospitality
obliged to extend an unconditional
offer for the remaining shares in PMHB
under Malaysian takeover rules. Further,
Exsim Development said that it will
continue to develop properties while
Exsim Hospitality focuses on hospitality
management. — by Syafiqah Salim
Public portion of Prolintas Infra
Business Trust’s IPO oversubscribed
by 3.59 times
KUALA LUMPUR (March 14): The public
portion of Prolintas Infra Business
Trust’s initial public offering (IPO) of 27.5
million units was oversubscribed by 3.59
times after receiving a total of 7,211
applications for 126.17 million units, with
a total value of RM119.9 million. Under
the allocation for the Malaysian public,
the Bumiputera portion received a total of
2,881 applications for 32.34 million units,
representing an oversubscription rate
of 1.35 times, while 4,330 applications
for 93.83 million units were received
under the other Malaysian public portion,
representing an oversubscription rate of
5.82 times, said Prolintas in a statement
on Thursday (March 14). The IPO was
priced at 95 sen per share, valuing the
highway concession owner at RM1.05
billion. Meanwhile, Prolintas Infra said the
institutional offering, which comprises
422.95 million units made available to
institutional and selected investors,
including Bumiputera investors approved
by the Ministry of Investment, Trade and
Industry (Miti), has been fully subscribed.
— by Chester Tay
10 THEEDGE CEO MORNING BRIEF
H O M E
NEWS IN BRIEF
Econpile bags RM83 mil contract for earthwork-related jobs
KUALA LUMPUR (March 14): Piling and foundation specialists Econpile Holdings
Bhd has secured a contract worth RM83 million to undertake the sub-contract
works consisting of earthworks, retaining structure, piling, and road deck and
ancillary works, among others. In a filing to Bursa Malaysia on Thursday, Econpile
said its wholly owned subsidiary Econpile (M) Sdn Bhd had accepted the letter of
award from BRDB Developments Sdn Bhd and the project is set to be completed
within 18 months from March 1, 2024. The sub-contract works are for the proposed
development of 146 units of villa residences, including common facilities and club
house in Taman Duta, Bukit Tunku, Kuala Lumpur. — by Luqman Amin
Coastal Contracts acquires 82%
BHIC secures contract extension stake in developer of overwater
from Mindef worth RM3.5 mil resort in Sabah
KUALA LUMPUR (March 14): Boustead KUALA LUMPUR (March 14): Energy
Heavy Industries Corp Bhd (BHIC) has infrastructure and marine services
received a contract extension from the provider Coastal Contracts Bhd has
Ministry of Defence Malaysia (Mindef) ventured into the tourism industry by
worth RM3.5 million. In a filing with acquiring an 82% equity interest in a
Bursa Malaysia on Thursday, BHIC company undertaking an overwater
said its wholly-owned subsidiary BHIC resort in Sabah for RM18.98 million.
Submarine Engineering Services Sdn The group said it acquired the stake
Bhd (BSES) had on Feb 26 received the in Jewel of Mabul Development Sdn
Letter of Award dated Feb 14 for the Bhd (JOMD) by acquiring 100,000
extension of the submarine facilities shares in the company from Richard
upkeep contract for the Royal Malaysian Christopher Barnes and subscribing
Navy. The extension is for a contract for another 1.72 million shares. JOMD
period of 45 days from Jan 1 until Feb owns 31.15 hectares of land in Pulau
14. “A formal contract between the Mabul in Sabah’s Semporna district on
government of Malaysia and BSES will which the company is developing an
be finalised and executed at a later overwater bungalow resort. Certain
date,” BHIC said. — by Emir Zainul piling works for the land has been
partly completed by the company,
said Coastal Contracts in a filing with
Bursa Malaysia. KK Soho House Sdn
Bhd — owned by Barnes and existing
JOMD director Lo Ming Leong — holds
the remaining 18% stake in JOMD. The
group said it will inject RM50 million
in the form of share subscription in
JOMD to develop Phase 1 of the resort
project. — by Anis Hazim
HeiTech Padu sees emergence of another new substantial shareholder
KUALA LUMPUR (March 14): HeiTech Padu Bhd saw Datuk Farhash Wafa
Salvador emerge as a new substantial shareholder with an indirect interest of
15.9% or 16.1 million shares acquired earlier this week. Farhash was formerly
political aide to Prime Minister Datuk Seri Anwar Ibrahim and PKR’s Perak chief.
He was appointed as executive chairman of Excel Force MSC Bhd in May last year,
and group executive chairman of Apex Equity Holdings Bhd in December 2022.
HeiTech told Bursa Malaysia that Farhash has deemed interest in the company via
a private vehicle Rosetta Partners Sdn Bhd, which bought 9.69 million shares on
Tuesday (March 12) and 6.16 million shares on Monday. The acquisition was done
via a direct business transaction, according to HeiTech’s stock exchange filing on
Thursday. The acquisition price was not disclosed, but according to Bloomberg
data, there were 9.69 million HeiTech shares crossed off market at RM2.15 apiece
on Tuesday, a 27% discount versus the stock’s closing price of RM2.95 on the
same day. — by Chester Tay
F R I D AY M A R C H 1 5 , 2 0 2 4 11 THEEDGE CEO MORNING BRIEF
 F R I D AY M A R C H 1 5 , 2 0 2 4 12 THEEDGE CEO MORNING BRIEF

H O M E

Appellate court upholds conviction, sentence

against six over Kevin Morais’ murder
BY HAFIZ YATIM
theedgemalaysia.com

PUTRAJAYA (March 14): The Court of

Appeal has upheld the High Court’s con-
viction and sentence on pathologist Col
(Rtd) Dr R Kunasegaran and five others
for the murder of deputy public prosecutor
(DPP) Datuk Kevin Morais nine years ago.
In a unanimous decision read out by
judge Datuk Hadhariah Syed Ismail, the
three-person bench dismissed the appeal
by Kunasegaran, money-lender S Ravi
Chandaran, along with R Dinishvaran,
S Nimalan, AK Thinesh Kumar, and M
Vishwanath.
“The bench found that the murder was
planned carefully and the murder case is
out of the ordinary. The High Court’s de-
cision is correct.
“The conviction and sentence of death
by hanging is correct. That is the appro-
priate sentence in this gruesome case. The
conviction and sentence is maintained,”
judge Hadhariah said.
Hadhariah sat with judges Datuk
Ahmad Zaidi Ibrahim and Datuk Azmi
Ariffin.
She passed the conviction and sentence
without hearing mitigation from lawyers
representing the six accused, despite courts
in death sentence cases being given the
discretion to commute the sentence to life
imprisonment.
Kunasegaran’s counsel Datuk N Siva-
nanthan said since the court had already
decided on the conviction and sentence,
without hearing mitigation, then the par-
ties would not mitigate.
Sivananthan when met outside the
court said this is the first time that he
had been deprived of the opportunity to
mitigate the sentence, and especially con-
sidering that the government had passed
laws last year giving judges the discretion
on such death penalty cases.
“After seeing the grounds of judgment,
we will appeal the matter to the Federal
Court,” he said.
The Federal Court, which is the apex
bench, is the final level of appellate appeals.
The High Court had convicted all six
on July 10, 2020, with murdering Morais
somewhere along the way from Jalan Duta-
mas Raya, Sentul, to No 1, Jalan USJ1/6D,
Subang Jaya, between 7am and 8pm on
Sept 4, 2015. Morais’ body was found in a
cement-filled drum which had been thrown
into a swamp in Subang Jaya.
His body was found in a foetal posi-
tion inside a gunny sack that had been
placed in a steel drum filled with cement.
Five of the accused, with the exception
of Kunasegaran, were involved with hit-
ting Morais’ Proton Perdana vehicle af-
ter he left his home and then abducting
the DPP.
Hadhariah, who read her brief grounds,
said five of the accused had planned the
crime, as they met at 5.30am and went
together to the victim’s house in two cars.
She said one of the accused’s cars, a
Mitsubishi Triton, had hit Morais’ car and
the others in a different Proton Perdana
car took the victim into their car.
“Morais’ car was found 100% burnt at
a palm oil farm in Hutan Melintang, Perak
and his personal belongings were thrown
into a river,” judge Hadhariah added.
Not just one person involved in
murder
The judge ruled that there was a common
motive to kill Morais as Kunasegaran had
problems with a corruption case where
Morais was the DPP.
“The murder could not have been com-
mitted by a single person only, as evidence
shows that the five accused had travelled
down from Kedah to Kuala Lumpur to
commit the crime as they were hired by
Kunasegaran,” she said.
The judge said that a former co-ac-
cused, G Gunasekaran, who was the 54th
prosecution witness, had testified in detail
over their involvement from the accident,
the disposing of Morais’ vehicle, and the
buying of the cement and the steel drum
in which to place the body.
Hadhariah said while the accused de-
fence claimed that Gunasekaran’s testimo-
ny could not be trusted, the court ruled
and agreed with the High Court judge that
his (Gunasekaran) testimony was support-
ed by evidence, and his testimony was safe.
“The court finds there is much evidence
from Gunasekaran’s testimony that sup-
ports the High Court’s findings that found
the guilt of all six accused. Hence, there
is no need to disturb the findings by the
High Court,” she said.
She added that Kunasegaran admitted
in his defence testimony that he had shown
a picture of Morais’ burnt car to Gunase-
karan as was testified by the witness (Gu-
nasekaran), and this is recognised as a fact.
The defence by the other five accused that
they did not have a motive and did not know
the victim was considered as an afterthought.
For these reasons, the appellate court
found the conviction of the six accused
to be safe and the conviction is upheld.
Deputy public prosecutors Datuk
Mohd Dusuki Mokhtar and Mohd Fuad
Abdul Aziz appeared for the prosecution.
 F R I D AY M A R C H 1 5 , 2 0 2 4
Two COA
judges to be
elevated to
Federal Court
next Monday,
says source
BY HAFIZ YATIM
theedgemalaysia.com
PUTRAJAYA (March 14): Two
Court of Appeal (COA) judges are
expected to rise to the Federal Court
level next Monday (March 18) to fill
vacant posts.
This follows the retirement
of Chief Judge of Malaya Tan Sri
Mohamad Zabidin Md Diah ear-
lier this year, and another vacancy
at the Federal Court.
A source confirmed with The
Edge the proposed elevation of the
two judges, as invitations have been
sent out to several media (including
The Edge) on Thursday for the event
on Monday afternoon.
The two judges are expected to
receive their instruments of appoint-
ment before the His Majesty Sultan
Ibrahim, King of Malaysia, on Mon-
day morning, and take their oath
before Chief Justice Tun Tengku
Maimun Tuan Mat later.
At the moment, there are five
senior appellate court judges out of a
lineup of 27 COA judges that could
be selected, namely Datuk Hanipah
Farikullah, Datuk Seri Kamaludin
Md Said, Datuk Lee Swee Seng,
Datuk Azizah Nawawi and Datuk
Vazeer Alam Mydin Meera. How-
ever, the elevation of judges is not
necessarily bound by seniority.
The Court of Appeal is the fi-
nal avenue of appeal for cases that
originate from the Magistrates and
Sessions courts. It can accommo-
date up to 32 judges, although five
positions are currently vacant. With
the elevation of the two COA judg-
es on Monday, there will be seven
vacancies at the appeals court level.
Meanwhile, at the same event,
two judicial commissioners from
Sabah and Sarawak, and one from
Peninsular Malaysia, are expected to
be confirmed as High Court judges.
13 THEEDGE CEO MORNING BRIEF
H O M E
Rosmah’s bid to
rope in police,
govt in Lebanese
jeweller lawsuit to
be heard in May
BY TARANI PALANI
theedgemalaysia.com
KUALA LUMPUR (March 14): Datin
Seri Rosmah Mansor’s application to rope
in the police and the government as third
parties in a US$14.57 million (RM68.3
million) lawsuit over 40-odd ‘missing’ piec-
es of jewellery has been set for hearing on
May 29.
Rosmah’s counsel Rajivan Nambiar con-
firmed the matter with The Edge on Thurs-
day, adding that the matter will be heard
before High Court judge Ong Chee Kwan.
This is part of Lebanese jeweller Glob-
al Royalty Trading SAL’s lawsuit against
former prime minister Datuk Seri Najib
Razak’s wife for breach of contract over
43 pieces of jewellery which are allegedly
missing following a raid by the authori-
ties in 2018.
As part of her defence, Rosmah had
contended that if the 43 pieces of jewel-
lery were lost, the police or the Malaysian
government should be made responsible
for the losses.
She also claimed that the pieces of jew-
ellery were in the possession of the author-
ities at all material time. Among others,
Rosmah is asking for the police and the
government to compensate and/or con-
tribute to the reliefs sought by the jeweller.
ZAHID IZZANI/THE EDGE
A defendant can initiate this against a
third party who is not part of the main
suit, in order to claim contribution, in-
demnity or any remedy which is claimed
by the plaintiff.
The firm, which boasts A-list clientele
like Oprah Winfrey and Angelina Jolie, had
refiled the US$14.57 million suit in April
last year for the pieces of jewellery which
were despatched to Rosmah in February
2018.
In her statement of defence, Rosmah
had said there were companies like Global
Royalty which sought publicity for their
products, and wanted her to be their cus-
tomer. She added that items would be sent
to her to attract buyers and she was not
obligated to purchase them.
In reply, the firm had said that it was a
“well-established and renowned jeweller”
operating internationally and did not need
additional publicity from Rosmah.
Previously, the High Court had also dis-
missed the international jeweller’s appli-
cation for a summary judgement against
Rosmah. Ong had ruled that there were
triable issues in the case which needed to
be ventilated in a full trial.
The court had also allowed Rosmah’s
security for cost application and fixed se-
curity cost at RM75,000 to be paid by the
Beirut-based firm.
Rosmah filed the security for cost ap-
plication, arguing that if she was success-
ful in the lawsuit, she would have trouble
seeking costs from Lebanese-based Global
Royalty as it is outside the jurisdiction of
the Malaysian courts, and Malaysia does
not have a reciprocal enforcement judge-
ment in Lebanon.
Rosmah had sought for the jewellery
company to pay the security costs of US$1
million or its equivalent in Malaysian ring-
git within 14 days of the court order.
 F R I D AY M A R C H 1 5 , 2 0 2 4 14 THEEDGE CEO MORNING BRIEF

H O M E

CYBERJAYA (March 14): The govern- According to Fahmi, any action against

Fahmi: No plans
ment has no plans to create a specific act users will be based on existing laws, and
for the purpose of regulating social media the most effective measure is deactivating

to create a new
platforms, said Communications Minister their accounts.
Fahmi Fadzil. Earlier, while launching the e-Farmasi

law to regulate
He said the government has never an- application by Telekom Malaysia (TM),
nounced any intention for the drafting of Fahmi said it aimed to accelerate the dig-

social media
such an act. italisation of healthcare service providers,
“I have never heard of a social media especially micro, small, and medium enter-

platform regulation act, this is my first time
hearing it. At this time, the ministry and
the government have no plans to create
a new law to regulate social media plat-
forms,” he said after launching the Penye-
lesaian e-Farmasi mobile application here
on Thursday.
Previously, the Malaysian Commu-
nications and Multimedia Commission
(MCMC) was reported to be in the pro-
cess of preparing a framework to enable
all social media platform providers to
register with the commission to facili-
tate the regulation of such platforms in
the country.
Meanwhile, Fahmi said MCMC has
been asked to expand its methods to iden-
tify parties involved in online gambling
promotions and to deactivate the accounts
involved.
“Each of these social media platforms
has its own community guidelines. Gen-
erally, abusing the platform to engage in
illegal activities or violate the laws of the
country can result in their accounts be-
ing affected and possibly unable to access
those accounts.
platforms
Bernama
BERNAMA
“So, I suggest not jeopardising the use
of these platforms just for the sake of a
little money or reward because there are
several steps that can be taken to impose
drastic restrictions, especially against those
involved in unauthorised activities such as
online gambling,” he said.
prises (MSMEs), focusing on e-prescrip-
tion solutions through teleconsultation.
He said the initiative was a continuation
of the cooperation between MCMC and
the Malaysian Pharmacists Society (MPS)
during the PEDi Madani Conference held
last November.
The initiative aligns with the govern-
ment’s efforts to ensure a connected
healthcare system, gathering industry ex-
pertise, regulatory standards, platforms,
and user-friendly services.
“This solution also reflects a significant
step forward by channelling technology to
segments such as pharmacists, empowering
them to provide pharmaceutical services
to more people, especially rural commu-
nities,” he said.
Fahmi said the Madani MSME Digital
Grant (GDPM) offered by the government
provides incentives for accessing technol-
ogy and improving operational efficiency,
productivity, and services to the people.
He said qualified pharmacies and
healthcare centres have the opportunity
to receive grants of up to 50% for connec-
tivity services and e-Pharmacy solutions.

Court suggests
KUALA LUMPUR (March 14): The Ses- was overseen by a Board of Trustees ap-
sions Court on Thursday proposed an am- pointed by the government, which at the

amicable
icable resolution to the lawsuit between time was the Barisan Nasional adminis-
Datuk Seri Dr Dzulkefly Ahmad and Da- tration. Furthermore, he highlighed that

settlement for
tuk Dr Asyraf Wajdi Dusuki regarding a he was not a minister, and the Pakatan
Twitter post allegedly defaming the Health Harapan political party was not in power

Dr Dzulkefly’s
Minister. at that time.
Lawyer Mohamed Shahrul Fazli “In making the appointment, my daugh-

defamation suit
Kamarulzaman, representing Dr Asyraf, ter’s merit and qualifications were objec-
who is Umno secretary-general, said that tively evaluated. In addition, the Ministry

Judge Norakhmar Mohd Sani proposed
an amicable resolution during the pro-
ceedings in chambers in the presence of
counsel Jaden Phoon Wai Ken, represent-
ing Dr Dzulkefly.
“The judge said the parties can reach
a settlement before the trial scheduled for
Jan 20 to 24, 2025,” he told reporters here.
Mohamed Shahrul Fazli said the trial
was supposed to be on Thursday, but it
was postponed because Dr Dzulkefly was
not feeling well.
On April 12, 2022, Dr Dzulkefly filed
a lawsuit against Dr Asyraf for allegedly
posting defamatory content on his Twit-
ter account on Aug 24, 2020, which was
also shared on the defendant’s Facebook.
against Dr Asyraf
Bernama
In the statement of claim, the plaintiff
alleged that the post suggests he engages in
cronyism and nepotism, specifically refer-
ring to the appointment of his daughter as
an Amanah Ikhtiar Malaysia (AIM) board
member, implying misuse of power and
position as Health Minister for personal
and family benefits.
Dr Dzulkefly asserted that the defam-
atory statements are baseless because
when his daughter was appointed, AIM
of Health issued a media statement con-
firming its non-involvement in my daugh-
ter’s appointment,” Dr Dzulkefly said in
his statement of claim.
As such, he is seeking compensation
for general damages, aggravated dam-
ages and exemplary damages as well as
an injunction to prevent the defendant
from reposting or spreading the defam-
atory content and a written apology to
be published either on the defendant’s
Twitter account or in a local newspaper
of the plaintiff ’s choice.
Meanwhile, Dr Asyraf, in his defence
statement, said that the post was not made
with any malicious intent to harm the
plaintiff’s reputation or integrity.
 f r i d ay m a r c h 1 5 , 2 0 2 4
Former Treasury
Secretary
Mnuchin putting
together investors
to buy TikTok,
CNBC reports
Reuters
(March 14): Former US Treasury Secre-
tary Steven Mnuchin is putting together
an investor group to try to buy TikTok, he
told CNBC on Thursday.
His comment comes just a day after the
US House of Representatives passed a bill
that would give the short-video app’s Chi-
nese owner ByteDance about six months
WASHINGTON (March 14): US retail
sales rebounded in February, driven by
increases at auto dealerships and gasoline
service stations, but consumer spending is
slowing as households grapple with infla-
tion and higher borrowing costs.
Retail sales rose 0.6% last month, the
Commerce Department’s Census Bureau
said on Thursday. Data for January was re-
vised lower to show sales tumbling 1.1%
instead of 0.8% as previously reported.
Economists polled by Reuters had forecast
retail sales, which are mostly goods and
are not adjusted for inflation, rising 0.8%
in February.
Sales were held down in January in part
by frigid temperatures and difficulties ad-
justing the data for seasonal fluctuations.
With those factors largely out of the way,
sales are reverting to a more normal pattern.
Retail sales excluding automobiles, gas-
oline, building materials and food services
were unchanged in February.
This so-called core retail sales measure
corresponds most closely with the consum-
er spending component of gross domestic
product (GDP). Core sales for January
were revised to show them decreasing 0.3%
instead of 0.4% as previously reported.
Consumer spending is cooling in the
first quarter after helping to fuel economic
growth in the October-December quarter.
Spending, however, remains supported by
a fairly tight labour market. Economists
see no imminent recession.
The Atlanta Federal Reserve is forecast-
ing GDP increasing at a 2.5% annualized
rate in the first quarter. The economy grew
at a 3.2% pace in the fourth quarter.
15 TheEdge CEO morning brief
w o r l d
to divest the US assets or face a ban.
TikTok had called the bill a “ban” and
urged senators to listen to their constitu-
ents before taking any action.
“I think the legislation should pass and
I think it should be sold,” Mnuchin told
CNBC’s “Squawk Box” on Thursday. “It’s
a great business and I’m going to put to-
gether a group to buy TikTok,” he said.
TikTok CEO Shou Zi Chew said on
Wednesday that the company will exercise
its legal rights to prevent a ban.
US retail sales
rebound in
February; weekly
jobless claims fall
by Lucia Mutikani
Reuters
Consumer spending is holding up de-
spite higher inflation, though households
are increasingly focusing on essentials and
cutting back on discretionary spending.
The Federal Reserve has raised interest
rates by 525 basis points to the current
5.25%-5.50% range since March 2022.
The US central bank is expected to start
cutting rates by June.
A separate report from the Labor De-
partment on Thursday showed initial
claims for state unemployment benefits fell
1,000 to a seasonally adjusted 209,000 for
the week ended March 9. Economists had
forecast 218,000 claims in the latest week.
The number of people receiving bene-
fits after an initial week of aid, a proxy for
hiring, increased 17,000 to 1.811 million
during the week ending March 2.
The government revised the data for
both initial and continuing claims from
2019 through 2023. It also implemented
new models to seasonally adjust both ini-
tial claims and continued claims this year
and the revised seasonal factors for both
series from 2019 through 2023.
Gasoline,
food boost US
producer prices
in February
by Lucia Mutikani
Reuters
WASHINGTON (March 14): US pro-
ducer prices increased more than ex-
pected in February amid a surge in the
cost of goods like gasoline and food,
which could fan fears that inflation was
picking up again.
The producer price index (PPI) for
final demand rose 0.6% last month af-
ter advancing by an unrevised 0.3% in
January, the Labor Department’s Bu-
reau of Labor Statistics said on Thurs-
day. Economists polled by Reuters had
forecast the PPI climbing 0.3%.
A 1.2% jump in the prices of goods
accounted for nearly two-thirds of the
increase in the PPI. Goods prices were
driven by energy products, which surged
4.4% after declining 1.1% in January.
Goods prices had edged down 0.1%
in January.
In the 12 months through February,
the PPI shot up 1.6% after advancing
1.0% in January.
Government data on Tuesday showed
consumer prices increasing strongly for
a second straight month in February.
But economists largely shrugged off the
rise, arguing that difficulties adjusting
the data for price increases at the start
of the year continued to exert an upward
bias on inflation.
Wholesale gasoline prices rose
6.8% last month. There were also in-
creases in the prices of diesel and jet
fuel. But prices for hay, hayseeds, and
oilseeds fell as did those for iron and
steel scrap and asphalt. Food prices
rose 1.0%, amid increases in the costs
of eggs and beef.
Excluding food and energy, goods
prices rose 0.3%, matching January’s
gain. This suggests that goods deflation,
the major driver of lower inflation, was
drawing to an end and services would
need to pick up the slack in easing price
pressure.
Read the full story
Read also: US business inventories
unchanged in January
 F R I D AY M A R C H 1 5 , 2 0 2 4
Yellen says rates
‘unlikely’ to
return to
pre-Covid levels
BY VIKTORIA DENDRINOU &
CHRISTOPHER CONDON
Bloomberg
(March 14): US Treasury Secretary Ja-
net Yellen said it’s “unlikely” that mar-
ket interest rates will return to levels that
prevailed before the Covid-19 pandemic
triggered a wave of inflation and higher
yields.
Asked why White House projections
released Monday showed markedly higher
expectations for interest rates in coming
years compared with projections a year
ago,Yellen said the new numbers were in
line with private sector forecasts.
“I think it reflects current market real-
ities and the forecasts that we’re seeing in
the private sector — that it seems unlikely
that yields are going to go back to being
as low as they were before the pandemic,”
Yellen told reporters Wednesday in Eliz-
abethtown, Kentucky.
The yield on 10-year US Treasury
notes averaged 2.39% in the decade
through 2019 — low by historical stand-
ards. It spiked above 5% last October after
the Federal Reserve raised rates aggres-
sively to combat inflation, and now sits
just below 4.2%.
A considerable debate has emerged
among economists over whether, in the
long run, rates would return to pre-pan-
demic levels or settle higher.
The Treasury chief said “it’s impor-
tant that the assumptions that we built
into the budget are reasonable and con-
sistent with thinking of the broad range
of forecasters.”
Yellen has hinted in recent weeks that
her own views on the issue had shifted. In
January 2023, she indicated it was more
likely that low rates would return. But
this January she said “the jury’s still out”
on the question.
The new White House projections were
part of President Joe Biden’s US$7.3 tril-
lion (RM34.2 trillion) fiscal 2025 budget
proposal. They assume now that the aver-
age rates on three-month and 10-year US
16 THEEDGE CEO MORNING BRIEF
W O R L D
REUTERS
Treasury bills and notes will be markedly
higher over the next three years than they
anticipated a year ago.
Higher forecast
The three-month rate, for example, will
average 5.1% this year, up from the 3.8%
projected last March, White House offi-
cials said. The 10-year yield projection
rose to 4.4% from 3.6%.
A considerable
debate has emerged
among economists
over whether,
in the long run,
rates would
return to pre-
pandemic levels
or settle higher.
The 10-year yield projection might
have been even higher but for the inter-
vention of Lael Brainard, director of the
National Economic Council, according
to people familiar with the matter prior
to the release.
Higher rates on the growing burden of
US debt add significantly to the overall
deficit and debt figures. Under the current
assumptions, the White House expects
the US to spend about US$890 billion,
or 3.1% of gross domestic product, on
net interest expenses this year.
Yellen spoke as she traveled to Ken-
tucky to tout the Biden administration’s
economic policy record, part of her
stepped up efforts this year to address
domestic audiences in the run-up to the
2024 elections.
US 30-year
mortgage rate
drops below 7%,
spurring home
purchases
BY VINCE GOLLE
Bloomberg
(March 14): US mortgage rates
dropped back below 7% for the first
time in a month, spurring an increase
in applications for home purchases.
The contract rate on a 30-year
fixed mortgage decreased 18 basis
points, the biggest decline in nearly
three months, to 6.84% in the week
ended March 8, according to Mort-
gage Bankers Association data re-
leased Wednesday.
The MBA’s index of mortgage ap-
plications for home purchases increased
4.7% to a four-week high of 147.7.
Though mortgage rates are down
from their peak in October, when
they reached the highest levels since
2000, they are still more than twice
as high as in 2021. While housing
demand has stabilised, a sustained
drop in rates would help bring more
prospective buyers off the sidelines.
The MBA’s overall index for mort-
gage applications, which tracks both
home purchases and refinancing,
climbed 7.1% last week to a four-week
high.The measure for refinancing rose
12.2%, the most in five weeks.
The MBA survey uses responses
from mortgage bankers, commercial
banks and thrifts and has been conduct-
ed weekly since 1990. The data cover
more than 75% of all retail residential
mortgage applications in the US.
BLOOMBERG
Read also: Goldman Sachs to
resume bets on US property, other
investors warn of more pain
 f r i d ay m a r c h 1 5 , 2 0 2 4
IEA raises oil
demand outlook
again but still
lags Opec
by Noah Browning & Alex Lawler
Reuters
LONDON (March 14): The Interna-
tional Energy Agency (IEA) on Thurs-
day raised its view on 2024 oil demand
growth for a fourth time since November
as Houthi attacks disrupt Red Sea ship-
ping, though it remains far less bullish
than producer group Opec.
The Organization of the Petrole-
um-Exporting Countries (Opec) and
the IEA, which represents industrial-
ised countries, have clashed in recent
years over issues such as the long-term
oil demand outlook and the need for
investment in new supply.
World oil demand will rise by 1.3
million bpd in 2024, the IEA said in its
latest report, up 110,000 bpd from last
month. It forecast a slight supply deficit
this year after Opec+ members extended
cuts, from a surplus previously.
Brent crude oil rose as much as 80
cents a barrel towards US$85 after the
IEA report was released, touching its
highest since November.
“Quite a bullish report, with upward
revisions on demand growth, and low-
er supply growth estimates,” said UBS
analyst Giovanni Staunovo.
The IEA had initially forecast 2024
demand growth of 860,000 bpd in June
2023. Demand rose by 2.3 million bpd
last year.
“The slowdown in growth, already
apparent in recent data, means that oil
consumption reverts towards its histor-
ical trend after several years of volatility
from the post-pandemic rebound,” the
IEA said.
Opec on Tuesday kept its demand
growth forecast unchanged at 2.25 mil-
lion bpd, meaning the views of Opec
and IEA remain nearly one million bpd
apart, representing almost 1% of daily
world demand.
Dovish signals from central banks
indicated a path out of economic dol-
drums, the IEA said, but subdued eco-
nomic data in China remains a concern.
Read the full story
17 TheEdge CEO morning brief
w o r l d
Gold is
JPMorgan’s
top pick in
commodities
with price eyeing
US$2,500
by Yvonne Yue Li & Tope Alake
Bloomberg
(March 14): Gold is the number one pick
in commodities markets for JPMorgan
Chase & Co and the price has the poten-
tial to reach US$2,500 (RM11,720) an
Biden to raise
concern over
Nippon Steel’s
deal for US Steel
— Reuters
by Trevor Hunnicutt &
David Brunnstrom
Reuters
(March 14): US President Joe Bid-
en plans to express concern over Nip-
pon Steel’s proposed US$14.9 billion
(RM69.8 billion) purchase of US Steel,
a person familiar with the matter said on
Wednesday, pushing the US company’s
stock nearly 13% lower on bets the deal
could face greater political opposition.
The issue has the potential to over-
shadow an April 10 summit between
Biden and Japanese Prime Minister
Fumio Kishida aimed at boosting the
long-standing security alliance between
their countries in the face of growing Chi-
nese strength.
In December, Nippon Steel clinched
a deal to buy the 122-year-old iconic US
reuters
ounce this year, according to the bank’s
global head of commodities research.
“We believe that US$2,500 is a pos-
sibility” after bullion reached an all-time
high of US$2,195.15 on Friday, Nata-
sha Kaneva said during a Bloomberg TV
interview. “Because the market tends to
get overexcited.”
To achieve that price target, “we need
a confirmation from continued modera-
tion in the inflation and in the jobs num-
bers as well and the confirmations that
the Fed indeed is cutting,” said Kaneva.
The Fed’s long-anticipated pivot to
looser monetary policy is widely expect-
ed to boost gold’s appeal compared with
yield-bearing assets like bonds. Policy-
makers have said they needed to see more
evidence that inflation is headed toward
its 2% target before lowering borrow-
ing costs.
steelmaker for a hefty premium, betting
that US Steel would benefit from the
spending and tax incentives in Biden’s
infrastructure bill.
However, several Democratic and Re-
publican US senators have criticised the
deal, citing national security concerns or
raising questions about why the two com-
panies did not consult US Steel’s main
union ahead of the announcement.
Donald Trump, Biden’s rival in the
November US presidential election, has
said he would block the acquisition of US
Steel if elected. The White House said in
December the deal needed to be careful-
ly scrutinized given US Steel’s core role
in producing a material that is critical to
national security.
The White House declined to com-
ment on Wednesday, but a person familiar
with the matter said Biden would issue a
statement about the planned acquisition
before Kishida arrives for his state visit.
US officials and lawyers have drafted
the statement and the White House has
privately informed the Japanese govern-
ment of Biden’s decision, according to
the Financial Times, which first reported
the news.
Read also: Commodities get pulled into
the global short-volatility trade
 F R I D AY M A R C H 1 5 , 2 0 2 4
PBOC adviser
calls for structural
reform to spur
2024 growth
BY KEVIN YAO
Reuters
BEIJING (March 13): China should rely
more on structural reforms and less on eco-
nomic stimulus to drive economic growth
this year, Liu Shijin, a policy adviser to the
central bank, said on Wednesday.
Liu, a member of the People’s Bank of
China monetary policy committee, said the
economy can achieve its growth target of
around 5% this year but that more effort
is needed on both stimulus and structur-
al reforms.
“There is no issue with macroeconomic
policies becoming moderately loose and
more proactive, but there is a tendency to
focus solely on macroeconomic policies
and not even remember how to promote
some structural reforms,” Liu told a forum.
TAIPEI (March 14): Apple supplier Fox-
conn reported on Thursday a 33% rise in
fourth-quarter profit, beating estimates,
thanks to booming demand for AI servers
and strong sales during the peak year-end
holiday season.
The world’s largest contract electronics
maker also forecast a slow start to 2024,
but that the year would end with a signif-
icant revenue increase.
The Taiwanese company said net profit
for the October-December quarter rose to
T$53.14 billion (RM7.9 billion) from T$40
billion in the same period the previous year.
The profit beat a T$43.52 billion LSEG
SmartEstimate, which gives greater weight
to forecasts from analysts who are more
consistently accurate.
In the fourth quarter, consumer elec-
tronics including smartphones accounted
for 58% of its revenue while cloud and
networking products, including servers,
contributed 20%.
Foxconn said it expects revenue for the
first quarter to slightly decline from a year
earlier, with revenue for smart computer
electronics also likely to drop for the period.
The company, formally called Hon Hai
Precision Industry Co Ltd, has said it ex-
pects slowness in this year’s first quarter to
be similar to the same period of the previ-
ous three years.
Still, it sees 2024 revenue increasingly
18 THEEDGE CEO MORNING BRIEF
W O R L D
“The relationship between macro pol-
icies and structural reforms may need to
be straightened out.”
Investors and analysts are closely watch-
ing out for new reforms from Beijing to
address deep-seated economic imbalances.
China’s economy can potentially grow
about 5%, with only one percentage point
coming from the effect of policy, with the
rest from “basic conditions and institu-
tional policy environment”, suggesting re-
forms are more important, he said, add-
ing that some reforms could aid growth
immediately.
“Some structural reform policies can
also have immediate effects, which may be
faster than some macroeconomic policies,”
Liu said, amid concerns that reforms may
not yield quick economic benefits and that
some changes may hurt growth.
Liu has been calling for reforms to
widen migrant workers’ access to public
services enjoyed by city dwellers, as well
as policies that bolster private entrepre-
neurship.
At the beginning of the annual parlia-
ment meeting last week, Premier Li Qiang
announced an ambitious 2024 economic
growth target of around 5%, and unveiled
modest stimulus measures.
Apple supplier
Foxconn’s 4Q
profit jumps
33% y-o-y, beats
forecasts
BY YIMOU LEE & FAITH HUNG
Reuters
REUTERS
significantly year-on-year, it said.
Apple last month reported sales and
profit that beat Wall Street estimates,
powered by growth in its iPhone business
though its China sales missed analysts’
targets.
Australian
mega funds
seen controlling
US$9 tril of
pensions
BY AMY BAINBRIDGE
Bloomberg
(March 14): A group of massive
pension funds will dominate Aus-
tralia’s retirement system in the
coming decades as increasing merg-
ers and rivalry leave just a handful
of powerhouse investors.
That’s according to a new re-
port from Mercer, which predicts
industry assets topping A$13.6 tril-
lion (RM42.2 trillion) by 2048, up
from A$3.6 trillion currently. It sees
a dozen funds controlling more than
A$100 billion each by 2028, driv-
en by mergers, organic growth and
investment performance. There are
currently just five funds overseeing
at least that amount.
At the same time, the number of
funds will shrink as regulators pres-
sure smaller and under-performing
players to merge. Mercer forecasts
the total falling from 107 funds to
77 over the next five years, and halv-
ing in the next decade.
Australia’s pensions system is the
fourth largest in the world, with its
rapid growth being fuelled by the
compulsory contributions of 11% of
workers’ wages, rising to 12% in 2025.
AustralianSuper and Australian Re-
tirement Trust are currently the only
funds with more than A$200 billion.
The pace of growth, however, is
expected to slow over the next 25
years as baby boomers move into
retirement and draw down on their
savings. Demographics such as im-
migration and declining birth rates
are shaping forecasts of the amount
of money flowing in and out of the
system.
Mercer said a gap in Australia’s
system was that some workers didn’t
have pension accounts — particular-
ly the self-employed — meaning the
system only covered 78.5% of the
working age population. That com-
pared with other developed nations
which had 90% coverage.
 F R I D AY M A R C H 1 5 , 2 0 2 4
SINGAPORE(March 14): Economists
have upgraded Singapore’s 2024 growth
forecast, according to a survey by the coun-
try’s central bank published on Wednes-
day, with better-than-expected external
growth seen as the top upside driver for
the economy.
The median forecast of 23 economists
surveyed by the Monetary Authority of
Singapore is for the economy to grow 2.4%
this year, up from a forecast of 2.3% in
December’s survey.
The trade ministry expects gross do-
mestic product (GDP) for 2024 to be at
1.0% to 3.0%.
The economists surveyed also cut their
inflation forecast, with headline inflation
and core inflation expected to come in
between 3.0 and 3.4%. In the December
survey, they had assigned the highest prob-
ability to the 3.5 to 3.9% range for headline
inflation and 3.0 to 3.4% for core inflation.
MAS projects core inflation to ease to
an average of 2.5–3.5% for 2024.
The survey was conducted in mid-Feb-
ruary, after the government released fourth
quarter GDP results for last year that were
slower than first estimates.
(March 14): A cash crunch at Thailand’s
largest construction company is fueling
concern among investors, regulators and
rating agencies already unnerved by a se-
ries of local corporate scandals and debt
defaults.
Italian-Thai Development Pcl con-
firmed on Wednesday reports that it is in
talks with banks for new loans to tide over
the liquidity crisis that led to delayed pay-
ments to some workers and contractors.
Trading of shares in Italian-Thai, which
had total liabilities of 108 billion baht
(RM14 billion) including bonds, loans and
trade credit as of Sept 30, was suspended
this month after the contractor missed the
deadline for submitting its full-year 2023
financial statement.
The contractor posted a cumulative loss
of about 6 billion baht from 2020 to 2022
as it took on engineering projects in places
including India, Taiwan and Myanmar —
where imposition of military rule led to
delays, shutdowns and write-downs.
The financial squeeze has forced the
company to explore the sale of a mining
unit and extend the maturity period of
about 15 billion baht worth of bonds by
two years. Italian-Thai shares have halved
since a a 2023 high of 1.69 baht, giving
the firm a market value of 4.5 billion baht.
“The market is nervous about the banks
that are owed and how much loan exposure
they have,” said Narongsak Plodmechai,
chief executive officer of SCB Asset Man-
19 THEEDGE CEO MORNING BRIEF
W O R L D
Economists
GDP rose 2.2% on a year-on-year basis
in the fourth quarter, lower than an ad-
upgrade
vance estimate of 2.8%.
Majority of survey respondents do not
Singapore 2024
expect the central bank to change mone-
tary policy in the April 2024 review.
growth forecast,
MAS had kept monetary policy settings
on hold in January as inflation pressures
survey shows
continued to moderate and growth pros-
pects improved. It also left monetary pol-
icy unchanged in April and October last
year, reflecting growth concerns, having
BY XINGHUI KOK tightened policy at five consecutive reviews
Reuters prior to that.
MAS has a new review schedule this
BLOOMBERG year with policy announcements every
quarter instead of semi-annually.
Read also:
Singapore’s UOB aims to double private
wealth assets by 2026
Singapore Airlines readies 10-year dollar
bond issuance, term sheet shows
Thai contractor
It swung to a loss of 45 million baht in the
July-September quarter. The company has
faces US$3 bil
requested the stock exchange to extend
the financial statement filing deadline un-
debt crunch as
til March 29, citing ongoing information
processing and reviews by its auditor.
some overseas
“We have been in close discussion with
related parties about Italian-Thai,” Porna-
projects fail
nong Budsaratragoon, secretary general of
Thailand’s Securities and Exchange Com-
mission, said on March 11. “The impact
will probably be much greater than other
BY ANUCHIT NGUYEN cases if the company really has financial
Bloomberg trouble given its size.”
The regulator is stepping up supervi-
BLOOMBERG sion of risky bond issuers to boost payment
safeguards and investor confidence. De-
mand for high-yield debt in Thailand has
waned after series of payment delays and
corporate scandals, including one related
to Stark Corp.
The SEC plans to tighten rules on new
bond sales and disclosure norms, it said
on Thursday. Key proposals include the
requirement for clear specification of high-
risk bonds and disclosure of financial cov-
enant breaches.
Italian-Thai’s revenue from construc-
tion projects is insufficient to cover overall
expenses and some employees have not
agement Co., which oversees about US$36 been paid their full salaries, it said in an
billion of assets. “It just adds more noise exchange filing Wednesday in response to
to the already weak market sentiment.” media reports about its liquidity status. It
Italian-Thai had total revenue of 47 bil- expects to resolve the cash flow problem
lion baht in the first nine months of 2023. in two to three months.
 F R I D AY M A R C H 1 5 , 2 0 2 4 20 THEEDGE CEO MORNING BRIEF

W O R L D

An US$80 bil
(March 14): A sharp correction in small- times its one-year forward earnings, which
cap stocks portends souring risk appetite is at a premium of 58% to a similar gauge

crash in India’s
on the broader Indian market, which is for Asian stocks, according to data com-
now an underperformer in Asia Pacific af- piled by Bloomberg.

small caps flashes

ter a multi-year rally. The Securities and Exchange Board
An index of small-cap stocks lost of India has been concerned about large

warning signs
more than US$80 billion (RM375 bil-
lion) in market value in less than two
weeks through Wednesday after authori-
ties flagged risks of overheating and guid-
ed funds to limit purchases. Small- and
mid-cap stock gauges of the Bombay
Stock Exchange rebounded Thursday
after plunging more than 4% each in the
prior session.
As sentiment weakens, investors are
pulling money out of richly valued larger
shares as well. The MSCI India Index is
now lagging behind MSCI’s Asia Pacific
index for a second straight month, with
markets such as Taiwan and South Korea
more in favour due to their exposure to
chip shares and the artificial intelligence
(AI) boom. Some investors anticipate loss-
es will deepen.
“The regulatory actions against small
cap stocks are testimony to the valuation
froth in India,” said Nitin Chanduka, a
strategist at Bloomberg Intelligence. “In-
dia could continue to underperform Asia
going into the national elections in the next
few weeks and amid the chip rally in other
markets in the region.”
MSCI’s India gauge is trading at 22.7
flows into small- and mid-cap stocks
amid an outsized rally in the riskiest area
of the nation’s US$4.3 trillion market
over the past year. Late last month, it
BY ASHUTOSH JOSHI & asked funds to come up with measures
CHIRANJIVI CHAKRABORTY to moderate inflows into related plans
Bloomberg and safeguard investors from sudden
redemptions.
BLOOMBERG “It may not be appropriate to allow
bubbles to keep building because when
they burst, they impact investors adverse-
ly,” Chairwoman Madhabi Puri Buch said
earlier this week. Sebi is open to allowing
money managers to hold more large-cap
stocks in their small-cap portfolio to man-
age risk, she said.
Buch further said the regulator has ob-
served “patterns of price manipulation” in
new listings taking place on platforms for
tiny companies. The souring mood is af-
fecting debuts in India this week, with the
three latest initial public offerings declin-
ing as much as 16% in their first trading
days versus an average gain of 20% this
year through Wednesday.
Read the full story

(March 14): Manipal Health Enterprises Apollo, meanwhile, is also expanding,

Pvt is looking to acquire a smaller India
hospital chain — its fourth buyout since
2020 — that can propel the Temasek Hold-
ings Pte-backed firm to being the country’s
No 1 healthcare provider, toppling Apollo
Hospitals Enterprise Ltd.
The Bengaluru-based closely held firm,
in which Temasek owns 51% equity, is in
talks to buy a hospital firm in the eastern
part of India, Dilip Jose, Manipal’s chief
executive officer said in an interview, add-
ing that there would be clarity on the deal
in six weeks. He didn’t specify the target
or the deal size.
Local news website MoneyControl re-
ported earlier this week that Manipal was
in the final leg of discussions to acquire
Kolkata-based Medica Synergie, which will
bring in 1,200 beds.
The eastern parts of India “continue to
be under-penetrated and undeserved,” he
said, adding that the company wanted to
expand its presence in the region.
The transaction, if closed, will propel
Manipal’s current 9,500-bed capacity past
Apollo’s 10,103 beds, underscoring the
heated competition in India’s burgeon-
ing healthcare sector as its 1.4 billion-plus
Temasek-backed
Manipal Health
vying for top Indian
healthcare spot
with acquisitions
BY ADVAIT PALEPU
Bloomberg
population wrestles with limited access to
healthcare services despite having one of
world’s largest disease burden in diabetes
and cardiovascular ailments.
The Indian healthcare market is ex-
pected to nearly double to US$320 bil-
lion (RM1.5 trillion) by 2028, up from
US$180 billion last year, Bain & Co said
in a March 6 report.
It’s also chronically under-penetrated
by healthcare services, with only 16 beds
and 7.3 physicians for every 10,000 people
as of 2021, according to the World Health
Organization.
implying the country’s two largest hospital
operators will keep vying for the pole po-
sition in the years to come. It plans to add
more than 2,000 beds over the next four
years at a cost of 30 billion rupees (RM1.7
billion), Apollo said in a recent earnings call.
Actively scouting
Manipal is also looking to expand into
smaller Indian towns besides scouting
for deals in Hyderabad and Mumbai, ac-
cording to Jose, who sees no need for fund
raising through an initial public offer. It’ll
also add another 1,100 beds across four
new hospitals in Bengaluru and Raipur by
2026, he added.
Since 2020, Manipal has acquired three
hospital chains — 11 hospitals owned
by Malaysia’s Columbia Asia Hospitals
Group, a high-end tertiary care hospital
in Bengaluru and last September, AMRI
Hospitals Ltd — adding nearly 2,750 beds
to its network.
In April, Temasek increased its stake in
the company and last month, the Singa-
pore-based private equity giant sold a part
of it to Mubadala Investment Company,
Novo Holdings, and others.
 f r i d ay m a r c h 1 5 , 2 0 2 4
(March 14): Rishi Sunak’s government
is working to ban foreign states from
controlling or influencing UK news-
papers and news magazines in a move
that threatens a United Arab Emir-
ates (UAE)-linked group’s deal for the
Telegraph newspaper.
Speaking in the House of Lords, Cul-
ture Minister Stephen Parkinson said the
country would amend its laws to rule out
newspaper and magazine deals that involve
“ownership, influence or control by foreign
states.” He said the target is explicitly “for-
eign state ownership” and therefore would
not rule out foreign companies, such as
Rupert Murdoch’s News Corp, from con-
tinuing to own UK papers.
The proposal, which is still subject to
a vote in the House of Lords and House
of Commons before it becomes UK law,
comes amid growing disquiet in Parlia-
ment about the takeover of the nearly
170-year-old Daily Telegraph newspaper
and the Spectator magazine by invest-
ment vehicle RedBird IMI. The investor
is backed by the UAE Deputy Prime Min-
ister Sheikh Mansour bin Zayed Al Nahy-
an, who’s made a number of acquisitions
in the UK in recent years.
LONDON (March 14): A total of 134 coun-
tries representing 98% of the global econ-
omy are now exploring digital versions of
their currencies, with over half in advanced
development, pilot or launch stages, a close-
ly-followed study on Thursday showed.
The research by the US-based Atlantic
Council think tank highlighted that all G20
countries with the exception of Argentina
are now in one of those far-along phases
although, notably, the US is falling increas-
ingly behind.
While still inching forward on a banks
only “wholesale” digital dollar, one for the
wider US population now looked “stalled”
the report said, with Federal Reserve chief
Jerome Powell saying this month, “nothing
like that is remotely close to happening”.
US President Joe Biden ordered officials
to look into a digital dollar in 2022 but it
has become a divisive political issue with
Biden’s Republican rival in this year’s US
election race, Donald Trump, vowing not
to allow it.
“The biggest headline here is that the
divergence between the world’s largest
central banks over CBDCs (Central Bank
Digital Currency) is growing,” the Atlantic
Council’s Josh Lipsky said pointing to how
much further ahead China, Europe and Ja-
pan were.
Supporters say digital currencies will
allow new functionality and provide an al-
ternative to physical cash, which seems in
21 TheEdge CEO morning brief
w o r l d
UK curbs on
foreign media
control threaten
Telegraph deal
by Lucy White & Kitty Donald son
Bloomberg
bloomberg
Britain’s Culture Minister Stephen Parkinson
said the country would amend its laws to rule
out newspaper and magazine deals that involve
‘ownership, influence or control by foreign states’.
Countries closing
in on digital
currencies but
US lagging,
study shows
by Marc Jones
Reuters
terminal decline. But they have also fuelled
protests in a number of countries over the
potential for government snooping.
The risk of the US lagging behind was
“a more fractured international payments
system” Lipsky added, saying Washington
could also lose some of its global finance
clout if other countries press on and set the
new standards around CBDCs.
Some 36 pilot projects are now underway
including China’s e-CNY which is being
trialled with 260 million people across 25
cities, and in Europe where the European
Central Bank (ECB) is six months into dig-
ital euro “preparation” work.
The Bahamas, Jamaica and Nigeria al-
ready have theirs fully up and running al-
though the Eastern Caribbean Currency
Union (ECCU) — consisting of eight coun-
Parkinson declined to comment explic-
itly on the Telegraph takeover, which is cur-
rently being considered by the government.
He also said the ban on foreign state own-
ership would not apply to broadcasters or
digital media.
“We are extremely disappointed by to-
day’s development. To date, RedBird IMI
has made six investments across the UK and
US, and we believed the UK’s media envi-
ronment was worthy of further investment,”
RedBird IMI said in an emailed statement.
“We will now evaluate our next steps, with
commercial interests continuing to be the
sole priority.”
RedBird IMI agreed to buy UK TV
production house All3Media in February,
and Sheikh Mansour also owns a majority
stake in Manchester City Football Club. A
representative for the Telegraph declined to
comment.
The Telegraph, which consistently en-
dorses the UK Conservatives and has close
ties with its leadership, is widely consid-
ered a party mouthpiece. The prospect of
a new owner linked to a foreign govern-
ment has caused an uproar and a slew of
peers criticised the deal in the chamber
on Wednesday.
tries — recently become the first to switch
one off after problems left users unable to
access digital wallets.
Divided world
The report also showed how work on whole-
sale CBDCs had doubled since Russia’s
2022 invasion of Ukraine and subsequent
G7 sanctions response.
Thirteen cross-border wholesale pro-
jects are currently underway, including one
named “mBridge” which connects China,
Thailand, the UAE and Hong Kong, and
will expand to 11 more currently undis-
closed countries this year.
All BRICS member states — Brazil, Rus-
sia, India, China and South Africa — are at
advanced stages and Lipsky predicted there
would be a further push by the bloc this
year at a summit in Russia for alternative
payment systems to the dollar.
They could all be part of an avalanche of
major launches by 2027 as could the ECB,
whose current pilot scheme is viewed as a
potential blueprint for other leading major
economies.
China’s digital yuan is still the largest and
most advanced pilot though having been tri-
alled in various scenarios from public trans-
port tickets and Covid checks to buying oil
and precious metals.
When will China fully launch the e-CNY?
“That is the question,” Lipsky said. “Not
this year, but 2025 or 2026? It’s hard to say.”
 f r i d ay m a r c h 1 5 , 2 0 2 4
Rogoff says
Biden,Trump
favour ‘blowing
up’ US debt
by Christopher Anstey
Bloomberg
(March 14): Harvard University econom-
ics professor Kenneth Rogoff said both
President Joe Biden and his predecessor
and challenger Donald Trump risk send-
ing US debt levels into dangerous territory
as Washington fails to grasp that the era of
ultra-low interest rates won’t come back.
“Washington in general has a very relaxed
attitude towards debt that I think they’re
going to be sorry about,” Rogoff said on
Bloomberg Television’s Wall Street Week with
David Westin. “It’s just not the free lunch
that Congress and perhaps the two presiden-
tial candidates have gotten used to.”
While an exact “upper limit” for the fed-
eral debt cannot be known — it’s estimated
by the Congressional Budget Office to climb
to 116% of US gross domestic product by
2034 from 99% today — Rogoff warned that
there will be challenges as the level increases.
The former International Monetary Fund
chief economist said the escalating borrow-
ing load will create volatility in inflation and
interest rates, and encourage political pres-
sures on the Federal Reserve. Current CBO
projections also leave “a lot of room for ac-
cidents” that drive debt even higher.
“You’re taking bigger and bigger risks,”
Rogoff said. “We will feel that.”
Both candidates may favor policies that
will drive borrowing higher, he said. “Biden’s
speech suggested blowing up the debt,” he
said — even after the president in his State
of the Union address last week proposed tax
hikes to help to pay for spending priorities.
“We have really no idea what Donald
Trump will do, but that’s what he did last
22 TheEdge CEO morning brief
w o r l d
time he was president — good guess he
will do it again,” Rogoff said, referring
to widening fiscal deficits when Trump
was president 2017-21.
In the post-global financial crisis era, ul-
tra-low interest rates helped to limit the im-
pact of US deficits. But the post-pandem-
ic period is different, Rogoff said. The real
benchmark interest rate is more likely to be
1.5% to 2% rather than 0%, he said. Fed pol-
icymakers’ most recent projections imply a
real, or inflation-adjusted, policy rate of 0.5%.
The Harvard economist also said that
Trump and Biden are “certainly the two
most protectionist presidents in a long
time.” Trump levied tariff hikes on China
as well as US allies during his term. Biden
has maintained the higher tariffs on China,
and Rogoff characterised his clean-ener-
gy legislation as highly protectionist in its
preference for US-made products.
Washington in general has a
very relaxed attitude towards
debt that I think they’re
going to be sorry about. It’s
just not the free lunch that
Congress and perhaps the
two presidential candidates
have gotten used to.”
Rogoff differed from Nobel Prize-winning
economist Paul Krugman in his analysis of
Trump’s suggested 10% universal tariff on
US imports. Krugman said last month that it
would impose limited damage on the economy.
“It’s one thing to talk about over a 50-
year horizon,” where the impact would be
limited, Rogoff said. A sudden imposition
is “very dislocating to the economy. I think
it would tend to be very recessionary, infla-
tionary.” Introducing “10% tariffs would
I think push up inflation, they push up
interest rates,” he said.
Corporate bond
rush is breaking
down a maturity
wall that
everyone feared
by Tasos Vossos
Bloomberg
(March 14): Less than a year ago,
investors were gaming out what
would happen when billions of
dollars of bonds reached maturity
dates, leaving borrowers potential-
ly crushed by costly refinancings.
Now, those fears are fizzling away,
with companies rushing to sell debt
to a buoyant market.
The implied cost of refinanc-
ing junk-rated bonds is now at
its lowest since May 2022, based
on global corporate bond indexes
compiled by Bloomberg. For invest-
ment-grade firms, it’s the cheapest
since the summer of 2022, when a
series of central bank interest rate
hikes was just beginning. Those
falling costs have spurred a wave of
corporate bond sales and, in turn,
pushed back the so-called maturity
wall of debt coming due.
The turnaround has come as rate
cuts are built into forecasts for the
summer, lowering underlying bor-
rowing costs and creating a risk-on
mood among investors — many of
whom have piles of cash to put to
work. And companies are seizing on
the ebullience while it lasts, with the
new supply of corporate bonds glob-
ally now running almost 30% ahead
of last year and — by a narrow mar-
gin — the fastest pace in more than
a decade, based on data compiled
by Bloomberg.
“The ‘refinancing penalty’ is
still high, but significantly lower
than it was last year. In the short
term that makes supply more like-
ly,” said Viktor Hjort, global head
of credit strategy and desk ana-
lysts at BNP Paribas. Refinancing
rates are no longer at the level that
would have destabilized business-
es, he said.
Read the full story
 F R I D AY M A R C H 1 5 , 2 0 2 4 23 THEEDGE CEO MORNING BRIEF

M A R K E T S

CPO RM 4,291.0096.00 OIL US$ 84.680.65 RM/USD 4.6860 RM/SGD 3.5179 RM/AUD 3.1042 RM/GBP 6.0053 RM/EUR 5.1270

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
HONG SENG CONSOLIDATED BHD 486.70 0.000 0.015 -40.00 76.6
EVERSENDAI CORP BHD 188.90 -0.060 0.330 100.00 257.7
TWL HOLDINGS BHD 85.70 0.000 0.035 16.67 192.5
PAN MALAYSIA HOLDINGS BHD 81.20 0.005 0.205 115.79 190.4
HUBLINE BHD 65.60 0.000 0.040 0.00 171.6
CTOS DIGITAL BHD 56.80 0.000 1.280 -9.22 2,956.8
MUDAJAYA GROUP BHD 54.10 0.020 0.155 -6.06 290.8
FITTERS DIVERSIFIED BHD 50.10 -0.005 0.050 0.00 117.1
GDB HOLDINGS BHD 41.00 0.025 0.255 37.84 239.1
AWANBIRU TECHNOLOGY BHD 39.60 -0.065 0.445 14.10 350.7 World equity indices
MICROLINK SOLUTIONS BHD 35.10 -0.035 0.420 -52.27 450.4 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
ZELAN BHD 32.20 0.010 0.070 -12.50 59.1 (%) (%)
ISKANDAR WATERFRONT CITY BHD 31.90 0.020 0.775 6.16 713.9 DJIA * 39,043.32 37.83 0.10 INDONESIA 7,433.32 12.11 0.16
EKOVEST BHD 30.70 0.010 0.480 -2.04 1,423.4 S&P 500 * 5,165.31 -9.96 -0.19 JAPAN 38,807.38 111.41 0.29
BORNEO OIL BHD 30.30 0.000 0.010 -33.33 119.9 NASDAQ 100 * 18,068.47 -150.65 -0.83 KOREA 2,718.76 25.19 0.94
HE GROUP BHD 30.10 0.040 0.525 0.00 231.0 FTSE 100 * 7,772.17 -0.54 -0.01 PHILIPPINES 6,967.96 2.45 0.04
CIMB GROUP HOLDINGS BHD 29.30 0.000 6.700 14.53 71,456.2 AUSTRALIA 7,713.63 -15.82 -0.20 SINGAPORE 3,186.40 25.68 0.81
SP SETIA BHD GROUP 28.50 0.000 1.020 27.50 4,540.3 CHINA 3,038.23 -5.60 -0.18 TAIWAN 19,937.92 9.41 0.05
GFM SERVICES BHD 28.20 0.010 0.325 16.07 246.8 HONG KONG 16,961.66 -120.45 -0.71 THAILAND 1,394.93 10.42 0.75
PUBLIC BANK BHD 28.20 0.010 4.230 -1.40 82,107.2 INDIA 73,097.28 335.39 0.46 VIETNAM 1,264.26 -6.25 -0.49
Data as compiled on Mar 14, 2024 Source: Bloomberg Data as compiled on Mar 14, 2024 * Based on previous day’s closing Source: Bloomberg

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

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
EA HOLDINGS BHD 0.010 100.00 558.0 0.00 64.5 XOX BHD 0.010 -33.33 723.7 -33.33 51.9
KEY ALLIANCE GROUP BHD 0.010 100.00 614.5 0.00 36.8 EVERSENDAI CORP BHD 0.330 -15.38 188,922.8 100.00 257.7
MLABS SYSTEMS BHD 0.015 50.00 360.0 0.00 21.7 HEITECH PADU BHD 2.430 -15.03 5,107.1 176.14 246.0
METRONIC GLOBAL BHD 0.020 33.33 17.3 33.33 30.6 FLEXIDYNAMIC HOLDINGS BHD 0.195 -13.33 671.1 -2.50 58.4
MYTECH GROUP BHD 0.655 31.00 4,112.4 87.14 146.6 JAG BHD 0.300 -13.04 27,383.3 0.00 184.5
SANICHI TECHNOLOGY BHD 0.025 25.00 0.5 0.00 35.1 AWANBIRU TECHNOLOGY BHD 0.445 -12.75 39,561.3 14.10 350.7
XIDELANG HOLDINGS LTD 0.030 20.00 703.1 20.00 63.5 CLASSITA HOLDINGS BHD 0.040 -11.11 5,758.2 -11.11 49.3
BSL CORP BHD 0.030 20.00 2,333.0 -33.33 57.9 SAPURA ENERGY BHD 0.040 -11.11 5,155.5 -11.11 735.0
XOX NETWORKS BHD 0.030 20.00 219.8 -14.29 34.1 PERMAJU INDUSTRIES BHD 0.045 -10.00 45.6 -10.00 87.6
REACH ENERGY BHD 0.030 20.00 1,772.3 -25.00 63.9 WMG HOLDINGS BHD 0.185 -9.76 1,803.2 85.00 82.2
ZELAN BHD 0.070 16.67 32,243.3 -12.50 59.1 FITTERS DIVERSIFIED BHD 0.050 -9.09 50,122.0 0.00 117.1
NEXGRAM HOLDINGS BHD 0.035 16.67 1,234.3 -22.22 25.1 GRAND CENTRAL ENTERPRISES 0.330 -8.33 9.0 -5.71 65.0
EUPE CORP BHD 1.060 16.48 7,659.7 21.14 150.1 KEN HOLDINGS BHD 0.620 -8.15 1.7 -3.88 111.2
MUDAJAYA GROUP BHD 0.155 14.81 54,060.4 -6.06 290.8 MICROLINK SOLUTIONS BHD 0.420 -7.69 35,071.9 -52.27 450.4
DESTINI BHD 0.040 14.29 1,276.7 -33.33 83.2 OMESTI BHD 0.185 -7.50 1,447.3 -36.21 100
VIZIONE HOLDINGS BHD 0.045 12.50 199.8 -25.00 92.1 LUSTER INDUSTRIES BHD 0.065 -7.14 2,007.4 -7.14 196.5
PDZ HOLDINGS BHD 0.045 12.50 211.0 -10.00 26.5 MINETECH RESOURCES BHD 0.135 -6.90 18,942.2 -6.90 240.9
MARINE & GENERAL BHD 0.225 12.50 9,077.7 0.00 162.9 META BRIGHT GROUP BHD 0.150 -6.25 2,489.1 -25.00 375.8
GREEN PACKET BHD 0.045 12.50 90.6 12.50 89.8 MYMBN BHD 0.150 -6.25 329.6 -21.05 57.9
SERN KOU RESOURCE BHD 0.910 12.35 1,721.1 21.33 981.1 RENEUCO BHD 0.075 -6.25 6,858.4 -65.91 84.1
Data as compiled on Mar 14, 2024 Source: Bloomberg Data as compiled on Mar 14, 2024 Source: Bloomberg

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

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
MALAYSIA AIRPORTS HOLDINGS 9.000 0.350 4,083.6 22.28 15,017.0 HEITECH PADU BHD 2.430 -0.430 5,107.1 176.14 246.0
APOLLO FOOD HOLDINGS BHD 5.750 0.270 130.3 -0.17 460.0 NESTLE MALAYSIA BHD 119.800 -0.200 261.2 1.87 28,093.1
HONG LEONG INDUSTRIES BHD 10.640 0.240 73.5 15.53 3,399.2 AMWAY MALAYSIA HOLDINGS BHD 7.110 -0.180 174.7 20.92 1,168.8
MALAYSIAN PACIFIC INDUSTRIES 29.900 0.200 55.5 6.03 5,948.0 MALAYAN CEMENT BHD 4.980 -0.150 1,653.7 17.73 6,530.8
PPB GROUP BHD 15.300 0.180 838.5 5.66 21,765.8 SUNGEI BAGAN RUBBER CO MALAYA 4.600 -0.130 0.7 41.54 304.4
HONG LEONG BANK BHD 19.260 0.170 967.4 1.90 41,750.2 ALLIANZ MALAYSIA BHD 19.260 -0.120 32.0 4.45 3,427.7
KUALA LUMPUR KEPONG BHD 21.980 0.160 1,942.9 0.73 24,099.0 GE-SHEN CORP BHD 3.230 -0.110 205.6 178.45 394.2
MYTECH GROUP BHD 0.655 0.155 4,112.4 87.14 146.6 BINTULU PORT HOLDINGS BHD 5.750 -0.100 3.3 11.87 2,645.0
EUPE CORP BHD 1.060 0.150 7,659.7 21.14 150.1 MESINIAGA BHD 1.520 -0.080 5.5 10.14 91.8
PARAGON UNION BHD 3.630 0.100 20.1 30.11 304.3 TA ANN HOLDINGS BHD 3.950 -0.080 521.2 7.92 1,739.8
SERN KOU RESOURCE BHD 0.910 0.100 1,721.1 21.33 981.1 COMINTEL CORP BHD 1.700 -0.070 1,761.2 22.30 769.3
SUNWAY CONSTRUCTION GROUP 2.700 0.090 5,739.4 39.18 3,481.3 BERMAZ AUTO BHD 2.410 -0.070 6,119.7 2.12 2,813.9
PETRONAS DAGANGAN BHD 21.340 0.080 705.2 -2.29 21,200.3 YTL POWER INTERNATIONAL BHD 3.600 -0.070 20,972.1 41.73 29,171.4
MISC BHD 7.500 0.080 2,801.3 2.88 33,478.1 SAM ENGINEERING & EQUIPMENT 4.720 -0.070 195.8 18.24 3,195.4
BATU KAWAN BHD 19.880 0.080 30.2 -3.50 7,817.7 AWANBIRU TECHNOLOGY BHD 0.445 -0.065 39,561.3 14.10 350.7
FCW HOLDINGS BHD 1.100 0.070 2.8 6.80 275.0 EVERSENDAI CORP BHD 0.330 -0.060 188,922.8 100.00 257.7
UNITED MALACCA BHD 5.050 0.070 6.0 -0.20 1,059.3 KEN HOLDINGS BHD 0.620 -0.055 1.7 -3.88 111.2
DAYANG ENTERPRISE HOLDINGS 2.350 0.060 9,909.6 46.88 2,720.8 HAP SENG CONSOLIDATED BHD 4.500 -0.050 64.8 -1.10 11,203.5
SIME DARBY PLANTATION BHD 4.390 0.060 2,247.5 -1.57 30,360.0 NEGRI SEMBILAN OIL PALMS BHD 3.700 -0.050 23.4 18.21 259.7
TELADAN GROUP BHD 1.060 0.060 238.4 3.92 858.9 REXIT BHD 1.110 -0.050 2,125.9 28.32 192.3
Data as compiled on Mar 14, 2024 Source: Bloomberg Data as compiled on Mar 14, 2024 Source: Bloomberg